Core Viewpoint - In 2024, the Hong Kong pharmaceutical sector experienced significant declines due to external factors, with the Hang Seng Healthcare Index down 18.93% and the Hong Kong Innovative Drug Index down 10.80%. However, Ascentage Pharma-B (06855) saw a remarkable stock price increase of 66.48%, outperforming the indices due to multiple unexpected positive developments in product internationalization, innovative research, and secondary market financing, validating the company's "investment certainty" [1]. Financial Performance - Ascentage Pharma reported a revenue of RMB 981 million in 2024, a substantial increase of 342% year-on-year. The sales revenue of the core product, Nairik (耐立克®), reached RMB 241 million, reflecting a growth of approximately 53%. The company's cash flow improved, with a monetary fund balance of RMB 1.261 billion as of December 31, 2024, up 15.3% year-on-year [2]. Product Development and Market Potential - Nairik has successfully passed the 2024 National Medical Insurance negotiation process and will be included in the new National Medical Insurance Drug List starting January 1, 2025. This inclusion indicates strong recognition of the drug's innovative capabilities by the domestic medical system, which typically leads to rapid sales growth for innovative drugs post-inclusion [2]. - Ascentage Pharma signed a $1.3 billion exclusive option agreement with Takeda Pharmaceutical for Nairik, setting a new record for domestic small molecule oncology drug business development transactions [3]. Clinical Advancements - Nairik is positioned to become the first TKI drug approved for first-line treatment of Philadelphia chromosome-positive acute lymphoblastic leukemia (Ph+ ALL) in China, with significant market potential. The drug has been included in the "Breakthrough Therapy Designation" list and is expected to generate considerable sales growth in the Ph+ ALL treatment market [4][5]. - In the solid tumor field, Nairik's Phase III clinical trial for treating SDH-deficient GIST patients has received approval, and the drug has shown excellent anti-tumor effects in various clinical presentations [4]. Research and Development - Ascentage Pharma's R&D investment reached RMB 947 million in 2024, supporting strong revenue growth and cash flow expectations. The company is conducting ten registration clinical trials, with two receiving FDA approval, laying a solid foundation for exploring the global differentiated innovative drug market [5]. - The company has two core products, Nairik and APG-2575, both with billion-dollar potential, alongside several other promising candidates in development. Ascentage holds 541 global patents, with 379 granted overseas, establishing a robust global intellectual property framework [5]. Market Position and Future Outlook - APG-2575, a Bcl-2 inhibitor, has been accepted for priority review by the NMPA for treating refractory or relapsed chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL). It is expected to become the second Bcl-2 inhibitor approved globally, with projected sales exceeding $2 billion [6][7]. - Ascentage Pharma successfully listed on the US stock market in 2024, raising approximately $126 million, enhancing its international financing channels. The company is well-positioned as a high-value biopharmaceutical investment in the US market [7]. Conclusion - With strong cash flow and an integrated innovation loop, Ascentage Pharma is accelerating its transition to a leading global biopharma through systematic competition in global R&D, overseas registration, and international commercialization [8].