Core Viewpoint - The company maintains its profit forecasts for 2025 and 2026 at 0.45 billion and 3.20 billion respectively, while upgrading the target price by 22.8% to HKD 11.3, indicating a potential upside of 17.7% from the current stock price [1] Group 1 - The company presented the latest phase II clinical trial data for the FGFR4 inhibitor Irpagratinib (ABSK-011) combined with Atezolizumab for treating advanced hepatocellular carcinoma patients at the ESMO GI conference [2] - The combination therapy showed impressive efficacy and good safety in both first-line and later-line advanced hepatocellular carcinoma patients, with an objective response rate (ORR) of ≥50% and a median progression-free survival (mPFS) of ≥7 months in the 220mg BID dosage group [3] - In patients previously treated with immune checkpoint inhibitors (ICI), the ORR reached 52.9% with an mPFS of 8.3 months, and the treatment was well-tolerated with a 45.5% incidence of grade 3 or higher treatment-emergent adverse events (TEAE) [3] Group 2 - The company is advancing the domestic registration clinical trial for Irpagratinib, with the first patient dosed on June 16, and the therapy received breakthrough therapy designation from the National Medical Products Administration (NMPA) in May [4] - The company received an $85 million global commercialization option exercise fee from Merck for Pimigatinib (ABSK021), which is expected to significantly benefit the company's 2025 performance [5] - The domestic application for Pimigatinib has been accepted by the NMPA for treating giant cell tumor of tendon sheath, with priority review and breakthrough therapy designations already granted [5]

其 他 报 告 2025年07月10日 晨会纪要 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3493 | -0.13 | 1.40 | | 深证成份指数 | 10582 | -0.06 | 1.25 | | 沪深300指数 | 3991 | -0.18 | 1.54 | | 创业板指数 | 2185 | 0.16 | 1.50 | | 上证国债指数 | 226 | 0.00 | 0.16 | | 上证基金指数 | 6945 | -0.04 | 0.16 | | | | 资料来源:同花顺iFinD | | | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 23892 | -1.06 | -1.52 | | 中国香港国企指数 | 8597 | -1.28 | -1.75 | | 中国台湾加权指数 | 22527 | 0.74 | -0.14 | | 道琼斯指数 | 44241 | ...

Core Viewpoint - The announcement of the inclusion of ABSK011 (Ipagotinib) as a breakthrough therapy for advanced hepatocellular carcinoma (HCC) patients who have failed previous treatments marks a significant milestone for the company, indicating its potential to become a "billion-dollar molecule" [1][2][3]. Group 1: Breakthrough Therapy Designation - ABSK011 has been officially designated as a breakthrough therapy for treating FGF19 overexpressing advanced HCC patients who have previously undergone immune checkpoint inhibitors (ICI) and multi-targeted tyrosine kinase inhibitors (mTKI) [1][2]. - This designation follows the earlier approval of Pimicotinib (ABSK021), making ABSK011 the second major product of the company to receive such recognition [1]. Group 2: Clinical Data and Efficacy - Recent clinical data presented at the ESMO conference showed that the 220mg BID dosage of ABSK011 achieved an overall response rate (ORR) of 44.8% in patients with FGF19 overexpressing HCC who had previously been treated with ICIs and mTKIs [3][4]. - The drug demonstrated a median duration of response (mDOR) of 7.4 months and a median progression-free survival (mPFS) of 5.5 months, significantly outperforming existing therapies [3][4]. Group 3: Market Potential and Competitive Advantage - The global liver cancer market is projected to reach approximately $5.3 billion by 2029, with immunotherapy accounting for about 72.2% of the market share [6]. - The company has developed ABSK011 as the first small molecule inhibitor targeting the aberrant activation of the FGF19/FGFR4 signaling pathway, which is expected to provide a differentiated treatment option for HCC patients [2][6]. Group 4: Financial Performance and Investment Value - The company has achieved its first full-year profitability in 2024, generating substantial cash flow and signaling a sustainable growth trajectory [8]. - The management has been actively repurchasing shares, reflecting confidence in the company's future and commitment to returning value to investors [8][9]. Group 5: Stock Market Performance - Following a period of volatility, the company's stock price rebounded significantly, reaching a peak of 8.95 HKD, with a maximum increase of 62.14% over a one-and-a-half-month period [11]. - This price recovery indicates strong market interest and confidence in the company's fundamentals and growth potential [11].

Group 1: Market Overview - The Hang Seng Index fell by 0.18%, down 41 points, closing at 23,241 points, while the Hang Seng Tech Index decreased by 0.58% [1] - Early trading volume in Hong Kong stocks reached HKD 111.4 billion [1] Group 2: Pharmaceutical Sector - Pharmaceutical stocks showed strength in early trading, driven by significant data expected to be released at the ASCO conference, enhancing the industry's outlook for innovative drugs [1] - Junshi Biosciences (01877) rose by 6%, Lepu Biopharma-B (02157) increased by 8%, King’s Ray Biotech (01548) gained 5%, and WuXi AppTec (02268) also saw a 5% rise [1] - Heyu-B (02256) surged over 2% after receiving CDE approval for the breakthrough therapy designation for Ipagufin in treating HCC [1] - Yiming Oncology-B (01541) increased by over 4%, with results from the IMM2510/AXN-2510 combination chemotherapy Phase II trial expected to be announced in the second half of the year [1] Group 3: Technology and Other Sectors - ZhongAn Online (06060) rose over 5%, with a cumulative increase of over 30% in stock price this month, likely benefiting from the Hong Kong stablecoin bill [2] - Smoore International (06969) increased by over 7%, with the new generation of heat-not-burn product Glo Hilo set to launch in Japan [3] - Inspur Digital Enterprise (00596) rose over 7%, recognized as a leading company in China's ERP sector, with institutions noting its valuation is significantly undervalued compared to peers [3] - Gu Ming (01364) surged over 7% to reach a new high, with expectations to enter the Hong Kong Stock Connect next month and notable same-store sales growth in Q1 [4] - KEEP (03650) increased by over 7%, with the upcoming launch of a smart sports watch featuring upgraded AI running coach functions [4] - Jacobson Pharmaceutical (02633) rose over 5%, with projected net profit growth of over 10% year-on-year for the fiscal year 2025 [5] - Horizon Robotics-W (09660) increased by 9%, as the company was included in the Shenzhen-Hong Kong Stock Connect, with institutions expecting chip shipments to grow annually [5] - Giant Bio (02367) fell over 2% due to its brand Kefu Mei being involved in a "fake product" scandal, raising concerns from Citigroup about its performance during the 618 promotional period [5]