Core Viewpoint - The company has received approval from CDE for clinical research on its PD-L1 small molecule inhibitor ABSK043 in combination with KRAS G12C inhibitor for treating KRAS G12C mutated NSCLC, indicating significant potential in the market for this combination therapy [1] Group 1: ABSK043 Development - ABSK043 is an oral PD-L1 inhibitor designed for combination therapy, showing a balance of efficacy and safety in preliminary clinical data [1][3] - The drug targets nearly half of the NSCLC market and has first-in-class (FIC) potential, with no other PD-(L)1 small molecule drugs currently available globally [1][3] - In a Phase I clinical trial involving 77 patients, 87.0% experienced treatment-emergent adverse events (TEAEs), with 29.9% being grade 3 or higher, and no peripheral neuropathy reported [1] Group 2: Clinical Efficacy - In a study of 10 lung cancer patients who had not received prior immune checkpoint inhibitor (ICI) treatment, the overall response rate (ORR) was 40%, with 50% of both EGFR and KRAS mutation patients achieving partial response (PR) [2] - Among EGFR mutation patients, those with PD-L1 TPS ≥50% showed progression after at least one line of EGFR TKI treatment [2] Group 3: Market Potential and Future Trials - ABSK043 has significant market potential in KRAS and EGFR NSCLC, which account for approximately 45%-60% of NSCLC cases, covering various treatment scenarios [3] - The company is also conducting a Phase II clinical trial combining ABSK043 with the third-generation EGFR TKI, furmonertinib, with preliminary safety data expected by Q4 2025 [3] - Beyond NSCLC, ABSK043 is involved in Phase I trials for monotherapy in solid tumors and in combination with FGFR2/3 inhibitors in China [3] Group 4: Other Key Assets and Financial Projections - The company is advancing multiple core assets, including the KRAS-G12D inhibitor ABSK141, which is expected to receive IND approval in H2 2025 [4] - The Pan-KRAS inhibitor ABSK211 is anticipated to enter clinical stages by 2026, while the CSF-1R inhibitor ABSK021 is expected to submit an NDA to the FDA in H2 2025 [4] - Financial projections estimate revenues of 630 million, 685 million, and 637 million yuan for 2025-2027, with net profits of 45 million, 70 million, and 102 million yuan respectively [4]

Core Viewpoint - Tianfeng Securities maintains a "Buy" rating for He Yu-B (02256), projecting revenue and net profit growth from 2025 to 2027, alongside significant clinical advancements in its drug pipeline [1][2]. Group 1: Financial Projections - The company is expected to achieve revenues of 630 million, 685 million, and 637 million yuan for the years 2025, 2026, and 2027 respectively [1]. - Projected net profits for the same years are 45 million, 70 million, and 102 million yuan [1]. Group 2: Clinical Developments - The clinical research application for the PD-L1 small molecule inhibitor ABSK043 in combination with the KRASG12C inhibitor, Goresiratinib, has been approved by CDE [1]. - The company has established a collaboration agreement with Elysium for the combination therapy [1]. - ABSK141, a KRAS-G12D inhibitor, shows promising oral bioavailability and safety in animal models, with IND approval anticipated in the second half of 2025 [2]. - The Pan-KRAS inhibitor ABSK211 is expected to enter clinical stages in 2026, demonstrating broad inhibitory effects on various KRAS mutations [2]. - The CSF-1R inhibitor ABSK021 (Pimicotinib) plans to submit an NDA to the FDA for TGCT indication in the second half of 2025 [2]. - A bispecific antibody-drug conjugate targeting two pan-cancer targets is projected to achieve preclinical candidate status in early 2026 [2].

Core Viewpoint - Tianfeng Securities maintains a "Buy" rating for the company He Yu-B (02256), projecting revenue and net profit growth from 2025 to 2027, alongside significant clinical research advancements in its drug pipeline [1][2]. Financial Projections - Expected operating revenues for 2025, 2026, and 2027 are CNY 630 million, CNY 685 million, and CNY 637 million respectively [1]. - Projected net profits attributable to the parent company are CNY 45 million, CNY 70 million, and CNY 102 million for the same years [1]. Clinical Research Developments - The clinical research application for the PD-L1 small molecule inhibitor ABSK043 in combination with the KRASG12C inhibitor, Goresiratinib, for treating KRASG12C mutated NSCLC has been approved by CDE [1]. - The company has established a collaboration with Elysium for the combination therapy [1]. Milestone Achievements - ABSK141, a KRAS-G12D inhibitor, shows the best oral bioavailability in animal models and is expected to receive IND approval in the second half of 2025 [2]. - ABSK211, a Pan-KRAS inhibitor, demonstrates broad inhibitory effects on various KRAS mutations and is anticipated to enter clinical stages in 2026 [2]. - The CSF-1R inhibitor ABSK021 (Pimicotinib) is expected to submit an NDA to the FDA for TGCT indication in the second half of 2025 [2]. - A bispecific antibody-drug conjugate targeting two pan-cancer targets is projected to achieve preclinical candidate status in early 2026, aiming to reduce side effects in normal tissues [2].