Core Viewpoint - Fuhong Hanlin (2696.HK) has seen a significant stock price increase, reaching a historical high of 82.75 HKD, with a market capitalization of 44.9 billion HKD, reflecting a year-to-date increase of 249% and a remarkable rebound of 444.41% from its low of 15.2 HKD on January 23 [1][3] Group 1: Stock Performance - The stock price of Fuhong Hanlin surged by 7.6% in the afternoon session, marking a new historical high [1] - The company's market capitalization reached 44.9 billion HKD, with a year-to-date increase of 249% [1] - Compared to its year-to-date low of 15.2 HKD, the stock has rebounded by 444.41% [1] Group 2: Research and Development - Fuhong Hanlin had 10 studies in the lung cancer field selected for presentation at the 2025 World Lung Cancer Conference (WCLC), including 4 oral presentations and 2 poster discussions, indicating the company's growing influence in the global academic arena [1] - The studies cover various first-line treatment areas for NSCLC and SCLC, showcasing the company's research capabilities [1] Group 3: Analyst Ratings - Citigroup has significantly raised Fuhong Hanlin's target price from 35 HKD to 95 HKD and upgraded its rating from "Neutral" to "Buy" [1] - The firm anticipates that the upcoming data on HLX43 at the WCLC will further demonstrate its potential in treating NSCLC [1] - Citigroup estimates that the risk-adjusted peak sales for HLX43 could reach approximately 2.3 billion USD, with additional upside potential if more data is obtained for NSCLC and other indications [1]

Core Viewpoint - Citigroup's research report indicates that Fuhong Hanlin is set to reveal the latest data on HLX43 at the World Conference on Lung Cancer (WCLC), which will further demonstrate its potential in treating non-small cell lung cancer (NSCLC) [1] Group 1 - If HLX43 can maintain an objective response rate (ORR) of 35% to 40% and a median progression-free survival (mPFS) of approximately 5.5 months across a larger sample, the data will be highly persuasive [1] - The global study for third-line NSCLC treatment is estimated to start as early as the first half of 2026 [1] Group 2 - Citigroup estimates that the risk-adjusted peak sales for HLX43 could reach approximately $2.3 billion, with potential for further upside if more data is obtained in NSCLC and other indications [1] - The valuation of HLX22 and Serplulimab has not been fully reflected by investors [1] Group 3 - Citigroup upgraded its rating from "Neutral" to "Buy" and raised the target price from HKD 35 to HKD 95 [1]