该行维持和誉今明两年的纯利预测0.48亿及3.2亿元。考虑到ABSK043研发进展顺利，加上行业估值中 枢上行，上调目标价33.3%至20港元，维持"跑赢行业"评级。 中金发表研究报告指，和誉近日宣布在研口服PD-L1抑制剂ABSK043和艾力斯的KRAS G12C抑制剂戈 来雷塞片联用治疗KRAS G12C突变的NSCLC的IND申请在中国获得批准。该行认为，药物的后续临床 进展值得市场关注。此外，近日和誉被纳入MSCI全球小型股指数成分股。该行指出，被纳入该指数可 望提升公司的全球资金关注度，或对其流动性产生正面影响。 ...

（Pexidartinib、Vimseltinib 在III 期临床中的ORR 为39%、40%），在TGCT 患者重要临床结局相关的次 要终点表现出具有统计学和临床意义的显著改善，包括数字评分量表（NRS）评估的僵硬程度和简明疼 痛量表（BPI）评估的疼痛度，而Pexidartinib 在其III 期临床中未实现改善疼痛方面相对于安慰剂的显著 性。②安全性：Pexidartinib 因严重肝毒性问题在美国被标注黑框警告，我们认为对于TGCT 这种不致死 的疾病而言，安全性问题尤为重要，是限制其放量的主要原因，匹米替尼在III 期临床研究中展现≥3 级 不良反应、剂量减少、停止用药发生率均低于Pexidartinib、Vimseltinib 在其III 期临床中的水平。根据 公司内部预测，匹米替尼针对TGCT、cGVHD 的销售峰值有望分别达到15 亿美金、10 亿美金。 重点在研管线形成充分上行动力，包括： 依帕戈替尼（ABSK011）是潜在全球FIC 的FGFR4 抑制剂，注册临床研究方案预示其成功上市的确定 性。ABSK011 并非是全球首个进入临床阶段的FGFR4 抑制剂，但通过精细的分子筛选（在临床 ...

ABSK043是公司具备全球权益的潜力口服小分子PD-L1抑制剂 根据公司公告，ABSK043是一款口服生物利用度较好、具备高度选择性的小分子PD-L1抑制剂，截至目 前全球虽然有多款PD-1/PD-L1单抗获批上市，但尚未有口服生物利用度好的PD-1/PD-L1获批上市。根 据公司公告，一期研究结果显示，ABSK043单药具有良好的安全性和抗肿瘤活性。 ABSK043联用戈来雷塞进入二期临床，持续发掘口服+口服联用方案潜力 中金发布研报称，维持和誉-B(02256)2025年/2026年归母净利润预测0.48亿元/3.2亿元不变。考虑到 ABSK043研发进展顺利，叠加行业估值中枢上行，该行维持跑赢行业评级，基于DCF模型，上调目标 价33.3%至20.0港币，较当前股价有18.3%的上行空间。 中金主要观点如下： 公司近况 近日，公司宣布在研口服PD-L1抑制剂ABSK043和艾力斯的KRAS G12C抑制剂戈来雷塞片联用治疗 KRAS G12C突变的NSCLC的IND申请在中国获得批准。此外，近日公司被纳入MSCI全球小盘股指数成 分股。 2025年3月公司和艾力斯就ABSK043达成合作协议，此次获批 ...

智通财经APP获悉，中金发布研报称，维持和誉-B(02256)2025年/2026年归母净利润预测0.48亿元/3.2亿 元不变。考虑到ABSK043研发进展顺利，叠加行业估值中枢上行，该行维持跑赢行业评级，基于DCF 模型，上调目标价33.3%至20.0港币，较当前股价有18.3%的上行空间。 中金主要观点如下： 公司近况 2025年3月公司和艾力斯就ABSK043达成合作协议，此次获批的是评估ABSK043和艾力斯的KRAS G12C抑制剂戈来雷塞片联用治疗KRAS G12C突变的NSCLC的二期临床试验。此前双方也探索了 ABSK043和艾力斯伏美替尼联用治疗晚期NSCLC。该行认为公司持续布局的口服+口服联用方案相较注 射+口服联用有望具备更好的患者依从性和安全谱，后续临床进展值得关注。 被纳入MSCI全球小盘股指数成分股，有望提升关注度和流动性 8月13日，公司宣布根据MSCI最新公布的8月指数审议结果，公司凭借创新能力和商业化进展，成功被 纳入MSCI全球小盘股指数成分股，该调整已经于2025年8月26日收盘后正式生效。该行认为被纳入该指 数有望提升公司的全球资金关注度，或有望对流动性产生积极影响 ...

执业证书编号：S0740519040001 Email：zhujq@zts.com.cn 执业证书编号：S0740524060002 Email：caozy01@zts.com.cn 分析师：穆奕杉 执业证书编号：S0740524070001 医药生物 Email：muys@zts.com.cn 1、《首年扭亏+研发催化+大力回购 增 持 ， 小 分 子 新 花 向 阳 开 》 2025-03-07 2、《匹米替尼全球 III 期临床告捷， 小分子新星顺利孕育 GLOBAL BIC》 2024-11-15 和誉-B（02256.HK） 证券研究报告/公司点评报告 2025 年 09 月 03 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | | 2024A | 2025E | 2026E | 2027E | | 分析师：祝嘉琦 | | 营业收入（百万元） | | 19 | 504 | 678 | 621 | 786 | | | ...

机构：西部证券 研究员：李梦园/谭雨露 风险提示：商业化不及预期风险；临床开发推进节奏不及预期风险；海外销售及上市进度不及预期风 险；在研新药授权进度不及预期风险等。 （BTD），和获得EMA 授予优先药品（PRIME）认定。产品即将启动全球商业化。 依帕戈替尼，FGF19 过表达HCC，单药后线和联合疗法数据优异。2025年6 月，公司完成了依帕戈替 尼，FGF19 过表达，ICI 及mTKI 经治HCC患者的注册性研究的首例患者给药。2025 年7 月，公司在 ESMO-GI，发布了依帕戈替尼联合阿替利珠单抗治疗的最新II 期研究结果，220mgBID，依帕戈替尼联 用 ORR≥50%， PFS ≥7 个月。 盈利预测：预计2025-2027 年公司营收分别为612.1/678.8/627.2 百万元，同比增长21.5%/10.9%/ -7.6%， 当前股价对应PS 分别17/15/17。考虑到公司2026 年即将有产品商业化，且重磅产品目前处在注册临床 阶段，后续临床数据、BD 预期等催化较多。首次覆盖，给予"买入"评级。 小分子创新药公司，肿瘤领域逐步拓展至非肿瘤治疗管线。和誉自2016 年成立以来， ...

Investment Rating - The report assigns a "Buy" rating for the company [3][17]. Core Insights - The company, He Yu-B (2256.HK), is a small molecule innovative drug company focusing on oncology and expanding into non-oncology treatment pipelines. Since its establishment in 2016, it has concentrated on precision oncology and immunotherapy while exploring non-oncology indications [1][6]. - Pimicotinib has initiated its global commercialization process, with its New Drug Application (NDA) for treating adult tenosynovial giant cell tumors (TGCT) accepted by the National Medical Products Administration (NMPA) in China on June 10, 2025. The product has also received breakthrough therapy designation (BTD) from the FDA and priority medicine (PRIME) designation from the EMA [1][40]. - The company has a robust pipeline with 22 candidate drugs, 12 of which are in clinical development, focusing on small molecules for precision oncology and immunotherapy [32]. Financial Projections - Revenue projections for 2025-2027 are estimated at 612.1 million, 678.8 million, and 627.2 million yuan, reflecting year-on-year growth rates of 21.5%, 10.9%, and -7.6% respectively. The current stock price corresponds to price-to-sales (PS) ratios of 17, 15, and 17 for the respective years [3][17]. - The company achieved total revenue of 657.1 million yuan in the first half of 2025, primarily from Merck's licensing income of 612.1 million yuan (85 million USD), with a net profit of 328.5 million yuan [35]. Key Assumptions - The report highlights that the successful commercialization of Pimicotinib and the clinical data readouts for Ipagoatinib are critical catalysts for stock price appreciation. The company expects significant milestone revenues from Merck's licensing agreements and sales shares from Pimicotinib [15][17]. Pipeline Overview - The company has a diverse pipeline, including Pimicotinib for TGCT and Ipagoatinib for FGF19 overexpressing HCC, with promising clinical data indicating high objective response rates (ORR) and progression-free survival (PFS) [2][3][39].

Core Viewpoint - The stock of He Yu-B (02256) has risen over 4%, reaching a historical high of 13.67 HKD, with a year-to-date increase of nearly 100% [1] Financial Performance - For the first half of the year, the company reported revenue of 612 million RMB, representing a year-on-year growth of 21.5% [1] - The net profit attributable to shareholders was 328 million RMB, showing a significant increase of 58.8% year-on-year [1] Research and Development - The company has increased its R&D expenses by 6% year-on-year, while reducing management fees by 13%, leading to improved profitability [1] Financial Guidance - The company has guided that its operating cash consumption for the year will remain within 570 million RMB, with expectations of maintaining profitability [1] Market Valuation - Citigroup believes that the current valuation of He Yu is low, considering the high certainty of its two late-stage drug candidates, pimicotinib and irpagratinib, and the potential for differentiated innovative pipelines to achieve external licensing [1] Future Catalysts - Key catalysts are anticipated in 2025 and 2026, including the approval and commercialization of pimicotinib, the release of phase III data for irpagratinib in second-line liver cancer, and updates on several other drug candidates [1]

Core Viewpoint - The stock of He Yu-B (02256) has risen over 4%, reaching a historical high of 13.67 HKD, with a year-to-date increase of nearly 100% [1] Financial Performance - For the first half of the year, the company reported revenue of 612 million RMB, representing a year-on-year growth of 21.5% [1] - The net profit attributable to shareholders was 328 million RMB, showing a significant year-on-year increase of 58.8% [1] Research and Development - The company has increased its R&D expenses by 6% year-on-year, indicating a commitment to innovation [1] - Management expenses have decreased by 13%, contributing to improved profitability [1] Financial Guidance - The company has guided that its operating cash consumption will remain within 570 million RMB for the year, suggesting a stable financial outlook [1] Market Valuation and Future Prospects - Citigroup believes the current valuation of He Yu is low, considering the high certainty of its two late-stage drug candidates, pimicotinib and irpagratinib [1] - The success rate of the phase III clinical trial for irpagratinib in second-line liver cancer is expected to be very high, which should be factored into the company's valuation [1] Key Catalysts - Citigroup anticipates key catalysts for the company in 2025 and 2026, including the approval and commercialization of pimicotinib, the release of phase III data for irpagratinib, and updates on several other drug candidates [1]

Group 1 - The core viewpoint of the articles highlights the strong performance of He Yu-B (02256), with its stock price reaching a historical high of 12.89 HKD, reflecting a rise of over 4% [1] - The company reported a revenue of 612 million HKD for the first half of the year, representing a year-on-year growth of 21.5%, and a net profit attributable to shareholders of 328 million HKD, which is a 58.8% increase year-on-year [1] - He Yu plans to implement a share buyback program starting from March 2025, having already repurchased 9.545 million shares, accounting for 1.4% of the total shares issued at the beginning of the year, with a total expenditure of 75.3 million HKD [1] Group 2 - Citigroup believes that He Yu's current valuation is low, considering the high certainty of its two late-stage drug candidates, pimicotinib and irpagratinib, and the potential for differentiated innovative pipelines to achieve external licensing [2] - The bank anticipates a high success rate for the phase III clinical trial of irpagratinib for second-line hepatocellular carcinoma, suggesting that this should be factored into the company's valuation [2] - Key catalysts are expected for He Yu in 2025 and 2026, including the approval and commercialization performance of pimicotinib, the announcement of phase III data for irpagratinib, and updates on multiple candidate drugs such as ABSK043 and ABSK061, along with potential commercial collaborations [2]