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].