Guoyuan International: ABBISKO-B Buy Rating Target Price HKD 22.06

According to the Zhitong Finance APP, Guoyuan International released a research report stating that ABBISKO-B (02256) is a leader in small molecule innovative drugs. It is expected that revenues for 2025-2027 will be RMB 650 million, 680 million, and 730 million respectively, with net profits of 97 million, 111 million, and 142 million respectively. Based on the DCF model, the target price is HKD 22.06, giving a buy rating, which represents a 48.5% increase from the current price. Key Points from Guoyuan International: Global BIC product Pimasertib shows excellent data at ESMO Pimasertib data will be presented at the 2025 ESMO conference, demonstrating long-term efficacy and safety data for patients with tenosynovial giant cell tumors in the global Phase III MANEUVER study. At a median follow-up of 14.3 months, the ORR based on RECIST v1.1 criteria and tumor volume scoring reached 76.2% (95% CI: 63.8, 86.0), with the median duration of response not yet reached (range: 0.03-19.81 months). By week 73, patients showed a 23.9% improvement in relative joint mobility compared to baseline. In the second part, after switching to Pimasertib, the ORR in the placebo group reached 64.5%, and clinical outcomes also improved. The NDA has been submitted domestically; the NDA application with the FDA is progressing in an orderly manner, expected to be submitted in Q4 2025. The second indication for Pimasertib: the Phase II study for treating chronic graft-versus-host disease is progressing smoothly. Accelerated development of innovative drugs, broad prospects for the new liver cancer drug Ipagufinib In August 2025, the IND application for the oral PD-L1 inhibitor ABSK043 in combination with the Elysium KRASG12C inhibitor was approved by the CDE, targeting patients with KRASG12C mutations in non-small cell lung cancer (NSCLC); in March 2025, both parties had previously collaborated to explore the combination treatment of ABSK043 with Elysium's furmonertinib for advanced NSCLC, with the first patient receiving treatment completed in December 2024. ABSK061 and others are in Phase II clinical stages, with 061 showing great potential in achondroplasia and various cancers. ABSK211 (pan-KRAS inhibitor): has entered the IND application stage. ABSK141 (KRASG12D): is expected to receive IND approval in the second half of 2025. Ipagufinib monotherapy has already commenced for the treatment of advanced hepatocellular carcinoma with FGF19 overexpression in a registrational clinical trial. The first patient in the registrational study is expected to receive treatment in June 2025. Approximately 141 patients are planned to be enrolled. Currently, there is a lack of effective treatment options for patients with advanced liver cancer. Patients with FGF19 overexpression often have a poorer prognosis, thus there is an urgent need for new treatment options. Approximately 30% of HCC patients have FGF19 overexpression. Developing targeted therapies against this signaling pathway represents a novel innovative approach to treating HCC; the results of the Phase II study combining with Atezolizumab were presented at the ESMO-GI conference in July 2025, showing an ORR ≥ 50% and PFS ≥ 7 months in the 220 mg BID dose group