Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 9.12, indicating an expected upside of over 20% from the current price of HKD 7.52 [6]. Core Insights - The company reported a total revenue of HKD 504 million for 2024, representing a year-on-year increase of 2544%, primarily due to a USD 70 million upfront payment from Merck. The net profit for 2024 was HKD 28.3 million, up 107% year-on-year [1]. - The clinical trial results for ABSK021 in the treatment of TGCT in the Phase III MANEUVER study were positive, achieving a 54.0% overall response rate (ORR) compared to 3.2% in the placebo group, with significant improvements in key secondary endpoints [2]. - The company is advancing its clinical trials for ABSK011, which has received approval for a Phase III registration trial, targeting advanced or unresectable HCC patients [4]. - The market for ACH (Achondroplasia) presents unmet medical needs, with a global incidence of 1 in 17,000 to 28,000 live births, indicating a significant patient population for potential treatments [5]. Summary by Sections Financial Performance - The company expects revenues of HKD 630 million in 2025, with an upward revision of 2026 revenues from HKD 617 million to HKD 684 million. The projected net profits for 2025 and 2026 are HKD 45 million and HKD 68 million, respectively, with an expected net profit of HKD 98 million in 2027 [6]. Clinical Development - ABSK021 has shown excellent efficacy and safety in its Phase III trials for TGCT, with a low rate of treatment-related adverse events and no evidence of cholestatic liver toxicity [2]. - The Phase II trial results for ABSK021 in cGvHD showed an overall response rate of 57.7%, with significant responses observed across various affected organs [3]. Market Potential - The report highlights the potential of FGFR2/3 inhibitors like ABSK061 in treating ACH, with a significant market opportunity given the prevalence of the condition and the limited current treatment options [5].
和誉-B：ABSK021的TGCT III期结果优秀，ABSK011将启动HCC III期临床-20250315