Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 9.12, indicating an expected relative return of over 20% within six months [6]. Core Insights - The company reported a total revenue of HKD 504 million for 2024, a significant increase of 2544% year-on-year, primarily due to a USD 70 million upfront payment from Merck. The net profit for 2024 was HKD 28.3 million, reflecting a year-on-year growth of 107% [1]. - The clinical trial results for ABSK021 in the treatment of TGCT in Phase III 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 Phase III registration trials, showing promising results in earlier phases with an ORR of 44.8% in HCC patients [4]. 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, and projected revenues of HKD 634 million in 2027. The net profit estimates for 2025 and 2026 have been adjusted to HKD 45 million and HKD 68 million, respectively, with a forecast of HKD 98 million for 2027 [6]. Clinical Development - ABSK021 has shown excellent efficacy and safety in its Phase III clinical trials for TGCT, with a low rate of treatment-related adverse events and no evidence of cholestatic liver toxicity [2]. - The company is also progressing with ABSK011, which has received approval for Phase III trials, targeting advanced or unresectable HCC patients [4]. Market Potential - The ACH indication presents a significant unmet medical need, with a global prevalence of approximately 360,000 affected individuals. The report highlights the potential of FGFR2/3 inhibitors like ABSK061 in addressing this need [5].
和誉-B（02256）：ABSK021的TGCTIII期结果优秀，ABSK011将启动HCCIII期临床