EVEREST MED-B(01952): "Breaking the game with dual-wheel drive + annual commercial profit", aiming for Biopharma's new benchmark with B in hand.

In recent years, under the opportunity for accelerated reform in the domestic innovative drug market, EVEREST MED-B(01952) has relied on strong innovative drugs and AI pharmaceutical independent research and development capabilities, supplemented by external authorization and collaboration, to accelerate innovation in a "dual-drive" manner and achieve a leap in innovative development. The impressive performance in the 2024 financial report not only marks the company's first achievement but also indicates its upcoming entry into a new phase of "B delisting". According to the financial report, in 2024, Yunding Xinya achieved operating income of 707 million yuan, a year-on-year increase of 461.16%. According to Rule 8.05(3) of the Stock Exchange of Hong Kong, if a company meets the condition of "a market value of at least HK$4 billion and earnings in the most recent financial year not less than HK$500 million", the "-B" designation can be removed. Yunding Xinya has clearly met all the requirements, becoming another innovative drug enterprise on the Hong Kong stock market moving towards maturity in Biopharma. It is believed that in recent years, under the "independent research and development + authorized introduction" dual-drive strategy, Yunding Xinya has targeted high-potential and low-competition tracks, rapidly achieving efficient commercialization of differentiated innovative results. This is an important reason why Yunding Xinya can quickly and efficiently reach the milestone of "B delisting". Thanks to its unique business insights, Yunding Xinya has introduced core varieties such as Nafcom and Elijia (ertapenem) into the IgA nephropathy treatment field and antibiotic field at a lower cost in the early stages. Taking Nafcom as an example, last May, with the efficient promotion by the company, Nafcom was successfully listed in mainland China and entered the national medical insurance catalog in the same year, allowing this breakthrough treatment for a severe disease to benefit a wider range of patients in China; and in the overseas market, Nafcom obtained new drug approvals for listing in Singapore, Hong Kong, Taiwan, and South Korea in 2024. The successful commercialization at home and abroad brought in 353 million yuan in sales revenue for the company within just 7 months after listing. With the support of the company's complete commercialization system, the fluorosiloquinolone antibiotic drug Elijia has also brought considerable commercial benefits to the company. By deepening penetration into more than 300 core hospitals and benefiting patients outside of core hospitals through cooperation with CSOs, Elijia achieved sales revenue of 353 million yuan in 2024, a year-on-year increase of 256%. It is obvious that the large-scale commercialization of these two core varieties is the key driving force for Yunding Xinya to "delist B". In fact, from the licensing-in to successful commercialization and listing and achieving large-scale sales of these two core varieties, the company's unique business insights in licensing-in have been clearly demonstrated. In the future, the company will continue to improve the research, production, sales, and innovation loop under the "independent research and development + authorized introduction" dual-drive strategy, promote the large-scale commercialization of core varieties, and further realize the company's value in the secondary market. Taking Imquimod as an example, as a heavyweight product in Yunding Xinya's pipeline for autoimmune diseases, its expected peak sales may reach 2 billion yuan, becoming an important component in the company's subsequent product line. Last April, Imquimod was approved in Macau, China, and successfully included in the clinical need list of Hong Kong and Macau drugs and medical devices in the Guangdong-Hong Kong-Macao Greater Bay Area with the policy of "Hong Kong and Macau Drug and Medical Device Communication", and the first prescription was issued in Guangdong Province in December. Meanwhile, NMPA accepted the new drug application for Imquimod in December and is expected to be approved in 2026. In addition to the development of core varieties mentioned above, Yunding Xinya is also accelerating its expansion towards "AI pharmaceuticals". It is understood that in recent years, Yunding Xinya has achieved a surge in efficiency in target screening, sequence design, and optimal delivery through an AI-driven end-to-end research and development platform. Its self-developed core algorithm "Miaosuan" (EVER-NEO-1) has been validated on human neoantigen immunogenicity data. On March 6 this year, the company's first AI-driven mRNA personalized tumor vaccine EVM16 completed its first patient dose, marking its entry into the clinical validation stage as the first stock of "AI+ innovative drugs" on the Hong Kong stock market. In summary, the successful delisting of an "B" designation reflects the market's gradual recognition of the intrinsic value of 18A enterprises. In recent years, at least 12 18A companies have successfully delisted "B" and achieved scalable valuation growth after delisting. Taking AKESO as an example, since announcing the delisting in March 2023, its stock price has accumulated a soaring of up to 107% so far. With the continuous progress in Yunding Xinya's authorized introduction business and the steady development of the "AI+mRNA" business, the company is expected to achieve continuous growth in its stock price, replicating the successful path of doubling the market value of previous "B" delisted 18A peers and becoming a benchmark enterprise in the Hong Kong stock innovative drug sector. Recently, Zhongjin issued a research report stating that the company's R&D drug valuation has begun to show, thus significantly raising the target price by 133% to 70 Hong Kong dollars and maintaining an "outperform industry" rating.