HK Stock Market Move | INNOCARE (09969) rose more than 3%. The company will release its performance next Tuesday. Institutions are optimistic about the sales expectations of Aubatinib City.

INNOCARE (09969) rose more than 3%, rising by 3.5% as of the time of the report, to HK$18.63, with a turnover of HK$133 million. In terms of news, INNOCARE is scheduled to hold a board meeting on August 19th (next Tuesday) to approve mid-term performance. CICC previously pointed out that INNOCARE's first-quarter revenue increased by 1.3 times year-on-year, and net profit turned from a loss to a profit of 1.8 billion yuan, exceeding the bank's expectations. The main reasons for this are the high growth of the company's core product, Obrutinib, and the confirmation of the down payment for the authorized licensing agreement with Prolium. Taking into consideration the better-than-expected sales of Obrutinib by INNOCARE, the bank has raised the company's profit forecast for the next two years from the original expected losses of 436 million yuan and 256 million yuan to losses of 415 million yuan and 225 million yuan. It is understood that Obrutinib is a BTK inhibitor developed by INNOCARE, mainly used to treat chronic lymphoma. Its market share is gradually increasing and it holds an important position in the domestic BTK inhibitor market. By 2024, Obrutinib's sales revenue will exceed 1 billion yuan, with a year-on-year growth of 49.14%, and its market share in the domestic BTK inhibitor market will reach 30%.