Guoyuan International: ABBISKO-B (02256) Buy Rating Target Price HKD 22.06

Guoyuan International released a research report stating that ABBISKO-B (02256) is a leader in small molecule innovative drugs. It is projected to have revenues of RMB 650 million, 680 million, and 730 million respectively for the years 2025-2027, with net profits of 97 million, 111 million, and 142 million respectively. According to the DCF model, the target price is HKD 22.06, with a buy rating and a 48.5% increase from the current price. The main points of Guoyuan International are as follows: Global BIC product Pimelitini presents excellent data at ESMO Pimelitini data was presented at the 2025 ESMO conference. In the global Phase III MANEUVER study, Pimelitini showed long-term efficacy and safety data for tenosynovial giant cell tumor patients. At a median follow-up of 14.3 months, based on RECISTv1.1 criteria and tumor volume score assessment, the ORR reached 76.2% (95% CI: 63.8, 86.0), with a median duration of response yet to be reached (range: 0.03-19.81 months). By week 73, patients showed a 23.9% improvement in joint mobility compared to baseline. After switching to Pimelitini in the placebo group, the ORR reached 64.5%, with some improvement in clinical outcomes. Domestic NDA submitted; FDA's NDA filing is progressing in an orderly manner, expected to be submitted in Q4 2025. Pimelitini's second indication: Phase II study for the treatment of chronic graft-versus-host disease patients progressing smoothly. Accelerating innovative drug development, promising prospects for liver cancer drug Ipaglotinib In August 2025, the oral PD-L1 inhibitor ABSK043 and Shanghai Allist Pharmaceuticals Co., Ltd. KRASG12C inhibitor jointly applied for IND approval and were approved by the CDE for non-small cell lung cancer patients with KRASG12C mutation; In March 2025, the two parties had previously cooperated to explore the combination therapy of ABSK043 and Shanghai Allist Pharmaceuticals Co., Ltd. methanesulfonate Fimepibine tablets in the treatment of advanced NSCLC, with the first patient being dosed in December 2024. ABSK061 and other drugs are in Phase II clinical stage, with 061 showing great potential in chondrodysplasia 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. Ipaglotinib monotherapy has been conducted for the treatment of late-stage hepatocellular carcinoma patients with FGF19 overexpression in registration clinical trials. The first patient was dosed in June 2025 for the registration study. Approximately 141 patients are planned to be enrolled. Currently, patients with advanced liver cancer lack effective treatment options. Patients with FGF19 overexpression often have a worse prognosis, so there is an urgent need for new treatment options. Globally, about 30% of HCC patients have FGF19 overexpression. Developing targeted therapies targeting this signaling pathway represents a novel innovative approach to treating HCC; the results of a Phase II study with the combination of Ipaglotinib and Atezolizumab were presented at the ESMO-GI conference in July 2025, with an ORR 50% in the 220mg BID dosage group and a PFS 7 months.