Lyon: Raised target price of GENFLEET-B (02595) to 61.9 Hong Kong dollars, with a "Outperform" rating.

Lyon released a research report stating that GENFLEET-B (02595) had a revenue of 130 million RMB last year, a year-on-year increase of 24.42%; research and development costs were 282 million RMB, a year-on-year decrease of 15.01%; net loss was 1.795 billion RMB, a year-on-year increase of 164.82%, all better than market expectations. G12D GFH375 has entered the registration trial stage for pancreatic cancer, while pan-RAS GFH276 is expected to become a long-term growth driver for Jinfang Medicine. Positive safety signals have been observed in the Phase I dose escalation trial of GFH276. The bank stated that the company's profit forecast for this year and next year has been raised by 4% and 5.3%, respectively, with the target price increased from 60.8 HKD to 61.9 HKD, maintaining its outperform rating.