"Billion Dollar Molecule" dual-core resonance, ASCENTAGE-B (06855) accelerates global innovation value realization

On March 26, ASCENTAGE-B (06855) 2025 annual performance results were officially released. The financial report shows that the company's current operating income reached 574 million yuan; among which, the current sales revenue of Nalecke reached 435 million yuan, an increase of approximately 81% compared to the previous year. Additionally, the company's cash flow continued to improve, remaining stable and abundant, with total monetary funds reaching 2.47 billion yuan during the reporting period. The steady performance of ASCENTAGE in the pharmaceutical sector undoubtedly brought relief to the volatile market. Since September last year, the Hong Kong stock market's pharmaceutical sector has been experiencing constant fluctuations due to market liquidity and multiple external factors. The Hang Seng Healthcare Index saw a maximum decline of nearly 30%. This was not merely a simple rotation of funds, but rather a structural shift in market fund aesthetics. Unlike the 2025 bull market for innovative drugs driven by single innovative targets and BD pipeline expectations, the current Hong Kong stock market for innovative drugs sees investors willing to pay premiums for clear value realization. The day after the financial report was disclosed, ASCENTAGE's stock price rose significantly in the morning session, with gains exceeding 8%, outperforming the Hang Seng Index and the Hang Seng Healthcare Index, demonstrating market recognition of the company's annual report performance and fundamental performance. With Lisatockra tablets (Licetokra) officially approved for listing in July last year, becoming the first domestically approved original Bcl-2 inhibitor, ASCENTAGE has officially entered the value realization period for Nalecke and Licetokra, the "double billion-dollar molecules." From the annual report information, ASCENTAGE's accumulations in innovative research and commercialization in recent years are efficiently transforming into momentum for expanding the domestic market and developing international commercialization of its two core products. Whether it is the steady growth in performance or the strong risk resistance and internal growth capabilities reflected in the financial report, they are in line with the investment sentiment in the secondary market, establishing key anchor points for the company's stock price to rebound ahead of others. The resonance of the "billion-dollar molecules" solidifies innovation and globalization foundations As an innovative pharmaceutical company that has entered the acceleration phase of commercialization, ASCENTAGE's most critical value judgment anchor point in 2025 lies in its global commercialization phase, which is different from relying on Nalecke's "single breakthrough point" in the past. The company's current global commercialization phase has entered the critical period of the "double billion-dollar molecules" resonating. In recent years, whether all indications of Nalecke that have been listed fall under the country's medical insurance drug catalog, or the BD transaction with Takeda Pharmaceutical for Nalecke, totaling 1.3 billion USD, has a "high down payment, high milestone, high revenue sharing" structure, or the opening up of broader indications for Nalecke, these all demonstrate ASCENTAGE's strong international commercialization capabilities. The company's strong commercialization level has been further validated by Nalecke's sales revenue exceeding 400 million yuan in the current period. Moreover, there is immense potential for combined treatment with Licetokra (Licetokra) and Licetokra, which is expected to open up new pathways for CLL deep remission and discontinuation. This strategy is expected to reshape the path for deep remission in CLL patients, overcome the dilemmas faced by previous BTKi continuous treatments, and become an important development direction for ASCENTAGE in the CLL indication treatment clinical research and practice. APG-3288's IND was approved by the US FDA and CDE in China earlier this year, marking the official entry of ASCENTAGE's research achievements in targeted protein degradation into the clinical stage, and signaling a key step for the company in the field of BTK targeted therapy. APG-3288 is just a microcosm of the concentrated outbreak of ASCENTAGE's innovative research and development matrix. As the next FIC potential molecule in the field of hematologic malignancies that has appeared at the ASH conference for two consecutive years, ASCENTAGE's APG-5918 has also gradually revealed its differentiated value in recent years. As a potential FIC drug targeting the inhibition of developmental protein outside the embryo (EED), APG-5918 has shown therapeutic potential in areas such as prostate cancer, T-cell lymphoma, and multiple myeloma. In conclusion, considering that ASCENTAGE's current valuation is in a significantly undervalued range, and with the market sentiment stabilizing and the sector trend reversing, the company's stock price is expected to lead the way out of the volatility range and demonstrate significant upward potential to the market investors.