CICC: Maintain ASCENTAGE (06855) outperform industry rating, target price HKD 45.

CICC released a research report stating that considering the company's acceleration of core global clinical enrollment leading to increased R&D expenses, it has set a target price of HKD 45, which represents an upside potential of 35.2% compared to the current stock price. In light of the long-term value of the company's global R&D efforts, the firm maintains its "outperform" rating. CICC's main points are as follows: In the first half of 2026, the commercialization trajectory of orelabrutinib and lisatuzumab continued, with expectations for progress in lisatuzumabs health insurance coverage. The company's product commercialization revenue for 1H26 reached CNY 282 million, a year-on-year increase of 32.6%. According to the company's announcement, orelabrutinib will be included in the health insurance catalog for all approved indications in China starting January 2025, significantly improving patient accessibility. Currently, orelabrutinib has accumulated long-term post-marketing real-world research data, including 4-year and 6-year follow-up data, with thousands of patients having received treatment. Lisatuzumab was approved for marketing in China in July 2025 and is progressing smoothly in commercialization. The firm anticipates that it will be included in the national health insurance catalog by 2027, further expanding its commercialization potential. Four FDA-registered Phase III clinical enrollments are being pursued at full speed, with plans to see concentrated R&D milestones in 2027. According to the company's announcement, as of 1H26, the company is advancing nine registration Phase III clinical trials, four of which are globally registered Phase III clinical trials approved by the FDA, including POLARIS-1 and POLARIS-2 for orelabrutinib, and GLORA and GLORA-4 for lisatuzumab. The firm expects that in a smooth scenario, the company will likely complete enrollment around 2027 and advance follow-up and application work in core markets such as the FDA. Monitoring the development status of early-stage molecules such as APG-115. According to the company announcement, APG-115 (MDM2-p53) oral small molecule inhibitor has received six FDA orphan drug designations and two FDA rare disease designations for children, and has been included in China's "Starlight Program," receiving special support for the development of pediatric anti-cancer drugs. Preliminary data of APG-115 in combination with lisatuzumab for pediatric solid tumors was selected for oral presentation at ASCO 2026.