Guoyuan International: Goodwill B (02256) purchase rating target price HK$22.06

The Zhitong Finance App learned that Guoyuan International released a research report stating that Heyu-B (02256) is a leading small molecule innovative drug. Revenue for 2025-27 is expected to be RMB650 million, RMB680 million and RMB730 million, respectively, and net profit of RMB97 million, 111 million and RMB142 million respectively. According to the DCF model, the target price is HK$22.06, which is a purchase rating, an increase of 48.5% from the current price.

Guoyuan International's main views are as follows:

Global BIC Product Pimitinib Announces Excellent Data at ESMO

Pimitinib data was announced at the 2025 ESMO conference. Pimitinib showed long-term efficacy and safety data for patients with giant tendon sheath tumor in the global phase III EVER study. At median follow-up of 14.3 months, the ORR as assessed according to the RecisTv1.1 criteria and tumor volume score reached 76.2% (95% CI: 63.8,86.0), and the median duration of remission was not achieved (range: 0.03-19.81 months). As of week 73, the patient's relative joint mobility improved by 23.9% compared to baseline. Patients in the placebo group achieved an ORR of 64.5% after switching to pimitinib in the second part, and the evaluation of clinical outcomes also improved. The domestic NDA has been submitted; the FDA's NDA declaration is being carried out in an orderly manner and is expected to be submitted in Q4 in '25. Second indication of pimitinib: Phase II study to treat patients with chronic graft-versus-host disease is progressing smoothly.

Innovative drug research and development is advancing at an accelerated pace, and the new drug ipagotinib for liver cancer has broad prospects

In August 2025, the IND application for the combined use of the oral PD-L1 inhibitor ABSK043 and the Iris KRASG12C inhibitor was approved by the CDE for non-small cell lung cancer (NSCLC) patients with KRASG12C mutations; in March 2025, the two parties had previously cooperated to explore ABSK043 combined with alice mesylate vormetinib tablets to treat advanced NSCLC. The first patient administration was completed in December 2024. ABSK061 and others are in phase II clinical phase. 061 has great potential for achondroplasia and various cancers. ABSK211 (pan-KRAS inhibitor): has entered the IND application phase. ABSK141 (KRASG12D): It is expected to be approved by IND in the second half of 2025. Ipagotinib monotherapy has been conducted for the treatment of advanced hepatocellular carcinoma with overexpression of FGF19. The first patient to complete the registration study was administered in June 2025. It is planned to enroll approximately 141 patients. Currently, there is a lack of effective treatment options for patients with advanced liver cancer. Patients who overexpress FGF19 often have a worse prognosis, so new treatment options are urgently needed. About 30% of HCC patients worldwide have overexpressed FGF19. The development of targeted therapy for this signaling pathway represents a novel and innovative method for treating HCC; the results of the phase II study presented in combination with atilizumab at the ESMO-GI conference in July '25 showed ORR ≥ 50% and PFS ≥7 months in the 220 MgBid dose group.