BOCOM INTL: Initiate coverage of GENFLEET-B (02595) with a buy rating and a target price of 51 Hong Kong dollars.

BOCOM INTL released a research report, covering GENFLEET-B (02595) for the first time, giving it a buy rating with a target price of 51 Hong Kong dollars. As an innovative pharmaceutical company rooted in Mainland China with a global vision, Jinfang Pharmaceuticals has built a core management team with an average of over 20 years of industry experience and strong execution. The company has established a drug pipeline with 6 clinical stage candidate drugs. BOCOM INTL's main points are as follows: A diversified product pipeline composed of differentiated innovative therapies, tackling the difficult RAS target The company's core assets revolve around the RAS family members, which are difficult to develop into drugs. With a deep understanding of the target and successful development experience, the company has established a matrix of RAS product candidates, covering potential market segments such as KRASG12C/G12D, pan-RAS, non-degradable molecular glue, and functional antibody conjugates (FAScon) with significant differentiation. Among them, GFH925 (fluzocin) has been approved for marketing in Mainland China, making it the first domestically produced drug for the same target. In addition to the RAS matrix, the company's product pipeline extends to other areas with a large patient population and a mild competitive landscape, such as other tumors, cachexia, autoimmune diseases, and inflammatory diseases, strategically targeting targets such as RIPK1, GDF15/IL-6 with large market potential and favorable competition. Significant clinical data advantages for key lead varieties The company's competitive advantage in RAS targeted drug development is well demonstrated in GFH925 and GFH375: 1) GFH925's monotherapy efficacy data in 2L+ KRASG12C mutant non-small cell lung cancer (NSCLC) patients is excellent, showing better results than overseas competitors targeting the same target, and comparable to or better than domestic competitors. 2) GFH375 is one of the first KRASG12D targeted drugs globally to enter Phase III clinical trials. The preliminary data in 3rd line pancreatic cancer (3LPDAC) shows advantages compared to major competitors such as RMC-6236 and RMC-9805, with promising preliminary data (including combination therapy) from ove...