CLSA released a research report indicating that GENFLEET-B (02595) reported revenue of RMB 130 million last year, a year-on-year increase of 24.42%. R&D expenses were RMB 282 million, down 15.01% year-on-year. The net loss widened by 164.82% to RMB 1.795 billion, with all figures surpassing market expectations. The G12D candidate GFH375 has entered the registration trial phase for pancreatic cancer, while pan-RAS candidate GFH276 is expected to become a long-term growth driver for GENFLEET. Positive safety signals have already been observed in the Phase I dose-escalation trial for GFH276. The firm raised its profit forecasts for the company for this year and next by 4% and 5.3%, respectively. It increased the target price from HK$60.8 to HK$61.9 and maintained an Outperform rating.