今年以来，在多重利好催化下，和誉-B(02256)股价一路走高。8月11日，公司股价成功跃过IPO发行价12.46港元，最终收涨5.93%，次日，公司盘中股价触 及13.67港元，继续刷新上市新高，而公司股价年初至今涨幅也即将来到200%。 究其原因，在于当前政策红利叠加港股创新药板块投资趋暖，带动企业创新价值验证在估值评判中的权重持续提高：相较此前"18A寒冬"时期的保守态度， 当下投资者更看重创新药企的研发成果能否高效转化为商业化能力，以及企业"自我造血"后是否存在可观的预期差收益。 而上述股价增幅数据反映的便是市场对和誉长期价值的高度认可。 值得一提的是，8月13日，和誉宣布，根据MSCI(明晟公司)最新公布的2025年8月指数审议结果，公司凭借持续创新能力和商业化进展，成功被纳入MSCI全 球小盘股指数(MSCI Global Small Cap Index)成分股。 今年4月1日，和誉官宣：默克已根据双方于2023年12月签订的授权协议，行使匹米替尼(ABSK021)的全球商业化选择权，行权费用为8500万美元。在匹米替 尼即将商业化的关键节点，默克选择行权，足以看出其合作的诚意以及对开发匹米替尼全 ...

Core Insights - The company reported a total revenue of 657 million yuan for H1 2025, representing a 20% year-on-year increase, with net profit rising by 59% to 328 million yuan [1] - The company has implemented cost reduction and efficiency improvement measures, including a stock buyback program that has repurchased 9.545 million shares, accounting for 1.4% of the total shares issued at the beginning of the year [1] - The drug Pimiatinib has shown potential as a breakthrough therapy and has received regulatory recognition in China, the US, and Europe [1][2] Financial Performance - For H1 2025, the company's revenue was 612 million yuan, a 23% increase year-on-year, with R&D expenses amounting to 228 million yuan, representing a 37.25% R&D expense ratio, down by 6 percentage points [1] - Administrative expenses were 35.41 million yuan, with an administrative expense ratio of 5.78%, down by 2.3 percentage points [1] - The company expects revenues of 630 million yuan, 684 million yuan, and 634 million yuan for 2025-2027, with net profits projected at 45 million yuan, 68 million yuan, and 98 million yuan respectively [4] Drug Development and Partnerships - Pimiatinib has been licensed to Merck for commercialization in China, with a total deal value potentially reaching 605.5 million USD, of which the company has already received 155 million USD [2] - The drug ABSK011 has initiated a registration clinical study for treating FGF19 overexpressing HCC, with breakthrough therapy designation granted [2][3] - ABSK011 has shown promising efficacy in clinical trials, with an overall response rate (ORR) of 52.9% in pre-treated patients, significantly better than existing therapies [3] Pipeline and Future Prospects - The company is actively developing other drug candidates, including oral PD-L1 inhibitor ABSK043 and FGFR2/3 inhibitor ABSK061, with positive initial data reported [3] - The company has initiated a phase II clinical study for ABSK043 in combination with EGFR TKI for NSCLC patients, and is exploring potential collaborations for treating KRAS G12C mutation NSCLC patients [3]