消息面上，8月13日，和誉宣布，根据MSCI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全球小盘股指数成分股，相关调整将于8月26日收盘后正式生效。此 次纳入意味着全球被动型基金(如ETF)可能增持和誉股票，进一步提升公司市场流动性与国际关注度。 值得注意的是，8月5日，和誉医药发布业绩，上半年公司实现营收6.12亿元，同比增长23%；利润3.28 亿元，同比增长59%。中金表示，公司业绩超预期，主要由于默克行权收入超预期。花旗则认为，和誉 现估值偏低，这主要基于和誉2款晚期候选药pimicotinib与irpagratinib都具高度确定性，且差异化创新管 线有望实现对外授权。该行预期irpagratinib二线肝细胞癌三期临床试验的成功率极高，其估值应被纳入 考量因素。 和誉-B(02256)盘中涨超9%，高见17.5港元再创新高，月内累计涨幅已超60%。截至发稿，涨6.37%，报 17.03港元。 ...

Core Viewpoint - Citigroup's research report indicates that He Yu's current valuation is undervalued, supported by the high certainty of its two late-stage candidates, pimicotinib and irpagratinib, along with a differentiated innovation pipeline that is expected to achieve external licensing opportunities [1] Group 1: Drug Candidates and Clinical Trials - The firm anticipates a high success rate for the phase III clinical trial of irpagratinib for second-line hepatocellular carcinoma, which should be factored into the valuation [1] - Key catalysts for He Yu are expected in 2025 and 2026, focusing on the approval and commercialization performance of pimicotinib, the announcement of phase III data for irpagratinib, and updates on multiple candidates such as ABSK043 and ABSK061, along with potential commercial collaborations [1] Group 2: Financial Projections - The revenue forecast for He Yu in 2026 has been adjusted down from 289 million to 280 million, while the earnings per share loss estimate has been revised from 0.38 to 0.39 [1] - For 2027, the projected revenue and earnings per share loss are expected to be 452 million and 0.34, respectively [1] - The firm maintains a "Buy" rating, raising the target price from 10 HKD to 17.5 HKD [1]