显示名称啊这个署名这个姓名和所在机构那么在过程中如果遇到任何问题的话那么请在聊天框中发送信息本次会议将被录音然后并且将在一天内于公司官网上公布那么开始之前先插播一条这个呃别的声明本次业绩会所载的公司的表现和经营业绩均属于历史现实且以过往表现并不保证本集团之未来业绩 现在我很高兴的介绍一下今天参会的管理层首先是我们的CEO兼CSO苏卫国博士还有我们的CFO郑德功先生研发负责人兼CMO石明博士以及商业化的负责人袁泽志先生下面先有请苏博士开场苏总 各位同道各位朋友大家上午好欢迎参加今天的和欢医药2024业绩的发布的会议那么大家知道就在昨天晚上我们发布了和欢医药2024年全年的业绩报告那么我们也是想就这个机会跟大家交流一下 福克基尼在中国呢也获批了这个子宫内膜癌的新的试验诊而且呢这个还有多个这个产品NDA的这个新的试验诊正在等待获批相信大家都要看到了这个塞沃基尼除了一线的 这是跳遍的这个试验证我们在年底前还发布了SARCH研究也就是在一月发扬性的南库城的二线联合奥西基尼的这个试验证的一个NDA的一个递交那么一个有望的经验呼吸 那么虽然我自己在海外全球的研究,其实有两个研究,Savanna研究是一个单壁研究,那么还有一 ...

和黄医药 20250412 摘要 Q&A 太平洋医药为何选择在此时推荐和黄医药？ 太平洋医药选择在此时推荐和黄医药，主要基于以下几点逻辑：首先，和黄医 药核心产品的商业化在 2024 年表现出强劲增长，并提前实现了可持续盈利，进 • 和黄医药预计 2025-2027 年收入分别为 7.8 亿、9.3 亿、10.9 亿美元，同 比增速分别为 20%、18%、17%。2025 年归母净利润增速较快，主要受益于 出售上海和黄带来的约 4.77 亿美元收入，预计贡献 80%左右的归母净利润。 DCF 估值测算合理市值约 303 亿港元，对应股价 34.67 港元。 • 公司目前有 7 款创新药正在进行约 15 项关键临床研究，未来三年内预计多 个产品的新适应症或新产品将陆续上市。重点关注呋喹替尼与赛沃替尼的 临床推进，以及血液瘤方面的他拉替尼及自免方面的索乐布替尼等新产品。 • 呋喹替尼已获批二线治疗子宫内膜癌适应症，市场潜力巨大。二线治疗肾 细胞癌的数据积极，有望今年递交 NDA 申请。国内二线治疗 EGFR 突变非小 细胞肺癌的数据已递交 NDA 并获得 BTD，预计年底获批。海外市场自 2023 年 10 月美 ...

2024 年報 年 於開曼群島註冊成立之有限公司 公司資料 董事會 主席兼非執行董事 艾樂德 BA, MA, MA, PhD 執行董事 蘇慰國 BSc, PhD 首席執行官兼首席科學官 鄭澤鋒 BEc, CA(ANZ) 首席財務官 非執行董事 施熙德BSE, MA, MA, EdM, Solicitor, FCG, HKFCG 楊凌BA, BSc, MBA 獨立非執行董事 卡博樂BA, FCMA 高級獨立董事 言思雅MBBS, MBA 胡朝紅BSc, PhD (1) 蓆紀倫BCom, CA(ANZ), FCPA 莫樹錦BMSc, MD, FRCPC, FHKCP, FHKAM, FRCP(Edin), FASCO 黃德偉BCom, FCPA, CA(ANZ) (3) 審核委員會 蓆紀倫 （主席） 言思雅 卡博樂 黃德偉 (3) 提名委員會 莫樹錦 （主席） 艾樂德 胡朝紅 (2) 蓆紀倫 附註： (1) 於 2024 年 11 月 21 日獲委任為獨立非執行董事及技術委員會之成員 (2) 於 2025 年 2 月 4 日獲委任為提名委員會之成員 (3) 於 2025 年 3 月 6 日獲委任為獨立非執行董事及 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company achieved a revenue of $630.2 million in 2024, with a significant contribution from oncology products, which generated $272 million, reflecting a 65% year-on-year growth [9] - The company has successfully reached financial self-sufficiency ahead of schedule, with a cash balance of $832 million at the end of the previous year [9] - The report highlights the rapid market penetration of the drug Fuzuloparib, with sales of $405 million in 2024, and the ongoing clinical progress of the drug Savolitinib [9] - The company is expanding its product pipeline into autoimmune and hematological malignancies, with new drug applications expected soon [9] Financial Forecast and Investment Recommendations - The revenue forecasts for 2025 and 2026 have been adjusted to $730.03 million and $840.85 million, respectively, down from previous estimates of $844 million and $1 billion [3] - The target price for the company is set at HKD 37.99, based on a price-to-sales ratio of 5.83 for 2025 [3] - The financial projections indicate a significant increase in net profit for 2025, estimated at $468.43 million, representing a year-on-year growth of 1141.58% [5]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 35.82 HKD compared to the current price of 22.55 HKD [4][7]. Core Insights - The company achieved total revenue of 630 million USD in 2024, a decrease of 24% year-on-year, with oncology product revenue increasing by 67% to 271.5 million USD [2][4]. - The overseas sales of Furuzakl® have significantly increased, with a 1450% rise in revenue to 110.8 million USD, while sales in China grew by 6% to 86.3 million USD [7]. - The company has successfully expanded its commercial products into new regions and indications, with multiple approvals for Furuzakl® in various countries [7]. - The ATTC platform is set to enter clinical trials in the second half of 2025, showcasing promising early data [7]. - The company expects revenue growth in the coming years, with projected revenues of 655 million USD in 2025, 821 million USD in 2026, and 934 million USD in 2027, reflecting growth rates of 4.0%, 25.2%, and 13.8% respectively [7]. Financial Summary - The company reported a net profit of 37.7 million USD for 2024, with a cash balance of 836.1 million USD as of December 31, 2024 [2]. - The projected earnings per share (EPS) for 2025 is 0.34 CNY, with a price-to-earnings (P/E) ratio of 8.5 [4]. - The company’s total assets are expected to grow from 1.27 billion USD in 2024 to 2.06 billion USD by 2027 [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is entering a sustainable profit phase, with positive earnings guidance for 2025 [5] - The company reported a net profit of $37.7 million for 2024, slightly exceeding expectations, indicating financial self-sufficiency [7] - The core product, Furmonertinib, has exceeded market expectations in global sales, and the company is expanding its pipeline with tangible progress [7] Financial Performance Summary - Revenue projections for 2025 are estimated at $694 million, with a year-on-year growth rate of 10.17% [6][11] - The net profit for 2025 is projected to be $393 million, reflecting a significant year-on-year increase of 942.79% [6][11] - The company expects comprehensive revenue from its oncology/immunology business to be between $350 million and $450 million in 2025 [7] Future Catalysts - Continued overseas sales growth for Furmonertinib in Europe and Japan is anticipated to drive new growth [7] - The company plans to submit a New Drug Application (NDA) for Savolitinib for NSCLC in 2025 [7] - The antibody-drug conjugate ATTC platform is expected to start clinical trials in the second half of 2025 [7] Pipeline Overview - The company has a diversified and validated late-stage product pipeline, including several drugs with positive clinical data and upcoming NDA submissions [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is entering a sustainable profit phase, with positive earnings guidance for 2025 [5] - The company reported a net profit of $37.7 million for 2024, exceeding expectations, indicating financial self-sufficiency [7] - The core product, furmonertinib, has exceeded market expectations in global sales, and the company is expanding its pipeline with tangible progress [7] - The company has a strong cash position of $836.1 million as of the end of 2024, supporting future drug development [7] - The 2025 revenue guidance for the oncology/immunology business is set between $350 million and $450 million, driven by continued growth in furmonertinib sales [7] Financial Performance and Forecast - Revenue for 2023 is projected at $838 million, with a significant decline of 24.8% in 2024, followed by a recovery to $694 million in 2025, and further growth to $844 million in 2026 and $996 million in 2027 [6][11] - The net profit is expected to rebound dramatically from $38 million in 2024 to $393 million in 2025, reflecting a growth rate of 942.79% [6][11] - The company’s earnings per share (EPS) is forecasted to increase from $0.04 in 2024 to $0.45 in 2025 [6][11] - The return on equity (ROE) is expected to rise significantly to 34.2% in 2025 [6] Company Events and Future Catalysts - The company plans to submit a New Drug Application (NDA) for savolitinib in the second-line NSCLC indication in 2025, with promising clinical data [7] - The company is advancing its antibody-drug conjugate (ATTC) platform, which is expected to start clinical trials in the second half of 2025 [7] - The company has a diversified and validated late-stage product pipeline, with several drugs expected to receive regulatory approvals in China [8]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][17] Core Insights - The company has achieved significant sales growth, with total sales of oncology products reaching $501 million in 2024, representing a 134% increase. The primary driver of this growth is the overseas sales of furmonertinib, which contributed $291 million in its first full year of sales outside China [8][2][1] - The company has maintained profitability for two consecutive years, with a net income of $38 million in 2024, primarily driven by product sales. Cash reserves are robust, amounting to approximately $836 million by the end of 2024 [12][2][1] - The company is expanding its market presence, with furmonertinib receiving approvals in the EU and Japan, and ongoing clinical trials for other products showing promising results [2][16][1] Financial Projections - The company's revenue is projected to increase from $630 million in 2024 to $956 million by 2027, with a notable expected net profit of $347 million in 2025, reflecting an 818% year-on-year growth [4][17][1] - Research and development expenses have decreased by 30% to $212 million in 2024, indicating improved cost management and operational efficiency [12][2][1] - The company anticipates a comprehensive revenue guidance for its oncology immunotherapy business of $350-450 million for 2025 [8][1]

Summary of HUTCHMED (China) Ltd Conference Call Company Overview - **Company**: HUTCHMED (China) Ltd - **Industry**: China Healthcare - **Ticker**: 0013.HK - **Market Cap**: US$2,735 million - **Price Target**: HK$28.00, representing a 17% upside from the current price of HK$23.90 as of March 19, 2025 [5][5][5] Key Financial Highlights - **2024 Total Revenue**: US$630 million, which missed expectations, primarily due to legacy business and other ventures [2][2] - **Oncology Revenue**: US$363 million, in line with consensus [2][2] - **Profitability**: Reported a profit of US$43 million, significantly better than the consensus expectation of a US$20 million loss, attributed to reduced operating expenses (opex) of US$325 million compared to the consensus estimate of US$380 million [2][2] - **2025 Revenue Guidance**: Projected oncology revenue of US$350-450 million, below consensus of US$481 million, indicating potential downward revisions [3][3] Growth Outlook - **2025 Growth Expectations**: The mid-point of the 2025 guidance suggests a growth rate of approximately 12-17% in marketed product sales, excluding milestone and R&D services [3][3] - **Drivers of Growth**: Anticipated growth is expected to come from domestic label expansions for fruqintinib and savolitinib, as well as launches in the EU and Japan for FRUZAQLA [3][3] Market Sentiment and Future Events - **Market Sentiment**: Current sentiment may improve with the upcoming 2025 European Lung Cancer Congress, where detailed data from the global Phase II SAVANNAH study will be presented [8][8] - **Investor Outlook**: Investors may become more constructive following the approval of SYK inhibitors or clearer regulatory pathways for savolitinib [8][8] Valuation and Risks - **Valuation Methodology**: A discounted cash flow (DCF) approach is used to derive the price target, incorporating an 11% WACC and a terminal growth rate of 2% [9][10] - **Risks to Upside**: Successful data readouts and market ramp-up for savolitinib, and FDA approval for fruqintinib in earlier lines of treatment could enhance commercial uptake [12][12] - **Risks to Downside**: Potential failure to generate positive data in ongoing studies or delays in regulatory approvals could negatively impact growth [12][12] Additional Insights - **Stock Rating**: Equal-weight, indicating that the stock's total return is expected to be in line with the average total return of the industry coverage universe [5][5] - **52-Week Price Range**: HK$35.90 - HK$19.80, indicating volatility in stock performance [5][5] This summary encapsulates the key points from the conference call, highlighting the financial performance, growth outlook, market sentiment, valuation methodology, and associated risks for HUTCHMED (China) Ltd.

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved profitability in 2024 with total revenue of $630 million, driven by strong overseas sales of its core product, furmonertinib, which exceeded expectations [6] - The company expects combined revenue from its oncology/immunology business to be between $350 million and $450 million in 2025, with global sales of furmonertinib surpassing $400 million [7] - The company has adjusted its net profit forecasts for 2025-2027, projecting net profits of $2.383 billion, $797 million, and $961 million respectively [6] Financial Performance - In 2024, the company reported a net profit of $38 million, marking a return to profitability [6] - The revenue from oncology products reached $272 million in 2024, a year-on-year increase of 65% [6] - The company’s R&D, selling, and administrative expenses decreased significantly in 2024, with reductions of 29.8%, 7.55%, and 20.0% respectively [7] Sales Performance - Furmonertinib's overseas sales reached $291 million in 2025, a year-on-year increase of 1825%, while domestic sales were $115 million, up 7% [7] - The company anticipates strong demand for furmonertinib, which is expected to contribute significantly to revenue growth [6][7] Valuation Metrics - The current stock price corresponds to a P/E ratio of 8.8 for 2025, 26.2 for 2026, and 21.8 for 2027 [6] - The projected EPS for 2025, 2026, and 2027 are $2.7, $0.9, and $1.1 respectively [6]