Core Viewpoint - The innovative drug concept stocks experienced a significant decline in the afternoon trading session, influenced by President Trump's announcement regarding drastic cuts in drug prices and potential tariffs on pharmaceuticals, which could create both opportunities and challenges for the global pharmaceutical industry, particularly for Chinese biotech stocks [1] Group 1: Stock Performance - Innovent Biologics (01801) fell by 5.3%, trading at HKD 94.65 [1] - Innovent Biologics (09969) decreased by 3.72%, trading at HKD 17.35 [1] - Federated Pharmaceutical (03933) dropped by 3.03%, trading at HKD 16.31 [1] - Hutchison China MediTech (00013) declined by 1.98%, trading at HKD 24.74 [1] Group 2: Regulatory Impact - President Trump stated that drug prices would be reduced to 1/1400 to 1/1500 of current prices, with immediate tariffs on pharmaceuticals [1] - Analysts suggest that if implemented, this could cause significant disruption in the global pharmaceutical industry [1] Group 3: Market Analysis - Morgan Stanley's report indicates that the likelihood of tariffs on outbound licensing deals (BD) payments is low [1] - Current U.S. tariffs primarily target tangible goods, focusing on production repatriation, while service-related revenues, including intellectual property transfers, are less affected [1] - Most BD agreements grant development and manufacturing rights to global licensees, with some licensees planning to produce approved licensed drugs locally in the U.S. after receiving approval [1]

HUTCHMED (China) Limited 和黃醫藥（中國）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：13） 董事名單及其角色與職能 和黃醫藥(中國)有限公司董事會由 9 名董事組成，載列如下： 主席兼非執行董事 施熙德女士 楊凌女士 獨立非執行董事 莫樹錦教授 （高級兼首席獨立非執行董事） Dr Renu BHATIA（言思雅醫生） Dr Chaohong HU（胡朝紅博士） 黃德偉先生 下表提供董事會成員在委員會中之職務。 | 董事委員會 | 審核委員會 | 提名委員會 | 薪酬委員會 | 可持續發展 | 技術委員會 | | --- | --- | --- | --- | --- | --- | | 董事 | | | | 委員會 | | | 艾樂德 | - | M | - | - | M | | 蘇慰國 | - | - | - | - | M | | 鄭澤鋒 | - | - | - | M | - | | 施熙德 | - | - | M | C | - | | 楊凌 | - | - | - | - | - | | 莫樹錦 | - | C | - | M | C | | 言思雅 | M ...

Core Viewpoint - The management change at Hutchison China MediTech (HCM) reflects a strategic shift from a research-driven model to a dual focus on research and commercialization, aiming to enhance the market realization of its pipeline value [5] Financial Performance - HCM reported total revenue of $277.7 million for the first half of 2023, down from $305.7 million in the same period last year [2] - The net profit attributable to HCM for the first half of 2023 was $455 million, a significant increase from $25.8 million in the previous year [2] Product Performance - Total sales of oncology products amounted to $234 million, a decline of 4% year-on-year [3] - Overseas sales of the main product, fruquintinib, reached $163 million, up 25% year-on-year, while domestic sales fell by 29% to $43 million [3] - Other oncology products, such as surufatinib and savolitinib, experienced significant declines in sales, with surufatinib down 50% and savolitinib down 41% [3] - The overall revenue from the oncology immunotherapy business decreased by 14.9% [3] Strategic Transition - HCM is at a "triple turning point," focusing on expanding market share and indications for core products, enhancing pipeline value, and implementing international strategies [4] - The management change is seen as a necessary step to support the transition from a domestic leader to an international biopharmaceutical company [5] Future Outlook - HCM plans to initiate Phase I clinical trials for new candidates in late 2025, with additional candidates expected to enter trials in 2026 [5] - The company aims to achieve a performance turning point by the second half of 2025, contingent on the approval of fruquintinib in more overseas markets and the advancement of new indications for savolitinib [5]

Group 1 - The company announced that its executive director, Su Weiguo, will suspend his role as CEO due to health reasons [1] - The board has appointed Zheng Zefeng, the company's executive director and CFO, as the acting CEO effective immediately [1] - Zheng will oversee the company's ongoing operations and management during the transition period to ensure continuity in leadership and decision-making [1]

Core Viewpoint - The company announced that its CEO, Su Weiguo, will temporarily suspend his duties due to health reasons, and CFO Zheng Zefeng has been appointed as the acting CEO to ensure continuity in leadership and decision-making [1] Group 1 - The board of directors has acknowledged the temporary suspension of the CEO's duties due to health issues [1] - Zheng Zefeng, who is currently the executive director and CFO, will take on the role of acting CEO effective immediately [1] - During this transitional period, Zheng will oversee the company's daily operations and management [1]

Core Viewpoint - The company Hutchison China MediTech Limited (和黄医药) announced that its Executive Director Dr. Su Weiguo will temporarily suspend his role as Chief Executive Officer due to health reasons [1] Group 1: Management Changes - The board has appointed Mr. Zheng Zefeng, the current Executive Director and Chief Financial Officer, as the acting Chief Executive Officer effective immediately [1] - Mr. Zheng will oversee the company's daily operations and management during the transition period to ensure continuity in leadership and decision-making [1]

Core Viewpoint - Hutchison China MediTech Limited (00013.HK) announced that its Executive Director Dr. Su Weiguo will temporarily suspend his role as CEO due to health reasons, with the CFO Mr. Zheng Zefeng appointed as acting CEO effective immediately [1] Company Management Changes - The board has appointed Mr. Zheng Zefeng, who is also the Executive Director and CFO, to take on the role of acting CEO during this transition period [1] - Mr. Zheng will oversee the company's daily operations and management to ensure continuity in leadership and decision-making [1]

Core Viewpoint - HUTCHMED announces the temporary leave of its CEO Dr. Weiguo Su due to health reasons, with CFO Johnny Cheng appointed as Acting CEO to ensure continuity in operations and strategy execution [1][2]. Company Leadership Changes - Dr. Weiguo Su, the Executive Director and CEO, is taking a leave of absence for health reasons, emphasizing the need to focus on his recovery [1][2]. - Johnny Cheng, currently the Executive Director and CFO, has been appointed as Acting CEO, effective immediately, while continuing his role as CFO [1][2]. Board Support and Confidence - The Board of Directors expresses full support for Dr. Su and confidence in Mr. Cheng's capabilities to manage the company during this interim period [2]. - The Board reassures stakeholders that all research, development, and commercial initiatives will remain on track despite the leadership change [2]. Company Overview - HUTCHMED is an innovative, commercial-stage biopharmaceutical company focused on the discovery, development, and commercialization of targeted therapies and immunotherapies for cancer and immunological diseases [3]. - The company has successfully marketed its first three medicines in China, with the first also approved in global markets including the US, Europe, and Japan [3].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表⽰，概不 對因本公告全部或任何部分內容⽽產⽣或因倚賴該等內容⽽引致的任何損失承擔任何責任。 HUTCHMED (China) Limited 和⿈醫藥（中國）有限公司 （於開曼群島註冊成⽴的有限公司） （股份代號：13） 和⿈醫藥宣佈委任代理⾸席執⾏官 和⿈醫藥 （中國）有限公司（簡稱 「和⿈醫藥」或 「HUTCHMED」或 「本公司」）今天宣佈 ，董事會獲悉本公司執 ⾏董事蘇慰國博⼠因健康理由將暫停履⾏⾸席執⾏官的職務。 有鑑於此，董事會已委任本公司執⾏董事兼⾸席財務官鄭澤鋒先⽣擔任代理⾸席執⾏官⼀職，即時⽣效。 鄭先⽣除擔任⾸席財務官外，亦將於過渡期間負責監督本公司的⽇常營運和管理，確保本公司領導及決策的連續 性。 在此期間 ，蘇博⼠將繼續擔任本公司的⾸席科學官，其⾓⾊與職責將在本集團科學團隊的⽀持下履⾏，該團隊將繼 續按計劃進⾏已訂定的藥物研究⼯作和開發管線。董事會有信⼼所有研發和商業計劃將繼續如期進⾏。 董事會全⼒⽀持蘇博⼠並祝願他早⽇康復。董事會亦感謝鄭先⽣於此過渡期間擔任代理⾸席執⾏ ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of HKD 33.22 over the next six months [3][6]. Core Insights - The company reported a revenue of USD 278 million and a net profit of USD 455 million for the first half of 2025. The overseas sales of FRUZAQLA® (the international name for furuzantin) increased by 25% to USD 162.8 million, attributed to an expanded market presence in over 30 countries. In the domestic market, the sales of Aiyoute® (the Chinese name for furuzantin) reached USD 43 million, reflecting intensified market competition and optimization of the sales team structure, although recent trends indicate a recovery in growth [1][2]. - The company has several upcoming milestones in its clinical development pipeline, including the completion of patient recruitment for SAFFRON III and SANOVO studies in late 2025, and plans to submit new drug applications for various candidates in 2026 [2]. Financial Projections - Revenue projections for the company are estimated at CNY 4.01 billion, CNY 5.05 billion, and CNY 6.35 billion for 2025, 2026, and 2027 respectively. Net profits are expected to be CNY 2.86 billion, CNY 480 million, and CNY 1.04 billion for the same years [3][9]. - The report anticipates a significant increase in net profit margin, projecting a net profit margin of 70.91% in 2025, followed by 9.50% in 2026 and 16.49% in 2027 [15]. Clinical Development Pipeline - The company is set to initiate clinical trials for its first antibody-drug conjugate (ATTC) candidate by the end of 2025, with additional global new drug clinical trial applications expected in 2026 [2].