Core Viewpoint - The company, Hutchison China MediTech Limited (和黄医药), announced that it will present updated research data on its self-developed compounds at the European Society for Medical Oncology (ESMO) 2025 Annual Meeting in Berlin from October 17 to 21, 2025 [1] Group 1: Research Presentations - The FRUSICA-2 registration study results for fruquintinib combined with sintilimab in the second-line treatment of locally advanced or metastatic renal cell carcinoma will be presented during a mini-oral session [1] - Further analysis results of the FRUSICA-1 study on fruquintinib for endometrial cancer, as well as the SACHI and SAVANNAH studies on savolitinib for non-small cell lung cancer, will be showcased in the poster presentation session [1]

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） 自願性公告 和黃醫藥將於2025年歐洲腫瘤內科學會 (ESMO) 年會公佈臨床數據 和黃醫藥（中國）有限公司（簡稱「和黃醫藥」或 「HUTCHMED」）今日宣佈將於2025年10月17日至21日在德國 柏林召開的歐洲腫瘤內科學會（「ESMO」）2025年年會上公佈和黃醫藥自主研發的化合物的數項研究的最新及更新 後的數據。 呋喹替尼（fruquintinib）聯合信迪利單抗（sintilimab）用於二線治療局部晚期或轉移性腎細胞癌的FRUSICA-2註 冊研究結果將於迷你口頭報告環節公佈。此外，呋喹替尼用於治療子宮內膜癌的FRUSICA-1研究，以及賽沃替尼 （savolitinib）用於治療非小細胞肺癌的SACHI和SAVANNAH研究的進一步分析結果將於海報展示環節公佈。 ...

Core Insights - HUTCHMED will present new and updated data from several studies at the ESMO Congress 2025, scheduled for October 17-21, 2025, in Berlin, Germany [1][2] Group 1: Study Presentations - Results from the FRUSICA-2 study on the combination of fruquintinib and sintilimab for second-line treatment of advanced renal cell carcinoma will be presented in a Mini Oral session [2] - Additional analyses from the FRUSICA-1 study in endometrial cancer and the SACHI and SAVANNAH studies in non-small cell lung cancer will be showcased during poster sessions [2] - Specific presentations include a phase 3 study comparing fruquintinib plus sintilimab against axitinib or everolimus for renal cell carcinoma [2] Group 2: Drug Information - Fruquintinib is a selective oral inhibitor of VEGFRs and is co-developed by HUTCHMED and Eli Lilly, marketed as ELUNATE® in China [4] - Savolitinib is a selective MET tyrosine kinase inhibitor developed by AstraZeneca and HUTCHMED, commercialized as ORPATHYS® [5] - Surufatinib is an oral angio-immuno kinase inhibitor marketed in China as SULANDA® and retains all rights with HUTCHMED [8]

Core Viewpoint - The announcement of a 100% tariff on all branded/patented drugs by Trump starting in October is expected to have limited impact on China's innovative drug industry chain, with no excessive concerns warranted [1] Group 1: Impact on Innovative Drugs - Most Chinese innovative drugs that are currently being exported have either established production capacity in the U.S. or have outsourced production to local CMO companies [1] - The majority of domestic innovative drugs are exported using a business development (BD) model, which mitigates the impact of the tariff [1] Group 2: Impact on CXO Sector - The export products in the CXO sector primarily consist of raw materials and biological raw liquids, which are not affected by the new tariff; the proportion of finished dosage forms exported is low [1] - The investment timeline for multinational corporations (MNCs) to build factories in China will take time, leading to limited direct impact on CXO orders in the short term [1] - Long-term policy changes may influence the pace of factory construction by MNCs [1] Group 3: Upcoming Catalysts - The ESMO conference will take place in mid to late October, with a focus on companies like CanSino Biologics (09926), Kelun-Biotech (06990), and Rongchang Biologics (09995) that are expected to release significant data [1] - The results of medical insurance negotiations and the first version of the commercial insurance innovative drug directory are expected to be announced in October-November [1] Group 4: Mid to Long-term Recommendations - Recommended stocks in the innovative drug sector include 3SBio (01530) and Eucure Biopharma-B (06996), which have rich short-term catalysts and their valuations do not yet reflect the core value of major products [2] - Companies like Ascletis Pharma (02096), Hutchison China MediTech (00013), and Legend Biotech are considered undervalued with clear long-term growth logic [2] - In the CXO sector, WuXi AppTec (02268) is highlighted as a leading player benefiting from high downstream demand and improving financing conditions [2]

Group 1 - The core viewpoint is that the new 100% tariff on all branded/patented drugs announced by Trump will have limited impact on China's innovative drug industry chain, and there is no need for excessive concern [1] - For innovative drugs, most products currently being exported are either produced in the U.S. or outsourced to U.S. CMO, and most domestic innovative drugs are exported using the BD model [1] - For CXO, the main export products are raw materials and herbal extracts, which are not affected by the new tariff; the proportion of finished drug exports is low, and the investment timeline for MNC clients to build factories will take time, leading to limited short-term impact on CXO orders [1] Group 2 - Mid to long-term recommendations include innovative drugs such as 3SBio (01530) and Eucure Biopharma-B (06996), which have rich short-term catalysts and their valuations do not yet reflect the core value of major products [2] - Other recommended companies include Ascletis Pharma (02096), Hutchison China MediTech (00013), and Legend Biotech, which are considered significantly undervalued with clear long-term growth logic [2] - For CXO, companies like WuXi AppTec (02268) are expected to benefit from high downstream demand and improving financing conditions [2]

Core Viewpoint - The Hang Seng Healthcare Index fell by 1.4% this week, underperforming the market, with internet medicine, CXO, and traditional Chinese medicine sectors showing better performance [1] Group 1: Market Trends - Since September, the proportion of domestic holdings through the Hong Kong Stock Connect has remained stable, while foreign holdings have slightly decreased since mid-year [1] - Both domestic and foreign investors continue to increase their positions in innovative pharmaceutical companies, indicating a consistent long-term strategy [1] Group 2: Investment Recommendations - The report suggests focusing on companies with significant data releases at the upcoming ESMO conference in mid to late October, specifically mentioning Kangfang Biotech (09926), Kelun-Biotech (06990), and Rongchang Biotech (09995) [1] - The importance of timing and stock selection has increased following a broad rise in the innovative drug sector, with recommendations to gradually build positions during market corrections [1] Group 3: Sector Focus - For the innovative drug sector, the report highlights companies such as 3SBio (01530) and Eucure Biopharma-B (06996) as having rich short-term catalysts and undervalued core products, while companies like Ascletis Pharma (02096), Hutchison China MediTech (00013), and Legend Biotech are noted as significantly undervalued with clear long-term growth logic [1] - In the CXO sector, the report points to leading companies benefiting from high downstream demand and marginal recovery in financing, specifically mentioning WuXi AppTec (02268) [1]

Core Viewpoint - The Hang Seng Healthcare Index declined by 1.4% this week, underperforming the market, with internet medicine, CXO, and traditional Chinese medicine sectors showing better performance [1] Group 1: Market Trends - Since September, the proportion of domestic holdings through the Hong Kong Stock Connect has remained stable, while foreign holdings have slightly decreased since mid-year [1] - Both domestic and foreign investors continue to increase their positions in innovative pharmaceutical companies, indicating a consistent long-term strategy [1] Group 2: Investment Opportunities - Domestic investors are focusing on rebound opportunities, while foreign investors are increasing positions in innovative drug targets with high long-term potential and current cost-effectiveness [1] - The innovative drug guarantee model is gradually taking shape, which is expected to alleviate challenges such as hospital access and reimbursement difficulties for companies [1] Group 3: Upcoming Events - The ESMO conference will be held in mid to late October, and the report suggests focusing on companies like CanSino Biologics (09926), Kelun-Biotech (06990), and Rongchang Biologics (09995) that are expected to release significant data [1] Group 4: Stock Recommendations - The importance of timing and stock selection has increased after a broad rise in the innovative drug sector, with recommendations to gradually build positions during sector pullbacks [1] - Specific recommendations include: 1. Innovative drugs: 3SBio (01530), Eucure Biopharma-B (06996) with rich short-term catalysts and undervalued long-term growth logic [1] 2. CXO: Leaders in high-demand segments benefiting from improved financing conditions, such as WuXi AppTec (02268) [1]

Core Viewpoint - CK Hutchison Holdings is in the process of a controversial ports divestment and has secured an upper medium-grade rating for its planned bond issuance, which may serve as a catalyst for a potential rating upgrade [1][3]. Group 1: Bond Issuance - Fitch Ratings assigned an A- rating to CK Hutchison's planned bond issuance, while S&P Global Ratings rated it an A [1]. - The size and pricing of the notes have not yet been determined, and the proceeds are expected to be used for refinancing and general corporate purposes [2]. Group 2: Company Profile and Financial Management - Fitch analysts noted that the rating reflects CK Hutchison's strong business profile, geographical diversification, prudent financial management, and stable cash flow from its high-quality port, retail, infrastructure, and telecommunications businesses [3]. - The firm's credit profile is anticipated to improve if the port asset sale is completed, although further details on the post-transaction capital structure are needed for a final assessment [4]. Group 3: Ports Divestment - The planned debt sale follows comments from CK Hutchison's co-managing director regarding a reasonable chance of reaching an agreement on the company's ports assets, which include two facilities on the Panama Canal [5]. - In March, CK Hutchison announced a US$23 billion sale of 43 overseas ports to a BlackRock-led consortium, which faced criticism due to geopolitical concerns [6]. - After the deal's deadline lapsed, CK Hutchison indicated it would invite a mainland Chinese firm to the consortium to address Beijing's concerns, with reports suggesting Cosco Shipping as a potential partner [6].

Core Viewpoint - Morgan Stanley analyst Jack Lin initiated a "Sell" rating for Hutchison China MediTech (HCM.US) with a target price of $13.75, leading to a pre-market drop of 2.58% to $16.60 [1] Company Summary - The closing price on September 19 was $17.04, with a decrease of 2.35% [1] - The pre-market price on September 22 was $16.60, reflecting a drop of $0.44 [1] - The stock reached a high of $17.29 and a low of $17.02 during the trading session [1] - The total market capitalization of the company is approximately $2.972 billion [1] - The price-to-earnings (P/E) ratio is 85.20, and the price-to-book (P/B) ratio is 2.418 [1] - The stock has a 52-week high of $21.50 and a low of $11.505 [1] - The average trading price was $17.108, with a trading volume of 31,200 shares [1]

Core Insights - The Chinese innovative pharmaceutical industry is experiencing significant growth as companies expand overseas through various strategies such as licensing, establishing overseas bases, and forming new companies [1][10] - A notable challenge faced by Chinese pharmaceutical companies is the shortage of talent, particularly when transitioning to international multi-center clinical trials [1][9] Group 1: Market Expansion - By 2025, Chinese innovative pharmaceutical companies are expected to maintain their momentum in international markets [1] - Over 40% of business development deals with upfront payments exceeding $50 million are now attributed to Chinese biotech firms, a significant increase from less than 5% four years ago [3] - The historical shift in global pricing power for Chinese innovative drugs reflects a transition from weakness to strength [3] Group 2: Case Studies - The case of Hutchison China MediTech illustrates the difficulties faced during global expansion, highlighting the need for collaboration with established pharmaceutical companies to navigate complex global operations [4] - The approval of the drug fruquintinib in the U.S. in late 2023, after a partnership with Takeda Pharmaceuticals, underscores the importance of strategic alliances in overcoming initial setbacks [4] Group 3: ADC Development - Antibody-drug conjugates (ADCs) have emerged as a key area for Chinese innovative drug development, with companies like WuXi AppTec and Kelun-Biotech securing significant deals with international firms [4] - The combination of chemical advantages and innovative approaches in ADC development positions Chinese companies favorably in the global market [4] Group 4: Talent Acquisition and Challenges - Talent shortages remain a critical challenge for Chinese pharmaceutical companies as they expand internationally, necessitating a focus on both recruitment and training [9] - WuXi AppTec's establishment of its first overseas factory in Singapore reflects a strategic choice based on execution, management, and government support [8] - The company emphasizes the importance of local talent availability and has implemented a strategy of combining local hiring with the relocation of domestic employees to build a balanced workforce [8][9] Group 5: Future Outlook - The next few years are expected to see an increase in the number of ADCs launched in China, with companies advised to align closely with the needs and development directions of multinational corporations [5] - The evolution of Chinese pharmaceutical companies into the "outbound 2.0 era" signifies a shift towards deeper integration into the global market and competition with top multinational firms [10]