Investment Rating - The report maintains a "Buy" rating for the company with a target price of $26.5 for US shares and HK$41.3 for Hong Kong shares, indicating a potential upside of 64% and 60% respectively [1][6][9]. Core Insights - The company achieved sustainable profitability one year ahead of previous guidance, with a net profit of $37.73 million in 2024, significantly exceeding market expectations and driving an 8% increase in stock prices [2][4]. - The oncology segment's revenue for 2024 is projected to reach $363.4 million, aligning with prior guidance, driven by strong sales of drugs like furmonertinib and sugemalimab [2][3]. - The next-generation technology platform, ATTC, is set to be a key focus for future R&D, with plans to invest approximately $1.4 billion in cash resources [4][9]. Revenue and Profit Forecast - The company expects oncology segment revenues to reach between $350 million and $450 million in 2025, supported by the expansion of indications for furmonertinib and the approval of sugemalimab in China [3][10]. - The report adjusts net profit forecasts for 2025 and 2026 upwards by 18% and 16% respectively, reflecting changes in milestone revenue predictions and gross margin estimates [9][10]. Financial Metrics - The company reported total revenue of $838 million in 2023, with a projected decline to $630 million in 2024, followed by a gradual increase to $943 million by 2027 [10][11]. - The gross profit margin is expected to improve from 54.1% in 2023 to 53.2% in 2027, indicating a positive trend in profitability [12][13]. Market Sentiment and Future Catalysts - The early achievement of profitability has significantly boosted investor confidence, marking the company as the first biotech firm in China to reach this milestone ahead of schedule [2][4]. - Upcoming catalysts include data releases from ongoing clinical trials and regulatory submissions for various products, which could further influence stock performance [5].

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 sales of its core product, furmonertinib, which exceeded expectations [6] - The global sales of furmonertinib surpassed $400 million, with overseas sales reaching $291 million (up 1825% year-on-year) and domestic sales at $115 million (up 7% year-on-year) [7] - The company expects a combined revenue from oncology/immunology business in 2025 to be between $350 million and $450 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 Summary - In 2024, the company reported a net profit of $38 million, marking a return to profitability [6] - The company's operating income for 2024 was $452 million, with a year-on-year decrease of 23.8% [11] - The projected earnings per share (EPS) for 2025 is $2.7, with a price-to-earnings (P/E) ratio of 8.8 [11] - The company has significantly reduced its R&D, sales, and management expenses in 2024, with respective decreases of 29.8%, 7.55%, and 20.0% [7] Product Development - The SAVANNAH Phase II study results for savolitinib showed promising outcomes, with an overall response rate (ORR) of 56% [8] - The company plans to submit a new drug application for savolitinib for MET amplified gastric cancer in the second half of 2025 [8]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 44.00, indicating a potential upside of 84.1% from the current price of HKD 23.90 [2][3][10]. Core Insights - The company is expected to achieve profitability again in 2024, driven by strong overseas sales of Furmonertinib and effective cost control measures. The focus for 2025 will be on the NDA submission for SAVANNAH in the U.S. and the progress of new product approvals in mainland China [3][7]. - Despite a decline in one-time collaboration income, the company has managed to maintain a positive outlook due to robust sales performance and cost management [3][7]. - The company’s revenue for 2025 is projected at USD 708 million, with a slight decrease from previous estimates, while net profit is expected to rise significantly to USD 452 million, reflecting a 15% increase from prior forecasts [6][12]. Financial Projections - Revenue and profit forecasts for 2025-2027 show a slight downward adjustment of 1-4% for revenue, but an increase in net profit projections due to ongoing cost control efforts [7][12]. - The company anticipates oncology and immunology revenue to reach USD 350-450 million in 2025, with a projected growth of over 30% in product market sales [7]. - The DCF model estimates the company's equity value at approximately USD 4.916 billion, translating to a per-share value of HKD 44.00 [8][12]. Market Performance - The stock has shown a year-to-date increase of 5.99%, with a 52-week high of HKD 34.70 and a low of HKD 20.25 [5][11]. - The report highlights the significant growth in oncology product revenue, which increased by 65% year-on-year, primarily due to the strong market performance of Furmonertinib [7][12].

交银国际研究 财务模型更新 医药 2025 年 3 月 20 日 和黄医药 (13 HK) 收盘价 目标价 潜在涨幅 港元 23.90 港元 44.00 +84.1% 2024 年再次实现盈利，SAVANNAH 注册队列数据优异，维持买入评级 个股评级 买入 1 年股价表现 资料来源 : FactSet 3/24 7/24 11/24 3/25 -30% -20% -10% 0% 10% 20% 30% 40% 50% 13 HK 恒生指数 股份资料 | 52周高位 (港元) | 34.70 | | --- | --- | | 52周低位 (港元) | 20.25 | | 市值 (百万港元) | 41,079.87 | | 日均成交量 (百万) | 6.39 | | 年初至今变化 (%) | 5.99 | | 200天平均价 (港元) | 26.00 | | 资料来源 : FactSet | | 尽管年内一次性合作收入下降，但借助呋喹替尼在海外的强势销售表现、以 及有力的费用管控，公司于 2024 年再次实现盈亏平衡。2025 年重点关注 SAVANNAH 美国 NDA 递交、以及内地新产品/适应症扩大上市审 ...

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） 全球商業化進展及實現可持續增長 1 / 92 • 由武田銷售的FRUZAQLA®（呋喹替尼/fruquintinib）於2024年在中國以外市場銷售額1 為2.906億美元， 得益於在美國市場快速獲患者接納以及在歐盟及日本獲批上市，首個完整年度保持良好勢頭，並觸發來自 合作夥伴武田2 的銷售額里程碑付款。腫瘤產品的總市場銷售額增長134%至5.01億美元。 • 腫瘤產品的綜合收入為2.715億美元，增長65%。 • 2024年淨收益為3,770萬美元，於2024年12月31日的現金餘額為8.361億美元，提前實現財務自給自足。 • 達成協議以6.08億美元出售合資企業上海和黃藥業3 的部分股權。 管線進展及全新技術平台 和黃醫藥非執行主席艾樂德博士（Dr Dan Eldar）表 ...

Summary of the Conference Call for Hutchison China MediTech (HCM) Company Overview - **Company**: Hutchison China MediTech (和黄医药) - **Industry**: Pharmaceutical and Biotechnology Key Points and Arguments Recent Business Performance and Innovation Drug Progress - HCM has made significant progress in multiple products, particularly in the innovative drug sector, with core products including Furmonertinib and Savolitinib achieving commercialization and global recognition [3][4] - Furmonertinib, HCM's first successful product to enter international markets, achieved overseas sales of $290 million by 2024, setting a record for Chinese innovative drugs going abroad [3][4] - The company expects continued rapid expansion of Furmonertinib in 2025, driven by growth in the U.S. market, contributions from Japan, and inclusion in more European countries' healthcare systems [4] Sales and Market Dynamics - Furmonertinib's domestic sales are projected to grow by approximately 10% year-on-year in 2024, although growth is slowing due to its maturity and increasing competition from generics [5] - New indications, such as the approval for second-line endometrial cancer in combination with PD-1 therapy, are expected to provide new growth opportunities [5] Research and Development Updates - Savolitinib's data for second-line renal cell carcinoma will be presented at the European Lung Cancer Conference (ELCC), with plans to submit an NDA in China in the first half of the following year [4][6] - The NDA application for the first-line EGFR-resistant lung cancer drug (code 3 chi) has been accepted and is expected to be approved by the end of 2025, with a market launch anticipated in 2026 [4][8] - The company is also expanding its pipeline with ongoing studies for other indications, including pancreatic cancer and neuroendocrine tumors [10][12] Strategic Focus and Future Directions - HCM plans to focus on innovative drug development and commercialization by expanding international market coverage, exploring new indications, and enhancing collaborations with partners like Takeda and AstraZeneca [4][7] - The company aims to increase R&D investment gradually, maintaining annual R&D spending between $200 million and $300 million to support multiple pipeline projects [4][25] Market Penetration and Commercialization - Furmonertinib's penetration in the U.S. market is currently low at about 10%, with significant growth potential as commercial insurance coverage improves [16] - In Japan, the product is showing strong growth under Takeda's promotion, while European market expansion is slower due to healthcare system complexities [16][17] Financial Guidance and Performance Expectations - HCM anticipates revenue from its oncology innovative drug business to be between $300 million and $400 million in 2025, with R&D expenditures expected to remain stable [4][25] - The company has a cautious but optimistic outlook regarding the impact of recent industry policies on innovative drug development [23][24] Challenges and Regulatory Environment - HCM faces challenges in meeting FDA requirements for data integrity and compliance for Savolitinib's NDA submission, necessitating close collaboration with AstraZeneca [19][20] - The company remains focused on the oncology sector, leveraging its expertise while exploring potential expansions into other therapeutic areas through its ATTC platform [21][22] Upcoming Events - HCM will announce its annual report on the 19th of this month, followed by English and Chinese press conferences [26] Additional Important Insights - The company has established a revenue-sharing model with Takeda, with initial profit-sharing rates between 15% and 20%, which will increase with sales volume [18] - Recent policy reforms have accelerated the drug approval process, benefiting innovative drug companies, although the actual implementation of these policies remains to be seen [23][24]

和黄医药（00013.HK） 2025 年 02 月 06 日 投资评级：买入（维持） | 日期 | 2025/2/5 | | --- | --- | | 当前股价(港元) | 21.450 | | 一年最高最低(港元) | 35.900/19.020 | | 总市值(亿港元) | 186.96 | | 流通市值(亿港元) | 186.96 | | 总股本(亿股) | 8.72 | | 流通港股(亿股) | 8.72 | | 近 3 个月换手率(%) | 33.3 | 股价走势图 -20% 0% 20% 40% 60% 80% 2024-02 2024-06 2024-10 和黄医药 恒生指数 数据来源：聚源 医药生物/化学制药 相关研究报告 《呋喹替尼海外销量超预期，公司进 入全球收获期—公司信息更新报告》 -2024.8.1 《呋喹替尼如期在欧盟获批，公司加 速迈进全球收获期—公司信息更新报 告》-2024.6.23 《深度聚焦肿瘤小分子赛道，进入全 球市场收获期—港股公司首次覆盖报 告》-2024.6.13 呋喹替尼海外快速放量，赛沃替尼国内进展顺利 ——公司信息更新报告 | 余汝意（分析师） | 余克 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a slight increase in the target price to $26.5 USD / HK$41.3 [1][5][16] Core Insights - The sale of non-core assets from Shanghai Hutchison Pharmaceuticals is expected to generate significant cash flow, which will be directed towards the development of the Antibody-Drug Conjugate (ATTC) platform. The company announced a cash sale of 45% of Shanghai Hutchison Pharmaceuticals for $608 million, with a pre-tax gain of $477 million expected over three years. This transaction is anticipated to be completed by the end of Q1 2025, leaving the company with a 5% stake in Shanghai Hutchison Pharmaceuticals [5][6][8] - The ATTC platform has two preclinical candidates, with the first expected to enter clinical trials in the second half of 2025. The ATTC technology uses small molecule targeted drugs as payloads, which may overcome traditional chemotherapy resistance and allow for long-term administration [5][6][8] - The New Drug Application (NDA) for Savolitinib as a second-line treatment for EGFR mutation-positive non-small cell lung cancer (NSCLC) has been submitted and is under priority review, with approval expected within the year. The company anticipates positive outcomes from ongoing studies and collaborations with AstraZeneca for further submissions in the U.S. [5][6][8] Financial Summary - The company's projected revenues and net profits for the upcoming years are as follows: - Revenue: $426 million in 2022, projected to increase to $978 million by 2026, with a year-on-year growth rate of 20.1% [7][9] - Net Profit: A loss of $361 million in 2022, expected to turn into a profit of $275 million by 2025, and $116 million by 2026 [7][9] - The report indicates a slight increase in the 2025 estimated net profit to $270 million, primarily due to the one-time gain from the sale of Shanghai Hutchison Pharmaceuticals [5][6][8]

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of HKD 44.00, indicating a potential upside of 79.2% from the current price of HKD 24.55 [1][4][14]. Core Insights - The company has successfully sold its stake in a non-core joint venture for USD 608 million, allowing it to focus on its core innovative R&D business. The transaction is expected to generate a pre-tax profit of USD 477 million, primarily reflected in the 2025 financial results [2][7]. - The company is advancing its proprietary ATTC platform, which is set to enter clinical validation soon. This platform aims to target cancer growth proteins effectively and overcome chemotherapy resistance, with the first candidate expected to enter clinical trials in the second half of 2025 [7]. - The report highlights significant milestones in the clinical pipeline, with key catalysts expected in 2025, including submissions for regulatory approvals and ongoing communication with regulatory bodies regarding additional drug applications [7]. Financial Overview - Revenue projections for the company show a significant increase from USD 426 million in 2022 to an estimated USD 717 million in 2025, with a notable growth rate of 96.5% in 2023 before a decline in 2024 [3][15]. - The net profit is expected to turn positive in 2025, with a forecasted net income of USD 392 million, a substantial recovery from a loss of USD 361 million in 2022 [3][15]. - The earnings per share (EPS) is projected to improve significantly, reaching USD 0.46 in 2025, compared to a loss of USD 0.43 in 2022 [3][15]. Valuation Model - The DCF valuation model estimates the equity value of the company at approximately USD 4.916 billion, translating to a per-share value of HKD 44.00 for 2025 [9]. - The model incorporates a perpetual growth rate of 3% and a weighted average cost of capital (WACC) of 9.9% [9]. Market Performance - The company's stock has shown a year-to-date increase of 8.87%, with a 52-week high of HKD 34.70 and a low of HKD 19.16 [6]. - The average daily trading volume is reported at 10.65 million shares, indicating active market participation [6].

Summary of the Conference Call for 和黄医药 Company Overview - The conference call discusses 和黄医药's recent decision to divest a portion of its stake in 恒华药业, a high-quality asset that has shown continuous growth over 20 years of management [2][4]. Key Points and Arguments 1. **Divestment Rationale**: 和黄医药 aims to sell part of its stake in 恒华药业 to enhance cash flow for accelerating clinical development of innovative drugs, including global clinical trials [2][4]. 2. **Transaction Details**: The company is selling 45% of its 50% stake in 上海和黄 to two parties: 上药 (10%) and 金浦基金 (35%), with a total transaction value exceeding $608 million, yielding approximately $477 million in direct proceeds [3][4]. 3. **Future Profit Assurance**: The deal is structured to ensure that the joint venture achieves a 5% annual growth in after-tax net profit over the next three years, with the transaction requiring antitrust approval and a special shareholder meeting expected in February 2024 [3][4][17]. 4. **Research and Development Focus**: The proceeds from the sale will primarily support the development of the ATTc platform and enhance large molecule production capabilities [4][5]. 5. **ATTc Platform Advantages**: The ATTc platform offers significant advantages over traditional antibody-drug conjugates (ADCs) by improving efficacy, reducing toxicity, and overcoming resistance mechanisms [5][6]. 6. **Clinical Progress**: The company has made significant advancements with 赛沃替尼 in non-small cell lung cancer (NSCLC), achieving major clinical milestones and submitting a New Drug Application (NDA) [4][8][19]. 7. **Global Clinical Trials**: 赛沃替尼 has seven registration studies globally, including collaborations with AstraZeneca, demonstrating promising results in NSCLC patients [9][10]. 8. **Future Development Strategy**: The company plans to focus on developing new indications for existing products, enhancing international collaborations, and optimizing resource allocation by divesting non-core assets [12][18]. 9. **Revenue Guidance**: Revenue guidance for 2025 will be shared in the annual report, with R&D investments expected to increase annually based on clinical progress without affecting profit targets [15][17]. 10. **Capital Expenditure Plans**: The company will phase investments in large molecule production facilities to support clinical research, ensuring commercial production capabilities before entering registration studies [18]. Other Important Insights - **Clinical Trial Approvals**: The company anticipates swift approval for its NDA submissions in both China and the U.S., with a focus on maintaining communication with regulatory bodies [19][25]. - **ATTC Platform's Broad Application**: The ATTc platform is designed for a wide range of indications, including hematological malignancies and gastric cancer, with a focus on patentable and competitive targets [20][21]. - **Team Expertise**: The R&D team possesses extensive experience in monoclonal and bispecific antibody development, ensuring robust capabilities in the development of the ATTc platform [22][23]. This summary encapsulates the key discussions and strategic directions of 和黄医药 as presented in the conference call, highlighting the company's focus on innovation, strategic divestments, and clinical advancements.