Summary of Conference Call Company and Industry - The conference call involved a discussion about Hehua Pharmaceutical and its recent business developments, particularly focusing on the sale of non-core assets and advancements in their R&D pipeline. Key Points and Arguments Business Developments - Hehua Pharmaceutical has announced the sale of a 45% stake in Shanghai Hehuang, which is expected to generate over $608 million in proceeds, with an estimated gain of approximately $477 million [4][5][22]. - The company has been managing the asset for over 20 years, contributing significantly to cash flow [1][2]. R&D Focus - The company plans to focus more on innovation and the development of new drugs, particularly in accelerating clinical trials for innovative drugs globally [2][3]. - The ATTC platform is highlighted as a new technology that combines small molecule drugs with large antibodies, aiming to reduce toxicity and improve efficacy compared to traditional ADCs [6][7][9]. Financial Outlook - The company aims to ensure a 5% growth in net profit for the joint venture over the next three years, with a special shareholders' meeting planned for February to discuss the transaction [5][22]. - The cash generated from the sale will provide more room for strategic investments and R&D, while maintaining profitability targets [3][4][21]. Clinical Trials and Product Pipeline - Several products are expected to enter clinical trials in the second half of the year, with a focus on enhancing production capabilities for large molecules [3][10]. - The company has submitted NDA applications for new drugs, including a new treatment for lung cancer, and is optimistic about receiving approvals [12][32]. Strategic Partnerships - Collaboration with AstraZeneca is ongoing for international clinical trials, with a focus on expanding the product pipeline and enhancing global market presence [13][14][32]. Other Important Content - The company is committed to in-house R&D for the ATTC platform, avoiding reliance on CROs to maintain control over production processes [20][21]. - Future R&D investments are expected to increase gradually, aligning with clinical progress while ensuring profitability [21][22]. - The ATTC platform is positioned as a competitive and innovative approach in the biopharmaceutical landscape, with potential applications across various therapeutic areas [30][35]. This summary encapsulates the key discussions and insights from the conference call, highlighting the strategic direction and financial outlook of Hehua Pharmaceutical.

落袋为安。 作者 I 岳笑笑 报道 I 投资界PEdaily 李嘉诚罕见出手。 近日，上市公司和黄医药发布公告，宣布以6. 0 8亿美元（约合人民币4 5亿元）现金向上 海金浦健服股权投资管理有限公司（简称"金浦健服投资管理"）和上海医药集团股份有 限公司（简称"上海医药"）出售其在上海和黄药业有限公司（简称"和黄药业"）的4 5%的 股权。 时间回到2 0 0 1年，李嘉诚所掌舵的和黄医药联手上海医药成立上海和黄药业，开启"中药 梦"。2 0年一晃而过，这一笔投资无疑带来丰厚回报。在此节点，李嘉诚选择落袋为安。 公告显示，交易设有三年的过渡期。在此期间，上海和黄药业的总经理将由和黄医药推 荐，并向金浦健服投资管理保证上海和黄药业净利润至少每年约 5%的增长，但补偿总额 不超过约 9, 500万美元。 交易完成后，上海医药将合计持有和黄药业60%股权，成为其实控人并对其并表。和黄医 药预期将录得除税前出售收益约4.77亿美元，并保留其持有的5%间接股权。 说起来，和黄药业与李嘉诚渊源深厚。资料显示，2 0 01年公司由上海医药全资子公司上 海市药材有限公司与和黄医药合资设立，双方各持股5 0%。其中，和黄医药 ...

Investment Rating - The report maintains a "Buy" rating for Hutchison China MediTech (0013.HK) with a target price of HKD 40.90, while the current price is HKD 23.40 [1]. Core Insights - Hutchison China MediTech has announced the sale of a 45% stake in Shanghai Hutchison Pharmaceuticals for USD 608 million (RMB 4.478 billion) to focus on innovative drug development. The proceeds will be used to further develop its internal product pipeline, particularly its next-generation antibody-drug conjugate (ADC) platform [7]. - The NDA for Savolitinib in combination with Osimertinib for treating MET-amplified NSCLC has been accepted and prioritized for review in China, indicating significant progress in addressing resistance issues in EGFR inhibitors [7]. - The commercialization of Fuzuloparib in the U.S. has been successful, with expected sales of USD 130 million in the first half of 2024, and it has been included in healthcare insurance in Spain and Japan, enhancing its commercial prospects [7]. Financial Summary - Revenue projections for Hutchison China MediTech are USD 642.07 million in 2024, USD 736.97 million in 2025, and USD 884.99 million in 2026, reflecting a growth rate of -23.38%, 14.78%, and 20.09% respectively [2]. - The net profit attributable to the parent company is expected to be -USD 17.24 million in 2024, USD 74.51 million in 2025, and USD 134.20 million in 2026, with growth rates of -117.10%, 532.22%, and 80.12% respectively [2]. - The earnings per share (EPS) are projected to be -USD 0.02 in 2024, USD 0.09 in 2025, and USD 0.15 in 2026 [2].

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Insights - The company announced that the NDA for the combination therapy of Savolitinib and Osimertinib for treating MET-amplified EGFR-mutant NSCLC has been accepted by the National Medical Products Administration and is under priority review [5] - The company plans to use the proceeds from the sale of its 45% stake in Shanghai Henlius Biotech for further development of its internal product pipeline, including a new generation ADC platform [5] - The estimated reasonable value of the company is HKD 41.35 per share, with projected net profits of USD 0.05 million, USD 0.20 million, and USD 0.74 million for the years 2024 to 2026 respectively [5] Financial Summary - Main revenue is projected to grow from USD 426 million in 2022 to USD 838 million in 2023, followed by a decline to USD 641 million in 2024 [3] - EBITDA is expected to improve from a loss of USD 361 million in 2022 to a profit of USD 78 million in 2023, with a forecasted loss of USD 7 million in 2024 [3] - The net profit attributable to shareholders is projected to turn from a loss of USD 361 million in 2022 to a profit of USD 101 million in 2023, and further to USD 5 million in 2024 [3] - The company’s EPS is expected to rise from -0.42 in 2022 to 0.12 in 2023, and reach 0.08 by 2026 [3] - The company’s ROE is projected to improve from -56.6% in 2022 to 13.6% in 2023, and reach 8.7% by 2026 [3]

Core Viewpoint - The new drug application for the combination therapy of Savolitinib and Osimertinib for treating MET amplified EGFR mutation-positive non-small cell lung cancer has been accepted and prioritized for review by the National Medical Products Administration of China [1] Group 1 - The combination therapy has shown potential to improve treatment continuity and quality of life for patients, with multiple late-stage clinical trials currently underway [2] - This therapy aims to address the issue of resistance to EGFR inhibitors, providing an all-oral, chemotherapy-free treatment option [2] Group 2 - The acceptance of this application will trigger milestone payments from AstraZeneca [3]

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 33.24 HKD for 2025 [8][18]. Core Insights - The company is a global small molecule innovative pharmaceutical enterprise, established in 2000, focusing on oncology with three commercialized products and several late-stage clinical drugs. It has achieved a revenue CAGR of 23.1% from 2017 to 2023 and recorded its first profit of 101 million USD in 2023 [17][59]. - The company is expanding its innovative products into international markets, with significant progress in the commercialization of its drugs, particularly focusing on the colorectal cancer indication for Furquintinib and the EGFR-TKI resistant market for Savolitinib [17][63]. Financial Summary - The company’s revenue for 2023 is projected at 426.41 million USD, with a year-on-year growth of 96.52%. The net profit attributable to the parent company is expected to be 100.78 million USD, marking a 127.93% increase [7]. - Forecasted revenues for 2024, 2025, and 2026 are 680.01 million USD, 844.08 million USD, and 1000.34 million USD, respectively, with corresponding growth rates of -18.85%, 24.13%, and 18.51% [7][18]. Product Pipeline and Market Strategy - The company has a robust pipeline with several products in various stages of development. Furquintinib is being marketed for gastrointestinal tumors and has recently been launched in major markets including the US, EU, and Japan. Savolitinib targets the EGFR-TKI resistant market and is expected to submit an NDA in the US soon [17][40][63]. - The company is also focusing on autoimmune diseases and hematological malignancies, with innovative products like Syk inhibitor Sogrolimab and IDH1/2 dual inhibitors for AML [17][60]. Management and Corporate Structure - The company is backed by a stable management team with extensive experience in drug discovery, development, and commercialization. The largest shareholder is Cheung Kong Holdings, holding 38.16% of the shares [54][56].

Core Viewpoint - The article discusses the investment outlook for Paycor HCM (NASDAQ: PYCR), indicating a downgrade to a hold rating due to concerns about its growth potential [3]. Group 1: Company Analysis - Paycor HCM has been downgraded to a hold rating based on the analyst's lack of confidence in its ability to achieve growth [3]. - The investment approach focuses on identifying companies with solid fundamentals and sustainable competitive advantages, which is critical for long-term investment success [2]. Group 2: Investment Strategy - The investment strategy incorporates both long-term investments and short-term shorts to uncover alpha opportunities, emphasizing a bottom-up analysis of individual companies [2].

Core Viewpoint - Robbins LLP is investigating Paycor HCM, Inc. for potential violations of securities laws and breaches of fiduciary duties by certain officers and directors [1] Company Overview - Paycor HCM, Inc. provides human capital management solutions primarily for small and medium-sized businesses in the United States [1] Legal Context - Shareholders who have lost money in their investment in Paycor HCM, Inc. are encouraged to contact Robbins LLP for information about their rights [2] - Robbins LLP operates on a contingency fee basis, meaning shareholders incur no fees or expenses [3] Firm Background - Robbins LLP has been active in shareholder rights litigation since 2002, recovering over $1 billion for shareholders [4]

Core Insights - HUTCHMED will receive a US$10 million milestone payment from Takeda following the first national reimbursement recommendation for FRUZAQLA® (fruquintinib) in Europe for metastatic colorectal cancer [1][2] - FRUZAQLA® is the first novel oral targeted therapy approved in the EU for metastatic colorectal cancer in over a decade, with its European Commission approval granted in June 2024 [2][3] - The approval is based on the Phase III FRESCO-2 trial results, which demonstrated consistent benefits for patients treated with fruquintinib [3][6] Company Overview - HUTCHMED is an innovative biopharmaceutical company focused on the discovery, development, and commercialization of targeted therapies and immunotherapies for cancer and immunological diseases [7] - The company has approximately 5,000 personnel, with a significant focus on oncology and immunology [7] - HUTCHMED's fruquintinib has been co-marketed in mainland China, Hong Kong, and Macau under the brand name ELUNATE® in collaboration with Eli Lilly and Company [6] Industry Context - Colorectal cancer (CRC) is the third most prevalent cancer globally, with over 1.9 million new cases and 900,000 deaths reported in 2022 [4] - In Europe, CRC accounted for approximately 538,000 new cases and 248,000 deaths in 2022, highlighting the significant unmet medical need in this area [4] - The approval and reimbursement of FRUZAQLA® represent a critical advancement in treatment options for patients with metastatic CRC, particularly given the poor outcomes associated with this condition [4][5]

Core Insights - HUTCHMED will receive a US$10 million milestone payment from Takeda following the first national reimbursement recommendation for FRUZAQLA® (fruquintinib) in Europe for metastatic colorectal cancer [1][2] - FRUZAQLA® is the first novel oral targeted therapy approved in the EU for metastatic colorectal cancer in over a decade, with its European Commission approval granted in June 2024 [2][3] - The approval was based on the Phase III FRESCO-2 trial results, which demonstrated consistent benefits for patients treated with fruquintinib [3][6] Company Overview - HUTCHMED is an innovative biopharmaceutical company focused on the discovery, development, and commercialization of targeted therapies and immunotherapies for cancer and immunological diseases [7] - The company has approximately 5,000 personnel, with a significant focus on oncology and immunology [7] - HUTCHMED's fruquintinib has been co-marketed in mainland China, Hong Kong, and Macau with Eli Lilly under the brand name ELUNATE® [6] Industry Context - Colorectal cancer (CRC) is the third most prevalent cancer globally, with over 1.9 million new cases and 900,000 deaths reported in 2022 [4] - In Europe, CRC accounted for approximately 538,000 new cases and 248,000 deaths in 2022, highlighting the significant unmet medical need in this area [4] - The approval of FRUZAQLA® is expected to improve patient access to innovative treatments for metastatic CRC across Europe [3]