Core Viewpoint - Hutchison China MediTech Limited (和黄医药) shares rose over 3%, currently up 2.9% at HKD 24.1, with a trading volume of HKD 57.28 million, following the announcement of positive results from the SACHI III study published in The Lancet [1] Group 1: Study Announcement - The SACHI III study results involve a combination therapy of Savolitinib (赛沃替尼) and Osimertinib (奥希替尼) for treating EGFR mutation-positive locally advanced or metastatic non-small cell lung cancer patients who have disease progression after first-line EGFR tyrosine kinase inhibitor (TKI) treatment [1] - Savolitinib is a potent, highly selective oral MET TKI co-developed by AstraZeneca and Hutchison China MediTech, and commercialized by AstraZeneca [1] - Osimertinib is an irreversible third-generation EGFR TKI [1] Group 2: Regulatory Approval - Based on the data from the SACHI study, the combination therapy of Savolitinib and Osimertinib is expected to receive approval in China by June 2025 [1]

Major Events - Longi Technology (09611) plans to globally offer 52.2591 million H-shares from January 14 to January 19 [1] - CK Life Sciences (00013) announced the results of the SACHI III study published in The Lancet [1] - Dongyang Sunshine Pharmaceutical (06887) launched an AI-driven R&D platform targeting the PROTAC mechanism, continuing to deepen its AI strategic layout [1] - Dongyao Pharmaceutical-B (01875) received a cash offer from WuXi AppTec (02268) at a premium of approximately 99%, with resumption of trading on January 15 [1] - Valiant Pharmaceuticals-B (09887) received Fast Track designation from the US FDA for its bispecific antibody, Opalizumab (LBL-024) [1] - Xunqi (03317) entered into a strategic cooperation framework agreement with Jinyong Investment to support digital transformation in investment research, trading, and risk management [1] Operating Performance - CITIC Securities (06030) reported a net profit attributable to shareholders of 30.051 billion yuan for 2025, an increase of 38.46% year-on-year [1] - CITIC Bank (00998) reported a net profit attributable to shareholders of 70.618 billion yuan for 2025, a year-on-year increase of 2.98% [1] - China General Nuclear Power New Energy (01811) completed a cumulative power generation of 19,000 GWh in 2025, a decrease of 0.8% year-on-year [1] - Yuexiu Property (00123) reported a cumulative contract sales amount of approximately 106.21 billion yuan for 2025 [1] - WuXi AppTec (02268) issued a profit warning, expecting a net profit growth of over 38% year-on-year for 2025 [1] - Jinyu Group (02009) issued a profit warning, anticipating a net loss attributable to shareholders of 900 million to 1.2 billion yuan for 2025 [1] - Saijing Technology (00580) issued a profit alert, expecting a net profit increase of approximately 30.0% for 2025 [1] - Beijing Beichen Industrial Co., Ltd. (00588) issued a profit warning, expecting a net loss attributable to shareholders of 2.696 billion to 3.38 billion yuan for 2025 [1]

Company News - CITIC Securities (06030.HK) reported a revenue of RMB 74.83 billion for the fiscal year 2025, representing a year-on-year increase of 28.75%, and a net profit of RMB 30.05 billion, up 38.46% year-on-year [2] - CITIC Bank (00998.HK) announced a total revenue of RMB 212.48 billion for 2025, a slight decrease of 0.55% year-on-year, while net profit increased by 2.98% to RMB 70.62 billion [2] - Beijing North Star Industrial (00588.HK) expects to continue reporting losses for the fiscal year ending December 31, 2025 [3] - Yuexiu Property (00123.HK) reported a cumulative contract sales amount of approximately RMB 106.21 billion for 2025, a decline of about 7.3% year-on-year, achieving 88.1% of its sales target [3] - Jiao Ge Peng You Holdings (01450.HK) achieved a total GMV of approximately RMB 6.49 billion in Q4 2025, a year-on-year increase of about 4.34%, with a cumulative GMV of RMB 16.02 billion for the year, up 6.23% [3] - Sai Jing Technology (00580.HK) anticipates a revenue of approximately RMB 2.25 billion for 2025, reflecting a year-on-year increase of about 40% due to increased revenue from flexible transmission business [3] - China General Nuclear Power New Energy (01811.HK) reported a cumulative power generation of 19,000 GWh for 2025, a decrease of 0.8% year-on-year, with variations in different energy sources [3] - Morning News Technology (02000.HK) reported an unaudited revenue of HKD 397 million for 2025, a decrease of 7.4% year-on-year [3] Financing and Buyback Activities - Chow Tai Fook Enterprises (00659.HK) applied for the registration of debt financing instruments totaling no more than RMB 5 billion [7] - Tencent Holdings (00700.HK) repurchased 1.006 million shares at a cost of approximately HKD 636 million, with repurchase prices ranging from HKD 626 to HKD 638 [7] - Xiaomi Group-W (01810.HK) repurchased 4 million shares for approximately HKD 151 million, with repurchase prices between HKD 37.61 and HKD 42.50 [7] Research and Development - Hutchison China MediTech (00013.HK) announced the publication of SACHI III study results in The Lancet [4] - Laka Pharmaceuticals-B (02105.HK) had its clinical trial application for the new drug LAE118 accepted by the U.S. FDA [5] Other News - Yuanxu Technology (08637.HK) announced a short suspension of trading starting January 14, pending the release of insider information [6] - Haidilao (06862.HK) redeemed USD 600 million of its 2.150% notes due in 2026 [2]

Core Viewpoint - The announcement by Hutchison China MediTech Limited (和黄医药) regarding the publication of the SACHI III study results in The Lancet highlights the efficacy of the combination therapy of savolitinib and osimertinib for treating EGFR mutation-positive non-small cell lung cancer patients with MET amplification who have progressed after first-line TKI treatment [1][2]. Group 1: Study Results - The SACHI study demonstrates that the combination of savolitinib (a potent MET TKI) and osimertinib (a third-generation EGFR TKI) significantly improves treatment outcomes for patients with MET amplification [1][2]. - The data from the SACHI study indicates that the combination therapy has been approved in China as of June 2025 [1]. Group 2: Expert Commentary - Professor Lu Shun, a principal investigator of the SACHI study, emphasized that the results provide strong evidence for the effectiveness of the combination therapy in addressing MET amplification, a key resistance mechanism in challenging patient populations [2]. - The study also noted consistent efficacy in patients who had previously received third-generation EGFR TKI treatment, indicating the therapy's potential for a broader patient base [2]. - The combination therapy offers a convenient and well-tolerated all-oral treatment option for patients in need of new therapies [2].

Core Viewpoint - The results of the SACHI III study, which evaluates the combination therapy of savolitinib and osimertinib for treating EGFR mutation-positive non-small cell lung cancer patients with MET amplification, have been published in The Lancet, indicating significant clinical benefits [1][2]. Group 1: Study Overview - The SACHI study focuses on the combination of savolitinib (a potent MET TKI) and osimertinib (a third-generation EGFR TKI) for patients who have progressed after first-line EGFR TKI treatment [1]. - The combination therapy has been approved in China for use starting June 2025 based on the data from the SACHI study [1]. Group 2: Clinical Implications - The data from the SACHI study provides strong evidence that the combination therapy significantly improves treatment outcomes for patients with MET amplification and EGFR mutations [2]. - The study highlights the ability of the combination therapy to address MET amplification, a key resistance mechanism, offering clinically meaningful improvements for challenging patient populations [2]. - Notably, consistent efficacy was observed in patients who had previously received third-generation EGFR TKI treatment, indicating the therapy's potential for broader application [2].

Core Insights - The SACHI Phase III trial confirms the efficacy of the savolitinib and osimertinib combination in treating advanced NSCLC patients with MET amplification after prior EGFR-TKI treatment [1][3][4] - The combination received regulatory approval in China in June 2025, indicating a significant advancement in treatment options for this patient population [2][18] Company Overview - HUTCHMED is a biopharmaceutical company focused on developing targeted therapies and immunotherapies for cancer and immunological diseases, with its first three medicines marketed in China [21] - Savolitinib (ORPATHYS®) is a selective MET TKI developed in collaboration with AstraZeneca, while osimertinib (TAGRISSO®) is a third-generation EGFR TKI [2][9][12] Trial Details - The SACHI trial involved 211 patients, with a median progression-free survival (PFS) of 8.2 months for the combination therapy compared to 4.5 months for chemotherapy, demonstrating a significant improvement [4][5] - The objective response rate (ORR) was 58% for the combination therapy versus 34% for chemotherapy, and the disease control rate (DCR) was 89% compared to 67% [5] Efficacy and Safety - In the third-generation EGFR TKI-naïve subgroup, the median PFS was 9.8 months for the combination versus 5.4 months for chemotherapy, further supporting the treatment's efficacy [6] - The safety profile of the combination was tolerable, with no new safety signals observed, and treatment-emergent adverse events of Grade 3 or above were similar between the two treatment arms [7] Market Context - Lung cancer is the leading cause of cancer death, with NSCLC accounting for 80-85% of cases, and a significant portion of patients exhibiting EGFR mutations [8] - MET amplification is a known resistance mechanism to EGFR TKIs, making the combination of savolitinib and osimertinib a promising strategy for addressing this challenge [8][17]

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 和黃醫藥宣佈SACHI III期研究結果於《柳葉刀 (The Lancet)》發表 ― 首個隨機III期臨床試驗證實MET抑制劑在伴有獲得性MET擴增的既往EGFR TKI治療後疾病進展的 晚期非小細胞肺癌患者中的療效 — — 賽沃替尼和奧希替尼的聯合療法於2025年6月在中國獲批 — 和黃醫藥（中國）有限公司（簡稱「和黃醫藥」或 「HUTCHMED」）今日宣佈SACHI III期研究的結果於《柳葉刀 （The Lancet）》發表。SACHI是一項賽沃替尼（savolitinib ，沃瑞沙®/ORPATHYS®）和奧希替尼（osimertinib ， 泰瑞沙®/TAGRISSO®）的聯合療法用於治療伴有MET擴增的接受一線表皮生長因子受體（「EGFR」）酪氨酸激酶 ...

Core Viewpoint - In 2025, despite a significant market downturn, the Hang Seng Healthcare Index maintained an annual increase of over 50%, while Hutchison China MediTech (00013) experienced an annual decline of 8.56%, underperforming the index significantly [1] Group 1: Stock Performance - Hutchison China MediTech's stock reached a peak increase of only 36.36% in 2025, with a notable decline in the second half of the year, where the stock price fell from a high of HKD 30.75 to a low of HKD 19.95, marking a maximum drop of 35.12% over four and a half months [1] - The stock showed a rebound at the beginning of 2026, achieving a "five consecutive days of gains" with a peak single-day trading volume of 15.45 million shares, the highest since October of the previous year [1] Group 2: Financial Performance - In the 2025 mid-year report, the company reported revenues of USD 278 million, a year-on-year decrease of 9.2%. However, due to the sale of non-core joint venture equity, net profit surged to USD 455 million, a 16.6-fold increase [2] - The sales of the company's three main innovative drugs, including Fuzulopatinib, Surufatinib, and Savolitinib, saw a significant decline of 30-50%, leading to a 22% year-on-year drop in self-owned product sales [2] Group 3: Market Sentiment and Trading Behavior - Following the mid-year report, the stock price underwent a month-long adjustment, with a brief recovery in mid-September, but this was interrupted by a decline in the Hang Seng Healthcare Index [3] - The stock exhibited a "follow the market down" behavior, with a shift in trading style among investors, particularly in the Hong Kong Stock Connect, which began to align more closely with the stock's price movements starting in November [5] Group 4: Pipeline and Future Prospects - The decline in stock performance in 2025 was attributed to the lack of commercial performance from the main innovative drugs, creating a gap in the second half of the year [7] - The company has developed a diversified pipeline from oncology to autoimmune diseases, with several candidates entering critical clinical stages, including Sovleplenib, HMPL-453, HMPL-306, and HMPL-506 [7] - Recent updates on the progress of new and existing pipeline products have driven the stock's rebound, with significant announcements regarding new drug applications and clinical trial advancements [8][9] Group 5: Specific Drug Developments - Sovleplenib, a selective oral SYK inhibitor, is expected to be approved this year for the treatment of refractory/relapsed primary immune thrombocytopenia (ITP), potentially generating new revenue streams [9] - HMPL-453, a selective and potent FGFR1/2/3 inhibitor, is anticipated to be approved by 2027, indicating a long-term growth potential for the company [10]

Group 1: Overseas Social Services - The investment rating for the overseas social services sector is positive, with a focus on Macau's gaming revenue maintaining double-digit growth and record visitor numbers during New Year's [1][4]. - In December, Macau's gross gaming revenue reached 20.9 billion MOP, representing a year-on-year increase of 14.8%, and recovering to 91% compared to the same period in 2019. The total gross gaming revenue is expected to grow by 9.1% in 2025 [4]. - The total number of visitors to Macau in 2025 is projected to be 40.06 million, a year-on-year increase of 14.7%, marking a historical high. On New Year's Day 2026, the number of visitors reached 188,000, the highest ever for that day [4]. Group 2: Overseas Pharmaceuticals - The investment rating for the overseas pharmaceuticals sector is also positive, with significant developments in drug approvals and clinical trials [2][7]. - BeiGene's BCL2 inhibitor received conditional approval in China for treating chronic lymphocytic leukemia and mantle cell lymphoma, marking it as the first and only BCL2 inhibitor approved for MCL in the country [8][9]. - The Hang Seng Healthcare Index rose by 11.15%, outperforming the Hang Seng Index by 9.12 percentage points, indicating strong market performance [7]. Group 3: Overseas Education - The investment rating for the overseas education sector is favorable, with a focus on vocational education and training [3][14]. - The education index increased by 2.7%, outperforming the Hang Seng Index by 1.3 percentage points, indicating a positive market trend [14]. - The report suggests focusing on Hong Kong vocational education companies, particularly China Oriental Education, which is expected to see enrollment growth due to strategic adjustments in response to market demand [16].

Group 1 - HUTCHMED (HCM) closed at $13.75, with a 0.2% gain over the past four weeks, and analysts set a mean price target of $21.44, indicating a 55.9% upside potential [1] - The average price targets range from a low of $13.75 to a high of $32.00, with a standard deviation of $7.81, suggesting variability in analyst estimates [2] - Analysts have shown increasing optimism regarding HCM's earnings prospects, with a strong agreement in revising EPS estimates higher, which correlates with potential stock price movements [11][12] Group 2 - The Zacks Consensus Estimate for HCM has increased by 14.6% over the past month, indicating positive sentiment among analysts [12] - HCM holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates, suggesting strong potential for upside [13] - While consensus price targets may not be reliable for predicting exact gains, they can indicate the direction of price movement, which appears to be positive for HCM [14]