[Table_Title] 证券研究报告 / 港股公司报告 业绩符合预期，ATTC 平台取得较快研发进展 ---和黄医药 2025 年公司年报点评 [Table_Summary] 事件：公司发布 2025 年全年业绩。2025 年总收入为 5.49 亿美元。肿瘤 /免疫业务综合收入为 2.86 亿美元，同比下降 21%（2024 年：3.63 亿美 元）。得益于出售上海和黄药业有限公司所得款项，公司现金及现金等 价物和短期投资达 13.67 亿美元（2024 年：8.36 亿美元），税后出售收 益为 4.16 亿美元，推动公司净收益达 4.57 亿美元。 公司主要商业化产 品 2025 年全年的市场销售额如下：FRUZAQLA®（呋喹替尼，海外市 场）：3.66 亿美元（同比+26%）；爱优特®（呋喹替尼，中国市场）： 1.00 亿美元（同比-13%）；苏泰达®（索凡替尼）：0.27 亿美元（同比- 45%）；沃瑞沙®（赛沃替尼）：0.29 亿美元（同比-36%）。 点评：核心产品海外增长强劲，国内市场下半年回暖。2025 年，公司核 心产品表现呈现"外强内稳"的格局。FRUZAQLA®（呋喹替尼）的海 外销 ...

[Table_Page] 跟踪研究|制药、生物科技与生命科学 证券研究报告 [Table_Title] 【 广 发 医 药 & 海 外 】 和 黄 医 药 (00013.HK) 业绩符合预期，ATTC 平台研发进展顺利 核心观点：（若无特殊说明，本文货币单位均为美元） ⚫ 风险提示。药品审评风险，控费政策风险，研发进展不及预期。 | 盈利预测： | | --- | | [Table_ 单位Finance] :美元百万元 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 主营收入 | 630 | 549 | 659 | 722 | 815 | | 增长率（ % ） | -24.8% | -13.0% | 20.2% | 9.5% | 12.9% | | EBITDA | 20 | -12 | 80 | 95 | 146 | | 归母净利润 | 38 | 434 | 57 | 69 | 113 | | 增长率（ % ） | -62.6% | 1,051.0% | -86.9% | 21.6% | 63 ...

Core Viewpoint - HUTCHMED has initiated a registrational Phase III clinical trial for HMPL-760 in combination with R-GemOx for patients with relapsed/refractory diffuse large B-cell lymphoma (DLBCL) in China, with the first patient dosed on March 20, 2026 [1]. Group 1: Clinical Trial Details - The Phase III trial is randomized, double-blind, and positive controlled, evaluating the efficacy, safety, and pharmacokinetics of HMPL-760 combined with R-GemOx versus placebo with R-GemOx in DLBCL patients who are relapsed or refractory after prior treatments [3]. - The trial aims to enroll approximately 240 patients and is led by Professor Weili Zhao from Ruijin Hospital, Shanghai [4]. Group 2: Background on DLBCL and HMPL-760 - DLBCL is the most common form of aggressive non-Hodgkin lymphoma, accounting for about 40% of all NHL cases in China, with an estimated 81,000 new cases diagnosed in 2022 [2]. - HMPL-760 is a third-generation, non-covalent BTK inhibitor that has shown promising results in a Phase II study, demonstrating improvements in overall response rate, complete response rate, progression-free survival, and overall survival compared to R-GemOx alone [5]. Group 3: 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 [7]. - The company retains all rights to HMPL-760 worldwide, indicating its commitment to advancing this investigational therapy [6].

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 和黃醫藥啟動HMPL-760用於治療復發/難治性瀰漫性大B細胞淋巴瘤的中國III期臨床試驗 和黃醫藥（中國）有限公司（簡稱「和黃醫藥」或 「HUTCHMED」）今日宣佈在中國啟動HMPL-760聯合R-GemOx 方案（利妥昔單抗/rituximab、吉西他濱/gemcitabine和奧沙利鉑/oxaliplatin）用於治療復發/難治性彌漫性大 B細胞淋巴瘤（DLBCL）患者的注册性III期臨床試驗。首名患者已於2026年3月20日接受首次給藥治療。 彌漫性大B細胞淋巴瘤是全球最常見的侵襲性非霍奇金淋巴瘤（NHL），約佔中國所有非霍奇金淋巴瘤病例的40% 。1 據估計，2022年中國新增非霍奇金淋巴瘤病例約81,000例。2 布魯頓酪氨酸激酶（「BTK」）被認為是 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is focusing on innovative drug development and is expected to see a recovery in domestic sales, with a projected increase in revenue from its oncology/immunology business in 2026 [4][10] - The company achieved a total revenue of $549 million in 2025, a decrease of 12.96% year-on-year, but expects a rebound in 2026 with projected revenue of $655 million [5][6] - The overseas sales of the company's core product, FRUZAQLA, showed a robust growth of 26% year-on-year, contributing to a total market sales of $5.2 billion for oncology products, which is a 5% increase [7][8] Financial Performance - In 2025, the company reported a net profit of $457 million, a significant increase from $40 million in 2024, largely due to the sale of non-core business assets [8] - The company anticipates a net profit of $57 million in 2026, with earnings per share (EPS) projected to be $0.07, and expected to grow to $0.10 by 2028 [5][10] - The gross margin is expected to improve from 38.68% in 2025 to 48.56% by 2028, indicating better cost management and product pricing strategies [5][10] Product Pipeline and Clinical Development - The company has a rich pipeline of late-stage clinical candidates, including SAFFRON and SANOVO studies for its products, which are expected to yield results in 2026 and 2027 [8][9] - The ATTC platform is showing potential clinical value and is expected to drive long-term growth, with several candidates entering clinical trials [8][9] - The company is also advancing its other clinical candidates, including HMPL-306 and HMPL-A251, which are in various stages of development [9]

海外公司点评报告 | 医疗保健业 证券研究报告 | | 增持（维持） | 和黄医药(00013.HK) | | --- | --- | --- | | 公司评级 | | | 基础数据 | 03 月 16 | 日收盘价（港 | 22.44 | | --- | --- | --- | | 元） | | | | 总市值（亿港元） | | 195.75 | | 总股本（亿股） | | 8.72 | | 来源：聚源，兴业证券经济与金融研究院整理 | | | 【兴证医药】和黄医药：短期国内业绩承 压，2025 年下半年销售有望实现企稳 -2025.08.18 【兴证海外医药】和黄医药（0013.HK） 2024 年年报点评：呋喹替尼海外增长超 指引，公司聚焦创新药业务-2025.03.30 S0190515090001 BUN498 sunyuanyuan@xyzq.com.cn S0190519020002 请注意: 黄翰漾并非香港证券及期货事务 监察委员会的注册持牌人，不可在香港从 事受监管的活动。 huanghanyang@xyzq.com.cn S0190522090002 请注意: 杨希成并非香港证券及期货事务 ...

Core Insights - Paycom Software, Inc. has been awarded the H3 HR Advisors HCM Technology Signal Award for its innovations in workforce change management [2][3][5] Group 1: Award Recognition - The HCM Technology Signal Award recognizes Paycom's impact through innovations like decisioning logic and automation in HR and payroll software [2][3] - The award is based on H3 HR Advisors' research and identifies HCM providers demonstrating measurable impact in critical areas for organizations in 2026 [5] Group 2: Technology and Innovation - Paycom's software utilizes command-driven AI and full-solution automation to streamline HR and payroll processes, enhancing clarity and confidence in managing workforce changes [4] - The company claims to have the most automated software in the industry, enabling organizations to manage workforce changes effectively [5] Group 3: Leadership and Strategy - Shane Hadlock has been promoted to president and chief client officer, overseeing strategic operations and the execution of Paycom's automation strategy [9] - The company emphasizes the importance of reducing decision-making burdens on HR and leaders through its technology [4]

全球织网，越战越勇。 文 ｜ 韩璐 编辑 ｜ 鄢子为 以下文章来源于21世纪商业评论 ，作者韩璐 21世纪商业评论 . 《21世纪商业评论》敏感于一切商业新知、商业产品、商业模式和商业英雄，敏感于新公司的新玩意、老公司的新改造、旧话题的新表达、老商业的新颠 覆，为您提供最新鲜实用的商业养分。 来源｜ 21世纪商业评论（ID：weixin21cbr） 封面来源 ｜ 视觉中国 李嘉诚，卖药大赚一笔。 3月5日晚，旗下和黄医药公布，2025年营收约合38亿元人民币，净利超过30亿元，同比暴增11倍。净利激增，得益于一笔股权交易的一次性收益。 论资产组合，和黄医药在李家的分量有限。 其市值约170亿元人民币，李嘉诚控制的长和，持有约四成股权，价值仅70亿元。 和黄医药管理层称，旗下抗体靶向偶联药物平台（ATTC），已有两款产品进入全球开发阶段，正积极寻找伙伴，推进海外开发。 全球织网 李嘉诚家族的医药生意，重心更多在海外。 2025年，在主力产品的销售额上，和黄医药在海外地区，揽获超25亿人民币，大幅增长26%左右。 目前，和黄医药共有4款商业化的创新药——呋喹替尼、索凡替尼、赛沃替尼以及他则司他。 李嘉诚家族投资新 ...

化学制药 商业化管线销售拐点有望确认，在研管线国际化再度加码 ——和黄医药更新报告 和黄医药（00013.HK） 证券研究报告/公司点评报告 2026 年 03 月 15 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2024A | | 2025A | 2026E | 2027E | 2028E | | 分析师：祝嘉琦 | | 营业收入（百万元） | | 4,530 | 3,855 | 4,689 | 5,040 | 5,507 | | | | 增长率 yoy% | | -24% | -15% | 22% | 7% | 9% | | 执业证书编号：S0740519040001 | | 归母净利润（百万元） | | 271 | 3,212 | 459 | 765 | 1,033 | | Email：zhujq@zts.com.cn | | 增长率 yoy% | | -62% | 1,084% | -86% | 67% | 35% | | | ...

和黄医药：ATTC 平台驱动创新发展，核心产品商业化优化 走势比较 2026 年 03 月 11 日 公司点评 买入/维持 和黄医药(00013) 昨收盘:22.80 医药 (30%) (18%) (6%) 6% 18% 30% 25/3/11 25/5/12 25/7/13 25/9/13 25/11/14 26/1/15 股票数据 | 总股本/流通(亿股) | 8.72/8.72 | | --- | --- | | 总市值/流通(亿港元) | 221.92/221.92 | | 12 个月内最高/最低价 | 30.75/18.36 | | (港元) | | 相关研究报告 <<和黄医药：首个 ATTC 管线将进入 临床，癌症精准治疗有望升级>>-- 2025-11-05 <<和黄医药：赛沃替尼新适应症获 批，ATTC 管线将进入临床开发>>-- 2025-08-12 <<和黄医药：核心产品增长强劲，开 启可持续盈利篇章>>--2025-04-06 证券分析师：谭紫媚 电话：0755-83688830 E-MAIL：tanzm@tpyzq.com 分析师登记编号：S1190520090001 证券分析师：张懿 ...