Core Viewpoint - Hutchison China MediTech Limited (00013.HK) announced that its Executive Director Dr. Su Weiguo will temporarily suspend his role as CEO due to health reasons, with the CFO Mr. Zheng Zefeng appointed as acting CEO effective immediately [1] Company Management Changes - The board has appointed Mr. Zheng Zefeng, who is also the Executive Director and CFO, to take on the role of acting CEO during this transition period [1] - Mr. Zheng will oversee the company's daily operations and management to ensure continuity in leadership and decision-making [1]

Core Viewpoint - HUTCHMED announces the temporary leave of its CEO Dr. Weiguo Su due to health reasons, with CFO Johnny Cheng appointed as Acting CEO to ensure continuity in operations and strategy execution [1][2]. Company Leadership Changes - Dr. Weiguo Su, the Executive Director and CEO, is taking a leave of absence for health reasons, emphasizing the need to focus on his recovery [1][2]. - Johnny Cheng, currently the Executive Director and CFO, has been appointed as Acting CEO, effective immediately, while continuing his role as CFO [1][2]. Board Support and Confidence - The Board of Directors expresses full support for Dr. Su and confidence in Mr. Cheng's capabilities to manage the company during this interim period [2]. - The Board reassures stakeholders that all research, development, and commercial initiatives will remain on track despite the leadership change [2]. 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 [3]. - The company has successfully marketed its first three medicines in China, with the first also approved in global markets including the US, Europe, and Japan [3].

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） 和⿈醫藥宣佈委任代理⾸席執⾏官 和⿈醫藥 （中國）有限公司（簡稱 「和⿈醫藥」或 「HUTCHMED」或 「本公司」）今天宣佈 ，董事會獲悉本公司執 ⾏董事蘇慰國博⼠因健康理由將暫停履⾏⾸席執⾏官的職務。 有鑑於此，董事會已委任本公司執⾏董事兼⾸席財務官鄭澤鋒先⽣擔任代理⾸席執⾏官⼀職，即時⽣效。 鄭先⽣除擔任⾸席財務官外，亦將於過渡期間負責監督本公司的⽇常營運和管理，確保本公司領導及決策的連續 性。 在此期間 ，蘇博⼠將繼續擔任本公司的⾸席科學官，其⾓⾊與職責將在本集團科學團隊的⽀持下履⾏，該團隊將繼 續按計劃進⾏已訂定的藥物研究⼯作和開發管線。董事會有信⼼所有研發和商業計劃將繼續如期進⾏。 董事會全⼒⽀持蘇博⼠並祝願他早⽇康復。董事會亦感謝鄭先⽣於此過渡期間擔任代理⾸席執⾏ ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of HKD 33.22 over the next six months [3][6]. Core Insights - The company reported a revenue of USD 278 million and a net profit of USD 455 million for the first half of 2025. The overseas sales of FRUZAQLA® (the international name for furuzantin) increased by 25% to USD 162.8 million, attributed to an expanded market presence in over 30 countries. In the domestic market, the sales of Aiyoute® (the Chinese name for furuzantin) reached USD 43 million, reflecting intensified market competition and optimization of the sales team structure, although recent trends indicate a recovery in growth [1][2]. - The company has several upcoming milestones in its clinical development pipeline, including the completion of patient recruitment for SAFFRON III and SANOVO studies in late 2025, and plans to submit new drug applications for various candidates in 2026 [2]. Financial Projections - Revenue projections for the company are estimated at CNY 4.01 billion, CNY 5.05 billion, and CNY 6.35 billion for 2025, 2026, and 2027 respectively. Net profits are expected to be CNY 2.86 billion, CNY 480 million, and CNY 1.04 billion for the same years [3][9]. - The report anticipates a significant increase in net profit margin, projecting a net profit margin of 70.91% in 2025, followed by 9.50% in 2026 and 16.49% in 2027 [15]. Clinical Development Pipeline - The company is set to initiate clinical trials for its first antibody-drug conjugate (ATTC) candidate by the end of 2025, with additional global new drug clinical trial applications expected in 2026 [2].

Group 1 - The company reported a revenue of $278 million in the first half of 2025, with oncology business revenue at $144 million, and oncology product revenue at $99 million, reflecting a year-on-year decline of 29% due to intensified competition in domestic sales [1] - The company has revised its full-year oncology business revenue guidance to $270-350 million, primarily due to delays in milestone revenue recognition and the postponed launch of a product [1] - New product approvals and the expansion of new indications are expected to initiate a second growth curve for the company, with significant contributions anticipated from newly approved indications for existing products [1] Group 2 - The new generation ATTC platform (antibody-drug conjugates) is expected to enable synergistic effects between antibodies and small molecule inhibitors while reducing chemotherapy toxicity, leading to better safety profiles [2] - The company has developed multiple high-selectivity and effective potential pipelines based on the ATTC platform, with the first candidate drug expected to enter clinical development in the second half of this year [2] - Due to increased competition for certain products, the company has adjusted its revenue forecasts for 2025-2027 to $600 million, $706 million, and $797 million respectively, down from previous estimates [2]

HUTCHMED (China) Limited 和黃醫藥（中國）有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 13) NOTIFICATION LETTER Dear Non-registered Shareholders (1) , HUTCHMED (China) Limited (the "Company") – Notice of Publication of the 2025 Interim Report ("Current Corporate Communications") The English and Chinese versions of the Current Corporate Communications are available on the website of the Company at https://www.hutch- med.com (click "Shareholder Information", then "Financial Reports & Fi ...

HUTCHMED (China) Limited 和黃醫藥（中國）有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 13) NOTIFICATION LETTER Dear Shareholders, HUTCHMED (China) Limited (the "Company") – Notice of Publication of the 2025 Interim Report ("Current Corporate Communications") The English and Chinese versions of the Current Corporate Communications are available on the website of the Company at https://www.hutch-med.com (click "Shareholder Information", then "Financial Reports & Filings") (the "Company ...

Sales Performance - In the first half of 2025, sales of FRUZAQLA® increased by 25% to $162.8 million, driven by approvals in over 30 countries, including more than 10 new markets added in 2025[19] - Total market sales decreased by 4%, with consolidated revenue declining by 22% primarily due to lower sales in the Chinese market, although FRUZAQLA® revenue remained stable[19] - Other oncology/immunology business revenue grew by 9% to $44.4 million, contributing to a total consolidated revenue of $277.7 million, which represents a 9% decline[20] - Aiyoute® sales decreased by 29% to $43.0 million in H1 2025 from $61.0 million in H1 2024[21] - Sutaida® sales dropped by 50% to $12.7 million in H1 2025, down from $25.4 million in H1 2024[21] - Overall revenue decreased by 9% to $277.7 million in H1 2025 from $305.7 million in H1 2024[21] - The revenue from FRUZAQLA® was $43.1 million in the first half of 2025, showing a slight increase from $42.8 million in the same period of 2024, while market sales reached $162.8 million, a 25% increase[39] Research and Development - The company plans to accelerate the development of candidate drugs from the innovative ATTC platform, with clinical development being conducted simultaneously in China and overseas[12] - The company aims to submit a new drug application based on ESLIM-01 study results in H1 2026[30] - The company plans to initiate global clinical trials for its first ATTC candidate drug by the end of 2025 and submit multiple global new drug applications for additional ATTC candidates in 2026[33] - The company has 13 oncology candidate drugs in various clinical trial stages, with four drugs approved in mainland China[52] - The ongoing ESLIM-02 Phase III study for warm antibody autoimmune hemolytic anemia is expected to complete patient enrollment by June 2025, with data readout anticipated in 2026[78] - The company is focusing on enhancing brand awareness and product differentiation for SUTENT® to maintain its market position in the TKI market[40] Financial Performance - The company achieved a net profit of $440.3 million from other businesses, up from $34.1 million in the first half of 2024, primarily due to the sale of a stake in Shanghai Hutchison Pharmaceuticals[38] - The company reported a median progression-free survival (PFS) of 8.2 months in the SACHI Phase III study for Savaotinib[29] - The company reported a net cash inflow of $519.1 million for the first half of 2025, primarily due to proceeds from the sale of a portion of Shanghai and Huang Pharmaceuticals[46] - The company reported a comprehensive income of $277.7 million for the first half of 2025, down 9% from $305.7 million in the same period of 2024[103] - The company reported a gain of $477.5 million from the sale of a joint venture, contributing significantly to the net income for the period[186] - The company’s total comprehensive income for the six months ended June 30, 2025, was $456.9 million, compared to $24.6 million in the same period of 2024, reflecting a substantial increase[188] Market Strategy - The company aims to enhance its sales team structure and improve productivity to ensure sustainable long-term development amid increasing market competition[19] - The company is focusing on science-driven commercial activities to further highlight the differentiated competitiveness of its products[19] - The company anticipates a recovery in sales growth in the second half of 2025, driven by the expansion of indications in China and increased penetration in overseas markets[17] - The company aims for over 20% sales growth in overseas markets for fiscal year 2025, as targeted by its partner Takeda[70] Corporate Governance and Sustainability - The company emphasizes sustainable development by integrating sustainability goals with business strategy to create long-term value for stakeholders[129] - The independent sustainability report for 2024 will be published alongside the annual report in April 2025, detailing the company's sustainability measures and performance[130] - The company has complied with all applicable provisions of the Hong Kong Corporate Governance Code during the reporting period[178] - The board has adopted a code of conduct for securities trading that meets the standards set by the Hong Kong Listing Rules[179] Employee and Shareholder Information - As of June 30, 2025, the company employed approximately 1,780 full-time employees, a decrease from 1,970 in the previous year, with total employee expenses amounting to $84 million for the first half of 2025[131] - The total shares held by Hutchison Healthcare Holdings Limited amount to 332,478,770, representing a significant portion of the company's equity[140] - The company has established a long-term incentive plan where various executives hold interests in shares and ADS, contingent on vesting conditions[138] Drug Approvals and Clinical Trials - The approval of the application for the drug沃瑞沙® was obtained six months after submission, allowing participation in this year's national medical insurance drug catalog negotiations[15] - The launch of the first blood cancer drug 达唯珂® (TAZVERIK®) occurred in July 2025, following its approval in March 2025[15] - The combination therapy of Savolitinib and Tarceva is expected to receive approval from the National Medical Products Administration (NMPA) in June 2025 for treating non-small cell lung cancer with MET amplification[64] - The FRUSICA-2 study for the combination of Fruquintinib and Sintilimab in renal cell carcinoma has achieved its primary endpoint of PFS, with the new drug application accepted by NMPA in June 2025[67] Cash Flow and Liquidity - Cash and cash equivalents, along with short-term investments, increased to $1.364 billion as of June 30, 2025, up from $836.1 million at the end of 2024[44] - The net cash generated from financing activities for the six months ended June 30, 2025, was $9.3 million, while $32.6 million was used in the same period in 2024[110] - The company has unused bank loan facilities amounting to $53.969 million, ensuring sufficient funding for operational commitments[195] Foreign Exchange and Economic Factors - The average depreciation of the RMB against the USD by approximately 0.8% in the first half of 2025 impacted the company's consolidated financial performance[45] - The company faces foreign exchange risk as a significant portion of its revenue and expenses are denominated in RMB, which may impact future cash flows and financial performance[114] - In 2023 and 2024, China's Consumer Price Index is projected to decrease by 0.3% and increase by 0.1% respectively, indicating minimal inflation impact on the company's operations[125]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company is experiencing steady growth in overseas markets while facing short-term pressure on domestic sales. The revenue for the first half of 2025 reached 278 million USD, with tumor business revenue at 144 million USD, reflecting a 29% decline year-on-year due to increased competition [9]. - New product approvals and the expansion of new indications are expected to drive a second growth curve. The sales of Furmonertinib reached 206 million USD in the first half of 2025, with overseas sales growing by 25% year-on-year [9]. - The new generation technology platform ATTC is set to initiate a wave of innovative drug development, with the first candidate expected to enter clinical development in the second half of the year [9]. Financial Forecasts and Investment Recommendations - The company has adjusted its revenue forecasts for 2025-2027 to 600.43 million USD, 705.84 million USD, and 796.91 million USD respectively, down from previous estimates [3]. - The target price is set at 38.32 HKD for 2026, based on a comparable company PS of 6.06 times [3]. - Key financial metrics include a projected net profit of 456.58 million USD in 2025, reflecting a significant year-on-year increase of 1110.15% [5].

Core Viewpoint - HCM's stock price increased by 2.33% to $16.25 per share, with a total market capitalization of $2.834 billion as of August 21 [1] Financial Performance - As of June 30, 2025, HCM reported total revenue of $278 million, a year-on-year decrease of 9.16% [1] - The net profit attributable to the parent company reached $455 million, showing a significant year-on-year increase of 1663.32% [1] Company Overview - HCM is recognized as one of the first innovative pharmaceutical research and development companies in China focused on the global market [1] - Over the past 20 years, the company has established a comprehensive and integrated R&D innovation platform with world-class discovery and development capabilities [1] - HCM is dedicated to bringing self-discovered anti-tumor candidate drugs to global patients, with its first three drugs already launched in China and the first drug also available in the United States [1] - The company has built a profitable commercial platform in China for the production, marketing, and distribution of its innovative oncology drugs, prescription drugs, and consumer healthcare products [1] - HCM is listed on the NASDAQ Global Select Market, the Hong Kong Stock Exchange, and the AIM market of the London Stock Exchange [1]