Core Insights - Hutchison China MediTech Limited (和黄医药) will present updated research data on its self-developed compounds at the European Society for Medical Oncology (ESMO) 2025 Annual Meeting in Berlin from October 17 to 21, 2025 [1] Group 1: Research Presentations - The FRUSICA-2 registration study results for fruquintinib combined with sintilimab in the second-line treatment of locally advanced or metastatic renal cell carcinoma will be presented in a mini-oral session [1] - Further analysis results of the FRUSICA-1 study on fruquintinib for endometrial cancer, as well as the SACHI and SAVANNAH studies on savolitinib for non-small cell lung cancer, will be showcased in poster presentations [1]

Core Viewpoint - The company announced that it will present updated research data on its self-developed compounds at the European Society for Medical Oncology (ESMO) 2025 Annual Meeting in Berlin from October 17 to 21, 2025 [1] Group 1: Research Presentations - The FRUSICA-2 registration study results of fruquintinib combined with sintilimab for second-line treatment of locally advanced or metastatic renal cell carcinoma will be presented in a mini-oral session [1] - Further analysis results of fruquintinib for endometrial cancer from the FRUSICA-1 study will be showcased in a poster presentation [1] - The SACHI and SAVANNAH studies analyzing savolitinib for non-small cell lung cancer will also be presented in the poster session [1]

Core Viewpoint - The company, Hutchison China MediTech Limited (和黄医药), announced that it will present updated research data on its self-developed compounds at the European Society for Medical Oncology (ESMO) 2025 Annual Meeting in Berlin from October 17 to 21, 2025 [1] Group 1: Research Presentations - The FRUSICA-2 registration study results for fruquintinib combined with sintilimab in the second-line treatment of locally advanced or metastatic renal cell carcinoma will be presented during a mini-oral session [1] - Further analysis results of the FRUSICA-1 study on fruquintinib for endometrial cancer, as well as the SACHI and SAVANNAH studies on savolitinib for non-small cell lung cancer, will be showcased in the poster presentation session [1]

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 和黃醫藥將於2025年歐洲腫瘤內科學會 (ESMO) 年會公佈臨床數據 和黃醫藥（中國）有限公司（簡稱「和黃醫藥」或 「HUTCHMED」）今日宣佈將於2025年10月17日至21日在德國 柏林召開的歐洲腫瘤內科學會（「ESMO」）2025年年會上公佈和黃醫藥自主研發的化合物的數項研究的最新及更新 後的數據。 呋喹替尼（fruquintinib）聯合信迪利單抗（sintilimab）用於二線治療局部晚期或轉移性腎細胞癌的FRUSICA-2註 冊研究結果將於迷你口頭報告環節公佈。此外，呋喹替尼用於治療子宮內膜癌的FRUSICA-1研究，以及賽沃替尼 （savolitinib）用於治療非小細胞肺癌的SACHI和SAVANNAH研究的進一步分析結果將於海報展示環節公佈。 ...

Core Insights - HUTCHMED will present new and updated data from several studies at the ESMO Congress 2025, scheduled for October 17-21, 2025, in Berlin, Germany [1][2] Group 1: Study Presentations - Results from the FRUSICA-2 study on the combination of fruquintinib and sintilimab for second-line treatment of advanced renal cell carcinoma will be presented in a Mini Oral session [2] - Additional analyses from the FRUSICA-1 study in endometrial cancer and the SACHI and SAVANNAH studies in non-small cell lung cancer will be showcased during poster sessions [2] - Specific presentations include a phase 3 study comparing fruquintinib plus sintilimab against axitinib or everolimus for renal cell carcinoma [2] Group 2: Drug Information - Fruquintinib is a selective oral inhibitor of VEGFRs and is co-developed by HUTCHMED and Eli Lilly, marketed as ELUNATE® in China [4] - Savolitinib is a selective MET tyrosine kinase inhibitor developed by AstraZeneca and HUTCHMED, commercialized as ORPATHYS® [5] - Surufatinib is an oral angio-immuno kinase inhibitor marketed in China as SULANDA® and retains all rights with HUTCHMED [8]

Core Viewpoint - Morgan Stanley analyst Jack Lin initiated a "Sell" rating for Hutchison China MediTech (HCM.US) with a target price of $13.75, leading to a pre-market drop of 2.58% to $16.60 [1] Company Summary - The closing price on September 19 was $17.04, with a decrease of 2.35% [1] - The pre-market price on September 22 was $16.60, reflecting a drop of $0.44 [1] - The stock reached a high of $17.29 and a low of $17.02 during the trading session [1] - The total market capitalization of the company is approximately $2.972 billion [1] - The price-to-earnings (P/E) ratio is 85.20, and the price-to-book (P/B) ratio is 2.418 [1] - The stock has a 52-week high of $21.50 and a low of $11.505 [1] - The average trading price was $17.108, with a trading volume of 31,200 shares [1]

Summary of China Biotech Outlook Industry Overview - The report focuses on the **China biotech industry**, particularly the performance of H-share listed companies in this sector, which has seen significant growth year-to-date (YTD) [1][2][3]. Key Performance Metrics - The average H-share EV/2030e sales multiple in the China biotech space has more than **doubled from 2.0x to 4.2x** YTD, surpassing the previous peak of **3.7x** in 2021 [3][21]. - The overall market cap of H-share listed China biotech companies has expanded by **154% YTD**, compared to **34%** for the Hang Seng Index (HSI) [9][19]. Market Drivers - The valuation re-rating is attributed to the **globalization of China biotech**, with increasing recognition of domestic drug developers' innovations [3][20]. - Anticipated **Fed rate cuts** are expected to boost investor risk appetite, particularly towards growth sectors like China biotech [4][9]. Stock Performance Insights - Stock performance will depend on fundamentals such as successful commercial execution and rapid innovation development [5][19]. - Companies with near-term catalysts (e.g., Akeso, InnoCare), proof-of-concept data (e.g., Keymed), and those positioned to leverage innovation trends (e.g., Innovent, Duality) are expected to outperform [5][19]. Risks and Challenges - Potential risks include persistent valuation premiums that may deter overseas investors and geopolitical tensions that could disrupt cross-border innovation flows [6][19]. Future Outlook - The report suggests that the sector will continue to be supported by the long-term thesis of **China drug innovation** becoming increasingly globalized [6][19]. - The expectation of higher valuations based on long-term forecasts (i.e., 2035e) could lead to further re-ratings across the sector [4][19]. Company-Specific Insights - **Abbisko Cayman Ltd**: Price target raised from **HK$8.30 to HK$22.00** [7][17]. - **Akeso, Inc.**: Price target increased from **HK$87.00 to HK$215.00** [7][17]. - **Duality Biotherapeutics Inc**: Price target raised from **HK$244.00 to HK$493.00** [7][17]. - **Everest Medicines Ltd**: Price target increased from **HK$40.00 to HK$55.00** [7][17]. - **HUTCHMED (China) Ltd**: Price target decreased from **US$18.00 to US$13.75** [7][17]. Valuation Trends - The report indicates a widening discount between Chinese biotech companies with in-house drug discovery capabilities and those relying on external sources [22][25]. - The current valuation band for the China biotech sector is approximately **3x-5x EV/sales**, aligning more closely with US biopharma companies [21][25]. Conclusion - The China biotech sector is at a pivotal inflection point, driven by domestic innovation and increasing global recognition. The anticipated Fed rate cuts and ongoing globalization trends are expected to further enhance the sector's attractiveness to investors [4][19][25].

Core Insights - The Chinese innovative pharmaceutical industry is experiencing significant growth as companies expand overseas through various strategies such as licensing, establishing overseas bases, and forming new companies [1][10] - A notable challenge faced by Chinese pharmaceutical companies is the shortage of talent, particularly when transitioning to international multi-center clinical trials [1][9] Group 1: Market Expansion - By 2025, Chinese innovative pharmaceutical companies are expected to maintain their momentum in international markets [1] - Over 40% of business development deals with upfront payments exceeding $50 million are now attributed to Chinese biotech firms, a significant increase from less than 5% four years ago [3] - The historical shift in global pricing power for Chinese innovative drugs reflects a transition from weakness to strength [3] Group 2: Case Studies - The case of Hutchison China MediTech illustrates the difficulties faced during global expansion, highlighting the need for collaboration with established pharmaceutical companies to navigate complex global operations [4] - The approval of the drug fruquintinib in the U.S. in late 2023, after a partnership with Takeda Pharmaceuticals, underscores the importance of strategic alliances in overcoming initial setbacks [4] Group 3: ADC Development - Antibody-drug conjugates (ADCs) have emerged as a key area for Chinese innovative drug development, with companies like WuXi AppTec and Kelun-Biotech securing significant deals with international firms [4] - The combination of chemical advantages and innovative approaches in ADC development positions Chinese companies favorably in the global market [4] Group 4: Talent Acquisition and Challenges - Talent shortages remain a critical challenge for Chinese pharmaceutical companies as they expand internationally, necessitating a focus on both recruitment and training [9] - WuXi AppTec's establishment of its first overseas factory in Singapore reflects a strategic choice based on execution, management, and government support [8] - The company emphasizes the importance of local talent availability and has implemented a strategy of combining local hiring with the relocation of domestic employees to build a balanced workforce [8][9] Group 5: Future Outlook - The next few years are expected to see an increase in the number of ADCs launched in China, with companies advised to align closely with the needs and development directions of multinational corporations [5] - The evolution of Chinese pharmaceutical companies into the "outbound 2.0 era" signifies a shift towards deeper integration into the global market and competition with top multinational firms [10]

Group 1 - The core viewpoint of the news is that the innovative drug sector is experiencing a significant rebound, with both A-share and H-share innovative drug ETFs showing strong performance, indicating a bullish sentiment in the market [1][3][6] - The Hong Kong Stock Connect innovative drug ETF (520880) has seen a premium trading throughout the day, reflecting strong capital inflow, with over 160 million yuan invested during recent dips, marking eight consecutive days of capital accumulation [1][3] - Major stocks within the Hong Kong Stock Connect innovative drug ETF have collectively rebounded, with notable gains from companies such as Kangfang Biotech, which rose over 6%, and others like Innovent Biologics and CSPC Pharmaceutical, which increased by over 2% [3][4] Group 2 - The recent performance of the innovative drug ETF (520880) is attributed to a strategic adjustment in its underlying index, which now excludes CXO companies and focuses solely on innovative drug research and development, enhancing its ability to reflect industry trends accurately [5][6] - China's position in global new drug research has improved, with over 20% of new drugs in development worldwide originating from the country, highlighting the potential for continued growth in the innovative drug sector [6] - The low valuation of the Hong Kong innovative drug sector, combined with a high number of business development deals and ongoing interest in areas like small nucleic acids and oral GLP-1, suggests strong future growth potential [6]

Group 1 - The company, Hutchison China MediTech Limited (和黄医药), announced a meeting scheduled for October 31, 2025, in Shanghai to share its latest research and development progress [2] - During the event, Dr. Shi Ming, the Executive Vice President and Chief Medical Officer, will present the company's R&D strategy and vision, focusing on the antibody-drug conjugate (ATTC) platform and its first candidate drug HMPL-A251 [2] - The meeting will also cover updates on the later-stage R&D pipeline [2] Group 2 - The stock performance of Hutchison China MediTech Limited shows a recent increase of 11.20% [1] - The trading volume during the day reached 73,000 shares [1] - The stock price fluctuated between 22.26 and 28.10 during the trading session [1]