Group 1 - The core point of the news is the performance of the Zhongyin Innovation Medical Mixed A fund, which has shown significant growth in its net value and returns over various time frames [1] - As of April 21, 2025, the latest net value of Zhongyin Innovation Medical Mixed A is 1.6127 yuan, reflecting a growth of 2.27% [1] - The fund's one-month return is 14.21%, ranking 9th out of 4672 similar funds; the three-month return is 36.72%, ranking 18th out of 4599; and the year-to-date return is 34.02%, ranking 36th out of 4590 [1] Group 2 - The top ten stock holdings of Zhongyin Innovation Medical Mixed A account for a total of 70.60%, with significant positions in companies such as Heng Rui Pharmaceutical (9.81%), Innovent Biologics (8.55%), and others [1] - The fund was established on November 13, 2019, and as of December 31, 2024, it has a total scale of 2.02 billion yuan [1] - The fund manager, Zheng Ning, has a background in asset management and has held various positions in the industry since 2022 [2]

Core Viewpoint - The recent performance of the Zhongyin Innovation Medical Mixed A fund shows a decline in net value but strong returns over various time frames, indicating potential resilience in the healthcare investment sector [1]. Fund Performance Summary - The latest net value of Zhongyin Innovation Medical Mixed A is 1.5786 yuan, down by 2.81% - The fund's one-month return is 13.30%, ranking 7 out of 4623 in its category - The three-month return stands at 38.74%, ranking 14 out of 4566 - Year-to-date return is 31.19%, ranking 24 out of 4559 [1]. Holdings Summary - The top ten stock holdings of Zhongyin Innovation Medical Mixed A account for a total of 70.60%, with the following key positions: - Heng Rui Pharmaceutical: 9.81% - Xinda Bio: 8.55% - Huaneng Pharmaceutical: 8.41% - Kangfang Biotech: 8.35% - Kangnuo Ya-B: 8.32% - Kelun Botai: 7.87% - BeiGene-U: 6.24% - Rongchang Bio: 5.96% - Hansoh Pharmaceutical: 3.98% - Xin Nuo Wei: 3.11% [1]. Fund Manager Background - Zheng Ning, the fund manager, has a master's degree and extensive experience in the investment sector, having previously worked at Taikang Asset Management and Zhonggeng Fund Management - Zheng joined Zhongyin Fund Management in 2022 and has managed multiple funds since then, including the Zhongyin Innovation Medical Mixed Fund [2].

Industry Overview - The Zacks Internet - Delivery Services industry is facing challenges due to macroeconomic uncertainty, inflation, and high interest rates, which are affecting the near-term outlook [1] - Escalating tariff tensions are threatening to squeeze both consumers and businesses, potentially leading to reduced discretionary and enterprise spending [1] - Companies in the industry are experiencing increased costs due to aggressive hiring and heavy investments in sales and marketing [1][8] - The industry primarily includes companies offering services via Internet-based platforms, such as food delivery, online travel booking, and web hosting [3] Growth Opportunities - Industry participants like GoDaddy, QuinStreet, and Asure Software are well-positioned for growth due to their adaptation to changing consumer preferences [2] - The rise of smartphones and improved Internet access are creating significant opportunities for the industry, with 4G and emerging 5G technology enhancing user experiences [4] - The shift in consumer preferences towards online services, particularly in food ordering and travel booking, is expected to benefit industry players [5] - Technological advancements, such as smart routing algorithms and real-time GPS tracking, are improving customer experiences and operational efficiencies [6] Challenges - The industry is facing risks from tariff wars, which can indirectly impact revenue growth and margins due to reduced spending from small businesses and startups [7] - Higher upfront costs associated with expansion strategies may hurt profitability, especially in the face of competition from larger tech companies like Amazon and Alphabet [8][9] - The industry's Zacks Industry Rank is 209, placing it in the bottom 15% of nearly 250 Zacks industries, indicating dim near-term prospects [10][11] Performance Metrics - The Zacks Internet - Delivery Services industry has outperformed the S&P 500 and the broader Computer and Technology sector over the past year, rising 17.7% compared to declines of 2.2% and 7.6%, respectively [15] - The industry is currently trading at a forward 12-month price-to-sales (P/S) ratio of 1.63X, significantly lower than the S&P 500's 4.37X and the sector's 4.92X [18] Company Highlights - **GoDaddy**: Engaged in domain registration and web hosting, benefiting from strong momentum in its Applications & Commerce business and expanding global footprint [23][24] - **QuinStreet**: A provider of online direct marketing services, positioned to capitalize on the shift to online business models and increasing ad spending [28][30] - **Asure Software**: Focused on human capital management solutions, driving growth through new client additions and innovation in its offerings [33][34]

Core Insights - Edgewise Therapeutics, Inc. reported topline data from the Phase 2 CIRRUS-HCM trial for EDG-7500, targeting obstructive and nonobstructive Hypertrophic Cardiomyopathy (HCM) [1][2] Group 1: Trial Results - In Part A of the trial, a single oral dose of EDG-7500 showed significant reductions in left ventricular outflow tract gradient (LVOT-G) without affecting left ventricular ejection fraction (LVEF) [2] - Part B included 17 participants with obstructive HCM, while Part C included 12 with nonobstructive HCM, both evaluating the safety and efficacy of once-daily doses of 50 or 100 mg of EDG-7500 for four weeks [3] - Participants receiving 100 mg experienced mean reductions of 71% in resting LVOT-G and 58% in provokable (Valsalva) gradients, achieved without meaningful changes in LVEF [6] Group 2: Biomarker and Clinical Improvements - In nonobstructive HCM participants, a 42% mean decrease in NT-proBNP was observed at the 100 mg dose [4] - Significant improvements in Kansas City Cardiomyopathy Questionnaire Overall Summary Score (KCCQ-OSS) and Clinical Summary Scores were noted, with mean increases of 17 points and 22 points, respectively, at the 100 mg dose after four weeks [4] - Treatment with 100 mg of EDG-7500 resulted in a 62% mean reduction in NT-proBNP, a key heart failure biomarker, and 78% of participants improved by at least one NYHA Class, with 67% improving to NYHA Class I [6] Group 3: Future Outlook - Initial data from Part D of the trial is expected in the second half of 2025, with Phase 3 initiation planned for the first half of 2026 [4]

2025年一季度正式收官，在一场以AI、机器人领衔的结构性行情中，公募基金取得了不俗的战绩。 此外，值得一提的现象是，主动权益基金全面回暖，业绩排行榜重回主动权益的天下。一批主动权益基金凭借对行情的灵活把握以及对牛股的提前挖掘，业 绩大幅领先于被动产品。 机器人主题基金大赚60% 从业绩和重仓方向来看，公募基金2025年一季度的业绩排行榜由重仓机器人的基金霸屏。 其中，闫思倩管理的鹏华碳中和主题A以60.26%的收益率，成为2025年一季度业绩第一的基金。截至去年末，该基金重仓了北特科技、禾川科技、五洲新 春、步科股份、双林股份等多只机器人概念股，其中双林股份年内涨幅118.16%，股价翻倍，或为该基金贡献了丰厚的收益。 | 重要代码 | 基金简称 | | 2025年一季度 近一年收益 近三年收益 | | 直令经过 | | --- | --- | --- | --- | --- | --- | | | | 收益率 (%) | 率(%) | 率(%) | | | 016530.OF | 鹏华碳中和主题A | 60.26 | 80.98 | | 间患情 | | 019457.OF | 平安先进制造主题A | 53 ...

Core Viewpoint - HUTCHMED's TAZVERIK® (tazemetostat) has received conditional approval from the NMPA in China for treating adult patients with relapsed or refractory follicular lymphoma with EZH2 mutations, marking a significant milestone for the company in hematological malignancies [1][3]. 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 [10]. - TAZVERIK® is HUTCHMED's fourth product and its first approval in the field of hematological malignancies [1][3]. Product Details - TAZVERIK® is the first and only EZH2 inhibitor approved by the NMPA, following a multicenter Phase II bridging study in China and clinical studies conducted by Epizyme, Inc. [1][2]. - The approval is based on the objective response rate, duration of response, progression-free survival, and overall survival in patients with relapsed or refractory follicular lymphoma [2]. - TAZVERIK® has previously been approved in the Hainan Pilot Zone, Macau, and Hong Kong, indicating a growing acceptance in the Asia-Pacific region [4]. Clinical Studies - The ongoing SYMPHONY-1 study will serve as a confirmatory trial to validate the clinical benefits of TAZVERIK® in combination with rituximab and lenalidomide for patients with relapsed or refractory follicular lymphoma [5]. - The study is designed as an international, multicenter, randomized, double-blind, active-controlled trial [5]. Market Context - Follicular lymphoma is the second most common subtype of non-Hodgkin's lymphoma, accounting for 20-30% of all NHL cases, with an estimated 81,000 new cases in China in 2022 [6]. - The approval of TAZVERIK® addresses a significant unmet medical need for patients suffering from this challenging disease [3].

Core Viewpoint - HUTCHMED (China) Limited announces the retirement of two Independent Non-executive Directors, Mr. Paul Rutherford Carter and Mr. Graeme Allan Jack, effective after the upcoming annual general meeting on May 13, 2025, leading to changes in the board composition and committee leadership [1][2][3]. Board Changes - Mr. Paul Rutherford Carter and Mr. Graeme Allan Jack will not seek re-election and will retire from the Board at the AGM, ceasing their roles as chairmen and members of board committees [1][2]. - Professor Mok Shu Kam, Tony will be appointed as Senior and Lead Independent Non-executive Director, and Mr. Wong Tak Wai will become the chairman of the Audit Committee and a member of the Remuneration Committee [2][6]. - Dr. Chaohong Hu will join the Audit Committee, and Dr. Renu Bhatia will chair the Remuneration Committee [6]. Contributions of Retiring Directors - Mr. Carter has significantly influenced the company's remuneration policies and practices, aiding in employee retention and motivation [3]. - Mr. Jack has played a crucial role in overseeing financial reporting and audit processes, ensuring integrity and transparency [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 [4]. - The company has successfully marketed its first three medicines in China, with the first also approved globally, including in the US, Europe, and Japan [4].

Core Viewpoint - HUTCHMED (China) Limited announces the retirement of two Independent Non-executive Directors, Mr. Paul Rutherford Carter and Mr. Graeme Allan Jack, effective after the upcoming annual general meeting on May 13, 2025, leading to changes in the board's composition and committee leadership [1][2][3]. Board Changes - Mr. Paul Rutherford Carter and Mr. Graeme Allan Jack will not seek re-election and will retire from the Board at the AGM, ceasing their roles as chairmen and members of board committees [1][2]. - Professor Mok Shu Kam, Tony will be appointed as Senior and Lead Independent Non-executive Director, and Mr. Wong Tak Wai will become the chairman of the Audit Committee [2][6]. - Dr. Chaohong Hu will join the Audit Committee, and Dr. Renu Bhatia will chair the Remuneration Committee [6]. Contributions of Retiring Directors - Mr. Carter has significantly influenced the company's remuneration policies, aiding in employee retention and motivation [3]. - Mr. Jack has played a crucial role in overseeing financial reporting and audit processes, ensuring integrity and transparency [3]. Company Overview - HUTCHMED is a biopharmaceutical company focused on the discovery, development, and commercialization of targeted therapies and immunotherapies for cancer and immunological diseases [4]. - The company has successfully marketed three medicines in China, with the first also approved globally, including in the US, Europe, and Japan [4].

Core Insights - The SAVANNAH Phase II trial demonstrated high and durable response rates for savolitinib combined with TAGRISSO® in patients with MET-high lung cancer, indicating a promising oral treatment strategy for advanced cases [1][2][3] - Long-term survival benefits and safety were observed in the Phase IIIb study of savolitinib for patients with METex14 NSCLC, particularly in treatment-naïve patients [1][7] Group 1: SAVANNAH Phase II Trial Results - The SAVANNAH Phase II trial showed a confirmed objective response rate (ORR) of 56% (95% CI: 45%–67%) and a median duration of response (DoR) of 7.1 months (95% CI: 5.6–9.6) for savolitinib plus TAGRISSO® [3][4] - The median progression-free survival (PFS) was reported as 7.4 months (95% CI: 5.5–7.6) [3] Group 2: Safety Profile - Safety results indicated that Grade 3 or higher adverse events occurred in 57% of patients, with 32% experiencing Grade 3 or higher treatment-related adverse events [4] - No new safety concerns were reported, aligning with the established safety profiles of the medications involved [4] Group 3: Phase IIIb Study Outcomes - In the Phase IIIb study, treatment-naïve patients had a median overall survival (OS) of 28.3 months (95% CI: 17.5–not evaluable), with a 36-month OS rate of 44.7% [7] - Previously treated patients had a median OS of 25.3 months (95% CI: 20.5–30.5), with a 24-month OS rate of 51.7% [7] Group 4: Drug Development and Approval - Savolitinib is a selective MET tyrosine kinase inhibitor developed by AstraZeneca and HUTCHMED, which received Fast Track Designation from the FDA in 2023 [5][14] - The drug is approved in China under the brand name ORPATHYS® for patients with MET exon 14 skipping alterations [8][15] Group 5: Surufatinib Study Insights - Surufatinib combined with PD-1/PD-L1 antibodies showed durable survival benefits in extensive-stage small cell lung cancer (SCLC) patients, with 12-month and 18-month OS rates of 57.1% for maintenance therapy [9] - The exploratory study involved 21 patients, with a median follow-up duration of 17.1 months for maintenance therapy [9] Group 6: Company Overview - HUTCHMED is a biopharmaceutical company focused on the discovery and commercialization of targeted therapies for cancer and immunological diseases [19] - The company has successfully brought multiple drug candidates to market, with its first three medicines approved in China and one also approved globally [19]

GLOBAL COMMERCIAL PORTFOLIO NEXT-GENERATION INNOVATIVE PLATFORM 0000po HUTCHMED March 2025 Nasdaq/AIM:HCM | HKEX:13 Safe harbor statement & disclaimer The performance and results of operations of the HUTCHMED Group contained within this presentation are historical in nature, and past performance is no guarantee of future results. 2 Agenda Weiguo Su Opening 1 Chief Executive Officer & Chief Scientific Officer Financial review & outlook Johnny Cheng 2 Chief Financial Officer Commercial delivery George Yuan 3 ...