Core Insights - The company experienced a decline in total revenue for H1 2025, amounting to $27.8 million, a year-on-year decrease of 9.16% [1] - The oncology/immunology business generated $14.4 million, reflecting a 15% year-on-year decline, primarily due to intensified domestic market competition and adjustments in the sales team and marketing strategy [1] - Despite the domestic challenges, the core product, Fuquintinib, saw a 25% increase in overseas sales, reaching $163 million [1] - The company has revised its net profit forecasts for 2025-2027, now estimating RMB 2.367 billion, RMB 501 million, and RMB 682 million respectively, with EPS projected at RMB 2.7, RMB 0.6, and RMB 0.8 [1] - The current stock price corresponds to PE ratios of 8.1, 38.1, and 28.0 for the respective years [1] - The company maintains a "buy" rating based on the strong competitiveness of its core products and the upcoming IND application for the ATTC product [1] Product Development and Clinical Progress - The FRUSICA-2 Phase III study for Fuquintinib combined with Darbepoetin for treating renal cell carcinoma (RCC) yielded positive results, with the new drug application accepted by CDE in June 2025 [2] - The clinical trial for Sunitinib combined with chemotherapy for first-line treatment of metastatic pancreatic cancer is progressing well, with Phase II data expected in H2 2025 [2] - The first hematological oncology drug, Hezestatin, has been commercially launched in mainland China [2] - The new ATTC platform product is set to apply for IND, potentially injecting new momentum into the pipeline [2] - The ATTC platform combines monoclonal antibodies with small molecule inhibitors, offering advantages over traditional ADCs, including potential for combination therapy and overcoming drug resistance [2] - The company plans to initiate clinical trials for the first ATTC candidate by the end of 2025 and submit more global IND applications in 2026 [2] - Following the sale of non-core assets, the company has a robust cash reserve of $1.36 billion as of June 30, 2025 [2]

Core Viewpoint - The company is experiencing rapid growth in overseas sales while facing pressure in domestic sales, leading to adjustments in revenue guidance for its oncology business [1][2]. Group 1: Sales Performance - The total sales of oncology products for the first half of 2025 reached $234 million, reflecting a 4% decline [1]. - Overseas sales of furmonertinib amounted to $163 million, showing a 25% increase due to accelerated market access [1]. - Domestic sales of furmonertinib were $43 million, down 29%, while sales of savolitinib and sugemalimab decreased by 41% and 50%, respectively [1]. Group 2: Revenue Guidance and Market Competition - The comprehensive revenue from the oncology immunotherapy business was $144 million, down 14.9%, attributed to competitive pressures in the domestic market [2]. - The revenue guidance for the oncology business has been adjusted to $270-350 million, down from the previous estimate of $350-450 million, due to delays in milestone revenues and product launches [2]. Group 3: Clinical Developments and Future Prospects - Savolitinib has significant potential for new indications, with successful global clinical trials progressing, and it is expected to participate in upcoming medical insurance negotiations in China [2]. - The ATTC platform is anticipated to produce its first clinical candidate in the second half of the year, with plans to present preclinical data at academic conferences [2]. Group 4: Financial Forecasts - Revenue forecasts for 2025-2027 have been revised to $604 million, $718 million, and $829 million, down from previous estimates [3]. - The net profit forecasts for 2025-2027 are adjusted to $430 million, $68 million, and $108 million, reflecting an increase for 2025 but a decrease for 2026 and 2027 [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][23]. Core Insights - The company has experienced rapid growth in overseas sales, particularly for its main product, furmonertinib, which saw overseas sales of $163 million (+25%). However, domestic sales are under pressure, with a decline in sales for other products [1][7]. - The company has adjusted its revenue guidance for its oncology business to $270-350 million, down from a previous estimate of $350-450 million, due to delays in milestone revenues and the expected postponement of the launch of another product in China [1][7]. - The ATTC platform is expected to produce its first clinical candidate in the second half of the year, with plans to present preclinical data at academic conferences [2][21]. Revenue and Profit Forecast - Revenue forecasts for 2025-2027 have been revised to $604 million, $718 million, and $829 million, respectively, down from previous estimates [3][23]. - The net profit forecast for 2025-2027 is adjusted to $43 million, $6.8 million, and $10.8 million, respectively, reflecting a significant increase in 2025 due to asset sales [3][23]. Financial Performance - The company reported a net income of $455 million in the first half of 2025, a substantial increase of 1649.8%, primarily driven by sales from core products and asset sales [11]. - Research and development expenses decreased to $72 million (-24.2%), while sales and administrative expenses also declined to $42 million (-28.0%), indicating effective cost control measures [11]. Product Development and Clinical Trials - Furmonertinib continues to expand in overseas markets, with recent approvals in over 30 countries and strong initial sales performance in Japan [17]. - The company is advancing its pipeline with several clinical trials, including the SACHI study for savolitinib, which is expected to read out data in 2025 [18][19]. - Other key products are also progressing in clinical trials, with positive results anticipated for various indications [19][21].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][23]. Core Viewpoints - The company is experiencing rapid growth in overseas sales, particularly for its main product, furmonertinib, which saw overseas sales of $163 million (+25%). However, domestic sales are under pressure, with a total tumor product sales of $234 million (-4%) in the first half of 2025 [1][7]. - The company has adjusted its revenue guidance for its oncology business to $270-350 million, down from a previous estimate of $350-450 million, due to delays in milestone revenues from partners and the expected delay in the launch of another product in China [1][7]. - The ATTC platform is expected to produce its first clinical candidate in the second half of the year, with plans to present preclinical data at academic conferences [2][21]. Summary by Sections Sales Performance - In the first half of 2025, the total sales for oncology products reached $234 million, with furmonertinib contributing $163 million from overseas (+25%) and $43 million from domestic sales (-29%). Other products like savolitinib and sugemalimab also faced declines in sales [1][7]. - The overall revenue from the tumor immunotherapy business was $144 million (-14.9%), indicating competitive pressure in the domestic market [1][7]. Revenue and Profit Forecast - The revenue forecast for 2025-2027 has been revised to $604 million, $718 million, and $829 million, respectively, down from previous estimates. The net profit forecast for the same period is adjusted to $43 million, $6.8 million, and $10.8 million, respectively [3][23]. - The company confirmed a net profit of $455 million in the first half of 2025, a significant increase of 1649.8%, primarily due to sales revenue from core products and the sale of assets [11]. Clinical Development and Pipeline - The company is advancing its clinical development, with savolitinib receiving approval for new indications and expected to participate in this year's medical insurance negotiations. The global registration clinical study SAFFRON is anticipated to complete patient recruitment in the second half of the year [2][18]. - The ATTC platform is positioned to generate innovative molecules that could lead to collaboration and licensing opportunities, enhancing the company's pipeline [2][21]. Financial Metrics - The company reported a decrease in R&D expenses to $72 million (-24.2%) and a reduction in sales and administrative expenses to $42 million (-28.0%), reflecting effective cost control measures [11][24]. - The financial outlook includes a projected EBIT margin improvement, with net profit margins expected to fluctuate significantly over the forecast period [4][24].

资料显示，和黄医药(中国)有限公司(原名:和黄中国医药科技有限公司)是中国首家专注于全球市场的创 新型医药研发企业之一。在过去的20年里,公司建立了具有世界一流的发现和开发能力的全面整合的研 发创新平台。自成立以来,公司致力于将自主发现的抗肿瘤候选药物带向全球患者,首三个药物现已在中 国上市,其中首个药物亦于美国上市。公司还在中国市场建立了深入的具盈利的商业平台,在中国生产、 营销及经销自主研发的创新肿瘤药物,以及处方药和消费保健产品。和黄医药于纳斯达克全球精选市 场、香港交易所以及伦敦证交所的AIM市场上市(纳斯达克/伦敦证交所:HCM;香港交易所:13)。 本文源自：金融界 8月13日，和黄医药(US ADR)(HCM)盘中上涨5.08%，截至21:53，报16.12美元/股，成交16.5万美元，总 市值28.12亿美元。 财务数据显示，截至2025年06月30日，和黄医药(US ADR)收入总额2.78亿美元，同比减少9.16%；归母 净利润4.55亿美元，同比增长1663.32%。 作者：行情君 ...

8月13日，和黄医药(US ADR)(HCM)开盘上涨3.39%，截至21:30，报15.86美元/股，成交3.51万美元，总 市值27.66亿美元。 财务数据显示，截至2025年06月30日，和黄医药(US ADR)收入总额2.78亿美元，同比减少9.16%；归母 净利润4.55亿美元，同比增长1663.32%。 资料显示，和黄医药(中国)有限公司(原名:和黄中国医药科技有限公司)是中国首家专注于全球市场的创 新型医药研发企业之一。在过去的20年里,公司建立了具有世界一流的发现和开发能力的全面整合的研 发创新平台。自成立以来,公司致力于将自主发现的抗肿瘤候选药物带向全球患者,首三个药物现已在中 国上市,其中首个药物亦于美国上市。公司还在中国市场建立了深入的具盈利的商业平台,在中国生产、 营销及经销自主研发的创新肿瘤药物,以及处方药和消费保健产品。和黄医药于纳斯达克全球精选市 场、香港交易所以及伦敦证交所的AIM市场上市(纳斯达克/伦敦证交所:HCM;香港交易所:13)。 本文源自：金融界 作者：行情君 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced a 9.16% year-on-year decline in total revenue for H1 2025, amounting to $278 million, primarily due to intensified domestic market competition and adjustments in the sales team and marketing strategy [6] - The core product, Furmonertinib, continues to show strong growth in overseas markets, with sales increasing by 25% year-on-year to $163 million [6] - The company has adjusted its net profit forecasts for 2025-2027 to $236.7 million, $50.1 million, and $68.2 million respectively, with corresponding EPS of $2.7, $0.6, and $0.8 [6] - The company maintains a strong competitive position with several core products and is set to submit an IND application for its ATTC product by the end of 2025 [6][8] Financial Summary and Valuation Metrics - Total revenue projections for 2025 are $427.4 million, with a year-on-year decline of 5.5% [10] - The net profit for 2025 is projected at $236.7 million, reflecting a significant increase of 774.2% compared to 2024 [10] - The company’s gross margin is expected to be 39% in 2025, with a net margin of 58.3% [10] - The current P/E ratios for 2025, 2026, and 2027 are projected at 8.1, 38.1, and 28.0 respectively [10] Product Development and Clinical Progress - The FRUSICA-2 Phase III study for Furmonertinib in combination with Dabrafinib for renal cell carcinoma has yielded positive results, with the new drug application accepted by CDE in June 2025 [7] - The company’s first hematological oncology drug, Tazemetostat, has been commercialized in mainland China [7] - The ATTC platform, a new generation of antibody-drug conjugates, is expected to initiate clinical trials by the end of 2025, with additional candidates planned for IND submission in 2026 [8]

Core Viewpoint - CICC has downgraded the revenue forecast for Hutchison China MediTech (00013) for 2025 by 12.4% to $594 million, and the net profit forecast for 2026 by 65% to $35 million, while maintaining the 2025 net profit forecast at $366 million due to the timing of equity sale gains. The target price remains at HKD 30, indicating a potential upside of 24.7% from the current stock price [1]. Group 1 - The company's 1H25 performance was below expectations, with revenue of $278 million, down 9% year-on-year, primarily due to lower domestic product sales. The net profit attributable to shareholders was $455 million, mainly due to gains from the sale of non-core business equity. The comprehensive revenue from the oncology immunotherapy business in 1H25 was $144 million, down 15% year-on-year, leading to a downward revision of the full-year revenue guidance from $350-450 million to $270-350 million [2]. Group 2 - The overseas sales of furmonertinib reached $163 million in 1H25, up 25% year-on-year, showing steady growth. The drug has been approved for sale in over 30 countries and regions, expanding insurance reimbursement coverage and increasing market share. However, domestic sales of furmonertinib, savolitinib, and surufatinib declined year-on-year due to sales structure adjustments and changes in the competitive landscape. The company expects improved sales trends in the second half of the year due to new indications for savolitinib and successful overseas sales of furmonertinib [3]. Group 3 - The antibody-drug conjugate (ATTC) candidate HMPL-A251 is expected to enter clinical trials in the second half of 2025, having shown good proof of concept in preclinical models. The company plans to initiate Phase 1 clinical studies in China and the U.S. in 2H25, with two other candidates, HMPL-A580 and HMPL-A830, set to start Phase 1 clinical studies in 2026. Attention is recommended for the clinical validation of this next-generation technology platform [4]. Group 4 - The company anticipates completing the enrollment for savolitinib SAFFRON in 2H25, with data readout expected in 1H26. The SANOVO enrollment is also expected to be completed in 2H25. The application for the re-submission of surufatinib in China is planned for 1H26, and the data for surufatinib in first-line pancreatic ductal adenocarcinoma is expected to be read out in 2H25 [5].

中金发布研报称，考虑到和黄医药(00013)国内产品销售趋势，下调2025年收入预测12.4%至5.94亿美 元，下调2026年归母净利润65%至0.35亿美元。但考虑到出售股权收益的确认节奏，该行基本维持2025 年归母净利润预测3.66亿美元不变。该行维持跑赢行业评级，考虑到公司创新管线进展顺利，基于DCF 模型，维持目标价30港币不变，较当前股价有24.7%的上行空间。 ATTC有望下半年进入临床 根据公司公告，公司抗体靶向偶联药物(ATTC)候选药物HMPL-A251已经在临床前模型中得到了较好的 概念验证，并展示出与化疗联用治疗更早线肿瘤的潜力。公司计划将在2H25启动中国和美国的1期临床 研究，另外两个候选药物HMPL-A580和HMPL-A830将陆续在2026年启动1期临床研究，建议关注该新 一代技术平台的临床验证。 其它研发进展 根据公司公告：公司预计2H25完成赛沃替尼SAFFRON入组，1H26读出数据，2H25完成SANOVO入组; 索乐匹尼布拟于1H26重新递交中国上市申请;索凡替尼将于2H25读出胰腺一线导管腺癌数据。 风险提示：研发失败，竞争格局恶化，审评审批不及预期，费用超预期 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][7][13] Core Insights - The company recently received approval for a new indication of Savolitinib, which will expand its treatment options for lung cancer patients [6] - The ATTC pipeline is set to enter clinical development, with the first candidate expected to begin trials by the end of 2025 [6] - The company's revenue for the first half of 2025 was $278 million, a year-on-year decrease of 9.16%, primarily due to increased competition in the Chinese market [4][5] Financial Performance - The company reported a net profit of $455 million for the first half of 2025, benefiting from the sale of a 45% stake in Shanghai Hutchison Pharmaceuticals, which generated $416 million in after-tax proceeds [4] - The revenue forecast for 2025, 2026, and 2027 is $610 million, $695 million, and $771 million respectively, with expected growth rates of -3.22%, 13.88%, and 11.07% [7][9] - The projected net profit for the same years is $419 million, $113 million, and $136 million, with growth rates of 1,011.38%, -73.01%, and 20.58% respectively [7][9] Product Performance - Domestic sales of Furmonertinib (爱优特®) decreased by 29.51% year-on-year to $43 million due to intensified competition [5] - However, overseas sales of Furmonertinib (FRUZAQLA®) increased by 24.75% year-on-year to $163 million, attributed to market expansion into over 30 countries [5] Market Position - The company’s stock has a market capitalization of HKD 210.7 billion, with a 12-month high of HKD 34.8 and a low of HKD 18.36 [3]