什么原因？港股医药股暴跌

Core Viewpoint - The Hong Kong pharmaceutical sector experienced a sudden sell-off, with multiple stocks dropping over 10%, attributed to disappointing mid-term earnings and concerns over high tariffs on imported drugs proposed by the Trump administration [1][11]. Company Performance - Hutchison China MediTech (Hutchmed) reported a mid-term revenue of $278 million, a year-on-year decrease of 9.16%, while net profit surged to $455 million, a significant increase of 1663.32% due to the sale of a non-core joint venture [4][7]. - Following the earnings announcement, Hutchmed's stock price fell sharply, reaching a low of HKD 23.52, with a maximum decline exceeding 16% [2]. Market Reaction - Other pharmaceutical stocks, including Kelun Pharmaceutical and Zai Lab, also saw declines exceeding 10%, indicating a broader market reaction to the negative sentiment surrounding the sector [9]. - UBS downgraded Hutchmed's revenue forecasts for 2025 to 2027 and adjusted its target price for H-shares from HKD 37.7 to HKD 36.9 while maintaining a "Buy" rating [8]. Industry Trends - The Trump administration's proposed tariffs on imported drugs could reach as high as 250%, raising concerns in the market [11]. - The recent performance of the innovative drug sector has been volatile, with significant gains earlier in the year leading to profit-taking and subsequent declines [11]. - Despite the recent downturn, the innovative drug sector is expected to benefit from improving domestic policies and a supportive environment for drug development, with a focus on chronic diseases and aging populations driving demand for new treatments [12].