Core Viewpoint - 和黄医药's mid-year performance for 2025 shows a decline in revenue but a significant increase in net profit, primarily due to the sale of a non-core joint venture [1][2]. Financial Performance - Revenue for the first half of 2025 was $277.68 million, a year-on-year decrease of 9% [2]. - The net profit reached $455.55 million, a substantial increase of 1660% compared to the previous year, largely attributed to a $416.3 million after-tax gain from the sale of a joint venture [1][2]. - The cash balance as of June 30, 2025, stood at $1.36 billion [1]. Business Segments - The oncology/immunology business generated total revenue of $143.45 million, with $99.04 million from marketed products and $44.41 million from R&D [2]. - Other business segments contributed $134.23 million to the total revenue [2]. Market Reaction - UBS noted that the mid-year revenue of $277.68 million was below expectations, particularly the oncology business revenue of $143.5 million [2]. - Despite the underperformance, UBS maintained a "Buy" rating but adjusted the target price from HK$37.7 to HK$36.9 [2]. Company Background - 和黄医药 was established in 2000 and is part of the Li Ka-shing family business, focusing on targeted drugs and immunotherapy for oncology and immune diseases [3].
李嘉诚旗下和黄医药股价跌近16%：上半年收入下滑9%，瑞银下调目标价