Core Viewpoint - The report from CMB International indicates that Hutchison China MediTech (Chi-Med) faced significant pressure in the first half of the year, with total revenue declining by 9% year-on-year, and revenue from oncology/immunology business dropping by 15%, falling short of expectations [1] Group 1: Financial Performance - Total revenue for the first half decreased by 9% year-on-year [1] - Revenue from oncology/immunology business declined by 15%, significantly impacted by competition in the mainland market [1] - Management has revised the 2025 full-year revenue guidance for oncology/immunology from USD 350-450 million down to USD 270-350 million [1] Group 2: Operational Outlook - The company has significantly narrowed its operating loss in the first half and is expected to achieve operational breakeven starting in the second half of the year [1] - CMB International maintains a "Buy" rating for Chi-Med, while lowering the target price to HKD 37.6 [1] Group 3: Future Prospects - Sales forecasts for the company's three major commercialized products have been reduced, with revenue projections for 2025 to 2027 lowered by 11-14% [1] - The first candidate drug from the differentiated ATTC platform, HMPL-A251, is expected to initiate Phase I studies for solid tumors in China and the U.S. in the second half of the year, with two additional ATTC molecules entering clinical trials by 2026 [1] - Potential business development opportunities are anticipated [1]
大行评级｜交银国际：下调和黄医药目标价至37.6港元 维持“买入”评级