Core Viewpoint - The report from Dongfang Securities predicts that the revenue of Hengrui Medicine (00013) will reach $600 million, $706 million, and $797 million for the years 2025-2027, respectively, and assigns a target price of HKD 33.29 for 2026 based on a PS ratio of 5.29 times [1] Group 1: ATTC Platform and Innovation - The original ATTC platform is set to initiate a new wave of innovative drug development, combining monoclonal antibodies with targeted small molecule inhibitors for enhanced synergistic effects [1] - Unlike traditional ADC platforms, drugs based on the ATTC platform demonstrate superior efficacy while reducing off-target toxicity, achieving both efficacy and safety [1] Group 2: Candidate Drug HMPL-A251 - HMPL-A251, the first candidate drug from the ATTC platform, shows comprehensive anti-tumor activity by targeting both HER2 and PI3K pathways [2] - Preclinical data indicates that HMPL-A251 exhibits strong anti-tumor activity in HER2-positive and low-expressing tumor models, achieving better or comparable efficacy to the mainstream HER2 ADC, Trastuzumab [2] - The company plans to initiate clinical development for HMPL-A251 by the end of this year, exploring its potential across various tumor types with different HER2 and PAM alteration statuses [2] Group 3: Core Pipeline Progress - The company has announced the completion of patient enrollment for the global Phase III study of Savolitinib in combination with Osimertinib for second-line treatment of EGFR-mutant non-small cell lung cancer, known as the SAFFRON study [3] - Top-line data from this study is expected to be released in the first half of next year, with plans to submit a marketing application to the FDA based on the results, indicating potential market expansion [3]