Core Viewpoint - The report from Dongfang Securities predicts that the revenue of Hengrui Medicine (00013) will reach $600 million, $706 million, and $797 million in 2025, 2026, and 2027 respectively, maintaining a "buy" rating with a target price of HKD 33.29 for 2026 based on a PS ratio of 5.29 times [1] Group 1 - The original ATTC platform initiates a new wave of innovative drug development, combining monoclonal antibodies with targeted small molecule inhibitors for enhanced synergistic effects while reducing off-target toxicity [1] - The first candidate drug HMPL-A251 shows comprehensive anti-tumor activity, targeting both HER2 and PI3K pathways, with preclinical data indicating strong anti-tumor efficacy in HER2-positive and low-expressing tumor models [2] - HMPL-A251 is expected to enter clinical development by the end of this year, with potential for combination therapy with chemotherapy to expand clinical application value [2] Group 2 - The core pipeline of the company is progressing steadily, with the SAFFRON study of savolitinib in combination with osimertinib for second-line treatment of EGFR-mutant non-small cell lung cancer having completed enrollment [3] - Top-line data from the global Phase III study is anticipated to be released in the first half of next year, with plans to submit a marketing application to the FDA based on these results [3]