Investment Rating - The report assigns a rating of "Accumulate" to the company, which has been downgraded from a previous rating [1]. Core Views - The company's performance in the first half of 2025 was slightly below expectations, but a turnaround is anticipated in the second half of the year [1]. - The total revenue for H1 2025 was reported at $280 million, reflecting a year-on-year decline of 9.2% [7]. - The company has adjusted its revenue guidance for the full year 2025 to between $270 million and $350 million for its oncology/immunology segment [7]. Financial Summary - Total revenue projections for 2023A, 2024A, 2025E, 2026E, and 2027E are $838 million, $630.2 million, $560 million, $635.91 million, and $711.90 million respectively, with year-on-year changes of 96.52%, -24.80%, -11.14%, 13.55%, and 11.95% [1]. - The net profit attributable to the parent company is forecasted to be $100.78 million, $37.73 million, $413.55 million, $14.50 million, and $62.82 million for the same years, with year-on-year changes of 127.93%, -62.56%, 996.09%, -96.49%, and 333.23% [1]. - The latest diluted EPS is projected to be $0.12, $0.04, $0.47, $0.02, and $0.07 for the years 2023A to 2027E [1]. - The P/E ratios for the years 2023A, 2024A, 2025E, 2026E, and 2027E are 26.55, 70.92, 6.47, 184.55, and 42.60 respectively [1]. Key Catalysts - The report highlights several important catalysts for the company, including the potential participation of the drug "Sewotini" in the national medical insurance negotiations by the end of this year [7]. - The global Phase III study for "Sewotini" is expected to read out data in the first half of 2026, with plans to submit for FDA approval [7]. - The company is also working on new drug candidates through its innovative antibody-drug conjugate (ATTC) platform, with plans to enter clinical development by the end of 2025 [7].
和黄医药（00013）：业绩略低于预期，下半年有望迎来困境反转