Investment Rating - The investment rating for the company is "Outperform the Market" [5][23]. Core Insights - The company has experienced rapid growth in overseas sales, particularly for its main product, furmonertinib, which saw overseas sales of $163 million (+25%). However, domestic sales are under pressure, with a decline in sales for other products [1][7]. - The company has adjusted its revenue guidance for its oncology business to $270-350 million, down from a previous estimate of $350-450 million, due to delays in milestone revenues and the expected postponement of the launch of another product in China [1][7]. - The ATTC platform is expected to produce its first clinical candidate in the second half of the year, with plans to present preclinical data at academic conferences [2][21]. Revenue and Profit Forecast - Revenue forecasts for 2025-2027 have been revised to $604 million, $718 million, and $829 million, respectively, down from previous estimates [3][23]. - The net profit forecast for 2025-2027 is adjusted to $43 million, $6.8 million, and $10.8 million, respectively, reflecting a significant increase in 2025 due to asset sales [3][23]. Financial Performance - The company reported a net income of $455 million in the first half of 2025, a substantial increase of 1649.8%, primarily driven by sales from core products and asset sales [11]. - Research and development expenses decreased to $72 million (-24.2%), while sales and administrative expenses also declined to $42 million (-28.0%), indicating effective cost control measures [11]. Product Development and Clinical Trials - Furmonertinib continues to expand in overseas markets, with recent approvals in over 30 countries and strong initial sales performance in Japan [17]. - The company is advancing its pipeline with several clinical trials, including the SACHI study for savolitinib, which is expected to read out data in 2025 [18][19]. - Other key products are also progressing in clinical trials, with positive results anticipated for various indications [19][21].
和黄医药（00013）：呋喹替尼海外销售持续增长，ATTC平台即将产生首个临床阶段分子