Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company has introduced a new ATTC platform that enhances innovation in drug development, particularly in cancer and immune disease treatments [10]. - The first candidate drug from the ATTC platform, HMPL-A251, shows promising anti-tumor activity and is expected to enter clinical development by the end of the year [10]. - The company's core pipeline is progressing steadily, with key data readouts for the drug Savolitinib anticipated soon, which could lead to market expansion [10]. Financial Forecasts and Investment Recommendations - Projected revenues for the company from 2025 to 2027 are $600.43 million, $705.84 million, and $796.91 million respectively, with a target price of HKD 33.29 for 2026 [3][5]. - The company is expected to see significant growth in net profit, with a forecasted increase of 1110.15% in 2026 [5]. - The report highlights a projected net profit margin of 76.12% in 2026, indicating strong profitability potential [5].
和黄医药（00013）：2025年研发日点评：全新ATTC平台激发创新活力