Core Viewpoint - Hutchison China MediTech Limited (00013.HK) announced a conference scheduled for October 31, 2025, in Shanghai, China, to share its latest research and development progress, which will be live-streamed online [1] Group 1 - The conference will feature Dr. Shi Mingbo, Executive Vice President, Head of R&D, and Chief Medical Officer, who will discuss the company's R&D strategy and vision [1] - The presentation will include an overview of the company's Antibody-Drug Conjugate (ADC) platform and highlight its first candidate drug, HMPL-A251 [1] - Updates on the later-stage R&D pipeline will also be shared during the event [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不 對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 HUTCHMED (China) Limited 和黃醫藥（中國）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：13） 自願性公告 會議通知：和黃醫藥將於2025年10月31日介紹最新研發進展 — 和黃醫藥將於10月31日（星期五）舉行線下和線上會議 — 和黃醫藥（中國）有限公司（簡稱「和黃醫藥」或「HUTCHMED」）今日宣佈將於2025年10月31日（星期五）在 中國上海舉辦會議分享最新研發進展，並將通過網絡同步直播。 活動期間，和黃醫藥執行副總裁、研發負責人兼首席醫學官石明博士將分享公司的研發策略和願景，包括概述公司 抗體靶向偶聯藥物（ATTC）平台並重點介紹其首個候選藥物HMPL-A251，以及後期研發管綫的最新進展。 線下會議將於中國香港時間下午3時至5時於上海舉行，會議語言為中文（普通話），並將於網絡同步直播。現場活 動僅限受邀人士參與。 此外，英文場次的網絡會議將於10月31日（星 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][41]. Core Views - The pharmaceutical sector has shown resilience, outperforming the overall market with a 1.40% increase, while the total A-share market declined by 1.17% [1][32]. - ANGPTL3 has gained significant interest from multinational pharmaceutical companies (MNCs) due to its unique mechanism of action, which is non-LDLR dependent, making it effective in patients with LDLR deficiencies [3][30]. - The report highlights the diverse drug forms targeting ANGPTL3, with MNCs like Novartis, Lilly, Amgen, and AstraZeneca actively investing in this area, indicating a potential for multi-target and multi-drug combinations in the future [3][16]. Summary by Sections Market Performance - The overall A-share market fell by 1.17%, with the Shanghai and Shenzhen 300 index down by 0.81%. The biotechnology sector, however, rose by 1.40%, indicating strong performance relative to the broader market [1][32]. - Specific segments within the pharmaceutical sector showed varied performance, with chemical pharmaceuticals up by 3.92% and medical services up by 1.69%, while medical devices and traditional Chinese medicine saw declines [1][32]. ANGPTL3 Developments - A collaboration between Argo Biopharma and Novartis was announced, focusing on RNA drugs for cardiovascular diseases, with a total potential payment of $5.2 billion, including a $160 million upfront payment [2][11]. - ANGPTL3's mechanism allows for significant reductions in LDL-C levels in patients with HoFH, outperforming traditional treatments like PCSK9 inhibitors [3][31]. Company Earnings Forecasts and Ratings - Key companies in the sector, such as Mindray Medical, WuXi AppTec, and Aier Eye Hospital, have been rated as "Outperform" with projected net profits for 2024 ranging from 1.4 billion to 116.7 billion yuan [4][41]. - The report provides detailed earnings forecasts for various companies, indicating a positive outlook for the sector as a whole [4][41]. Valuation Metrics - The TTM price-to-earnings ratio for the pharmaceutical and biotechnology sector stands at 40.75x, significantly higher than the overall A-share market's 19.80x [37][38]. - Sub-sectors such as chemical pharmaceuticals and biological products have even higher valuations, indicating strong investor interest and growth potential [37][38]. Recommended Stocks - The report recommends several companies, including Mindray Medical for its strong market position and international expansion, WuXi AppTec for its comprehensive drug development services, and Aier Eye Hospital for its leading position in the eye care sector [41][42].

Major Events - Yunzhisheng (09678) is actively exploring new sustainable business models and project opportunities [1] - Junshi Biosciences (01877) achieved the primary endpoint in the Phase III clinical study of anti-IL-17A monoclonal antibody for moderate to severe plaque psoriasis [1] - Hutchison China MediTech (00013) will present the latest data on several self-developed compounds at the 2025 World Lung Cancer Congress and the 2025 Annual Meeting of the Chinese Society of Clinical Oncology [1] - InnoCare Pharma-B (09606) reached the primary endpoint in the Phase III clinical trial of DB-1303/BNT323 for HER2-positive unresectable or metastatic breast cancer patients [1] - Heng Rui Medicine (01276) plans to license its Class 1 innovative drug HRS-1893 to Braveheart Bio to expand into overseas markets [1] Financial Data - Aoyuan Group (01813) reported a pre-sale amount of 611 million yuan in August, a year-on-year decrease of 13.9% [1] - GAC Group (02238) sold 135,700 vehicles in August, a year-on-year decline of 8.43% [1] - Zhongliang Holdings (02772) recorded a cumulative contract sales amount of approximately 8.29 billion yuan in the first eight months, a year-on-year decrease of 32.71% [1] - Xiehe New Energy (00182) reported a total equity power generation of 507.64 GWh in August, a year-on-year increase of 6.07% [1] - Zhengrong Real Estate (06158) had a cumulative contract sales amount of approximately 2.99 billion yuan in the first eight months, a year-on-year decrease of 30.8% [1]

Group 1 - Major stock indices rebounded collectively after three days of adjustment, with most sectors showing gains [1] - The disclosure of mid-year reports from listed companies has clarified the investment strategies of prominent investors, leading to significant floating profits [1][3] - Zhao Jianping, known as a "perennial tree" among A-share investors, appeared in the top ten shareholders of ten A-share companies by the end of Q2, with three new heavy positions and seven ongoing ones [3] Group 2 - Zhao Jianping's total market value of holdings in ten A-share companies reached 861 million yuan by the end of Q2, which increased to 1.335 billion yuan by September 4, resulting in a floating profit of 474 million yuan [5] - The stock price of Dongxin Co., a new heavy position for Zhao Jianping, has doubled in just over a month, with a total increase of over 300% since April 8 [4][5] - Zhao Jianping's holdings in innovative drug and technology stocks have shown strong performance, with several stocks gaining over 50% during the same period [4][6] Group 3 - The innovative drug sector has been receiving positive news, with multiple Chinese pharmaceutical companies set to showcase their innovations at the World Lung Cancer Conference in September 2025 [9] - BlackRock increased its stake in Sanofi Pharmaceutical, while GIC acquired a significant stake in Base Pharmaceuticals, indicating growing interest in the innovative drug sector [9] - The technology sector, particularly in artificial intelligence and chips, has also seen a rebound, with Zhao Jianping increasing his holdings in several key stocks [11][12]

Core Viewpoint - Hutchison China MediTech Limited (和黄医药) is set to present updated data on its self-developed compounds at two major conferences in September 2025, highlighting its ongoing research in lung cancer treatment [1] Group 1: Upcoming Conferences - The company will present at the 2025 World Conference on Lung Cancer (WCLC) in Barcelona, Spain from September 6 to 9 [1] - The company will also present at the 2025 Annual Meeting of the Chinese Society of Clinical Oncology (CSCO) in Jinan, China from September 10 to 14 [1] Group 2: Research Focus - The latest analysis results of the SACHI study, SAVANNAH study, and a Phase IIIb confirmatory study of Savolitinib (赛沃替尼) for non-small cell lung cancer will be disclosed at the WCLC [1] - Savolitinib is described as a potent and highly selective oral MET tyrosine kinase inhibitor (TKI), co-developed by AstraZeneca and Hutchison China MediTech, with commercialization handled by AstraZeneca [1]

Core Viewpoint - HCM's stock rose over 6% to $15.76 following the announcement of upcoming data presentations at major oncology conferences in 2025 [1] Group 1: Upcoming Conferences - HCM will present updated research data on its proprietary compounds at the 2025 World Lung Cancer Conference (WCLC) in Barcelona from September 6 to 9, and at the 2025 Annual Meeting of the Chinese Society of Clinical Oncology (CSCO) in Jinan, China, from September 10 to 14 [1] Group 2: Key Research Studies - The latest analysis results of the SACHI and SAVANNAH studies, which evaluate the efficacy of Savolitinib for treating non-small cell lung cancer, will be presented at the WCLC [1] - Data from the first human Phase I clinical trial of HMPL-653, a novel selective and potent CSF-1R inhibitor, in patients with tenosynovial giant cell tumors will be unveiled at the CSCO meeting [1]

Core Viewpoint - HCM's stock price increased by over 6% to $15.76 following the announcement of upcoming data presentations at major oncology conferences in 2025 [1] Group 1: Upcoming Events - HCM will present updated data on its proprietary compounds at the 2025 World Lung Cancer Conference (WCLC) in Barcelona from September 6 to 9, and at the 2025 Annual Meeting of the Chinese Society of Clinical Oncology (CSCO) in Jinan, China, from September 10 to 14 [1] Group 2: Research Highlights - The latest analysis results of the SACHI and SAVANNAH studies, as well as a Phase IIIb confirmatory study of Savolitinib for non-small cell lung cancer, will be presented at the WCLC [1] - Data from the first human Phase I clinical trial of HMPL-653, a novel selective and potent CSF-1R inhibitor, in patients with tenosynovial giant cell tumors will be unveiled at the CSCO meeting [1]

Group 1 - The Hong Kong innovative drug concept stocks have seen a significant rise, with the Hong Kong Innovative Drug 50 ETF (513780) increasing by 4.02% as of the report date, and a year-to-date increase of 103.51% [1][2] - Major component stocks such as Sanofi, Eucan Vision Biotech-B, and others have surged over 15%, indicating strong market performance in the innovative drug sector [1] - The Hong Kong Innovative Drug 50 ETF closely tracks the CSI Hong Kong Innovative Drug Index, which reflects the overall performance of innovative drug companies listed in the Hong Kong Stock Connect [1] Group 2 - Approximately 110 Hong Kong biopharmaceutical companies reported mid-year earnings, with nearly 70 companies showing year-on-year revenue growth, and about 10 companies achieving revenue growth exceeding 100% [2] - The industry is experiencing a shift from "Made in China" to "Created in China," with innovative products entering the commercialization phase and potential for international expansion [2] - Current market conditions, characterized by low inventory and valuation bottoms, present an excellent opportunity for investment in the pharmaceutical sector [2]

Market Performance - The Hang Seng Healthcare Index increased by 2.69% as of September 5, 2025, with notable gains from stocks such as Eucan Vision Bio-B (+13.93%), 3SBio (+11.67%), and CanSino-B (+10.58%) [3] - The Hang Seng Healthcare ETF (513060) rose by 2.36%, closing at 0.74 CNY, and has seen a 5.57% increase over the past week [3] - The Hang Seng Innovation Drug Selection Index surged by 3.33%, with 3SBio and CanSino-B also showing significant increases [5] - The Innovation Drug Selection ETF (520690) increased by 2.61%, reaching 1.06 CNY, and has recorded a 6.60% rise over the past week [5] Liquidity and Trading Activity - The Hang Seng Healthcare ETF had a turnover rate of 25.37% with a trading volume of 1.917 billion CNY, indicating active market participation [3] - The average daily trading volume for the Hang Seng Healthcare ETF over the past week was 3.088 billion CNY, ranking it first among comparable funds [3] - The Innovation Drug Selection ETF had a turnover rate of 34.1% with a trading volume of 124 million CNY, also reflecting active trading [5] - The average daily trading volume for the Innovation Drug Selection ETF over the past week was 237 million CNY [5] New Drug Developments - A new pediatric influenza treatment, the Mavirovir granules, developed by Xiansheng Pharmaceutical and Antikang Bio, has had its market application accepted, targeting children aged 2-11 [6] - The HRS-4729 injection by Heng Rui Pharmaceutical has received clinical trial approval, aiming to be a first-in-class triple receptor agonist for weight loss and liver fat reduction [6][7] Institutional Insights - The introduction of the first domestic pediatric influenza drug is expected to address the seasonal demand for pediatric medications, potentially boosting sentiment in the anti-infection and pediatric channels [7] - The clinical approval of Heng Rui's triple receptor agonist is anticipated to enhance the long-term outlook for local companies in the GLP-1 expansion mechanism, increasing interest in related CRO/CDMO and metabolic pipeline companies [7][8] ETF Overview - The Hang Seng Healthcare ETF has a current size of 7.463 billion CNY, ranking it among the top third of comparable funds [10] - The ETF closely tracks the Hang Seng Healthcare Index, which reflects the performance of healthcare-related securities listed in Hong Kong [10] - The top ten weighted stocks in the Hang Seng Healthcare Index account for 62.87% of the index, including companies like BeiGene and Innovent Biologics [10] - The Innovation Drug Selection Index also has a significant concentration, with its top ten stocks representing 78.87% of the index [10]