和黄医药（0013.HK）2025 年年报点评 摘要内容：2025 年公司实现收入 548.5 百万美元（-13%），其中肿瘤/免疫 业务合计 285.5 百万美元（-21%），肿瘤/免疫业务中包含肿瘤产品收入 214.4 百万美元（-21%）。2025 年公司实现归母净利润 4.569 亿美元，其中包括出 售上海和黄药业的除税后收益为 4.158 亿美元。公司更新 2026 年肿瘤/免疫 综合收入指引为 3.3 亿美元至 4.5 亿美元，主要考虑中国区商业化进展、呋 喹替尼全球范围持续商业扩张以及创新候选药物新的合作机会。 呋喹替尼海外市场快速扩张，国内有望确认商业化拐点。FRUZAQLA®2025 年海外市场销售额为 3.662 亿美元（+26%），主要得益于在欧洲、亚洲、美 洲的持续上市推进；医保覆盖同步推进，截至 2025 年年报有近 20 个国家已 将产品纳入医保范围。2025 年肿瘤产品综合收入较 2024 年有所下降，主要 由于 2024 年确认 2000 万美元武田商业里程碑付款，以及爱优特®、苏泰达 ®及沃瑞沙®在中国市场的销售额下滑；2025H2 公司中国肿瘤产品收入已观 察到改善趋势，2 ...

Core Viewpoint - The company is focusing on the development of its ATTC (Antibody-Drug Conjugate) platform and plans to seek partnerships with multinational pharmaceutical companies for the development of ATTC candidate drugs in 2026 [9]. Financial Performance - For the fiscal year ending December 31, 2025, the company's revenue is projected to be $548.5 million, an increase from $630.2 million in 2024 [2]. - The net income attributable to the company for 2025 is expected to be $456.9 million, significantly up from $37.7 million in 2024, primarily due to a $415.8 million after-tax gain from the sale of a stake in Shanghai Hengrui Medicine [2]. - As of the end of 2025, the company’s cash reserves are expected to total $1.3673 billion, up from $836.1 million the previous year, providing ample funding for the global development of its ATTC platform [2]. Market Performance - As of March 6, the stock price of the company increased by 8.4%, with an intraday high of 9.6% [3]. - The total market sales for 2025, including products like FRUZAQLA®, Aiyoute®, Suotai Da®, and Worisha®, are projected to grow by 5% to reach $524.7 million [5]. Product Development - The overseas sales of FRUZAQLA® (Fruquintinib) increased by 26% to $36.62 million, covering 38 countries, with nearly 20 countries included in health insurance [5]. - The company has received approval for a third indication for lung cancer for Worisha® (Savolitinib), triggering a $11 million milestone payment from AstraZeneca [5]. - The clinical pipeline is advancing, with the ESLIM-02 Phase III study achieving its primary endpoint in autoimmune hemolytic anemia, and plans to submit a new drug application in the first half of 2026 [6]. ATTC Platform Development - The ATTC platform has entered clinical trial stages, with the first candidate drug HMPL-A251 starting global Phase I/IIa trials in December [8]. - The company plans to accelerate global investment in the ATTC projects, with a focus on innovative drug development in oncology [10].