机构：东方证券 研究员：伍云飞/傅肖依 国内销售收入短期承压，海外稳步放量。公司25 年上半年实现收入2.78 亿美元，肿瘤业务收入1.44 亿 美元，其中肿瘤产品收入0.99 亿美元，同比-29%，主要系呋喹替尼等产品竞争加剧导致国内销售收入 下滑；首付款、监管里程碑及研发服务收入为0.44 亿美元，较去年略有增长。公司下调全年肿瘤业务收 入指引至2.7-3.5 亿美元，主要系考虑到部分里程碑收入款项延迟确认，以及索乐匹尼布的上市时间推 迟。 新产品获批及新适应症拓展有望开启第二增长曲线。1）呋喹替尼：25 年上半年实现销售额2.06 亿美元 （海外1.63 亿美元/国内0.43 亿美元）。海外继续保持快速增长势头（同比+25%），主要得益于在日 本、美国、欧盟等主要市场的优异表现，我们认为未来随着呋喹替尼的市场份额进一步提升，海外有望 继续稳定放量。国内方面，子宫内膜癌、肾细胞癌等新增适应症获批有望贡献业绩增量。2）赛沃替 尼：用于二线治疗MET 扩增的EGFR 突变非小细胞肺癌已在国内获批，有望今年参与医保谈判并重启 高速增长；海外方面，多个适应症同步推进，如治疗奥希替尼耐药的非小细胞肺癌的三期临床 （ ...

Core Viewpoint - Hutchison China MediTech Limited (HCM) reported strong revenue growth in its oncology and autoimmune business, with total revenue of $278 million for the first half of 2025, driven by significant sales of its key products [1][2]. Group 1: Financial Performance - Total revenue for the first half of 2025 was $278 million, with oncology and autoimmune business contributing $144 million and other business generating $134 million [1]. - Specific product revenues included: $43.1 million from overseas sales of furmonertinib, $33.6 million from China sales of furmonertinib, $12.7 million from savolitinib, $9 million from savolitinib, $0.7 million from tepotinib, and $29.5 million from Takeda's upfront, milestone, and R&D service income [1]. - The company adjusted its full-year guidance for oncology business to $270-350 million [1]. Group 2: Product Development and Approvals - Savolitinib received approval for second-line treatment of MET amplified non-small cell lung cancer (NSCLC) in June 2025, with potential participation in this year's medical insurance negotiations [2]. - Ongoing clinical trials include a Phase 3 study for third-line treatment of MET aberrant NSCLC and a Phase 3 study for first-line treatment of EGFR mutation-positive NSCLC in China [2]. - The company is advancing its unique ATTC platform, which aims to overcome resistance and reduce toxicity in targeted therapies, with three potential pipelines (A251, A580, A830) expected to enter clinical trials in 2025 and 2026 [2]. Group 3: Valuation and Outlook - A DCF analysis suggests a reasonable equity value of HKD 28 billion, assuming a perpetual growth rate of 2% and a WACC of 9.43% [3]. - The company maintains a "buy" rating due to strong overseas sales momentum and a promising innovation pipeline [3].