Core Insights - HUTCHMED will present new and updated data from several studies at the upcoming ESMO Asia Congress 2025 and ASH Annual Meeting, showcasing its commitment to advancing cancer therapies [1][2][3] Group 1: Upcoming Presentations - A first-in-human study of HMPL-A83, an anti-CD47 monoclonal antibody, will be presented, focusing on advanced solid tumors [2] - The phase II results of the FRUSICA-2 study, evaluating the combination of fruquintinib and sintilimab for renal cell carcinoma, will also be shared [2] - Surufatinib's phase II results in combination with camrelizumab and chemotherapy for metastatic pancreatic cancer will be reported [2] Group 2: Specific Study Details - HMPL-A83 presentation details include a mini oral session on December 7, 2025, led by Ye Guo [2] - Fruquintinib's results will be presented by Shanshan Wang on December 5, 2025, in a proffered paper session [2] - Surufatinib's study will be displayed as a poster by Shukui Qin [2] Group 3: Additional Studies - Several investigator-initiated studies will also be presented, including combinations of fruquintinib with other treatments for metastatic colorectal cancer [3] - The final analysis of the ESLIM-01 study on sovleplenib for chronic primary immune thrombocytopenia will be presented at the ASH Annual Meeting [3] Group 4: Product Information - Fruquintinib is a selective oral inhibitor of VEGFRs, co-developed by HUTCHMED and Eli Lilly, marketed as ELUNATE in China [4] - HMPL-A83 is a humanized anti-CD47 monoclonal antibody that disrupts cancer cells' immune evasion [5] - Savolitinib is a selective MET tyrosine kinase inhibitor developed by AstraZeneca and HUTCHMED, marketed as ORPATHYS [6] - Surufatinib is an oral angio-immuno kinase inhibitor marketed as SULANDA in China [7] - Sovleplenib is a selective small molecule inhibitor targeting Syk, with potential applications in B-cell lymphomas [8]

Core Viewpoint - Daiwa has downgraded the revenue forecast for Hutchison China MediTech (00013) for the years 2025 to 2027 by 16% to 29% due to lowered domestic drug sales expectations [1] Revenue Forecast - The new projections for total drug sales are expected to grow by 6%, 21%, and 28% for the years 2025, 2026, and 2027 respectively, compared to previous estimates of 34%, 36%, and 33% [1] - The latest net profit estimates are $433 million, $30 million, and $40 million for the years 2025, 2026, and 2027 respectively [1] Rating and Target Price - Daiwa maintains a "Buy" rating for Hutchison China MediTech, with a target price reduced from HKD 33 to HKD 30 [1] Sales Performance - The company's product sales in the first half of the year decreased by 4% year-on-year to $234 million, primarily due to competitive risks in the domestic market, team restructuring, and industry anti-corruption impacts [1] Drug Development Progress - The progress of Sovleplenib has been delayed, with the company aiming to resubmit its application in the first half of next year [1] - The group plans to advance the development of a new generation Syk inhibitor, with an IND application expected to be submitted in the second quarter of next year [1] Positive Developments - The ATTC platform has achieved breakthroughs, with the first candidate drug HMPL-A251's IND application set to be submitted in early September, and preclinical data to be presented at the EORTC conference [1] - Two additional ATTC drugs are expected to initiate Phase I clinical trials next year [1] Profit Performance - The company reported a net profit of $455 million in the first half of the year, compared to $26 million in the same period last year, mainly due to the sale of part of its non-core joint venture equity, generating $416 million in revenue [1]

Core Viewpoint - Daiwa has downgraded the revenue forecast for Hutchison China MediTech (00013) for the years 2025 to 2027 by 16% to 29% due to lowered domestic drug sales expectations, while maintaining a "Buy" rating and reducing the target price from HKD 33 to HKD 30 [1] Revenue Forecast - The new projections for total drug sales are expected to grow by 6%, 21%, and 28% for the years 2025, 2026, and 2027 respectively, compared to previous estimates of 34%, 36%, and 33% [1] - The latest net profit estimates are projected to be USD 433 million, USD 30 million, and USD 40 million for the years 2025, 2026, and 2027 respectively [1] Sales Performance - In the first half of the year, Hutchison China MediTech's product sales decreased by 4% year-on-year to USD 234 million, primarily due to competitive risks in the domestic market, team restructuring, and industry anti-corruption impacts [1] Product Development - The progress of Sovleplenib has been delayed, with the company aiming to resubmit its application in the first half of next year [1] - The group plans to advance the development of a new generation Syk inhibitor, with an IND application expected to be submitted in the second quarter of next year [1] Positive Developments - The ATTC platform has achieved breakthroughs, with the first candidate drug HMPL-A251's IND application set to be submitted in early September, and preclinical data to be announced at the EORTC conference [1] - Two additional ATTC drugs are expected to initiate Phase I clinical trials next year [1] Financial Performance - The net profit for the first half of this year reached USD 455 million, compared to USD 26 million in the same period last year, primarily due to the sale of part of a non-core joint venture, generating USD 416 million in revenue [1]

Core Viewpoint - Daiwa's research report indicates that Hutchison China MediTech's product sales in the first half of the year decreased by 4% year-on-year to $234 million, primarily due to competitive risks in the domestic market, team restructuring, and industry anti-corruption impacts [1] Group 1: Sales Performance - The company's product sales for the first half of the year were $234 million, reflecting a 4% year-on-year decline [1] - The decline in sales is attributed to competitive risks, team restructuring, and the impact of industry anti-corruption measures [1] Group 2: Product Development and Pipeline - The progress of Sovleplenib has been delayed, with the company aiming to resubmit its application in the first half of next year [1] - The group plans to advance the development of a new generation Syk inhibitor, with an IND application expected to be submitted in the second quarter of next year [1] - The ATTC platform has achieved breakthroughs, with the first candidate drug HMPL-A251's IND application set to be submitted in early September, and preclinical data to be presented at the EORTC conference [1] - Two additional ATTC drugs are expected to initiate Phase I clinical trials next year [1] Group 3: Financial Forecasts - Based on the downward adjustment of domestic drug sales expectations, the revenue forecasts for 2025 to 2027 have been reduced by 16% to 29% [1] - The revised projections for total drug sales are expected to grow by 6%, 21%, and 28% in 2025, 2026, and 2027 respectively, compared to previous estimates of 34%, 36%, and 33% [1] - The latest net profit estimates are $433 million, $30 million, and $40 million for 2025, 2026, and 2027 respectively [1] Group 4: Rating and Target Price - The company maintains a "Buy" rating, with the target price adjusted from HKD 33 to HKD 30 [1]