HUTCHMED (China) Limited

Hello everyone, this is David Nguyen, head of investor relation of HodgeMet. Thank you for joining HodgeMet 2025 interim result presentation. Our results and presentation slides have already been posted on our homepage, as well as on the Hong Kong Stock Exchange website. Just a quick moment on the disclaimer. The performance and results of operation of HodgeMet Group contained within this presentation are historical in nature, and past performance is no guarantee of future results, and actual result may vary materially from those set forth in the forward-looking statement. So today we are very glad to have our CEO, Dr. Su, our CFO, Mr. Chan, our CMO, Dr. Shi and our head of commercial, Mr. Yuan, to go over the results and provide the latest update on our performance. And the projects and the development. As usual, we will have a Q&A session at the very end, when you can press the raise head button to ask questions and or type in the chat box, but please make sure you have your name and your company name on the screen. So now let us welcome our chief executive officer and chief scientific officer, Dr. Wei-Wu Su to begin our presentation. Dr. Su.

Thank you, David. If we go to the next slide. So again, good evening, good morning, everyone. Welcome to the HatchMet Major Results Conference call. The highlights for the first half 2025, global commercial success for Zagla continues to grow. First half, up 25% comparing to 2024 or PASSES or Savalitinib, potentially our second global commercial product. There are filings ongoing based on Savannah in some countries and also obviously the global registration of study, CEPHRON study is recruiting. We anticipate completion of recruitment later this year. And of course, Elunate in China, new indications, endometrial cancer approved early this year and RCC already filed as well. We do have a lot going on. We expect in the next 12 months, our phase three first line non-small cell lung cancer, osmoticinib plus Savalitinib study called SANOVO should complete enrollment very, very soon. If anything, I think we already fully enrolled. CEPHRON as I mentioned should also complete recruitment. Surely, serofatinib phase two, three study in first line pancreatic cancer phase two readout and phase three transition is progressing. Or FJ4 inhibitor NDA submission is in preparation. Plan to file later this year. And the Savalitinib-Semita study for PRCC globally and gastric cancer in China NDA submissions are also planned. Frequent NDA RCC as I mentioned, NDA filed early this year and within the next 12 months, we expect approval. The CEPHRON study of course, the phase three readout should be sometime first half next year. Our next generation innovation, very exciting ATTC programs the first candidate IND filing coming up very soon in a month or so and we have more to come later this year. And we are also exploring BD activities for not only our ATTC programs, but other programs as well. Without further ado, I'll just turn it over to the next speaker, our CFO, Johnny Chan to give you a financial overview and update. Johnny.

Thank you, Dr. Su. On page six, we can see our balance sheet reflects a very strong cash position over 1.3 billion in cash resources, which includes proceeds from the partial divestment of our joint venture with Shanghai Farm. So these resources will allow us to accelerate global ATTC development and explore potential investment opportunities. Further down the balance sheet under other non-current liabilities, we have deferred approximately 18 million of divestment gains as a provision for profit guarantee to the buyers. This will be recognized over the guaranteed period subject to the joint venture's performance in the next few years. Turning over to page seven, our P&L. So overall, the revenue for the first half of 2025 was 278 million, down 10% versus same time last year. Investment in R&D amounted to 72 million, reflecting multiple NDAs under review in China. On the bottom line, we have reported a record high net income of 455 million, mainly contributed by the partial divestment of our joint venture with Shanghai Farm. Moving on to the next page, we have adjusted down our full year revenue guidance to between 270 to 350 million, mainly to reflect a revision for the facing of certain clinical and commercial milestones, and also the delay of Soflapenep commercial launch. I will now pass to our head of commercial, George Yang, to share with us on the commercial performance. Thanks, Johnny.