H126 largely in line with strong domestic recovery; guidance reiterated

研报英文原文证据摘录

H126 largely in line with strong domestic recovery; guidance reiterated

S market expansion

12/27E 0.06 0.08 28 0.09

(up 70% YoY), with approvals/launches in 41 countries, though FRUZAQLA revenue 12/28E 0.08 0.09 3 0.15

recognised flat YoY due to reduced manufacturing scale.

Chen Chen, PhD

Q: Has the company's outlook/guidance changed? Analyst

chen-zb.chen@ubs.com

The company reiterated its 2026 guidance of oncology/immunology revenue of US

+86-10-5832 8201

$330m-450m implying 15-57% YoY growth, as mgmt expects continued China sales

recovery and global FRUZAQLA sales expansion. With the third ATTC (A830, target David Guo, PhD

Analystundisclosed) entering clinical (registered in July 2026), the company remains actively

S1460524040001

looking for partnerships, and expecting ATTC's FIH data in 2027. We believe key

david-za.guo@ubs.com

catalysts include: 1) for savolitinib, partner AstraZeneca expects SAFFRON (global 2/3L +86-10-5832 8010

MET-amp NSCLC) readout in H226E (pushed back from mid-26E); China SANOVO (1L

Anita WeiMET overexpression EGFRm NSCLC) may arrive in H226 too; 2) sovleplenib NDA

Analyst

approvals in China for wAIHA and ITP (2027E); and 3) fanregratinib (FGFR 1/2/3) NDA

anita.wei@ubs.com

approval in China for intrahepatic cholangiocarcinoma (end 2026E). +852-2971 7459

Valuation: PT HK$29.5 (previously HK$29.7), maintain Buy

Following 1H26 results, we postponed AZ milestone to 2027 and revised expenses

estimates, leading to lowered 2026 EPS estimates despite 2027 being elevated from US

$0.06 to US$0.08. Our risk-adjusted DCF-based PT of HK$29.50 (from HK$29.70,

WACC 11.6%, TGR 4% unchanged) implies 2.2x P/ risk adjusted peak sales. Buy.

Highlights (US$m) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E

Revenues 838 630 549 570 693 787 913 1,042