HCM

• Commercial Performance • Core China oncology product sales delivered strong growth, with Elinate maintaining market leadership in third-line MCRC, growing 41% year-over-year; label expansion for second-line RCC was approved in May 2026, creating an opportunity for NRDL inclusion this year. • Savolitinib (Solenda) received regulatory approval for third-line MET-amplified gastric cancer, its fourth regulatory approval to date, and the company is targeting inclusion of this new indication in this year's NRDL renewal. • Fusecla global growth continues to be driven by geographic expansion outside the US, with Takeda confirming 25% fiscal year growth guidance for the asset. • Subplanib (SYK inhibitor), the company's first-in-class asset for hematology and immunology, has NDAs for ITP and Waha under priority review in China, with strong Phase 3 efficacy data demonstrating clear advantages over existing competing products.

• R&D Progress • The company's novel ATTC platform, a key strategic long-term growth driver, has two assets (A251 and A580) in ongoing global Phase 1 trials, and a third asset (HMPL830 / A30) that cleared IND in both the US and China and will enter the clinic in H2 2026; the platform's unique design uses targeted selective PI3K/PIKK pathway inhibitors as payloads, which overcomes historical toxicity issues of small molecule PI3K inhibitors and maintains efficacy in DXD-resistant ADC tumors, addressing a large unmet need across multiple common solid tumors. • Key late-stage milestones achieved: Fluquitinib approved for renal cell carcinoma, Thermigranib NDA accepted for FGFR positive intrahepatic cholangiocarcinoma, HMPL-760 (potent PI3 BTK inhibitor) initiated Phase 3 trial in second-line DLBCL, Saffron (global Phase 3 Savolitinib) and Sanovo (China Phase 3 Savolitinib) are on track for data readouts in H2 2026. • AI integration is accelerating discovery and development across the company's innovation platform.

• Strategic Priorities • The company is actively pursuing collaboration opportunities with multiple multinational partners for its ATTC platform assets, with ongoing discussions progressing well. • Commercial preparations are underway for the 2027 launch of subplanib in China, including building a dedicated hematology sales team and planning for NDA negotiation and market access. • The company maintains a commitment to break-even or mild profitability to support sustained R&D investment while delivering value to shareholders.

• Full year 2026 oncology revenue guidance is maintained at $330 million to $450 million, unchanged from prior guidance. The baseline achievement from H1 2026, without any business development or partnership contributions, is expected to meet at least the lower end of the range; upfront payments from potential ATTC partnerships and one-time Fusecla sales milestone payments could push results to the upper end of the range or above.
• The company reaffirmed its long-term management commitment to remain broadly break-even to slightly profitable, while balancing accelerated investment in the ATTC platform and other high-growth priority programs.
• Five ATTC programs are expected to be in clinical trials by this time next year, up from three (two active, one pending entry) by the end of 2026. First clinical data for the two ongoing Phase 1 ATTC trials is expected to be disclosed in 2027.
• HMPL-760 Phase 3 trial enrollment is expected to be completed by the end of 2027.

Hachmed recorded total group revenue of $278 million for the first half of 2026. The core oncology segment generated total revenue of $162 million, representing 58.3% of total group revenue. Within oncology, product revenue was $121 million, which grew 23% year-over-year compared to the first half of 2025. Key oncology product performance: Elinate and Solenda grew over 40% year-over-year in China; Fusecla (Fuseca) global ex-US sales grew 70% year-over-year, with Q2 sequential growth accelerating to 27% versus Q1; Opacis and Zylinder delivered strong growth in H1 2026, driven by guideline changes and a focused sales strategy on top-tier hospitals. Other ventures (non-core, low-margin distribution business) contributed the remaining $116 million of total revenue, and saw a 20% year-over-year decline on a constant exchange rate basis. R&D expenses were $279 million in H1 2026, up from $72 million in H1 2025, driven by initiation of global Phase 1 trials for ATTC assets and increased investment in discovery capabilities including AI and talent. Net income for the period was $16 million, and the company ended the period with $1.4 billion in cash reserves.

• The need for secondary biopsy to identify MET amplification for Savolitinib represents an adoption hurdle in current clinical practice that could slow uptake even after NRDL inclusion.
• ATTC platform assets are still in early-stage clinical development, so the timing of and outcomes from development are uncertain, and partnership discussions remain early-stage with no guaranteed closing or terms.
• The non-core other ventures distribution business has declined due to expanded volume-based procurement in China, though management notes this does not impact core operating results or the bottom line, and the business is not a strategic focus.
• While ex-US Fusecla growth is strong, full market access via reimbursement is only complete in 50% of launched markets to date, leaving some near-term growth upside contingent on completing reimbursement processes.

Q: The analyst asks for an update on ATTC platform collaboration progress, what differentiates HMPL-760 from other BTK inhibitors and why DLBCL was chosen for Phase 3, and what drove the 20% H1 decline in other ventures revenue on a constant exchange rate basis. / A: Management confirms active ongoing discussions with multiple multinational partners across multiple ATTC programs; discussions are progressing well, and an announcement will be made once terms are finalized and appropriate for disclosure. For HMPL-760, it is a reversible BTK inhibitor with strong selectivity, a favorable safety profile, and impressive Phase 2 response rates; DLBCL was selected as the lead indication because it is the largest lymphoma subtype with no approved BTK inhibitors, representing large unmet medical need and market potential. The 20% decline in other ventures stems from expanded volume-based procurement in China impacting the non-core low-margin logistics distribution business; the business is not a strategic focus, and the decline has no impact on core operations or the bottom line.

Q: The analyst asks for Savolitinib commercial preparation plans in China (pricing, marketing, NRDL, sales force) and overseas R&D priorities, plus when the first two ATTC assets will release clinical data. / A: For commercial preparation, the company is prioritizing market access positioning for NRDL negotiation (expected after H1 2027 approval), building out a dedicated experienced hematology sales force, conducting KOL and physician education, and engaging patient advocacy groups, while mapping target hospitals and territory resource allocation. First ATTC clinical data for A251 and A580 is expected to be disclosed in 2027, with enrollment progressing well across US and China sites. Overseas development of Savolitinib will proceed through the upcoming Saffron and Sanovo Phase 3 readouts that position the asset for global regulatory submissions.

Q: The analyst asks how significant NRDL inclusion for Savolitinib will be for China sales growth versus the impact of the upcoming Sanovo Phase 3 readout, and what the Fusecla US vs ex-US growth trajectory will be going forward, plus what drives the full year revenue guidance range. / A: NRDL inclusion for the third-line MET-amplified gastric cancer indication will deliver significant near-term growth, as there are no competing products currently covered by NRDL for this patient population, though adoption will be partially limited by the current need for secondary biopsy. The Sanovo readout will drive a larger longer-term inflection by broadening Savolitinib's label to the first-line setting. For Fusecla, ex-US growth will be the primary driver of incremental growth going forward, with 70% H1 ex-US growth, only 50% of launched markets have completed reimbursement, so there remains substantial upside, and the long-term expected split is 50-50 between US and ex-US sales. The guidance range reflects that baseline core performance will hit the lower bound, while potential partnership upfront payments and Fusecla sales milestone can push results to the upper end or above.

Q: The analyst asks about subplanib global development strategy outside of China for Waha, and what differentiation it has versus competing assets. / A: Subplanib NDAs for ITP and Waha are completed and under review in China, and the company plans to pursue ex-China development via partnership. The asset has strong competitive differentiation: it achieved a 66% durable response rate in Phase 3 versus 15% for placebo, outperforming competing FCRN antibody products, and it addresses high unmet need, as current second-line Waha treatment relies heavily on steroids with few other options. The company plans to apply for US orphan drug designation for the asset.