CICC has reiterated its outperform industry rating on HUTCHMED (00013), keeping its target price unchanged at HK$30, implying a 23.9% upside from the current share price. The firm's 2025/2026 net profit forecasts remain largely unchanged at $366 million and $35 million, respectively, based on a DCF model. Key updates include:

**Recent Developments** On November 5, HUTCHMED announced the completion of patient enrollment for the global Phase III SAFFRON trial of savolitinib. Additionally, during its R&D Day on October 31, management shared progress on its next-generation Antibody Targeted Therapeutics Conjugate (ATTC) platform. The company plans to advance HMPL-A251 into Phase I trials in Q4 2025, targeting HER2+ PAM+/- or HER2-low PAM+ breast cancer. Two other ATTC candidates, A580 and A830, are slated for U.S.-China Phase I studies in H1 2026 and H2 2026, respectively. CICC highlights the importance of monitoring proof-of-concept data for the ATTC platform.

**SAFFRON Trial in Focus** The SAFFRON trial, serving as savolitinib’s U.S. registrational study, is highly anticipated, with topline results expected in H1 2026. Savolitinib, combined with osimertinib, has already gained approval in China for MET-mutated EGFRm NSCLC post-osimertinib progression (based on the Phase III SACHI trial). A successful SAFFRON outcome could pave the way for U.S. approval, unlocking significant commercial potential. Investors are advised to watch for data readouts and regulatory filings in H1 2026.

**ATTC Platform Progress** HMPL-A251, the lead ATTC candidate, debuted at the R&D Day with promising preclinical data. The molecule conjugates a proprietary PI3K/PIKK inhibitor (HM5041609) with trastuzumab, targeting HER2. Preclinical results demonstrated potent inhibition of PAM/PIKK pathways, apoptosis induction, HER2-dependent antitumor activity, and potential to overcome DS-8201 resistance mediated by DXd. CICC views it as a promising therapy for breast cancer and other malignancies.

**Risks**: R&D setbacks, slower-than-expected commercialization, and cost overruns.