交银国际发布研报称，维持和黄医药（00013）“买入”评级，关注差异化ATTC平台，同时下调公司三大商业化品种的销售预测，下调2025年至2027年收入预测11-14%，下调目标价至37.6港元。公司差异化ATTC平台的首款候选药物HMPL-A251有望于下半年在中美启动针对实体瘤的I期研究，2026年还将有两款ATTC分子进入临床，潜在BD交易机会可期。
交银国际称，和黄医药上半年业绩承压，内地销售受竞争影响较大。总收入同比下降9%，肿瘤/免疫业务收入下降15%，不及该行和市场的预期。管理层将2025全年肿瘤/免疫收入指引从3.5亿至4.5亿美元，下调到2.7亿至3.5亿美元。公司上半年经营亏损显著收窄，该行预计下半年起有望实现经营层面盈亏平衡。
责任编辑：史丽君
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