Hello, and welcome to the Deutsche Bank Depositary Seats Investor Conference, DBD. I'm Zafar Aziz from the Deutsche Bank team. I'm pleased to announce that our next presentation will be from HUTCHMED (China) Limited. Before I introduce our speaker, a few points to note. Please submit your questions in the questions box. Also, all of those presentations will be recorded and can be accessed via the Deutsche Bank website, adr.db.com. At this point, I'm very pleased to welcome HUTCHMED (China) Limited, that trades on the Hong Kong Stock Exchange under the symbol 13, and on NASDAQ using the symbol HCM. Hello, everyone. This is David Ng, Head of Investor Relations and Capital Strategies of HUTCHMED. Thank you for the opportunity for me to update the latest on the company to you guys. On the screen, we have the presentation, the latest presentation of HUTCHMED, which is also available to download from our homepage. Just before we start, a couple of the safe harbor statements and disclaimers on slide number two. It's the usual stuff that our performance and results of operations contained within this presentation are just historical in nature, and past performance is no guarantee of future results. I will now spend the next 20 minutes to go over some of the key points of our latest progress. Let's turn to slide. Where the heading is HUTCHMED TODAY AND BEYOND. On this slide, I think it pretty much summarizes three of the most important takeaways I would like you guys to have by the end of this presentation. First of all, on the left-hand side, our global commercial success, which is, of course, the result of our last more than 20 years of hard work that we now have three products, actually four products that we have successfully got approval and commercialized in China. On top of that, one of these four products has also obtained approval in the U.S., Europe, and Japan, and has been generating sales to the amount of $290 million sales for its very first full year of overseas sales, which is a very impressive figure for an innovative drug. We do have a second one upcoming. Our second potential product that we can commercialize overseas is a drug called Orpathys. This will be probably something happening sometime in 2027 if the ongoing trials are successful and we get the potential approval in the U.S. and overseas. Of course, in China, we continue to develop new indications for existing already commercialized products. For Elunate, late last year, we just got another indication approved. This one is for endometrial cancer, on top of what it has been already selling in colorectal cancer for many years. For the same product, we are targeting another indication called renal cell carcinoma that we target approval in China and launch next year. Both overseas as well as domestic China, we expect continuous commercial growth of our innovative portfolio. I think that's one of the pillars that will continue to support our financial well-being as well as the earnings growth or revenue growth for our shareholders. In the middle part, which I won't go into too much detail, but we do have a very rich timetable of upcoming events that we look forward to. Of course, we are still a biotech company, so some of these events still carry certain risks of happening or not, but we are quite confident that our portfolio should continue to meet these events. One of that is, of course, our ongoing SEPHRON trial. This is the trial that hopefully will help support the commercialization of our second US innovative drug. SEPHRON trial is a phase three with a control arm trial. We target completion of recruitment in the second half of this year. Another noticeable event that we look forward to is a second indication for our drug Surufatinib. We have already been selling Surufatinib for the indication of neuroendocrine tumor, but we are developing it for a second indication called pancreatic cancer. This, as many of you may know, is a very tough-to-treat cancer, known as a cold tumor. The data in the phase two trial, we hope to be able to have some type of readout second half of this year. If successful, it will be rolling over to a phase three pivotal trial for China and support further commercial success in China for this product. The second last bullet on this middle part is our SATCHI, which is our Savolitinib, the second indication in the second line lung cancer space. We have already filed the materials to the regulatory authorities in China, and we are waiting for potential approval also second half of this year. We do have a very rich potential event in the next 12 months. The new thing that I guess, same time last year when I was presenting on this platform, we still have not mentioned much about it, but it is going to be something very exciting and substantial for our next decade of development, is the development of our next generation technology platform called APTC. This is the thing that some of you may not have heard about in detail yet, but you will hear a lot of this coming from us in the next 12 months. This is a platform which will generate potentially many potential interesting drug candidates from this platform. If you may recall, HUTCHMED in the past 20 years has a lot of successful small molecule drugs. This platform expands us into the large molecule space and coupling a small molecule on the other end of the payload of this conjugate. Again, I will go into a little bit of details later on on this one, but this will definitely be a key driver for not just our next 12 months of event, but also to support a brand new portfolio of drug candidates that can further bring us to the next level of development. I guess the last point on this page, which is, I guess, also very important for everyone, is that despite having a commercial portfolio supporting our financial strength and a technology platform, we are still trading at a relatively small market cap of about $2 point something billion. At the same time, due to our recent on-call asset disposal, I think by the end of June, by the time of our interim results, we will have completed this transaction and collect the cash, which will bring our cash balance to about $1.4 billion. You basically get all I just mentioned for less than a $1 billion US market cap, which is, I think, definitely a very undervalued situation for our company. This is kind of the top-down view. Let's jump into a couple of slides, and apologies for jumping a little bit ahead. Let's turn to page nine, slide number nine, where you can see at the title, $501 million in market sales. On this page, you basically can see the 2024 so-called in-market sales performance. When we say in-market sales, some are end sales done by our sales team in China. Some are actually sales done by our partners, our marketing partners. For example, it's a very important one, Fruquintinib sector on the very top line. That is our marketing partner, Takeda, selling outside of China. As I've mentioned, for the very first full year sales outside of China, this product has achieved $290 million. We collect royalty on these figures to the amount of mid-teens%, which basically is our net profit. We expect this continues to be a major driver of our company growth this year and next year. The driver behind this, apart from continued penetration in the U.S. market, on top of that, you will also have more European countries' inclusion of this drug in their insurance program. It is also really worth noting that since launch in Japan late last year, the sales growth continued to be very impressive for this product. For this product, I think to Takeda, our marketing partner, latest announcement, they do expect the growth to exceed 20% in the upcoming 12 months. The second row is the same drug, but in China. China, in the indication for colorectal cancer, we have been selling this for five, six years already, but we have a new indication, endometrial cancer in the second line setting, which should be a new driver for growth this year. For next year, we are targeting another indication, renal cell carcinoma, potentially get approval. Certain elements of driver to support its ongoing growth in domestic China. These will be the key drivers in the next one or two years. If you go further down, you have surufatinib, and you also have savolitinib. Now, savolitinib, we've been selling it for a couple of years, but we do encounter some competitors in the market for the indication of exon 14 skipping mutation. We think that's fine because we now have a second indication potentially to be approved later this year in China. Specifically, it's for second line lung cancer, targeting the patient with c-MET, which is a biomarker of expression or amplification. This is an indication that none of our peers, whether on the market or under development, is close to us. If we get this indication approved, this will be one of the key things to see the product resume growth into 2026 and beyond. Now, what I've just mentioned is potential approval in China, second half, but of course, the bigger market is the U.S. market. According to the latest guideline in the timetable, our marketing partner, AstraZeneca, should be completing the recruitment second half of this year and leading to data readout in 2026, which, if everything goes smoothly, the U.S. launch and commercialization can happen in 2027. Watch out for this one for our next potential innovative drugs to be commercialized overseas. Again, I'm going to skip a couple of slides if you guys don't mind. I am going to jump to slide number 20, slide number 20. The heading of this slide says, "Savolitinib, second line EGFR mutated NSCLC with MET alteration." Now, we do get a lot of questions from investors about this trial, and I would like to just provide a little bit of update. Originally, this Savanna trial is a phase two trial, which we or our partner, Takeda, attempt to use to pursue conditional approval in the U.S. After the discussion with the authorities, we decide that it is much better to wait for the even bigger and even more robust trial, called SEPHRON, which is a phase three with control arm trial, before we officially, or before Takeda officially filed to the FDA for approval. For Savanna, it does have a couple of interesting takeaways, including the data that we presented in the European lung conference just in April. A couple of figures that we want to really point out. One thing is the PFS figure. The PFS is 7.4 months. Of course, this is a single arm trial, so you don't have within trial comparison, but you can look across the landscape comparing other drugs in different cross trial comparison. Our 7.4 months of PFS is definitely very impressive for the patients. The duration of response by investigator is 7.1, but by the independent committee, it's a very impressive 9.9 months. The data, we are very confident, but at the same time, we want to say that this drug, Savolitinib, in combination with Tagrisso, is a chemotherapy-free combination, which will help the patients in terms of more ease of administration. This is oral. Apart from, I think, the very compelling efficacy and the toxicity profile, the administration of this drug for cancer patients, as well as the quality of life, are definitely very attractive. Now, this Savanna trial is a single arm overseas data. I would like to flag to you guys that for the same combination, but in China, we had already completed a phase three trial with control arm. We have previously announced that the data were very satisfactory, and we did file to the regulatory authorities in China already end of last year. The data we haven't announced yet will be presented June 1st at the ASCO presentation. It's a late-breaking presentation. Unfortunately, if you go to the website of ASCO, you won't be able to see the data. You won't be able to see the abstract. You will see the title, but the actual abstract will be released on June 1st. For that one, I think the important thing to note is that that will have a within trial comparison between the active arm, which is our drug, in combination with Tagrisso versus the control arm, which is chemotherapy. Definitely, the market will be focused on figures as well as all the PFS and the OS and the overall figure. Watch out for that one to get another data point on the potential efficacy and toxicity profile of Savolitinib. Okay. Let's again jump a little bit to page number 26. On page number 26, you will see the heading HUTCHMED ATTC design objectives. This one is the very first time that we talk about this new technology platform at the beginning of January this year. Now, it's still at the preclinical stage, but we target entering phase one by the end of this year, hopefully both in China and overseas, depending on the regulatory approval process. We are very excited about this program because it opened up an arena of many interesting drug candidates for us. Just to explain a little bit behind the concept, you may have heard of something in the market already called ADC. ADC has on one, it's a conjugate. It's a combination of two things. One, on one end, is a large molecule, an antibody. You have a linker in the middle. On the opposite side of that linker is a toxic payload, like a chemotoxin. We have improved in this configuration where we still have a large molecule and a linker. Then instead of the toxic payload, we substitute with our small molecule drugs. Now, the whole thing so far is proprietary, whether the linker technology, the small molecule, these are all done in-house. The beauty of this is because of using a small molecule on one end of the linker, it's much more specific to the tumors we want to target. Specificity is very important in not just enhancing the efficacy, but also reducing the toxicity or potential toxicity to the patient. Again, as you may know, in oncology, if you have a better toxicity profile, the patients can tolerate the therapy for longer, and the efficacy can potentially increase. The other thing that we want to see whether it can push is because this ATTC program doesn't have any chemotoxin in it, it may potentially be pushed to the first line setting usage in combination with other chemotherapy. This is one very big potential area that when we think about this platform, not just for the different cancer indication in later line, but it may potentially be used in first line. Now, of course, we are still at the beginning stage, right? We are basically at the cusp of entering the clinical trial. With the phase one trial kickstarting by the end of this year, hopefully some data will start to come out first half next year. Watch out for this space. Now, if you don't mind, I'll just bring up one more technical thing on the page number 28, comparing the traditional ADC versus our HUTCHMED ATTC program. You can see that in this picture on slide number 28, you still have that Y-shaped antibody in the middle for both the traditional ADC and our ATTC program. Instead of that toxic, that skeleton toxin, we replace it with a small molecule, which actually theoretically has lower on-target and off-tumor toxicity. It also theoretically has a potential to target biomarker-driven oncology or cancer indication, which continues to be very important as the treatment for oncology continues to evolve. If we are able to be more specific and target certain biomarker-driven cancer indication, this could become a very useful platform. I think I covered quite a bit. It's a very long presentation. I don't plan to go over every single slide. Maybe I will just stop here just for and open up the floor to any Q&A. Yes, David, there are a few questions in the platform. Let me read out the first one, which is, what is your current cash burn rate? Sure. We were actually profitable from an accounting perspective last year, actually also in 2023. We expect we continue to be financially self-sufficient going into this year and next year. This year, we, of course, have a big windfall of disposal gain. We had this Chinese medicine that we sold, and we collected a significant amount of cash. If we include that, we are actually positive in terms of our cash flow. We are not actually burning net cash in 2025. Now, I guess what the street care most about is if you exclude this kind of one-off event, can we continue to be profitable? That is definitely our ambition, our goal to remain self-sufficient without relying on any other external cash flow or financing. Just pure our product sales, innovative product sales should be able to continue to drive our growth. Thank you. Okay. Another question. Are you providing any revenue guidance for 2025? Yes, we are. Our income statement is a little bit more complicated than our peers. We have something called oncology revenue, which we guided to a range of $350 million-$450 million for 2025. Now, this number may not look like a big growth versus last year because last year we do have some one-off items in the oncology revenue number. I think the key thing to watch out for as you gauge the growth of our company is the individual product sales, especially through SEPHMED in overseas, where our marketing partner, Takeda, is forecasting more than 20% growth. Remember, we collect royalty on that one, which is basically our profit. Whatever growth we can achieve there basically flows to our bottom line in terms of our earnings from this product. Thank you. Okay. Another question. Can you speak to how you prioritize investments between R&D, commercialization, and business development? Yeah. So this is also a very common question now that we have a much stronger cash balance. How are we going to deploy our resources into different things? Definitely, for our medium and long-term growth, ATTC platform is very, very important. Now, it's still in the preclinical stage right now, entering clinical phase one by the end of this year. The use of this year and maybe even next year is not going to be that dramatic, but it will be a major increase. It will be an increment into the medium term. ATTC is definitely one. We are also considering different types of whether we can look out for some earnings-accretive product in China to acquire. Of course, we will stick to our very strong financial principles. For our existing commercial platform, we don't expect it to incur extra expenses. In fact, our sales team of 770 people should be quite sufficient to incorporate even more products for sale in China. Thank you. Okay. One more question. Can you comment on the latest announcements by Trump as regards U.S. pricing of drugs when you have such low drug prices in China? Unfortunately, I know everyone is asking this and also asking our peers. I do not really have a good answer to that. I really also do not know the answer. We will try to do our best, right? I think we focus on what we know best, which is discovery, clinical development, coming up with innovative drugs, which have very good selectivity and try to bring benefits to patients and commercial success globally. We will continue to work hard for both our domestic market as well as collaborate with our partners in the overseas market. We hope that the more efficacious product of our innovative drugs should be the key to its continued success regardless of the policies in different jurisdictions. Thank you. Okay. Last question because I know we're running out of time. How do you monitor drug safety post-approval, particularly in diverse geographic markets? I don't have the specific answer to that question, but of course, there's all these kinds of reporting mechanisms in different countries such that if any particular toxicities are observed, then they may have some kind of recording mechanism. I don't actually have a very specific answer to that question. Sorry about that. Thank you. Okay. I think that's all our questions for now. Thank you very much. Thank you very much for the help for the team. Hope everyone, and if you have any further questions, please feel free to approach us, and then our presentation is on our homepage. Thank you very much.