Daiwa Capital Markets issued a research report indicating that HUTCHMED (00013) is expected to receive approval for a new wave of drugs in the coming years due to smooth progress in research and development. The firm maintained a "Buy" rating but lowered the target price from HK$32.5 to HK$26, reflecting increased geopolitical risks. HUTCHMED's 2025 financial results were in line with expectations. Although total revenue declined by 13% year-on-year, sales of Fruquintinib showed a significant rebound following its launch, supported by continued growth in overseas markets and positive effects from sales restructuring in China. The company aims to achieve revenue between $330 million and $450 million in the oncology/immunology segment, benefiting from ongoing sales recovery.