Welcome everyone. Thank you for joining HUTCHMED 2026 interim results announcement and presentation.

Before we start, I would just like to go over the Safe Harbor statement and disclaimer on page 2. The performance and results of operation of HUTCHMED Group contained within this presentation are historical in nature, and past performance is no guarantee of future results.

Next, I would like to invite our Acting CEO and CFO, Johnny Cheng, to start the opening. Johnny?

Thank you, David. Welcome everyone again joining our interim results webcast tonight.

Together with me, we have our Deputy CFO, Lorenso Chiu; also our George Yuan, Head of Commercial; and also our Dr. Dai, Head of Discovery and Global Portfolio Management.

All of us will be sharing with you our first-half results and outlook. On page 4, as you can all see, we have achieved a lot in the first half.

China product sales had very strong results, especially ELUNATE and SULANDA, which grew by over 40%. FRUZAQLA global in-market sales were strong.

Ex-US markets were up 70% after rapid geographic expansion. On the bottom left, we have received two approved label expansions: fruquintinib for RCC and savolitinib for GC.

In addition, we have three NDAs in China under priority review. On the top right, our next wave of innovation focuses on A-ATTCs.

We have two first-in-class assets which have entered the Phase 1 clinical trials. A third asset, HMPL-A830, has cleared its IND and will be entering the clinic in the second half.

At the same time, the global SAFFRON study and the China SANOVO study will have their data readouts in the second half. I will now hand it over to Lorenso Chiu, our Deputy CFO, to discuss our financial results.

Thank you, Johnny. On slide number 6, I'd like to give more details of our financials for the first half of 2026.

Our oncology revenue was $163 million, including $121 million products revenue. This represents an about 23% growth over the first half of 2025.

Johnny already mentioned our China product sales have shown a very good performance in the first half, but I'd like to highlight that ex-China demand for FRUZAQLA continues to grow as well, achieving an overall 40% growth in in-market sales. With this first-half result, our full-year guidance remains in the range of $330 million to $450 million.

All together with other ventures revenues, the total group revenue amounted to $278 million. Next, please.

On R&D expenses, which amounted to $79 million for the first half compared to $72 million for the first half of 2025. The increase reflects, on one thing, we initiated the global Phase 1 trials of our ATTC assets, including 251 and 580.

In addition, we increase our investments in our discovery capabilities, including our talents and AI. On the bottom line, we continue to be profitable with net income of $16 million.

It is important to know, in last year's, we have included a $460 million SHPL divestment gain and also the share of the post-divestments, about $21 million. With this strong operating results and cash flows, we continue to have a very good cash reserve of $1.4 billion.

Now I'd like to hand over to Mr. George, our Head of Commercial, to give an update of our China commercial.

Thanks, Lorenso. As Johnny mentioned, the global geographic expansion continue to drive our FRUZAQLA growth.

If we look at the first half, we see a 70% growth in the geography outside of the US, which is very strong. Also, if you look at the Q2, the growth rate actually accelerate to 27%.

Also we still believe that there still has opportunity to get more country get launched and also going to the reimbursement. Takeda already confirmed the fiscal year guidance for 25% growth.

Next slide. If we look at China, we have a very robust growth for ELUNATE in a highly competitive market.

If we look at the first half, we are growth at 41%. The current NRDL renew bring us a continuous growth opportunity with the second-line EMC include.

Also, we synchronize our mCRC reimbursement scope with our label. The NRDL renew actually provide us a unique opportunity for future growth, and also we keep our price flat.

Second-line RCC get approval in May 2026, and also this provides us another opportunity to apply for NRDL this year. Based on IQVIA hospital audit and our ATU study, ELUNATE continue to be a market leader in third-line mCRC.

Next slide. Beyond FRUZAQLA and ELUNATE, we also have a strong performance on ORPATHYS and the SULANDA.

ORPATHYS, we are target to include the SACHI indication in this year NRDL renew by end of this year, and also we get approval third-line MET-amplified GC. In the coming months, we are looking at the SAFFRON and the SANOVO readout.

For SULANDA, we have a strong growth in first half based on the highly recommend by CSCO guideline for the NET, and also the CSCO guideline changed the recommendation about the SSA. The SSA dose escalation will not be recommend after the disease progression.

Also this growth is the results our focus strategy, focus on top-tier city and the top hospitals. Next slide.

Looking to the future, sovleplenib, our SYK inhibitor, will bring us into the hematology immunology fields. This is the first-in-class medicine, and it can help patients to transform their treatment in both ITP and wAIHA.

If we look at the ITP in China, we have 360,000 patients. The current treatment, TPO-RA, steroids, still cannot meet the medical needs of those patients.

With this product, we provide a very unique value for those patients for long-term stable, predictable disease control. Also for wAIHA, which is a relatively small indication, but it's under critical needs for new medicine.

We will be the first target therapy after 30 years in the field. We will significant reduce blood transfusion for those patients.

Now I would hand over to our R&D, Dr. Dai.

Thank you, George. Now let's transition into our R&D updates.

Over the next few slides, I'll share how our late-stage clinical programs are progressing toward key commercial approvals, and how our innovative platform is unlocking brand new opportunities to address major unmet medical needs. Next slide, please.

Looking at our recent achievements, we've hit several critical milestones across both solid tumors and hematology. Our novel ATTC platforms represent a huge strategic growth driver for us globally.

The early biological profiles of ATTCs gives us high confidence in their ability to target major solid tumors and differentiate from other ADC products. We've officially taken the first two ATTCs into the clinic, A251 and A580, initiating global Phase 1 trials.

The third ATTC, A830, recently cleared the IND in both the US and in China. We secured approval for fruquintinib in renal cell carcinoma in June 2026.

This is another important approval for fruquintinib after CRC and EMC. With surufatinib, we have kept momentum strong, with our Phase 3 trial in first-line PDAC fully on track, addressing an aggressive cancer type with very few viable options.

Sovleplenib, our SYK inhibitor, is making rapid progress on non-cancer, autoimmune indications. The NDAs for ITP and wAIHA are currently under priority review.

These mark huge steps towards establishing a new, highly effective standard of care in these conditions. The pivotal Phase 3 data of ESLIM-02 was recently presented at EHA this year.

Savolitinib expanded its commercial footprint with a third-line gastric cancer approval. This is the fourth regulatory approval for savolitinib after previous lung cancer approvals.

And 760, our potent PI3K BTK inhibitor, successfully initiated its Phase 3 trial in second-line DLBCL. Famitinib reached a pivotal moment with its NDA acceptance for FGFR-positive intrahepatic cholangiocarcinoma.

The data was featured at ESMO GI this year. Together, these achievements reflect a highly efficient R&D engine, strengthen our commercial presence today, while laying the foundation for our global ATTC platform tomorrow.

Next slide. Let's dive a bit deeper into our individual core assets, starting with savolitinib, our second potential global commercial product.

Savolitinib targets lung cancer driven by MET alterations, which remains an area of significant unmet medical need. We are fast approaching several important milestones.

In the second half of this year, we expect data readouts from two key studies: SAFFRON on a global scale and SANOVO in China. SAFFRON is our global registration Phase 3 trial.

It targets second-line patients with EGFR-mutant non-small cell lung cancer who developed MET amplification or overexpression after progressing on TAGRISSO. Currently, these patients are on very heavy chemotherapy.

SAFFRON directly compares our oral combination of savolitinib plus TAGRISSO against doublet chemotherapy. When approved, this trial will replace chemotherapy with an oral targeted option and opening access to major markets like the US and Europe.

SANOVO targets the first-line setting. We know that a significant subset of lung cancer patients present with coexisting EGFR mutations and MET overexpression right at the initial diagnosis.

SANOVO evaluates combining savolitinib with TAGRISSO directly upfront versus TAGRISSO alone. By attacking both targets from day one, our goal is to deliver deeper response and prevent resistance from emerging.

Together with our proven Phase 3 SACHI data, which showed a dramatic hazard ratio of 0.32 in PFS over chemotherapy, these upcoming readouts from SAFFRON and SANOVO position savolitinib to capture leadership across the entire treatment paradigm in MET-driven lung cancer. Next slide.

This slide highlights sovleplenib, which is spearheading our next wave of hematology and autoimmune products. wAIHA is a debilitating disease where red blood cells are destroyed prematurely, leaving patients severely anemic, and often they rely on high-dose steroids and frequent blood transfusions.

In our Phase 3 ESLIM-02 study presented at EHA, sovleplenib achieved a 66% durable response rate compared to 15% in the placebo group. Patients on sovleplenib reached target hemoglobin levels in a median of 3.1 weeks, twice as fast as placebo.

Substantial drop in rescue therapy and transfusion: only 16% of sovleplenib patients required rescue therapy compared to 54% on placebo. Furthermore, red blood cell transfusions were significantly reduced to just 11% versus 43% in the control group, allowing the patients to taper or completely discontinue their baseline steroids.

When you compare this to emerging peer options like nipocalimab, sovleplenib shows a clear competitive efficacy advantage, delivering a much higher durable response rate without forcing patients to stay on a chronic high-risk immunosuppressants. We are eager to bring sovleplenib to a patient population that hasn't seen a new target therapy option in 30 years, and currently the NDA is under priority review.

In ITP, what sets sovleplenib apart from standard of care agents like TPOs and TPO-RAs is its exceptional efficacy without the associated thromboembolic complication warnings found on their peer labels. In ITP, sovleplenib achieved a striking durable response rate compared to placebo, even though 75% of the enrolled patients had failed prior TPO therapies.

ESLIM-01 study is also under priority review in China. Next slide.

Then turning to slide 17, let's look at 760, our highly potent, selective, and reversible BTK inhibitor, characterized by long target engagement. Currently, this is the only BTK inhibitor in late-stage clinical development targeting the second-line DLBCL all-comers.

Our Phase 2 study showed encouraging response rate, PFS, and safety profile. Our Phase 3 registration study in China is actively ongoing, comparing 760 in combination with R-GemOx against placebo plus R-GemOx, with primary endpoints of PFS and OS.

We expect to complete enrollment by the end of 2027. Next slide, please.

Here, I want to highlight our novel ATTC platform starting with A251. ADCs like Enhertu have transformed HER2-positive cancer treatment, generating billions in revenue.

However, acquired resistance to DXd, the cytotoxic payload used in Enhertu, remains a major clinical hurdle as patients inevitably progress. The DXd-induced resistant model on the bottom showed that Enhertu loses its potency almost completely, shifting the curve far to the right.

In the same resistant cell model, because A251 utilizes a completely distinct mechanisms targeting the PI3K and PIKK signaling pathways rather than DNA-damaging toxins, its killing activity in DXd-resistant cells, shown in the green curve, remains identical to DXd-sensitive parent cells, shown in the blue curve. Next slide.

Beyond treating drug-resistant tumors, A251 has strong potential as a front-line treatment. As shown in this gynecological cancer and GI cancer xenograft models, combining A251 with the first-line standard of care yields significant tumor volume reduction compared to either therapy alone.

Crucially, this synergistic effect does not come at the cost of added toxicity, proving A251 can safely be combined, which is what we aimed to achieve with ATTCs in the first place, which is better efficacy and better safety. Our clinical strategy is twofold: a monotherapy track for a fast-to-market approach in late-line setting, and a combination track targeting front-line indications.

Our extensive preclinical data support the A251 development strategy. The clinical trial is on track at dose escalation stage.

Next slide. Our second ATTC asset is A580, which pairs the same payload with an EGFR-targeting antibody.

Blockbuster drugs like TAGRISSO treat EGFR-mutant small cell lung cancer, but resistance eventually develops. In a non-small cell lung cancer model carrying the challenging EGFR exon 19 deletion and the resistant mutation, third-generation TKIs like TAGRISSO completely lose control of tumor growth, as shown by the red curve.

A580, represented by the blue curve, achieved profound and sustained tumor regression as a single agent. This highlights its enormous potential for lung cancer patients.

Next slide. By combining A580 with an EGFR inhibitor, we can simultaneously shut down primary receptor signaling and the downstream escape pathways.

The preclinical data reflects a highly significant synergistic anti-tumor efficacy, supporting our long-term plan to move this asset into front-line cancer regimens. This global asset entered Phase 1 trial earlier this year.

The trial is going very well, recruiting patients from China sites and the US sites in parallel. Next slide.

What makes our ATTC platform so unique is the payload itself. Historically, the industry has struggled with pan-pathways.

Pan-PI3K or dual PI3K/mTOR small molecules were simply too toxic to be delivered systemically, resulting in severe side effects like hyperglycemia or mucositis. Single-node inhibitors were safer, but their efficacy was limited.

Our innovation was to design a highly selective payload that covers multiple key nodes along both the PI3K and PIKK pathways with very high affinity, and then tether it to an antibody. This ensures the payload is delivered inside the tumor cells, maximizing intracellular kinase inhibition while sparing healthy tissues from systemic toxicities.

The kinase tree on the right illustrates this high selectivity of the payload. Next slide.

The ATTC approach opens up massive opportunities. The pan pathway is the single most frequently altered pathway across all solid tumors.

It plays a dominant role in breast cancer, lung cancer, gastric, and ovarian cancers. By effectively targeting this pathway with our ATTC technology, we can potentially reach millions of patients across a wide range of cancer types.

Next slide. With A251 and 580 currently in global trials, A830 entering the clinic soon, and more candidates behind them, our pipeline is well positioned to deliver a sustained growth for years to come.

Thank you, and I'll give it back to Johnny.

Thank you, Dr. Dai.

A quick highlight on our outlook. On the innovation side, as mentioned by Dr.

Dai, multiple ATTC programs are progressing well. We believe, around this time next year, there should be a total of five programs already in clinics.

More importantly, our efforts in AI will be transforming and accelerating further discovery and development in our innovation platform. On the commercial side, we expect FRUZAQLA's sales growth to continue.

We anticipate it will reach its next sales milestone in the near term. Regarding our hematology portfolio, our commercial team is preparing for the launch of our immunology asset, which is anticipated to commence next year.

Finally, we are continuing to engage many multinational companies on collaboration discussions regarding our ATTC program. I will now pass it back to David to begin our Q&A session.

Thank you, Johnny. We will now start our Q&A session.

Before we start, I would like to repeat the instructions to ask question. On the bottom of your screen, you can see the raise hand button.

Just press on the button, and we will call out your name and unmute your line. When you start, please do mention the name of your company as well as your name.

The first question comes from Matthew of CLSA. Matthew, you can now talk.

Thanks.

Hi, thank you for taking my questions. This is Matthew from CLSA.

I have three questions. First is regarding the collaboration opportunities for the ATTC programs, two in clinic and one about to be in clinic.

Could you elaborate more on the kind of progress, because seeing that been some expectation on the maybe early-stage collaboration before, so, yeah, can you comment on that? Second one is regarding your HMPL-760, the BTK inhibitor.

As you mentioned, you have initiated a Phase 3 trial for DLBCL in China. May I understand how is this drug different from other BTK inhibitors, and why would you choose the DLBCL to proceed for Phase 3, as there are no other BTK inhibitors approved for this indications, including the covalent ones and also the non-covalent ones, none are approved.

The third question is regarding on the financial side. I know that the other ventures is a low-margin distribution business, but may I still have some color on why in first half is on the constant exchange rates basis declined by almost 20%?

That's my questions. Thank you.

Thank you, Matthew. I will invite Dr.

Dai to answer the second question, and Lorenso to answer the last question. The first question regarding the collaboration opportunity: basically, we are continuing, and we have active multinational companies engaging in discussion with us on not just one program, but multiple ATTC programs.

As you know that our programs are still at the very early stage. Different expectation in terms of timeline and information to be provided from our side to the potential partners, they have kind of different requirements.

All I can say right now, it is we are in active discussions with the multiple parties, and the discussions are progressing well. When, I think, the discussions is coming to close to mature and is a disclosable items, then we will be making announcement to the public.

Maybe, Dr. Dai, you can answer the question number two regarding the 760 BTK.

Sure, Johnny. Yes, we have actually started Phase 3 study with 760.

It is a combination of 760 plus R-GemOx versus R-GemOx. We pick DLBCL obviously because it's the largest lymphoma subtype, accounting for about 40% of lymphoma.

No other BTK inhibitors has been approved for this particular subtype of lymphoma. It represents a huge unmet medical need and good market potential.

With our 760, it's reversible BTK inhibitor, and in earlier clinical study it demonstrated a very good selectivity and safety profile. We actually had a Phase 2 study validating its efficacy in the second-line setting.

It is the same study design, and we achieved a very impressive overall response rate and CR rate and very favorable safety profile to encourage us to go into the Phase 3 study. It is a very exciting opportunity for 760, and we hope to achieve the enrollment completion as fast as we can.

Thank you.

Yep. Johnny, I'll answer question three.

As for the other ventures, I think you are right to point out that other ventures is a no-margin business, which is not our focus. We are putting our focus on our major oncology revenues, as you can see the growth is there.

That's the reason that there was some decline in the other ventures business. I don't think we need to look into too much about behind this, because as you said, it's no margin and it's not our core.

Maybe I just supplement that. I think as highlighted by Lorenso, this is not our core business, and basically it is a logistic distribution business.

The reason that there has been some decline is because of the volume-based procurement list has actually in China have been expanded. Some of the previously our customers in the logistic distribution side have actually affected by the volume-based procurement in terms of their selling price and so forth.

That services business is not what we focus basically because of the high working capital requirement for this business. As a way to manage this business, we try to just maintain this line of business to help to gain insight into the commercial channel in Shanghai.

I think that the drop, it doesn't actually affect the bottom line, doesn't affect in terms of the entire business operation of HUTCHMED.

That's very clear. Thank you very much.

Thank you.

Thank you, Matthew. Thank you, Johnny.

The next question is from Chenchen of UBS. Chenchen, we will now open up your line.

Your line is now unmuted.

Sure, thank you for taking my questions. My first question is on sovleplenib.

This candidate is expected to receive approval next year. Could you please elaborate on your commercial preparation strategy in China, including pricing, marketing access, and NRDL, and your sales force?

In addition, what are your overseas R&D plans and priorities for this asset? My second question is on ATTC.

What is the expected timeline for clinical data readout from your candidate 1 and 2? Thank you.

Thank you. May I ask George to answer the first question, and Dr.

Dai the second question?

Yeah. Chen Chen.

For sovleplenib launch preparation, we are focused on few area. First thing is market access value proposition.

We need to make sure this product is going to the NRDL, and we expect this product get approval maybe in the first half of this year and next year and qualify for the NRDL negotiation. One of the challenge is how can we position us very well to achieve affordable and realistic price in this disease.

One of the understanding is we will do kind of H-E-O-R [HEOR?] data based on our clinical trial.

On the other side, we also would like to work with patient group, with opinion leaders to understand the pain point of the current treatment, and try to make sure we really leverage those patient insights to make sure the government understand there's unmet needs and there's a quality of life kind of compromising for those patients who receive other treatments. This will help us to leverage the future.

On the other side, we definitely will do the guideline, we do the KTL and as well as physician education program, also patient advocacy group as well. If we look at the current set-up for the launch, we have already built up a dedicated hematology team with a lot of experienced people in the hematology side.

We are starting to work with our partners to understand the market potential, try to figure out what's our first-wave target hospitals, territories, and the resource deployment.

I'll take the second question. The first and second ATTC assets are both in the middle of Phase 1 dose escalation.

The trials are moving very fast. Enrollment has been going strong in the US and the China sites.

Investigators are very excited about the novel mechanisms and differentiation. They understand the rationale, and they are as enthusiastic about the new mechanism of the ATTCs.

We will find the right time to disclose the clinical data sometime in 2027. Thank you.

Got it. Thanks, George and Dr.

Dai.

Thank you.

Thank you, Chen Chen next question comes from Paul Choi of Goldman Sachs. Paul, go ahead.

Hi, can you hear me?

Yes, we can. Thanks.

Hi, thank you. Good morning, good evening.

I want to first ask on sovleplenib, and as you sort of look at the warm autoimmune hemolytic anemia landscape, and just sort of the other products or candidates that are in that category, how do you think about potential developments and planning for a global trial outside of China, and just sort of any additional thoughts on what aspects or differentiation are needed there? Then I had a follow-up question.

Dr. Dai, yep,

or

George, yep.

Back to three. Now both studies in ITP and wAIHA were completed in China.

We are waiting for CDE's feedback on our NDA data. In ex-China, our strategy is to develop this asset through partnership.

Any thoughts on, again, sort of what clinical differentiation might be needed versus development strategy?

Right now, the treatment paradigm for example, for wAIHA, the first line is mainly the steroids, like George mentioned earlier. We are targeting the second line of patients, which doesn't have a lot of choices other than the steroids.

The unmet medical need is very high in China as well as in the US. As you can tell from our Phase 3 data, the overall durable response rate looks very promising compared to the other competitors, which is an FcRn antibody product.

We think this asset has great potential. We are actively looking for partnership to co-develop this asset outside of China.

Maybe I can add because this wAIHA is regarded as a rare disease, and we also have a plan to apply US orphan drugs status.

Great. Thanks for that clarification.

My second question is on HMPL-453, fanregratinib. You've advanced it through the second-line ICC population on the oncology side, but I want to ask what your thoughts are on potential endocrinology applications such as achondroplasia and other bone growth disorders, and if you think this might be potentially appropriate candidate there.

Thank you.

With 453, our main focus right now is on intrahepatic cholangiocarcinoma second line. We have started the confirmatory trial to get this indication confirmed in the same setting.

Thank you.

Thank you.

Thank you, Paul. The next question comes from Adam McCarter of Cavendish.

Adam, your line is now unmuted.

Hi there. Thanks for taking the questions.

A couple of questions from me just on the commercial portfolio. Obviously it was encouraging to see the recovery across ELUNATE and SULANDA.

Just on ORPATHYS, you did highlight the opportunity for NRDL inclusion following the SACHI-based approval. I'm just wondering how significant do you think that could be commercially?

Do you expect that to be a key driver of a recovery in China sales, or is the more meaningful inflection point still the SANOVO readout and the opportunity to further broaden adoption? It's my first question.

George, would you like to answer that one?

I think the SACHI inclusion in the NRDL will significantly improve the growth potential for the brand. Because if we look at the data, if you look at the EGFR-resistant patients, they are quite significant amount of patients with MET amplification, and so far there's no other choice.

The bispecific monoclonal antibody in China is not included in the NRDL from Johnson & Johnson. We still have a growth potential, and also this combination will extend the TAGRISSO treatment duration as well, and as well as kind of levers for AstraZeneca to compete with other TKIs.

That's why we believe this is a strong growth potential. Having said that, also one of the hurdle is we still need a secondary biopsy.

There's a kind of adoption at practice in the medical side.

That's great, thanks very much for clarifying. My second question again on the commercial side of things is FRUZAQLA.

Just wondering how we should think about the growth trajectory for US sales going forward. Should we now be thinking about a period of steadier growth, with ex-US markets becoming an increasingly more important contributor to incremental growth for the brand?

Maybe I just comment on this one. I think for FRUZAQLA, for the last year also, I think there was some Medicare impact in terms of the gross-to-net.

As you can see, the growth momentum is through the geographic expansion of the ex-US markets in the first half, especially. We have noted a 70% growth there.

Also I think one point to note is, although the geographic has expanded, but the NRDL in those market is only 50% so far, we believe there will still be a lot of opportunity for ex-US. Earlier, we have also shared that with all of you that from our information from Takeda that they expect US side, basically the size of US peak sales versus the rest of the world will be kind of a 50-50 ratio.

We believe there's still a lot of growth momentum behind this global sales of FRUZAQLA.

Great, great, thank you. If I could chance maybe a final question, just obviously you reiterated guidance.

Could you just help us try and understand the key drivers that determine whether the business lands towards the lower or the upper end of the range? In other words, should we primarily be thinking about the contribution from milestones, continued recovery in the China portfolio, or ongoing growth in ex-China FRUZAQLA revenues?

Thank you.

I think as you can note that in the first half, the guidance for this year is actually $330 million to $450 million. With our base line achievement, without any business development contribution in there, we will be at least beating the lower end of the guidance.

With a certain potential partnering, which will recognize some upfront income, that we can reach higher or even exceeding the high end of the guidance. That is the range.

Also other factor that can affect the second half is, as we mentioned, FRUZAQLA, that we do anticipate that it will reach another level of sales milestone, that would contribute again some one-time commercial milestone income. That would also help us to meeting or even exceeding our target that we have given out to the market.

We are quite confident that we will be able to achieve this guidance that we have given out to the market earlier.

Great, thanks very much for answering my questions.

Thank you, Adam. Just to repeat the instructions, if you have any question, do press the raise hand button at the bottom of your screen.

The next question comes from Julie Simmonds of Panmure.

Thank you for taking the question.

Thank you.

Julie Simmonds from Panmure Liberum. Just again on the milestones.

There was a milestone in the first half from Takeda, I was just wondering what that related to. Then beyond the sales milestone to which you just referred, are there any other milestones anticipated?

I was wondering if there's anything due from Astra on the SAFFRON trial readout.

No, actually in the first half, just to clarify, it was from the approval of the RCC, renal cell carcinoma, it was from Eli Lilly. In terms of our second half, besides the sales milestone, so far we do not expect any other milestones from our partners yet.

In terms of if we achieve good results for our savolitinib, we will be receiving milestones more likely next year, not this year.

Lovely, thank you very much. Then just as far as sort of the overall margins are concerned, you've done slightly better, I think, probably in terms of sort of balance between sales and spending than maybe I thought you might do.

Is to try to continue to be broadly breakeven to slightly profitable going forwards in your sort of thinking of how the business is going and using the cash in potential business development activities?

Yes, definitely. I think it is a strong requirement by our board that we will continue to be breakeven, and that's a commitment that we've made a couple of years back.

This is a strong commitment from all our management team. This is not going to be changing.

Of course, we will balance with investment in area definitely that would drive growth and creating value for the shareholders. That's why we're accelerating ATTC program.

At the same time, of course, we are exploring business development opportunity with our partners so that we can basically accelerating our ATTC innovation opportunity.

Lovely, thank you.

Thank you, Julie. Again, if there's any question, please do press the raise hand button.

At this moment, I don't see any further question online. Johnny, would you like to make a concluding remark?

Yes. I think thank you, everyone, for joining this interim results, and we look forward to meeting again, I think, in later on.

We will be planning for a R&D Day sometime later this year, and we will make relevant announcement in due course. Thank you.

Thank you, everyone, and this conclude our interim result presentation. Thank you.

Bye-bye.

Bye-bye.