v3.25.2
Document and Entity Information
 6 Months Ended
Jun. 30, 2025
Cover [Abstract]  
Document Type 6-K
Document Period End Date Jun. 30, 2025
Securities Act File Number 001-37710
Entity Registrant Name HUTCHMED (CHINA) LIMITED
Entity Address, Address Line One 48th Floor, Cheung Kong Center
Entity Address, Address Line Two 2 Queen’s Road Central
Entity Address, Country HK
Entity Central Index Key 0001648257
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2025
Document Fiscal Period Focus Q2
Amendment Flag false
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 110,719,000 $ 153,958,000
Short-term investments 1,253,801,000 682,152,000
Accounts receivable 146,967,000 155,537,000
Other receivables, prepayments and deposits 21,499,000 16,609,000
Amounts due from related parties $ 10,887,000 $ 7,899,000
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration] Related Party [Member] Related Party [Member]
Inventories $ 48,454,000 $ 50,400,000
Total current assets 1,592,327,000 1,066,555,000
Property, plant and equipment 94,573,000 92,498,000
Investment in an equity investee 3,645,000 77,765,000
Investment in equity security 5,000,000 $ 5,000,000
Amounts due from related parties $ 39,775,000  
Other Receivable, after Allowance for Credit Loss, Noncurrent, Related Party [Extensible Enumeration] Related Party [Member] Related Party [Member]
Other non-current assets $ 40,620,000 $ 32,378,000
Total assets 1,775,940,000 1,274,196,000
Current liabilities    
Accounts payable 43,725,000 42,521,000
Other payables, accruals and advance receipts 221,061,000 256,124,000
Short-term bank borrowings 25,603,000 23,372,000
Deferred revenue 46,843,000 50,071,000
Other current liabilities 5,117,000 4,474,000
Total current liabilities 342,349,000 376,562,000
Long-term bank borrowings 67,841,000 59,434,000
Deferred revenue, non-current portion 30,785,000 48,432,000
Other non-current liabilities 93,042,000 17,915,000
Total liabilities 534,017,000 502,343,000
Commitments and contingencies
Company's shareholders' equity    
Ordinary shares; $0.10 par value; 1,500,000,000 shares authorized; 872,111,470 and 871,601,095 shares issued at June 30, 2025 and December 31, 2024 87,211,000 87,160,000
Additional paid-in capital 1,527,662,000 1,517,526,000
Accumulated losses (380,319,000) (833,172,000)
Accumulated other comprehensive loss (5,490,000) (11,585,000)
Total Company's shareholders' equity 1,229,064,000 759,929,000
Non-controlling interests 12,859,000 11,924,000
Total shareholders' equity 1,241,923,000 771,853,000
Total liabilities and shareholders' equity $ 1,775,940,000 $ 1,274,196,000
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Ordinary shares, par value (in US$ per share) $ 0.1 $ 0.1
Ordinary shares, authorized (in shares) 1,500,000,000 1,500,000,000
Ordinary shares, issued (in shares) 872,111,470 871,601,095
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Revenue    
Revenue $ 277,677 $ 305,681
Operating expenses    
Cost of goods and services (167,577) (180,135)
Research and development expenses (71,990) (95,256)
Selling expenses (13,873) (27,351)
Administrative expenses (27,751) (30,460)
Total operating expenses (281,191) (333,202)
(Loss)/income from operations (3,514) (27,521)
Gain on divestment of an equity investee 477,456  
Other income, net 21,650 22,765
Income/(loss) before income taxes and equity in earnings of an equity investee 495,592 (4,756)
Income tax expense (63,162) (2,886)
Equity in earnings of an equity investee, net of tax 23,125 33,807
Net income 455,555 26,165
Less: Net income attributable to non-controlling interests (601) (364)
Net income attributable to the Company $ 454,954 $ 25,801
Earnings per share attributable to the Company - basic (US$ per share) $ 0.53 $ 0.03
Earnings per share attributable to the Company - diluted (US$ per share) $ 0.52 $ 0.03
Number of shares used in per share calculation - basic (in shares) 857,038,725 856,030,704
Number of shares used in per share calculation - diluted (in shares) 872,564,513 872,534,466
Third parties    
Revenue    
Revenue $ 276,950 $ 303,443
Related parties    
Revenue    
Revenue 727 2,238
Goods | Third parties    
Revenue    
Revenue 199,364 204,574
Operating expenses    
Cost of goods and services (147,601) (151,681)
Goods | Related parties    
Revenue    
Revenue 727 2,002
Operating expenses    
Cost of goods and services (391) (987)
Services -commercialization    
Revenue    
Revenue 19,985 28,222
Services -commercialization | Third parties    
Revenue    
Revenue 19,985 28,222
Operating expenses    
Cost of goods and services (19,585) (27,467)
Services -research and development    
Revenue    
Revenue   236
Services -research and development | Related parties    
Revenue    
Revenue   236
Services -collaboration research and development    
Revenue    
Revenue 14,201 35,740
Services -collaboration research and development | Third parties    
Revenue    
Revenue 14,201 35,740
Other collaboration revenue -royalties    
Revenue    
Revenue 31,310 34,907
Other collaboration revenue -royalties | Third parties    
Revenue    
Revenue 31,310 $ 34,907
Other collaboration revenue -licensing    
Revenue    
Revenue 12,090  
Other collaboration revenue -licensing | Third parties    
Revenue    
Revenue $ 12,090  
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]    
Net income $ 455,555 $ 26,165
Other comprehensive income/(loss)    
Foreign currency translation gain/(loss) 1,318 (1,590)
Total comprehensive income 456,873 24,575
Less: Comprehensive income attributable to non-controlling interests (931) (145)
Total comprehensive income attributable to the Company $ 455,942 $ 24,430
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Thousands
Ordinary Shares
Additional Paid-in Capital
Accumulated Losses
Accumulated Other Comprehensive Loss
Total Company's Shareholders' Equity
Non-controlling Interests
Total
Balance at Dec. 31, 2023 $ 87,126 $ 1,522,447 $ (870,869) $ (8,163) $ 730,541 $ 12,846 $ 743,387
Balance (in shares) at Dec. 31, 2023 871,256            
Net income     25,801   25,801 364 26,165
Issuances in relation to share option exercises $ 10 218     228   228
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period 103            
Share-based compensation - Share options   1,429     1,429 3 1,432
Share-based compensation - Long-term incentive plan ("LTIP")   19,520     19,520 (60) 19,460
Share-based compensation   20,949     20,949 (57) 20,892
LTIP-treasury shares acquired and held by Trustee   (36,064)     (36,064)   (36,064)
Dividend declared to a non-controlling shareholder of a subsidiary           (1,000) (1,000)
Foreign currency translation adjustments       (1,371) (1,371) (219) (1,590)
Balance at Jun. 30, 2024 $ 87,136 1,507,550 (845,068) (9,534) 740,084 11,934 752,018
Balance (in shares) at Jun. 30, 2024 871,359            
Balance at Dec. 31, 2023 $ 87,126 1,522,447 (870,869) (8,163) 730,541 12,846 743,387
Balance (in shares) at Dec. 31, 2023 871,256            
Balance at Dec. 31, 2024 $ 87,160 1,517,526 (833,172) (11,585) 759,929 11,924 771,853
Balance (in shares) at Dec. 31, 2024 871,601            
Net income     454,954   454,954 601 455,555
Issuances in relation to share option exercises $ 51 1,049     1,100   1,100
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period 510            
Share-based compensation - Share options   1,549     1,549 3 1,552
Share-based compensation - Long-term incentive plan ("LTIP")   7,811     7,811 1 7,812
Share-based compensation   9,360     9,360 4 9,364
Divestment of an equity investee (Note 16)   (2,374)   5,107 2,733   2,733
Transfer between reserves   2,101 (2,101)        
Foreign currency translation adjustments       988 988 330 1,318
Balance at Jun. 30, 2025 $ 87,211 $ 1,527,662 $ (380,319) $ (5,490) $ 1,229,064 $ 12,859 $ 1,241,923
Balance (in shares) at Jun. 30, 2025 872,111            
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Statement of Cash Flows [Abstract]    
Net cash used in operating activities $ (72,894) $ (39,832)
Investing activities    
Purchases of property, plant and equipment (9,267) (10,108)
Proceeds from disposal of property, plant and equipment 6  
Refund of leasehold land deposit   426
Deposits in short-term investments (1,301,767) (991,056)
Proceeds from short-term investments 730,118 995,303
Proceeds from divestment of an equity investee 608,503  
Acquisition of an intangible asset (10,000)  
Net cash generated from/(used in) investing activities 17,593 (5,435)
Financing activities    
Proceeds from issuances of ordinary shares 1,100 228
Purchases of treasury shares   (36,064)
Dividend paid to a non-controlling shareholder of a subsidiary   (1,000)
Proceeds from bank borrowings 8,221 8,466
Repayment of bank borrowings   (4,192)
Net cash generated from/(used in) financing activities 9,321 (32,562)
Net decrease in cash and cash equivalents (45,980) (77,829)
Effect of exchange rate changes on cash and cash equivalents 2,741 (1,807)
Net decrease in cash and cash equivalents, including effect of exchange rate changes (43,239) (79,636)
Cash and cash equivalents    
Cash and cash equivalents at beginning of period 153,958 283,589
Cash and cash equivalents at end of period $ 110,719 $ 203,953
v3.25.2
Organization and Nature of Business
 6 Months Ended
Jun. 30, 2025
Organization and Nature of Business  
Organization and Nature of Business

1.  Organization and Nature of Business

HUTCHMED (China) Limited (the “Company”) and its subsidiaries (together the “Group”) are principally engaged in researching, developing, manufacturing and marketing pharmaceutical products. The Group has research and development facilities and manufacturing plants in the People’s Republic of China (the “PRC”) and sell its products mainly in the PRC, including Hong Kong and Macau. In addition, the Group has established international operations in the United States of America (the “US”) and Europe.

The Company’s ordinary shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited and the AIM market of the London Stock Exchange, and its American depositary shares (“ADS”) are traded on the Nasdaq Global Select Market (“NASDAQ”).

Liquidity

As at June 30, 2025, the Group had accumulated losses of US$380,319,000 primarily due to its spending in drug research and development activities. The Group regularly monitors current and expected liquidity requirements to ensure that it maintains sufficient cash balances and adequate credit facilities to meet its liquidity requirements in the short and long term. As at June 30, 2025, the Group had cash and cash equivalents of US$110,719,000, short-term investments of US$1,253,801,000 and unutilized bank borrowing facilities of US$53,969,000. Short-term investments comprised of bank deposits maturing over three months.

Based on the Group’s operating plan, the existing cash and cash equivalents, short-term investments and unutilized bank borrowing facilities are considered to be sufficient to meet the cash requirements to fund planned operations and other commitments for at least the next twelve months from the issuance date of the interim unaudited condensed consolidated financial statements.
v3.25.2
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2025
Summary of Significant Accounting Policies  
Summary of Significant Accounting Policies

2.  Summary of Significant Accounting Policies

Basis of Presentation

​

The interim unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“US GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the annual audited consolidated financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary for the fair statement of results for the periods presented, have been included. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year or any other interim period.

​

The comparative year-end condensed balance sheet data was derived from the annual audited consolidated financial statements, but is condensed to the same degree as the interim condensed balance sheet data.

​

The interim unaudited condensed consolidated financial statements and related disclosures have been prepared with the presumption that users have read or have access to the annual audited consolidated financial statements for the preceding fiscal year.

​

The preparation of interim unaudited condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the interim unaudited condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period.

Recent Accounting Pronouncements

Amendments that have been issued by the Financial Accounting Standards Board or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Group’s condensed consolidated financial statements.
v3.25.2
Cash and Cash Equivalents and Short-term Investments
 6 Months Ended
Jun. 30, 2025
Cash and Cash Equivalents and Short-term Investments  
Cash and Cash Equivalents and Short-term Investments

3.  Cash and Cash Equivalents and Short-term Investments

​

​

​

​

​

​

​

​

June 30, 

​

December 31,

​

    

2025

    

2024

​

​

(in US$’000)

Cash and Cash Equivalents

​

​

​

​

Cash at bank and on hand

​

67,300

​

84,480

Bank deposits maturing in three months or less

​

43,419

​

69,478

​

​

110,719

​

153,958

Short-term Investments

​

​

​

​

Bank deposits maturing over three months (note)

​

1,253,801

​

682,152

​

​

1,364,520

​

836,110

​

Note: The maturities for short-term investments ranged from 91 to 186 days for each of the six months ended June 30, 2025 and the year ended December 31, 2024.

Certain cash and bank balances denominated in Renminbi (“RMB”), US dollar (“US$”) and UK Pound Sterling (“£”) were deposited with banks in the PRC. The conversion of these balances into foreign currencies is subject to the rules and regulations of foreign exchange control promulgated by the PRC government. Cash and cash equivalents and short-term investments were denominated in the following currencies:

​

​

​

​

​

​

​

    

June 30,

    

December 31,

​

​

2025

​

2024

​

​

(in US$’000)

US$

​

1,337,598

​

795,566

RMB

​

25,617

​

37,906

Hong Kong dollar (“HK$”)

​

1,148

​

2,396

£

​

110

​

212

Others

​

47

​

30

​

​

1,364,520

​

836,110

​
v3.25.2
Accounts Receivable
 6 Months Ended
Jun. 30, 2025
Accounts Receivable  
Accounts Receivable

4.  Accounts Receivable

Accounts receivable from contracts with customers consisted of the following:

​

​

​

​

​

​

​

​

June 30,

​

December 31, 

​

    

2025

    

2024

​

​

(in US$’000)

Accounts receivable—third parties

​

146,607

​

155,155

Accounts receivable—related parties (Note 17(ii))

​

405

​

452

Allowance for credit losses

​

(45)

​

(70)

Accounts receivable, net

​

146,967

​

155,537

​

Substantially all accounts receivable are denominated in RMB, US$ and HK$ and are due within one year from the end of the reporting periods. The carrying values of accounts receivable approximate their fair values due to their short-term maturities.

An aging analysis for accounts receivable—third parties based on the relevant invoice dates is as follows:

​

​

​

​

​

​

​

    

June 30, 

    

December 31, 

​

​

2025

​

2024

​

​

(in US$’000)

Not later than 3 months

 

123,548

​

138,695

Between 3 months to 6 months

 

15,782

​

9,914

Between 6 months to 1 year

 

6,071

​

5,418

Later than 1 year

 

1,206

​

1,128

Accounts receivable—third parties

 

146,607

​

155,155

​

Movements on the allowance for credit losses:

​

​

​

​

​

​

​

    

2025

    

2024

​

 

(in US$’000)

As at January 1

​

70

​

171

Increase in allowance for credit losses

​

42

​

25

Decrease in allowance due to subsequent collection

​

(68)

​

(168)

Exchange difference

​

1

​

(3)

As at June 30

​

45

​

25

​
v3.25.2
Other Receivables, Prepayments and Deposits
 6 Months Ended
Jun. 30, 2025
Other Receivables, Prepayments and Deposits  
Other Receivables, Prepayments and Deposits

5.  Other Receivables, Prepayments and Deposits

Other receivables, prepayments and deposits consisted of the following:

​

​

​

​

​

​

​

​

June 30, 

​

December 31, 

​

    

2025

    

2024

​

​

(in US$’000)

Prepayments

​

11,556

​

7,924

Interest receivables

 

5,289

​

2,741

Value-added tax receivables

​

1,810

​

3,297

Deposits

​

1,125

​

1,081

Others

 

1,719

​

1,566

​

 

21,499

​

16,609

​

No allowance for credit losses has been made for other receivables, prepayments and deposits for the six months ended June 30, 2025 and the year ended December 31, 2024.
v3.25.2
Inventories
 6 Months Ended
Jun. 30, 2025
Inventories  
Inventories

6.  Inventories

Inventories, net of provision for excess and obsolete inventories, consisted of the following:

​

​

​

​

​

​

​

 

June 30, 

​

December 31, 

​

    

2025

    

2024

​

 

(in US$’000)

Raw materials

​

24,430

​

24,349

Finished goods

​

24,024

​

26,051

​

​

48,454

​

50,400

​
v3.25.2
Investment in an Equity Investee
 6 Months Ended
Jun. 30, 2025
Investment in an Equity Investee  
Investment in an Equity Investee

7.  Investment in an Equity Investee

Investment in an equity investee consisted of the following:

​

​

​

​

​

​

​

 

June 30, 

​

December 31, 

​

    

2025

    

2024

​

 

(in US$’000)

Shanghai Hutchison Pharmaceuticals Limited (“SHPL”) (note)

​

3,645

​

77,765

​

Note: SHPL is a private company with no quoted market price available for its shares.

On April 25, 2025, the group completed its transactions to divest 45% of its 50% shareholding in SHPL (Note 16).

​

Summarized financial information for SHPL is as follows:

(i)

Summarized balance sheets

​

​

​

​

​

​

​

 

June 30, 

​

December 31, 

​

    

2025

    

2024

​

 

(in US$’000)

Current assets

​

215,248

​

213,707

Non-current assets

​

65,629

​

67,561

Current liabilities

​

(210,965)

​

(126,154)

Non-current liabilities

​

(5,890)

​

(3,858)

Net assets

​

64,022

​

151,256

​

​

(ii)

Summarized statements of operations

​

​

​

​

​

​

​

​

Six Months Ended June 30,

​

    

2025

    

2024

​

​

(in US$’000)

Revenue

 

233,326

​

225,208

Gross profit

 

173,127

​

166,758

Interest income

 

493

​

338

Profit before taxation

​

81,754

​

80,213

Income tax expense (note (a))

​

(12,577)

​

(12,294)

Net income (note (b))

 

69,177

​

67,919

​

Notes:

(a)

The main entity within the SHPL group has been granted the High and New Technology Enterprise status. Accordingly, the entity was eligible to use a preferential income tax rate of 15% for the six months ended June 30, 2025 and 2024.

(b)

Net income is before elimination of unrealized profits on transactions with the Group. The amounts eliminated were approximately US$584,000 and US$152,000 for the six months ended June 30, 2025 and 2024 respectively.

​

(iii)

Reconciliation of summarized financial information

Reconciliation of the summarized financial information presented to the carrying amount of investment in an equity investee is as follows:

​

​

​

​

​

​

​

    

2025

    

2024

​

 

(in US$’000)

Opening net assets as at January 1

​

151,256

​

91,628

Net income

​

69,177

​

67,919

Dividend declared

​

(157,274)

​

—

Deemed distribution

​

—

​

(690)

Other comprehensive income/(loss)

​

863

​

(2,573)

Closing net assets as at June 30

​

64,022

​

156,284

Group’s share of net assets

​

3,201

​

78,142

Discounting on dividend payable

​

212

​

—

Goodwill

​

279

​

2,744

Elimination of unrealized profits on downstream sales

​

(47)

​

(367)

Carrying amount of investment as at June 30

​

3,645

​

80,519

​
v3.25.2
Accounts Payable
 6 Months Ended
Jun. 30, 2025
Accounts Payable  
Accounts Payable

8.  Accounts Payable

​

​

​

​

​

​

​

    

June 30, 

    

December 31, 

​

​

2025

​

2024

​

​

(in US$’000)

Accounts payable—third parties

 

43,078

​

42,521

Accounts payable—related parties (Note 17(ii))

 

647

 

—

​

 

43,725

 

42,521

​

Substantially all accounts payable are denominated in RMB and US$ and are due within one year from the end of the reporting periods. The carrying values of accounts payable approximate their fair values due to their short-term maturities.

An aging analysis for accounts payable - third parties based on the relevant invoice dates is as follows:

​

​

​

​

​

​

​

    

June 30, 

    

December 31, 

​

​

2025

​

2024

​

​

(in US$’000)

Not later than 3 months

 

37,946

​

37,805

Between 3 months to 6 months

 

2,972

​

2,638

Between 6 months to 1 year

 

1,081

​

833

Later than 1 year

 

1,079

​

1,245

Accounts payable—third parties

​

43,078

​

42,521

​
v3.25.2
Other Payables, Accruals and Advance Receipts
 6 Months Ended
Jun. 30, 2025
Other Payables, Accruals and Advance Receipts  
Other Payables, Accruals and Advance Receipts

9.  Other Payables, Accruals and Advance Receipts

Other payables, accruals and advance receipts consisted of the following:

​

​

​

​

​

​

​

 

June 30, 

​

December 31, 

​

    

2025

    

2024

​

 

(in US$’000)

Accrued research and development expenses

​

137,621

​

153,978

Accrued administrative and other general expenses

​

22,306

​

14,046

Accrued salaries and benefits

​

20,380

​

29,751

Accrued capital expenditures

​

11,751

​

15,858

Accrued selling and marketing expenses

​

8,352

​

14,705

Deferred government grants

​

2,042

​

6,004

Amounts due to related parties (Note 17(ii))

​

2,002

​

2,016

Deposits

​

1,599

​

1,627

Provision for profit guarantee – current portion (Note 16)

​

3,105

​

—

Others

​

11,903

​

18,139

​

​

221,061

​

256,124

​
v3.25.2
Bank Borrowings
 6 Months Ended
Jun. 30, 2025
Bank Borrowings  
Bank Borrowings

10.  Bank Borrowings

Bank borrowings consisted of the following:

​

​

​

​

​

​

​

 

June 30, 

​

December 31, 

​

     

2025

     

2024

​

 

(in US$’000)

Current

​

25,603

​

23,372

Non-current

​

67,841

​

59,434

​

​

93,444

​

82,806

​

The weighted average interest rate for outstanding bank borrowings for the six months ended June 30, 2025 and the year ended December 31, 2024 was 2.89% per annum and 3.02% per annum respectively. The carrying amounts of the Group’s outstanding bank borrowings as at June 30, 2025 and December 31, 2024 were denominated in RMB.

(i)  Short-term working capital loan facility

In October 2024, a subsidiary entered into a short-term unsecured working capital loan facility with a bank in the amount of US$41,923,000 (RMB300,000,000) with an annual interest rate at the 1-year China Loan Prime Rate (“LPR”) less 0.82%. As at June 30, 2025 and December 31, 2024, US$22,795,000 (RMB163,119,000) and US$22,167,000 (RMB163,119,000) were drawn from the facility respectively.

(ii)  10-year fixed asset loan facility

In October 2021, a subsidiary entered into a 10-year fixed asset loan facility agreement with the bank for the provision of a secured credit facility in the amount of US$105,490,000 (RMB754,880,000) with an annual interest rate at the 5-year China LPR less 0.8% (which was supplemented in June 2022) and interest payments commencing upon completion of the underlying construction in progress. This credit facility is guaranteed by the immediate holding company of the subsidiary and secured by the underlying leasehold land and buildings (Shanghai manufacturing facility). As at June 30, 2025 and December 31, 2024, US$70,649,000 (RMB505,556,000) and US$60,639,000 (RMB446,212,000) were utilized from the fixed asset loan facility respectively.

For the six months ended June 30, 2025, no interest was capitalized (For the year ended December 31, 2024: US$44,000).

The Group’s bank borrowings are repayable as from the dates indicated as follows:

​

​

​

​

​

​

​

 

June 30, 

​

December 31, 

​

    

2025

    

2024

​

 

(in US$’000)

Not later than 1 year

​

25,603

​

23,372

Between 1 to 3 years

​

8,423

​

6,426

Between 3 to 4 years

​

14,038

​

8,033

Between 4 to 5 years

​

14,038

​

12,049

Later than 5 years

​

31,342

​

32,926

​

​

93,444

​

82,806

​

As at June 30, 2025 and December 31, 2024, the Group had aggregate unutilized bank borrowing facilities of US$53,969,000 and US$60,549,000 respectively.
v3.25.2
Other Non-current Liabilities
 6 Months Ended
Jun. 30, 2025
Other Non-current Liabilities  
Other Non-current Liabilities

11.  Other Non-current Liabilities

Other non-current liabilities consisted of the following:

​

​

​

​

​

​

​

    

June 30,
2025

    

December 31,
2024

​

​

(in US$’000)

Provision for profit guarantee, non-current portion (Note 16)

 

75,980

 

—

Branding liability payable (Note 17 (ii))

 

6,650

 

6,475

Lease liabilities

 

3,109

 

4,089

Others

 

7,303

 

7,351

​

 

93,042

 

17,915

​
v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies  
Commitments and Contingencies

12.  Commitments and Contingencies

The Group had the following capital commitments:

​

​

​

​

​

 

June 30,

​

    

2025

​

 

(in US$’000)

Property, plant and equipment

​

​

Contracted but not provided for

​

1,430

​

The Group does not have any other significant commitments or contingencies.
v3.25.2
Share-based Compensation
 6 Months Ended
Jun. 30, 2025
Share-based Compensation  
Share-based Compensation

13.  Share-based Compensation

(i)   Share-based Compensation of the Company

The Company conditionally adopted a share option scheme on April 24, 2015 (as amended on April 27, 2020) (the “HUTCHMED Share Option Scheme”). Pursuant to the HUTCHMED Share Option Scheme, the Board of Directors of the Company may, at its discretion, offer any employees and directors (including Executive and Non-executive Directors but excluding Independent Non-executive Directors) of the Company, holding companies of the Company and any of their subsidiaries or affiliates, and subsidiaries or affiliates of the Company share options to subscribe for shares of the Company.

As at June 30, 2025, the aggregate number of shares issuable under the HUTCHMED Share Option Scheme was 40,183,238 ordinary shares. The Company will issue new shares to satisfy share option exercises. Additionally, the number of shares authorized but unissued was 627,888,530 ordinary shares.

Share options granted are generally subject to a four-year vesting schedule, depending on the nature and the purpose of the grant. Share options subject to the four-year vesting schedule, in general, vest 25% upon the first anniversary of the vesting commencement date as defined in the grant letter, and 25% every subsequent year. However, certain share option grants may have a different vesting schedule as approved by the Board of Directors of the Company. No outstanding share options will be exercisable or subject to vesting after the expiry of a maximum of ten years from the date of grant.

A summary of the Company’s share option activity and related information is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted

​

Weighted average

​

​

​

​

​

​

average exercise

​

remaining

​

Aggregate

​

​

Number of share

​

price in US$ per 

​

contractual life

​

intrinsic value

​

    

options

    

share

    

(years)

    

(in US$’000)

Outstanding at January 1, 2024

​

29,536,655

​

4.57

​

6.67

​

9,924

Granted (note (a))

​

2,965,328

​

3.69

​

​

​

​

Exercised

​

(344,825)

​

2.29

​

​

​

​

Cancelled

​

(892,600)

​

4.38

​

​

​

​

Expired

​

(1,624,285)

​

5.23

​

​

​

​

Outstanding at December 31, 2024

​

29,640,273

​

4.47

​

5.99

​

3,804

Granted (note (b))

​

1,493,435

​

3.27

​

​

​

​

Exercised

​

(510,375)

​

2.16

​

​

​

​

Cancelled

​

(935,775)

​

2.18

​

​

​

​

Expired

​

(1,637,050)

​

5.55

​

​

​

​

Outstanding at June 30, 2025

​

28,050,508

​

4.46

​

5.70

​

3,430

Vested and exercisable at December 31, 2024

​

21,186,120

​

4.92

​

5.13

​

1,387

Vested and exercisable at June 30, 2025

​

21,357,920

​

4.84

​

4.80

​

2,158

​

Notes:

(a)

Includes aggregate 2,765,328 share options granted to an executive director. 1,359,561 share options were granted in March 2024 and 1,405,767 share options were granted in August 2024 where the number of share options exercisable is subject to certain performance targets based on a market condition covering the 3-year periods from 2023 to 2025 and from 2024 to 2026 respectively which has been reflected in estimating the grant date fair value using the Monte Carlo simulation model. The grant date fair value of such awards are US$1.29 and US$1.24 per share respectively. Vesting of such awards will occur around March 2026 and March 2027 respectively if the performance targets are met.

(b)

This was granted to an executive director in June 2025 where the number of share options exercisable is subject to certain performance targets based on a market condition covering the 3-year period from 2025 to 2027 which has been reflected in estimating the grant date fair value. The grant date fair value of such award is US$1.17 per share using the Monte Carlo simulation model. Vesting of such award will occur around March 2028 if the performance targets are met.

In estimating the fair value of share options granted, the following assumptions were used in the Monte Carlo simulation model for the awards that are subject to certain performance targets based on a market condition and Polynomial model for other options granted in the periods indicated:

​

​

​

​

​

​

​

​

​

Six Months Ended

​

Year Ended

 

​

    

June 30, 2025

    

December 31, 2024

​

Weighted average grant date fair value of share options (in US$ per share)

 

1.17

​

1.29

​

Significant inputs into the valuation model (weighted average):

 

​

​

​

​

Exercise price (in US$ per share)

 

3.27

​

3.69

​

Share price at effective date of grant (in US$ per share)

 

3.27

​

3.69

​

Expected volatility (note (a))

 

56.62

%  

54.69

%

Risk-free interest rate (note (b))

 

4.52

%  

3.86

%

Contractual life of share options (in years)

 

10

​

10

​

Expected dividend yield (note (c))

 

0

%  

0

%

​

Notes:

(a)

The Company calculated its expected volatility with reference to the historical volatility prior to the issuances of share options.

(b)

The risk-free interest rates reference the US Treasury yield curves.

(c)

The Company has not declared or paid any dividends and does not currently expect to do so prior to the exercise of the granted share options, and therefore uses an expected dividend yield of zero in the valuation models.

The Company will issue new shares to satisfy share option exercises. The following table summarizes the Company’s share option exercises:

​

​

​

​

​

​

​

    

Six Months Ended June 30, 

​

    

2025

    

2024

​

​

(in US$’000)

Cash received from share option exercises

​

1,100

​

228

Total intrinsic value of share option exercises

​

526

​

161

​

The Group recognizes compensation expense over the requisite service period. The following table presents share-based compensation expense included in the Group’s condensed consolidated statements of operation:

​

​

​

​

​

​

​

 

Six Months Ended June 30, 

​

    

2025

    

2024

​

 

(in US$’000)

Research and development expenses

​

1,206

​

801

Selling and administrative expenses

​

281

​

597

Cost of revenue

​

65

​

34

​

​

1,552

​

1,432

​

As at June 30, 2025, the total unrecognized compensation cost was US$4,268,000 and will be recognized over the weighted average remaining service period of 1.95 years.

(ii)   LTIP

The Company grants awards under the LTIP to participating directors and employees, giving them a conditional right to receive ordinary shares of the Company or the equivalent ADS (collectively the “Awarded Shares”) to be purchased by the Trustee up to a cash amount excluding any cash elected payments. Vesting will depend upon continued employment of the award holder with the Group and will otherwise be at the discretion of the Board of Directors of the Company. Additionally, some awards are subject to change based on annual performance targets prior to their determination date.

LTIP awards prior to the determination date

Performance targets vary by award, and may include targets for shareholder returns, revenue and net income/(loss) after taxes. As the extent of achievement of the performance targets is uncertain prior to the determination date, a probability based on management’s assessment on the achievement of the performance targets has been assigned to calculate the amount to be recognized as an expense over the requisite period with a corresponding entry to liability.

LTIP awards after the determination date

Upon the determination date, based on the actual achievement of performance targets, the amount previously recorded in the liability will be adjusted through share-based compensation expense. The Company will pay a determined monetary amount, up to the maximum cash amount based on the actual achievement of the performance targets specified in the award, to the Trustee to purchase the Awarded Shares. Any cumulative compensation expense previously recognized as a liability will be transferred to additional paid-in capital.

Granted awards under the LTIP are as follows:

​

​

​

​

​

​

​

​

​

​

Maximum cash amount

​

Covered

​

Performance targets

Grant date

    

(in US$ millions)

    

financial years

    

determination date

March 13, 2024

​

0.7

​

note (a)

​

note (a)

August 5, 2024

​

19.3

​

2024-2026

​

note (b)

August 5, 2024

​

0.3

​

note (c)

​

note (c)

June 9, 2025

​

20.0

​

2025-2027

​

note (d)

​

Notes:

(a)

This award does not stipulate performance targets and is subject to a vesting schedule of 25% on each of the first, second, third and fourth anniversaries of the date of grant.

(b)

The annual performance targets determination dates are the dates of the announcements of the Group’s annual results for the financial years ending December 31, 2024, 2025 and 2026. Vesting occurs in 2027, three weeks after the date of completion of the share purchase for the awards for the financial year ending December 31, 2026.

​

(c)

This award does not stipulate performance targets and is subject to a vesting schedule of 50% on the first and second anniversaries of the date of grant.

(d)

The annual performance targets determination dates are the dates of the announcements of the Group’s annual results for the financial years ending December 31, 2025, 2026 and 2027. Vesting occurs in 2028, three weeks after the date of completion of the share purchase for the awards for the financial year ending December 31, 2027.

The Trustee has been set up solely for the purpose of purchasing and holding the Awarded Shares during the vesting period on behalf of the Company using funds provided by the Company. On the determination date, if any, the Company will determine the cash amount, based on the actual achievement of each annual performance target, for the Trustee to purchase the Awarded Shares. The Awarded Shares will then be held by the Trustee until they are vested.

The Trustee’s assets include treasury shares and funds for additional treasury shares, trustee fees and expenses. The number of treasury shares (in ordinary shares equivalent) held by the Trustee were as follows:

​

​

​

​

​

​

​

​

Number of

​

Cost

​

    

treasury shares

    

(in US$’000)

As at January 1, 2024

​

17,612,685

​

66,987

Purchased

​

10,259,133

​

36,064

Vested

​

(11,154,360)

​

(42,127)

As at December 31, 2024

​

16,717,458

​

60,924

Vested

​

(3,907,180)

​

(14,603)

As at June 30, 2025

​

12,810,278

​

46,321

​

For the six months ended June 30, 2025 and 2024, US$2,086,000 and US$8,574,000 of the LTIP awards were forfeited respectively based on the determined or estimated monetary amount as at the forfeiture date.

The following table presents the share-based compensation expenses recognized under the LTIP awards:

​

​

​

​

​

​

​

​

Six Months Ended June 30, 

​

    

2025

    

2024

​

​

(in US$’000)

Research and development expenses

 

5,491

​

6,398

Selling and administrative expenses

 

1,811

​

3,203

Cost of revenue

​

389

​

279

​

​

7,691

​

9,880

Recorded with a corresponding credit to:

​

​

​

​

Liability

​

630

​

2,844

Additional paid-in capital

​

7,061

​

7,036

​

 

7,691

​

9,880

​

For the six months ended June 30, 2025 and 2024, US$751,000 and US$12,424,000 were reclassified from liability to additional paid-in capital respectively upon LTIP awards reaching the determination date. As at June 30, 2025 and December 31, 2024, US$1,266,000 and US$1,443,000 were recorded in liabilities respectively.

As at June 30, 2025, the total unrecognized compensation cost was approximately US$14,833,000, which considers expected performance targets and the amounts expected to vest, and will be recognized over the requisite periods.
v3.25.2
Revenue
 6 Months Ended
Jun. 30, 2025
Revenue  
Revenue

14.  Revenue

The following table presents revenue disaggregated by contract type:

​

​

​

​

​

​

​

​

​

​

Six Months Ended June 30, 2025

​

    

Oncology/Immunology

    

Other Ventures

    

Total

​

​

(in US$’000)

Invoiced Goods —Marketed Products

 

47,744

​

—

​

47,744

  —Distribution

 

—

​

134,230

​

134,230

Services —Commercialization of Marketed Products

 

19,985

​

—

​

19,985

License & Collaborations —Services

​

14,201

​

—

​

14,201

   —Royalties

​

31,310

​

—

​

31,310

   —Licensing

​

12,090

​

—

​

12,090

   —Manufacturing supply

​

18,117

​

—

​

18,117

​

 

143,447

​

134,230

​

277,677

​

 

​

​

​

​

​

Third parties

 

143,447

​

133,503

​

276,950

Related parties (Note 17(i))

 

—

​

727

​

727

​

​

143,447

​

134,230

​

277,677

​

​

​

​

​

​

​

​

​

​

Six Months Ended June 30, 2024

​

    

Oncology/Immunology

    

Other Ventures

    

Total

​

​

(in US$’000)

Invoiced Goods —Marketed Products

 

64,667

​

—

​

64,667

  —Distribution

​

—

​

137,044

​

137,044

Services —Commercialization of Marketed Products

 

28,222

​

—

​

28,222

  —Research and Development

​

236

​

—

​

236

License & Collaborations —Services

 

35,740

​

—

​

35,740

   —Royalties

​

34,907

​

—

​

34,907

   —Manufacturing supply

​

4,865

​

—

​

4,865

​

​

168,637

​

137,044

​

305,681

​

​

​

​

​

​

​

Third parties

 

168,401

​

135,042

​

303,443

Related parties (Note 17(i))

 

236

​

2,002

​

2,238

​

​

168,637

​

137,044

​

305,681

​

​

The following table presents liability balances from contracts with customers:

​

​

​

​

​

​

​

    

June 30,

    

December 31,

​

​

2025

​

2024

​

​

(in US$’000)

Deferred revenue

 

  

 

  

Current—Oncology/Immunology segment (note (a))

 

46,541

​

50,007

Current—Other Ventures segment (note (b))

 

302

​

64

​

 

46,843

​

50,071

Non-current—Oncology/Immunology segment (note (a))

 

30,785

​

48,432

Total deferred revenue (note (c) and (d))

 

77,628

​

98,503

​

Notes:

(a)

Oncology/Immunology segment deferred revenue relates to unamortized upfront and milestone payments, invoiced amounts for royalties where the customer has not yet completed the in-market sale and advance consideration received for cost reimbursements which are attributed to research and development services that have not yet been rendered as at the reporting date.

(b)

Other Ventures segment deferred revenue relates to payments in advance from customers for goods that have not been transferred and services that have not been rendered to the customer as at the reporting date.

(c)

Estimated deferred revenue to be recognized over time as from the date indicated is as follows:

​

​

​

​

​

​

​

    

June 30,

    

December 31,

​

​

2025

​

2024

​

​

(in US$’000)

Not later than 1 year

 

46,843

​

50,071

Between 1 to 2 years

 

20,826

​

39,288

Between 2 to 3 years

 

5,337

​

4,084

Between 3 to 4 years

 

966

​

1,095

Later than 4 years

 

3,656

​

3,965

​

 

77,628

​

98,503

​

(d)

As at January 1, 2025, deferred revenue was US$98.5 million, of which US$30.7 million was recognized during the six months ended June 30, 2025.
v3.25.2
Research and Development Expenses
 6 Months Ended
Jun. 30, 2025
Research and Development Expenses  
Research and Development Expenses

15.  Research and Development Expenses

Research and development expenses are summarized as follows:

​

​

​

​

​

​

​

​

Six Months Ended June 30, 

​

    

2025

    

2024

​

 

(in US$’000)

Clinical trial related costs

​

38,019

​

55,728

Personnel compensation and related costs

​

30,063

​

36,858

Other research and development expenses

​

3,908

​

2,670

​

​

71,990

​

95,256

​

Research and development expenses include expenditures for collaborative arrangements under ASC 808 to evaluate the combination of the Group’s drug compounds with the collaboration partners’ drug compounds. For the six months ended June 30, 2025 and 2024, the Group has incurred research and development expenses of US$3.2 million and US$4.1 million respectively, related to such collaborative arrangements.
v3.25.2
Gain on Divestment of an Equity Investee
 6 Months Ended
Jun. 30, 2025
Gain on Divestment of an Equity Investee  
Gain on Divestment of an Equity Investee

16. Gain on Divestment of an Equity Investee

On April 25, 2025, the Group completed the divestment of an aggregate 45% equity interest out of 50% in SHPL to third parties for cash consideration of US$608.5 million (RMB4.5 billion), including an aggregate 35% equity interest to two China-based private-equity funds (“PE Buyers”) and 10% equity interest to the parent company of the existing 50% SHPL joint venture partner. In regard to the sales and purchase agreements with the PE Buyers, they include a profit guarantee clause with contingent payments capped at US$94.6 million (RMB696 million) based on growth targets for the 3 years up to 2027. As of the date of disposal, the Group recognized a provision for profit guarantee of US$75.8 million, which was the present value of the estimated profit guarantee to the PE Buyers. As at June 30, 2025, provision for profit guarantee was US$79,085,000 of which US$3,105,000 and US$75,980,000 were included in other payables and other non-current liabilities respectively and reflects interest accretion and foreign exchange. Any subsequent changes to estimated profit guarantee and accretion of the discount on the provision will be recognized in the gain on divestment of an equity investee.

The Group has the rights to nominate one director out of seven on SHPL’s board of directors, thus the Group continues to have significant influence and accounts for its remaining 5% equity interest in SHPL using the equity method of accounting.

​

The gain on divestment of an equity investee was recognized in the condensed consolidated statement of operations as follows:

​

​

​

​

​

    

Six Months Ended June 30, 2025

​

​

(in US$’000)

Proceeds

 

608,503

Less: Provision for profit guarantee

 

(75,829)

Interest accretion on provision for profit guarantee

​

(1,110)

Carrying amount of 45% equity interest in SHPL

 

(48,680)

Accumulated other comprehensive income and reserves

 

(2,733)

Transaction costs and others

 

(2,695)

Gain on divestment of an equity investee

 

477,456

Less:Tax expenses

 

(61,133)

Gain on divestment of an equity investee, net of tax

 

416,323

​
v3.25.2
Significant Transactions with Related Parties and Non-controlling Shareholders of Subsidiaries
 6 Months Ended
Jun. 30, 2025
Significant Transactions with Related Parties and Non-controlling Shareholders of Subsidiaries  
Significant Transactions with Related Parties and Non-controlling Shareholders of Subsidiaries

17.  Significant Transactions with Related Parties and Non-controlling Shareholders of Subsidiaries

The Group has the following significant transactions with related parties and non-controlling shareholders of subsidiaries, which were carried out in the normal course of business at terms determined and agreed by the relevant parties:

(i)

Transactions with related parties:

​

​

​

​

​

​

​

​

Six Months Ended June 30, 

​

    

2025

    

2024

​

 

(in US$’000)

Sales to:

​

​

​

​

Indirect subsidiaries of CK Hutchison Holdings Limited (“CK Hutchison”)

​

—

​

4

An equity investee

​

727

​

1,998

​

​

727

​

2,002

Revenue from research and development services from:

​

​

​

​

An equity investee

​

—

​

236

Purchase from:

​

​

​

​

An equity investee

​

1,795

​

1,452

Rendering of management services from:

​

​

​

​

An indirect subsidiary of CK Hutchison

​

519

​

535

​

​

(ii)

Balances with related parties included in:

​

​

​

​

​

​

​

​

June 30, 

​

December 31, 

​

    

2025

    

2024

​

 

(in US$’000)

Accounts receivable—related parties

​

​

​

​

An equity investee (note (a))

​

405

​

452

Amounts due from related parties

​

​

​

​

An equity investee (note (a) and (b))

​

50,662

​

7,899

Accounts payable—related parties

​

​

​

​

An equity investee (note (a))

​

647

​

—

Other payables, accruals and advance receipts

​

​

​

​

Indirect subsidiaries of CK Hutchison (note (c) and (e))

​

1,929

​

1,928

An equity investee (note (a) and (d))

​

73

​

88

​

​

2,002

​

2,016

Other non-current liabilities

​

​

​

​

An equity investee (note (d))

​

109

​

142

An indirect subsidiary of CK Hutchison (note (e))

​

6,650

​

6,475

​

​

6,759

​

6,617

Notes:

(a)

Balances with related parties are unsecured, repayable on demand and interest-free. The carrying values of balances with related parties approximate their fair values due to their short-term maturities, excluding non-current portion of the dividends receivable which has been discounted. No allowance for credit losses has been made for amounts due from related parties for the six months ended June 30, 2025 and the year ended December 31, 2024.

(b)

As at June 30, 2025 and December 31, 2024, dividend receivable of US$50,002,000 and US$6,795,000 was included in amounts due from related parties respectively.

(c)

Amounts due to indirect subsidiaries of CK Hutchison are unsecured, repayable on demand and interest-bearing if not settled within one month.

(d)

Includes other deferred income representing amounts recognized from granting of commercial, promotion and marketing rights.

(e)

As at June 30, 2025 and December 31, 2024, a branding liability payable of US$1,538,000 was included in amounts due to related parties under other payables, accruals and advance receipts. As at June 30, 2025 and December 31, 2024, US$6,650,000 and US$6,475,000 of the branding liability payable was included in other non-current liabilities respectively.

​

(iii)

Transactions with non-controlling shareholders of subsidiaries:

​

​

​

​

​

​

​

​

Six Months Ended June 30, 

​

    

2025

    

2024

​

​

(in US$’000)

Sales

 

26,991

​

29,395

Purchases

 

355

​

127

Dividends declared

 

—

​

1,000

Distribution service fee

​

107

​

108

​

(iv)

Balances with non-controlling shareholders of subsidiaries included in:

​

​

​

​

​

​

​

    

June 30, 

    

December 31, 

​

​

2025

​

2024

​

​

(in US$’000)

Accounts receivable

 

7,165

​

8,084

Accounts payable

 

98

​

77

Other payables, accruals and advance receipts

 

327

​

427

​
v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Taxes  
Income Taxes

18.  Income Taxes

​

​

​

​

​

​

​

​

Six Months Ended June 30, 

​

    

2025

    

2024

​

​

(in US$’000)

Current tax

​

​

​

​

HK

​

1

​

1

PRC

​

62,982

​

868

US and others

​

26

​

86

Total current tax

​

63,009

​

955

Deferred income tax expense

​

153

​

1,931

Income tax expense

​

63,162

​

2,886

​

​

The reconciliation of the Group’s reported income tax expense to the theoretical tax amount that would arise using the tax rates of the Company against the Group’s income/(loss) before income taxes and equity in earnings of an equity investee is as follows:

​

​

​

​

​

​

​

​

Six Months Ended June 30, 

​

    

2025

    

2024

​

 

(in US$’000)

Income/(loss) before income taxes and equity in earnings of an equity investee

​

495,592

​

(4,756)

Tax calculated at the statutory tax rate of the Company

​

81,773

​

(785)

Tax effects of:

​

​

​

​

Different tax rates applicable in different jurisdictions

​

2,115

​

625

Tax valuation allowance

​

7,783

​

6,513

Preferential tax rate difference

​

(865)

​

(32)

Preferential tax deduction and credits

​

(8,348)

​

(8,405)

Different tax rates applicable to gain from divestment of an equity investee

​

(17,647)

​

—

Expenses not deductible for tax purposes

​

5,146

​

7,548

Utilization of previously unrecognized tax losses

​

(65)

​

(3)

Withholding tax on undistributed earnings of PRC entities

​

(66)

​

1,670

Income not subject to tax

​

(5,027)

​

(2,852)

Temporary difference

​

(1,762)

​

(1,615)

Others

​

125

​

222

Income tax expense

​

63,162

​

2,886

​
v3.25.2
Earnings Per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share  
Earnings Per Share

19.  Earnings Per Share

(i)   Basic earnings per share

Basic earnings per share is calculated by dividing net income attributable to the Company by the weighted average number of outstanding ordinary shares in issue during the period. Treasury shares held by the Trustee are excluded from the weighted average number of outstanding ordinary shares in issue for purposes of calculating basic earnings per share.

​

​

​

​

​

​

​

​

Six Months Ended June 30, 

​

    

2025

    

2024

Weighted average number of outstanding ordinary shares in issue

 

857,038,725

​

856,030,704

Net income attributable to the Company (US$’000)

 

454,954

​

25,801

Basic earnings per share attributable to the Company (US$ per share)

 

0.53

​

0.03

​

​

(ii)  Diluted earnings per share

Diluted earnings per share is calculated by dividing net income attributable to the Company by the weighted average number of outstanding ordinary shares in issue and dilutive ordinary share equivalents outstanding during the period. Dilutive ordinary share equivalents include shares issuable upon the exercise or settlement of share options and LTIP awards issued by the Company using the treasury stock method.

​

​

​

​

​

​

​

​

Six Months Ended June 30,

​

    

2025

    

2024

Weighted average number of outstanding ordinary shares in issue

 

857,038,725

 

856,030,704

Effect of share options and LTIP awards

 

15,525,788

 

16,503,762

Weighted average number of outstanding ordinary shares in issue and dilutive ordinary share equivalents outstanding

 

872,564,513

 

872,534,466

Net income attributable to the Company (US$’000)

 

454,954

 

25,801

Diluted earnings per share attributable to the Company (US$ per share)

 

0.52

 

0.03

​
v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting  
Segment Reporting

20.  Segment Reporting

The Group’s operating segments are as follows:

(i)

Oncology/Immunology: focuses on discovering, developing, and commercializing targeted therapies and immunotherapies for the treatment of cancer and immunological diseases. Oncology/Immunology is further segregated into two core business areas:

(a)

R&D: comprises research and development activities covering drug discovery, development, manufacturing and regulatory functions, out-licensing of in-house developed drugs, as well as administrative activities to support research and development operations; and

(b)

Marketed Products: comprises the invoiced sales, marketing, manufacture and distribution of drugs developed from research and development activities including out-licensed marketed products.

(ii)

Other Ventures: comprises other commercial businesses which include the sales, marketing, manufacture and distribution of other prescription drugs and healthcare products.

In general, revenue, cost of revenue and operating expenses are directly attributable, or are allocated, to each segment. The Company allocates costs and expenses that are not directly attributable to a specific segment mainly on the basis of headcount or usage, depending on the nature of the relevant costs and expenses. The Company does not allocate assets to its segments as the chief operating decision maker does not evaluate the performance of segments using asset information.

​

The performance of the reportable segments is assessed based on segment net income attributable to the Company.

(i)Segment information:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

Six Months Ended June 30, 2025

​

​

Oncology/Immunology

​

​

​

​

​

​

​

​

​

​

Marketed

​

​

​

Other

​

​

​

​

​

    

R&D

    

Products

    

Subtotal

    

Ventures

    

Unallocated

    

Total

​

 

(in US$’000)

Revenue from external customers

​

44,408

​

99,039

​

143,447

​

134,230

​

—

​

277,677

Cost of revenue

​

—

​

(38,223)

​

(38,223)

​

(129,354)

​

—

​

(167,577)

Research and development expenses

​

(71,990)

​

—

​

(71,990)

​

—

​

—

​

(71,990)

Selling expenses

​

—

​

(11,828)

​

(11,828)

​

(2,045)

​

—

​

(13,873)

Administrative expenses

​

(14,599)

​

(1,564)

​

(16,163)

​

(2,222)

​

(9,366)

​

(27,751)

Gain on divestment of an equity investee

​

—

​

—

​

—

​

477,456

​

—

​

477,456

Interest income

​

509

​

—

​

509

​

57

​

19,023

​

19,589

Interest expense

​

(1,033)

​

—

​

(1,033)

​

(257)

​

(175)

​

(1,465)

Equity in earnings of an equity investee, net of tax

​

—

​

—

​

—

​

23,125

​

—

​

23,125

Income tax expense

​

(394)

​

(67)

​

(461)

​

(61,614)

​

(1,087)

​

(63,162)

Other segment items

​

(2,612)

​

(74)

​

(2,686)

​

928

​

4,683

​

2,925

Net (loss)/income attributable to the Company

​

(45,711)

​

47,283

​

1,572

​

440,304

​

13,078

​

454,954

Depreciation/ amortization

​

(5,602)

​

(422)

​

(6,024)

​

(51)

​

(43)

​

(6,118)

Additions to non-current assets (other than financial instruments and deferred tax assets)

​

5,649

​

10,000

​

15,649

​

150

​

—

​

15,799

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

Six Months Ended June 30, 2024

​

 

Oncology/Immunology

​

​

​

​

​

​

​

 

​

​

Marketed

​

​

​

Other

​

​

​

​

​

    

R&D

    

Products

    

Subtotal

    

Ventures

    

Unallocated

    

Total

​

 

(in US$’000)

Revenue from external customers

​

40,841

​

127,796

​

168,637

​

137,044

​

—

​

305,681

Cost of revenue

​

—

​

(48,458)

​

(48,458)

​

(131,677)

​

—

​

(180,135)

Research and development expenses

​

(95,256)

​

—

​

(95,256)

​

—

​

—

​

(95,256)

Selling expenses

​

—

​

(24,817)

​

(24,817)

​

(2,534)

​

—

​

(27,351)

Administrative expenses

​

(16,395)

​

(341)

​

(16,736)

​

(2,346)

​

(11,378)

​

(30,460)

Interest income

​

418

​

—

​

418

​

116

​

20,040

​

20,574

Interest expense

​

(914)

​

—

​

(914)

​

(362)

​

(200)

​

(1,476)

Equity in earnings of an equity investee, net of tax

​

—

​

—

​

—

​

33,807

​

—

​

33,807

Income tax expense

​

(579)

​

(530)

​

(1,109)

​

(97)

​

(1,680)

​

(2,886)

Other segment items

​

4,048

​

(455)

​

3,593

​

198

​

(488)

​

3,303

Net (loss)/income attributable to the Company

​

(67,837)

​

53,195

​

(14,642)

​

34,149

​

6,294

​

25,801

Depreciation/ amortization

​

(6,076)

​

—

​

(6,076)

​

(130)

​

(46)

​

(6,252)

Additions to non-current assets (other than financial instruments and deferred tax assets)

​

3,763

​

—

​

3,763

​

1,929

​

1,234

​

6,926

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

June 30, 2025

​

​

Oncology/Immunology

​

​

​

​

​

​

​

​

​

​

Marketed

​

​

​

Other

​

​

​

​

​

    

R&D

     

Products

    

Subtotal

    

Ventures

    

Unallocated

    

Total

​

 

(in US$’000)

Total assets

​

209,654

​

104,056

​

313,710

​

156,150

​

1,306,080

​

1,775,940

Property, plant and equipment

​

94,080

​

—

​

94,080

​

415

​

78

​

94,573

Right-of-use assets

​

1,730

​

—

​

1,730

​

1,317

​

832

​

3,879

Leasehold land

​

10,883

​

—

​

10,883

​

—

​

—

​

10,883

Intangible asset (note)

​

—

​

9,647

​

9,647

​

—

​

—

​

9,647

Goodwill

​

—

​

—

​

—

​

3,064

​

—

​

3,064

Investment in an equity investee

​

—

​

—

​

—

​

3,645

​

—

​

3,645

Investment in equity security

​

5,000

​

—

​

5,000

​

—

​

—

​

5,000

​

Note: During the six months ended June 30, 2025, Tazemetostat was granted approval by the National Medical Products Administration of China for the treatment of adult patients with relapsed or refractory follicular lymphoma with EZH2 mutation, triggering a US$10 million milestone payment, and a corresponding intangible asset was recognized.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

December 31, 2024

​

 

Oncology/Immunology

​

​

​

​

​

​

​

 

​

​

Marketed

​

​

​

Other

​

​

​

​

​

    

R&D

    

Products

    

Subtotal

    

Ventures

    

Unallocated

    

Total

​

 

(in US$’000)

Total assets

​

225,661

​

88,502

​

314,163

​

194,604

​

765,429

​

1,274,196

Property, plant and equipment

​

91,929

​

—

​

91,929

​

448

​

121

​

92,498

Right-of-use assets

​

1,845

​

—

​

1,845

​

1,615

​

1,037

​

4,497

Leasehold land

​

10,706

​

—

​

10,706

​

—

​

—

​

10,706

Goodwill

​

—

​

—

​

—

​

2,990

​

—

​

2,990

Investment in an equity investee

​

—

​

—

​

—

​

77,765

​

—

​

77,765

Investment in equity security

​

5,000

​

—

​

5,000

​

—

​

—

​

5,000

​

Unallocated expenses mainly represent corporate expenses which include corporate administrative costs, corporate employee benefit expenses and the relevant share-based compensation expenses, net of interest income. Unallocated assets mainly comprise cash and cash equivalents and short-term investments.

(ii)Geographic information:

​

​

​

​

​

​

​

    

Six Months Ended June 30,

​

​

2025

    

2024

​

 

(in US$’000)

Revenue from external customers:

 

  

 

  

PRC

 

205,120

 

229,069

US and Others

 

72,557

 

76,612

​

 

277,677

 

305,681

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2025

​

December 31, 2024

​

    

PRC

    

US and Others

    

Total

    

PRC

    

US and Others

    

Total

​

​

(in US$’000)

Total assets

 

1,716,982

 

58,958

 

1,775,940

 

1,212,722

 

61,474

 

1,274,196

Property, plant and equipment

 

94,030

 

543

 

94,573

 

91,849

 

649

 

92,498

Right-of-use assets

 

3,252

 

627

 

3,879

 

4,086

 

411

 

4,497

Leasehold land

 

10,883

 

—

 

10,883

 

10,706

 

—

 

10,706

Intangible asset

 

9,647

 

—

 

9,647

 

—

 

—

 

—

Goodwill

 

3,064

 

—

 

3,064

 

2,990

 

—

 

2,990

Investment in an equity investee

 

3,645

 

—

 

3,645

 

77,765

 

—

 

77,765

Investment in equity security

 

5,000

 

—

 

5,000

 

5,000

 

—

 

5,000

​

(iii)Other information:

A summary of customers which accounted for over 10% of the Group’s revenue for the six months ended June 30, 2025 and 2024 is as follows:

​

​

​

​

​

​

​

​

Six Months Ended June 30,

​

    

2025

    

2024

​

​

(in US$’000)

Customer A

 

72,557

​

76,612

Customer B

 

32,513

​

45,396

​

Customer A and B are included in Oncology/Immunology.
v3.25.2
Note to Condensed Consolidated Statements of Cash Flows
 6 Months Ended
Jun. 30, 2025
Note to Condensed Consolidated Statements of Cash Flows  
Note to Condensed Consolidated Statements of Cash Flows

21.  Note to Condensed Consolidated Statements of Cash Flows

Reconciliation of net income for the period to net cash used in operating activities:

​

​

​

​

​

​

​

 

Six Months Ended June 30, 

​

    

2025

    

2024

​

​

(in US$’000)

Net income

​

455,555

​

26,165

Adjustments to reconcile net income to net cash used in operating activities

​

​

​

​

Depreciation and amortization

​

6,118

​

6,252

Share-based compensation expense—share options

​

1,552

​

1,432

Share-based compensation expense—LTIP

​

7,691

​

9,880

Equity in earnings of an equity investee, net of tax

​

(23,125)

​

(33,807)

Gain from divestment of an equity investee

​

(477,456)

​

—

Dividends received from an equity investee

​

6,987

​

—

Other adjustments

​

2,606

​

709

Changes in operating assets and liabilities

​

​

​

​

Accounts receivable

​

8,596

​

(39,879)

Other receivables, prepayments and deposits

​

(4,943)

​

(393)

Amounts due from related parties

​

204

​

228

Inventories

​

2,095

​

3,636

Accounts payable

​

1,204

​

7,071

Other payables, accruals and advance receipts

​

(37,433)

​

(4,410)

Deferred revenue

​

(22,718)

​

(16,363)

Others

​

173

​

(353)

Total changes in operating assets and liabilities

​

(52,822)

​

(50,463)

Net cash used in operating activities

​

(72,894)

​

(39,832)

​
v3.25.2
Litigation
 6 Months Ended
Jun. 30, 2025
Litigation  
Litigation

22.  Litigation

From time to time, the Group may become involved in litigation relating to claims arising from the ordinary course of business. The Group believes that there are currently no claims or actions pending against the Group, the ultimate disposition of which could have a material adverse effect on the Group’s financial position, results of operations or cash flows. However, litigation is subject to inherent uncertainties and the Group’s view of these matters may change in the future. When an unfavorable outcome occurs, there exists the possibility of a material adverse impact on the Group’s financial position, results of operations or cash flows for the periods in which the unfavorable outcome occurs, and potentially in future periods.

On May 17, 2019, Luye Pharma Hong Kong Ltd. (“Luye”) issued a notice to the Group purporting to terminate a distribution agreement that granted the Group exclusive commercial rights to Seroquel in the PRC for failure to meet a pre-specified target. The Group disagrees with this assertion and believes that Luye have no basis for termination. As a result, the Group commenced legal proceedings in 2019 in order to seek damages. On October 21, 2021 (and a decision on costs and interest in December 2021), the Group was awarded an amount of US$35.4 million (RMB253.2 million) with interest of 5.5% per annum from the date of the award until payment and recovery of costs of approximately US$2.2 million (collectively the “Award”). On June 27, 2022, Luye provided the Group a bank guarantee of up to RMB286.0 million (updated to RMB325.0 million on June 27, 2025) to cover the Award amounts, pending the outcome of an application by Luye to the High Court of Hong Kong to set aside the Award and subsequent appeals. On July 26, 2022, Luye’s application to set aside the Award was dismissed by the High Court with costs awarded in favor of the Group. On October 7, 2022, Luye filed a Notice of Appeal to the Court of Appeal regarding the dismissal and the notice was accepted on November 8, 2022. On June 6, 2023, an appeal hearing filed by Luye was heard by the Court of Appeal and judgment is awaited. The legal proceedings are ongoing and as no Award amounts have been received as at the issuance date of these condensed consolidated financial statements, no Award amounts have been recognized and no adjustment has been made to Seroquel-related balances as at June 30, 2025. Such Seroquel-related balances include accounts receivable, accounts payable and other payables of US$1.1 million, US$0.9 million and US$1.1 million respectively.
v3.25.2
Subsequent Events
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events

23.  Subsequent Events

The Group evaluated subsequent events through August 7, 2025, which is the date when the interim unaudited condensed consolidated financial statements were issued.

​

On July 25, 2025, Inmagene Biopharmaceuticals (“Inmagene”) announced it had completed a merger with Ikena Oncology, Inc. and the merged company is listed on the NASDAQ as ImageneBio, Inc. (“ImageneBio”).  ImageneBio will be primarily focused on the development of IMG-007, a monoclonal antibody targeting OX-40 licensed from the Group. Inmagene’s remaining assets including IMG-004, a non-covalent, reversable small molecule inhibitor targeting Bruton Tyrosine Kinase licensed from the Group, were spun out to Miragene Inc. (“Miragene”), a new private company.  As a result of the merger, the Group’s investment in equity security (140,636,592 Inmagene ordinary shares) was exchanged for 429,082 shares in ImageneBio and 7,960,562 shares in Miragene. The Group will have a director on both ImageneBio’s and Miragene’s board of directors.
v3.25.2
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2025
Summary of Significant Accounting Policies  
Basis of Presentation

Basis of Presentation

​

The interim unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“US GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the annual audited consolidated financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary for the fair statement of results for the periods presented, have been included. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year or any other interim period.

​

The comparative year-end condensed balance sheet data was derived from the annual audited consolidated financial statements, but is condensed to the same degree as the interim condensed balance sheet data.

​

The interim unaudited condensed consolidated financial statements and related disclosures have been prepared with the presumption that users have read or have access to the annual audited consolidated financial statements for the preceding fiscal year.

​

The preparation of interim unaudited condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the interim unaudited condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Amendments that have been issued by the Financial Accounting Standards Board or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Group’s condensed consolidated financial statements.
v3.25.2
Cash and Cash Equivalents and Short-term Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Cash and Cash Equivalents and Short-term Investments  
Schedule of cash and cash equivalents and short term investments

​

​

​

​

​

​

​

​

June 30, 

​

December 31,

​

    

2025

    

2024

​

​

(in US$’000)

Cash and Cash Equivalents

​

​

​

​

Cash at bank and on hand

​

67,300

​

84,480

Bank deposits maturing in three months or less

​

43,419

​

69,478

​

​

110,719

​

153,958

Short-term Investments

​

​

​

​

Bank deposits maturing over three months (note)

​

1,253,801

​

682,152

​

​

1,364,520

​

836,110

​

Note: The maturities for short-term investments ranged from 91 to 186 days for each of the six months ended June 30, 2025 and the year ended December 31, 2024.

​

​

​

​

​

​

​

    

June 30,

    

December 31,

​

​

2025

​

2024

​

​

(in US$’000)

US$

​

1,337,598

​

795,566

RMB

​

25,617

​

37,906

Hong Kong dollar (“HK$”)

​

1,148

​

2,396

£

​

110

​

212

Others

​

47

​

30

​

​

1,364,520

​

836,110

​
v3.25.2
Accounts Receivable (Tables)
 6 Months Ended
Jun. 30, 2025
Accounts Receivable  
Schedule of accounts receivable

​

​

​

​

​

​

​

​

June 30,

​

December 31, 

​

    

2025

    

2024

​

​

(in US$’000)

Accounts receivable—third parties

​

146,607

​

155,155

Accounts receivable—related parties (Note 17(ii))

​

405

​

452

Allowance for credit losses

​

(45)

​

(70)

Accounts receivable, net

​

146,967

​

155,537
Schedule of aging analysis based on the relevant invoice dates

​

​

​

​

​

​

​

    

June 30, 

    

December 31, 

​

​

2025

​

2024

​

​

(in US$’000)

Not later than 3 months

 

123,548

​

138,695

Between 3 months to 6 months

 

15,782

​

9,914

Between 6 months to 1 year

 

6,071

​

5,418

Later than 1 year

 

1,206

​

1,128

Accounts receivable—third parties

 

146,607

​

155,155
Schedule of movements on the allowance for credit losses

​

​

​

​

​

​

​

    

2025

    

2024

​

 

(in US$’000)

As at January 1

​

70

​

171

Increase in allowance for credit losses

​

42

​

25

Decrease in allowance due to subsequent collection

​

(68)

​

(168)

Exchange difference

​

1

​

(3)

As at June 30

​

45

​

25

​
v3.25.2
Other Receivables, Prepayments and Deposits (Tables)
 6 Months Ended
Jun. 30, 2025
Other Receivables, Prepayments and Deposits  
Schedule of other receivables, prepayments and deposits

​

​

​

​

​

​

​

​

June 30, 

​

December 31, 

​

    

2025

    

2024

​

​

(in US$’000)

Prepayments

​

11,556

​

7,924

Interest receivables

 

5,289

​

2,741

Value-added tax receivables

​

1,810

​

3,297

Deposits

​

1,125

​

1,081

Others

 

1,719

​

1,566

​

 

21,499

​

16,609
v3.25.2
Inventories (Tables)
 6 Months Ended
Jun. 30, 2025
Inventories  
Schedule of inventories, net of provision for excess and obsolete inventories

​

​

​

​

​

​

​

 

June 30, 

​

December 31, 

​

    

2025

    

2024

​

 

(in US$’000)

Raw materials

​

24,430

​

24,349

Finished goods

​

24,024

​

26,051

​

​

48,454

​

50,400

​
v3.25.2
Investment in an Equity Investee (Tables)
 6 Months Ended
Jun. 30, 2025
Investment in an Equity Investee  
Summary of composition of equity investees

​

​

​

​

​

​

​

 

June 30, 

​

December 31, 

​

    

2025

    

2024

​

 

(in US$’000)

Shanghai Hutchison Pharmaceuticals Limited (“SHPL”) (note)

​

3,645

​

77,765

​

Note: SHPL is a private company with no quoted market price available for its shares.
Summary of balance sheets for SHPL

​

​

​

​

​

​

​

 

June 30, 

​

December 31, 

​

    

2025

    

2024

​

 

(in US$’000)

Current assets

​

215,248

​

213,707

Non-current assets

​

65,629

​

67,561

Current liabilities

​

(210,965)

​

(126,154)

Non-current liabilities

​

(5,890)

​

(3,858)

Net assets

​

64,022

​

151,256
Summary of statements of operations for SHPL

​

​

​

​

​

​

​

​

Six Months Ended June 30,

​

    

2025

    

2024

​

​

(in US$’000)

Revenue

 

233,326

​

225,208

Gross profit

 

173,127

​

166,758

Interest income

 

493

​

338

Profit before taxation

​

81,754

​

80,213

Income tax expense (note (a))

​

(12,577)

​

(12,294)

Net income (note (b))

 

69,177

​

67,919

​

Notes:

(a)

The main entity within the SHPL group has been granted the High and New Technology Enterprise status. Accordingly, the entity was eligible to use a preferential income tax rate of 15% for the six months ended June 30, 2025 and 2024.

(b)

Net income is before elimination of unrealized profits on transactions with the Group. The amounts eliminated were approximately US$584,000 and US$152,000 for the six months ended June 30, 2025 and 2024 respectively.

​
Summary of reconciliation of the financial information presented to the carrying amount of investment in SHPL

​

​

​

​

​

​

​

    

2025

    

2024

​

 

(in US$’000)

Opening net assets as at January 1

​

151,256

​

91,628

Net income

​

69,177

​

67,919

Dividend declared

​

(157,274)

​

—

Deemed distribution

​

—

​

(690)

Other comprehensive income/(loss)

​

863

​

(2,573)

Closing net assets as at June 30

​

64,022

​

156,284

Group’s share of net assets

​

3,201

​

78,142

Discounting on dividend payable

​

212

​

—

Goodwill

​

279

​

2,744

Elimination of unrealized profits on downstream sales

​

(47)

​

(367)

Carrying amount of investment as at June 30

​

3,645

​

80,519

​
v3.25.2
Accounts Payable (Tables)
 6 Months Ended
Jun. 30, 2025
Accounts Payable  
Schedule of accounts payable

​

​

​

​

​

​

​

    

June 30, 

    

December 31, 

​

​

2025

​

2024

​

​

(in US$’000)

Accounts payable—third parties

 

43,078

​

42,521

Accounts payable—related parties (Note 17(ii))

 

647

 

—

​

 

43,725

 

42,521

​
Schedule of aging analysis based on the relevant invoice dates

​

​

​

​

​

​

​

    

June 30, 

    

December 31, 

​

​

2025

​

2024

​

​

(in US$’000)

Not later than 3 months

 

37,946

​

37,805

Between 3 months to 6 months

 

2,972

​

2,638

Between 6 months to 1 year

 

1,081

​

833

Later than 1 year

 

1,079

​

1,245

Accounts payable—third parties

​

43,078

​

42,521

​
v3.25.2
Other Payables, Accruals and Advance Receipts (Tables)
 6 Months Ended
Jun. 30, 2025
Other Payables, Accruals and Advance Receipts  
Schedule of other payables, accruals and advance receipts

​

​

​

​

​

​

​

 

June 30, 

​

December 31, 

​

    

2025

    

2024

​

 

(in US$’000)

Accrued research and development expenses

​

137,621

​

153,978

Accrued administrative and other general expenses

​

22,306

​

14,046

Accrued salaries and benefits

​

20,380

​

29,751

Accrued capital expenditures

​

11,751

​

15,858

Accrued selling and marketing expenses

​

8,352

​

14,705

Deferred government grants

​

2,042

​

6,004

Amounts due to related parties (Note 17(ii))

​

2,002

​

2,016

Deposits

​

1,599

​

1,627

Provision for profit guarantee – current portion (Note 16)

​

3,105

​

—

Others

​

11,903

​

18,139

​

​

221,061

​

256,124

​
v3.25.2
Bank Borrowings (Tables)
 6 Months Ended
Jun. 30, 2025
Bank Borrowings  
Schedule of bank borrowings

​

​

​

​

​

​

​

 

June 30, 

​

December 31, 

​

     

2025

     

2024

​

 

(in US$’000)

Current

​

25,603

​

23,372

Non-current

​

67,841

​

59,434

​

​

93,444

​

82,806

​
Schedule of maturities of bank borrowings

​

​

​

​

​

​

​

 

June 30, 

​

December 31, 

​

    

2025

    

2024

​

 

(in US$’000)

Not later than 1 year

​

25,603

​

23,372

Between 1 to 3 years

​

8,423

​

6,426

Between 3 to 4 years

​

14,038

​

8,033

Between 4 to 5 years

​

14,038

​

12,049

Later than 5 years

​

31,342

​

32,926

​

​

93,444

​

82,806

​
v3.25.2
Other Non-current Liabilities (Tables)
 6 Months Ended
Jun. 30, 2025
Other Non-current Liabilities  
Other Noncurrent Liabilities

​

​

​

​

​

​

​

    

June 30,
2025

    

December 31,
2024

​

​

(in US$’000)

Provision for profit guarantee, non-current portion (Note 16)

 

75,980

 

—

Branding liability payable (Note 17 (ii))

 

6,650

 

6,475

Lease liabilities

 

3,109

 

4,089

Others

 

7,303

 

7,351

​

 

93,042

 

17,915

​
v3.25.2
Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies  
Schedule of capital commitments

​

​

​

​

​

 

June 30,

​

    

2025

​

 

(in US$’000)

Property, plant and equipment

​

​

Contracted but not provided for

​

1,430
v3.25.2
Share-based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
HUTCHMED Share Option Scheme  
Share-based Compensation  
Schedule of share option activity and related information

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted

​

Weighted average

​

​

​

​

​

​

average exercise

​

remaining

​

Aggregate

​

​

Number of share

​

price in US$ per 

​

contractual life

​

intrinsic value

​

    

options

    

share

    

(years)

    

(in US$’000)

Outstanding at January 1, 2024

​

29,536,655

​

4.57

​

6.67

​

9,924

Granted (note (a))

​

2,965,328

​

3.69

​

​

​

​

Exercised

​

(344,825)

​

2.29

​

​

​

​

Cancelled

​

(892,600)

​

4.38

​

​

​

​

Expired

​

(1,624,285)

​

5.23

​

​

​

​

Outstanding at December 31, 2024

​

29,640,273

​

4.47

​

5.99

​

3,804

Granted (note (b))

​

1,493,435

​

3.27

​

​

​

​

Exercised

​

(510,375)

​

2.16

​

​

​

​

Cancelled

​

(935,775)

​

2.18

​

​

​

​

Expired

​

(1,637,050)

​

5.55

​

​

​

​

Outstanding at June 30, 2025

​

28,050,508

​

4.46

​

5.70

​

3,430

Vested and exercisable at December 31, 2024

​

21,186,120

​

4.92

​

5.13

​

1,387

Vested and exercisable at June 30, 2025

​

21,357,920

​

4.84

​

4.80

​

2,158

​

Notes:

(a)

Includes aggregate 2,765,328 share options granted to an executive director. 1,359,561 share options were granted in March 2024 and 1,405,767 share options were granted in August 2024 where the number of share options exercisable is subject to certain performance targets based on a market condition covering the 3-year periods from 2023 to 2025 and from 2024 to 2026 respectively which has been reflected in estimating the grant date fair value using the Monte Carlo simulation model. The grant date fair value of such awards are US$1.29 and US$1.24 per share respectively. Vesting of such awards will occur around March 2026 and March 2027 respectively if the performance targets are met.

(b)

This was granted to an executive director in June 2025 where the number of share options exercisable is subject to certain performance targets based on a market condition covering the 3-year period from 2025 to 2027 which has been reflected in estimating the grant date fair value. The grant date fair value of such award is US$1.17 per share using the Monte Carlo simulation model. Vesting of such award will occur around March 2028 if the performance targets are met.
Schedule of assumptions used in estimating the fair value of share options granted

​

​

​

​

​

​

​

​

​

Six Months Ended

​

Year Ended

 

​

    

June 30, 2025

    

December 31, 2024

​

Weighted average grant date fair value of share options (in US$ per share)

 

1.17

​

1.29

​

Significant inputs into the valuation model (weighted average):

 

​

​

​

​

Exercise price (in US$ per share)

 

3.27

​

3.69

​

Share price at effective date of grant (in US$ per share)

 

3.27

​

3.69

​

Expected volatility (note (a))

 

56.62

%  

54.69

%

Risk-free interest rate (note (b))

 

4.52

%  

3.86

%

Contractual life of share options (in years)

 

10

​

10

​

Expected dividend yield (note (c))

 

0

%  

0

%

​

Notes:

(a)

The Company calculated its expected volatility with reference to the historical volatility prior to the issuances of share options.

(b)

The risk-free interest rates reference the US Treasury yield curves.

(c)

The Company has not declared or paid any dividends and does not currently expect to do so prior to the exercise of the granted share options, and therefore uses an expected dividend yield of zero in the valuation models.
Schedule of share option exercises

​

​

​

​

​

​

​

    

Six Months Ended June 30, 

​

    

2025

    

2024

​

​

(in US$’000)

Cash received from share option exercises

​

1,100

​

228

Total intrinsic value of share option exercises

​

526

​

161
Schedule of share-based compensation expenses

​

​

​

​

​

​

​

 

Six Months Ended June 30, 

​

    

2025

    

2024

​

 

(in US$’000)

Research and development expenses

​

1,206

​

801

Selling and administrative expenses

​

281

​

597

Cost of revenue

​

65

​

34

​

​

1,552

​

1,432

​
LTIP  
Share-based Compensation  
Schedule of granted awards

​

​

​

​

​

​

​

​

​

​

Maximum cash amount

​

Covered

​

Performance targets

Grant date

    

(in US$ millions)

    

financial years

    

determination date

March 13, 2024

​

0.7

​

note (a)

​

note (a)

August 5, 2024

​

19.3

​

2024-2026

​

note (b)

August 5, 2024

​

0.3

​

note (c)

​

note (c)

June 9, 2025

​

20.0

​

2025-2027

​

note (d)

​

Notes:

(a)

This award does not stipulate performance targets and is subject to a vesting schedule of 25% on each of the first, second, third and fourth anniversaries of the date of grant.

(b)

The annual performance targets determination dates are the dates of the announcements of the Group’s annual results for the financial years ending December 31, 2024, 2025 and 2026. Vesting occurs in 2027, three weeks after the date of completion of the share purchase for the awards for the financial year ending December 31, 2026.

​

(c)

This award does not stipulate performance targets and is subject to a vesting schedule of 50% on the first and second anniversaries of the date of grant.

(d)

The annual performance targets determination dates are the dates of the announcements of the Group’s annual results for the financial years ending December 31, 2025, 2026 and 2027. Vesting occurs in 2028, three weeks after the date of completion of the share purchase for the awards for the financial year ending December 31, 2027.
Schedule of treasury shares (in ordinary share equivalent) held by the Trustee

​

​

​

​

​

​

​

​

Number of

​

Cost

​

    

treasury shares

    

(in US$’000)

As at January 1, 2024

​

17,612,685

​

66,987

Purchased

​

10,259,133

​

36,064

Vested

​

(11,154,360)

​

(42,127)

As at December 31, 2024

​

16,717,458

​

60,924

Vested

​

(3,907,180)

​

(14,603)

As at June 30, 2025

​

12,810,278

​

46,321
Schedule of share-based compensation expenses

​

​

​

​

​

​

​

​

Six Months Ended June 30, 

​

    

2025

    

2024

​

​

(in US$’000)

Research and development expenses

 

5,491

​

6,398

Selling and administrative expenses

 

1,811

​

3,203

Cost of revenue

​

389

​

279

​

​

7,691

​

9,880

Recorded with a corresponding credit to:

​

​

​

​

Liability

​

630

​

2,844

Additional paid-in capital

​

7,061

​

7,036

​

 

7,691

​

9,880

​
v3.25.2
Revenue (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue  
Schedule of disaggregated revenue

​

​

​

​

​

​

​

​

​

​

Six Months Ended June 30, 2025

​

    

Oncology/Immunology

    

Other Ventures

    

Total

​

​

(in US$’000)

Invoiced Goods —Marketed Products

 

47,744

​

—

​

47,744

  —Distribution

 

—

​

134,230

​

134,230

Services —Commercialization of Marketed Products

 

19,985

​

—

​

19,985

License & Collaborations —Services

​

14,201

​

—

​

14,201

   —Royalties

​

31,310

​

—

​

31,310

   —Licensing

​

12,090

​

—

​

12,090

   —Manufacturing supply

​

18,117

​

—

​

18,117

​

 

143,447

​

134,230

​

277,677

​

 

​

​

​

​

​

Third parties

 

143,447

​

133,503

​

276,950

Related parties (Note 17(i))

 

—

​

727

​

727

​

​

143,447

​

134,230

​

277,677

​

​

​

​

​

​

​

​

​

​

Six Months Ended June 30, 2024

​

    

Oncology/Immunology

    

Other Ventures

    

Total

​

​

(in US$’000)

Invoiced Goods —Marketed Products

 

64,667

​

—

​

64,667

  —Distribution

​

—

​

137,044

​

137,044

Services —Commercialization of Marketed Products

 

28,222

​

—

​

28,222

  —Research and Development

​

236

​

—

​

236

License & Collaborations —Services

 

35,740

​

—

​

35,740

   —Royalties

​

34,907

​

—

​

34,907

   —Manufacturing supply

​

4,865

​

—

​

4,865

​

​

168,637

​

137,044

​

305,681

​

​

​

​

​

​

​

Third parties

 

168,401

​

135,042

​

303,443

Related parties (Note 17(i))

 

236

​

2,002

​

2,238

​

​

168,637

​

137,044

​

305,681
Schedule of liability balances from contracts with customers

​

​

​

​

​

​

​

    

June 30,

    

December 31,

​

​

2025

​

2024

​

​

(in US$’000)

Deferred revenue

 

  

 

  

Current—Oncology/Immunology segment (note (a))

 

46,541

​

50,007

Current—Other Ventures segment (note (b))

 

302

​

64

​

 

46,843

​

50,071

Non-current—Oncology/Immunology segment (note (a))

 

30,785

​

48,432

Total deferred revenue (note (c) and (d))

 

77,628

​

98,503

​

Notes:

(a)

Oncology/Immunology segment deferred revenue relates to unamortized upfront and milestone payments, invoiced amounts for royalties where the customer has not yet completed the in-market sale and advance consideration received for cost reimbursements which are attributed to research and development services that have not yet been rendered as at the reporting date.

(b)

Other Ventures segment deferred revenue relates to payments in advance from customers for goods that have not been transferred and services that have not been rendered to the customer as at the reporting date.

(c)

Estimated deferred revenue to be recognized over time as from the date indicated is as follows:

​

​

​

​

​

​

​

    

June 30,

    

December 31,

​

​

2025

​

2024

​

​

(in US$’000)

Not later than 1 year

 

46,843

​

50,071

Between 1 to 2 years

 

20,826

​

39,288

Between 2 to 3 years

 

5,337

​

4,084

Between 3 to 4 years

 

966

​

1,095

Later than 4 years

 

3,656

​

3,965

​

 

77,628

​

98,503

​

(d)

As at January 1, 2025, deferred revenue was US$98.5 million, of which US$30.7 million was recognized during the six months ended June 30, 2025.
v3.25.2
Research and Development Expenses (Tables)
 6 Months Ended
Jun. 30, 2025
Research and Development Expenses  
Summary of research and development expenses

​

​

​

​

​

​

​

​

Six Months Ended June 30, 

​

    

2025

    

2024

​

 

(in US$’000)

Clinical trial related costs

​

38,019

​

55,728

Personnel compensation and related costs

​

30,063

​

36,858

Other research and development expenses

​

3,908

​

2,670

​

​

71,990

​

95,256
v3.25.2
Gain on Divestment of an Equity Investee (Tables)
 6 Months Ended
Jun. 30, 2025
Gain on Divestment of an Equity Investee  
Schedule of gain on divestment of an equity investee

​

​

​

​

​

    

Six Months Ended June 30, 2025

​

​

(in US$’000)

Proceeds

 

608,503

Less: Provision for profit guarantee

 

(75,829)

Interest accretion on provision for profit guarantee

​

(1,110)

Carrying amount of 45% equity interest in SHPL

 

(48,680)

Accumulated other comprehensive income and reserves

 

(2,733)

Transaction costs and others

 

(2,695)

Gain on divestment of an equity investee

 

477,456

Less:Tax expenses

 

(61,133)

Gain on divestment of an equity investee, net of tax

 

416,323

​
v3.25.2
Significant Transactions with Related Parties and Non-controlling Shareholders of Subsidiaries (Tables)
 6 Months Ended
Jun. 30, 2025
Significant Transactions with Related Parties and Non-controlling Shareholders of Subsidiaries  
Schedule of transactions with related parties

​

​

​

​

​

​

​

​

Six Months Ended June 30, 

​

    

2025

    

2024

​

 

(in US$’000)

Sales to:

​

​

​

​

Indirect subsidiaries of CK Hutchison Holdings Limited (“CK Hutchison”)

​

—

​

4

An equity investee

​

727

​

1,998

​

​

727

​

2,002

Revenue from research and development services from:

​

​

​

​

An equity investee

​

—

​

236

Purchase from:

​

​

​

​

An equity investee

​

1,795

​

1,452

Rendering of management services from:

​

​

​

​

An indirect subsidiary of CK Hutchison

​

519

​

535
Schedule of balances with related parties

​

​

​

​

​

​

​

​

June 30, 

​

December 31, 

​

    

2025

    

2024

​

 

(in US$’000)

Accounts receivable—related parties

​

​

​

​

An equity investee (note (a))

​

405

​

452

Amounts due from related parties

​

​

​

​

An equity investee (note (a) and (b))

​

50,662

​

7,899

Accounts payable—related parties

​

​

​

​

An equity investee (note (a))

​

647

​

—

Other payables, accruals and advance receipts

​

​

​

​

Indirect subsidiaries of CK Hutchison (note (c) and (e))

​

1,929

​

1,928

An equity investee (note (a) and (d))

​

73

​

88

​

​

2,002

​

2,016

Other non-current liabilities

​

​

​

​

An equity investee (note (d))

​

109

​

142

An indirect subsidiary of CK Hutchison (note (e))

​

6,650

​

6,475

​

​

6,759

​

6,617

Notes:

(a)

Balances with related parties are unsecured, repayable on demand and interest-free. The carrying values of balances with related parties approximate their fair values due to their short-term maturities, excluding non-current portion of the dividends receivable which has been discounted. No allowance for credit losses has been made for amounts due from related parties for the six months ended June 30, 2025 and the year ended December 31, 2024.

(b)

As at June 30, 2025 and December 31, 2024, dividend receivable of US$50,002,000 and US$6,795,000 was included in amounts due from related parties respectively.

(c)

Amounts due to indirect subsidiaries of CK Hutchison are unsecured, repayable on demand and interest-bearing if not settled within one month.

(d)

Includes other deferred income representing amounts recognized from granting of commercial, promotion and marketing rights.

(e)

As at June 30, 2025 and December 31, 2024, a branding liability payable of US$1,538,000 was included in amounts due to related parties under other payables, accruals and advance receipts. As at June 30, 2025 and December 31, 2024, US$6,650,000 and US$6,475,000 of the branding liability payable was included in other non-current liabilities respectively.

​
Schedule of transactions with non-controlling shareholders of subsidiaries

​

​

​

​

​

​

​

​

Six Months Ended June 30, 

​

    

2025

    

2024

​

​

(in US$’000)

Sales

 

26,991

​

29,395

Purchases

 

355

​

127

Dividends declared

 

—

​

1,000

Distribution service fee

​

107

​

108
Schedule of balances with non-controlling shareholders of subsidiaries

​

​

​

​

​

​

​

    

June 30, 

    

December 31, 

​

​

2025

​

2024

​

​

(in US$’000)

Accounts receivable

 

7,165

​

8,084

Accounts payable

 

98

​

77

Other payables, accruals and advance receipts

 

327

​

427

​
v3.25.2
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2025
Income Taxes  
Schedule of components of income tax expense

​

​

​

​

​

​

​

​

Six Months Ended June 30, 

​

    

2025

    

2024

​

​

(in US$’000)

Current tax

​

​

​

​

HK

​

1

​

1

PRC

​

62,982

​

868

US and others

​

26

​

86

Total current tax

​

63,009

​

955

Deferred income tax expense

​

153

​

1,931

Income tax expense

​

63,162

​

2,886
Schedule of reconciliation of the Group's reported income tax expense to the theoretical tax amount

​

​

​

​

​

​

​

​

Six Months Ended June 30, 

​

    

2025

    

2024

​

 

(in US$’000)

Income/(loss) before income taxes and equity in earnings of an equity investee

​

495,592

​

(4,756)

Tax calculated at the statutory tax rate of the Company

​

81,773

​

(785)

Tax effects of:

​

​

​

​

Different tax rates applicable in different jurisdictions

​

2,115

​

625

Tax valuation allowance

​

7,783

​

6,513

Preferential tax rate difference

​

(865)

​

(32)

Preferential tax deduction and credits

​

(8,348)

​

(8,405)

Different tax rates applicable to gain from divestment of an equity investee

​

(17,647)

​

—

Expenses not deductible for tax purposes

​

5,146

​

7,548

Utilization of previously unrecognized tax losses

​

(65)

​

(3)

Withholding tax on undistributed earnings of PRC entities

​

(66)

​

1,670

Income not subject to tax

​

(5,027)

​

(2,852)

Temporary difference

​

(1,762)

​

(1,615)

Others

​

125

​

222

Income tax expense

​

63,162

​

2,886

​
v3.25.2
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share  
Schedule of basic earnings per share

​

​

​

​

​

​

​

​

Six Months Ended June 30, 

​

    

2025

    

2024

Weighted average number of outstanding ordinary shares in issue

 

857,038,725

​

856,030,704

Net income attributable to the Company (US$’000)

 

454,954

​

25,801

Basic earnings per share attributable to the Company (US$ per share)

 

0.53

​

0.03

​
Schedule of diluted earnings per share

​

​

​

​

​

​

​

​

Six Months Ended June 30,

​

    

2025

    

2024

Weighted average number of outstanding ordinary shares in issue

 

857,038,725

 

856,030,704

Effect of share options and LTIP awards

 

15,525,788

 

16,503,762

Weighted average number of outstanding ordinary shares in issue and dilutive ordinary share equivalents outstanding

 

872,564,513

 

872,534,466

Net income attributable to the Company (US$’000)

 

454,954

 

25,801

Diluted earnings per share attributable to the Company (US$ per share)

 

0.52

 

0.03

​
v3.25.2
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting  
Schedule of segment information

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

Six Months Ended June 30, 2025

​

​

Oncology/Immunology

​

​

​

​

​

​

​

​

​

​

Marketed

​

​

​

Other

​

​

​

​

​

    

R&D

    

Products

    

Subtotal

    

Ventures

    

Unallocated

    

Total

​

 

(in US$’000)

Revenue from external customers

​

44,408

​

99,039

​

143,447

​

134,230

​

—

​

277,677

Cost of revenue

​

—

​

(38,223)

​

(38,223)

​

(129,354)

​

—

​

(167,577)

Research and development expenses

​

(71,990)

​

—

​

(71,990)

​

—

​

—

​

(71,990)

Selling expenses

​

—

​

(11,828)

​

(11,828)

​

(2,045)

​

—

​

(13,873)

Administrative expenses

​

(14,599)

​

(1,564)

​

(16,163)

​

(2,222)

​

(9,366)

​

(27,751)

Gain on divestment of an equity investee

​

—

​

—

​

—

​

477,456

​

—

​

477,456

Interest income

​

509

​

—

​

509

​

57

​

19,023

​

19,589

Interest expense

​

(1,033)

​

—

​

(1,033)

​

(257)

​

(175)

​

(1,465)

Equity in earnings of an equity investee, net of tax

​

—

​

—

​

—

​

23,125

​

—

​

23,125

Income tax expense

​

(394)

​

(67)

​

(461)

​

(61,614)

​

(1,087)

​

(63,162)

Other segment items

​

(2,612)

​

(74)

​

(2,686)

​

928

​

4,683

​

2,925

Net (loss)/income attributable to the Company

​

(45,711)

​

47,283

​

1,572

​

440,304

​

13,078

​

454,954

Depreciation/ amortization

​

(5,602)

​

(422)

​

(6,024)

​

(51)

​

(43)

​

(6,118)

Additions to non-current assets (other than financial instruments and deferred tax assets)

​

5,649

​

10,000

​

15,649

​

150

​

—

​

15,799

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

Six Months Ended June 30, 2024

​

 

Oncology/Immunology

​

​

​

​

​

​

​

 

​

​

Marketed

​

​

​

Other

​

​

​

​

​

    

R&D

    

Products

    

Subtotal

    

Ventures

    

Unallocated

    

Total

​

 

(in US$’000)

Revenue from external customers

​

40,841

​

127,796

​

168,637

​

137,044

​

—

​

305,681

Cost of revenue

​

—

​

(48,458)

​

(48,458)

​

(131,677)

​

—

​

(180,135)

Research and development expenses

​

(95,256)

​

—

​

(95,256)

​

—

​

—

​

(95,256)

Selling expenses

​

—

​

(24,817)

​

(24,817)

​

(2,534)

​

—

​

(27,351)

Administrative expenses

​

(16,395)

​

(341)

​

(16,736)

​

(2,346)

​

(11,378)

​

(30,460)

Interest income

​

418

​

—

​

418

​

116

​

20,040

​

20,574

Interest expense

​

(914)

​

—

​

(914)

​

(362)

​

(200)

​

(1,476)

Equity in earnings of an equity investee, net of tax

​

—

​

—

​

—

​

33,807

​

—

​

33,807

Income tax expense

​

(579)

​

(530)

​

(1,109)

​

(97)

​

(1,680)

​

(2,886)

Other segment items

​

4,048

​

(455)

​

3,593

​

198

​

(488)

​

3,303

Net (loss)/income attributable to the Company

​

(67,837)

​

53,195

​

(14,642)

​

34,149

​

6,294

​

25,801

Depreciation/ amortization

​

(6,076)

​

—

​

(6,076)

​

(130)

​

(46)

​

(6,252)

Additions to non-current assets (other than financial instruments and deferred tax assets)

​

3,763

​

—

​

3,763

​

1,929

​

1,234

​

6,926

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

June 30, 2025

​

​

Oncology/Immunology

​

​

​

​

​

​

​

​

​

​

Marketed

​

​

​

Other

​

​

​

​

​

    

R&D

     

Products

    

Subtotal

    

Ventures

    

Unallocated

    

Total

​

 

(in US$’000)

Total assets

​

209,654

​

104,056

​

313,710

​

156,150

​

1,306,080

​

1,775,940

Property, plant and equipment

​

94,080

​

—

​

94,080

​

415

​

78

​

94,573

Right-of-use assets

​

1,730

​

—

​

1,730

​

1,317

​

832

​

3,879

Leasehold land

​

10,883

​

—

​

10,883

​

—

​

—

​

10,883

Intangible asset (note)

​

—

​

9,647

​

9,647

​

—

​

—

​

9,647

Goodwill

​

—

​

—

​

—

​

3,064

​

—

​

3,064

Investment in an equity investee

​

—

​

—

​

—

​

3,645

​

—

​

3,645

Investment in equity security

​

5,000

​

—

​

5,000

​

—

​

—

​

5,000

​

Note: During the six months ended June 30, 2025, Tazemetostat was granted approval by the National Medical Products Administration of China for the treatment of adult patients with relapsed or refractory follicular lymphoma with EZH2 mutation, triggering a US$10 million milestone payment, and a corresponding intangible asset was recognized.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

December 31, 2024

​

 

Oncology/Immunology

​

​

​

​

​

​

​

 

​

​

Marketed

​

​

​

Other

​

​

​

​

​

    

R&D

    

Products

    

Subtotal

    

Ventures

    

Unallocated

    

Total

​

 

(in US$’000)

Total assets

​

225,661

​

88,502

​

314,163

​

194,604

​

765,429

​

1,274,196

Property, plant and equipment

​

91,929

​

—

​

91,929

​

448

​

121

​

92,498

Right-of-use assets

​

1,845

​

—

​

1,845

​

1,615

​

1,037

​

4,497

Leasehold land

​

10,706

​

—

​

10,706

​

—

​

—

​

10,706

Goodwill

​

—

​

—

​

—

​

2,990

​

—

​

2,990

Investment in an equity investee

​

—

​

—

​

—

​

77,765

​

—

​

77,765

Investment in equity security

​

5,000

​

—

​

5,000

​

—

​

—

​

5,000
Schedule of geographic information

​

​

​

​

​

​

​

    

Six Months Ended June 30,

​

​

2025

    

2024

​

 

(in US$’000)

Revenue from external customers:

 

  

 

  

PRC

 

205,120

 

229,069

US and Others

 

72,557

 

76,612

​

 

277,677

 

305,681

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2025

​

December 31, 2024

​

    

PRC

    

US and Others

    

Total

    

PRC

    

US and Others

    

Total

​

​

(in US$’000)

Total assets

 

1,716,982

 

58,958

 

1,775,940

 

1,212,722

 

61,474

 

1,274,196

Property, plant and equipment

 

94,030

 

543

 

94,573

 

91,849

 

649

 

92,498

Right-of-use assets

 

3,252

 

627

 

3,879

 

4,086

 

411

 

4,497

Leasehold land

 

10,883

 

—

 

10,883

 

10,706

 

—

 

10,706

Intangible asset

 

9,647

 

—

 

9,647

 

—

 

—

 

—

Goodwill

 

3,064

 

—

 

3,064

 

2,990

 

—

 

2,990

Investment in an equity investee

 

3,645

 

—

 

3,645

 

77,765

 

—

 

77,765

Investment in equity security

 

5,000

 

—

 

5,000

 

5,000

 

—

 

5,000
Schedule of customers which accounted for over 10% of the group's revenue

​

​

​

​

​

​

​

​

Six Months Ended June 30,

​

    

2025

    

2024

​

​

(in US$’000)

Customer A

 

72,557

​

76,612

Customer B

 

32,513

​

45,396

​
v3.25.2
Note to Condensed Consolidated Statements of Cash Flows (Tables)
 6 Months Ended
Jun. 30, 2025
Note to Condensed Consolidated Statements of Cash Flows  
Schedule of reconciliation of net income for the period to net cash used in operating activities

​

​

​

​

​

​

​

 

Six Months Ended June 30, 

​

    

2025

    

2024

​

​

(in US$’000)

Net income

​

455,555

​

26,165

Adjustments to reconcile net income to net cash used in operating activities

​

​

​

​

Depreciation and amortization

​

6,118

​

6,252

Share-based compensation expense—share options

​

1,552

​

1,432

Share-based compensation expense—LTIP

​

7,691

​

9,880

Equity in earnings of an equity investee, net of tax

​

(23,125)

​

(33,807)

Gain from divestment of an equity investee

​

(477,456)

​

—

Dividends received from an equity investee

​

6,987

​

—

Other adjustments

​

2,606

​

709

Changes in operating assets and liabilities

​

​

​

​

Accounts receivable

​

8,596

​

(39,879)

Other receivables, prepayments and deposits

​

(4,943)

​

(393)

Amounts due from related parties

​

204

​

228

Inventories

​

2,095

​

3,636

Accounts payable

​

1,204

​

7,071

Other payables, accruals and advance receipts

​

(37,433)

​

(4,410)

Deferred revenue

​

(22,718)

​

(16,363)

Others

​

173

​

(353)

Total changes in operating assets and liabilities

​

(52,822)

​

(50,463)

Net cash used in operating activities

​

(72,894)

​

(39,832)

​
v3.25.2
Organization and Nature of Business (Details) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Organization and Nature of Business    
Accumulated losses $ (380,319,000) $ (833,172,000)
Cash and cash equivalents 110,719,000 153,958,000
Short-term investments 1,253,801,000 682,152,000
Unutilized bank borrowing facilities $ 53,969,000 $ 60,549,000
v3.25.2
Cash and Cash Equivalents and Short-term Investments (Details) - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Cash and Cash Equivalents and Short-term Investments    
Cash at bank and on hand $ 67,300,000 $ 84,480,000
Bank deposits maturing in three months or less 43,419,000 69,478,000
Cash and cash equivalents 110,719,000 153,958,000
Bank deposits maturing over three months (note) 1,253,801,000 682,152,000
Cash and cash equivalents and short-term investments $ 1,364,520,000 $ 836,110,000
Minimum    
Cash and Cash Equivalents and Short-term Investments    
Maturities for short-term investments (in days) 91 days 91 days
Maximum    
Cash and Cash Equivalents and Short-term Investments    
Maturities for short-term investments (in days) 186 days 186 days
v3.25.2
Cash and Cash Equivalents and Short-term Investments - Denominated in different currencies (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Cash and Cash Equivalents and Short-term Investments    
Cash and cash equivalents and short-term investments $ 1,364,520 $ 836,110
US$    
Cash and Cash Equivalents and Short-term Investments    
Cash and cash equivalents and short-term investments 1,337,598 795,566
RMB    
Cash and Cash Equivalents and Short-term Investments    
Cash and cash equivalents and short-term investments 25,617 37,906
Hong Kong dollar ("HK$")    
Cash and Cash Equivalents and Short-term Investments    
Cash and cash equivalents and short-term investments 1,148 2,396
£    
Cash and Cash Equivalents and Short-term Investments    
Cash and cash equivalents and short-term investments 110 212
Others    
Cash and Cash Equivalents and Short-term Investments    
Cash and cash equivalents and short-term investments $ 47 $ 30
v3.25.2
Accounts Receivable (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Accounts Receivable    
Allowance for credit losses $ (45) $ (70)
Accounts receivable, net 146,967 155,537
Third parties    
Accounts Receivable    
Accounts receivable 146,607 155,155
Related parties    
Accounts Receivable    
Accounts receivable $ 405 $ 452
v3.25.2
Accounts Receivable - Aging analysis based on the relevant invoice dates (Details) - Third parties - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Account Receivable    
Accounts receivable $ 146,607 $ 155,155
Not later than 3 months    
Account Receivable    
Accounts receivable 123,548 138,695
Between 3 months to 6 months    
Account Receivable    
Accounts receivable 15,782 9,914
Between 6 months to 1 year    
Account Receivable    
Accounts receivable 6,071 5,418
Later than 1 year    
Account Receivable    
Accounts receivable $ 1,206 $ 1,128
v3.25.2
Accounts Receivable - Movements on the allowance for credit losses (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Allowance for Doubtful Accounts Receivable    
As at January 1 $ 70 $ 171
Increase in allowance for credit losses 42 25
Decrease in allowance due to subsequent collection (68) (168)
Exchange difference 1 (3)
As at June 30 $ 45 $ 25
v3.25.2
Other Receivables, Prepayments and Deposits (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Other Receivables, Prepayments and Deposits    
Prepayments $ 11,556 $ 7,924
Interest receivables 5,289 2,741
Value-added tax receivables 1,810 3,297
Deposits 1,125 1,081
Others 1,719 1,566
Total 21,499 16,609
Allowance for credit losses of other receivables, prepayments and deposits $ 0 $ 0
v3.25.2
Inventories (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Inventories    
Raw materials $ 24,430 $ 24,349
Finished goods 24,024 26,051
Total $ 48,454 $ 50,400
v3.25.2
Investment in an Equity Investee (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Apr. 25, 2025
Dec. 31, 2024
Jun. 30, 2024
Investment in an Equity Investee        
Investment in an equity investee $ 3,645   $ 77,765  
Gain on divestment of SHPL        
Investment in an Equity Investee        
Investment in an equity investee $ 3,645   $ 77,765 $ 80,519
Divestment of ownership (as a percent) 45.00% 45.00%    
Equity interest (as a percent) 5.00% 50.00%    
v3.25.2
Investment in an Equity Investee - Summarized balance sheets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Summarized balance sheets        
Current assets $ 1,592,327 $ 1,066,555    
Current liabilities (342,349) (376,562)    
Net assets 1,241,923 771,853 $ 752,018 $ 743,387
Gain on divestment of SHPL        
Summarized balance sheets        
Current assets 215,248 213,707    
Non-current assets 65,629 67,561    
Current liabilities (210,965) (126,154)    
Non-current liabilities (5,890) (3,858)    
Net assets $ 64,022 $ 151,256    
v3.25.2
Investment in an Equity Investee - Summarized statements of operations (Details) - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Summarized Statements of Operations    
Revenue $ 277,677,000 $ 305,681,000
Interest income 19,589,000 20,574,000
Profit before taxation 495,592,000 (4,756,000)
Income tax expense (63,162,000) (2,886,000)
Net income 455,555,000 26,165,000
Gain on divestment of SHPL    
Summarized Statements of Operations    
Revenue 233,326,000 225,208,000
Gross profit 173,127,000 166,758,000
Interest income 493,000 338,000
Profit before taxation 81,754,000 80,213,000
Income tax expense (12,577,000) (12,294,000)
Net income $ 69,177,000 $ 67,919,000
Preferential income tax rate (as a percent) 15.00% 15.00%
Unrealized profits eliminated $ 584,000 $ 152,000
v3.25.2
Investments in an Equity Investee - Reconciliation of summarized financial information (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Reconciliation of the summarized financial information presented to the carrying amount of investments in equity investees      
Net income $ 454,954 $ 25,801  
Carrying amount of investments as at June 30 3,645   $ 77,765
Gain on divestment of SHPL      
Reconciliation of the summarized financial information presented to the carrying amount of investments in equity investees      
Opening net assets after non-controlling interests 151,256 91,628  
Net income 69,177 67,919  
Dividend declared (157,274)    
Deemed distribution   (690)  
Other comprehensive income/(loss) 863 (2,573)  
Closing net assets after non-controlling interests 64,022 156,284  
Group's share of net assets 3,201 78,142  
Discounting on dividend payable 212    
Goodwill 279 2,744  
Elimination of unrealized profits on downstream sales (47) (367)  
Carrying amount of investments as at June 30 $ 3,645 $ 80,519 $ 77,765
v3.25.2
Accounts Payable (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Accounts Payable    
Accounts payable $ 43,725 $ 42,521
Third parties    
Accounts Payable    
Accounts payable 43,078 $ 42,521
Related parties    
Accounts Payable    
Accounts payable $ 647  
v3.25.2
Accounts Payable - An aging analysis for accounts payable - third parties based on the relevant invoice dates (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Accounts Payable    
Accounts payable $ 43,725 $ 42,521
Third parties    
Accounts Payable    
Accounts payable 43,078 42,521
Third parties | Not later than 3 months    
Accounts Payable    
Accounts payable 37,946 37,805
Third parties | Between 3 months to 6 months    
Accounts Payable    
Accounts payable 2,972 2,638
Third parties | Between 6 months to 1 year    
Accounts Payable    
Accounts payable 1,081 833
Third parties | Later than 1 year    
Accounts Payable    
Accounts payable $ 1,079 $ 1,245
v3.25.2
Other Payables, Accruals and Advance Receipts (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Other Payables, Accruals and Advance Receipts    
Accrued research and development expenses $ 137,621 $ 153,978
Accrued administrative and other general expenses 22,306 14,046
Accrued salaries and benefits 20,380 29,751
Accrued capital expenditures 11,751 15,858
Accrued selling and marketing expenses 8,352 14,705
Deferred government grants 2,042 6,004
Deposits 1,599 1,627
Provision for profit guarantee - current portion 3,105  
Others 11,903 18,139
Total other payables, accruals and advance receipts 221,061 256,124
Related parties    
Other Payables, Accruals and Advance Receipts    
Total other payables, accruals and advance receipts $ 2,002 $ 2,016
v3.25.2
Bank Borrowings - Schedule of Bank Borrowings (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Bank Borrowings    
Current $ 25,603 $ 23,372
Non-current 67,841 59,434
Total $ 93,444 $ 82,806
Weighted average interest rate for outstanding bank borrowings (as a percent) 2.89% 3.02%
v3.25.2
Bank Borrowings - Loan Facilities (Details)
 1 Months Ended 6 Months Ended 12 Months Ended
Oct. 31, 2024
USD ($)
Oct. 31, 2021
USD ($)
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Jun. 30, 2025
CNY (¥)
Dec. 31, 2024
CNY (¥)
Oct. 31, 2024
CNY (¥)
Oct. 31, 2021
CNY (¥)
Short-term working capital loan facility                
Bank Borrowings                
Aggregate amount of credit facilities $ 41,923,000           ¥ 300,000,000  
Amount drawn/utilized from the credit facility     $ 22,795,000 $ 22,167,000 ¥ 163,119,000 ¥ 163,119,000    
Short-term working capital loan facility | 1-year China Loan Prime Rate                
Bank Borrowings                
Basis spread on variable rate (as a percent) (0.82%)              
10-year fixed asset loan facility                
Bank Borrowings                
Aggregate amount of credit facilities   $ 105,490,000           ¥ 754,880,000
Term (in years)   10 years            
Amount drawn/utilized from the credit facility     70,649,000 60,639,000 ¥ 505,556,000 ¥ 446,212,000    
Capitalized interest     $ 0 $ 44,000        
10-year fixed asset loan facility | 5-year China LPR                
Bank Borrowings                
Basis spread on variable rate (as a percent)   (0.80%)            
v3.25.2
Bank Borrowings - Schedule of Maturities of Bank Borrowings (Details) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Maturities of Bank Borrowings    
Not later than 1 year $ 25,603,000 $ 23,372,000
Between 1 to 3 years 8,423,000 6,426,000
Between 3 to 4 years 14,038,000 8,033,000
Between 4 to 5 years 14,038,000 12,049,000
Later than 5 years 31,342,000 32,926,000
Total 93,444,000 82,806,000
Unutilized bank borrowing facilities $ 53,969,000 $ 60,549,000
v3.25.2
Other Non-current Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Other Non-current Liabilities    
Provision for profit guarantee, non-current portion $ 75,980  
Branding liability payable 6,650 $ 6,475
Lease liabilities 3,109 4,089
Others 7,303 7,351
Other non-current liabilities $ 93,042 $ 17,915
v3.25.2
Commitments and Contingencies (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Capital commitments  
Capital commitments  
Property, plant and equipment - Contracted but not provided for $ 1,430
v3.25.2
Share-based Compensation - HUTCHMED Share Option Scheme (Details) - HUTCHMED Share Option Scheme
 6 Months Ended
Jun. 30, 2025
shares
Share-based Compensation  
Aggregate number of shares issuable 40,183,238
Number of shares authorized but unissued 627,888,530
Maximum  
Share-based Compensation  
Expiry period 10 years
Four-year awards  
Share-based Compensation  
Vesting period 4 years
Vesting percentage upon first anniversary 25.00%
Annual vesting percentage after the first anniversary 25.00%
v3.25.2
Share-based Compensation - HUTCHMED Share Option Activity (Details) - HUTCHMED Share Option Scheme - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Aug. 31, 2024
Mar. 31, 2024
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation            
Weighted average grant date fair value of share options (in US$ per share)       $ 1.17 $ 1.29  
Number of share options            
Outstanding as at beginning of period (in shares)       29,640,273 29,536,655  
Granted (in shares)       1,493,435 2,965,328  
Exercised (in shares)       (510,375) (344,825)  
Cancelled (in shares)       (935,775) (892,600)  
Expired (in shares)       (1,637,050) (1,624,285)  
Outstanding as at end of period (in shares) 28,050,508     28,050,508 29,640,273 29,536,655
Vested and exercisable (in shares) 21,357,920     21,357,920 21,186,120  
Weighted average exercise price in US$ per share            
Outstanding balance as at beginning of period (in US$ per share)       $ 4.47 $ 4.57  
Granted (in US$ per share)       3.27 3.69  
Exercised (in US$ per share)       2.16 2.29  
Cancelled (in US$ per share)       2.18 4.38  
Expired (in US$ per share)       5.55 5.23  
Outstanding balance as at end of period (in US$ per share) $ 4.46     4.46 4.47 $ 4.57
Vested and exercisable (in US$ per share) $ 4.84     $ 4.84 $ 4.92  
Weighted average remaining contractual life (years)            
Outstanding (in years)       5 years 8 months 12 days 5 years 11 months 26 days 6 years 8 months 1 day
Vested and exercisable (in years)       4 years 9 months 18 days 5 years 1 month 17 days  
Aggregate intrinsic value in US$'000            
Outstanding (in US$'000) $ 3,430     $ 3,430 $ 3,804 $ 9,924
Vested and exercisable (in US$'000) $ 2,158     $ 2,158 $ 1,387  
Executive director            
Share-based Compensation            
Vesting period 3 years       3 years  
Weighted average grant date fair value of share options (in US$ per share) $ 1.17 $ 1.24 $ 1.29      
Number of share options            
Granted (in shares)   1,405,767 1,359,561   2,765,328  
v3.25.2
Share-based Compensation - HUTCHMED Options Fair value Assumptions (Details) - HUTCHMED Share Option Scheme - $ / shares
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Share-based Compensation    
Weighted average grant date fair value of share options (in US$ per share) $ 1.17 $ 1.29
Significant inputs into the valuation model (weighted average):    
Exercise price (in US$ per share) 3.27 3.69
Share price at effective date of grant (in US$ per share) $ 3.27 $ 3.69
Expected volatility (in percentage) 56.62% 54.69%
Risk-free interest rate (in percentage) 4.52% 3.86%
Contractual life of share options (in years) 10 years 10 years
Expected dividend yield (in percentage) 0.00% 0.00%
v3.25.2
Share-based Compensation - HUTCHMED Share Option Exercises (Details) - HUTCHMED Share Option Scheme - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Share option values    
Cash received from share option exercises $ 1,100 $ 228
Total intrinsic value of share option exercises $ 526 $ 161
v3.25.2
Share-based Compensation - HUTCHMED Share Based Compensation Expense (Details) - HUTCHMED Share Option Scheme - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Share-based Compensation    
Share-based compensation expense $ 1,552,000 $ 1,432,000
Unrecognized compensation cost $ 4,268,000  
Unrecognized compensation cost - weighted-average remaining service period (in years) 1 year 11 months 12 days  
Research and development expenses    
Share-based Compensation    
Share-based compensation expense $ 1,206,000 801,000
Selling and administrative expenses    
Share-based Compensation    
Share-based compensation expense 281,000 597,000
Cost of revenue    
Share-based Compensation    
Share-based compensation expense $ 65,000 $ 34,000
v3.25.2
Share-based Compensation - LTIP Share-based Compensation Award, Non-performance (Details) - LTIP - USD ($)
$ in Millions
Jun. 09, 2025
Aug. 05, 2024
Mar. 13, 2024
Shared-based Compensation Award, Performance      
Share-based Compensation      
Maximum cash amount $ 20.0    
Number of weeks for vesting after date of completion of share purchase 21 days    
Shared-based Compensation Award, Performance | August 5, 2024, One      
Share-based Compensation      
Maximum cash amount   $ 19.3  
Number of weeks for vesting after date of completion of share purchase   21 days  
Shared-based Compensation Award, Non-Performance      
Share-based Compensation      
Maximum cash amount     $ 0.7
Vesting percentage on each of the first, second, third and fourth anniversaries     25.00%
Shared-based Compensation Award, Non-Performance | August 5, 2024, Two      
Share-based Compensation      
Maximum cash amount   $ 0.3  
Vesting percentage on the first, and second anniversaries   50.00%  
v3.25.2
Share-based Compensation - LTIP (Details) - LTIP - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Ordinary Shares Held by Trustee - Number of treasury shares      
As at beginning of period 16,717,458 17,612,685 17,612,685
Purchased     10,259,133
Vested (3,907,180)   (11,154,360)
As at end of period 12,810,278   16,717,458
Ordinary Shares Held by Trustee - Cost      
As at beginning of period $ 60,924,000 $ 66,987,000 $ 66,987,000
Purchased     36,064,000
Vested (14,603,000)   (42,127,000)
As at end of period 46,321,000   $ 60,924,000
Awarded Shares      
Ordinary Shares Held by Trustee - Cost      
Awards forfeited $ 2,086,000 $ 8,574,000  
v3.25.2
Share-based Compensation - LTIP Share Based Compensation Expense (Details) - LTIP - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Share-based Compensation      
Share-based compensation expense $ 7,691,000 $ 9,880,000  
Share-based compensation reclassified from liability to additional paid-in capital 751,000 12,424,000  
Share-based compensation recorded as liability 1,266,000   $ 1,443,000
Unrecognized compensation cost 14,833,000    
Liability      
Share-based Compensation      
Share-based compensation expense 630,000 2,844,000  
Additional Paid-in Capital      
Share-based Compensation      
Share-based compensation expense 7,061,000 7,036,000  
Research and development expenses      
Share-based Compensation      
Share-based compensation expense 5,491,000 6,398,000  
Selling and administrative expenses      
Share-based Compensation      
Share-based compensation expense 1,811,000 3,203,000  
Cost of revenue      
Share-based Compensation      
Share-based compensation expense $ 389,000 $ 279,000  
v3.25.2
Revenue (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Revenue    
Revenue $ 277,677 $ 305,681
Third parties    
Revenue    
Revenue 276,950 303,443
Related parties    
Revenue    
Revenue 727 2,238
Invoiced Goods-Marketed Products    
Revenue    
Revenue 47,744 64,667
Invoiced Goods-Distribution    
Revenue    
Revenue 134,230 137,044
Services-Commercialization of Marketed Products    
Revenue    
Revenue 19,985 28,222
Services-Commercialization of Marketed Products | Third parties    
Revenue    
Revenue 19,985 28,222
Services-Research and development    
Revenue    
Revenue   236
Services-Research and development | Related parties    
Revenue    
Revenue   236
License & Collaborations-Services    
Revenue    
Revenue 14,201 35,740
License & Collaborations-Services | Third parties    
Revenue    
Revenue 14,201 35,740
License & Collaborations-Royalties    
Revenue    
Revenue 31,310 34,907
License & Collaborations-Royalties | Third parties    
Revenue    
Revenue 31,310 34,907
License & Collaborations-Licensing    
Revenue    
Revenue 12,090  
License & Collaborations-Licensing | Third parties    
Revenue    
Revenue 12,090  
License & Collaborations-Manufacturing supply    
Revenue    
Revenue 18,117 4,865
Oncology/Immunology segment    
Revenue    
Revenue 143,447 168,637
Oncology/Immunology segment | Third parties    
Revenue    
Revenue 143,447 168,401
Oncology/Immunology segment | Related parties    
Revenue    
Revenue   236
Oncology/Immunology segment | Invoiced Goods-Marketed Products    
Revenue    
Revenue 47,744 64,667
Oncology/Immunology segment | Services-Commercialization of Marketed Products    
Revenue    
Revenue 19,985 28,222
Oncology/Immunology segment | Services-Research and development    
Revenue    
Revenue   236
Oncology/Immunology segment | License & Collaborations-Services    
Revenue    
Revenue 14,201 35,740
Oncology/Immunology segment | License & Collaborations-Royalties    
Revenue    
Revenue 31,310 34,907
Oncology/Immunology segment | License & Collaborations-Licensing    
Revenue    
Revenue 12,090  
Oncology/Immunology segment | License & Collaborations-Manufacturing supply    
Revenue    
Revenue 18,117 4,865
Other Ventures segment    
Revenue    
Revenue 134,230 137,044
Other Ventures segment | Third parties    
Revenue    
Revenue 133,503 135,042
Other Ventures segment | Related parties    
Revenue    
Revenue 727 2,002
Other Ventures segment | Invoiced Goods-Distribution    
Revenue    
Revenue $ 134,230 $ 137,044
v3.25.2
Revenue - Balances from Contract with Customers and Estimated Deferred Revenue to be Recognized (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jan. 01, 2025
Dec. 31, 2024
Revenue      
Deferred revenue-current $ 46,843   $ 50,071
Deferred revenue-noncurrent 30,785   48,432
Total deferred revenue 77,628 $ 98,500 98,503
Estimated deferred revenue      
Not later than 1 year 46,843   50,071
Between 1 to 2 years 20,826   39,288
Between 2 to 3 years 5,337   4,084
Between 3 to 4 years 966   1,095
Later than 4 years 3,656   3,965
Total deferred revenue 77,628 $ 98,500 98,503
Deferred revenue recognized 30,700    
Oncology/Immunology segment      
Revenue      
Deferred revenue-current 46,541   50,007
Deferred revenue-noncurrent 30,785   48,432
Other Ventures segment      
Revenue      
Deferred revenue-current $ 302   $ 64
v3.25.2
Research and Development Expenses (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Research and Development Expenses    
Clinical trial related costs $ 38,019 $ 55,728
Personnel compensation and related costs 30,063 36,858
Other research and development expenses 3,908 2,670
Research and development expenses $ 71,990 $ 95,256
v3.25.2
Research and Development Expenses - Additional information (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Research and Development Expenses    
Research and development expenses $ 71,990 $ 95,256
Collaborative arrangements    
Research and Development Expenses    
Research and development expenses $ 3,200 $ 4,100
v3.25.2
Gain on Divestment of An Equity Investee (Details)
¥ in Millions
 6 Months Ended
Apr. 25, 2025
USD ($)
Apr. 25, 2025
CNY (¥)
Jun. 30, 2025
USD ($)
Gain on Divestment of an Equity Investee      
Proceeds from divestment of an equity investee     $ 608,503,000
Provision for profit guarantee included in other payables     3,105,000
Provision for profit guarantee included in other non-current liabilities     $ 75,980,000
Gain on divestment of SHPL      
Gain on Divestment of an Equity Investee      
Divestment of ownership (as a percent) 45.00%   45.00%
Equity interest (as a percent) 50.00%   5.00%
Proceeds from divestment of an equity investee $ 608,500,000 ¥ 4,500 $ 608,503,000
Present value of provision for profit guarantee $ 75,800,000    
Balance of provision for profit guarantee     79,085,000
Gain on divestment of SHPL | Other payables      
Gain on Divestment of an Equity Investee      
Provision for profit guarantee included in other payables     3,105,000
Gain on divestment of SHPL | Other non-current liabilities      
Gain on Divestment of an Equity Investee      
Provision for profit guarantee included in other non-current liabilities     $ 75,980,000
Gain on divestment of SHPL | Parent company of existing 50% SHPL joint venture partner      
Gain on Divestment of an Equity Investee      
Divestment of ownership (as a percent) 10.00%    
Gain on divestment of SHPL | PE Buyers      
Gain on Divestment of an Equity Investee      
Divestment of ownership (as a percent) 35.00%    
Guaranteed profit growth targets period 3 years 3 years  
Capped compensation payment upon guaranteed profit growth targets $ 94,600,000 ¥ 696  
v3.25.2
Gain on Divestment of An Equity Investee - Schedule of gain on divestment of an equity investee (Details)
$ in Thousands, ¥ in Billions
 6 Months Ended
Apr. 25, 2025
USD ($)
Apr. 25, 2025
CNY (¥)
Jun. 30, 2025
USD ($)
Gain on Divestment of an Equity Investee      
Proceeds     $ 608,503
Gain on divestment of an equity investee     477,456
Gain on divestment of SHPL      
Gain on Divestment of an Equity Investee      
Proceeds $ 608,500 ¥ 4.5 608,503
Less: Provision for profit guarantee     (75,829)
Interest accretion on provision for profit guarantee     (1,110)
Carrying amount of 45% equity interest in SHPL     $ (48,680)
Divestment of ownership (as a percent) 45.00% 45.00% 45.00%
Accumulated other comprehensive income and reserves     $ (2,733)
Transaction costs and others     (2,695)
Gain on divestment of an equity investee     477,456
Less: Tax expenses     (61,133)
Gain on divestment of an equity investee, net of tax     $ 416,323
v3.25.2
Significant Transactions with Related Parties and Non-controlling Shareholders of Subsidiaries - Related parties (Details) - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Related party transaction      
Revenue $ 277,677,000 $ 305,681,000  
Accounts receivable 146,967,000   $ 155,537,000
Allowance for credit losses 0   0
Amounts due from related parties $ 50,662,000   $ 7,899,000
Other Receivable, after Allowance for Credit Loss, Related Party [Extensible Enumeration] An equity investee   An equity investee
Accounts payable $ 43,725,000   $ 42,521,000
Other payables, accruals and advance receipts 221,061,000   256,124,000
Other non-current liabilities 93,042,000   17,915,000
Other payables, accruals and advance receipts      
Related party transaction      
Future brand liability 1,538,000   1,538,000
Other non-current liabilities      
Related party transaction      
Future brand liability 6,650,000   6,475,000
Related parties      
Related party transaction      
Revenue 727,000 2,238,000  
Accounts payable 647,000    
Other payables, accruals and advance receipts 2,002,000   2,016,000
Other non-current liabilities 6,759,000   6,617,000
Indirect subsidiaries of CK Hutchison      
Related party transaction      
Other payables, accruals and advance receipts 1,929,000   1,928,000
Other non-current liabilities $ 6,650,000   6,475,000
Period of repayable on demand and interest-bearing (in months) 1 month    
An equity investee      
Related party transaction      
Purchases $ 1,795,000 1,452,000  
Accounts receivable 405,000   452,000
Accounts payable 647,000    
Other payables, accruals and advance receipts 73,000   88,000
Other non-current liabilities 109,000   142,000
An equity investee | Due from a related party      
Related party transaction      
Dividends receivable 50,002,000   $ 6,795,000
Sales | Related parties      
Related party transaction      
Revenue 727,000 2,002,000  
Sales | Indirect subsidiaries of CK Hutchison      
Related party transaction      
Revenue   4,000  
Sales | An equity investee      
Related party transaction      
Revenue 727,000 1,998,000  
Research and development services | An equity investee      
Related party transaction      
Revenue   236,000  
Management services | Indirect subsidiaries of CK Hutchison      
Related party transaction      
Expenses $ 519,000 $ 535,000  
v3.25.2
Significant Transactions with Related Parties and Non-controlling Shareholders of Subsidiaries - Non-controlling shareholders of subsidiaries (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Transactions with non-controlling shareholders of subsidiaries:      
Sales $ 277,677 $ 305,681  
Purchases 167,577 180,135  
Dividends declared   1,000  
Balances with non-controlling shareholders of subsidiaries included in:      
Accounts receivable 146,967   $ 155,537
Accounts payable 43,725   42,521
Other payables, accruals and advance receipts 221,061   256,124
Non-controlling shareholders of subsidiaries      
Transactions with non-controlling shareholders of subsidiaries:      
Sales 26,991 29,395  
Purchases 355 127  
Dividends declared   1,000  
Distribution service fee 107 $ 108  
Balances with non-controlling shareholders of subsidiaries included in:      
Accounts receivable 7,165   8,084
Accounts payable 98   77
Other payables, accruals and advance receipts $ 327   $ 427
v3.25.2
Income Taxes (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Income tax expense    
Total current tax $ 63,009 $ 955
Deferred income tax expense 153 1,931
Income tax expense 63,162 2,886
Reconciliation of reported income tax expense to the theoretical tax amount    
Income/(loss) before income taxes and equity in earnings of an equity investee 495,592 (4,756)
Tax calculated at the statutory tax rate of the Company 81,773 (785)
Different tax rates applicable in different jurisdictions 2,115 625
Tax valuation allowance 7,783 6,513
Preferential tax rate difference (865) (32)
Preferential tax deduction and credits (8,348) (8,405)
Different tax rates applicable to gain from divestment of an equity investee (17,647)  
Expenses not deductible for tax purposes 5,146 7,548
Utilization of previously unrecognized tax losses (65) (3)
Withholding tax on undistributed earnings of PRC entities (66) 1,670
Income not subject to tax (5,027) (2,852)
Temporary difference (1,762) (1,615)
Others 125 222
Income tax expense 63,162 2,886
HK    
Income tax expense    
Total current tax 1 1
PRC    
Income tax expense    
Total current tax 62,982 868
US and others    
Income tax expense    
Total current tax $ 26 $ 86
v3.25.2
Earnings Per Share - Basic (Details) - USD ($)
$ / shares in Units, $ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Basic earnings per share    
Weighted average number of outstanding ordinary shares in issue 857,038,725 856,030,704
Net income attributable to the Company $ 454,954 $ 25,801
Basic earnings per share attributable to the Company (US$ per share) $ 0.53 $ 0.03
v3.25.2
Earnings Per Share - Diluted (Details) - USD ($)
$ / shares in Units, $ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Diluted earnings per share    
Weighted average number of outstanding ordinary shares in issue 857,038,725 856,030,704
Effect of share options and LTIP awards 15,525,788 16,503,762
Weighted average number of outstanding ordinary shares in issue and dilutive ordinary share equivalents outstanding 872,564,513 872,534,466
Net income attributable to the Company $ 454,954 $ 25,801
Diluted earnings per share attributable to the Company (US$ per share) $ 0.52 $ 0.03
v3.25.2
Segment Reporting - Segment Information (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
item
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Segment reporting      
Number of core business areas | item 2    
Revenue from external customers $ 277,677 $ 305,681  
Cost of revenue (167,577) (180,135)  
Research and development expenses (71,990) (95,256)  
Selling expenses (13,873) (27,351)  
Administrative expenses (27,751) (30,460)  
Gain on divestment of an equity investee 477,456    
Interest income 19,589 20,574  
Interest expense (1,465) (1,476)  
Equity in earnings of an equity investee, net of tax 23,125 33,807  
Income tax expense (63,162) (2,886)  
Other segment items 2,925 3,303  
Net income attributable to the Company 454,954 25,801  
Depreciation/ amortization (6,118) (6,252)  
Additions to non-current assets (other than financial instruments and deferred tax assets) 15,799 6,926  
Segment information      
Total assets 1,775,940   $ 1,274,196
Property, plant and equipment 94,573   92,498
Right-of-use assets 3,879   4,497
Leasehold land 10,883   10,706
Intangible asset 9,647    
Goodwill 3,064   2,990
Investment in an equity investee 3,645   77,765
Investment in equity security 5,000   5,000
Milestone payment triggered 10,000    
Oncology/Immunology segment      
Segment reporting      
Revenue from external customers 143,447 168,637  
Other Ventures segment      
Segment reporting      
Revenue from external customers 134,230 137,044  
Reportable segment | Oncology/Immunology segment      
Segment reporting      
Revenue from external customers 143,447 168,637  
Cost of revenue (38,223) (48,458)  
Research and development expenses (71,990) (95,256)  
Selling expenses (11,828) (24,817)  
Administrative expenses (16,163) (16,736)  
Interest income 509 418  
Interest expense (1,033) (914)  
Income tax expense (461) (1,109)  
Other segment items (2,686) 3,593  
Net income attributable to the Company 1,572 (14,642)  
Depreciation/ amortization (6,024) (6,076)  
Additions to non-current assets (other than financial instruments and deferred tax assets) 15,649 3,763  
Segment information      
Total assets 313,710   314,163
Property, plant and equipment 94,080   91,929
Right-of-use assets 1,730   1,845
Leasehold land 10,883   10,706
Intangible asset 9,647    
Investment in equity security 5,000   5,000
Reportable segment | Oncology/Immunology segment | R&D      
Segment reporting      
Revenue from external customers 44,408 40,841  
Research and development expenses (71,990) (95,256)  
Administrative expenses (14,599) (16,395)  
Interest income 509 418  
Interest expense (1,033) (914)  
Income tax expense (394) (579)  
Other segment items (2,612) 4,048  
Net income attributable to the Company (45,711) (67,837)  
Depreciation/ amortization (5,602) (6,076)  
Additions to non-current assets (other than financial instruments and deferred tax assets) 5,649 3,763  
Segment information      
Total assets 209,654   225,661
Property, plant and equipment 94,080   91,929
Right-of-use assets 1,730   1,845
Leasehold land 10,883   10,706
Investment in equity security 5,000   5,000
Reportable segment | Oncology/Immunology segment | Marketed Products      
Segment reporting      
Revenue from external customers 99,039 127,796  
Cost of revenue (38,223) (48,458)  
Selling expenses (11,828) (24,817)  
Administrative expenses (1,564) (341)  
Income tax expense (67) (530)  
Other segment items (74) (455)  
Net income attributable to the Company 47,283 53,195  
Depreciation/ amortization (422)    
Additions to non-current assets (other than financial instruments and deferred tax assets) 10,000    
Segment information      
Total assets 104,056   88,502
Intangible asset 9,647    
Reportable segment | Other Ventures segment      
Segment reporting      
Revenue from external customers 134,230 137,044  
Cost of revenue (129,354) (131,677)  
Selling expenses (2,045) (2,534)  
Administrative expenses (2,222) (2,346)  
Gain on divestment of an equity investee 477,456    
Interest income 57 116  
Interest expense (257) (362)  
Equity in earnings of an equity investee, net of tax 23,125 33,807  
Income tax expense (61,614) (97)  
Other segment items 928 198  
Net income attributable to the Company 440,304 34,149  
Depreciation/ amortization (51) (130)  
Additions to non-current assets (other than financial instruments and deferred tax assets) 150 1,929  
Segment information      
Total assets 156,150   194,604
Property, plant and equipment 415   448
Right-of-use assets 1,317   1,615
Goodwill 3,064   2,990
Investment in an equity investee 3,645   77,765
Unallocated      
Segment reporting      
Administrative expenses (9,366) (11,378)  
Interest income 19,023 20,040  
Interest expense (175) (200)  
Income tax expense (1,087) (1,680)  
Other segment items 4,683 (488)  
Net income attributable to the Company 13,078 6,294  
Depreciation/ amortization (43) (46)  
Additions to non-current assets (other than financial instruments and deferred tax assets)   $ 1,234  
Segment information      
Total assets 1,306,080   765,429
Property, plant and equipment 78   121
Right-of-use assets $ 832   $ 1,037
v3.25.2
Segment Reporting - Geographic information (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Segment reporting      
Revenue from external customers $ 277,677 $ 305,681  
Segment information      
Total assets 1,775,940   $ 1,274,196
Property, plant and equipment 94,573   92,498
Right-of-use assets 3,879   4,497
Leasehold land 10,883   10,706
Intangible asset 9,647    
Goodwill 3,064   2,990
Investment in an equity investee 3,645   77,765
Investment in equity security 5,000   5,000
PRC      
Segment reporting      
Revenue from external customers 205,120 229,069  
Segment information      
Total assets 1,716,982   1,212,722
Property, plant and equipment 94,030   91,849
Right-of-use assets 3,252   4,086
Leasehold land 10,883   10,706
Intangible asset 9,647    
Goodwill 3,064   2,990
Investment in an equity investee 3,645   77,765
Investment in equity security 5,000   5,000
US and others      
Segment reporting      
Revenue from external customers 72,557 $ 76,612  
Segment information      
Total assets 58,958   61,474
Property, plant and equipment 543   649
Right-of-use assets $ 627   $ 411
v3.25.2
Segment Reporting - Major Customers (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting    
Revenue $ 277,677 $ 305,681
Customer A    
Segment Reporting    
Revenue 72,557 76,612
Customer B    
Segment Reporting    
Revenue $ 32,513 $ 45,396
v3.25.2
Note to Condensed Consolidated Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net income $ 455,555 $ 26,165
Adjustments to reconcile net income to net cash used in operating activities    
Depreciation and amortization 6,118 6,252
Share-based compensation expense-share options 1,552 1,432
Share-based compensation expense-LTIP 7,691 9,880
Equity in earnings of an equity investee, net of tax (23,125) (33,807)
Gain from divestment of an equity investee (477,456)  
Dividends received from an equity investee 6,987  
Other adjustments 2,606 709
Changes in operating assets and liabilities    
Accounts receivable 8,596 (39,879)
Other receivables, prepayments and deposits (4,943) (393)
Amounts due from related parties 204 228
Inventories 2,095 3,636
Accounts payable 1,204 7,071
Other payables, accruals and advance receipts (37,433) (4,410)
Deferred revenue (22,718) (16,363)
Others 173 (353)
Total changes in operating assets and liabilities (52,822) (50,463)
Net cash used in operating activities $ (72,894) $ (39,832)
v3.25.2
Litigation (Details)
$ in Thousands, ¥ in Millions
Oct. 21, 2021
USD ($)
Oct. 21, 2021
CNY (¥)
Jun. 30, 2025
USD ($)
claim
Jun. 27, 2025
CNY (¥)
Dec. 31, 2024
USD ($)
Jun. 27, 2022
CNY (¥)
Number of claims or actions pending, which ultimate disposition could have a material adverse effect on the Group's results of operations | claim     0      
Damages awarded $ 35,400 ¥ 253.2        
Losses annual interest rate 5.50% 5.50%        
Recovery of costs $ 2,200          
Bank guarantee | ¥       ¥ 325.0   ¥ 286.0
Accounts receivable     $ 146,967   $ 155,537  
Accounts payable     43,725   42,521  
Other payables     11,903   $ 18,139  
Seroquel            
Accounts receivable     1,100      
Accounts payable     900      
Other payables     $ 1,100      
v3.25.2
Subsequent Events (Details) - Subsequent Events
Jul. 25, 2025
shares
ImageneBio  
Subsequent events  
Number of ordinary shares held 429,082
Miragene  
Subsequent events  
Number of ordinary shares held 7,960,562
Ordinary Shares  
Subsequent events  
Number of ordinary shares previously held in Inmagene 140,636,592