Company: HMDCF
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001410578-25-000377
Chunk: 561

Company: HUTCHMED (China) Ltd
Filing Date: 2025-03-19
Form: 20-F
Item: Item 5
Chunk 561
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, 2023. This was primarily due to a $3.6 million decrease in selling expenses incurred by our Other Ventures due to lower sales. Selling expenses as a percentage of our revenue increased to 7.7% from 6.4% across these periods, primarily due to lower revenue from upfront and milestones which do not have associated expenses.
Administrative Expenses
Our administrative expenses decreased by 19.4% to $64.3 million for the year ended December 31, 2024 from $79.8 million for the year ended December 31, 2023. This was primarily due to a $11.1 million decrease in administrative expenses incurred by Oncology/Immunology, primarily contributed by further reorganization of our U.S. Oncology/Immunology operations in 2024. Administrative expenses as a percentage of our revenue increased to 10.2% from 9.5% across these periods, primarily due to lower revenue from upfront and milestones.
Other Income/(Expense)
Our net other income increased by 6.7% to $42.6 million for the year ended December 31, 2024 from $39.9 million for the year ended December 31, 2023, primarily due to increase in interest income.
Income Tax (Expense)/Benefit
Our income tax expense increased by 59.5% to $7.2 million for the year ended December 31, 2024 from $4.5 million for the year ended December 31, 2023, primarily due to an increase in provision of valuation allowance for deferred tax assets on tax losses resulting from further reorganization of our U.S. Oncology/Immunology operations.
Equity in Earnings of Equity Investees
Our equity in earnings of equity investees, net of tax, slightly decreased by 1.7% to $46.5 million for the year ended December 31, 2024 from $47.3 million for the year ended December 31, 2023, primarily due to negative exchange impact of RMB against U.S. dollar in Shanghai Hutchison Pharmaceuticals for the year ended December 31, 2024.
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Shanghai Hutchison Pharmaceuticals
The following table shows a summary of the results of operations of Shanghai Hutchison Pharmaceuticals for the years indicated. The consolidated financial statements of Shanghai Hutchison Pharmaceuticals are prepared in accordance with IFRS as issued by the IASB and are presented separately elsewhere in this annual report.

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