Company: HMDCF
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001410578-25-000377
Chunk: 562

Company: HUTCHMED (China) Ltd
Filing Date: 2025-03-19
Form: 20-F
Item: Item 5
Chunk 562
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2024 from $348.6 million for the year ended December 31, 2023.
Cost of sales increased by 5.8% to $107.0 million for the year ended December 31, 2024 from $101.1 million for the year December 31, 2023, primarily due to higher sales of She Xiang Bao Xin pills. Shanghai Hutchison Pharmaceuticals’ revenue increased at a lower rate than the cost of sales mainly due to the impact of gradual price adjustment from volume-based procurement.
Selling expenses increased by 0.9% to $152.0 million for the year ended December 31, 2024 from $150.7 million for the year ended December 31, 2023, as a result of increased spending on marketing activities to support the increase in sales.
Administrative expenses increased by 0.6% to $16.9 million for the year ended December 31, 2024 from $16.8 million for the year ended December 31, 2023, as a result of increase in staff costs to support commercial activities. 
Research and development expenses increased by 48.4% to $13.8 million for the year ended December 31, 2024 from $9.3 million for the year ended December 31, 2023, primarily due to increase in costs for product development.
Other net operating income increased by 2.5% to $5.2 million for the year ended December 31, 2024 from $5.0 million for the year ended December 31, 2023, primarily due to an increase in government grants.
Taxation charge decreased by 6% to $16.0 million for the year ended December 31, 2024 from $17.0 million for the year ended December 31, 2023, primarily due to a decrease in taxable profit.
As a result of the foregoing, profit decreased by 2.7% to $92.9 million for the year ended December 31, 2024 from $95.5 million for the year ended December 31, 2023. Our equity in earnings of equity investees contributed by this joint venture was $46.5 million and $47.3 million for the years ended December 31, 2024 and 2023, respectively.

For more information on the financial results of our non-consolidated joint ventures, see “—Key Components of Results of Operations— Equity in