HUTCHMED (China) Ltd 6-K

Exhibit 99.2

Additional Information: Company Balance Sheets (Parent Company Only)

			December 31,
	Note		2025			2024
			(in US$’000)
Assets
Current assets
Cash and cash equivalents				99			98
Other receivables, prepayments and deposits				552			961
Total current assets				651			1,059
Investments in subsidiaries				1,286,965			817,364
Total assets				1,287,616			818,423
Liabilities and shareholders’ equity
Current liabilities
Other payables and accruals				49,540			58,116
Income tax payable				—			48
Total current liabilities				49,540			58,164
Other non-current liabilities				150			330
Total liabilities				49,690			58,494
Commitments and contingencies		17

Company’s shareholders’ equity
Ordinary shares; $0.10 par value; 1,500,000,000 shares authorized; 872,327,620 and 871,601,095 shares issued at December 31, 2025 and 2024 respectively		18		87,233			87,160
Additional paid-in capital				1,533,868			1,517,526
Accumulated losses				(378,643	)		(833,172	)
Accumulated other comprehensive loss				(4,532	)		(11,585	)
Total Company’s shareholders’ equity				1,237,926			759,929
Total liabilities and shareholders’ equity				1,287,616			818,423

Dividends

No dividend has been declared or paid by the Company since its incorporation.

Page 1 of 7

Directors’ Remuneration

Directors’ remuneration disclosed pursuant to the Listing Rules, Section 383(1)(a), (b), (c) and (f) of the Hong Kong Companies Ordinance and Part 2 of the Companies (Disclosure of Information about Benefits of Directors) Regulation, is as follows:

	Year Ended December 31,
	2025		2024		2023
	(in US$’000)
Fees:		845		675		615
Other remuneration
Salaries, allowances and benefits in kind		1,241		1,200		1,154
Pension contributions		109		105		101
Performance related bonuses		1,411		1,795		2,008
Share-based compensation expenses (note)		4,006		3,279		2,573
		6,767		6,379		5,836
		7,612		7,054		6,451

Note: During the years ended December 31, 2025, 2024 and 2023, certain directors were granted share options and LTIP awards in respect of their services to the Group under the share option schemes and LTIP of the Company, further details of which are set out in Note 19. The share-based compensation expenses were recognized in the consolidated statements of operations during the years ended December 31, 2025, 2024 and 2023.

(i)

Independent non-executive directors

The fees paid to independent non-executive directors were as follows:

	Year Ended December 31,
	2025		2024		2023
	(in US$’000)
Mok Shu Kam, Tony		113		116		115
Renu Bhatia (note (a))		105		59		—
Chaohong Hu (note (b))		99		9		—
Wong Tak Wai (note (c))		83		—		—
Paul Rutherford Carter (note (d))		77		117		117
Graeme Allan Jack (note (e))		70		111		111
Tan Shao Weng, Daniel (note (f))		18		—		—
Karen Jean Ferrante (note (g))		—		—		37
		565		412		380

The share-based compensation expenses of the independent non-executive directors were as follows:

	Year Ended December 31,
	2025			2024		2023
	(in US$’000)
Mok Shu Kam, Tony		13			32		71
Paul Rutherford Carter (note (d))		(50	)		32		71
Graeme Allan Jack (note (e))		(50	)		32		71
Karen Jean Ferrante (note (g))		—			—		(101	)
		(87	)		96		112

Notes:

	(a)	Appointed as an independent non-executive director on May 13, 2024.
	(b)	Appointed as an independent non-executive director on November 21, 2024.
	(c)	Appointed as an independent non-executive director on March 6, 2025.
	(d)	Retired as an independent non-executive director on May 13, 2025. The amount also included $34,000 of other cash benefits paid to the director.
	(e)	Retired as an independent non-executive director on May 13, 2025. The amount also included $30,000 of other cash benefits paid to the director.
	(f)	Appointed as an independent non-executive director on October 15, 2025.
	(g)	Retired as an independent non-executive director on May 12, 2023.

Page 2 of 7

There were no other remunerations payable to independent non-executive directors during the years ended December 31, 2025, 2024 and 2023.

(ii)

Executive directors and non-executive directors

	Year Ended December 31, 2025
	Fees		Salaries, allowances and benefits in kind		Pension contributions		Performance related bonuses		Share-based compensation		Total
	(in US$’000)
Executive directors
Weiguo Su		75		850		75		752		3,668		5,420
Cheng Chig Fung, Johnny		75		391		34		659		399		1,558
		150		1,241		109		1,411		4,067		6,978
Non-executive directors
Dan Eldar		130		—		—		—		13		143
Edith Shih		—		—		—		—		13		13
		130		—		—		—		26		156
		280		1,241		109		1,411		4,093		7,134

	Year Ended December 31, 2024
	Fees		Salaries, allowances and benefits in kind		Pension contributions		Performance related bonuses		Share-based compensation			Total
	(in US$’000)
Executive directors
To Chi Keung, Simon (note (a))		32		—		—		—		(80	)		(48	)
Weiguo Su		75		820		72		1,282		2,746			4,995
Cheng Chig Fung, Johnny		75		380		33		513		453			1,454
		182		1,200		105		1,795		3,119			6,401
Non-executive directors
Dan Eldar		81		—		—		—		32			113
Edith Shih		—		—		—		—		32			32
		81		—		—		—		64			145
		263		1,200		105		1,795		3,183			6,546

	Year Ended December 31, 2023
	Fees		Salaries, allowances and benefits in kind		Pension contributions		Performance related bonuses		Share-based compensation		Total
	(in US$’000)
Executive directors
To Chi Keung, Simon		85		—		—		—		71		156
Weiguo Su (note (b))		75		805		71		1,500		1,659		4,110
Cheng Chig Fung, Johnny		75		349		30		508		589		1,551
		235		1,154		101		2,008		2,319		5,817
Non-executive directors
Dan Eldar		—		—		—		—		71		71
Edith Shih		—		—		—		—		71		71
		—		—		—		—		142		142
		235		1,154		101		2,008		2,461		5,959

Notes:

	(a)	Retired as an executive director on May 17, 2024.
	(b)	In connection with share options granted in the year ended December 31, 2016 under the 2015 Share Option Scheme, Dr. Weiguo Su was awarded retention bonuses payable when and if he exercised his options. During the year ended December 31, 2023, a retention bonus of US$5,225,000 was settled when he exercised such options, which amount is not included in the table above.

Page 3 of 7

Five Highest-Paid Employees

The five highest-paid employees during the years ended December 31, 2025, 2024 and 2023 included the following number of directors and non-directors:

Details of the remuneration for the years ended December 31, 2025, 2024 and 2023 of the five highest-paid employees who are non-directors (the “Non-director Individuals”) were as follows:

	Year Ended December 31,
	2025		2024		2023
	(in US$’000)
Salaries, allowances and benefits in kind		1,327		1,172		1,506
Pension contributions		37		9		54
Performance related bonuses		1,365		1,577		1,909
Share-based compensation expenses (note)		728		2,008		3,226
		3,457		4,766		6,695

Note: During the years ended December 31, 2025, 2024 and 2023, the non-director Individuals were granted share options and LTIP awards in respect of their services to the Group under the share option schemes and LTIP of the Company, further details of which are set out in Note 19. The share-based compensation expenses were recognized in the consolidated statements of operations during the years ended December 31, 2025, 2024 and 2023.

The number of non-director Individuals whose remuneration fell within the following bands is as follows:

	Year Ended December 31,
	2025		2024		2023
HK$7,500,000 to HK$8,000,000		1		—		—
HK$8,500,000 to HK$9,000,000		1		1		—
HK$9,000,000 to HK$9,500,000		—		1		—
HK$10,000,000 to HK$10,500,000		1		—		—
HK$12,000,000 to HK$12,500,000		—		—		1
HK$15,500,000 to HK$16,000,000		—		—		1
HK$19,000,000 to HK$19,500,000		—		1		—
HK$24,000,000 to HK$24,500,000		—		—		1
		3		3		3

During the years ended December 31, 2025, 2024 and 2023, no remuneration was paid by the Group to any directors or non-director Individuals as an inducement to join the Group or as compensation for loss of office. Additionally, none of the directors or non-director Individuals have waived any remuneration during the years ended December 31, 2025, 2024 and 2023.

Page 4 of 7

Reconciliation between US GAAP and International Financial Reporting Standards

These consolidated financial statements are prepared in accordance with US GAAP, which differ in certain respects from International Financial Reporting Standards (“IFRS”). The effects of material differences prepared under US GAAP and IFRS are as follows:

(i) Reconciliation of consolidated statements of operations

	Year Ended December 31, 2025
				IFRS adjustments
	Amounts as reported under US GAAP			Lease amortization (note (a))			Tax effects of intercompany unrealized profit (note (b))			Capitalization of rights (note (c))			Amounts under IFRS
	(in US$’000)
Cost of goods — third parties		(291,360	)		9			—			—			(291,351	)
Research and development expenses		(148,295	)		46			—			(16,109	)		(164,358	)
Selling expenses		(36,306	)		22			—			—			(36,284	)
Administrative expenses		(66,722	)		51			—			—			(66,671	)
Total operating expenses		(587,672	)		128			—			(16,109	)		(603,653	)
Gain on divestment of an equity investee		476,896			18			(151	)		—			476,763
Interest expense		(2,865	)		(193	)		—			—			(3,058	)
Other expense		(5,767	)		33			—			—			(5,734	)
Total other income/(expense)		60,955			(160	)		—			—			60,795
Income/(loss) before income taxes and equity in earnings of equity investees		498,691			(14	)		(151	)		(16,109	)		482,417
Equity in earnings of equity investees, net of tax		22,651			7			(75	)		—			22,583
Net income		457,732			(7	)		(226	)		(16,109	)		441,390
Less: Net income attributable to non-controlling interests		(823	)		3			—			25			(795	)
Net income attributable to the Company		456,909			(4	)		(226	)		(16,084	)		440,595

	Year Ended December 31, 2024
				IFRS adjustments
	Amounts as reported under US GAAP			Lease amortization (note (a))			Tax effects of intercompany unrealized profit (note (b))			Amounts under IFRS
	(in US$’000)
Cost of goods — third parties		(294,918	)		59			—			(294,859	)
Research and development expenses		(212,109	)		96			—			(212,013	)
Selling expenses		(48,617	)		29			—			(48,588	)
Administrative expenses		(64,296	)		82			—			(64,214	)
Total operating expenses		(673,906	)		266			—			(673,640	)
Interest expense		(2,872	)		(219	)		—			(3,091	)
Other expense		(4,884	)		36			—			(4,848	)
Total other income/(expense)		42,598			(183	)		—			42,415
Income/(loss) before income taxes and equity in earnings of equity investees		(1,107	)		83			—			(1,024	)
Equity in earnings of equity investees, net of tax		46,469			14			(57	)		46,426
Net income		38,170			97			(57	)		38,210
Less: Net income attributable to non-controlling interests		(441	)		(2	)		—			(443	)
Net income attributable to the Company		37,729			95			(57	)		37,767

Page 5 of 7

	Year Ended December 31, 2023
				IFRS adjustments
	Amounts as reported under US GAAP			Lease amortization (note (a))			Tax effects of intercompany unrealized profit (note (b))		Amounts under IFRS
	(in US$’000)
Cost of goods — third parties		(331,984	)		66			—		(331,918	)
Research and development expenses		(302,001	)		106			—		(301,895	)
Selling expenses		(53,392	)		46			—		(53,346	)
Administrative expenses		(79,784	)		89			—		(79,695	)
Total operating expenses		(819,624	)		307			—		(819,317	)
Interest expense		(759	)		(281	)		—		(1,040	)
Other expense		(8,402	)		63			—		(8,339	)
Total other income/(expense)		39,933			(218	)		—		39,715
Income/(loss) before income taxes and equity in earnings of equity investees		58,308			89			—		58,397
Equity in earnings of equity investees, net of tax		47,295			(1	)		307		47,601
Net income		101,094			88			307		101,489
Less: Net income attributable to non-controlling interests		(314	)		(19	)		—		(333	)
Net income attributable to the Company		100,780			69			307		101,156

(ii) Reconciliation of consolidated balance sheets

	December 31, 2025
				IFRS adjustments
	Amounts as reported under US GAAP			Lease amortization (note (a))			Tax effects of intercompany unrealized profit (note (b))		Capitalization of rights (note (c))		Issuance costs (note (d))			LTIP classification (note (e))			Amounts under IFRS
	(in US$’000)
Right-of-use assets		3,027			(86	)		—		—		—			—			2,941
Investment in equity investees		10,865			(1	)		24		—		—			—			10,888
Total assets		1,753,097			(87	)		24		—		—			—			1,753,034

Other payables and accruals		208,892			—			—		—		—			(883	)		208,009
Total current liabilities		315,775			—			—		—		—			(883	)		314,892
Total liabilities		501,835			—			—		—		—			(883	)		500,952

Additional paid-in capital		1,533,868			—			—		—		(697	)		883			1,534,054
Accumulated losses		(378,643	)		(86	)		24		—		697			—			(378,008	)
Accumulated other comprehensive loss		(4,532	)		11			—		—		—			—			(4,521	)
Total Company’s shareholders’ equity		1,237,926			(75	)		24		—		—			883			1,238,758
Non-controlling interests		13,336			(12	)		—		—		—			—			13,324
Total shareholders’ equity		1,251,262			(87	)		24		—		—			883			1,252,082

Page 6 of 7

	December 31, 2024
				IFRS adjustments
	Amounts as reported under US GAAP			Lease amortization (note (a))			Tax effects of intercompany unrealized profit (note (b))			Capitalization of rights (note (c))			Issuance costs (note (d))			LTIP classification (note (e))			Amounts under IFRS
	(in US$’000)
Right-of-use assets		4,497			(52	)		—			—			—			—			4,445
Investment in equity investees		77,765			(22	)		246			—			—			—			77,989
Other non-current assets		12,443			—			—			14,815			—			—			27,258
Total assets		1,274,196			(74	)		246			14,815			—			—			1,289,183

Other payables and accruals		256,124			—			—			—			—			(493	)		255,631
Total current liabilities		376,562			—			—			—			—			(493	)		376,069
Total liabilities		502,343			—			—			—			—			(493	)		501,850

Additional paid-in capital		1,517,526			—			—			—			(697	)		493			1,517,322
Accumulated losses		(833,172	)		(82	)		250			16,084			697			—			(816,223	)
Accumulated other comprehensive loss		(11,585	)		16			(4	)		(1,294	)		—			—			(12,867	)
Total Company’s shareholders’ equity		759,929			(66	)		246			14,790			—			493			775,392
Non-controlling interests		11,924			(8	)		—			25			—			—			11,941
Total shareholders’ equity		771,853			(74	)		246			14,815			—			493			787,333

Notes:

(a)

Lease amortization

Under US GAAP, for operating leases, the amortization of right-of-use assets and the interest expense element of lease liabilities are recorded together as lease expenses, which results in a straight-line recognition effect in the consolidated statements of operations.

Under IFRS, all leases are accounted for like finance leases where right-of-use assets are generally depreciated on a straight-line basis while lease liabilities are measured under the effective interest method, which results in higher expenses at the beginning of the lease term and lower expenses near the end of the lease term.

(b)

Tax effects of intercompany unrealized profit

Under US GAAP, deferred taxes for unrealized profit resulting from intercompany sales of inventory is not recognized.

Under IFRS, deferred taxes for unrealized profit resulting from an intercompany sale of inventory is recognized at the buyer’s tax rate.

(c)

Capitalization of development and commercial rights

Under US GAAP, the acquired development and commercial rights do not meet the capitalization criteria as further development is needed as of the acquisition date and there is no alternative future use. Such rights are considered as IPR&D and were expensed to research and development expenses.

Under IFRS, the acquired development and commercial rights were capitalized to intangible assets. The recognition criterion is always assumed to be met as the price already reflects the probability that future economic benefits will flow to the Group. For the year ended December 31, 2025, the intangible asset was impaired after completing an impairment assessment.

(d)

Issuance costs

Under US GAAP and IFRS, there are differences in the criteria for capitalization of issuance costs incurred in the offering of equity securities.

(e)

LTIP classification

Under US GAAP, LTIP awards with performance conditions are classified as liability-settled awards prior to the determination date as they settle in a variable number of shares based on a determinable monetary amount, which is determined upon the actual achievement of performance targets. After the determination date, the LTIP awards are reclassified as equity-settled awards.

Under IFRS, LTIP awards are classified as equity-settled awards, both prior to and after the determination date, as they are ultimately settled in ordinary shares or the equivalent ADS of the Company instead of cash.

Page 7 of 7

Year Ended December 31,

Non-directors