智通财经APP获悉，复宏汉霖(02696)涨超4%，截至发稿，涨4.45%，报31.7港元，成交额2551.34万港 元。 据介绍，H药汉斯状是全球首个获批一线治疗小细胞肺癌的抗PD-1单抗，已在中国、欧洲和东南亚等30 多个国家和地区获批上市。截至目前，H药已获批用于治疗鳞状非小细胞肺癌(sqNSCLC)、广泛期小细 胞肺癌(ES-SCLC)、食管鳞状细胞癌(ESCC)和非鳞状非小细胞肺癌(nsNSCLC)。聚焦肺癌和消化道肿瘤 等全球高发癌种，复宏汉霖在全球同步开展10余项以H药为核心的免疫联合疗法临床研究，于中国、美 国、日本、土耳其、波兰、格鲁吉亚等国家和地区累计入组逾4900人。 消息面上，据市场消息报道，由国际胃癌协会(International Gastric Cancer Association,IGCA)主办的第16 届国际胃癌大会(International Gastric Cancer Congress, IGCC 2025)将于2025年5月7日-10日在荷兰阿姆斯 特丹召开。此届大会上，复宏汉霖自主研发的创新型单抗H药汉斯状(斯鲁利单抗，欧洲商品名： Hetronifly)两项胃癌领 ...

智通财经APP讯，复宏汉霖(02696)发布公告，近日，注射用HLX43(靶向PD-L1抗体-新型DNA拓扑异构 酶I抑制剂偶联药物)(HLX43)联合汉斯状®(斯鲁利单抗注射液)(汉斯状)治疗晚期/转移性实体瘤患者的 1b/2期临床研究于中国境内(不包括港澳台地区，下同)完成首例患者给药。 本研究为一项旨在评估HLX43联合汉斯状治疗晚期/转移性实体瘤患者的安全性、耐受性和有效性的 1b/2期临床研究。研究分为1b期剂量递增和2期剂量拓展两个阶段。第一阶段为开放标签研究，合格的 受试者将接受不同剂量的 HLX43联合固定剂量的汉斯状静脉输注给药，每3周一次(Q3W)。第二阶段为 多中心、随机、开放标签的对照研究，在第一阶段数据的基础上，评估3个不同剂量的HLX43联合固定 剂量汉斯状在晚期非小细胞肺癌(NSCLC)患者中的安全性和有效性。第一阶段的主要终点为剂量限制性 毒性(DLT)观察期内每个剂量组发生DLT事件的受试者比例和HLX43联合汉斯状用药的最大耐受剂量 (MTD)。第二阶段的主要终点为独立影像评估委员会(IRRC)根据实体瘤疗效评价标准(RECIST)v1.1评估 的客观缓解率(ORR)。 H ...

智通财经APP讯，复宏汉霖(02696)发布公告，近日，重组抗VEGF人源化单克隆抗体注射液HLX04- O(HLX04-O)在一项于湿性年龄相关性黄斑变性(wet age-related macular degeneration, wAMD)中国患者中 开展的3期临床研究达到主要研究终点。 本研究为一项多中心、随机、双盲、阳性对照的非劣效3期临床研究，旨在比较HLX04-O与雷珠单抗玻 璃体内注射(IVT)在湿性年龄相关性黄斑变性(wAMD)患者中的有效性和安全性。入组的患者按照1:1的 比例随机接受 HLX04-O(1.25 mg)IVT或雷珠单抗(0.5 mg)IVT给药，每四周一次，在患者未发生死亡、 撤回知情同意、失访或申办方终止研究的情况下，持续治疗一年。本次研究的主要研究终点为第48周最 佳矫正视力(BCVA)较基线改善的平均字母数变化，次要研究终点为其他有效性、安全性、耐受性及药 代动力学指标。研究结果显示，HLX04-O组第48周BCVA较基线改善的平均字母数变化结果非劣于雷珠 单抗组，达到主要研究终点。此外，HLX04-O和雷珠单抗对湿性年龄相关性黄斑变性(wAMD)患者人群 整体、眼部、 ...

复宏汉霖(02696)：HLX22联合XELOX对比XELOX 联合或不联合帕博利珠单抗一线治疗HER2阳性局 部晚期或转移性胃食管交界部和胃癌的国际多中心3 期临床研究完成日本首例患者给药 本次研究是一项双盲、国际多中心随机对照3期研究，旨在比较HLX22联合曲妥珠单抗和化疗对比曲妥 珠单抗和化疗联合或不联合帕博利珠单抗，一线治疗HER2阳性局部晚期或转移性胃癌/胃食管交界部癌 患者的疗效和安全性。符合条件的受试者将以1:1的比例随机分配至试验组(接受HLX22(15 mg/kg)联合 曲妥珠单抗和化疗)或对照组(接受安慰剂联合曲妥珠单抗和化疗，联合或不联合帕博利珠单抗)。该研究 的主要终点为独立影像评估委员会 (IRRC)基于RECIST v1.1评估的无进展生存期(PFS)和总生存期(OS); 次要终点包括研究者评估的无进展生存期(PFS)、独立影像评估委员会(IRRC)或研究者评估的客观缓解 率(ORR)、下一线治疗的无进展生存期(PFS2)、缓解持续时间(DOR)、生活质量、安全性、免疫原性和 药代动力学特征。 智通财经APP讯，复宏汉霖(02696)发布公告，近日，一项HLX22(重组人源化抗 H ...

财报显示，复宏汉霖目前的营收主要依靠汉曲优、汉斯状以及汉利康3款产品，其2024年销售收入分别 为28.1亿元（同比增长2.7%）、13.1亿元（同比增长17.2%）以及5.3亿元（同比增长1.9%）。 相比于2023年，2024年复宏汉霖在汉曲优和汉斯状两款"现金牛"产品上的营收增速均有显著下滑。业绩 会上，公司首席商务官余诚对此解释称，主要还是因为2024年整个生物类似药市场有相当多国产竞品陆 续获批、实现商业化，因此造成市场竞争环境更加激烈。 同时，余诚还对复宏汉霖从甫康药业引进的汉奈佳（奈拉替尼）寄予厚望。资料显示，奈拉替尼用于 HER2（人表皮生长因子受体2）阳性的早期乳腺癌成年患者，在接受含曲妥珠单抗辅助治疗之后的强化 辅助治疗，于2024年6月正式在国内获批，上市销售3个多月获得了0.45亿元的收入。余诚认为，汉奈佳 有望重塑早期乳腺癌患者从辅助到强化辅助的市场格局，并能与汉曲优形成显著的协同效应。 每经记者 许立波 每经编辑 董兴生 3月24日，复宏汉霖（HK02696）发布2024年度业绩公告，公司于报告期内实现营业收入约57.244亿 元，同比增长6.1%；净利润约8.205亿元，同比增长 ...

复宏汉霖目前有三款非常有竞争力的创新产品。首先是 HRX10，即 PD-1 单抗， 用于治疗复发或难治性结直肠癌。中国每年新发病例超过 51 万，美国和日本每 年新发病例约 20 万。目前，难治性结直肠癌的一线治疗标准是贝伐珠单抗加化 疗，微卫星不稳定型患者可选择 K 药加贝伐珠单抗和化疗，但这种分型仅占 5%。 大部分患者仍使用贝伐珠单抗加化疗，存在极大未满足的临床需求。复宏汉霖 的临床试验显示 H2,410 联合 PD-1 单抗和化疗显著提高无进展生存期，达到了 10.8 个月，对照组为 10.7 个月，有望成为新的治疗选择。 其次是 HRX10，即 • H2,410 联合 PD-1 单抗和化疗在难治性结直肠癌的临床试验中，无进展生 存期达到 10.8 个月，虽与对照组 10.7 个月相比提升不明显，但有望为患 者提供新的治疗选择，尤其是在贝伐珠单抗加化疗效果不佳的情况下。 • HRX10（曲妥珠单抗）针对 HER2 阳性胃癌，通过 HRS22 创新药促进赫赛汀 内吞水平提高 40%-80%，临床试验显示联合用药显著提高生存期和抗肿瘤 反应，有望占据中国每年 36 万新发胃癌病例中 HER2 阳性患者（约 ...

❑ 差异化创新管线具备全球竞争力，具备挑战当前治疗标准的潜力。复宏汉霖 创新研发管线极具特色： 1）HLX10（PD-1 单抗）显著改善 1 线 mCRC（复发或无法根治切除的结直 肠癌）患者生存期，有望成为 1 线治疗新选择。结直肠癌基本负担沉重，中 国每年新发超过 51 万人，目前 1 线 mCRC 标准治疗方法为贝伐珠单抗+化疗， 存在极大的免疫疗法未满足临床需求。复宏汉霖 HLX10 与贝伐珠单抗+化疗 联用治疗 mCRC 与目前标准治疗方案相比极大提高了 mPFS（16.8m vs 10.7m，HR=0.58），临床结果亮眼，可能挑战当前标准治疗方案。 2）HLX22（HER2 单抗）具有改变目前 1 线胃癌治疗方案的潜力。胃癌我国 每年新发超过 36 万人，其中 HER2 阳性占比 15%。HLX22 与同为靶向 HER2 domain IV 的曲妥珠单抗的联合，可同时促进 HER2/HER2 同源二聚体和 HER2/EGFR 异源二聚体的内吞作用，将 HER2 的内吞提高 40-80%，临床研 究结果显示，在 HLX02+化疗的基础上加入 HLX22 可提高 HER2 阳性胃癌患 者 1 线治疗 ...

Financial Performance - Total revenue for the first half of 2024 reached approximately RMB 2,746.1 million, a 9.8% increase compared to RMB 2,500.5 million in the same period of 2023[9] - Net profit for the first half of 2024 was RMB 386.3 million, a significant increase from RMB 240.0 million in the same period of 2023[9] - Non-current assets increased to RMB 7,583,198,000 as of June 30, 2024, up from RMB 7,227,539,000 at the end of 2023, driven by growth in property, plant, and equipment (RMB 2,319,676,000) and intangible assets (RMB 4,819,859,000)[78] - Current assets decreased to RMB 2,396,562,000 as of June 30, 2024, compared to RMB 2,676,032,000 at the end of 2023, primarily due to a decline in cash and bank balances (RMB 649,449,000 vs. RMB 987,665,000)[78] - Net profit for the six months ended June 30, 2024, was RMB 386,301,000, contributing to a total comprehensive income of RMB 402,277,000[79] - Cash flow from operating activities for the six months ended June 30, 2024, was RMB 251,263,000, a decrease from RMB 332,460,000 in the same period of 2023[82] - The company's net asset value increased to RMB 2,578,257,000 as of June 30, 2024, up from RMB 2,192,301,000 at the end of 2023[78] - Total equity increased to RMB 2,578,257,000 as of June 30, 2024, compared to RMB 2,192,301,000 at the end of 2023, driven by retained earnings and other reserves[79] - Cash used in investing activities for the six months ended June 30, 2024, was RMB 663,655,000, primarily due to the acquisition of property, plant, and equipment (RMB 103,685,000) and intangible assets (RMB 344,798,000)[82] - The company's total liabilities decreased to RMB 7,401,503,000 as of June 30, 2024, from RMB 7,711,270,000 at the end of 2023, reflecting a reduction in both current and non-current liabilities[78] - The company's trade receivables increased to RMB 744,101,000 as of June 30, 2024, up from RMB 647,828,000 at the end of 2023, indicating higher sales on credit[78] - The company's inventory increased to RMB 783,331,000 as of June 30, 2024, compared to RMB 757,359,000 at the end of 2023, reflecting higher production or slower sales[78] - Net cash flow from financing activities was -145,815 thousand RMB, compared to 156,497 thousand RMB in the same period last year[83] - Cash and cash equivalents decreased by 558,207 thousand RMB, with a closing balance of 313,911 thousand RMB[83] - Revenue from external customers in Mainland China increased to 2,489,605 thousand RMB, up from 2,221,701 thousand RMB in 2023[90] - Total revenue for the six months ended June 30, 2024, was 2,746,109 thousand RMB, compared to 2,500,470 thousand RMB in 2023[90] - Revenue from sales of biopharmaceutical products reached 2,479,351 thousand RMB, up from 2,152,901 thousand RMB in 2023[91] - Revenue from licensing and R&D services was 14,258 thousand RMB and 251,014 thousand RMB, respectively[91] - Revenue recognized at a point in time was 2,498,899 thousand RMB, while revenue recognized over time was 245,809 thousand RMB[91] - The company's current liabilities net amount was 2,506,388 thousand RMB as of June 30, 2024[86] - Other income and gains totaled RMB 24,739 thousand, a decrease of 7.8% compared to RMB 26,837 thousand in the same period last year[92] - Interest income increased significantly to RMB 10,309 thousand, up 280% from RMB 2,712 thousand in the previous year[92] - Cost of goods sold increased to RMB 430,380 thousand, a 12.5% rise from RMB 382,617 thousand in 2023[93] - Financial costs rose to RMB 62,796 thousand, a 16.1% increase from RMB 54,084 thousand in 2023[94] - Current tax expense in Mainland China increased to RMB 9,417 thousand, up 138% from RMB 3,956 thousand in the previous year[96] - Profit attributable to ordinary equity holders of the parent for basic EPS calculation was RMB 386,301 thousand, a 61% increase from RMB 239,980 thousand in 2023[99] - Property, plant and equipment additions amounted to RMB 168,829 thousand, a decrease of 37.6% compared to RMB 270,346 thousand in the previous year[101] - Trade receivables increased to RMB 744,101 thousand, up 14.9% from RMB 647,828 thousand at the end of 2023[103] - Prepayments and other receivables decreased to RMB 174,921 thousand, down 12.9% from RMB 200,761 thousand at the end of 2023[104] - The company recovered a total of $30,640,000 from AMTD for the years ended December 31, 2020, 2021, and 2022, and an additional $20,000,000 for the year ended December 31, 2023[105] - As of December 31, 2023, and June 30, 2024, the outstanding principal balance of the AMTD account investment was $66,360,000 (equivalent to RMB 472,942,000)[105] - The company has fully provisioned for expected credit losses on the AMTD receivable, totaling $66,360,000 as of June 30, 2024, and December 31, 2023 (equivalent to RMB 472,942,000 and RMB 470,015,000, respectively)[105] - Trade payables as of June 30, 2024, amounted to RMB 617,145,000, with RMB 606,293,000 due within one year[106] - Total interest-bearing bank and other borrowings as of June 30, 2024, were RMB 4,054,089,000, with RMB 2,837,718,000 classified as current liabilities[108] - The company's lease liabilities as of June 30, 2024, amounted to RMB 263,471,000, with RMB 98,369,000 due within one year[108] - The company's bank borrowings are secured by right-of-use assets with a net book value of RMB 190,488,000 and property, plant, and equipment with a net book value of RMB 1,033,164,000 as of June 30, 2024[109] - The company has contractual commitments for plant and machinery amounting to RMB 111,917,000 as of June 30, 2024[111] - The company has no contingent liabilities as of June 30, 2024[111] - The company has issued and fully paid-up ordinary shares totaling 543,494,853 shares as of June 30, 2024[110] - Revenue from licensing to Fosun Pharma Industrial Development increased to RMB 10,963 thousand in 2024 from RMB 10,851 thousand in 2023[114] - Services provided to Fosun Pharma Industrial Development surged to RMB 75,472 thousand in 2024 from RMB 21,774 thousand in 2023[114] - Sales of goods to Sinopharm Group reached RMB 1,062,754 thousand in 2024, up from RMB 900,069 thousand in 2023[114] - Total sales of goods to related parties amounted to RMB 1,342,731 thousand in 2024, compared to RMB 1,204,518 thousand in 2023[114] - Purchases of services/goods from related parties totaled RMB 18,426 thousand in 2024, slightly up from RMB 17,629 thousand in 2023[114] - Trade receivables from related parties stood at RMB 378,405 thousand in 2024, an increase from RMB 346,664 thousand in 2023[116] - Prepayments, other receivables, and other assets from related parties were RMB 4,702 thousand in 2024, up from RMB 4,172 thousand in 2023[116] - Trade payables to related parties were RMB 1,212 thousand in 2024, significantly higher than RMB 194 thousand in 2023[116] R&D and Product Development - R&D expenses for the first half of 2024 decreased to RMB 482.5 million, down from RMB 547.8 million in the same period of 2023[9] - HANQUYOU® (trastuzumab for injection) has benefited over 200,000 patients in China and received FDA approval in the US for breast cancer and gastric cancer treatment in April 2024[10] - HANQUYOU® received approval from Health Canada in August 2024 for early and metastatic breast cancer and metastatic gastric cancer treatment[10] - HANSIZHUANG® (serplulimab injection) received approval in Cambodia and Thailand for extensive-stage small cell lung cancer (ES-SCLC) treatment in 2024[10] - HANLIKANG® (rituximab injection) has benefited over 260,000 patients in China and received approval in Peru in May 2024[10] - Hansizhuang® (Serplulimab Injection) completed the first patient dosing in the Phase 3 portion of an international multicenter Phase 2/3 clinical trial for metastatic colorectal cancer in China in May 2024, and the Phase 3 trial was approved in Japan and Indonesia in July 2024[11] - HLX14 (Denosumab Biosimilar) achieved the primary endpoint in an international multicenter Phase 3 clinical trial for postmenopausal osteoporosis in April 2024, with MAAs submitted to EMA in May 2024 and NDSs submitted to Health Canada in September 2024[11] - HLX22 (Anti-HER2 Humanized Monoclonal Antibody) received FDA approval for a Phase 3 clinical trial in combination with trastuzumab and chemotherapy for HER2-positive advanced gastric cancer in May 2024[11] - HLX53 (Anti-TIGIT Fc Fusion Protein) in combination with Hansizhuang® and Hanbeitai® received IND approval in China for a Phase 2 clinical trial in April 2024, with the first patient dosed in August 2024[11] - HLX14 completed a Phase 1 clinical study in healthy male subjects in China in January 2024, achieving all predefined endpoints[11] - HLX42 (EGFR-Targeted Antibody-Drug Conjugate) completed the first patient dosing in a Phase 1 clinical trial for advanced/metastatic solid tumors in China in March 2024[11] - HLX6018 (Anti-GARP/TGF-β1 Humanized Monoclonal Antibody) received IND approval in China for idiopathic pulmonary fibrosis in March 2024, with the first subject dosed in April 2024[11] - HLX78 (Lasofoxifene Tablets) received IND approval in China in May 2024, following its licensing for an international multicenter Phase 3 clinical trial in January 2024[11] - HLX15 (Daratumumab Biosimilar) completed a Phase 1 clinical study in healthy male subjects in China in June 2024, achieving all predefined endpoints[11] - The company has a total of over 50 molecules and 14 R&D platforms, covering monoclonal antibodies, bispecific antibodies, ADCs, recombinant proteins, and small molecule conjugates[12] - The company's R&D activities are focused on research and development, with a reporting period ending June 30, 2024[151] Commercialization and Market Expansion - The company completed the acquisition of DDL, expanding its commercialization capabilities and business model[10] - The company signed an agreement with Fuhong Health Technology to introduce HANNAIJIA® (neratinib) for HER2-positive early breast cancer treatment in China[10] - The company's commercialization team has grown to nearly 1,500 people, driving the commercialization of 5 products in China, including Hanquyou® and Hansizhuang®[15] - Hanquyou® has benefited over 200,000 patients in China and has been approved in 48 countries and regions, including the US, UK, and Germany[17] - Hanquyou® became the first biosimilar monoclonal antibody approved in China, Europe, and the US for breast and gastric cancer treatment[16] - Hansizhuang® has expanded its international presence, with approvals in Indonesia, Cambodia, and Thailand for extensive-stage small cell lung cancer (ES-SCLC) treatment[19] - Hansizhuang® is the first PD-1 targeted monoclonal antibody globally approved for first-line treatment of ES-SCLC, giving it a competitive edge in the PD-1 market[19] - Hanlikang® has been approved in Peru, marking the company's third self-developed product to gain overseas approval[20] - Handayuan® has received approval for all eight indications of the original adalimumab in China, including rheumatoid arthritis and Crohn's disease[20] - The company completed the acquisition of DDL, enabling the commercialization of more licensed products and expanding its business channels[15] - Hanquyou® has been approved in Brazil, the Philippines, and Uzbekistan, further expanding its global market reach[17] - The company introduced Hanlaijia® (neratinib) in China, targeting HER2-positive early breast cancer patients, and is pushing for its commercialization[15] Shareholder and Equity Information - Shareholder Zhu Jun holds 50,000 H shares, representing 0.03% of the H share class and 0.01% of the total shares[130] - Chen Qiyu holds 17,930,400 ordinary shares in Fosun International, representing 0.22% of the share class, and 18,450,000 share options, representing 0.23%[131] - Wu Yifang holds 373,000 H shares and 1,007,100 A shares in Fosun Pharma, representing 0.07% and 0.05% of the respective share classes[131] - Fosun Pharma holds 265,971,569 non-listed shares, representing 69.98% of the non-listed share class and 48.94% of the total shares[135] - Fosun International holds 291,365,387 non-listed shares, representing 76.66% of the non-listed share class and 53.61% of the total shares[135] - Fosun High-Tech holds 291,365,387 non-listed shares, representing 76.66% of the non-listed share class and 53.61% of the total shares[135] - Fosun International holds 32,331,100 H shares, representing 19.78% of the H share class and 5.95% of the total shares[135] - Wu Yifang holds a bond with a principal amount of $700,000,000 due on May 18, 2026, and another with a principal amount of $500,000,000[132] - Wenjie Zhang holds an 8.93% stake in HenLink, which directly holds 2.92% of the company's shares[133] - Zhu Jun holds a 3.09% stake in Shanghai Guoyun, which directly holds 0.99% of the company's shares[132] Share Incentive Plans - The 2018 Share Incentive Plan involved a total of 22,750,000 shares, representing approximately 4.19% of the company's total issued shares at the time, with 11,714,650 shares held by Shanghai Guoyun and 11,035,350 shares held by HenLink[143] - The 2020 Share Incentive Plan was adopted to purchase restricted interests from resigned 2018 participants, including 360,700 non-listed shares from Shanghai Guoyun and 2,420,000 non-listed shares from HenLink, representing approximately 0.51% of the company's total issued shares[146] - The 2018 Share Incentive Plan had three categories of participants with different vesting schedules: Category 1 participants had 60% of their shares vested by April 30, 2020, Category 2 had 35%, and Category 3 had 20%[145] - The 2020 Share Incentive Plan also had three categories of participants with different vesting schedules: Category 1 participants had 60% of their shares vested by April 30, 2021, Category 2 had 20%, and Category 3 had 55% by April 30, 2023[147] - All shares under the 2018 and 2020 Share Incentive Plans were fully vested by 2023, with no unvested or unallocated shares during the reporting period[148] - The company's H shares are listed and traded on the Hong Kong Stock Exchange with a par value of RMB 1.00 per share[150] - The global offering includes 6,469,600 H shares for the Hong Kong public offering and 58,225,800 H shares initially available for subscription[150] - The company's shares are held by shareholders, with each share having a par value of RMB 1.00[151] - The company's H shares are denominated in Hong Kong dollars and traded on the Hong Kong Stock Exchange[150] - The company's global offering includes an over-allotment option for 4,366,400 H shares[150] Production and Operations - The company has a production base in Songjiang District, Shanghai, with a total planned area of 200 mu for the "Henlius Biopharmaceutical Industrialization Base (II)"[152] - The company's production base in Xuhui District, Shanghai, is located on Yishan Road[152] - The company's production base in Songjiang District, Shanghai, is under construction with a total planned area of 200 mu[152] - The company operates in a single reportable segment, focusing on biopharmaceutical R&D, services, and production[89] - The

Financial Performance - For the six months ended June 30, 2024, the total revenue of the company was approximately RMB 2,746.1 million, an increase of approximately RMB 245.6 million or 9.8% compared to RMB 2,500.5 million for the same period in 2023[2]. - The net profit for the six months ended June 30, 2024, was approximately RMB 386.3 million, an increase of approximately RMB 146.3 million compared to RMB 240.0 million for the same period in 2023, primarily due to the commercialization and sales expansion of core products[2]. - The company recorded a gross profit of approximately RMB 1,990.7 million, an increase of about RMB 211.9 million compared to the previous period[47]. - The total comprehensive income for the period was RMB 385,956,000, compared to RMB 243,268,000 in 2023, showing a growth of approximately 58.5%[79]. - The profit attributable to equity holders of the parent company for the six months ended June 30, 2024, was RMB 386,301,000, compared to RMB 239,980,000 for the same period in 2023, representing a year-over-year increase of approximately 60.9%[96]. Product Development and Commercialization - The product Hanquyou® has benefited over 200,000 patients in China, with approvals from the FDA and Health Canada for various cancer treatments in 2024[3]. - The company completed the acquisition of Hanlin Medical Trading Co., enhancing its ability to commercialize more licensed products and expand its operational channels[4]. - The company signed an agreement with Pukang (Shanghai) Health Technology Co., Ltd. to introduce exclusive commercialization rights for Han Naijia® in China, which was approved for market entry in June 2024[4]. - The company has received approval for multiple new indications for its products, including Han Dayuan® for various conditions in children, enhancing its product portfolio[3]. - The company has successfully launched 5 products (23 indications) in mainland China and 3 products in Europe, the US, Canada, Australia, and Indonesia as of August 23, 2024[9]. Research and Development - The company recognized capitalized research and development expenses of approximately RMB 482.5 million, a decrease of approximately RMB 65.3 million from RMB 547.8 million for the same period in 2023, reflecting an optimized resource allocation strategy[2]. - The company has a total of over 50 molecules and 14 R&D platforms in its pipeline, covering various drug forms including monoclonal antibodies and antibody-drug conjugates[7]. - The Phase 3 clinical study for Hansuzan® in combination therapy for gastric cancer completed patient recruitment in China in April 2024[6]. - The IND application for HLX6018, a recombinant anti-GARP/TGF-β1 humanized monoclonal antibody for idiopathic pulmonary fibrosis, was approved in March 2024, with the first patient dosed in April 2024[6]. - The company is advancing its clinical research projects efficiently, with several international and domestic trials achieving key milestones in 2024[5]. Market Expansion and International Operations - The company has made progress in international capacity building and has expanded its overseas commercialization efforts, including new approvals in Cambodia and Thailand for Hanshuang®[9]. - Hanlikang® has also been approved for sale in Peru, highlighting the company's successful international expansion strategy[9]. - The company is actively pursuing the commercialization of Hanxilong® in various international markets, including Southeast Asia and the Middle East[13]. - The company has established partnerships with international biopharmaceutical firms to expand its global market presence[12]. - The company is constructing a new production base in Shanghai, known as Songjiang Base (Phase II), with an investment of up to RMB 2.54 billion to enhance overall production capacity[66]. Financial Position and Management - Cash and bank balances were approximately RMB 649.4 million as of June 30, 2024, with current assets totaling approximately RMB 2,396.6 million[57]. - The group had borrowings of approximately RMB 3,790.6 million as of June 30, 2024, primarily for ongoing clinical research and operational expenses[61]. - The current ratio was 48.9% and the quick ratio was 32.9% as of June 30, 2024, compared to 52.8% and 37.9% respectively as of December 31, 2023[65]. - The company confirmed R&D service income of approximately RMB 170.8 million from multiple projects with global partners during the reporting period[44]. - The company has no significant contingent liabilities as of June 30, 2024[68]. Corporate Governance and Compliance - The company has adhered to all applicable principles and code provisions of the Corporate Governance Code during the reporting period[76]. - The board did not recommend an interim dividend for the reporting period, indicating a focus on reinvestment[76]. - The company is in the process of privatization, with a proposal announced on June 24, 2024, to delist from the Hong Kong Stock Exchange[102]. - The company expressed gratitude to its employees and stakeholders for their contributions and support towards sustainable growth[103]. - The company operates without seasonal influences, ensuring steady performance throughout the year[85].

M N 2 May 2024 CMB International Global Markets | Equity Research | Company Update Henlius Biotech (2696 HK) Strong product sales in 1Q  Strong sales maintained in 1Q24. Henlius Biotech (Henlius) recorded total Target Price HK$20.33 revenue of RMB1.349bn in 1Q24, up 35% YoY. Of this, HANQUYOU’s sales in (Previous TP HK$18.67) China was RMB671mn (+25% YoY, -4% QoQ), which accounted for 23% of our Up/Downside 21.2% previous FY24 estimate. In 1Q24, serplulimab (PD-1) experienced robust Current Price HK$16.78 ...