抗病毒治疗免疫学机制研究结果显示，恒沐在慢性HBV感染和复制小鼠模型中均具有明显的抗病毒活 性和免疫调节作用，其有可能通过调节T细胞反应和降低病毒载量而治疗慢性HBV感染。从而揭示了恒 沐发挥显著抗病毒疗效(高HBeAg阴转率)的潜在分子免疫学机制。 其他20余项恒沐相关研究均以壁报(Poster)或电子壁报(ePoster)形式发布，内容涉及恒沐在老年人群、孕 妇、肝硬化、肝衰竭、终末期肝病、肝癌、合并高脂血症等不同慢乙肝细分人群中的应用，评估了恒沐 对血糖、脂质水平的影响，以及联合干扰素或其他药物的临床应用等等。其中，一项系统综述与网络 Meta分析结果显示，在四种新一代NAs类药物【TAF、TMF、BSV和PDV】中，恒沐在ALT复常、延缓 肝纤维化进展方面更具优势，且骨骼、肾脏安全性最佳。一项回顾性研究首次证明了恒沐治疗慢乙肝孕 妇具有良好的母婴安全性和疗效，结合标准的乙肝免疫接种，可成功预防HBV母婴传播。另一项回顾 性真实世界研究首次证实了恒沐治疗HBV相关肝细胞癌(HCC)患者具有良好的有效性和安全性，且相比 ETV具有更高的ALT复常率和更佳的血脂状况。两项针对HBV相关慢加急性肝衰竭(HBV ...

Core Insights - The study published in the International Journal of Molecular Sciences reveals that the GLP-1 receptor agonist, polyethylene glycol-liraglutide (brand name: Fulaimei), accelerates diabetic wound healing through a dual mechanism: systemic anti-inflammatory regulation and restoration of endothelial progenitor cell (EPC) function [1][2]. Group 1: Research Findings - Diabetes is a leading cause of death and disability globally, with vascular complications such as chronic wound healing delays posing significant clinical challenges [1]. - The research utilized a mouse model to compare wound healing in diabetic mice treated with Fulaimei, untreated diabetic mice, and normal mice, demonstrating that Fulaimei improves metabolic disorders, accelerates wound healing, regulates systemic inflammation, and restores EPC function [2]. - Previous in vitro studies indicated that liraglutide can improve EPC damage and mitochondrial dysfunction via the SIRT3/Foxo3 signaling pathway [2]. Group 2: Clinical Implications - The study provides theoretical support for the use of Fulaimei in treating diabetic vascular complications and offers a new strategy for chronic wound treatment in diabetes [2]. - The findings expand the clinical application prospects of GLP-1 receptor agonists, suggesting potential use in other diseases related to mitochondrial dysfunction [2]. - Future research will further explore the efficacy and molecular regulatory networks of Fulaimei in human subjects [2].

Core Insights - Hansoh Pharmaceutical reported a total revenue of approximately 12.261 billion RMB for 2024, representing a year-on-year growth of about 21.3%, and a net profit attributable to shareholders of 4.372 billion RMB, up 33.4% year-on-year [1] - The proportion of innovative drugs in total revenue increased significantly from less than 20% at the time of the company's Hong Kong listing to 77.3% in 2024, highlighting the successful transition to an innovation-driven pharmaceutical company [1][5] - The company achieved revenue of 9.477 billion RMB from innovative drugs and collaborative products, marking a year-on-year increase of 38.1% [1] Revenue Breakdown - In 2024, revenue from various therapeutic areas included approximately 8.122 billion RMB from oncology, 1.464 billion RMB from anti-infection, 1.379 billion RMB from central nervous system disorders, and 1.296 billion RMB from metabolic and other diseases, accounting for 66.2%, 11.9%, 11.3%, and 10.6% of total revenue respectively [1] R&D Investment - The company invested 2.702 billion RMB in R&D, which accounted for 22% of total revenue, focusing on major disease areas such as oncology, central nervous system disorders, metabolism, and autoimmune diseases [2] - Key products in development include the lung cancer treatment Amelot, which has three indications entering NDA stage, and other drugs like HS-20094 and HS-10374 progressing to Phase III clinical trials [2] Business Development (BD) Cooperation - In 2024, revenue from BD cooperation reached 1.573 billion RMB, including a 185 million USD upfront payment from GSK for HS-20093 [4] - The company secured a global exclusive license for an oral GLP-1 small molecule from Merck, receiving an upfront payment of 112 million USD and potential milestone payments of up to 1.9 billion USD [4] - Collaborations with international pharmaceutical companies like GSK and Merck are aimed at accelerating global market expansion [4] Strategic Direction - The company aims to continue its transformation from generics to innovative drugs, leveraging R&D and international strategies while enhancing BD cooperation to optimize its global market presence [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown significant results in its innovative transformation, with internationalization accelerating. The revenue from innovative products is growing rapidly, and the core product, Amivantamab, is expected to reach peak sales of 8 billion yuan. The company continues to benefit from overseas licensing agreements, contributing positively to its performance [5][8]. Financial Performance Summary - For the fiscal year 2024, the company reported total revenue of 12.261 billion yuan, a year-on-year increase of 21.3%. Product sales revenue was 10.688 billion yuan, while collaboration and licensing income was 1.573 billion yuan. The net profit attributable to shareholders was 4.372 billion yuan, reflecting a year-on-year growth of 33.4% [6]. - The company’s operating income and profit both achieved double-digit year-on-year growth, with product sales revenue increasing by 13.65% compared to 9.403 billion yuan in 2023 [6]. Revenue and Profit Forecast - The company’s revenue forecast for 2025 is 13.604 billion yuan, with a projected growth rate of 10.95%. The net profit attributable to shareholders is expected to be 4.421 billion yuan, with a growth rate of 1.14% [7]. - The earnings per share (EPS) for 2025 is projected to be 0.74 yuan, with a return on equity (ROE) of 13.4% [7]. Innovative Product Performance - The revenue from innovative drugs grew by 38.1% year-on-year, reaching 9.477 billion yuan in 2024, accounting for 77.3% of total revenue. The sales of innovative drugs, excluding licensing income, are expected to reach approximately 8 billion yuan, reflecting a year-on-year increase of 28.5% [8]. - The company has a rich pipeline of innovative products, with several expected to be approved soon, providing long-term support for its innovative transformation [8]. Market Position and Future Outlook - The company is well-positioned for future growth, with expectations that the proportion of revenue from innovative drugs will exceed 80% by 2025. The sales of Amivantamab are projected to reach 6 billion yuan, with an upward revision of peak sales to 8 billion yuan [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 25.00 [6][8][17] Core Insights - The company's revenue for 2024 is expected to increase by 21.3% to RMB 12.26 billion, with a net profit growth of 33.4%, exceeding expectations [1][6] - The oncology drug segment is projected to contribute 61.2% of the total product sales revenue in 2024, driven by strong performance from the core product Amelot, which is expected to see sales growth of 19.9% [2] - The company has established a partnership with Merck for the development and commercialization of a GLP-1 receptor agonist, which is expected to enhance its capabilities in the metabolic field [4] - The company is currently developing 40 innovative drugs, with several in late-stage clinical trials, indicating a promising pipeline for future growth [5] Financial Summary - The company's revenue is projected to grow from RMB 10.10 billion in 2023 to RMB 12.26 billion in 2024, with a compound annual growth rate (CAGR) of 21.3% [7][14] - Shareholder net profit is expected to rise from RMB 3.28 billion in 2023 to RMB 4.37 billion in 2024, reflecting a growth rate of 33.4% [7][14] - The gross margin is anticipated to improve by 1.2 percentage points, while sales and administrative expenses as a percentage of product sales revenue are expected to decrease [1][7] Product and Market Developments - The oncology drug business is expected to grow from approximately RMB 6.55 billion in 2024 to RMB 10.97 billion by 2027, with a CAGR of 18.8% [2] - The anti-infection drug revenue is projected to increase by 15.0% to RMB 1.46 billion in 2024, primarily driven by the strong sales of the hepatitis drug Hengmu [3] - The company has received multiple recommendations for its products in clinical guidelines, which is expected to support future sales growth [3]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Insights - The company achieved a revenue of 12.261 billion CNY in 2024, representing a year-on-year growth of 21.3%, and a profit of 4.372 billion CNY, up 33.4% year-on-year [1][2]. - The sales revenue from innovative drugs and collaborative products reached 9.477 billion CNY in 2024, a 38.1% increase, accounting for 77.3% of total revenue [7]. - The company has shown strong cost control, with a gross margin of 91% in 2024, an increase of 1.2 percentage points year-on-year [7]. - The company is actively pursuing global collaborations, enhancing its competitive edge, with significant partnerships established in 2024 [7]. Financial Data and Valuation - The company’s projected revenues for 2025-2027 are 13.714 billion CNY, 15.395 billion CNY, and 17.378 billion CNY, with respective year-on-year growth rates of 12%, 12%, and 13% [2][9]. - The projected net profits for 2025-2027 are 4.588 billion CNY, 5.152 billion CNY, and 5.930 billion CNY, with growth rates of 5%, 12%, and 15% respectively [7][9]. - The company’s PE ratios for 2025-2027 are projected to be 24.6, 21.9, and 19.1 [9]. Shareholder Information - The total market capitalization of the company is 120.5 billion HKD, with a total share capital of 5,936 million shares [3]. - The major shareholder, Sunrise Investment Advisors Limited, holds a 65.7% stake in the company [3]. Performance Metrics - The company’s return on equity (ROE) is reported at 15.2% for 2024, with a projected increase to 15.4% by 2027 [9]. - The asset-liability ratio is notably low at 9.4% in 2024, indicating strong financial stability [9].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 23.82 [8][9]. Core Insights - The company reported a revenue of RMB 12.261 billion for 2024, representing a year-on-year growth of 21.3%, and a net profit of RMB 4.372 billion, up 33.4% year-on-year. The revenue from innovative drugs reached RMB 9.477 billion, growing 38.1% year-on-year, and accounting for 74% of total revenue, which aligns with expectations [1][2]. - The growth in revenue is driven by strong performance in oncology and anti-infection segments, with revenues of RMB 8.122 billion and RMB 1.464 billion respectively, reflecting increases of 31.7% and 15.4% year-on-year. The gross margin improved to 91%, while the R&D expense ratio increased to 22%, indicating ongoing investment in innovation [2][3]. - The company has seven innovative drugs and nine indications included in the national medical insurance catalog as of 2024, with over 40 new molecular entities in more than 60 clinical trials. The company completed three license-in agreements in 2024, generating R&D expenses of RMB 247 million [3][4]. Summary by Sections Financial Performance - For 2024, the company achieved revenues of RMB 12.261 billion, with a year-on-year growth of 21.35%. The net profit for the same year was RMB 4.372 billion, reflecting a growth of 33.39% [7][19]. - The projected net profits for 2025 and 2026 are RMB 4.400 billion and RMB 4.179 billion respectively, with an expected EPS of RMB 0.74 for 2025 [5][19]. Research and Development - The company has a robust pipeline with 40 new molecular entities and over 60 clinical trials ongoing. Key drugs like Amatinib are expected to generate significant sales, projected to reach RMB 6 billion by 2025 [4][5]. - The company is actively expanding into autoimmune diseases and has multiple assets in development for skin diseases and kidney diseases [4][5]. Valuation - The company is valued at HKD 1,414 billion, with the innovative drug segment valued at HKD 1,378 billion and the generic drug segment at HKD 36 billion. The target price reflects an increase from the previous valuation of HKD 22.28 [5][9].

Financial Performance - The company reported revenue of approximately RMB 12.261 billion for the year ending December 31, 2024, representing a year-on-year growth of approximately 21.3%[4] - Profit for the same period was approximately RMB 4.372 billion, an increase of about 33.4% compared to the previous year[15] - Basic earnings per share were approximately RMB 0.74, an increase of approximately 33.3% compared to the previous year[4] - Revenue for the year ended December 31, 2024, reached RMB 12,260,814 thousand, a 21.4% increase from RMB 10,103,806 thousand in 2023[77] - Gross profit for 2024 was RMB 11,155,406 thousand, up from RMB 9,072,943 thousand in 2023, reflecting a significant growth in profitability[77] - Net profit for the year was RMB 4,371,825 thousand, representing a 33.4% increase compared to RMB 3,277,503 thousand in 2023[79] - The group's profit before tax rose to RMB 3,327,665,000 in 2024, compared to RMB 2,680,840,000 in 2023, reflecting a growth of 24.2%[90] Revenue Breakdown - Sales revenue from innovative drugs and collaborative products reached approximately RMB 9.477 billion, an increase of approximately 38.1% year-on-year, accounting for about 77.3% of total revenue[4] - Revenue from the oncology segment was approximately RMB 8.122 billion, making up about 66.2% of total revenue[18] - The anti-infection segment generated revenue of approximately RMB 1.464 billion, contributing about 11.9% to total revenue[18] - The central nervous system segment reported revenue of approximately RMB 1.379 billion, representing about 11.3% of total revenue[18] - The metabolic and other diseases segment achieved revenue of approximately RMB 1.296 billion, accounting for about 10.6% of total revenue[18] Research and Development - Research and development expenses amounted to approximately RMB 2.702 billion, up approximately 28.8% year-on-year, representing about 22.0% of total revenue[4] - Over 60 clinical trials for innovative drugs are currently ongoing, with 8 new candidates entering clinical research stages during the reporting period[37] - The company has published multiple research findings on ShengLuoLai® in prestigious journals and conferences, focusing on its mechanism of action and clinical studies[33] Product Approvals and Developments - The company received clinical trial approval for the innovative drug HS-10501, intended for the treatment of type 2 diabetes and adult obesity[6] - The innovative drug Amelot® received its third NDA acceptance from NMPA for use in NSCLC patients with specific mutations[9] - The innovative drug Amelotin® has been approved for three indications and was successfully included in the 2024 National Medical Insurance Directory[21] - The product XinYue® (Inalizumab injection) received NMPA approval for treating adult patients with AQP4 antibody-positive NMOSD on March 14, 2022, and was included in the national medical insurance catalog in January 2023[25] - HS-20093, a B7-H3 targeted ADC, has entered Phase III clinical trials for small cell lung cancer and has shown strong anti-tumor activity in preliminary studies[40][41] Licensing Agreements - A licensing agreement was established with Zhuhai Pumis Biotechnology Co., granting the company exclusive rights to develop and commercialize HS-20117 globally[6] - The company entered into a global exclusive licensing agreement with Merck Sharp & Dohme LLC for the development of the investigational GLP-1 receptor agonist HS-10535[13] - The company has entered into a licensing agreement with Promis to develop and commercialize the bispecific antibody HS-20117 globally, currently in Phase I clinical trials[49] - The company has secured a licensing agreement with LUPON Pharmaceuticals for HS-10561, a BTK inhibitor, with clinical trials for chronic spontaneous urticaria expected to commence in February 2025[51] Corporate Governance and Sustainability - The company maintained an MSCI ESG rating of AA and was included in the S&P Global Sustainable Development Yearbook 2025, ranking first in the Chinese pharmaceutical industry[13] - The company plans to continue reviewing and enhancing its corporate governance practices to ensure compliance with the corporate governance code[110] - The audit committee, consisting of three independent non-executive directors, reviewed the audited performance for the year ending December 31, 2024[112] Cash Flow and Financial Position - The group reported a net cash inflow from operating activities of RMB 3.862 billion for the year ending December 31, 2024[62] - As of December 31, 2024, the group had cash and bank deposits totaling RMB 22.622 billion, an increase from RMB 22.435 billion as of December 31, 2023[63] - The group's asset-liability ratio was approximately 9.4% as of December 31, 2024, a decrease from 21.9% as of December 31, 2023[63] - Total assets less current liabilities increased to RMB 28,962,631 thousand in 2024 from RMB 26,176,230 thousand in 2023, indicating a stronger financial position[81] Dividends and Shareholder Returns - The declared final dividend for 2023 was RMB 768,760,000, significantly higher than RMB 268,852,000 for 2022, representing a 186.5% increase[96] - The company announced a final dividend of HKD 0.1353 per share for the year ending December 31, 2024, down from HKD 0.1422 in 2023[115] - The total dividend for the year 2024, including the interim dividend, amounts to HKD 0.3363 per share[115]

Summary of Hansoh Pharmaceutical Conference Call Company Overview - **Company**: Hansoh Pharmaceutical - **Industry**: Pharmaceutical Key Points and Arguments - **Innovation Transformation**: Hansoh Pharmaceutical has significantly transformed into an innovative company, with innovative drug revenue expected to exceed 80% by 2025. Currently, 8 innovative drugs are listed and included in the medical insurance catalog, providing strong growth momentum for the company's performance [2][3] - **Ameitini Drug Performance**: Ameitini, a third-generation EGFR-TKI, has advantages in efficacy and safety, with multiple indications approved. It is expected to receive approval for postoperative adjuvant therapy in the first half of 2024, with peak sales projected to exceed 6.5 billion RMB [2][10] - **International Market Expansion**: The company actively expands overseas markets through licensing agreements, such as granting the oral GLP-1R agonist to Merck and ADCs B7H3 and B7H4 to GSK, generating substantial upfront payments and enhancing international visibility [2][5] - **Financial Position**: Hansoh Pharmaceutical has a strong cash reserve exceeding 20 billion RMB, supporting ongoing licensing transactions and the expansion of its innovative pipeline, as well as steady progress in early-stage R&D projects [2][6] - **Clinical Trials and Pipeline Progress**: The company has multiple ADC projects progressing well, with B7-H3 ADC entering Phase III trials for non-small cell lung cancer and BHH4 ADC starting Phase III trials for ovarian cancer [2][4] - **Revenue Projections**: Total revenue for 2024 is expected to be around 12 billion RMB, with innovative drug revenue exceeding 8 billion RMB. Peak sales for listed innovative drugs are anticipated to reach 15 billion RMB, while pipeline drugs could achieve peak sales of 15-16 billion RMB [2][18] - **Profit and Valuation Outlook**: Projected profit for 2025 is over 4.1 billion RMB, with a potential market capitalization of 130 billion RMB if valued at a 30x P/E ratio, indicating potential for historical highs [2][8][19] Additional Important Insights - **Sales Growth**: The company's internal operating revenue grew nearly 14% year-on-year in the first half of 2024, with innovative drug revenue accounting for 77% of total revenue [3] - **Market Dynamics**: The third-generation TKI market is expected to reach 15 billion RMB in 2024, with Ameitini's market share expected to grow significantly due to its competitive advantages [10][11] - **Clinical Development**: The company has several promising innovative drug pipelines in preclinical stages, including an oral GLP-1R agonist and dual-target ADCs, which are expected to lead to further overseas transactions [9] - **Upcoming Events**: Hansoh Pharmaceutical plans to hold a performance exchange and conference call next week, with expectations to meet or exceed the revenue guidance of 12 billion RMB for 2024 [21]

Core Insights - The study published in the journal "Kidney Medicine" demonstrates the effectiveness of the peptide, Pemolizumab, in treating EPO-induced Pure Red Cell Aplasia (PRCA) patients, indicating a promising innovative solution for this rare but serious complication [1] Group 1: Research Findings - The research led by Professor Fan Qiuling from Shanghai Jiao Tong University School of Medicine shows that Pemolizumab can effectively treat EPO-induced PRCA in a non-dialysis Chinese patient with type 1 diabetes nephropathy [1] - The study confirmed Pemolizumab's potential in treating EPO-induced PRCA, as evidenced by significant improvements in hemoglobin levels and anemia symptoms without notable adverse reactions [1] Group 2: Clinical Implications - The findings provide a new safe, effective, and convenient treatment option for EPO-induced PRCA, addressing a critical need in clinical practice [1] - The patient's clinical course, reticulocyte count reduction, and bone marrow biopsy results were consistent with EPO treatment-induced PRCA, reinforcing the study's conclusions [1]