智通财经APP获悉，港股恒生指数跌0.57%，跌142点，报24980点；恒生科技指数跌1.26%。港股早盘成 交1444亿港元。 舜宇光学科技(02382)绩后涨超6%，中期股东应占溢利同比增加52.56%。 福耀玻璃(03606)绩后拉升逾12%，中期归母净利约48.05亿元，同比增长37.33%。 周生生(00116)盈喜后涨19%，预计中期持续经营业务股东应占溢利约9亿至9.2亿港元。 小鹏汽车-W(09868)涨超4%，二季度营收同比增长125.3%，创单季度历史新高。 珍酒李渡(06979)再涨超5%，促消费政策释放积极信号，公司发力大珍、牛市啤酒等新品。 泡泡玛特(09992)涨超8.6%创新高，上半年经调整净利同比增长3.6倍。 德林国际(01126)涨超10%，股价续刷历史新高，机构称公司有望受益潮玩盛行趋势。 小菜园(00999)再涨近6%，上半年纯利增近36%，瑞银预计公司下半年加快开店。 易鑫集团(02858)涨超6%，上半年经调整净利同比增长28%，金融科技收入劲升124%。 耀才证券金融(01428)再跌超5%，较7月高点已跌近四成，公司称收购进展相关程序按计划进行。 九毛九(09 ...

Group 1: Hong Kong Stocks - Chow Sang Sang (00116) surged over 18%, expecting a mid-term profit attributable to shareholders of approximately HKD 900 million to 920 million [1] - XPeng Motors (09868) rose over 4%, reporting a 125.3% year-on-year revenue growth in Q2, achieving a historical high for a single quarter [1] - Sunny Optical Technology (02382) increased over 6%, with a 52.56% year-on-year rise in mid-term profit attributable to shareholders for the six months ending June 30, 2025 [1] - China Gold International (02099) gained over 3%, reporting a turnaround to profitability in the first half of 2025, supported by a rich resource reserve and stable production [1] - Hansoh Pharmaceutical (03692) fell over 8%, announcing a 6.5% discount on a placement to raise nearly HKD 3.9 billion for innovative drug development [1] - Pop Mart (09992) rose over 6%, with adjusted net profit in the first half of 2025 increasing 3.6 times year-on-year [1] - Kunlun Energy (00135) dropped over 3%, reporting a 4.36% year-on-year decrease in mid-term profit attributable to shareholders for the first half of 2025 [1] Group 2: Other Stocks - Gilead Sciences (01672) fell over 8%, announcing a placement to raise a net amount of HKD 468 million, while its controlling shareholder cashed out nearly HKD 390 million [2] - Yixin Group (02858) rose over 1%, reporting a 28% year-on-year increase in adjusted net profit for the first half of 2025, with financial technology revenue soaring 124% [2] - Lithium stocks declined, with Ganfeng Lithium (01772) and Tianqi Lithium (09696) both dropping nearly 6%, amid inventory pressure in the lithium carbonate spot market [2] Group 3: US Stocks - Palo Alto Networks (PANW.US) rose 3.06%, exceeding expectations in Q4 earnings and providing optimistic guidance for future earnings [3] - BHP Group (BHP.US) increased 0.51%, reporting dividends exceeding expectations despite weak iron ore and coal prices [3] - NIO (NIO.US) rose 4.11%, with its L90 model delivering 6,400 units in 20 days since launch, with the factory operating at full capacity [3] - New Oriental (EDU.US) fell 2.79%, influenced by a drop in Oriental Selection's stock, while denying regulatory investigation rumors [3] - Viking Therapeutics (VKTX.US) plummeted 42.12% after reporting adverse side effects in its experimental obesity drug trials [4] - Arm (ARM.US) dropped 5.00%, as it hired Amazon's AI chip director to advance its chip development plans [4] - Home Depot (HD.US) rose 3.17%, reaching a new high since January, with Q2 net sales meeting market expectations [4] - Best Buy (BBY.US) increased 3.20%, launching a third-party online shopping platform to expand product variety [4] - Nexstar Media Group (NXST.US) rose 0.65%, announcing a $6.2 billion acquisition of Tegna [4] - Aurora Innovation (AUR.US) fell over 8%, closing down 7.14% after a short-seller report questioned its profit potential [5] - Boeing (BA.US) dropped 3.19%, with Airbus A320 deliveries expected to surpass Boeing's soon [5]

Core Viewpoint - The report from CMB International maintains a "Buy" rating for Hansoh Pharmaceutical (03692), highlighting its leadership in innovative drugs and international expansion, with a target price increase from HKD 33 to HKD 48, reflecting a projected dynamic P/E ratio of 2.2 times for next year [1] Group 1: Company Performance - Hansoh Pharmaceutical achieved strong double-digit sales growth in the first half of the year, particularly in its ADC and GLP-1 product lines, which continue to generate significant collaboration revenue [1] - The company has raised its full-year revenue guidance to a high double-digit percentage, previously set at a double-digit increase, with specific sales targets of RMB 6 billion for Amelot and RMB 10 billion for overall innovative drugs [1] Group 2: Future Outlook - CMB International expects Amelot's annual sales to have a growth potential of RMB 3 billion to RMB 4 billion, and is optimistic about the contribution of international performance following the normalization of business development activities [1] - The company plans to increase its R&D investment in the second half of the year, with an anticipated growth in R&D expenses of over 38%, leading to an overall increase of more than 30% for the year [1]

Group 1 - The core viewpoint of the report is that Hansoh Pharmaceutical (03692) is a leading prescription drug company with a significant share of innovative drugs and a strong international expansion process, maintaining a "Buy" rating and industry focus recommendation, with the target price raised from HKD 33 to HKD 48, equivalent to a projected dynamic P/E ratio of 2.2 times [1] - Hansoh Pharmaceutical's product sales continued to show strong double-digit growth in the first half of the year, with substantial contributions from BD (business development) collaborations in the ADC and GLP-1 product lines [1] - The company has raised its full-year revenue guidance to a high double-digit percentage, previously set at a double-digit increase, maintaining sales guidance for Amelot and overall innovative drugs at RMB 6 billion and RMB 10 billion respectively [1] Group 2 - The report indicates that the annual sales of Amelot still have a growth potential of RMB 3 billion to RMB 4 billion, and the company is optimistic about the performance contribution from product internationalization after normalizing BD [1] - The company plans to increase R&D investment in the second half of the year, with expected R&D expenses growing by over 38%, and an overall increase of more than 30% for the year [1]

Core Viewpoint - The company reported a strong performance in H1 2025, with revenue growth driven by innovative drugs and collaborations, particularly in the oncology sector, highlighting the successful expansion of the core product Amatinib [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 7.434 billion yuan, a year-on-year increase of 14.3%, with innovative drugs and collaboration products contributing 6.145 billion yuan, up 22.1%, accounting for 82.7% of total revenue [1]. - The net profit for H1 2025 was 3.135 billion yuan, reflecting a year-on-year growth of 15.0% [1]. Operational Analysis - The oncology segment generated revenue of 4.531 billion yuan, representing 60.9% of total revenue, with Amatinib's indications continuously expanding [1]. - New approvals for Amatinib include maintenance therapy for NSCLC patients post-surgery and adjuvant therapy, which are expected to drive further growth [1]. - The product has also been approved in the UK, marking it as the first Chinese-origin EGFR-TKI drug to enter the overseas market, contributing to revenue growth [1]. Research and Development Pipeline - The company has a robust R&D pipeline with over 40 innovative drugs and more than 70 clinical trials ongoing [2]. - Key developments include: - B7-H3 ADC for bone and soft tissue sarcomas and SCLC entering Phase III trials [2]. - B7-H4 ADC for ovarian cancer also in Phase III trials and recognized as a breakthrough therapy by CDE [2]. - GLP-1/GIP dual receptor agonist for obesity/overweight in Phase III trials [2]. - TYK2 inhibitors and IL-23p19 monoclonal antibodies for moderate to severe plaque psoriasis in Phase III trials [2]. - Additional innovative drugs such as EGFR/c-Met ADC, KRAS G12D inhibitors, and BTK inhibitors are progressing into clinical stages [2]. Business Development Collaborations - In June 2025, the company granted global exclusive rights (excluding mainland China, Hong Kong, and Macau) for the development, production, and commercialization of the GLP-1/GIP dual receptor agonist HS-20094 to Regeneron, indicating ongoing expansion in global collaboration [2]. Profit Forecast and Valuation - The company is expected to achieve revenues of 14.2 billion yuan, 15.8 billion yuan, and 17.8 billion yuan in 2025, 2026, and 2027, respectively, with net profits projected at 4.7 billion yuan, 5.3 billion yuan, and 6.1 billion yuan [2].

机构：民生证券 研究员：王维肖 收入利润保持高速增长。8 月18 日，翰森制药发布2025 年中期业绩报告，上半年公司实现收入74.34 亿 元，同比增长14.3%；实现净利润31.35 亿元，同比增长15.0%。 其中，抗肿瘤领域收入达到45.31 亿元，抗感染领域收入7.35 亿元，中枢神经系统领域收入7.68 亿元， 代谢及其它疾病领域收入14.00 亿元。2025 年上半年，公司重磅产品阿美乐（阿美替尼）在国内获批III 期维持治疗和辅助治疗两项新适应症，并在英国获批上市，成为首个海外获批上市的中国原研EGFR TKI；昕越（伊奈利珠单抗）两项适应症的上市申请获NMPA 受理，其中IgG4-RD 适应症被纳入优先审 评审批。已上市创新药产品的新适应症不断拓展，为公司销售增长提供持续动能。 研发管全面推进，为公司未来业绩增长提供新鲜动力。2025 年上半年公司研发开支达到14.41 亿元，同 比增长20.4%，占总收入19.4%。目前公司研发管线中有超过40 款候选创新药，并在进行超过70 项创新 药临床试验。其中，HS-20093（B7-H3 ADC）在国内开展骨与软组织黄肉瘤和非小细胞肺癌的III ...

Group 1: Aerospace and Defense Sector - Zhongtian Rocket experienced a limit-up increase of 9.99%, with other companies like Zhong Wuyunji, AVIC Chengfei, and Aero Engine Corporation of China also seeing significant gains [1][2] - The overall performance of the aerospace and defense sector is strong, indicating positive market sentiment towards military equipment stocks [1] Group 2: Alcohol Industry - Jiugui Liquor reached a limit-up increase of 10.00%, while other companies such as Shede Liquor and Shui Jing Fang also saw notable gains [4][5] - The rebound in the liquor sector suggests a recovery in consumer demand and investor confidence in alcohol stocks [4] Group 3: Solar Energy Sector - Yamaton and Huamin Co. both hit the limit-up mark, increasing by 10.01% and 9.49% respectively, with several other solar energy stocks also performing well [5][6] - The solar energy sector is showing resilience and growth potential amidst broader market fluctuations [6] Group 4: Market Overview - The Shanghai Composite Index opened lower, down 0.28%, while the ChiNext Index fell by 1.14%, indicating a challenging market environment for many sectors [8][9] - The overall market sentiment is mixed, with certain sectors like solar energy and alcohol showing strength while others, particularly in AI hardware, are experiencing declines [8][9]

8月18日，2025年中期每股派港币0.2316元，除权除息日2025-09-22，派息日2025-10-30(董事会预案)。 8月20日，翰森制药(03692)盘中下跌7.99%，截至09:30，报35.72元/股，成交4421.19万元。 翰森制药集团专注于创新药物研发，尤其在抗肿瘤、抗感染等重大疾病领域，已有7款创新药获批上 市，并积极拓展国际市场。2024年，公司收入达122.61亿元，创新药及合作产品销售收入占比77.3%， 持续推动业绩增长与全球化战略布局。 截至2025年中报，翰森制药营业总收入74.34亿元、净利润31.35亿元。 本文源自：金融界 作者：行情君 ...

Group 1: Liquor Industry Performance - The liquor stocks are experiencing a rebound, with JiuGuiJiu reaching a limit up of 10% [2] - Other notable performers include SheDe JiuYe up 7%, and ShuiJingFang, LaoBaiGan Jiu, YingJiaGong Jiu, and LuZhou LaoJiao also showing gains [2] - The overall trend indicates a positive sentiment in the liquor sector, as multiple stocks are following the upward movement [2][3] Group 2: Solar Equipment Sector Activity - The solar equipment sector is showing strong performance, with YaMaTon and HuaMin shares hitting the limit up of 10% and 9.49% respectively [4] - Other companies in this sector, such as AiNengJu and YiJing GuangDian, are also experiencing significant gains [4] - This indicates a robust interest and investment in the solar equipment market despite broader market fluctuations [4] Group 3: Market Overview - The A-share market opened lower, with the Shanghai Composite Index down 0.28%, Shenzhen Component Index down 0.61%, and ChiNext Index down 1.14% [5][6] - The overall market sentiment is bearish, with nearly 4,500 stocks declining across the Shanghai, Shenzhen, and Beijing markets [6] - The technology sector, particularly AI hardware, is facing notable declines, while the solar sector is performing well [5][6] Group 4: Currency and Monetary Policy - The People's Bank of China conducted a reverse repurchase operation of 616 billion yuan with a rate of 1.40%, resulting in a net injection of 497.5 billion yuan for the day [9] - The Chinese yuan depreciated against the US dollar by 25 basis points, with the central parity rate reported at 7.1384 [10]

Group 1 - The core viewpoint of the news is that Hansoh Pharmaceutical (03692) is experiencing a significant drop in stock price due to a planned share placement at a discount, which aims to raise funds for various R&D initiatives [1][2] Group 2 - Hansoh Pharmaceutical's stock fell over 7% in early trading, currently down 6.03% at HKD 36.48, with a trading volume of HKD 270 million [1] - The company plans to place 108 million shares at HKD 36.3 each, representing a discount of approximately 6.49% from the previous closing price of HKD 38.82 [1] - The net proceeds from the placement are expected to be around HKD 38.97 billion, with approximately 65% allocated for R&D of new innovative drugs in oncology, autoimmune, central nervous system, and metabolic diseases [1] - About 25% of the funds will be used to build new innovative drug production facilities and R&D laboratories, as well as upgrade existing facilities [1] - The remaining 10% will be allocated for working capital and other general corporate purposes [1] Group 3 - The company reported a mid-year revenue of HKD 74.34 billion, a year-on-year increase of 14.3%, and a net profit attributable to shareholders of HKD 31.35 billion, up 15.0% year-on-year [2] - The performance exceeded expectations, primarily due to milestone payments from the collaboration with GSK [2] - Revenue from innovative drugs and collaborative products reached HKD 61.45 billion, a 22.1% increase year-on-year, accounting for 82.7% of total revenue, up 5.3 percentage points year-on-year [2] - Collaborative revenue was HKD 16.56 billion, mainly from the upfront payment for the oral GLP-1 licensed to Merck and milestone payments from GSK [2] - In June 2025, the company licensed overseas rights for the GLP-1/GIP receptor agonist HS-20094 to Regeneron, receiving an upfront payment of USD 80 million and milestone payments of USD 1.93 billion, which will enhance performance in the second half of 2025 [2]