Core Viewpoint - UBS maintains an optimistic outlook on the long-term potential of China's healthcare market, but due to a 64% increase in the pharmaceutical sector driven by licensing optimism, along with rising risks from potential U.S. executive orders and high valuations, the market focus is expected to shift back to organic revenue/profit growth [1] Company Ratings - The ratings for CSPC Pharmaceutical Group (01093) and Kelun Pharmaceutical (002422) have been downgraded to "Neutral" due to weak fundamentals [1] - The preferred stock in the industry has shifted from 3SBio (01530) to Hansoh Pharmaceutical (03692) because of its stable traditional business and innovative pipeline reserves [1] Long-term Pipeline Potential - The report indicates that the best performers in terms of long-term pipeline potential are Hengrui Medicine (600276) and Hansoh Pharmaceutical [1] Valuation and Market Focus - Chinese pharmaceutical stocks have a forward P/E ratio higher than the five-year average, but the rising risk of U.S. executive orders is shifting market focus back to organic growth [1] - CSPC and Kelun are expected to have the lowest compound annual growth rate (CAGR) in revenue from 2024 to 2034, at half the average rate of 13% for 3SBio, Hansoh, and Innovent Biologics [1] Company-Specific Challenges - CSPC's core traditional product NBP, which accounts for 32% of its 2024 finished drug revenue, continues to lose market share, increasing uncertainty due to high reliance on unconfirmed business development revenue [1] - Kelun Pharmaceutical faces weak demand and intense competition, which may lead to the lowest revenue growth among peers by 2025 [1]

Group 1 - UBS maintains a positive outlook on the long-term potential of China's healthcare market, but notes a 64% increase in the pharmaceutical sector this year due to optimistic sentiment from licensing agreements, alongside rising risks from potential U.S. executive orders and high valuations [1] - The focus is expected to shift back to organic revenue/profit growth due to weak fundamentals, leading to downgrades for CSPC Pharmaceutical Group and Kelun Pharmaceutical to "Neutral" [1] - UBS has changed its preferred stock in the industry from 3SBio to Hansoh Pharmaceutical, citing Hansoh's stable traditional business and innovative pipeline reserves [1] Group 2 - The report indicates that the forward P/E ratio of Chinese pharmaceutical stocks is above the five-year average, with rising risks from U.S. executive orders shifting market focus back to organic growth [1] - CSPC and Kelun are projected to have the lowest compound annual growth rate (CAGR) for revenue from 2024 to 2034, at half the average of 13% for peers like 3SBio, Hansoh, and Innovent Biologics [1] - CSPC's core traditional product NBP, which accounts for 32% of its 2024 finished drug revenue, continues to lose market share, increasing uncertainty due to high reliance on unconfirmed business development revenue [1] - Kelun faces weak demand and intense competition, which may result in the lowest revenue growth among peers by 2025 [1]

Core Viewpoint - The chemotherapy drug market in China is experiencing growth due to increasing cancer patient numbers and rising consumer spending, despite competition from targeted therapies. Chemotherapy drugs remain dominant due to their stable efficacy, broad anti-cancer properties, and relatively low prices [1][4][5]. Group 1: Industry Overview - Chemotherapy drugs are a crucial method for cancer treatment, classified into various types such as alkylating agents, antimetabolites, and plant-derived anticancer drugs [2][3]. - The demand for chemotherapy drugs in China is projected to reach 3.858 billion units with a market size of 135.59 billion yuan in 2024, led by plant alkaloids and antimetabolites [5][6]. - The global chemotherapy drug market is expected to grow from 33.53 billion USD in 2024 to 36.84 billion USD in 2025, with the Asia-Pacific region holding a significant share [4][5]. Group 2: Market Dynamics - The Chinese chemotherapy drug market is characterized by a dual driving force of strong demand for certain drug types while facing pressure from generics and targeted therapies [5][10]. - The production of chemotherapy drugs in China is anticipated to increase to 3.432 billion units by 2025, reflecting a growth trend in domestic manufacturing capabilities [6][10]. - The competitive landscape is intensifying with local companies like Heng Rui Medicine and Qilu Pharmaceutical making significant strides in both generic and innovative drug development [10][11]. Group 3: Regulatory Environment - The Chinese government has implemented supportive policies to encourage the development of innovative cancer treatment drugs, providing a favorable environment for industry growth [8][9]. - The industry is witnessing accelerated drug approval processes and procurement policies that favor local manufacturers, enhancing competition [10][11]. Group 4: Future Trends - The chemotherapy drug sector is expected to evolve towards precision medicine, with advancements in targeted therapies and combination treatments [11]. - Innovations in drug delivery systems, such as nanotechnology, are anticipated to enhance treatment efficacy and patient outcomes [11].

Core Insights - The Hong Kong stock market is experiencing a significant surge in refinancing activities, driven by ample liquidity, valuation recovery, and corporate strategic expansion needs [1][4][5] Group 1: Refunding Scale - Hong Kong listed companies have raised over 280 billion HKD through various refinancing methods this year, marking a year-on-year increase of over 400% compared to 2022 [1][4] - The total amount raised has already surpassed the entire annual figure for 2024, which was 990.73 billion HKD [4] - Placement of shares has become the primary method for refinancing, accounting for 87.81% of the total, with 249.5 billion HKD raised through this method [4] Group 2: New Economy Enterprises - New economy enterprises are leading the refinancing trend, with BYD raising 43.38 billion HKD, marking the largest equity refinancing project in the global automotive industry in the past decade [6][7] - Xiaomi Group follows closely with 42.6 billion HKD raised, surpassing its total fundraising since its 2019 IPO and setting a record for Chinese tech hardware companies in overseas equity refinancing [7] - Other tech companies like Horizon Robotics and WuXi AppTec have also raised significant amounts, focusing on sectors such as biomedicine and artificial intelligence [7] Group 3: International Capital Involvement - The current refinancing wave has seen unprecedented participation from international institutional investors, including GIC and Al-Futtaim family office [9][10] - BYD's placement attracted numerous top long-term investors, with Al-Futtaim investing 3.5 billion HKD as a strategic investor [9] - Notable long-term funds like Wujin Capital have been actively investing in various companies, indicating strong international interest in the Hong Kong market [10]

Industry Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology industry [1] Core Insights - The innovative drug sector is experiencing a positive trend with significant revenue growth and a reduction in losses, indicating a potential for sector-wide profitability [2][6] - The overall revenue for the innovative drug sector in H1 2025 reached 30.649 billion yuan, a year-on-year increase of 9.77%, while the net loss attributable to shareholders was 2.096 billion yuan, showing a substantial reduction in losses [6] - The sector's gross margin remains high at 84.43%, with a slight decrease compared to the previous year, but showing signs of recovery in Q2 2025 [3][6] Summary by Sections Innovative Drug Sector - The innovative drug sector's revenue for H1 2025 was 30.649 billion yuan, with a growth rate of 9.77% year-on-year. Q2 2025 revenue was 16.387 billion yuan, reflecting a 33.24% increase [5][6] - The sector's gross margin for H1 2025 was 84.43%, slightly down from the previous year, but Q2 2025 saw an increase to 84.73% [3][6] - The number of License-out transactions with upfront payments exceeding 10 million USD reached a new high, indicating that overseas rights have become a crucial funding source for Chinese companies [4][7] Financial Performance - The innovative drug sector's net loss for H1 2025 was 2.096 billion yuan, with a significant reduction in losses of 127.58% year-on-year. The adjusted net loss was 2.880 billion yuan, reflecting a 151.25% reduction in losses [5][6] - The sector's operating cash flow was positive at 210 million yuan, indicating improved financial health [5] Traditional Pharmaceutical Sector - The traditional pharmaceutical sector, comprising 136 listed companies, reported total revenue of 254.895 billion yuan in H1 2025, a decrease of 1.64% year-on-year. The net profit attributable to shareholders was 32.099 billion yuan, down 4.83% [26][32] - The gross margin for the traditional pharmaceutical sector was 51.05% in H1 2025, showing a slight increase compared to the previous year [27][32] - The sector is adapting to policy changes, with increased industry concentration and some leading companies achieving growth through transformation and international expansion [32]

小摩表示，翰森制药的支撑因素包括：坚定的研发承诺，依托其强大的商业化产品组合; 涵盖肿瘤学、 免疫学、心血管代谢和神经学的多元化产品线; 与跨国公司成功合作的往绩。 小摩预期，翰森制药创新 药销售及授权收入，将推动至2030年收入及净利年均复合成长率分别达12%及15%。 智通财经APP获悉，摩根大通发布研报称，首次覆盖翰森制药(03692)H股予"增持"评级，以现金流折现 率计，目标价43港元。小摩表示，翰森近年已转型为创新驱动的领导者，创新产品销售贡献从2020年的 18%激增至2024年的77%，年均复合成长率达57%; 认为翰森是中国生物制药公司中最具优势的企业之 一，可受益于授权合作趋势。 ...

小摩表示，翰森制药的支撑因素包括：坚定的研发承诺，依托其强大的商业化产品组合;涵盖肿瘤学、 免疫学、心血管代谢和神经学的多元化产品线;与跨国公司成功合作的往绩。小摩预期，翰森制药创新 药销售及授权收入，将推动至2030年收入及净利年均复合成长率分别达12%及15%。 摩根大通发布研报称，首次覆盖翰森制药(03692)H股予"增持"评级，以现金流折现率计，目标价43港 元。小摩表示，翰森近年已转型为创新驱动的领导者，创新产品销售贡献从2020年的18%激增至2024年 的77%，年均复合成长率达57%;认为翰森是中国生物制药公司中最具优势的企业之一，可受益于授权合 作趋势。 ...

翰森制药(03692)发布公告，将于2025年10月30日派发截至2025年6月30日止六个月的中期股息每股 0.2316港元。 ...

EF001 | EF001 | | --- | 第 2 頁 共 2 頁 v 1.1.1 第 1 頁 共 2 頁 v 1.1.1 | 為享有股息權利而行使轉換權之最後 | 2025年9月25日 | 16:30 | | --- | --- | --- | | 時限 | | | | 其他信息 | | | | 其他信息 | 不適用 | | | 發行人董事 | | | | | | 於本公告日期，董事會成員包括主席兼執行董事鍾慧娟女士、執行董事孫遠女士及呂愛鋒博士；及獨立非執行董事林國強先生、陳 | 免責聲明 尚偉先生及楊東濤女士。 | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 翰森製藥集團有限公司 | | 股份代號 03692 | | | 多櫃檯股份代號及貨幣 不適用 | | | 相關股份代號及名稱 40546 | 600百萬美元於二零二六年到期的零息可換股債券 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Hansoh Pharmaceutical Group Company Limited 翰森製藥集團有限公司 | | 原日期 | 重新編排日期 | | --- | --- | --- | | 為符合獲取股息分派而遞交 | 二零二五年 | 二零二五年 | | 股份過戶文件之最後時限 | 九月二十三日 | 九月二十五日 | | | 下午四時三十分 | 下午四時三十分 | | 暫停辦理股份過戶登記 | 由二零二五年九月二十 | 由二零二五年九月二十 | | 手續之日期 | 四日至二零二五年九月 | 六日至二零二五年九月 | | | 二十五日（包括首尾兩 | 二十九日（包括首尾兩 | | | 天） | 天） | | 記錄日期 | 二零二五年 | 二零二五年 | | | 九月二十五日 | 九月二十九日 | 1 除上文所披露者外，本公司確認中期股息派發日仍為二零二五年十月三十日，而 中期業績公告及中期報告所載之所有 ...