Group 1 - The Hong Kong Innovative Drug ETF (159567) closed with a gain of 1.50% on September 22, with a trading volume of 1.263 billion yuan [1] - The fund was established on January 3, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1] - As of September 19, 2024, the fund's latest share count was 8.17 billion shares, with a total size of 7.676 billion yuan, reflecting a year-to-date increase of 1966.38% in shares and 1931.78% in size compared to December 31, 2023 [1] Group 2 - The current fund manager is Ma Jun, who has managed the fund since its inception, achieving a return of 87.92% during the management period [2] - The top holdings of the fund include Innovent Biologics (9.52%), WuXi Biologics (9.47%), BeiGene (8.73%), and others, with their respective market values and share counts detailed [2] - The cumulative trading amount over the last 20 trading days reached 37.235 billion yuan, with an average daily trading amount of 1.862 billion yuan [1][2]

Hansoh Pharmaceutical Group Company Limited 翰森製藥集團有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） （Stock Code 股份代號：3692） NOTIFICATION LETTER 通知信函 As a Non-registered Holder, if you wish to receive Corporate Communications of the Company in electronic form, you should liaise with your bank(s), broker(s), custodian(s), nominee(s) or HKSCC Nominees Limited through which your shares in the Company are held (collectively, the "Intermediaries") and provide your email address to y ...

Hansoh Pharmaceutical Group Company Limited 翰森製藥集團有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code 股份代號：3692) NOTIFICATION LETTER 通知信函 Dear Registered Shareholders. September 22, 2025 Hansoh Pharmaceutical Group Company Limited (the "Company") – Notice of publication of Interim Report 2025 (the "Current Corporate Communications") The English and Chinese versions of the Company's Current Corporate Communications are now available on the Company's website at www.hs ...

翰森製藥集團有限公司 Interim Report 2025 中期報告 目 錄 | 2 | 公司資料 | | --- | --- | | 4 | 財務摘要 | | 5 | 公司概覽 | | 8 | 管理層討論及分析 | | 23 | 企業管治及其他資料 | | 34 | 中期財務資料獨立審閱報告 | | 35 | 中期簡明綜合損益表 | | 36 | 中期簡明綜合全面收益表 | | 37 | 中期簡明綜合財務狀況表 | | 39 | 中期簡明綜合權益變動表 | | 40 | 中期簡明綜合現金流量表 | | 42 | 中期簡明綜合財務資料附註 | | 66 | 釋義 | Hansoh Pharmaceutical Group Company Limited 公司資料 董事會 執行董事 鍾慧娟女士 （主席兼首席執行官） 孫遠女士 呂愛鋒博士 獨立非執行董事 林國強先生 陳尚偉先生 楊東濤女士 審核委員會 陳尚偉先生 （主席） 林國強先生 楊東濤女士 薪酬委員會 楊東濤女士 （主席） 鍾慧娟女士 林國強先生 戰略及發展委員會 鍾慧娟女士 （主席） 呂愛鋒博士 陳尚偉先生 楊東濤女士 環境、社會及管治委員會 呂愛鋒博 ...

Core Viewpoint - The Hong Kong Innovative Drug ETF (159567) has shown significant growth in both share volume and fund size since its inception, indicating strong investor interest in the innovative drug sector [1][2]. Fund Performance - As of September 18, 2024, the fund's share volume reached 8.17 billion shares, with a total size of 7.839 billion yuan, reflecting an increase of 1966.38% in share volume and 1974.81% in size compared to its initial figures on December 31, 2023 [1]. - The fund manager, Ma Jun, has achieved a return of 90.14% since taking over management on January 3, 2024 [2]. Trading Activity - The ETF recorded a trading volume of 12.58 billion yuan on September 19, 2024, with an average daily trading amount of 18.71 billion yuan over the last 20 trading days [1]. - Year-to-date, the ETF has accumulated a total trading amount of 206.404 billion yuan over 176 trading days, averaging 11.73 billion yuan per day [1]. Top Holdings - The ETF's major holdings include: - Innovent Biologics (9.52% holding, 263 million yuan market value) - WuXi Biologics (9.47% holding, 258 million yuan market value) - BeiGene (8.73% holding, 238 million yuan market value) - CanSino Biologics (7.62% holding, 208 million yuan market value) - China National Pharmaceutical Group (7.17% holding, 196 million yuan market value) [2].

Core Insights - The article highlights the increasing prevalence of depression in China, with approximately 95 million individuals affected, leading to a booming market for antidepressant medications [5][12][18] - The demand for antidepressants has surged, with sales in public medical institutions exceeding 9.1 billion yuan in the previous year, marking a 6% year-on-year increase [5][7] - The market for antidepressants is becoming increasingly competitive, with numerous domestic pharmaceutical companies entering the space, particularly in the production of generic drugs [13][20] Market Dynamics - The rise in depression cases has created a vibrant pharmaceutical market, with companies like Hansoh Pharmaceutical and Jingwei Pharmaceutical achieving significant sales figures [7][12] - The sales of antidepressants in public hospitals have seen a drastic shift, with domestic companies gaining market share due to price reductions and increased competition [22][24] - The introduction of centralized procurement has led to a significant drop in drug prices, making antidepressants more accessible to patients [19][20][22] Industry Challenges - Despite the growing market, the high cost of psychological therapy remains a barrier for many patients, leading to a preference for medication over therapy [26][27] - The perception of antidepressants as a long-term necessity poses challenges for patient management, with many experiencing withdrawal symptoms when discontinuing medication [26][27] - The industry faces scrutiny over the quality of psychological counseling services, which can vary significantly, impacting patient experiences and outcomes [26][27]

Core Viewpoint - The Trump administration is drafting an executive order that will impose three major restrictions on commercial transactions involving Chinese innovative drug patents or rights, focusing on national security reviews by the Committee on Foreign Investment in the United States (CFIUS) [1][2]. Summary by Sections Executive Order Details - The draft includes three main provisions: 1. Inclusion of Chinese innovative drug BD transactions in the CFIUS mandatory review list, ending the previous "low-risk automatic exemption" practice [2]. 2. FDA will implement "racial sensitivity supplementary reviews" for drugs relying on Chinese clinical data, requiring at least 20% comparative data from non-Asian populations [2]. 3. Establishment of a "key drug domestic production fund" to provide production subsidies for 15 categories of drugs, including antibiotics and acetaminophen, while implementing a "domestic priority" principle in federal procurement [2]. Market Reaction - The market reacted swiftly to the policy risks, with the Hong Kong innovative drug index (HK1105) dropping 3.82% on September 11, 2025, and the A-share innovative drug sector (BK1106) declining 2.17%, with over 80% of stocks in the sector experiencing pullbacks [3]. - The following day, the indices showed signs of recovery, indicating investors' responses to policy uncertainties and rational corrections [3]. Globalization Trends - Despite the geopolitical risks, the trend of Chinese innovative drugs going global remains intact, with total license-out transactions to Europe and the U.S. reaching $9.43 billion as of September 2025 [3]. - Major transactions include a $950 million licensing deal between BeiGene and Royalty Pharma, and a $6 billion global licensing agreement between 3SBio and Pfizer, highlighting a shift towards milestone payments and regional licensing [3]. Industry Challenges - The domestic market faces challenges, with annual growth in medical insurance fund spending (approximately 12%) lagging behind the growth in innovative drug R&D investment (approximately 25%) [4]. - The average reduction in medical negotiations remains high at 54%, and commercial health insurance coverage for innovative drugs is below 15%, creating a supply-demand imbalance that necessitates going global [4]. Risk Resilience Assessment - Goldman Sachs has categorized Chinese innovative drug companies into three risk resilience tiers based on their sensitivity to policy changes and operational capabilities [4][5]. - Companies with mature global layouts exhibit the strongest resilience, while those heavily reliant on domestic markets show the weakest resilience [5][10]. Strategic Defense Framework - A three-dimensional defense system is proposed to address risks associated with the executive order, focusing on transaction review, data compliance, and supply chain security [13]. - Strategies include conducting national security risk pre-assessments for transactions over $50 million and establishing partnerships with U.S. law firms to navigate regulatory challenges [14][15]. Conclusion - The construction of a quantifiable "risk resilience index" is essential for Chinese innovative drugs in the global 2.0 era, emphasizing the need for companies to embed policy hedging clauses in transaction structures and consider racial diversity data in clinical stages [23].

Core Viewpoint - The company reported strong financial performance for H1 2025, with total revenue of 7.434 billion RMB, a year-on-year increase of 14.3%, and a net profit attributable to shareholders of 3.135 billion RMB, up 15.02% [1] Financial Performance - Total revenue for H1 2025 reached 74.34 billion RMB, reflecting a 14.3% year-on-year growth [1] - Net profit attributable to shareholders was 31.35 billion RMB, marking a 15.02% increase compared to the previous year [1] - Revenue from innovative drug products amounted to 61.45 billion RMB, up 22.1%, accounting for 82.7% of total revenue [1] Product Revenue Breakdown - Revenue from the oncology product portfolio, including drugs like Amatinib and Flumatinib, was 45.31 billion RMB, remaining stable year-on-year [1] - Revenue from the anti-infection product portfolio, including Adefovir and Metronidazole, reached 7.35 billion RMB, a 4.9% increase [1] - Revenue from the central nervous system disease product portfolio, including Inalizumab, was 7.68 billion RMB, up 4.8% [1] - Revenue from the metabolic and other diseases product portfolio surged to approximately 14.00 billion RMB, a significant increase of 134.5% [1] Strategic Developments - The company received an upfront payment of 112 million USD from MSD for the agreement related to HS-10535 (an oral small molecule GLP-1RA) [1] - The sales data from sample hospitals indicated a growth from 18.41 million RMB in 2020 to 1.784 billion RMB in 2024, with a compound annual growth rate of 214% [2] - Amatinib has expanded its indications related to NSCLC, with four approved indications and additional ones under review [2] Clinical Development - The company has over 40 candidate innovative drugs undergoing more than 70 clinical trials as of H1 2025 [3] - Eight new innovative drugs entered clinical trials in H1 2025, including HS-20122 (EGFR/c-Met ADC) and HS-10510 (PCSK9) [3] - Three new drugs entered Phase III clinical trials, including HS-20137 (IL-23p19) for psoriasis and two ADCs for bone and soft tissue sarcoma and ovarian cancer, with overseas rights granted to GSK [3] Revenue and Profit Forecast - The company's revenue forecast for 2025 has been revised upward from 13.741 billion RMB to 14.668 billion RMB, with expected revenues of 15.835 billion RMB and 17.779 billion RMB for 2026 and 2027, respectively [3] - The net profit forecast for 2025 has been adjusted from 4.746 billion RMB to 5.167 billion RMB, with expected net profits of 5.325 billion RMB and 6.133 billion RMB for 2026 and 2027, respectively [3]

Core Viewpoint - Tianfeng Securities maintains an "overweight" rating for Hansoh Pharmaceutical, adjusting revenue and net profit forecasts for 2025, 2026, and 2027 due to expected large BD transaction payments [1] Group 1: Financial Performance - The revenue forecast for 2025 is raised from 137.41 billion to 146.68 billion RMB, with expected revenues of 158.35 billion and 177.79 billion RMB for 2026 and 2027 respectively [1] - The net profit forecast for 2025 is increased from 47.46 billion to 51.67 billion RMB, with expected net profits of 53.25 billion and 61.33 billion RMB for 2026 and 2027 respectively [1] - In the first half of 2025, total revenue reached 74.34 billion RMB, with a net profit of 31.35 billion RMB [1] Group 2: Product Performance - Revenue from innovative drug products reached 61.45 billion RMB, accounting for 82.7% of total revenue [1] - The metabolic and other fields saw significant growth, with revenue from this segment approximately 14.00 billion RMB, a year-on-year increase of 134.5% [1] - The anti-tumor product portfolio, including Amatinib and Flumatinib, generated revenue of 45.31 billion RMB, remaining stable year-on-year [1] Group 3: Innovation and Clinical Development - Over 40 candidate innovative drugs are undergoing more than 70 clinical trials, with 8 new drugs entering clinical trials in the first half of 2025 [3] - Three drugs have entered Phase III clinical trials, including HS-20137 for psoriasis and HS-20093 and HS-20089 for sarcoma and ovarian cancer respectively [3] - The TYK2 inhibitor HS-10374 is also in Phase III trials, showing low skin toxicity risk [3] Group 4: Market Position and Growth - Amatinib, as the first domestic third-generation EGFR TKI, has seen rapid sales growth, with a compound annual growth rate of 214% from 2020 to 2024 [2] - Amatinib is expanding its indications related to NSCLC, with four approved indications and additional ones expected in 2025 [2] - The drug received approval from the UK MHRA in June 2025, marking Hansoh's first entry into the overseas market [2]

Core Viewpoint - Tianfeng Securities maintains an "overweight" rating for Hansoh Pharmaceutical (03692), adjusting the 2025 revenue forecast from 13.741 billion to 14.668 billion RMB, with expected revenues of 15.835 billion and 17.779 billion RMB for 2026 and 2027 respectively. The net profit forecast for 2025 is raised from 4.746 billion to 5.167 billion RMB, with projections of 5.325 billion and 6.133 billion RMB for 2026 and 2027 respectively [1] Group 1 - In H1 2025, the total revenue of the company reached 7.434 billion RMB, with a net profit of 3.135 billion RMB. Revenue from innovative drug products amounted to 6.145 billion RMB, accounting for 82.7% of total revenue [1] - The revenue from the metabolic and other fields saw significant growth, with the MSD upfront payment received [1] - In H1 2025, the product portfolio in the oncology field, including Amivantamab and Furmonertinib, generated revenue of 4.531 billion RMB, remaining stable year-on-year [1] Group 2 - The sales of Amivantamab, the first domestic third-generation EGFR TKI, have rapidly increased, with a compound annual growth rate of 214% from 2020 to 2024, reaching 1.784 billion RMB in 2024 [2] - Amivantamab has expanded its indications related to NSCLC, with four approved indications and additional approvals expected in 2025 [2] - The company aims to obtain EMA recognition for Amivantamab in overseas markets following its approval by the UK MHRA in June 2025 [2] Group 3 - The company has over 40 candidate innovative drugs undergoing more than 70 clinical trials as of H1 2025 [3] - Eight new innovative drugs entered clinical trials in H1 2025, including HS-20122 (EGFR/c-Met ADC) and HS-10510 (PCSK9) [3] - Three new drugs entered Phase III clinical trials, including HS-20137 (IL-23p19) for psoriasis and two ADCs for bone and soft tissue sarcoma and ovarian cancer, with overseas rights granted to GSK [3]