Investment Rating - The report initiates a "Buy" rating for Hansoh Pharmaceutical with a target price of HKD 22.06, indicating a potential upside of 28% from the current price of HKD 17.24 [2][4][12]. Core Insights - Hansoh Pharmaceutical has successfully transitioned from a traditional generic drug manufacturer to an innovative biopharmaceutical company, with innovative drug sales reaching RMB 6.87 billion in FY2023, a 37.1% year-on-year increase, accounting for 68% of total revenue [1][8][14]. - The company is expected to continue strong revenue growth driven by its innovative drug portfolio, particularly key assets like Aumolertinib (Ameile), Tenofovir Amibufenamide (Hengmu), and Pegmolesatide (Saintrolai) [1][8][14]. - Hansoh's R&D spending has increased significantly, reaching RMB 21 billion in FY2023, representing 21% of total revenue, with ongoing development of over 50 clinical trials across more than 30 innovative drug products [1][11][62]. Summary by Sections Innovative Drug Growth - Hansoh's innovative drug sales are projected to grow by 37% in FY2024, reaching RMB 9.5 billion, which will constitute 79% of total revenue [2][12][129]. - Aumolertinib is expected to maintain strong sales momentum, particularly after being included in the National Reimbursement Drug List (NRDL) for first-line non-small cell lung cancer (NSCLC) [1][17][36]. Diverse Product Pipeline - The company has a robust pipeline with significant potential in areas such as antibody-drug conjugates (ADCs), GLP-1 receptor agonists, and TYK2 inhibitors, with ongoing clinical trials for multiple indications [1][11][62]. - ADC assets like HS-20093 and HS-20089 have gained global recognition through licensing agreements with GSK, enhancing their development prospects [1][12][120]. Global Collaboration - Hansoh is actively seeking global collaboration opportunities to strengthen its product pipeline, having established various exclusive licensing partnerships with both domestic and international entities [2][12][120]. - The company aims to become a leading platform for biotechnology collaborations in China, leveraging its R&D and commercialization capabilities [2][12][120]. Financial Performance - Total revenue for FY2024 is expected to grow by 19% to RMB 12 billion, with oncology-related sales projected to increase by 25% to RMB 7.7 billion [2][12][129]. - The report anticipates organic revenue growth rates of 12% and 14% for FY2024 and FY2025, respectively, with net profit expected to reach RMB 4.1 billion in FY2024 [2][12][129].

Investment Rating - Buy (First Coverage) [1][4] Core Views - The company is a leading innovation-driven BigPharma in China, with significant potential for international expansion [1] - The company has 8 innovative drugs approved for marketing, all included in the National Reimbursement Drug List, with innovative drug revenue reaching 6.865 billion yuan in 2023, a year-on-year increase of 37.1%, accounting for 67.9% of total revenue [1] - The company aims to increase the contribution of innovative drugs to 80% of total revenue by 2025 [1] - The company has a strong presence in oncology, CNS, anti-infectives, and metabolic diseases, with a robust pipeline of high-value innovative products [1][2] - The company is accelerating its global strategy through international BD collaborations, with significant milestones and licensing deals, such as the $1.85 billion deal with GSK for HS-20093 [2][14] Revenue and Profit Forecast - The company is expected to achieve total revenues of 11.846 billion yuan, 12.658 billion yuan, and 14.728 billion yuan in 2024, 2025, and 2026, respectively [2][4] - Net profits are forecasted to be 3.422 billion yuan, 3.614 billion yuan, and 4.073 billion yuan for the same periods, with corresponding P/E ratios of 28x, 26x, and 23x [2][4] - The company's fair equity value is estimated at 120.5 billion yuan, equivalent to 130.2 billion HKD, based on a DCF valuation with a perpetual growth rate of 2% and WACC of 8.29% [4] Key Therapeutic Areas Oncology - The company has a strong portfolio in oncology, with key products including Ameile (Aumolertinib) and Haosen Xinfu (Flumatinib), generating 6.169 billion yuan in revenue in 2023, accounting for 61.0% of total revenue [1][2] - Aumolertinib, a third-generation EGFR-TKI, is a leading product in the lung cancer market, with ongoing Phase III trials for adjuvant therapy and other indications [19][20] - The company is advancing its ADC pipeline, including HS-20093 (B7-H3 ADC) and HS-20089 (B7-H4 ADC), with significant global licensing deals with GSK [14][26][27] Central Nervous System (CNS) - The company has a long-standing advantage in CNS, with products like Inebilizumab (Xinyue), the only CD19 monoclonal antibody approved for NMOSD treatment [31][32] - HS-10380, targeting schizophrenia, is in Phase Ib/II clinical trials, with potential to address unmet needs in the mental health market [33][34] Anti-Infectives - The company has two self-developed innovative drugs in the anti-infective field: Hengmu (Ainuovirine) and Mailingda (Morinidazole) [35][36] - Ibrexafungerp, a fourth-generation antifungal drug, is under review for domestic approval, with potential to address recurrent vulvovaginal candidiasis (RVVC) [39][40] Metabolic and Other Diseases - The company has launched Fulaimei (Pegylated Loxenatide) and Shengluolai (Peginesatide), with HS-20094, a GLP-1/GIP dual agonist, in Phase II clinical trials for diabetes and obesity [40][41] - HS-10374, a TYK2 inhibitor, is in Phase II trials, positioning the company as a global leader in this therapeutic area [43][44] - HS-10390, an ETA/AT1 dual receptor antagonist, is in Phase I trials for FSGS and IgA nephropathy, with potential to address unmet needs in renal diseases [45][46]

Financial Performance - The company's revenue for 2023 reached RMB 10,103.8 million, an increase from RMB 9,382.4 million in 2022, representing a growth of approximately 7.7%[15]. - The net profit for 2023 was RMB 3,277.5 million, up from RMB 2,583.7 million in 2022, indicating a growth of about 27%[15]. - Earnings per share were approximately RMB 0.55, reflecting a year-on-year increase of about 26.6%[18]. - The total comprehensive income for the year reached RMB 3,705,424 thousand in 2023, compared to RMB 3,216,633 thousand in 2022, reflecting an increase of about 15.2%[155]. - The company reported a total comprehensive income of RMB 3,705,424 thousand for 2023, compared to RMB 3,216,633 thousand in 2022, reflecting overall financial health[152]. Sales and Revenue Composition - The company achieved sales revenue of approximately RMB 6.865 billion from innovative drugs and collaborative products, accounting for about 67.9% of total revenue, driving sustainable growth[3]. - Revenue from the oncology segment reached approximately RMB 6.169 billion, accounting for about 61.0% of total revenue[19]. - The anti-infection segment generated revenue of approximately RMB 1.269 billion, representing about 12.6% of total revenue[19]. - The central nervous system disease segment recorded revenue of approximately RMB 1.367 billion, accounting for about 13.5% of total revenue[19]. - The metabolic and other segments achieved revenue of approximately RMB 1.299 billion, making up about 12.9% of total revenue[19]. Research and Development - The company has over 30 innovative drug projects in various therapeutic areas, with several products currently in critical registration clinical trials[16]. - The company's R&D expenses for 2023 were RMB 2,097.0 million, compared to RMB 1,693.3 million in 2022, reflecting a commitment to innovation[15]. - The company has launched eight innovative drugs into clinical trials for the first time in 2023, targeting various conditions including kidney disease and depression[30]. - The company aims to continue enhancing innovation and accelerating the commercialization of research and development outcomes to meet unmet medical needs[45]. - The company is committed to research and development in innovative drugs, leveraging the expertise of its senior management team[137]. Clinical Trials and Approvals - Six new products were approved for market launch during the reporting period, including one innovative drug with two approved indications[3]. - The company received clinical trial approval for the innovative drug HS-10390, intended for treating focal segmental glomerulosclerosis and IgA nephropathy[4]. - The innovative drug HS-10506, aimed at treating depression and insomnia, received clinical trial approval in May 2023[5]. - The innovative drug HS-10518, intended for treating endometriosis-related pain, received clinical trial approval in June 2023[5]. - The company has submitted 23 new drug applications and obtained clinical approvals for ten innovative drugs during the reporting period[3]. Corporate Governance - The company is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[46]. - The board consists of three executive directors and three independent non-executive directors[48]. - The board has established five specialized committees, including the Audit Committee and the Remuneration Committee, to oversee specific aspects of the company's affairs[48]. - The company has implemented a three-year service contract for each executive director and a three-year appointment letter for each independent non-executive director[54]. - The company has established appropriate liability insurance for directors, which is reviewed annually[48]. Environmental, Social, and Governance (ESG) - The company was rated AA in the latest MSCI ESG rating report and ranked in the top 1% of the industry in the S&P Global Sustainability Yearbook 2023[7]. - The company aims to achieve carbon neutrality by 2055 and has enhanced its 2030 environmental goals, including quantitative targets for energy savings and pollutant reduction[38]. - The company won several awards, including the China Patent Gold Award for its innovative drug Amatinib and the 2023 ESG Corporate Award Gold Medal from The Asset[38]. - The company has a strong focus on environmental, social, and governance (ESG) initiatives, with Dr. Lu leading the ESG committee[132]. - The Environmental, Social, and Governance Committee held two meetings to review and identify key ESG issues and to develop response measures for climate change risks[64]. Shareholder Information - The company reported a proposed final dividend of HKD 0.1422 per share for the year ending December 31, 2023, compared to HKD 0.05 in 2022, resulting in a total annual dividend of HKD 0.2129 per share[82]. - The company has a distributable reserve of RMB 14,095,522,000 as of December 31, 2023, compared to RMB 13,931,541,000 in 2022[93]. - The company will suspend share transfer registration from June 7 to June 13, 2024, to determine the rights of shareholders attending the annual general meeting[85]. - The company will also suspend share transfer registration from June 21 to June 25, 2024, to determine eligibility for the proposed final dividend[85]. - The company has maintained a minimum public float of 16.21% as accepted by the stock exchange[114]. Financial Position - The total assets of the company as of 2023 amounted to RMB 33,039.1 million, compared to RMB 30,001.9 million in 2022, marking an increase of approximately 6.8%[15]. - The total liabilities of the company in 2023 were RMB 7,244.3 million, slightly down from RMB 7,354.9 million in 2022[15]. - The company's asset-liability ratio was approximately 21.9% as of December 31, 2023, down from 24.5% a year earlier[40]. - Cash and bank balances reached RMB 22,434,691 thousand, significantly higher than RMB 17,615,274 thousand in 2022, indicating strong liquidity[153]. - The total equity attributable to equity holders of the parent increased to RMB 25,794,773 thousand in 2023 from RMB 22,646,944 thousand in 2022, demonstrating strong shareholder value growth[154]. Investments and Financing - The company issued a total of 20,304,400 restricted share units during the reporting period, with 52,290,594 units available for future grants as of December 31, 2023[44]. - The company issued $600 million zero-coupon convertible bonds due in 2026, with net proceeds of approximately $595.65 million allocated primarily for R&D expenses, facility upgrades, and general corporate purposes[88]. - The company raised approximately HKD 3.477 billion from a placement of 130,380,000 shares at HKD 26.75 per share, with HKD 934.17 million already utilized for R&D projects as of December 31, 2023[90]. - The company incurred approximately RMB 229 million in business development (BD) project expenses, while receiving a BD licensing fee of USD 85 million from GSK[33]. - The company entered into licensing agreements with GSK for HS-20089 and HS-20093, receiving upfront payments of USD 85 million and USD 185 million respectively, with potential milestone payments of up to USD 1.485 billion and USD 1.525 billion[34].

2024 年4 月3 日 医药: 超配 证券研究报告 / 业绩点评报告 翰森制药 (3692 HK, 买入, 目标价: HK$19.91) 自主研发和 BD 合作推动公司业绩稳健增长 目标价: HK$19.91 当前股价: HK$15.48 • 创新药收入增长和对外授权收入使得公司2023 年利润增速快速增长。 股价上行/下行空间 +29% 52周最高/最低价 (HK$) 17.24/9.41 • 自主研发和BD 合作形成差异化管线布局。 市值 (US$mn) 11,701 • 维持买入，将DCF 目标价上调至HK$19.91 (WACC: 9.1%)。 当前发行数量(百万股) 5,916 三个月平均日交易額 11 2023 年创新药收入保持快速增长：根据公司公告，2023 实现营收/ 归母净利润 101.4 亿 (US$mn) 流通盘占比 (%) 41 元 / 32.8 亿元，同比+7.7%/ 26.9%。其中，医药产品的销售收入为94 亿元，同比+1.1%。 主要股东 (%) 创新药收入同比增加37.1%至68.7 亿元，占公司总收入的比例上升至67.9%（2022 年为 Stellar Infinity ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 22.85 per share, compared to the current price of HKD 15.48 [4]. Core Views - The company reported a revenue of HKD 10.104 billion for 2023, representing a year-on-year growth of 7.7%. The net profit reached HKD 3.278 billion, up 26.9%, with operating cash flow of HKD 3.116 billion, an increase of 13.7% [2]. - The company has accelerated innovation and internationalization, with 7 new drugs approved for market, contributing to a sales revenue of HKD 6.865 billion from innovative drugs and collaborative products, which is a 37.1% increase and accounts for 67.9% of total revenue [2]. - Research and development (R&D) expenditure for 2023 was HKD 2.097 billion, a 23.8% increase, representing 20.8% of revenue. The company has over 30 innovative pipelines in clinical development [2]. Summary by Sections Financial Performance - Revenue for 2023 was HKD 10.104 billion, with a growth rate of 7.7%. The net profit was HKD 3.278 billion, reflecting a growth of 26.9% [3]. - The earnings per share (EPS) for 2023 was HKD 0.55, with projections for 2024 and 2025 at HKD 0.68 and HKD 0.59 respectively [3]. R&D and Innovation - The company has 30+ innovative pipelines in clinical development, focusing on expanding the treatment potential of its core pipeline, Amivantamab [2]. - The company has entered into two licensing agreements with GSK, which could yield upfront payments of USD 85 million and USD 185 million [2]. Market Position and Future Outlook - The report indicates that the company's innovative products are expected to continue unlocking market potential, with core pipelines showing global competitiveness in clinical treatment capabilities [2]. - The projected EPS for 2024-2026 is expected to be HKD 0.68, HKD 0.59, and HKD 0.71 respectively, with a reasonable value derived from a risk-adjusted DCF method being HKD 22.85 per share [2].

Investment Rating - The report assigns a "Buy" rating to the company, with a target price raised to HKD 17.90, indicating a potential upside of 15.6% from the current price of HKD 15.48 [4][6]. Core Insights - The company achieved a revenue increase of 7.7% year-on-year in 2023, reaching RMB 10.14 billion. Excluding milestone revenues, pharmaceutical product sales grew by 1.1% to RMB 9.40 billion, with innovative drug sales surging by 37.1% to RMB 6.87 billion, now constituting 67.9% of total revenue [2][3]. - The management anticipates steady revenue growth from 2024 to 2026, with a projected CAGR of 12.3%. Key drivers include strong sales growth of the oncology drug Amelotex and the hepatitis B drug Hengmu, both showing robust demand despite a challenging industry environment [3][4]. - The company is expected to receive a USD 185 million upfront payment for ADC drug HS-20093 from GSK in 2024, along with potential milestone payments based on development progress [3]. Financial Summary - The company reported a gross profit increase of 6.5% to RMB 9.07 billion in 2023, with a reduction in sales expense ratio from 37.8% to 34.9%. Net profit attributable to shareholders rose by 26.9% to RMB 3.28 billion, exceeding expectations [2][4]. - Revenue forecasts for 2024 and 2025 have been slightly adjusted upwards by 0.04% and 0.1%, respectively, reflecting the positive performance in 2023 [3][4]. - The financial outlook includes projected revenues of RMB 9.38 billion, RMB 10.10 billion, RMB 12.05 billion, RMB 13.66 billion, and RMB 14.29 billion for the years 2024E to 2026E, with corresponding growth rates of 7.7%, 19.3%, 13.3%, and 4.6% [5][10].

Investment Rating - The report maintains a Neutral rating for the company with a target price of HKD 16.00, indicating a potential upside of 7.5% from the current price of HKD 14.88 [2][7]. Core Insights - The company reported a revenue growth of 7.7% year-on-year for FY23, reaching RMB 10.104 billion, driven by a 37.1% increase in innovative drugs and collaboration products, which now account for 67.9% of total revenue [1][4]. - Net profit for FY23 increased by 26.9% to RMB 3.278 billion, exceeding expectations due to a gross margin of 89.8% and significant increases in bank interest and investment income [1][4]. - The company expects product sales growth to recover to double digits in FY24, with innovative drug revenue projected to exceed 70% of total revenue [1][2]. Financial Summary - Revenue projections for FY24 are set at RMB 12.310 billion, reflecting a 21.8% growth, with net profit expected to reach RMB 3.991 billion, a 21.6% increase [4][6]. - The company plans to double its capital expenditure from RMB 200 million in the previous year to invest in R&D headquarters [1]. - Key therapeutic areas such as oncology and metabolic diseases showed strong performance, with revenue growth of 11.7% and 16.3%, respectively [1][4]. Research and Development Focus - The company will focus on key products such as Amelot, ADC, and GLP-1 dual-target drugs in 2024, with plans to submit a supplemental NDA for Amelot in Q3 2024 [1][2]. - The sales target for Amelot is projected to exceed RMB 6 billion by 2026, despite a 40% price reduction due to insurance negotiations [1][4].

Financial Performance - The company reported a revenue of approximately RMB 10.104 billion for the year ending December 31, 2023, representing a growth of about 7.7% compared to the previous year[1]. - Profit for the year was approximately RMB 3.278 billion, reflecting a growth of about 26.9% compared to the previous year[1]. - Earnings per share were approximately RMB 0.55, an increase of about 26.6% from the previous year[1]. - Gross profit for the same period was RMB 9,072.943 million, up from RMB 8,515.400 million in the previous year, indicating a gross margin improvement[38]. - The company reported a total comprehensive income of RMB 3,705.424 million for the year, compared to RMB 3,216.633 million in 2022, marking an increase of approximately 15.2%[39]. - The company achieved a net profit of RMB 3,277.503 million for the year, compared to RMB 2,583.747 million in 2022, reflecting a year-over-year increase of approximately 27%[39]. - The company's income tax expense for 2023 was RMB 488,652,000, an increase of 34.1% from RMB 364,681,000 in 2022[50]. - The company declared a total dividend of approximately RMB 652,843,000 for 2023, compared to RMB 713,265,000 in 2022, reflecting a decrease of 8.5%[51]. Revenue Breakdown - Sales revenue from innovative drugs and collaborative products reached approximately RMB 6.865 billion, an increase of about 37.1%, accounting for approximately 67.9% of total revenue, up from 53.4% in the previous year[1]. - The revenue from the oncology segment was approximately RMB 6.169 billion, accounting for about 61.0% of total revenue[10]. - The revenue from the anti-infection segment was approximately RMB 1.269 billion, accounting for about 12.6% of total revenue[10]. - Revenue from customer contracts and product sales amounted to RMB 9,403,962 thousand, up from RMB 9,298,594 thousand in the previous year[47]. Research and Development - Research and development expenses were approximately RMB 2.097 billion, a growth of about 23.8%, representing about 20.8% of total revenue[1]. - The company has over 30 innovative drug projects at various stages of research and development, indicating a strong pipeline for future growth[9]. - The company plans to continue expanding its innovative drug portfolio and has several clinical trials underway for new treatments[3]. - The company is conducting over 50 clinical trials across more than 30 innovative drug products, with eight new drugs entering clinical stages in mainland China during the reporting period[24]. Product Approvals and Collaborations - The company received approval for six new products during the reporting period, including one innovative drug with two approved indications[2]. - The company has a total of seven innovative drugs approved for listing, all included in the National Medical Insurance Catalogue[2]. - The company entered into an exclusive cooperation agreement with Antengene Corporation for the commercialization of selinexor in mainland China[4]. - The company developed a new drug, HS-20105, which received clinical trial approval for the treatment of advanced solid tumors[5]. - The company received clinical trial approval for the innovative drug HS-10511, intended for the treatment of hypertrophic cardiomyopathy (HCM)[6]. - The company entered into a licensing agreement with GSK for the global exclusive rights to develop, manufacture, and commercialize HS-20089, a novel B7-H4 targeted antibody-drug conjugate (ADC)[6]. Market Presence and Strategy - The company plans to continue expanding its market presence in China, where over 90% of its revenue is generated[45]. - The company aims to achieve carbon neutrality by 2055 and has enhanced its environmental goals for 2030[31]. - The company plans to enhance innovation and accelerate the commercialization of R&D outcomes to meet unmet medical needs in China and globally[37]. Financial Position and Assets - As of December 31, 2023, the company had cash and bank deposits of RMB 22.435 billion, an increase from RMB 17.615 billion in the previous year[33]. - The company's debt-to-asset ratio was approximately 21.9% as of December 31, 2023, down from 24.5% the previous year[33]. - Total assets as of December 31, 2023, were RMB 25,794,773 thousand, compared to RMB 22,646,944 thousand in 2022, reflecting a growth of 13.5%[41]. - Non-current liabilities decreased to RMB 381,457 thousand from RMB 4,735,433 thousand, indicating a substantial reduction[41]. Employee and Governance - The company had a total of 9,123 employees as of December 31, 2023, with employee costs amounting to approximately RMB 2,681.81 million for the year[36]. - The company has adopted a corporate governance code and believes it has complied with all relevant provisions during the reporting period, except for the separation of roles between the chairman and CEO[62]. - The audit committee, consisting of three independent non-executive directors, reviewed the audited results for the year ending December 31, 2023, ensuring compliance with accounting principles[65]. Shareholder Information - The company issued 11,000,000 new shares under the restricted share unit plan at an issue price of HKD 2.29 per share, with the market price on the previous trading day being HKD 14.96[36]. - The proposed final dividend for the year ending December 31, 2023, is HKD 0.1422 per share, significantly higher than HKD 0.05 per share in 2022, marking a 184.4% increase[66]. - The company suspended share transfer registration from June 21, 2024, to June 25, 2024, to determine shareholder eligibility for the proposed final dividend[67].

《科创板日报》3月15日讯（记者 郑炳巽）一系列动作显示，翰森制药（3692.HK）正加速在创新药领域的布局。 14日晚间，翰森制药透露全资附属公司已经与普米斯生物技术（珠海）有限公司（下称“普米斯”）签订协议，获得对方的独家许可，有权在全球范围内开发、生产及商业化所引进的双抗ADC（抗体偶联药物）产品HS-20117/PM1080，翰森制药方面将支付包括首付款及里程碑付款等在内的最高潜在付款50亿元。 《科创板日报》记者查询发现，此次实际是翰森制药与普米斯就HS-20117/PM-1080产品达成的进一步合作，在此之前，翰森制药针对该产品从普米斯所获得的开发及商业化许可范围，仅限于在中国内地及港澳台地区。翰森制药表示，本次新增许可将进一步丰富在研管线。 目前，国家药监局已经批准HS-20117/PM-1080的临床试验，I期临床研究正在进行之中，拟用于治疗晚期实体瘤。但翰森制药并未透露，许可范围扩大后是否将启动海外同步临床。 翰森制药近年来正频繁引进创新药产品，而与普米斯的合作也仅是其中之一。 在2023年8月，翰森制药旗下公司江苏豪森从德琪医药（6996.HK）引进塞利尼索（selinexor），开展在中 ...

智通财经APP获悉，翰森制药(03692)现涨近5%，截至发稿，涨4.59%，报12.76港元，成交额2341.59万港元。 消息面上，翰森制药发布公告，HS-10398胶囊已获得中国国家药品监督管理局核准签发的临床试验通知书，拟用于治疗免疫球蛋白A肾病和膜性肾病；HS-10501片已获得中国国家药品监督管理局核准签发的临床试验通知书，拟用于治疗2型糖尿病和成人肥胖症；HS-10509片已获得中华人民共和国国家药品监督管理局核准签发的临床试验通知书，拟用于治疗精神分裂症。 此外，据市场消息称，2月5日，国家医保局向有关行业协会发布关于征求《关于建立新上市化学药品首发价格形成机制鼓励高质量创新的通知(征求意见稿)》意见的函件。业内人士表示，此举在于鼓励药品创新研发，有利于保护医药企业创新积极性，也是对之前谈判采购政策的完善。 ...