此次配售事项预计所得款项净额约为38.97亿港元，所得款项净额的计划用途如下：约65%用于创新药 物研发及许可(涵盖抗肿瘤、自身免疫、中枢神经系统及新陈代谢疾病等领域)；约25%用于兴建新的创 新药物生产设施及研发实验室，以及升级现有设施；约10%用于营运资金及一般企业用途。 翰森制药公告，与配售代理订立配售协议。公司将以每股36.30港元的配售价，配售1.08亿股股份，占扩 大后总股本的约1.78%。此次配售价较前一交易日收盘价38.82港元/股折让约6.49%。 ...

8月20日早间，翰森制药在港交所公告，于2025年8月20日（交易时段前），公司、整体协调人及配售代 理订立配售协议，据此，公司同意以配售价每股36.30港元配售1.08亿股股份。配售事项所得款项净额预 期约38.97亿港元，约65%将用于抗肿瘤、自身免疫、中枢神经系统及新陈代谢疾病等治疗领域的新创 新药物研发，及创新药物及创新技术平台的许可；约25%将用于兴建新的创新药物生产设施及研发实验 室，及升级集团现有的研发实验室及生产设施；约10%将用于营运资金及其他一般企业用途。 ...

翰森制药主要在中国从事药品的研发、生产及销售。所得款项中，约39.0亿港元将用于创新药物研发、 许可、设施建设及升级和一般企业用途。本次发行根据股东大会授予的一般授权实施，预计于2025年8 月27日完成。 来源：新浪港股-好仓工作室 2025年8月20日，翰森制药（股份代号：3692）公告称，通过一般授权以"配售新股份"方式融资，发行 108,000,000股（约1.1亿股），募集约39.2亿港元，扣除费用后净得约39.0亿港元。本次融资由花旗、摩 根士丹利担任配售代理。 配售新股份配售价36.30港元，较前一交易日收市价38.82港元折让约6.5%，较前五个交易日平均收市价 折让约3.9%。配售股份占现有已发行股本约1.8%，完成后占扩大股本约1.8%。 点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息， ...

Group 1 - The company, Hansoh Pharmaceutical (03692), has entered into a placement agreement to issue 108 million shares at a price of HKD 36.30 per share, representing approximately 1.78% of the enlarged issued share capital post-placement [1] - The placement price of HKD 36.30 is approximately 6.49% lower than the closing price of HKD 38.82 on August 19, 2025 [1] Group 2 - The net proceeds from the placement, after deducting commissions, fees, and transaction costs, are estimated to be approximately HKD 3.897 billion, with a net price per share of about HKD 36.08 [2] - The company plans to allocate approximately 65% of the net proceeds for the research and development of new innovative drugs in areas such as oncology, autoimmune diseases, central nervous system, and metabolic diseases, as well as licensing innovative drugs and technology platforms [2] - Approximately 25% of the proceeds will be used for constructing new innovative drug production facilities and R&D laboratories, and upgrading existing R&D laboratories and production facilities [2] - The remaining 10% will be allocated for working capital and other general corporate purposes [2]

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分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 本公告或其任何副本概不得直接或間接在美國、或在刊發或派發本公告屬違法的任何其他司法 管轄區內刊發或派發。 本公告僅供參考之用，並不構成收購、購買或認購本公司任何證券之邀請或要約。 本公告並不構成在美國購買或認購任何證券之要約或招攬，或構成其中部分。本公告所述證券 並未且將不會根據美國一九三三年證券法（「美國證券法」）登記，且除非根據美國證券法作出登 記或獲豁免或為毋須根據美國證券法作出登記之交易，否則不會在美國提呈發售或出售。本公 司無意根據美國證券法登記本公告內所指之任何證券，或在美國進行證券之公開發售。 Hansoh Pharmaceutical Group Company Limited 翰森製藥集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3692） 根據一般授權 按悉數包銷基準 配售新股份 配售代理 ݷ 本公司將向聯交所申請批准配售股份上市及買賣。 配售協議項下擬進行的交易須待該 ...

Market Overview - Hong Kong stocks experienced volatility, with the Hang Seng Index closing down 0.21% at 25,122.9 points and a total turnover of 278.2 billion HKD [1] - The Hang Seng China Enterprises Index fell 0.3% to 9,006.23 points, while the Hang Seng Tech Index decreased by 0.67% to 5,542.03 points [1] Blue Chip Performance - China Resources Beer saw a significant increase of 6.24%, closing at 28.28 HKD, contributing 4.24 points to the Hang Seng Index [2] - The company reported a revenue of 23.942 billion RMB, a year-on-year increase of 0.83%, and a net profit attributable to shareholders of 5.789 billion RMB, up 23.04% [2] - Other notable blue chips included Zhongsheng Holdings, which rose 8.29%, and Hansoh Pharmaceutical, which increased by 4.75% [2] Sector Performance - Large tech stocks showed mixed results, with Tencent up 0.94% and Alibaba down 0.25% [3] - AI application stocks performed well, with Zhihu-W rising 23% and Fenbi increasing by nearly 14% [3] - The property management sector was active, with Wanwu Cloud rising 7.19% and Sunac Services increasing by 5.18% [4][5] Earnings Reports - Wanwu Cloud reported a revenue of 18.14 billion RMB, a 3.1% year-on-year increase, and a core net profit of 1.32 billion RMB, up 10.8% [5] - Kancheng Pharmaceutical reported a revenue of 1.569 billion RMB, a 23.7% increase, and a net profit of 498 million RMB, up 24.6% [8] - Li Auto announced a revenue of 24.25 billion RMB, a 174% increase, with a gross margin of 14.1% [9] Notable Stock Movements - Dongfang Zhenxuan experienced a significant drop of 20.89%, closing at 34.32 HKD, following rumors regarding its CEO [12] - Gilead Sciences saw a decline of 15.01% after announcing a share placement and a new share subscription at a discount [13]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported a revenue of 7.434 billion yuan for H1 2025, representing a year-on-year increase of 14.3%. The net profit for the same period was 3.135 billion yuan, up 15.0% year-on-year [2]. - The oncology segment, particularly the core product Amatinib, continues to expand its indications, contributing significantly to revenue growth. The company has received new approvals for Amatinib in various treatment settings, which is expected to drive further growth [3]. - The company has a rich pipeline with over 40 innovative drugs undergoing more than 70 clinical trials, indicating strong potential for sustainable growth. Collaborations with other firms are also expanding, enhancing the company's market position [4]. Financial Performance Summary - The company is projected to achieve revenues of 14.186 billion yuan, 15.763 billion yuan, and 17.806 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit is expected to reach 4.703 billion yuan, 5.268 billion yuan, and 6.090 billion yuan in the same years [5][9]. - The revenue growth rates are forecasted at 15.7% for 2025, 11.1% for 2026, and 12.96% for 2027, while net profit growth rates are expected to be 7.57%, 12.01%, and 15.60% for the same years [9].

Group 1 - The core viewpoint of the articles highlights the successful transformation of Chinese pharmaceutical companies from generic drug production to innovative drug development, with companies like Heng Rui Medicine, Shi Yao Group, and Han Sen Pharmaceutical leading the way in international markets [1][2][3] - The transition from generic to innovative drugs has been facilitated by significant reforms in drug approval processes, reducing average review times from three years to 60 days, which has created a favorable environment for innovation [3][4] - Companies that were once heavily reliant on generic drugs, such as Heng Rui Medicine, have seen a substantial increase in innovative drug sales, with Heng Rui's innovative drug revenue reaching 14 billion yuan in 2024, accounting for over half of its total sales [3][4] Group 2 - The path of "generic to innovative" is not without challenges, as the industry faces high costs and low success rates in innovative drug development, with the average time to develop a new drug being ten years and costs exceeding 1 billion USD [8][9] - Companies like Jiahe Biopharmaceutical faced setbacks, such as the rejection of their PD-1 drug application, which resulted in significant financial losses after years of investment [8][9] - The cultural shift required for companies to transition from a generic drug mindset to an innovative drug approach is significant, as it involves embracing risk-taking and fostering a culture of innovation [9][10] Group 3 - The strategy of "using generics to support innovation" has been adopted by many companies, allowing them to leverage profits from generics to fund innovative drug research and development [6][7] - Companies like Aosaikang have successfully diversified their product lines, with a notable increase in revenue from oncology and chronic disease products, offsetting declines in their traditional digestive drug sales [6][7] - The collaboration between generic and innovative drug development is seen as a strategic resource reallocation, where the experience gained in generics can aid in the commercialization of innovative drugs [7][8]

Core Viewpoint - Hansoh Pharmaceutical reported a strong performance in the first half of 2025, with significant revenue growth driven by innovative drugs and collaboration products Financial Performance - In the first half of 2025, Hansoh Pharmaceutical's revenue was approximately RMB 7.434 billion, a year-on-year increase of about 14.3% [1] - The profit was approximately RMB 3.135 billion, reflecting a year-on-year growth of about 15.0% [1] - Basic earnings per share were approximately RMB 0.53, up by about 14.8% year-on-year [1] - The interim dividend declared was HKD 0.2316 per share [1] Product Sales - Sales revenue from innovative drugs and collaboration products reached RMB 6.145 billion, a year-on-year increase of 22.1%, accounting for 82.7% of total revenue [1] - The anti-tumor product Amelot, representing innovative drugs, generated approximately RMB 4.531 billion in revenue, making up about 60.9% of total revenue [2] - Amelot has been approved for four indications and is expanding its application to early and mid-stage NSCLC [2] Research and Development - R&D expenditure was approximately RMB 1.441 billion, a year-on-year increase of 20.4%, representing about 19.4% of total revenue [1] - The company is advancing over 70 innovative drug clinical trials across more than 40 candidate drugs [1] - Notable candidates entering Phase III clinical trials include B7-H3 targeted ADC (HS-20093) and B7-H4 targeted ADC (HS-20089) [1] Collaborations and Licensing - Hansoh Pharmaceutical has engaged in significant licensing agreements, including a global exclusive license with MSD for HS-10535, receiving an upfront payment of USD 112 million [3] - In June 2025, the company granted Regeneron exclusive overseas rights for HS-20094, receiving an upfront payment of USD 80 million and potential milestone payments of up to USD 1.93 billion [3] - The company has also made progress in ADC research, with HS-20093 and HS-20089 being recognized as breakthrough therapy drugs in China [4] Cash Flow and Financial Stability - The net cash inflow from operating activities was RMB 3.605 billion [4] - The company held cash and bank deposits of RMB 27.104 billion, indicating a strong financial position to support ongoing R&D investments [4]

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Insights - The company achieved a revenue of 7.434 billion RMB in the first half of 2025, representing a year-on-year growth of 14.3%, and a net profit of 3.135 billion RMB, up 15.0% year-on-year [1] - The company's collaboration revenue reached 1.657 billion RMB in the first half of 2025, with an expected total collaboration revenue exceeding 2 billion RMB for the year [1][4] - Sales of innovative drugs and collaboration products amounted to 6.145 billion RMB, a year-on-year increase of 22.1%, accounting for 82.7% of total revenue [2] - The company has over 40 candidate innovative drugs in its pipeline and is conducting more than 70 clinical trials, with significant advancements in various therapeutic areas [3] Summary by Sections Revenue and Profit Growth - The company reported a revenue of 7.434 billion RMB for the first half of 2025, a 14.3% increase year-on-year, and a net profit of 3.135 billion RMB, reflecting a 15.0% growth [1] Collaboration and Licensing - The collaboration revenue for the first half of 2025 was 1.657 billion RMB, an 18.1% increase year-on-year, with expectations of exceeding 2 billion RMB for the full year [1] - Key collaborations include a 112 million USD upfront payment from MSD and an 80 million USD upfront payment from Regeneron [1] Innovative Drug Sales - Sales from innovative drugs and collaboration products reached 6.145 billion RMB, with a 22.1% year-on-year growth, driven by new indications for existing products [2] - The oncology segment generated 4.531 billion RMB, while other therapeutic areas also contributed significantly to revenue [2] Research and Development - R&D expenses for the first half of 2025 were 1.441 billion RMB, a 20.4% increase year-on-year, constituting 19.4% of total revenue [3] - The company has over 40 innovative drug candidates and is advancing multiple drugs into late-stage clinical trials [3] Financial Forecast - The company is projected to achieve revenues of 14.685 billion RMB, 15.801 billion RMB, and 18.471 billion RMB for 2025, 2026, and 2027 respectively, with corresponding net profits of 5.237 billion RMB, 5.434 billion RMB, and 6.417 billion RMB [5]