Core Insights - Hansoh Pharmaceutical (03692.HK) reported strong financial results for the first half of 2025, with revenue of approximately 7.434 billion RMB, a year-on-year increase of about 14.3% [1] - The company's profit reached approximately 3.135 billion RMB, reflecting a year-on-year growth of about 15.0% [1] - Earnings per share were approximately 0.53 RMB, up by about 14.8%, with an interim dividend of 0.2316 HKD per share, indicating robust profitability and shareholder returns [1] Financial Performance - For the first half of 2025, Hansoh's net cash inflow from operating activities was 3.605 billion RMB, and as of June 30, 2025, the company had cash and bank deposits totaling 27.104 billion RMB [1] - The sales revenue from innovative drugs and collaborative products was approximately 6.145 billion RMB, a year-on-year increase of about 22.1%, accounting for 82.7% of total revenue [1] R&D and Innovation - The company has launched 7 innovative drugs as of June 2025, with Amelot® being the first innovative drug approved for sale overseas in the UK [2] - R&D expenditure for the first half of 2025 was approximately 1.441 billion RMB, a year-on-year increase of 20.4%, representing 19.4% of total revenue [2] - Hansoh is advancing over 70 clinical trials across more than 40 innovative drug projects, with 8 new candidates entering clinical research in the first half of 2025 [2] Key Product Developments - In the first half of 2025, Hansoh initiated 3 key Phase III clinical trials for innovative drugs targeting B7-H3 ADC for bone and soft tissue sarcoma, B7-H4 ADC for ovarian cancer, and an IL23p19 monoclonal antibody for moderate to severe plaque psoriasis [3] - The company’s GLP-1/GIP dual receptor agonist HS-20094 is in Phase III clinical research for obesity or overweight, with over 1,000 subjects dosed [3] Strategic Partnerships - In June 2025, Hansoh granted Regeneron global exclusive rights to HS-20094 (excluding mainland China, Hong Kong, and Macau), receiving an upfront payment of 80 million USD and potential milestone payments of up to 1.93 billion USD, along with double-digit royalties on future product sales [4] - This licensing agreement is part of Hansoh's strategy to accelerate the commercialization of its innovative pipeline and maximize the commercial value of its products [4]

翰森制药(03692)发布截至2025年6月30日止6个月的中期业绩，该集团取得收入人民币74.34亿元(单位下 同)，同比增加14.27%;母公司拥有人应占溢利31.35亿元，同比增加15.02%;每股盈利0.53元，拟派发中 期股息每股23.16港仙。 公司在中国产生销售收入的创新药共七款，形成了丰富的产品管线。截至2025年6月30日止6个月，创新 药与合作产品销售收入约61.45亿元，占收入比例约82.7%，已成为驱动本集团业绩可持续增长的核心动 力。 我们的收入主要来自于药品的销售。我们的主要产品集中在本集团策略性专注的主要治疗领域，包括抗 肿瘤、抗感染、中枢神经系统、代谢及其他疾病。报告期内的收入、溢利及每股基本盈利增加，主要是 由于创新药与合作产品销售收入增加所致。 ...

Core Insights - Hansoh Pharmaceutical (3692.HK) reported total revenue of approximately 7.434 billion RMB for the first half of 2025, representing a year-on-year growth of about 14.3% [1] - The company's profit reached approximately 3.135 billion RMB, with a year-on-year increase of about 15.0% [1] - Basic earnings per share were approximately 0.53 RMB, reflecting a year-on-year growth of about 14.8%, and an interim dividend of 0.2316 HKD per share was declared, showcasing strong profitability and shareholder returns [1] Revenue Breakdown - Sales revenue from innovative drugs and collaborative products amounted to approximately 6.145 billion RMB, marking a year-on-year growth of about 22.1% and accounting for 82.7% of total revenue [1] Financial Performance - The net cash inflow from operating activities for the first half of 2025 was 3.605 billion RMB [1] - As of June 30, 2025, the company had cash and bank deposits totaling 27.104 billion RMB, indicating a robust financial position and strong cash flow to support future innovation and R&D investments [1]

公司在中国产生销售收入的创新药共七款，形成了丰富的产品管线。截至2025年6月30日止6个月，创新 药与合作产品销售收入约61.45亿元，占收入比例约82.7%，已成为驱动本集团业绩可持续增长的核心动 力。 我们的收入主要来自于药品的销售。我们的主要产品集中在本集团策略性专注的主要治疗领域，包括抗 肿瘤、抗感染、中枢神经系统、代谢及其他疾病。报告期内的收入、溢利及每股基本盈利增加，主要是 由于创新药与合作产品销售收入增加所致。 翰森制药(03692)发布截至2025年6月30日止6个月的中期业绩，该集团取得收入人民币74.34亿元(单位下 同)，同比增加14.27%;母公司拥有人应占溢利31.35亿元，同比增加15.02%;每股盈利0.53元，拟派发中 期股息每股23.16港仙。 ...

智通财经APP讯，翰森制药(03692)公布，将于2025年10月30日派发中期股息每股0.2316港元。 ...

EF001 免責聲明 第 2 頁 共 2 頁 v 1.1.1 | 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 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。 | | | --- | --- | | 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 600百萬美元於二零二六年到期的零息可換股債券 | 40546 | | 公告標題 | 截至二零二五年六月三十日止六個月之中期股息 | | 公告日期 | 2025年8月18日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.2316 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額 ...

Financial Performance - The company reported revenue of approximately RMB 7.434 billion, representing a year-on-year increase of about 14.3%[5] - Profit amounted to approximately RMB 3.135 billion, reflecting a year-on-year growth of about 15.0%[5] - Basic earnings per share were approximately RMB 0.053, an increase of about 14.8% compared to the same period last year[5] - For the six months ended June 30, 2025, the company recorded revenue of approximately RMB 7.434 billion, representing a year-on-year growth of about 14.3%[14] - The company's profit for the same period was approximately RMB 3.135 billion, an increase of about 15.0% compared to the previous year[14] - The basic earnings per share were approximately RMB 0.53, reflecting a year-on-year increase of about 14.8%[14] - Gross profit for the same period was RMB 6,772,773,000, up from RMB 5,926,283,000, indicating a growth of 14.3%[57] - The company achieved a profit before tax of RMB 3,688,152,000, compared to RMB 3,118,186,000 in the previous year, reflecting an increase of 18.3%[57] - Net profit for the period was RMB 3,134,929,000, which is a 15.0% increase from RMB 2,725,525,000 in 2024[57] - Basic and diluted earnings per share were both RMB 0.53, compared to RMB 0.46 in the previous year, marking a 15.2% increase[57] Revenue Sources - Revenue from innovative drugs and collaborative products reached approximately RMB 6.145 billion, up approximately 22.1% year-on-year, accounting for about 82.7% of total revenue[5] - Revenue from the oncology segment was approximately RMB 4.531 billion, representing about 60.9% of total revenue[15] - Sales revenue from innovative drugs and collaborative products reached approximately RMB 6.145 billion, accounting for about 82.7% of total revenue[14] - Revenue from product sales was RMB 5,776,795,000, up from RMB 5,103,080,000, reflecting a growth of 13.2% year-over-year[68] Research and Development - R&D expenses were approximately RMB 1.441 billion, an increase of about 20.4% year-on-year, representing approximately 19.4% of total revenue[5] - The company has multiple new drug applications and clinical trial approvals, including HS-20093 for osteosarcoma and HS-10561 for chronic spontaneous urticaria[8][9] - The company is focused on expanding its product pipeline in oncology and autoimmune diseases, with several drugs in various stages of clinical trials and approvals[6] - The company has over 70 ongoing clinical trials across more than 40 candidate innovative drugs as of June 30, 2025[31] - The company incurred approximately RMB 191 million in R&D expenses for advancing multiple licensed projects during the reporting period[39] - The company established a robust R&D platform with over 1,900 researchers across four centers in the U.S. and China[30] Product Approvals and Innovations - The company achieved a breakthrough therapy designation from the FDA for its B7-H3 targeted antibody-drug conjugate (ADC) for treating relapsed or refractory osteosarcoma[7] - The company’s innovative drug, XinYue® (Inalizumab injection), received priority review status from the NMPA for a new indication to treat IgG4-related disease[7] - The innovative drug Aumseqa® received approval from the UK Medicines and Healthcare products Regulatory Agency (MHRA) for use as a first-line treatment for adult patients with advanced or metastatic NSCLC with activated EGFR mutations[17] - Aumseqa® has been included in eight national clinical guidelines, including the CSCO guidelines for NSCLC treatment[17] - The company has successfully expanded its innovative drug portfolio, with Aumseqa® gaining approval for two new indications during the reporting period[18] - HaoSen XinFu® (甲磺酸氟馬替尼片) is the first innovative second-generation TKI for chronic myeloid leukemia in China, achieving molecular response faster and deeper than other treatments, with a growing patient population[19] - XinYue® (伊奈利珠單抗注射液) received NMPA approval for treating AQP4 antibody-positive NMOSD in March 2022 and was included in the national medical insurance directory in January 2023, with successful renewal for 2024[21] - Fulaimei® (聚乙二醇洛塞那肽注射液) is the first domestically developed GLP-1 receptor agonist approved for type 2 diabetes, with confirmed efficacy in blood sugar reduction and low incidence of adverse events, included in the national medical insurance directory since 2020[23] - Hengmu® (艾米替諾福韋片) is the first oral antiviral drug for chronic hepatitis B in China, with long-term efficacy and safety data published, and included in the national medical insurance directory since 2021[25] - Shengluo Lai® (培莫沙肽注射液) is the only approved small molecule peptide drug for treating anemia due to chronic kidney disease, with favorable clinical trial results showing comparable efficacy to traditional treatments[28] Financial Position and Cash Flow - The company reported a net cash inflow of RMB 3.605 billion from operating activities for the six months ended June 30, 2025, with capital expenditures of RMB 245 million[46] - As of June 30, 2025, the company had cash and bank deposits totaling RMB 27.104 billion, an increase from RMB 22.622 billion as of December 31, 2024[47] - The company's asset-liability ratio was approximately 11.3% as of June 30, 2025, compared to 9.4% as of December 31, 2024, indicating a stable financial condition[47] - Cash and bank balances increased to RMB 27,103,694,000 as of June 30, 2025, up from RMB 22,621,566,000 at the end of 2024[60] - Total assets less current liabilities amounted to RMB 31,470,393,000, compared to RMB 28,962,631,000 in the previous year[61] Corporate Governance and ESG - The company maintained an MSCI ESG rating of AA and was recognized as one of the top 1% in the Chinese pharmaceutical industry by S&P Global[14] - The company is committed to long-term sustainable development, as evidenced by its ongoing improvements in ESG performance[14] - The board continues to monitor ESG strategies and risks, ensuring alignment with long-term corporate goals[45] - The company maintained compliance with corporate governance codes, with the board confirming adherence to all applicable provisions except for the separation of the roles of chairman and CEO[81] - The audit committee consists of three independent non-executive directors, ensuring compliance with corporate governance standards[84] Shareholder Information - The company declared a dividend of HKD 0.1353 per share for the fiscal year 2024, totaling approximately RMB 734,910,000, compared to RMB 768,760,000 for the previous year[74] - The board declared an interim dividend of HKD 0.2316 per share for the six months ended June 30, 2025, compared to HKD 0.2010 for the same period in 2024, representing an increase of approximately 10.5%[86] - The record date for the interim dividend is September 25, 2025, with a suspension of share transfer registration from September 24 to September 25, 2025[86]

Group 1 - The Hong Kong stock market experienced a rise and then a pullback, with the Hang Seng Index reaching a new high [1] - The National Healthcare Security Administration is publishing a list of drugs that have passed preliminary review for the "2025 National Medical Insurance Directory and Commercial Insurance Innovative Drug Directory," which will enter expert review and negotiation stages [1][2] - The Hong Kong Innovative Drug Selected ETF (520690) saw a nearly 2.5% increase, with a trading volume exceeding 20 million and a turnover rate over 5%, indicating strong market interest [1] Group 2 - The dual-track policy of basic medical insurance and commercial insurance for innovative drugs signals a payment closure model, suggesting that "true innovation is easier to scale" [2] - The performance of innovative drugs is expected to be positively impacted by the dual-track payment system and significant business development opportunities, leading to a systematic revaluation of the Chinese innovative drug sector [2] - The Hang Seng Medical ETF (513060) is benefiting from the dual advantages of technology penetration and market expansion, particularly in AI healthcare and innovative drug companies [3]

Market Overview - US stock market showed mixed performance last Friday, with economic data presenting a varied outlook and market sentiment being cautious ahead of the US-Russia leaders' meeting [2] - The three major indices closed with differing results, while the US dollar declined and the yield on the 10-year Treasury note rose to 4.32% [2] Asian Market Performance - The Hang Seng Index opened higher today, up 0.09% at 25,293.34 points, while the Hang Seng Tech Index increased by 0.40% and the National Enterprises Index rose by 0.21% [2][3] - In the market, tech stocks showed mixed results, with Bilibili rising over 2%, JD.com and Baidu up over 1%, while Lenovo fell nearly 1% [2] - Chinese stocks generally saw gains, with Guolian Minsheng rising over 2% [2] - The innovative drug sector opened mostly higher, with Hansoh Pharmaceutical increasing over 2% [2] - Gold stocks were active, with China Gold International rising over 1% [2] - Some automotive stocks also saw increases, with NIO rising over 5% [2]

Summary of Key Points from the Conference Call on China Healthcare Industry Overview - The conference focused on the **China Healthcare** sector, particularly the pharmaceutical and biotech industries, highlighting the attractive investment landscape in the Asia Pacific region [2][5][6]. Core Insights and Arguments - **Growth Projections**: The global pharmaceutical market is expected to grow at a **CAGR of 5.7%** from 2023 to 2028, while the Chinese pharmaceutical market is projected to grow at a **CAGR of 7.7%** during the same period [9][12]. - **Market Dynamics**: The Chinese pharmaceutical market is characterized by a significant reliance on imported products, particularly in the albumin segment, where **60-70%** of the market is composed of imports [34]. - **Out-licensing Trends**: There has been a notable increase in out-licensing activities, with over **$50 billion** in deals recorded in 2024, driven by narrowing innovation gaps and emerging complex modalities [41][42]. - **Regulatory Environment**: The plasma industry in China faces high entry barriers, with only **<30 plasma fractionators** currently operating, leading to a market consolidation trend [33][34]. Important Developments - **Upcoming Events**: Key sector events include the **CSCO 2025** and **WCLC 2025** conferences, which are expected to influence stock performance in the pharmaceutical and biotech sectors [6][8]. - **Pipeline Assets**: Several companies, including Hengrui and CSPC, have significant pipeline assets with upcoming drug approvals and trial progress expected in **2H25** [32][27]. Potential Risks and Challenges - **Supply Constraints**: The Chinese plasma market is underdeveloped compared to global standards, with a limited variety of plasma derivatives available [34]. - **Market Competition**: The top five plasma companies dominate approximately **60%** of the market, indicating a highly consolidated competitive landscape [33]. Additional Insights - **Investment Sentiment**: The overall sentiment towards the China healthcare sector remains positive, with analysts highlighting the potential for significant returns driven by innovation and market expansion [2][41]. - **Technological Advancements**: The introduction of recombinant human albumin (rHSA) is expected to disrupt the albumin market, potentially capturing **~10%** of the total market share [35]. This summary encapsulates the key points discussed during the conference call, providing a comprehensive overview of the current state and future outlook of the China healthcare sector.