Investment Rating - The report maintains a "Buy" rating for Hansoh Pharmaceutical [2][9][16] Core Views - Hansoh Pharmaceutical's 1H25 revenue increased by 14.3% year-on-year to Rmb7.43 billion, with net profit rising by 15.0% to Rmb3.14 billion, exceeding expectations due to strong sales of innovative drugs and BD collaboration revenue [5][12][16] - The company's gross margin remained stable at 91.1%, while the selling expense ratio decreased by 2.0 percentage points to 24.5% [5][12] - R&D expenses grew by 20.4% to Rmb1.44 billion, with the R&D expense ratio increasing to 19.4% from 18.4% in 1H24 [5][12] Revenue and Profitability - Innovative drugs and collaborative products contributed Rmb6.15 billion in revenue, a 22.1% increase year-on-year, accounting for 82.7% of total revenue [6][13] - Oncology product sales reached Rmb4.53 billion, representing 61% of total revenue, driven by the sales ramp-up of Ameile and Hansoh Xinfu [6][13] - The CNS and anti-infective sectors generated Rmb768 million and Rmb735 million in sales, respectively, together accounting for 20% of total revenue [6][13] Future Growth Drivers - The company has over 40 innovative drugs in development and more than 70 ongoing clinical trials across oncology and non-oncology fields [7][14] - Eight innovative drugs entered clinical stages for the first time in 1H25, with three new phase III pivotal registration trials initiated [7][14] - Successful licensing of HS-20094 (GLP-1/GIP) to Regeneron, with significant upfront and milestone payments, indicates strong collaboration potential [8][15] Financial Forecasts - EPS forecasts for 2025, 2026, and 2027 have been raised to Rmb0.88, Rmb0.95, and Rmb1.06, respectively [9][16] - The target price has been adjusted from HK$25.1 to HK$43.8, indicating a 22% upside potential [9][16] - Projected revenue and net profit growth rates for the coming years are 15.13% and 20.13% for 2025, respectively [10][19]

Summary of Key Points Core Viewpoint - The report highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential volatility in these companies' stock prices [1][2][3]. Short Selling Ratios - The top three stocks by short-selling ratio are: - Sun Hung Kai Properties-R (80016) at 100.00% - Lenovo Group-R (80992) at 98.00% - Tencent Holdings-R (80700) at 87.44% [2][3]. Short Selling Amounts - The leading stocks by short-selling amount are: - Xiaomi Group-W (01810) with a short-selling amount of 2.084 billion - Tencent Holdings (00700) at 1.612 billion - Pop Mart (09992) at 1.110 billion [1][3]. Deviation Values - The stocks with the highest deviation values are: - Tencent Holdings-R (80700) at 47.80% - Lenovo Group-R (80992) at 41.56% - China Mobile-R (80941) at 40.57% [1][3]. Additional Insights - The report provides a detailed table of the top ten stocks by short-selling ratios, amounts, and deviation values, indicating a trend of increased short-selling activity in certain sectors [2][3].

一张中期业绩公告背后，中国头部药企的创新转型与国际化战略路径清晰可见。 8月18日，翰森制药（03692.HK）发布2025年中期业绩公告。2025年上半年，翰森制药收入约人民币74.34亿元，同比增长约14.3%；溢利约 31.35亿元，同比增长约15.0%；每股基本盈利约0.53元，同比增长约14.8%。 2025年上半年，翰森制药创新药与合作产品销售收入约61.45亿元，同比增长22.1%，占总收入比例上升至约82.7%，创新药与合作产品销售收 入成为报告期内驱动业绩上扬的主要因素。 根据财报，对外合作方面，2025年上半年，自默沙东收取的BD许可费首付款计入合作收入1.12亿美元。2025年6月，翰森制药授予再生元 （Regeneron）在研GLP-1/GIP双受体激动剂HS-20094海外独占许可，并已于2025年7月获得8000万美元首付款，并有资格收取最高19.3亿美元 的里程碑付款。 有券商医药行业分析师对21世纪经济报道记者指出，分析翰森财报可见，本土药企从"仿创结合"向"创新驱动"的战略转型成效，更折射出本土 头部药企在政策引导与市场需求双轮驱动下的成长路径。 "从行业对比视角看，82.7 ...

Summary of Hansoh Pharmaceutical Conference Call Company Overview - **Company**: Hansoh Pharmaceutical - **Industry**: Pharmaceutical Key Points Financial Performance - Hansoh Pharmaceutical reported a **13.2% growth** in internal revenue for the first half of 2025, with **23% growth** in innovative drug sales year-on-year [2][3] - The company achieved **1.6 billion RMB** in BD (business development) revenue, including **112 million RMB** from Merck's small molecule GLP-1 upfront payment [2][3] - Excluding BD upfront payments, innovative drug revenue still accounted for nearly **80%** of total revenue, with internal profit increasing by **15% to 20%** year-on-year [2][3] Product Pipeline and Innovation - The quality of the product pipeline is continuously improving, with a focus on areas such as **EGFR**, **CMET ADC**, and **P2X3 chronic cough** [2][3] - The company has a comprehensive layout in the lung cancer sector, covering both **EGFR mutations** and **wild-type lung cancer** [2][3] - Hansoh has successfully completed its transformation into an innovative company, with innovative revenue exceeding **80%** [2][6] Market Outlook and Valuation - Revenue is projected to reach **14.8 billion RMB** in 2025, with net profit expected to exceed **5 billion RMB** [5] - Future PE ratios are forecasted at **37x**, **34x**, and **29x** over the next three years, with a target PE of **45x** in 2026, corresponding to a market value of approximately **260 billion RMB** [5] - The company anticipates continued growth driven by high-quality product pipelines and overseas market expansion [2][15] Management and Operational Efficiency - The management team is experienced, with a concentrated ownership structure led by founder **Zhong Huijuan** [7] - Sales expense ratio is decreasing, with an absolute increase of about **100 million RMB** year-on-year, while R&D investment is increasing [8] - Internal management and operational efficiency have significantly improved, with internal profit growth exceeding **15%** in the first half of 2025 [8] Drug Approvals and Market Potential - Hansoh has **8 approved innovative drugs**, with the third-generation EGFR TKI **Amivantamab** being a key product [10] - Amivantamab is expected to achieve sales of **6 billion RMB** in 2025, with peak sales potential exceeding **8 billion RMB** [11] - The company is actively expanding into overseas markets, with significant collaborations leading to substantial upfront payments and future sales sharing [12] Future Growth Expectations - The company is expected to maintain high double-digit growth, supported by cost control and operational efficiency improvements [14] - The outlook for Hansoh Pharmaceutical is optimistic, with expectations for value realization on a global scale and consistent profit growth through BD contributions [15]

在对外合作方面，翰森制药近3年来的多起License-out交易受到业界广泛关注。2024年12月，翰森制药 与MSD就开发、生产和商业化口服小分子GLP-1受体激动剂HS-10535的全球独家许可达成对外授权，并 于2025年上半年自MSD收取的BD许可费首付款计入合作收入1.12亿美元。2025年6月，翰森制药授予再 生元（Regeneron）在研GLP-1/GIP双受体激动剂HS-20094海外独占许可。凭借此交易，翰森制药已于 2025年7月获得8,000万美元首付款，并有资格收取最高19.3亿美元的里程碑付款，以及未来潜在产品销 售的双位数百分比特许权使用费。 2025年上半年，翰森制药创新药与合作产品销售收入61.45亿元，同比增长22.1%，占总收入比例上升至 82.7%，创新药与合作产品销售收入成为报告期内驱动业绩上扬的主要因素。 2025年上半年，翰森制药研发开支约14.41亿元，同比增长20.4%，占总收入比例约19.4%。公司正在推 进超70项创新药临床试验，分属40余个候选创新药。报告期内，翰森制药B7-H3靶向ADC（HS- 20093）、B7-H4靶向ADC（HS-20089）、靶 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 42.53, up from a previous target of HKD 28.95 [7]. Core Insights - The company reported a revenue of HKD 74.34 billion for H1 2025, representing a year-on-year increase of 14%, with net profit rising by 15% to HKD 31.35 billion. The revenue from innovative drugs reached HKD 61.45 billion, up 22% year-on-year, accounting for 83% of total revenue [1]. - The company is expected to achieve a sales revenue of over HKD 100 billion from innovative drugs by 2025, with a revenue share exceeding 80% [3]. - The company has a robust pipeline with over 40 new molecular entities under research and has consistently achieved high-quality external licensing agreements, totaling USD 7.3 billion over the past three years [3]. Revenue Breakdown by Therapeutic Areas - Oncology: Revenue of HKD 45.31 billion (+1% year-on-year), driven by Amivantamab and other milestone payments, with product sales growth exceeding 20% after excluding collaboration revenue [2]. - Anti-infectives: Revenue of HKD 7.35 billion (+5% year-on-year), primarily driven by Adefovir [2]. - CNS: Revenue of HKD 7.68 billion (+5% year-on-year), mainly driven by Inalizumab [2]. - Metabolic and other diseases: Revenue of HKD 14.00 billion (+142% year-on-year), driven by milestone payments for GLP-1 and HS-20094 [2]. Pipeline and Clinical Development Updates - The company is advancing its pipeline with several drugs in various stages of clinical trials, including HS-20093 and HS-20089, which are expected to enter critical clinical phases in the coming years [4]. - The company is actively expanding into skin and kidney autoimmune diseases, with several candidates already in Phase III clinical trials [4]. Profit Forecast and Valuation - The forecasted net profit for 2025-2027 is HKD 52.02 billion, HKD 54.80 billion, and HKD 57.27 billion, respectively, with corresponding EPS of HKD 0.88, HKD 0.92, and HKD 0.96 [5]. - The company’s SOTP valuation is estimated at HKD 2529.44 billion, with innovative drugs valued at HKD 2483.38 billion and generics at HKD 46.06 billion [5][12].

另外，该行重申对翰森制药"跑赢大市"评级，目标价由27.8港元升至43.1港元，上调2025至27年收入预 测19%至29%，净利润预测10%至29%，基于创新药增长有机会好过预期，以及较高BD业务收入。 同时，该行重申对康哲药业"跑赢大市"评级，目标价由10港元升至15.6港元，上调2025至27年收入预测 0%至2%，净利润预测3%至6%，因今年上半年业绩胜预期。 里昂发布研报称，3间内地药企包括中国生物制药(01177)、翰森制药(03692)及康哲药业(00867)，上半年 均录得稳健业绩，2024年下半年及2025年上半年均实现双位数收入增长。该行预期势头将于2025年下半 年延续，推动因素包括更多创新药物上市及新产品销售增加、内地医疗保险支出环境更有利、以及潜在 的商业拓展(BD)收入。 股份方面，该行重申对中生制药"跑赢大市"评级，目标价维持9.2港元，料公司收入增长加速，2025至 27年分别升12%、15%及16%;基于创新药收入贡献增加，预期利润率亦有增长。 ...

另外，该行重申对翰森制药"跑赢大市"评级，目标价由27.8港元升至43.1港元，上调2025至27年收入预 测19%至29%，净利润预测10%至29%，基于创新药增长有机会好过预期，以及较高BD业务收入。 同时，该行重申对康哲药业"跑赢大市"评级，目标价由10港元升至15.6港元，上调2025至27年收入预测 0%至2%，净利润预测3%至6%，因今年上半年业绩胜预期。 智通财经APP获悉，里昂发布研报称，3间内地药企包括中国生物制药(01177)、翰森制药(03692)及康哲 药业(00867)，上半年均录得稳健业绩，2024年下半年及2025年上半年均实现双位数收入增长。该行预 期势头将于2025年下半年延续，推动因素包括更多创新药物上市及新产品销售增加、内地医疗保险支出 环境更有利、以及潜在的商业拓展(BD)收入。 股份方面，该行重申对中生制药"跑赢大市"评级，目标价维持9.2港元，料公司收入增长加速，2025至 27年分别升12%、15%及16%;基于创新药收入贡献增加，预期利润率亦有增长。 ...

智通财经APP获悉，港股恒生指数跌0.57%，跌142点，报24980点；恒生科技指数跌1.26%。港股早盘成 交1444亿港元。 舜宇光学科技(02382)绩后涨超6%，中期股东应占溢利同比增加52.56%。 福耀玻璃(03606)绩后拉升逾12%，中期归母净利约48.05亿元，同比增长37.33%。 周生生(00116)盈喜后涨19%，预计中期持续经营业务股东应占溢利约9亿至9.2亿港元。 小鹏汽车-W(09868)涨超4%，二季度营收同比增长125.3%，创单季度历史新高。 珍酒李渡(06979)再涨超5%，促消费政策释放积极信号，公司发力大珍、牛市啤酒等新品。 泡泡玛特(09992)涨超8.6%创新高，上半年经调整净利同比增长3.6倍。 德林国际(01126)涨超10%，股价续刷历史新高，机构称公司有望受益潮玩盛行趋势。 小菜园(00999)再涨近6%，上半年纯利增近36%，瑞银预计公司下半年加快开店。 易鑫集团(02858)涨超6%，上半年经调整净利同比增长28%，金融科技收入劲升124%。 耀才证券金融(01428)再跌超5%，较7月高点已跌近四成，公司称收购进展相关程序按计划进行。 九毛九(09 ...

Group 1: Hong Kong Stocks - Chow Sang Sang (00116) surged over 18%, expecting a mid-term profit attributable to shareholders of approximately HKD 900 million to 920 million [1] - XPeng Motors (09868) rose over 4%, reporting a 125.3% year-on-year revenue growth in Q2, achieving a historical high for a single quarter [1] - Sunny Optical Technology (02382) increased over 6%, with a 52.56% year-on-year rise in mid-term profit attributable to shareholders for the six months ending June 30, 2025 [1] - China Gold International (02099) gained over 3%, reporting a turnaround to profitability in the first half of 2025, supported by a rich resource reserve and stable production [1] - Hansoh Pharmaceutical (03692) fell over 8%, announcing a 6.5% discount on a placement to raise nearly HKD 3.9 billion for innovative drug development [1] - Pop Mart (09992) rose over 6%, with adjusted net profit in the first half of 2025 increasing 3.6 times year-on-year [1] - Kunlun Energy (00135) dropped over 3%, reporting a 4.36% year-on-year decrease in mid-term profit attributable to shareholders for the first half of 2025 [1] Group 2: Other Stocks - Gilead Sciences (01672) fell over 8%, announcing a placement to raise a net amount of HKD 468 million, while its controlling shareholder cashed out nearly HKD 390 million [2] - Yixin Group (02858) rose over 1%, reporting a 28% year-on-year increase in adjusted net profit for the first half of 2025, with financial technology revenue soaring 124% [2] - Lithium stocks declined, with Ganfeng Lithium (01772) and Tianqi Lithium (09696) both dropping nearly 6%, amid inventory pressure in the lithium carbonate spot market [2] Group 3: US Stocks - Palo Alto Networks (PANW.US) rose 3.06%, exceeding expectations in Q4 earnings and providing optimistic guidance for future earnings [3] - BHP Group (BHP.US) increased 0.51%, reporting dividends exceeding expectations despite weak iron ore and coal prices [3] - NIO (NIO.US) rose 4.11%, with its L90 model delivering 6,400 units in 20 days since launch, with the factory operating at full capacity [3] - New Oriental (EDU.US) fell 2.79%, influenced by a drop in Oriental Selection's stock, while denying regulatory investigation rumors [3] - Viking Therapeutics (VKTX.US) plummeted 42.12% after reporting adverse side effects in its experimental obesity drug trials [4] - Arm (ARM.US) dropped 5.00%, as it hired Amazon's AI chip director to advance its chip development plans [4] - Home Depot (HD.US) rose 3.17%, reaching a new high since January, with Q2 net sales meeting market expectations [4] - Best Buy (BBY.US) increased 3.20%, launching a third-party online shopping platform to expand product variety [4] - Nexstar Media Group (NXST.US) rose 0.65%, announcing a $6.2 billion acquisition of Tegna [4] - Aurora Innovation (AUR.US) fell over 8%, closing down 7.14% after a short-seller report questioned its profit potential [5] - Boeing (BA.US) dropped 3.19%, with Airbus A320 deliveries expected to surpass Boeing's soon [5]