此外，公司近期发布中期业绩，上半年收入74.34亿元，同比增长14.3%；归母净利润31.35亿元，同比 增长15.0%。中金公司表示，业绩高于我们预期，主因公司与GSK合作的里程碑付款确认。上半年公司 创新药与合作产品收入61.45亿元，同比增长22.1%，占比提升至82.7%，同比增长5.3pct，其中合作收入 为16.56亿元，主要为口服GLP-1授权给默沙东的首付款以及GSK里程碑付款。此外，25年6月公司将 GLP-1/GIP受体激动剂HS-20094的海外权益授权给Regeneron，首付款8千万美元，里程碑付款19.3亿美 元，将增厚2H25业绩。 智通财经APP获悉，翰森制药(03692)早盘跌超7%，截至发稿，跌6.03%，报36.48港元，成交额2.7亿港 元。 消息面上，翰森制药公布，拟配售1.08亿股，每股作价36.3港元，较上一日收市价38.82港元折让约 6.49%。配售事项所得款项净额约38.97亿元，其中约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，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 ...

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， ...

智通财经APP讯，翰森制药(03692)发布公告，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，公司同意委任配售代理，而配售代理同意作为(个别而非共同或共同及个 别)配售代理行事，以作为公司代理，促使承配人或(若未能促使认购)自行按照并遵守配售协议所载条款 及条件以配售价每股配售股份36.30港元认购1.08亿股配售股份。 配售事项所得款项净额(经扣除配售佣金、征费及交易费)则约38.97亿港元。按此计算，每股配售股份的 净价将约36.08港元。公司计划按以下方式动用配售事项所得款项净额：(i)约65%将用于(a)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(b)创新药物及创新技术平台 的许可; (ii)约25%将用于(a)兴建新的创新药物生产设施及研发实验室，及(b)升级集团现有的研发实验室 及生产设施;及(iii)约10%将用于营运资金及其他一般企业用途。 配售股份数目占于完成配售事项后经扩大已发行股份总数约1.78%(假设自本公告日期起至完成日期，除 公司发行配售股份外，已发行股份总数概无变动)。配售价为每股配售股份36.30港元， ...

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].

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]

翰森制药（3692.HK）2025 年中期业绩点评 BD 创新引领业绩攀升，研发推进驱动未来增长 2025 年 08 月 19 日 推荐 维持评级 当前价格： 37.06 港元 [Table_Author] 分析师 王维肖 ➢ 收入利润保持高速增长。8 月 18 日，翰森制药发布 2025 年中期业绩报告， 上半年公司实现收入 74.34 亿元，同比增长 14.3%；实现净利润 31.35 亿元，同 比增长 15.0%。 ➢ BD 出海持续落地，预计全年合作收入超过 20 亿元。上半年公司合作收入 达到 16.57 亿元，同比增长 18.1%。其中包括 2024 年 12 月与 MSD 达成的授 权合作首付款 1.12 亿美元。2025 年 6 月公司与 Regeneron 达成 HS-20094 的 许可合作，并于 7 月收到 8000 万美元首付款，预计首付款将于年内确认收入， 预计全年合作收入将超过 20 亿元。看好 BD 收入成为公司可持续收入来源。 ➢ 创新药销售高速增长，适应症拓展提供持续动能。上半年公司创新药与合作 产品销售收入达到 61.45 亿元，同比增长 22.1%，占总收入比例上升至 8 ...