Core Viewpoint - The company's 1H25 performance exceeded expectations, driven by milestone payments from collaboration with GSK, with revenue of 7.434 billion yuan and a net profit of 3.135 billion yuan, reflecting year-on-year growth of 14.3% and 15.0% respectively [1] Financial Performance - Revenue from innovative drugs and collaboration products reached 6.145 billion yuan, up 22.1% year-on-year, accounting for 82.7% of total revenue, an increase of 5.3 percentage points year-on-year [1] - The company reported collaboration revenue of 1.656 billion yuan, primarily from the upfront payment for oral GLP-1 licensed to Merck and milestone payments from GSK [1] - Excluding collaboration revenue, sales revenue was 5.777 billion yuan, reflecting a year-on-year increase of 13.2% [1] - By segment, oncology revenue was 4.53 billion yuan (up 21.3% YoY), driven by strong growth of Ameluz and GSK collaboration milestone revenue [1] - The company expects Ameluz's annual sales to reach 6 billion yuan [1] - Other segments included anti-infection revenue of 740 million yuan (up 4.8% YoY), central nervous system revenue of 770 million yuan (up 4.8% YoY), and metabolic revenue of 1.4 billion yuan (down 0.2% YoY) [1] - Gross margin remained stable at 91.1%, with selling expenses of 1.82 billion yuan (up 5.7% YoY), management expenses of 340 million yuan (up 135% YoY), and R&D expenses of 1.44 billion yuan (up 20.4% YoY) [1] Development Trends - The company is advancing its R&D pipeline, with core product Ameluz approved for four indications in China, and expects NDA approval for Ameluz in combination with chemotherapy for NSCLC in 2H25 [1] - HS-20093 (B7H3 ADC) has initiated Phase III clinical trials for SCLC in 2H24, with GSK planning to start key clinical studies by the end of 2025 [1] - HS-20089 (B7H4 ADC) has begun Phase III clinical trials for ovarian cancer in 1H25 [1] - HS-20094 (GLP-1/GIP dual-target) has started Phase III clinical trials for obesity or overweight in 2H24 [1] - The company has eight innovative drug pipelines approved for clinical trials in 1H25, including EGFR/c-Met ADC and KRAS G12D [1] - Future plans include accelerating license-in projects and overseas licensing of proprietary pipelines [1] Profit Forecast and Valuation - The company raised its profit forecast for 2025 and 2026 by 4.8% and 3.4% to 4.617 billion yuan and 4.841 billion yuan respectively, due to strong growth of Ameluz and BD-related payments [1] - The current stock price corresponds to 45.8x and 43.1x P/E for 2025 and 2026 [1] - The target price has been raised by 93.1% to 45.00 HKD, corresponding to 53.1x and 50.0x P/E for 2025 and 2026, indicating a potential upside of 15.9% [1]

Core Viewpoint - The company, Hansoh Pharmaceutical, reported a 14.3% year-on-year revenue growth in the first half of 2025, reaching 7.43 billion yuan, with a net profit attributable to shareholders increasing by 15.0% to 3.14 billion yuan, exceeding expectations due to the strong sales of innovative drugs and BD collaboration income [1] Group 1: Financial Performance - In the first half of 2025, the company's comprehensive gross margin remained stable at 91.1% [1] - The sales expense ratio decreased by 2.0 percentage points to 24.5% year-on-year [1] - R&D expenses increased by 20.4% to 1.44 billion yuan, with the R&D expense ratio rising from 18.4% in the first half of 2024 to 19.4% [1] Group 2: Innovative Drug and Collaboration Revenue - The revenue from innovative drugs and collaboration increased by 22.1% year-on-year to 6.15 billion yuan, contributing 82.7% to total revenue, up from 77.3% in the first half of 2024 [2] - The sales of oncology products reached 4.53 billion yuan, accounting for 61% of total revenue, driven by the sales growth of Ameluz and Huasenxinfu [2] - Two new indications for Ameluz received NMPA approval, which are expected to further boost sales [2] Group 3: Innovation Pipeline - The company has over 40 innovative drugs in development and more than 70 clinical trials ongoing, covering both oncology and non-oncology areas [3] - Eight innovative drugs entered clinical stages for the first time in the first half of 2025, including HS-10561 (BTK inhibitor) and HS-20108 (ADC) [3] - Three new pivotal Phase III clinical trials were initiated, including HS-20093 (B7-H3 ADC for bone and soft tissue sarcoma) [3] Group 4: Licensing Agreements - In June 2025, the company granted global rights (excluding Greater China) for HS-20094 (GLP-1/GIP) to Regeneron, including an upfront payment of 80 million USD and milestone payments totaling 1.93 billion USD [4] - The company previously licensed two ADC drugs to GSK and HS-10535 to MSD [4] - Ongoing clinical trials for HS-20093 and HS-20089 are targeting various cancers, with HS-20094 and HS-10374 also in advanced clinical research stages [4] Group 5: Earnings Forecast and Target Price - The earnings per share forecast for 2025 was raised from 0.73 yuan to 0.88 yuan, with subsequent years also seeing upward adjustments [4] - The target price was increased from 25.1 HKD to 43.8 HKD, indicating a 22% upside potential, while maintaining a buy rating [4]

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].

Core Viewpoint - The mid-term performance announcement of Hansoh Pharmaceutical highlights the company's clear innovation transformation and internationalization strategy, with significant growth in revenue and profit driven by innovative drugs and collaborative products [2][3]. Financial Performance - In the first half of 2025, Hansoh Pharmaceutical reported revenue of approximately RMB 74.34 billion, a year-on-year increase of about 14.3%, and a profit of approximately RMB 31.35 billion, up by about 15.0% [2]. - Basic earnings per share reached approximately RMB 0.53, reflecting a year-on-year growth of about 14.8% [2]. Innovation and Product Sales - Sales revenue from innovative drugs and collaborative products amounted to approximately RMB 61.45 billion, marking a year-on-year increase of 22.1% and accounting for about 82.7% of total revenue [2][3]. - The company has seen a significant shift from "generic-innovative combination" to "innovation-driven" strategies, indicating a successful transformation in response to policy guidance and market demand [2][3]. Collaborative Agreements - In the first half of 2025, Hansoh received a BD licensing fee of USD 112 million from Merck, and in June 2025, it granted Regeneron exclusive overseas licensing rights for the GLP-1/GIP dual receptor agonist HS-20094, receiving an upfront payment of USD 80 million [2]. - The company is also engaged in multiple collaborations, including a partnership with Lupo Pharmaceutical for the BTK inhibitor LP-168, which aims to expand its pipeline for autoimmune diseases [6][7]. Research and Development Investment - Hansoh's R&D expenditure reached RMB 14.41 billion in the first half of 2025, representing a year-on-year increase of 20.4% and accounting for 19.4% of total revenue [6]. - The company is pursuing a dual-track strategy of "introduction and output," enhancing its product pipeline and reducing risks associated with single R&D projects [6][10]. Market Position and Industry Trends - The 82.7% share of innovative revenue significantly exceeds the industry average of 50%-70% for leading domestic pharmaceutical companies [3]. - The Chinese innovative drug sector has seen over 50 BD outbound transactions by June 30, 2025, with a total disclosed cooperation amount of USD 48.448 billion, marking a historic high [9]. Strategic Evolution - The industry is shifting from "single transactions" to "ecosystem co-construction," with deeper collaboration across the pharmaceutical value chain, including partnerships with biotech firms and research institutions [10]. - The trend indicates a move towards strategic binding and shared interests among partners, enhancing long-term value and reducing risks associated with new product development [10].

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]

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 - Revenue for the first half of 2025 was approximately RMB 74.34 billion, a year-on-year increase of about 14.3% [1] - Profit for the same period was approximately RMB 31.35 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 61.45 billion, a year-on-year increase of 22.1%, accounting for 82.7% of total revenue [1] - The anti-tumor product Aumseqa® generated approximately RMB 45.31 billion in revenue, representing about 60.9% of total revenue [2] - Aumseqa® received approval from the UK Medicines and Healthcare products Regulatory Agency (MHRA) in June 2025, marking it as the first overseas launch of a Chinese original EGFR-TKI [2] Research and Development - R&D expenditure for the first half of 2025 was approximately RMB 14.41 billion, a year-on-year increase of 20.4%, constituting 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 - In December 2024, the company entered a global exclusive licensing agreement with MSD for the oral small molecule GLP-1 receptor agonist HS-10535, receiving an upfront payment of USD 112 million [2] - In June 2025, the company granted Regeneron exclusive overseas licensing for the dual GLP-1/GIP receptor agonist HS-20094, receiving an upfront payment of USD 80 million and potential milestone payments of up to USD 1.93 billion [2] Financial Stability - The net cash inflow from operating activities for the first half of 2025 was RMB 36.05 billion [3] - The company had cash and bank deposits totaling RMB 271.04 billion, indicating a robust financial position to support ongoing innovation and R&D investments [3]

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。 ...