中金：维持翰森制药跑赢行业评级 升目标价至45港元

Core Viewpoint - The company has raised its profit forecasts for 2025 and 2026 by 4.8% and 3.4% respectively, due to the growth of Amgen's product and BD-related payments, leading to a target price increase of 93.1% to HKD 45.00, reflecting a significant upside potential [1] Group 1: Financial Performance - The company's 1H25 performance exceeded expectations, with revenue of CNY 74.34 billion, a year-on-year increase of 14.3%, and a net profit of CNY 31.35 billion, up 15.0% [2] - The innovative drug revenue reached CNY 61.45 billion, growing by 22.1% year-on-year, accounting for 82.7% of total revenue, an increase of 5.3 percentage points year-on-year [3] - The oncology segment generated revenue of CNY 45.3 billion, a 21.3% increase year-on-year, primarily driven by the growth of Amgen's product and milestone payments from GSK [3] Group 2: Product Pipeline and Development - The core product Amgen has received approval for four indications in China, with expectations for additional approvals in 2H25 [4] - The company has initiated several clinical trials for its innovative drugs, including HS-20093 and HS-20089, with plans for further clinical research by partners [4] - The company aims to accelerate its license-in projects and overseas authorizations for its pipeline [4]