翰森制药(3692.HK)：BD创新引领业绩攀升 研发推进驱动未来增长

Core Viewpoint - The company, Hansoh Pharmaceutical, reported strong revenue and profit growth in the first half of 2025, driven by its innovative drug sales and business development (BD) initiatives, with expectations for continued performance improvement in the coming years [1][4]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 7.434 billion yuan, a year-on-year increase of 14.3%, and a net profit of 3.135 billion yuan, up 15.0% [1]. - The company's cooperative revenue reached 1.657 billion yuan in the first half of 2025, reflecting an 18.1% year-on-year growth, with expectations for total cooperative revenue to exceed 2 billion yuan for the year [1]. Group 2: Product Development and Sales - Sales revenue from innovative drugs and cooperative products amounted to 6.145 billion yuan, marking a 22.1% year-on-year increase and accounting for 82.7% of total revenue [1]. - The oncology sector generated revenue of 4.531 billion yuan, while the anti-infection sector brought in 735 million yuan, the central nervous system sector 768 million yuan, and the metabolic and other diseases sector 1.4 billion yuan [2]. - The company’s key product, Amivantamab (Amivantinib), received approval for two new indications in China and was the first Chinese original EGFR TKI approved for sale in the UK [2]. Group 3: Research and Development - R&D expenditure reached 1.441 billion yuan in the first half of 2025, a 20.4% increase year-on-year, representing 19.4% of total revenue [3]. - The company has over 40 candidate innovative drugs in its pipeline and is conducting more than 70 clinical trials [3]. - Eight innovative drugs entered clinical stages for the first time in the first half of 2025, providing fresh momentum for future performance growth [3]. Group 4: Future Outlook - The company is expected to achieve revenues of 14.685 billion yuan, 15.801 billion yuan, and 18.471 billion yuan for the years 2025 to 2027, with corresponding net profits of 5.237 billion yuan, 5.434 billion yuan, and 6.417 billion yuan [4].