HANSOH PHARMA(HK:03692) Ge Long Hui·2025-08-21 19:11Core 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]