HANSOH PHARMA(HK:03692) Ge Long Hui·2025-09-05 19:23Core Viewpoint - The company reported a strong performance in the first half of 2025, with revenue of 7.434 billion yuan, a year-on-year increase of 14.3%, and a profit of 3.135 billion yuan, up 15.0% year-on-year [1][2] Group 1: Revenue and Profit Growth - The company's total revenue for 2025H1 reached 7.434 billion yuan, reflecting a 14.3% increase compared to the previous year [1] - The net profit for the same period was 3.135 billion yuan, representing a 15.0% year-on-year growth [1] Group 2: Innovation Drug and Collaboration Revenue - Revenue from innovative drugs and collaborations maintained high growth, accounting for 83% of total revenue [1] - In 2025H1, revenue from innovative drugs and collaboration products was approximately 6.15 billion yuan, with a proportion of 82.7% [1] Group 3: Revenue by Treatment Area - Revenue from oncology reached 4.53 billion yuan, making up 60.9% of total revenue [1] - Revenue from anti-infection drugs was 740 million yuan, accounting for 9.9% [1] - Revenue from central nervous system treatments was 770 million yuan, representing 10.4% [1] - Revenue from metabolic and other areas was 1.4 billion yuan, contributing 18.8% [1] Group 4: R&D Progress and New Approvals - The company received approvals for two new indications for Amivantamab in 2025: adjuvant therapy for NSCLC and maintenance therapy post-radiation for unresectable NSCLC [1] - Amivantamab was approved for first-line monotherapy in the UK in June 2025, which is expected to enhance its revenue potential [1] - The company is advancing multiple key phase III clinical trials, including B7H3 ADC for bone and soft tissue sarcoma, B7H4 ADC for ovarian cancer, and IL-23p19 for moderate to severe plaque psoriasis in collaboration with Qianxin Biotech [1] Group 5: Business Development Collaboration Income - The company received an initial payment of 112 million USD from Merck, which was included in collaboration revenue [2] - In June 2025, the company reached an agreement with Regeneron for HS-20094 licensing, followed by an 80 million USD initial payment in July, further boosting annual collaboration revenue [2] Group 6: Investment Outlook - The company is positioned as a leading domestic pharmaceutical enterprise, transitioning efficiently from traditional generics to innovative business [2] - The sales revenue of innovative drugs is expected to continue growing, with opportunities for global market expansion [2] - Revenue projections for 2025-2027 are estimated at 14.4 billion, 16.6 billion, and 19.2 billion yuan, with net profit forecasts of 5 billion, 5.7 billion, and 6.4 billion yuan, reflecting year-on-year growth of 14%, 14%, and 13% respectively [2]