HANSOH PHARMA(HK:03692) Ge Long Hui·2025-09-15 19:29Core Viewpoint - The company reported strong financial performance for H1 2025, with total revenue of 7.434 billion RMB, a year-on-year increase of 14.3%, and a net profit attributable to shareholders of 3.135 billion RMB, up 15.02% [1] Financial Performance - Total revenue for H1 2025 reached 74.34 billion RMB, reflecting a 14.3% year-on-year growth [1] - Net profit attributable to shareholders was 31.35 billion RMB, marking a 15.02% increase compared to the previous year [1] - Revenue from innovative drug products amounted to 61.45 billion RMB, up 22.1%, accounting for 82.7% of total revenue [1] Product Revenue Breakdown - Revenue from the oncology product portfolio, including drugs like Amatinib and Flumatinib, was 45.31 billion RMB, remaining stable year-on-year [1] - Revenue from the anti-infection product portfolio, including Adefovir and Metronidazole, reached 7.35 billion RMB, a 4.9% increase [1] - Revenue from the central nervous system disease product portfolio, including Inalizumab, was 7.68 billion RMB, up 4.8% [1] - Revenue from the metabolic and other diseases product portfolio surged to approximately 14.00 billion RMB, a significant increase of 134.5% [1] Strategic Developments - The company received an upfront payment of 112 million USD from MSD for the agreement related to HS-10535 (an oral small molecule GLP-1RA) [1] - The sales data from sample hospitals indicated a growth from 18.41 million RMB in 2020 to 1.784 billion RMB in 2024, with a compound annual growth rate of 214% [2] - Amatinib has expanded its indications related to NSCLC, with four approved indications and additional ones under review [2] Clinical Development - The company has over 40 candidate innovative drugs undergoing more than 70 clinical trials as of H1 2025 [3] - Eight new innovative drugs entered clinical trials in H1 2025, including HS-20122 (EGFR/c-Met ADC) and HS-10510 (PCSK9) [3] - Three new drugs entered Phase III clinical trials, including HS-20137 (IL-23p19) for psoriasis and two ADCs for bone and soft tissue sarcoma and ovarian cancer, with overseas rights granted to GSK [3] Revenue and Profit Forecast - The company's revenue forecast for 2025 has been revised upward from 13.741 billion RMB to 14.668 billion RMB, with expected revenues of 15.835 billion RMB and 17.779 billion RMB for 2026 and 2027, respectively [3] - The net profit forecast for 2025 has been adjusted from 4.746 billion RMB to 5.167 billion RMB, with expected net profits of 5.325 billion RMB and 6.133 billion RMB for 2026 and 2027, respectively [3]