Zhi Tong Cai Jing·2025-11-04 08:04Core Viewpoint - The report from Industrial Securities highlights that Hansoh Pharmaceutical (03692) has a high proportion of innovative drug revenue, driving rapid growth in performance through a dual engine of independent research and business development, along with a rich early pipeline and active international expansion, creating opportunities in overseas markets [1] Group 1: Financial Projections - The company has adjusted its revenue forecasts for 2025 to 2027 to be 14.537 billion, 15.511 billion, and 17.880 billion respectively, with corresponding net profits of 4.516 billion, 4.787 billion, and 5.661 billion [1] - The price-to-earnings ratios for 2025 are projected to be 44.92x, 42.38x, and 35.84x for the respective years [1] Group 2: Licensing Agreements - In October 2023, the company granted overseas rights for B7-H4ADC to GSK, receiving an upfront payment of 85 million and potential milestone payments of 1.485 billion [2] - In December 2023, the company granted overseas rights for B7-H3ADC to GSK, with an upfront payment of 185 million and potential milestone payments of 1.525 billion [2] - In December 2024, the company granted global rights for an oral GLP-1 to Merck, with an upfront payment of 112 million and potential milestone payments of 1.9 billion [2] - In June 2025, the company granted overseas rights for a GLP-1/GIP receptor agonist to Regeneron, with an upfront payment of 80 million and potential milestone payments of 1.93 billion [2] Group 3: Clinical Trials and Product Development - The HS-20110 (CDH17ADC) is currently undergoing global Phase I clinical trials for the treatment of colorectal cancer and other solid tumors in China and the United States [2] - There are currently 10 CDH17ADC products in clinical stages globally, with 4 in Phase I/II and 6 in Phase I [2] - HS-20110 is the first and only CDH17ADC to have reached a licensing agreement with a multinational corporation, indicating the company's strong R&D capabilities in the ADC platform [2]