翰森制药（03692）：25年业绩快报：创新药及合作收入稳健提升，收入占比增长至82%

Investment Rating - The report does not explicitly state an investment rating for Hansoh Pharma Core Insights - Hansoh Pharma achieved revenue of RMB 15.0 billion in FY25, representing a 23% year-over-year increase. Innovative drug revenue was RMB 10.2 billion (+30% YoY), while generic drug revenue was RMB 2.7 billion (-4% YoY). Collaboration revenue reached RMB 2.1 billion (+35% YoY) [1][4] - The proportion of innovative drug and collaboration income increased to 82% of total revenue, indicating a strong focus on innovative products [1][4] - The gross margin was 90.0%, down 1 percentage point year-over-year. R&D expenses were RMB 3.4 billion (+24% YoY), and selling expenses were RMB 4.1 billion (+7% YoY). The operating profit margin improved by 4 percentage points to 36% [5] - The net profit attributable to shareholders was RMB 5.56 billion (+27% YoY), aligning with expectations [5] Segment Analysis - Oncology revenue was RMB 10.0 billion (+23% YoY), accounting for 66% of total revenue [8] - Anti-infective revenue was RMB 1.6 billion (+8% YoY), making up 12% of total revenue [8] - Central nervous system (CNS) revenue was RMB 1.3 billion (-5% YoY), representing 11% of total revenue [8] - Revenue from metabolic and other diseases was RMB 2.2 billion (+67% YoY), also accounting for 11% of total revenue [8] Recent Milestones - In January 2026, Aumolertinib (Ameile) was approved for first-line treatment of patients with locally advanced or metastatic EGFR-mutant NSCLC, expected to be included in the National Reimbursement Drug List in 2027 [6] - Aumolertinib has been approved for first-line treatment in the UK and EU, with commercialization rights granted to Glenmark in selected countries [6] - In 2025, the company completed three overseas licensing deals with a total transaction value exceeding USD 4.54 billion, enhancing its international presence [6] - The company advanced 8 new innovative drug candidates into clinical development and initiated 7 pivotal Phase III registrational clinical trials [6] - GSK, a partner, has initiated registrational Phase III clinical trials for B7-H3 ADC in SCLC and osteosarcoma, with plans for additional trials in 2026 [6]