迟到了六年，但是纪律函还是发出来了！ 9月2日，香港联合交易所有限公司公布对上海复宏汉霖生物技术股份有限公司（02696.HK）及其前执 行董事兼首席执行官刘世高博士采取纪律行动。 复宏汉霖与前高管刘世高的关系一直很紧密，后者的项目在今年还选择卖给老东家。6月30日，复宏汉 霖和刘世高创办的HanchorBio宣布达成合作，在中国（除台湾地区）、东南亚特定国家及中东和北非地 区（MENA）特定国家开发SIRPα-Fc融合蛋白HCB101。根据协议，HanchorBio将获得1000万美元首付 款，1.92亿美元未来里程碑付款，并有机会收取6%~12%的销售分成。 年初私有化失败 迟来的纪律函 联交所谴责复宏汉霖并批评前执行董事兼首席执行官刘世高，指令刘博士必须完成26小时有关监管及 《上市规则》合规事宜的培训，3项内容各占至少3小时，方可再获委任为联交所上市公司的董事。 据悉，此次纪律函与2019年复宏汉霖港股上市有关。联交所表示，复宏汉霖上市首日，前首席财务官张 子栋代表公司签署了一份投资管理协议，委聘尚乘环球代表公司投资1.17亿美元，而这笔资金全数来自 IPO所得款项，其用途并不符合招股章程所述的用途。 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 19.00, indicating a potential upside of 26% from the current price of HKD 15.10 [1][9]. Core Insights - The company achieved a revenue of RMB 410.7 billion in 2024, a slight decrease of 0.8% year-over-year (YOY), while the net profit attributable to shareholders was RMB 27.7 billion, reflecting a growth of 16.1% YOY [9]. - The pharmaceutical segment, which constitutes 70.7% of the product mix, saw a revenue decline of 4.3% due to a drop in sales of COVID-related and anti-infection drugs, but innovative oncology and immunomodulatory products showed a growth of 6% [9]. - The company plans to distribute a cash dividend of RMB 3.20 per 10 shares, resulting in a dividend yield of approximately 2.3% for H shares [9]. - The company has a robust pipeline with over 80 projects in development, including self-developed and licensed products, which are expected to drive future growth [9]. Summary by Sections Company Overview - The company operates in the pharmaceutical and biotechnology industry, with a market capitalization of HKD 83.34 billion and a share price/book value ratio of 0.79 [2]. Financial Performance - In 2024, the company reported a net profit of RMB 27.7 billion, with a significant increase in operating cash flow to RMB 33.8 billion, up 31% YOY [9]. - The gross margin for the year was 48.0%, a slight increase of 0.2 percentage points, while the expense ratio decreased by 3.8 percentage points to 43.1% [9]. Future Projections - The company is expected to achieve net profits of RMB 33 billion, RMB 39 billion, and RMB 46 billion for the years 2025, 2026, and 2027, respectively, with YOY growth rates of 20.5%, 17.6%, and 17.3% [11]. - The earnings per share (EPS) are projected to be RMB 1.3, RMB 1.5, and RMB 1.7 for the same years, corresponding to H share price-to-earnings (P/E) ratios of 11X, 10X, and 8X, indicating undervaluation [11].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 19.00, indicating a potential upside of 26% from the current price of HKD 15.10 [1][9]. Core Insights - The company achieved a revenue of RMB 410.7 billion in 2024, a slight decrease of 0.8% year-over-year (YOY), while the net profit attributable to shareholders was RMB 27.7 billion, reflecting a growth of 16.1% YOY [9]. - The pharmaceutical segment, which constitutes 70.7% of the product mix, saw a revenue decline of 4.3% due to a drop in sales of COVID-related and anti-infection drugs, but innovative oncology and immunomodulatory products showed a growth of 6% [9]. - The company plans to distribute a cash dividend of RMB 3.20 per 10 shares, resulting in a dividend yield of approximately 2.3% for H shares [9]. - The company has a robust pipeline with over 80 projects in development, including innovative drugs and biosimilars, which are expected to drive future growth [9]. Summary by Sections Company Overview - The company operates in the pharmaceutical and biotechnology industry, with a market capitalization of HKD 83.34 billion and a share price-to-book ratio of 0.79 [2]. Financial Performance - In 2024, the company reported a net profit of RMB 27.7 billion, with a significant increase in operating cash flow to RMB 33.8 billion, up 31% YOY [9]. - The gross margin for the year was 48.0%, a slight increase of 0.2 percentage points, while the expense ratio decreased by 3.8 percentage points to 43.1% [9]. Future Projections - The company is expected to achieve net profits of RMB 33 billion, RMB 39 billion, and RMB 46 billion for the years 2025, 2026, and 2027, respectively, with YOY growth rates of 20.5%, 17.6%, and 17.3% [11]. - The earnings per share (EPS) are projected to be RMB 1.3, RMB 1.5, and RMB 1.7 for the same years, corresponding to H share price-to-earnings ratios of 11X, 10X, and 8X, indicating undervaluation [11].