机构：民生证券 研究员：王维肖 收入利润保持高速增长。8 月18 日，翰森制药发布2025 年中期业绩报告，上半年公司实现收入74.34 亿 元，同比增长14.3%；实现净利润31.35 亿元，同比增长15.0%。 其中，抗肿瘤领域收入达到45.31 亿元，抗感染领域收入7.35 亿元，中枢神经系统领域收入7.68 亿元， 代谢及其它疾病领域收入14.00 亿元。2025 年上半年，公司重磅产品阿美乐（阿美替尼）在国内获批III 期维持治疗和辅助治疗两项新适应症，并在英国获批上市，成为首个海外获批上市的中国原研EGFR TKI；昕越（伊奈利珠单抗）两项适应症的上市申请获NMPA 受理，其中IgG4-RD 适应症被纳入优先审 评审批。已上市创新药产品的新适应症不断拓展，为公司销售增长提供持续动能。 研发管全面推进，为公司未来业绩增长提供新鲜动力。2025 年上半年公司研发开支达到14.41 亿元，同 比增长20.4%，占总收入19.4%。目前公司研发管线中有超过40 款候选创新药，并在进行超过70 项创新 药临床试验。其中，HS-20093（B7-H3 ADC）在国内开展骨与软组织黄肉瘤和非小细胞肺癌的III ...

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Insights - The company achieved a revenue of 7.434 billion RMB in the first half of 2025, representing a year-on-year growth of 14.3%, and a net profit of 3.135 billion RMB, up 15.0% year-on-year [1] - The company's collaboration revenue reached 1.657 billion RMB in the first half of 2025, with an expected total collaboration revenue exceeding 2 billion RMB for the year [1][4] - Sales of innovative drugs and collaboration products amounted to 6.145 billion RMB, a year-on-year increase of 22.1%, accounting for 82.7% of total revenue [2] - The company has over 40 candidate innovative drugs in its pipeline and is conducting more than 70 clinical trials, with significant advancements in various therapeutic areas [3] Summary by Sections Revenue and Profit Growth - The company reported a revenue of 7.434 billion RMB for the first half of 2025, a 14.3% increase year-on-year, and a net profit of 3.135 billion RMB, reflecting a 15.0% growth [1] Collaboration and Licensing - The collaboration revenue for the first half of 2025 was 1.657 billion RMB, an 18.1% increase year-on-year, with expectations of exceeding 2 billion RMB for the full year [1] - Key collaborations include a 112 million USD upfront payment from MSD and an 80 million USD upfront payment from Regeneron [1] Innovative Drug Sales - Sales from innovative drugs and collaboration products reached 6.145 billion RMB, with a 22.1% year-on-year growth, driven by new indications for existing products [2] - The oncology segment generated 4.531 billion RMB, while other therapeutic areas also contributed significantly to revenue [2] Research and Development - R&D expenses for the first half of 2025 were 1.441 billion RMB, a 20.4% increase year-on-year, constituting 19.4% of total revenue [3] - The company has over 40 innovative drug candidates and is advancing multiple drugs into late-stage clinical trials [3] Financial Forecast - The company is projected to achieve revenues of 14.685 billion RMB, 15.801 billion RMB, and 18.471 billion RMB for 2025, 2026, and 2027 respectively, with corresponding net profits of 5.237 billion RMB, 5.434 billion RMB, and 6.417 billion RMB [5]