Industry Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology industry [1] Core Insights - The innovative drug sector is experiencing a positive trend with significant revenue growth and a reduction in losses, indicating a potential for sector-wide profitability [2][6] - The overall revenue for the innovative drug sector in H1 2025 reached 30.649 billion yuan, a year-on-year increase of 9.77%, while the net loss attributable to shareholders was 2.096 billion yuan, showing a substantial reduction in losses [6] - The sector's gross margin remains high at 84.43%, with a slight decrease compared to the previous year, but showing signs of recovery in Q2 2025 [3][6] Summary by Sections Innovative Drug Sector - The innovative drug sector's revenue for H1 2025 was 30.649 billion yuan, with a growth rate of 9.77% year-on-year. Q2 2025 revenue was 16.387 billion yuan, reflecting a 33.24% increase [5][6] - The sector's gross margin for H1 2025 was 84.43%, slightly down from the previous year, but Q2 2025 saw an increase to 84.73% [3][6] - The number of License-out transactions with upfront payments exceeding 10 million USD reached a new high, indicating that overseas rights have become a crucial funding source for Chinese companies [4][7] Financial Performance - The innovative drug sector's net loss for H1 2025 was 2.096 billion yuan, with a significant reduction in losses of 127.58% year-on-year. The adjusted net loss was 2.880 billion yuan, reflecting a 151.25% reduction in losses [5][6] - The sector's operating cash flow was positive at 210 million yuan, indicating improved financial health [5] Traditional Pharmaceutical Sector - The traditional pharmaceutical sector, comprising 136 listed companies, reported total revenue of 254.895 billion yuan in H1 2025, a decrease of 1.64% year-on-year. The net profit attributable to shareholders was 32.099 billion yuan, down 4.83% [26][32] - The gross margin for the traditional pharmaceutical sector was 51.05% in H1 2025, showing a slight increase compared to the previous year [27][32] - The sector is adapting to policy changes, with increased industry concentration and some leading companies achieving growth through transformation and international expansion [32]

机构：天风证券 研究员：杨松/曹文清 事件：近日，公司发布2025 年中报。2025H1，公司总收入74.34 亿元，同比增长14.3%；归母净利润为 31.35 亿元，同比增长15.02%。创新药产品收入为61.45 亿元，同比增长22.1%，在总收入中的占比提升 至82.7%。 盈利预测与投资评级 考虑到公司2025 年有多笔大额BD 交易款项到账，我们将2025 年的营业收入从137.41 亿元上调至146.68 亿元，预计2026 年和2027 年的营业收入分别为158.35 亿元和177.79 亿元；将2025 年的归母净利润从 47.46 亿元上调至51.67 亿元，预计2026-2027 年归母净利润分别为53.25 亿元和61.33 亿元。维持"增 持"评级。 风险提示：行业政策风险、市场竞争风险、药物研发失败风险、专利和知识产权风险、销售不及预期风 险 业绩稳健，创新品种持续放量，仿制药业务风险基本出清阿美替尼作为国产首款三代EGFR TKI，销售 增长迅速，适应症持续拓展。 样本医院销售数据显示，从2020 年的1841 万增长到2024 年的17.84 亿元，年度复合增长率为214%， ...

Core Viewpoint - Tianfeng Securities maintains an "overweight" rating for Hansoh Pharmaceutical, adjusting revenue and net profit forecasts for 2025, 2026, and 2027 due to expected large BD transaction payments [1] Group 1: Financial Performance - The revenue forecast for 2025 is raised from 137.41 billion to 146.68 billion RMB, with expected revenues of 158.35 billion and 177.79 billion RMB for 2026 and 2027 respectively [1] - The net profit forecast for 2025 is increased from 47.46 billion to 51.67 billion RMB, with expected net profits of 53.25 billion and 61.33 billion RMB for 2026 and 2027 respectively [1] - In the first half of 2025, total revenue reached 74.34 billion RMB, with a net profit of 31.35 billion RMB [1] Group 2: Product Performance - Revenue from innovative drug products reached 61.45 billion RMB, accounting for 82.7% of total revenue [1] - The metabolic and other fields saw significant growth, with revenue from this segment approximately 14.00 billion RMB, a year-on-year increase of 134.5% [1] - The anti-tumor product portfolio, including Amatinib and Flumatinib, generated revenue of 45.31 billion RMB, remaining stable year-on-year [1] Group 3: Innovation and Clinical Development - Over 40 candidate innovative drugs are undergoing more than 70 clinical trials, with 8 new drugs entering clinical trials in the first half of 2025 [3] - Three drugs have entered Phase III clinical trials, including HS-20137 for psoriasis and HS-20093 and HS-20089 for sarcoma and ovarian cancer respectively [3] - The TYK2 inhibitor HS-10374 is also in Phase III trials, showing low skin toxicity risk [3] Group 4: Market Position and Growth - Amatinib, as the first domestic third-generation EGFR TKI, has seen rapid sales growth, with a compound annual growth rate of 214% from 2020 to 2024 [2] - Amatinib is expanding its indications related to NSCLC, with four approved indications and additional ones expected in 2025 [2] - The drug received approval from the UK MHRA in June 2025, marking Hansoh's first entry into the overseas market [2]

Core Viewpoint - Tianfeng Securities maintains an "overweight" rating for Hansoh Pharmaceutical (03692), adjusting the 2025 revenue forecast from 13.741 billion to 14.668 billion RMB, with expected revenues of 15.835 billion and 17.779 billion RMB for 2026 and 2027 respectively. The net profit forecast for 2025 is raised from 4.746 billion to 5.167 billion RMB, with projections of 5.325 billion and 6.133 billion RMB for 2026 and 2027 respectively [1] Group 1 - In H1 2025, the total revenue of the company reached 7.434 billion RMB, with a net profit of 3.135 billion RMB. Revenue from innovative drug products amounted to 6.145 billion RMB, accounting for 82.7% of total revenue [1] - The revenue from the metabolic and other fields saw significant growth, with the MSD upfront payment received [1] - In H1 2025, the product portfolio in the oncology field, including Amivantamab and Furmonertinib, generated revenue of 4.531 billion RMB, remaining stable year-on-year [1] Group 2 - The sales of Amivantamab, the first domestic third-generation EGFR TKI, have rapidly increased, with a compound annual growth rate of 214% from 2020 to 2024, reaching 1.784 billion RMB in 2024 [2] - Amivantamab has expanded its indications related to NSCLC, with four approved indications and additional approvals expected in 2025 [2] - The company aims to obtain EMA recognition for Amivantamab in overseas markets following its approval by the UK MHRA in June 2025 [2] Group 3 - 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]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a total revenue of 7.434 billion yuan for H1 2025, representing a year-on-year growth of 14.3%, with a net profit attributable to shareholders of 3.135 billion yuan, up 15.02% year-on-year [1] - Revenue from innovative drug products reached 6.145 billion yuan, showing a year-on-year increase of 22.1%, and accounted for 82.7% of total revenue [1] - The metabolic and other fields saw significant revenue growth, with a 134.5% increase in revenue from related products, amounting to approximately 1.4 billion yuan [2] Summary by Sections Financial Performance - The company adjusted its 2025 revenue forecast from 13.741 billion yuan to 14.668 billion yuan, with expected revenues of 15.835 billion yuan and 17.779 billion yuan for 2026 and 2027, respectively [5] - The net profit forecast for 2025 was raised from 4.746 billion yuan to 5.167 billion yuan, with projections of 5.325 billion yuan and 6.133 billion yuan for 2026 and 2027 [5] Product Development - The company has over 40 candidate innovative drugs undergoing more than 70 clinical trials, with 8 new innovative drugs entering clinical trials in H1 2025 [4] - Three new drugs have entered Phase III clinical trials, including HS-20137 for psoriasis and two ADCs for bone and soft tissue sarcomas and ovarian cancer, with overseas rights granted to GSK [4] Market Position - The sales of the domestic first third-generation EGFR TKI, Amatinib, have grown rapidly, with a compound annual growth rate of 214% from 2020 to 2024, and it is expected to account for about 28% of total sales in 2024 [3] - The company is actively expanding indications related to NSCLC, with multiple approvals and ongoing NDA reviews for new treatment indications [3]

机构：中邮证券 研究员：盛丽华/徐智敏 事件 公司发布25 年中期业绩公告，25H1 公司收入74.34 亿元，同比+14.3%，溢利31.35 亿元，同比 +15.0%。 投资要点 创新药及合作收入维持高增，总收入占比提升至83%。 2025 年上半年创新药与合作产品收入约61.5 亿元，占比提升至82.7%。按治疗领域来看，抗肿瘤收入 45.3 亿元占比60.9%；抗感染收入7.4 亿元，占比9.9%；中枢神经系统收入7.7 亿元，占比10.4%；代谢 及其他领域收入14.0 亿元，占比18.8%。 阿美替尼新适应症获批贡献增量，多项创新管线稳健推进。 研发进展角度来看，阿美替尼在2025 年新获批两项适应症：辅助治疗NSCLC 和不可切除NSCLC 患者 根治性放化疗后的维持治疗。同时2025 年6 月在英国获批上市单药的一线治疗，有望持续抬升阿美替尼 的收入天花板。同时公司新增多个3 期关键注册临床：B7H3 ADC（骨与软组织肉瘤）、B7H4 ADC （卵巢癌）、IL-23p19(中重度板块状银屑病，荃信生物合作)，推进稳健为公司未来成长提供动力。 BD 合作收入持续增厚业绩。 2025H1 公司已 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][8]. Core Insights - The company reported a revenue of 7.434 billion yuan for the first half of 2025, reflecting a year-on-year increase of 14.3%, with a profit of 3.135 billion yuan, up 15.0% year-on-year [4]. - The revenue from innovative drugs and collaborations continues to grow, with total revenue contribution rising to 83%, and innovative drug and collaboration product revenue reaching approximately 6.15 billion yuan, accounting for 82.7% of total revenue [5]. - The company has received approvals for new indications for its drug Amatinib, which is expected to enhance revenue potential, alongside multiple ongoing Phase III clinical trials [6]. - The company has secured significant collaboration income, including a 112 million USD upfront payment from Merck and an 80 million USD upfront payment from Regeneron [7]. - The company is positioned as a leading domestic pharmaceutical enterprise, transitioning from traditional generics to innovative business, with expected revenues of 14.432 billion yuan, 16.590 billion yuan, and 19.164 billion yuan for 2025, 2026, and 2027 respectively [8]. Financial Summary - The latest closing price is 36.36 HKD, with a total market capitalization of 225.4 billion HKD [3]. - The company has a debt-to-asset ratio of 11.33% and a price-to-earnings ratio of 42.3 [3]. - Forecasted revenues for 2025-2027 are 14.432 billion yuan, 16.590 billion yuan, and 19.164 billion yuan, with net profits projected at 4.986 billion yuan, 5.664 billion yuan, and 6.391 billion yuan respectively [12][13].

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [1][5]. Core Insights - The report highlights the upcoming World Lung Cancer Conference (WCLC) where Chinese pharmaceutical companies will present innovative research results, particularly focusing on domestic innovative drug companies [2][11]. - The pharmaceutical sector has shown weaker performance compared to the overall market, with a current price-to-earnings ratio (TTM) of 40.45x, which is at the 83.46th percentile of the historical valuation over the past five years [1][2]. Company-Specific Summaries - **Mindray Medical (300760.SZ)**: Rated "Outperform" with a projected net profit of 11.67 billion in 2024, increasing to 16.19 billion by 2027, and a PE ratio decreasing from 25.4 in 2024 to 18.3 in 2027 [4]. - **Aier Eye Hospital (300015.SZ)**: Rated "Outperform" with a projected net profit of 3.56 billion in 2024, increasing to 5.76 billion by 2027, and a PE ratio decreasing from 35.1 in 2024 to 21.7 in 2027 [4]. - **WuXi AppTec (603259.SH)**: Rated "Outperform" with a projected net profit of 9.35 billion in 2024, increasing to 14.51 billion by 2027, and a PE ratio decreasing from 29.7 in 2024 to 19.2 in 2027 [4]. - **Innovent Biologics (9926.HK)**: Rated "Outperform" with a projected net profit of -0.51 billion in 2024, turning positive to 1.79 billion by 2027, with a PE ratio from -281.7 in 2024 to 80.8 in 2027 [4]. - **Legend Biotech (688212.SH)**: Rated "Outperform" with a projected net profit of 0.2 million in 2024, increasing to 1.2 million by 2027, and a PE ratio decreasing from 321.8 in 2024 to 54.5 in 2027 [4]. Market Performance - The overall A-share market increased by 3.58%, with the Shanghai Composite Index rising by 4.18%, while the biotechnology sector only saw a 1.05% increase, indicating underperformance relative to the broader market [1][2].

Investment Rating - The report maintains an "Outperform" rating for Hansoh Pharma with a target price of HKD 44.32, based on a current price of HKD 37.66 [2][7]. Core Insights - Hansoh Pharma's revenue for 1H25 reached CNY 7.4 billion, representing a year-on-year growth of 14%, with innovative drug sales contributing CNY 6.1 billion, up 22% year-on-year. Collaboration revenue was CNY 1.66 billion, an 18% increase year-on-year [3][12]. - The management has raised the full-year revenue guidance to high double digits, reflecting strong performance and expectations for continued growth [3][12]. Financial Performance - Revenue projections for FY25, FY26, and FY27 have been adjusted to CNY 14.7 billion, CNY 16.0 billion, and CNY 17.7 billion respectively, with net profit estimates of CNY 5.0 billion, CNY 5.1 billion, and CNY 5.7 billion [7][13]. - The gross profit margin (GPM) for 1H25 was reported at 91.1%, remaining stable compared to the previous year [3][12]. Segment Performance - The oncology segment generated CNY 4.5 billion, accounting for 61% of total revenue, driven by the strong sales of Aumolertinib, which received approvals for new indications [4][15]. - The anti-infection segment contributed CNY 740 million, while the central nervous system segment generated CNY 770 million, and the metabolism and other diseases segment accounted for CNY 1.4 billion [15][13]. Key Catalysts - Upcoming catalysts for Hansoh Pharma include the inclusion of Aumolertinib in the National Reimbursement Drug List (NRDL) and the anticipated approval of its combination with chemotherapy for NSCLC [4][15]. - The company has received approximately CNY 850 million in milestone revenue, exceeding previous management guidance, indicating a potential for sustainable revenue growth from future milestones [15][13].

Core Viewpoint - The company reported a strong performance in H1 2025, with revenue of 7.434 billion yuan (+14% YoY) and net profit of 3.135 billion yuan (+15% YoY), driven by significant growth in innovative drug sales [1] Group 1: Financial Performance - In H1 2025, innovative drugs generated revenue of 6.145 billion yuan (+22% YoY), accounting for 83% of total revenue [1] - Excluding collaboration revenue, product sales growth is estimated at approximately 13%, with innovative drug sales growth exceeding 20% [1] Group 2: Treatment Areas Growth - Oncology revenue reached 4.531 billion yuan (+1% YoY), driven by Amivantamab, Furmonertinib, and GSK milestone payments, with product sales growth exceeding 20% when excluding collaboration revenue [1] - Anti-infection revenue was 735 million yuan (+5% YoY), primarily driven by Adefovir [1] - CNS revenue was 768 million yuan (+5% YoY), mainly driven by Inalizumab [1] - Metabolic and other diseases revenue surged to 1.4 billion yuan (+142% YoY), driven by milestone payments from MSD and Regeneron [1] Group 3: Innovation and Business Development - The company has 8+1 innovative drugs and 12+2 indications approved, with over 40 new molecular entities in development, expecting innovative drug sales to exceed 10 billion yuan in 2025 [1] - The company has achieved at least one high-quality external authorization annually for three consecutive years, totaling 7.3 billion USD across four projects [1] - The company maintains a strong cash position, allowing for continued licensing of competitive pipelines to expand its product matrix [1] Group 4: Pipeline Updates - Amivantamab is expected to achieve full coverage across multiple treatment lines by the end of 2025, with projected sales of around 6 billion yuan [2] - HS-20093 is in Phase III clinical trials for SCLC and osteosarcoma, with GSK expected to start overseas trials in Q4 [2] - HS-20089 has entered Phase III for ovarian cancer, with GSK planning to initiate key overseas trials in 2026 [2] - HS-20094 is in Phase IIb/III for diabetes and weight loss, with commercialization expected in 2027 [2] - HS-20117 is in Phase III for combination therapy with Amivantamab, and a subcutaneous formulation is entering clinical development [2] - The company is actively expanding into dermatological and renal autoimmune diseases, with HS-10374 and HS-20137 in Phase III trials for psoriasis [2] Group 5: Profit Forecast and Valuation - The company forecasts net profit for 2025-2027 at 5.202 billion, 5.480 billion, and 5.727 billion yuan, respectively, with EPS estimates of 0.88, 0.92, and 0.96 yuan [3] - The company’s SOTP valuation is estimated at 252.944 billion HKD, with innovative drug DCF valuation at 248.338 billion HKD [3] - The target price is set at 42.53 HKD, reflecting an adjustment based on more optimistic collaboration revenue expectations [3]