复宏汉霖：盈利回顾：营收稳健且盈利可持续；海外生物类似药临近拐点；买入评级

23 March 2026 | 8:28AM HKT Equity Research Henlius Biotech (2696.HK): Earnings Review: Solid topline with sustainable profitability; Overseas biosimilar near inflection; Buy Solid 2H driven by PD-1 and diversifying portfolio: 2H total revenue was Rmb3.8bn (+29% y/y) with China sales better than our expectations (Rmb3.2bn, +31% y/y vs GSe Rmb2.7bn). Key drivers include: 1) serplulimab (+34% y/y) with deeper penetration among small-cell lung cancer patients and new hospital expansion; 2) China biosimilar port ...