CMB International Maintains 'Buy' Rating on Hansoh Pharmaceutical (03692.HK), Raises Target Price to HK$46.41

According to the ZhiTong Finance APP, CMB International released a research report stating that it maintains a "Buy" rating for Hansoh Pharma (03692). It is expected that the revenue for 2026/2027 will increase by 11.1%/5.6% year-on-year respectively, and the net profit will grow by 3.6%/1.8% respectively. Based on strong product sales expectations, the target price has been raised from HKD 45.26 to HKD 46.41.

Hansoh Pharma Delivers Strong Performance in 2025, with Total Revenue Reaching RMB 15.03 Billion (Hereinafter the Same), Up 22.6% Year-on-Year; Net Profit at RMB 5.56 Billion, Up 27.1% Year-on-Year. In 2025, the Company Recorded RMB 2.12 Billion in BD Revenue, Mainly from Payments by Merck and GlaxoSmithKline. Since the End of 2023, the Company Has Successfully Licensed Multiple Assets Overseas. In 2025, Eight New Drugs Entered Clinical Trials, and Out-Licensing Has Become a Recurring Profit Center for the Company.

The report pointed out that Hansoh Pharma's core late-stage assets are being accelerated in collaboration with partners. HS-20093 (B7-H3 ADC) is currently conducting global/China Phase III trials for second-line small cell lung cancer and a China Phase III trial for osteosarcoma, with an expected filing for market approval in China by 2026; recently, a China Phase III trial for previously treated non-squamous non-small cell lung cancer has also been initiated. HS-20089 (B7-H4 ADC) has entered Phase III in China for ovarian cancer, while GSK has registered two global Phase III studies. In the metabolic field, Merck has advanced HS-10535 (oral GLP-1) into clinical trials for obesity, HS-20094 (GLP-1/GIP) is undergoing a Phase III clinical trial in China for obesity, while Regeneron is conducting a Phase II study in the United States.

The bank noted that the expansion of Aumolertinib's indications is driving growth. The core product, Aumolertinib, has seen continued strong sales due to increased market share in first-line treatment and newly approved indications. By early 2026, its use for adjuvant and maintenance treatment in locally advanced EGFR-mutant NSCLC was newly included in the national medical insurance, making it the first China-produced EGFR-TKI approved for this setting; its combination with chemotherapy as a first-line therapy was also recently approved. Additionally, in February 2026, the company submitted a marketing application for Aumolertinib combined with a c-Met inhibitor for second-line treatment, while a Phase III clinical trial for its combination with a bispecific antibody as a first-line therapy is ongoing, further supporting its commercial upside.