Hansoh Pharmaceutical Reports Record 2025 Financial Results Driven by Innovation: R&D Expenditure Rises 24.3% to RMB 3.358 Billion, Innovative and Partnered Products Account for 82.2% of Revenue

Changjiang Business Daily News

Hansoh Pharma (03692.HK) Achieves Significant Growth Driven by Innovation.

On March 29, Hansoh Pharma announced its financial report for the year 2025. The company achieved a total revenue of 15.028 billion yuan for the year, representing a year-on-year increase of 22.6%; net profit for the year was 5.555 billion yuan, a year-on-year increase of 27.1%, both setting new historical records.

Hansoh Pharma stated that in 2025, the increase in the company's revenue and annual profit was mainly due to the rise in sales revenue from innovative drugs and collaborative products.

In 2025, the sales revenue of Hansoh Pharma's innovative drugs and collaboration products reached approximately RMB 12.354 billion, accounting for about 82.2% of total revenue, becoming the core driving force for the company’s sustainable growth.

Data shows that in 2025, Hansoh Pharma's R&D expenditure was approximately 3.358 billion yuan, increasing by about 24.3% from 2.702 billion yuan in the same period last year, accounting for over 22% of its revenue.

Hansoh Pharma stated that focusing on innovation is the core development of the company.Driving ForceThe company has been continuously increasing its investment in research and development year by year, establishing a comprehensive R&D platform, mastering a number of proprietary technologies, developing and commercializing several innovative drugs, while steadily advancing the pipeline of innovative drugs at different stages of development.

Cash and bank deposits of 31.549 billion

Hansoh Pharma focuses on major disease treatment areas including oncology, anti-infectives, central nervous system (CNS), metabolism, and autoimmune diseases. The company has seven innovative drugs produced in China that generate sales revenue, forming a robust product pipeline.

On March 29, the 2025 annual financial report released by Hansoh Pharma showed that the company achieved a full-year revenue of 15.028 billion yuan, a year-on-year increase of 22.6%; the net profit for the year was 5.555 billion yuan, a year-on-year increase of 27.1%, both setting new historical highs.

In response, Hansoh Pharma stated that the increase in revenue and annual profit in 2025 was mainly due to the increase in sales revenue from innovative drugs and collaborative products.

In 2025, the sales revenue of Hansoh Pharma's innovative drugs and collaboration products reached approximately RMB 12.354 billion, accounting for about 82.2% of total revenue, which has become the core driving force for the sustainable growth of the company’s performance.

By the end of 2025, Hansoh Pharma's operating activities generated a net cash inflow of 6.738 billion yuan. During the reporting period, the company's capital expenditure was 458 million yuan, mainly related to the construction of workshops and the purchase of equipment, motor vehicles, software, etc., required for production, R&D, and administrative activities. The cash flow from financing activities during the reporting period mainly consisted of proceeds from the issuance of new shares, which amounted to approximately 3.558 billion yuan.

Hansoh Pharma stated that the company's financial condition remained robust. In 2025, the company's net current assets were approximately RMB 31.16 billion, compared to about RMB 24.747 billion in the same period last year. The increase in net current assets was mainly due to the rise in cash and bank balances.

As of the end of 2025, Hansoh Pharma had cash and bank deposits of RMB 31.549 billion (RMB 22.622 billion as of the end of 2024) and current financial assets at fair value through profit or loss of RMB 0.18 billion (RMB 0.17 billion as of the end of 2024).

During the same period, Hansoh Pharma's asset-liability ratio was approximately 11.4%, compared to 9.4% in the previous year. The company stated that the increase in the asset-liability ratio was mainly due to the increase in current liabilities within the year.

Hansoh Pharma stated that after reviewing the profitability, working capital, and capital expenditure requirements of the Group, the Board believes that the Company has no significant liquidity risk and possesses sufficient working capital.

R&D expenditure accounts for over 22% of revenue

As a leading innovation-driven pharmaceutical enterprise in China, Hansoh Pharma continues to increase its investment in R&D.

Hansoh Pharma's R&D expenditures mainly include employee costs, CRO and experimental costs, material expenses, energy expenses, BD expenses, depreciation and amortization, and other R&D expenditures.

In 2025, Hansoh Pharma's R&D expenditure reached approximately 3.358 billion yuan, increasing by about 24.3% from 2.702 billion yuan in the same period last year, accounting for over 22% of its revenue. The company stated that this growth was mainly due to the group’s focus on innovation, with continuous annual increases in R&D investment, establishment of a comprehensive R&D platform, development and launch of multiple innovative drug products, and building up a pipeline of innovative drugs at various stages of development.

Hansoh Pharma stated that focusing on innovation is the core driving force for the company's development. The company has been continuously increasing its investment in research and development year by year, establishing a comprehensive R&D platform, mastering a number of proprietary technologies, developing and commercializing several innovative drugs, while steadily advancing the pipeline of innovative drugs at various stages of research and development.

Data shows that Hansoh Pharma's professional R&D team is located in Maryland, USA, as well as in Shanghai and Changzhou, China.LianyungangComposed of over 2,300 researchers across four R&D centers, it boasts several national-level R&D titles, including National Technology Center, Postdoctoral Research Station, and State Key Laboratory.

By the end of 2025, Hansoh Pharma will have filed 40 formal patent applications in China, 128 formal patent applications overseas, and been granted 80 patents worldwide.

Meanwhile, by the end of 2025, Hansoh Pharma will have more than 70 ongoing clinical trials for innovative drugs, involving over 40 candidate innovative drugs. In 2025, the company will advance 8 new candidate innovative drugs into the clinical research stage.

Since its inception, Hansoh Pharma has been firmly advancing its globalization strategy, becoming a benchmark for Chinese innovative drugs going global through the dual efforts of License out (outward licensing) and License in (licensing introduction).

In 2025, Hansoh Pharma achieved three major License out collaborations with a total transaction value of $4.54 billion. The cumulative total over the past three years exceeds $9 billion, continuously expanding its global footprint.

Specifically, Hansoh Pharma granted Regeneron an exclusive global license for HS-20094 and Roche for HS-20110, and reached a licensing collaboration with Glenmark for Ameile. The combined value of the three agreements exceeds $4.5 billion. The core product, Ameile, is expected to gain approval from the UK MHRA in 2025 and from the EU EC in February 2026, becoming the first China-developed EGFR-TKI to be marketed overseas.

In terms of licensing, Hansoh Pharma has deep collaborations with companies such as Promab Biotechnologies and Quanxin Biotech, steadily advancing the clinical trials of multiple innovative drugs, enriching its high-potential innovative pipeline, and solidifying its core innovation capabilities.

Notably, the international authoritative index firm MSCI (Morgan Stanley Capital International) recently announced the 2026 ESG rating results. Hansoh Pharma has leaped from AA to the globally highest AAA rating, setting the best performance record for a Chinese pharmaceutical company in this rating. The company had consistently maintained an AA rating for three consecutive years prior, firmly ranking among the top global pharmaceutical peers.

●Reporter Huang Cong of Yangtze Business News

Editor: ZB