Industrial Securities Maintains 'Buy' Rating on Hansoh Pharma (03692.HK), Validating Its Sustained BD Capabilities

According to the Zhitong Finance APP, Xingye Securities issued a research report stating that Hansoh Pharma (03692) has a high proportion of innovative drug revenue, driving rapid growth in performance. The company is driven by both self-developed and BD initiatives, with a rich early pipeline layout and active international expansion, opening up room for imagination in overseas markets. The brokerage adjusted its revenue forecasts for 2025 to 2027 to RMB 14.537 billion, RMB 15.511 billion, and RMB 17.880 billion, respectively, with net profits attributable to shareholders at RMB 4.516 billion, RMB 4.787 billion, and RMB 5.661 billion, respectively. Corresponding to the closing price on October 31, 2025, the PE ratios are 44.92x, 42.38x, and 35.84x, maintaining a "Buy" rating.

On October 16, 2025, the company signed a licensing agreement with Roche, granting Roche the global exclusive license (excluding mainland China and Hong Kong, Macao, and Taiwan regions) for HS-20110 (CDH17 ADC). The company will receive an upfront payment of $80 million and is eligible to receive up to $1.45 billion in milestone payments based on product development, regulatory approval, and commercialization progress, as well as tiered royalties on future potential product sales.

The report stated that in October 2023, the company granted GSK the overseas rights to B7-H4 ADC for an upfront payment of $85 million and potential milestones of $1.485 billion; in December 2023, the company granted GSK the overseas rights to B7-H3 ADC for an upfront payment of $185 million and potential milestones of $1.525 billion; in December 2024, the company granted Merck the global rights to an oral GLP-1 product for an upfront payment of $112 million and milestones of $1.9 billion; in June 2025, the company granted Regeneron the overseas rights to a GLP-1/GIP receptor agonist for an upfront payment of $80 million and milestones of $1.93 billion. To date, the company has reached licensing agreements with four multinational corporations (MNCs) for five products over the past three years, leading among domestic companies in China.

HS-20110 (CDH17 ADC) is currently undergoing a global Phase I clinical trial in China and the United States for the treatment of colorectal cancer and other solid tumors. Globally, there are currently 10 CDH17 ADCs in clinical stages, with 4 in Phase I/II and 6 in Phase I. Hansoh Pharma's HS-20110 is the first and currently the only CDH17 ADC to have reached a licensing agreement with an MNC, standing out in such intense competition, which demonstrates the strong R&D capabilities of the company’s ADC platform and its ability to continuously deliver high-quality ADC pipelines.