TF Securities Maintains 'Buy' Rating on Hansoh Pharmaceutical (03692.HK) as H1 2025 Results Show Strong Organic Growth

Intelligent Finance APP learned that Tianfeng Securities issued a research report, maintaining the "Buy" rating for Hansoh Pharma (03692). Considering the company's receipt of several large BD transaction payments in 2025, the revenue forecast for 2025 has been raised from RMB 13.741 billion to RMB 14.668 billion. The projected revenues for 2026 and 2027 are RMB 15.835 billion and RMB 17.779 billion, respectively. The net profit attributable to shareholders for 2025 has been increased from RMB 4.746 billion to RMB 5.167 billion, with projections for 2026-2027 at RMB 5.325 billion and RMB 6.133 billion, respectively. In H1 2025, the company's total revenue was RMB 7.434 billion, with a net profit attributable to shareholders of RMB 3.135 billion. Revenue from innovative drug products reached RMB 6.145 billion, increasing its share of total revenue to 82.7%.

The main viewpoints of TF Securities are as follows:

Revenue from products in the metabolism and other sectors surged, with MSD's upfront payment received.

In 2025H1, the product portfolio in the oncology field, including Aumetinib and Flumatinib, generated revenue of RMB 4.531 billion, remaining basically flat year-on-year; the product portfolio in the anti-infective field, including Emtricitabine Tenofovir Alafenamide Tablets and Morinidazole, achieved revenue of RMB 735 million, representing a year-on-year increase of 4.9%; the product portfolio for central nervous system diseases, including Inebilizumab, generated revenue of RMB 768 million, reflecting a year-on-year growth of 4.8%; the product portfolio in the metabolic and other disease areas, including Loxenatide and Pegmoceptin, achieved revenue of approximately RMB 1.4 billion, marking a year-on-year increase of 134.5%. Additionally, in 2025H1, Hansoh Pharma received an upfront payment of USD 112 million as BD licensing fees from MSD under the agreement reached for HS-10535 (oral small molecule GLP-1RA).

Stable Performance, Continuous Growth in Innovative Products, and Generic Drug Business Risks Mostly Cleared

As the first domestically produced third-generation EGFR-TKI in China, Almonertinib has experienced rapid sales growth and continuous expansion of indications. Sales data from sample hospitals show that its sales increased from 18.41 million RMB in 2020 to 1.784 billion RMB in 2024, with an annual compound growth rate of 214%. In 2024, it accounted for approximately 28% of the total sales of third-generation EGFR-TKIs, ranking first among domestically produced drugs. Almonertinib is actively expanding its indications related to NSCLC, with four NSCLC-related indications already approved. In 2025, two new indications were approved: adjuvant treatment post-surgery and treatment for patients who progressed after radical platinum-based chemoradiotherapy. The NDA for its use in combination with chemotherapy as a first-line treatment for NSCLC is still under review. In June 2025, Almonertinib received approval from the UK MHRA for marketing, becoming the first innovative drug from Hansoh Pharma to enter overseas markets. The company will continue striving to gain regulatory recognition from the EMA for international markets.

Endogenous Innovation Continues to Deliver, Multiple Drugs Enter Phase III Clinical Development

As of 2025H1, the company has conducted over 70 clinical trials for more than 40 innovative drug candidates. In 2025H1, eight new innovative drugs have entered clinical trials, including HS-20122 (EGFR/c-Met ADC) and HS-10510 (PCSK9). Three new Phase III clinical trials have been added: a psoriasis trial for HS-20137 (IL-23p19) introduced from Quanxin Biotech, as well as global Phase III clinical trials for HS-20093 (B7-H3 ADC) in bone and soft tissue sarcoma and HS-20089 (B7-H4 ADC) in ovarian cancer. The overseas rights for these two ADCs have been granted to GSK. Additionally, the Phase III clinical trial for Hansoh Pharma's TYK2 inhibitor HS-10374 in psoriasis is progressing steadily, with data showing a lower risk of skin toxicity.

Risk Warning:Industry policy risks, market competition risks, drug R&D failure risks, patent and intellectual property risks, sales underperformance risks