Hansoh Pharma Reports H1 2025 Results: Innovative Drug Revenue Surpasses 82% for the First Time, Aumseqa® Becomes First Chinese-Origin EGFR-TKI Launched Overseas

Hansoh Pharma 2025 Mid-Year Report:Innovative Drug Revenue Exceeds 80% for the First Time, Ameile® Becomes the First EGFR-TKI to Go Overseas; ADC and GLP-1 Collaborations Drive Growth.

Hansoh PharmaRevenue in the first half of the year was 7.434 billion yuan (+14.3%), net profit was 3.135 billion yuan (+15.0%); R&D investment was 1.441 billion yuan (+20.4%); transactions with MSD and Regeneron for GLP-1 were finalized, ADC pipeline is advancing rapidly, with cash reserves exceeding 27.1 billion yuan.

Performance Overview:

Steady Growth, Innovation-Driven

On August 18, Hansoh Pharma (03692.HK) released its 2025 interim financial results. In the first half of 2025, Hansoh Pharma achieved revenue of approximately RMB 7.434 billion (same unit hereafter), representing a year-on-year increase of about 14.3%; profit reached approximately RMB 3.135 billion, up by approximately 15.0% year-on-year; basic earnings per share were approximately RMB 0.53, increasing by about 14.8% year-on-year; an interim dividend of 23.16 Hong Kong cents per share was declared.

Innovative drugs become the core engine:In the first half of 2025, the sales revenue of Hansoh Pharma's innovative drugs and collaborative products reached RMB 6.145 billion, increasing strongly by 22.1% year-on-year. The proportion of total revenue significantly increased to 82.7%, which was the main factor driving the performance growth during the reporting period.

R&D Investment:

Continuous Investment, Robust Pipeline

R&D intensity remains high:In the first half of 2025, Hansoh Pharma's R&D expenditure was approximately RMB 1.441 billion, representing a year-on-year increase of 20.4% and accounting for about 19.4% of total revenue.

Pipeline Progresses Rapidly:

·The company is advancing more than 70 clinical trials for innovative drugs., belonging to more than 40 candidate innovative drugs.

·Key Phase III Progress:B7-H3-targeted ADC (HS-20093), B7-H4-targeted ADC (HS-20089), and IL-23p19-targeted monoclonal antibody (HS-20137) have entered Phase III clinical trials.

·New Drug Clinical Approval:During the reporting period, eight new innovative drug candidates, including two ADCs, were approved for clinical trials for the first time.

These high-potential R&D pipelines provide continuous driving force for the company's future development.

Core Products:

Almonertinib Leads the Way, Achieving a Milestone Overseas

Oncology Segment Contributes 60% of Revenue:Hansoh Pharma's main products are concentrated in the fields of anti-tumor, anti-infection, central nervous system, metabolism, and other diseases. In the first half of 2025, the revenue from anti-tumor products represented by the innovative drug Almonertinib (Ameile®) was approximately RMB 4.531 billion, accounting for about 60.9% of the total revenue.

Almonertinib Mesylate Tablets (Brand name: Amelie®) Continues to Breakthrough:

· As the first domestically developed EGFR-TKI in China, achieving continuous breakthroughs in the field of lung cancer, with four approved indications already on the market.

· Expanding from advanced stages (Ⅲ-Ⅳ) to earlier stages (Ⅱ-Ⅲ) of non-small cell lung cancer (NSCLC), achieving broader coverage of NSCLC and continuing to lead the way in China's domestically developed third-generation EGFR-TKI.

·Major Milestones:In June 2025, Ameile® (UK trade name: Aumseqa®) was approved for marketing by the UK Medicines and Healthcare products Regulatory Agency (MHRA), becoming the first China-developed EGFR-TKI to be launched overseas.

External Cooperation:

License-out Bears Fruit, GLP-1 and ADC Become Focal Points

Hansoh Pharma's multiple License-out deals in the past three years have attracted significant attention in the industry, achieving remarkable results during the reporting period:

·GLP-1 Receptor Agonists Going Overseas:

·Collaboration with MSD:In December 2024, Hansoh Pharma secured a global exclusive license for HS-10535, an oral small-molecule GLP-1 receptor agonist. In the first half of 2025, the upfront payment of $112 million from MSD as part of the BD licensing fee was recorded as collaboration revenue.

·In collaboration with Regeneron:In June 2025, Hansoh Pharma granted Regeneron an exclusive overseas license for the investigational GLP-1/GIP dual receptor agonist HS-20094. The company received an upfront payment of $80 million in July 2025 and is eligible to receive up to $1.93 billion in milestone payments, as well as double-digit percentage royalties on future potential products.

·Progress and Value of ADC Pipeline:

· The two ADCs (B7-H3-targeted HS-20093 and B7-H4-targeted HS-20089) previously licensed to GSK have seen rapid progress in the research led by Hansoh Pharma in China during the reporting period:

·HS-20093: For extensive-stage small cell lung cancer, osteosarcoma, and non-squamous non-small cell lung cancer, it has been successively included as a breakthrough therapy drug. In China, Phase III clinical trials for bone and soft tissue sarcoma and small cell lung cancer have been carried out, with multiple proof-of-concept (PoC) clinical studies for head and neck cancer, castration-resistant prostate cancer, esophageal squamous cell carcinoma, and other solid tumors being conducted simultaneously.

·HS-20089: Granted breakthrough therapy designation for the treatment of platinum-resistant recurrent epithelial ovarian cancer, fallopian tube cancer, or primary peritoneal cancer, and undergoing Phase III clinical trials related to ovarian cancer in China.

Financial Health:

Strong cash flow supports long-term development

Stable operation, abundant cash:According to the financial report, in the first half of 2025, the company's net cash inflow from operating activities was 3.605 billion yuan. By the end of the reporting period, the company had cash and bank deposits amounting to 27.104 billion yuan.

This robust financial performance and strong cash flow have laid a solid foundation for supporting the company's continuous high-intensity innovation and R&D investment in the future.