1H25 盈利超预期

Hansoh Pharma (3692 HK) Stronger-than-expected BD incomein 1H25 Target PriceHK$45.26(Previous TPHK$25.24)Up/Downside16.6%Current PriceHK$38.82 Hansoh booked strong BD income in1H25.Hansoh’srevenue reachedRMB7.43bn(+14.3% YoY) and attributable net incomewasRMB3.14bn(+33.4% YoY)in 1H25, accountingfor56% and72%of ourpreviousfull-yearexpectation,respectively.Product sales grew 15.0%YoY toRMB10.69bn, driven by strong momentum in innovative drugs, especiallyaumolertinib. Excluding collaboration revenue, sales of innovative drugsrose by 23.7% YoY to RMB4.49bn(44% of our previous full-year estimate).We remain confident thatHansohis on track to achieve its FY25 target ofover RMB10bnin innovative drug sales, representing 25%+YoY growth.Hansohbooked RMB1.66bn BD income in 1H25,which was mainlycontributed by the upfront payment from MSD and milestone payment fromGSK. Hansoh is scheduled to record another US$80mn upfront paymentfromRegeneronin 2H25. China Healthcare Jill WU, CFA(852) 3900 0842jillwu@cmbi.com.hk Andy WANG(852) 3657 6288andywang@cmbi.com.hk Sustainable profit from overseasout-licensing.Following out-licensingof two ADC assets to GSK in 2023,Hansohgranted rights to HS-10535 (oralGLP-1) to MSD in late 2024. Most recently, in Jun 2025, Hansoh out-licensed its GLP-1/GIP asset (HS-20094) to Regeneron. In 1H25,8assetsenteredclinic, including BTK inhibitor, EGFR/c-Met ADC, SEZ6 ADC, KRASG12D inhibitor, and PCSK9mAb.With a robustinnovativepipeline,weexpect out-licensing tobea sustainable source of profit forHansoh. Stock Data Source: FactSet Shareholding Structure Development progress forinnovativeassetsremainson track. HS-20093 (B7-H3 ADC) is currently undergoing Ph3 trials for 2L SCLC in bothChina and overseas, along with a separate Ph3 trial in osteosarcoma inChina. HS-20089 (B7-H4 ADC), one of the leading global candidates in itsclass, has entered Ph3trials in China for ovarian cancer, while GSK isconducting Ph1/2 studies overseas, with pivotal trials planned for 2026.HS-10535(oral GLP-1)is expected to enter clinical trials under MSD’sdevelopment this year. HS-20094(GLP-1/GIP)has advanced to a Ph3 trialin China for obesity, and Regeneronplansto initiate its Ph3studyin 2026. Furthersales growth from aumolertinib supported by indicationexpansion.We expectaumolertinibtodeliver strong sales growthdrivenbyongoing market share gains in 1LNSCLC andapprovals ofnew indications.Aumolertinib may have two additional NRDL inclusions in early 2026:adjuvant therapy and maintenance therapy for locally advancedEGFRmNSCLC.Aumolertinib is the first domestic EGFR-TKI approved for these twoindications.TheNDAfor aumolertinib in combowith chemofor 1L NSCLCis anticipated to be approved in 2H25. In parallel,aumolertinibisbeingassessedinmultiple Ph3 studies tocombo withc-Met inhibitor and EGFR/c-Met bsAb.Overall, we believeaumolertinibwillachievethesales target ofRMB6.0bnin 2025, withitspeak sales to exceed RMB8.0bn. Source: FactSet Maintain BUY.We expect Hansoh’s revenue to grow 20%/4%YoY inFY25E/26E.We think BD income will become sustainable in the future.Weexpect Hansoh’s netprofit toincrease14%/decrease 2.7%in FY25E andFY26E, respectively. Weraised our DCF-based TP from HK$25.24 toHK$45.26(WACC: 8.13%,terminal growth rate:4.5%), to reflect stronger-than-expected BD income.Earnings Summary Disclosures& Disclaimers Analyst CertificationThe research analyst who is primary responsible for the content of this research report, in whole or in part, certifiesthat with respect to the securities or issuer that the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is,or will be, directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securitiesand Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to thedate of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business daysafter the date of issue of this report; (3) serve as an officer of any of the HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies coveredin this report. CMBIGM RatingsBUY : Stock with potential return of over 15% over next 12 months: Stock with potential return of +15% to-10% over next 12 months: Stock with potential loss of over 10% over next 12 months: Stock is not rated byCMBIGM HOLDSELLNOT RATED :Industry expected to outperform the relevant broad market benchmark over next 12 months:Industry expected to perform in-line with the relevant broad market benchmark over next 12 months:Industry expected to underperform the relevant broad market be