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<Research> CMBI Raises Hansoh Pharma (03692.HK) TP to HKD46.41, Maintains Buy Rating
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CMBI issued a report stating that Hansoh Pharma (03692.HK) delivered strong results in 2025, with total revenue reaching RMB15.03 billion, up 22.6% YoY, and net profit of RMB5.56 billion, up 27.1% YoY. In 2025, the company recorded BD income of RMB2.12 billion, mainly from payments by Merck and GlaxoSmithKline. Since end-2023, the company has successfully out-licensed multiple assets overseas. In 2025, another eight new drugs entered clinical trials, and out-licensing has become a recurring profit center for the company. The report noted that Hansoh Pharma's core late-stage assets are advancing rapidly with partners. HS-20093 (B7-H3 ADC) is undergoing global/China Phase III trials for second-line small cell lung cancer and a China Phase III trial for osteosarcoma, with domestic marketing application expected in 2026. Recently, a China Phase III trial for previously treated non-squamous non-small cell lung cancer was also initiated. HS-20089 (B7-H4 ADC) has entered a China Phase III trial for ovarian cancer, while GSK has registered two global Phase III studies. In the metabolic field, Merck has advanced HS-10535 (oral GLP-1) into clinical trials for obesity, while HS-20094 (GLP-1/GIP) is undergoing a Phase III obesity trial in China, and Regeneron is conducting a Phase II study in the US. Indication expansion of aumolertinib is driving growth. The core product aumolertinib has sustained strong sales, supported by increased first-line market share and approvals for new indications. In early 2026, its use for adjuvant and maintenance treatment of locally advanced EGFR-mutant NSCLC was newly included in the National Reimbursement Drug List, becoming the first domestically developed EGFR-TKI approved for this setting. Its first-line therapy in combination with chemotherapy was also recently approved. In addition, in February 2026, the company submitted a marketing application for aumolertinib combined with a c-Met inhibitor for second-line treatment, while a Phase III first-line trial combining it with a bispecific antibody is ongoing, further supporting its commercialization upside. The broker maintained a Buy rating. It expects Hansoh Pharma's revenue to grow 11.1% YoY and 5.6% YoY in 2026 and 2027, respectively, while net profit is projected to increase 3.6% YoY and 1.8% YoY. Based on strong product sales expectations, the TP was raised from HKD45.26 to HKD46.41. (ha/u) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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