Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hansoh-pharmaceutical-group-co" target="_blank" data-smartkarma-citation="entities:23675:1" rel="noopener">Hansoh Pharmaceutical Group (3692 HK)</a> has announced 2025 result, with net profit increasing 27% YoY to RMB6B, beating market expectations, on 23% YoY revenue growth to RMB15B.</li>
<li>In 2025, revenue of innovative medicines increased 30% YoY to RMB12B and accounted for 82% (2024: 77%) of the revenue, becoming a core driver for sustainable growth.</li>
<li>Along with providing long-term revenue visibility, innovative pipeline is well-positioned to proactively seize opportunities for out-licensing and collaboration, enabling the company to explore the ex-China commercialization potential of its pipeline.</li>
</ul>



Hansoh Pharmaceutical Group (3692 HK) has announced 2025 result, with net profit increasing 27% YoY to RMB6B, beating market expectations, on 23% YoY revenue growth to RMB15B.
In 2025, revenue of innovative medicines increased 30% YoY to RMB12B and accounted for 82% (2024: 77%) of the revenue, becoming a core driver for sustainable growth.
Along with providing long-term revenue visibility, innovative pipeline is well-positioned to proactively seize opportunities for out-licensing and collaboration, enabling the company to explore the ex-China commercialization potential of its pipeline.


Hansoh Pharmaceutical (3692 HK): Innovative Drugs and BD Momentum Drive 2025 Performance

Thematic (Sector/Industry)

<ul>
<li>Simcere inks outlicensing agreement with Roche for tri-specific antibody in total deal value of $2B+. Hutchmed enters outlicense agreement with GSK for first-in-class drug candidate for upfront payment of $110M.</li>
<li>Akeso’s ivonescimab demonstrates significant overall survival benefit in Keytruda head-to-head trial in NSCLC. Daiichi Sankyo’s Enhertu has been approved in EU for the first-line treatment of HER2 positive breast cancer.</li>
<li>Alteogen inked agreement with Novartis for the development and commercialization of subcutaneous products utilizing ALT-B4. Pharmaessentia secured FDA approval of Besremi for the treatment of essential thrombocythemia.</li>
</ul>


Simcere inks outlicensing agreement with Roche for tri-specific antibody in total deal value of $2B+. Hutchmed enters outlicense agreement with GSK for first-in-class drug candidate for upfront payment of $110M.
Akeso’s ivonescimab demonstrates significant overall survival benefit in Keytruda head-to-head trial in NSCLC. Daiichi Sankyo’s Enhertu has been approved in EU for the first-line treatment of HER2 positive breast cancer.
Alteogen inked agreement with Novartis for the development and commercialization of subcutaneous products utilizing ALT-B4. Pharmaessentia secured FDA approval of Besremi for the treatment of essential thrombocythemia.


APAC Healthcare Weekly (Sept 6) – Simcere, Hutchmed, Akeso, Daiichi Sankyo, Alteogen, Pharmaessentia

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Hansoh delivered strong FY25 results, with total revenue reaching RMB15.03bn (+22.6% YoY) and attributable net income of RMB5.56bn (+27.1% YoY).</li><li>Product sales grew 20.8% YoY to RMB12.91bn. Excluding collaboration revenues, innovative drug sales surged 29.5% YoY to RMB10.24bn, successfully beating management’s target of RMB10bn.</li><li>Operating efficiency improved significantly as the SG&amp;A-to-sales ratio fell to 36.7% (vs 42.2% in FY24). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hansoh delivered strong FY25 results, with total revenue reaching RMB15.03bn (+22.6% YoY) and attributable net income of RMB5.56bn (+27.1% YoY).Product sales grew 20.8% YoY to RMB12.91bn. Excluding collaboration revenues, innovative drug sales surged 29.5% YoY to RMB10.24bn, successfully beating management’s target of RMB10bn.Operating efficiency improved significantly as the SG&amp;A-to-sales ratio fell to 36.7% (vs 42.2% in FY24). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hansoh Pharma (3692 HK) - Robust Sales Growth and Sustainable BD Momentum

Healthcare Analyst

Wilfred Yuen

<ul>
<li>
Hutchmed licensed out ex-China rights of KRAS-EGFR cancer asset to GSK for US$1.3bn and Simcere licensed out a B-cell targeting trispecific to Roche for US$1.5bn. Both assets are preclinical</li>
<li>
Hengrui presented phase 3 results of SHR-1918 (ANGPTL3) and phase 2 results of HRS-5346 (Lp(a)) at ESC Congress. Separately, for Lp(a), Novartis yesterday said pelacarsen failed in a phase 3</li>
<li>Other updates/news include BeOne, Sino Biopharma, Genscript, Akeso, Hansoh, MediLink...
</li>
</ul>



Hutchmed licensed out ex-China rights of KRAS-EGFR cancer asset to GSK for US$1.3bn and Simcere licensed out a B-cell targeting trispecific to Roche for US$1.5bn. Both assets are preclinical

Hengrui presented phase 3 results of SHR-1918 (ANGPTL3) and phase 2 results of HRS-5346 (Lp(a)) at ESC Congress. Separately, for Lp(a), Novartis yesterday said pelacarsen failed in a phase 3
Other updates/news include BeOne, Sino Biopharma, Genscript, Akeso, Hansoh, MediLink...



China Healthcare Weekly Wrap (31 Aug - 4 Sep)

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we have presented our final expectations for ADDs/DELs for the HSCEI index for the June 2026 index rebal event.</li>
<li>In our last insight, one of the expected DELs were close to escaping deletion. However, according to our latest estimates, it has failed to escape deletion.</li>
<li>We see two ADDs/DELs and we estimate there to be capping flows of around US$194mn one-way. The capping flow expectations can change until early-June 2026, and indeed should increase.</li>
</ul>


In this insight, we have presented our final expectations for ADDs/DELs for the HSCEI index for the June 2026 index rebal event.
In our last insight, one of the expected DELs were close to escaping deletion. However, according to our latest estimates, it has failed to escape deletion.
We see two ADDs/DELs and we estimate there to be capping flows of around US$194mn one-way. The capping flow expectations can change until early-June 2026, and indeed should increase.


Quiddity Leaderboard HSCEI Jun26: Final Expectations for ADDs/DELs; US$194mn One-Way

China

Hansoh Pharmaceutical is a pharmaceutical company that researches, develops, manufactures, and sells a diverse portfolio of medicines. It focuses on therapeutic areas such as oncology, anti-infectives, central nervous system diseases, metabolic disorders, and autoimmune diseases. The company was founded in 1995 and is headquartered in Shanghai, China.

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Hansoh Pharmaceutical (3692 HK)