Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Equity Bottom-Up

<ul><li>HS-20093 is the first B7-H3 ADC to achieve a positive result in a phase 3 clinical trial.</li><li>We expect Hansoh Pharma to invest more in innovative products, and generic drug revenue will continue to decline.</li><li>In 1H26, Hansoh Pharma recorded an increase of 11.7% y/y in revenue to RMB8.3bn, while innovative and collaboration products recorded around RMB7.1bn in revenue, representing an increase of 15.4% y/y.</li></ul>

HS-20093 is the first B7-H3 ADC to achieve a positive result in a phase 3 clinical trial.We expect Hansoh Pharma to invest more in innovative products, and generic drug revenue will continue to decline.In 1H26, Hansoh Pharma recorded an increase of 11.7% y/y in revenue to RMB8.3bn, while innovative and collaboration products recorded around RMB7.1bn in revenue, representing an increase of 15.4% y/y.

Quam Morning Note (3 Sep) - Hansoh Pharma

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 has demonstrated a strong track record of revenue growth and earnings delivery, supported by sustained robust momentum in innovative drug sales.</li><li>As a leading biopharma in China, Hansoh’s consistent commitment to R&amp;D investment is entering a harvest period, reflected by its continuous high-value out-licensing partnerships and promising PoC readouts from differentiated pipeline assets.</li><li>We maintain BUY rating on Hansoh, with a TP of HK$47.19.</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 has demonstrated a strong track record of revenue growth and earnings delivery, supported by sustained robust momentum in innovative drug sales.As a leading biopharma in China, Hansoh’s consistent commitment to R&amp;D investment is entering a harvest period, reflected by its continuous high-value out-licensing partnerships and promising PoC readouts from differentiated pipeline assets.We maintain BUY rating on Hansoh, with a TP of HK$47.19.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) - Multiple Innovative Assets with Global Blockbuster Potential

Thematic (Sector/Industry)

<ul><li>DualityBio: early Elfe-D combination data support the ADC + IO 2.0 thesis.</li><li>DualityBio’s update on Elfe-D (B7-H3 ADC) plus pumitamig (PDL1/VEGF bsAb) further strengthens our view that Elfe-D is among the more differentiated B7-H3 ADC assets in development, supported by a favorable safety profile and encouraging early efficacy.</li><li>Across 193 treated patients with SCLC and NSCLC, the combination regimen showed a low Grade ≥3 TRAE rate of 23.3%, which in our view reinforces Elfe-D’s ability to maintain a favorable therapeutic index in combination settings, consistent with prior monotherapy experience. </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.

DualityBio: early Elfe-D combination data support the ADC + IO 2.0 thesis.DualityBio’s update on Elfe-D (B7-H3 ADC) plus pumitamig (PDL1/VEGF bsAb) further strengthens our view that Elfe-D is among the more differentiated B7-H3 ADC assets in development, supported by a favorable safety profile and encouraging early efficacy.Across 193 treated patients with SCLC and NSCLC, the combination regimen showed a low Grade ≥3 TRAE rate of 23.3%, which in our view reinforces Elfe-D’s ability to maintain a favorable therapeutic index in combination settings, consistent with prior monotherapy experience. 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.

Healthcare - WCLC 2026: China innovative drugs step into the spotlight

<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

<ul><li>The Chinese biotech / biopharma sector is entering a pivotal phase in 2026, driven by accelerating global BD partnerships, pivotal clinical data readouts, and key overseas regulatory milestones.</li><li>As the industry transitions into a "new pillar industry" under supportive government policies, we believe the market is underestimating the pipeline value of leading Chinese biotech companies.</li><li>In particular, the oncology pipeline comprises several high-conviction readouts this year, including Akeso/Summit's ivonescimab trials (HARMONi-6 and HARMONi3), Innovent's IBI363 data in first-line NSCLC and colorectal cancer, and DualityBio's ADC-plus-BNT327 combinations, which have the potential to reshape the oncology competitive landscape. </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.

The Chinese biotech / biopharma sector is entering a pivotal phase in 2026, driven by accelerating global BD partnerships, pivotal clinical data readouts, and key overseas regulatory milestones.As the industry transitions into a "new pillar industry" under supportive government policies, we believe the market is underestimating the pipeline value of leading Chinese biotech companies.In particular, the oncology pipeline comprises several high-conviction readouts this year, including Akeso/Summit's ivonescimab trials (HARMONi-6 and HARMONi3), Innovent's IBI363 data in first-line NSCLC and colorectal cancer, and DualityBio's ADC-plus-BNT327 combinations, which have the potential to reshape the oncology competitive landscape. 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.

A Catalyst-Rich 2026: Valuation Re-Rating Opportunities for Chinese Biotechs / Biopharmas

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)

Quam Morning Note (3 Sep) - Hansoh Pharma

HS-20093 is the first B7-H3 ADC to achieve a positive result in a phase 3 clinical trial. We expect Hansoh Pharma to invest more in innovative...

Quam Securities

Hansoh Pharma (3692 HK) - Multiple Innovative Assets with Global Blockbuster Potential

Hansoh has demonstrated a strong track record of revenue growth and earnings delivery, supported by sustained robust momentum in innovative drug...

CMB International

Healthcare - WCLC 2026: China innovative drugs step into the spotlight

DualityBio’s update on Elfe-D (B7-H3 ADC) plus pumitamig (PDL1/VEGF bsAb) further strengthens our view that Elfe-D is among the more differentiated...

CMB International

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

Hansoh delivered strong FY25 results, with total revenue reaching RMB15.03bn (+22.6% YoY) and attributable net income of RMB5.56bn (+27.1% YoY).

CMB International

A Catalyst-Rich 2026: Valuation Re-Rating Opportunities for Chinese Biotechs / Biopharmas

The Chinese biotech / biopharma sector is entering a pivotal phase in 2026, driven by accelerating global BD partnerships, pivotal clinical data...

CMB International

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