Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Shanghai Henlius Biotech / Equity Bottom-Up

<ul>
<li>During 2025, <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a> clocked revenue of RMB 6.7B, representing an increase of 16.5% YoY, mainly backed by Hanquyou (trastuzumab for injection) and Hansizhuang (serplulimab injection).</li>
<li>Net profit in 2025 stood at RMB 827M, up 1% YoY, despite R&amp;D expense growing 46% to RMB 1.5B and selling &amp; distribution expenses rising 15% to RMB 2.2B.</li>
<li>The recurrent licensing agreement, the increasing contribution of in-house innovative drug coupled with consistent indication and geographic expansion will help build a sustainable revenue flow.</li>
</ul>


During 2025, Shanghai Henlius Biotech (2696 HK) clocked revenue of RMB 6.7B, representing an increase of 16.5% YoY, mainly backed by Hanquyou (trastuzumab for injection) and Hansizhuang (serplulimab injection).
Net profit in 2025 stood at RMB 827M, up 1% YoY, despite R&amp;D expense growing 46% to RMB 1.5B and selling &amp; distribution expenses rising 15% to RMB 2.2B.
The recurrent licensing agreement, the increasing contribution of in-house innovative drug coupled with consistent indication and geographic expansion will help build a sustainable revenue flow.


Shanghai Henlius (2696 HK): Innovative Portfolio Carry 2025 Along, Globalization Strategy On Track

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-China in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on ALIBABA, TENCENT, PDD, JIANGSU EASTERN SHENGHONG, TRINA SOLAR, GDS, China Life, PING AN INSURANCE.</li>
</ul>


We analysed the earning revision of component stocks of MS-China in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on ALIBABA, TENCENT, PDD, JIANGSU EASTERN SHENGHONG, TRINA SOLAR, GDS, China Life, PING AN INSURANCE.


MS-China Index Earning Revision (Feb): ALIBABA, TENCENT, PDD

Event-Driven

<ul>
<li>Hang Seng Index Company announced HSCI review results after market close on Feb 13. In our previous note, we reviewed the Sep 2025 HK Connect cycle.</li>
<li>In this note, we provide an update on the forecasted upcoming implementation action by the mainland exchanges based on implementation rules and highlight stock performance thus far.</li>
<li>Our analysis suggests that selectivity will be critical in this cycle, with differentiation driven by pre-positioning, narrative alignment, and ownership structure rather than mechanical inclusion alone.</li>
</ul>


Hang Seng Index Company announced HSCI review results after market close on Feb 13. In our previous note, we reviewed the Sep 2025 HK Connect cycle.
In this note, we provide an update on the forecasted upcoming implementation action by the mainland exchanges based on implementation rules and highlight stock performance thus far.
Our analysis suggests that selectivity will be critical in this cycle, with differentiation driven by pre-positioning, narrative alignment, and ownership structure rather than mechanical inclusion alone.


HK Connect March 2026: Implementation Forecast and Positioning Framework

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a> granted Eisai license to develop, manufacture and commercialize Hansizhuang (serplulimab injection) in the treatment of oncology indications in Japan.</li>
<li>Hansizhuang is an innovative anti-PD-1 monoclonal antibody approved for marketing in China for indications including the combination with chemotherapy for the first-line treatment of sq &amp; nsq-NSCLC, ES-SCLC and ESCC.</li>
<li>The recurrent licensing agreement, the increasing contribution of in-house innovative drug coupled with consistent indication and geographic expansion will help build a sustainable revenue flow.</li>
</ul>



Shanghai Henlius Biotech (2696 HK) granted Eisai license to develop, manufacture and commercialize Hansizhuang (serplulimab injection) in the treatment of oncology indications in Japan.
Hansizhuang is an innovative anti-PD-1 monoclonal antibody approved for marketing in China for indications including the combination with chemotherapy for the first-line treatment of sq &amp; nsq-NSCLC, ES-SCLC and ESCC.
The recurrent licensing agreement, the increasing contribution of in-house innovative drug coupled with consistent indication and geographic expansion will help build a sustainable revenue flow.


Shanghai Henlius (2696 HK): Licensing Agreement With Eisai for Hansizhuang Yet Another Milestone

<ul>
<li>We analysed the earning revision of component stocks of MS-China in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on CCB, ALIBABA, TAL Education, JD.COM, REMEGEN, ZIJIN MINING, XTALPI, TENCENT.</li>
</ul>


We analysed the earning revision of component stocks of MS-China in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on CCB, ALIBABA, TAL Education, JD.COM, REMEGEN, ZIJIN MINING, XTALPI, TENCENT.


MS-China Index Earning Revision (Jan): CCB, ALIBABA, TAL Education, JD.COM, REMEGEN, ZIJIN MINING

China

RemeGen is a China-based biopharmaceutical company dedicated to the discovery, development, production, and commercialization of innovative biological drugs. The company focuses on therapeutic antibody drugs, including antibody-drug conjugates (ADCs), antibody fusion proteins, monoclonal antibodies, and bispecific antibodies, for major diseases such as autoimmune disorders, oncology, and ophthalmology. Key products include Telitacicept (RC18) and Disitamab Vedotin (RC48). RemeGen was co-founded in 2008 and is headquartered in Yantai, Shandong Province, China.

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RemeGen (9995 HK)

Shanghai Henlius (2696 HK): Innovative Portfolio Carry 2025 Along, Globalization Strategy On Track

Shanghai Henlius saw robust revenue growth in 2025 driven by key products, despite rising expenses. Aiming for sustainable revenue through...

Tina Banerjee

MS-China Index Earning Revision (Feb): ALIBABA, TENCENT, PDD

We analyzed MS-China's consensus for Feb 2026 and highlighted changes of EPS in ALIBABA (9988 HK), TENCENT (700 HK), PDD Holdings (PDD US).

Ke Yan, CFA, FRM

HK Connect March 2026: Implementation Forecast and Positioning Framework

March Connect implementation is nearing: we forecast expected ADD/DELETE actions and assess how positioning, crowding, and southbound flows may...

Ke Yan, CFA, FRM

Shanghai Henlius (2696 HK): Licensing Agreement With Eisai for Hansizhuang Yet Another Milestone

Shanghai Henlius Biotech grants Eisai license for Hansizhuang in Japan for oncology treatment, expanding revenue opportunities with innovative...

Tina Banerjee

MS-China Index Earning Revision (Jan): CCB, ALIBABA, TAL Education, JD.COM, REMEGEN, ZIJIN MINING

We analyzed MS-China's consensus for Jan 2026 and highlighted changes of EPS in CCB, ALIBABA, TAL Education, JD.COM, REMEGEN, ZIJIN MINING, XTALPI,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shanghai Henlius (2696 HK): Innovative Portfolio Carry 2025 Along, Globalization Strategy On Track

​Shanghai Henlius saw robust revenue growth in 2025 driven by key products, despite rising expenses. Aiming for sustainable revenue through...

Tina Banerjee

MS-China Index Earning Revision (Feb): ALIBABA, TENCENT, PDD

We analyzed MS-China's consensus for Feb 2026 and highlighted changes of EPS in ALIBABA (9988 HK), TENCENT (700 HK), PDD Holdings (PDD US).

Ke Yan, CFA, FRM

HK Connect March 2026: Implementation Forecast and Positioning Framework

March Connect implementation is nearing: we forecast expected ADD/DELETE actions and assess how positioning, crowding, and southbound flows may...

Ke Yan, CFA, FRM

Shanghai Henlius (2696 HK): Licensing Agreement With Eisai for Hansizhuang Yet Another Milestone

​Shanghai Henlius Biotech grants Eisai license for Hansizhuang in Japan for oncology treatment, expanding revenue opportunities with innovative...

Tina Banerjee

MS-China Index Earning Revision (Jan): CCB, ALIBABA, TAL Education, JD.COM, REMEGEN, ZIJIN MINING

We analyzed MS-China's consensus for Jan 2026 and highlighted changes of EPS in CCB, ALIBABA, TAL Education, JD.COM, REMEGEN, ZIJIN MINING, XTALPI,...

Ke Yan, CFA, FRM

Shanghai Henlius saw robust revenue growth in 2025 driven by key products, despite rising expenses. Aiming for sustainable revenue through...

Shanghai Henlius Biotech grants Eisai license for Hansizhuang in Japan for oncology treatment, expanding revenue opportunities with innovative...