> **来源：[研报客](https://pc.yanbaoke.cn)** # Hansoh Pharma (3692 HK) Summary ## Core Content Hansoh Pharma (3692 HK) has demonstrated robust financial performance and strategic advancements in 2025. The company delivered strong sales growth and sustainable business development (BD) income, which are key drivers of its continued success in the pharmaceutical industry. ## Key Financial Performance - **Total Revenue**: RMB15.03bn (+22.6% YoY) - **Attributable Net Income**: RMB5.56bn (+27.1% YoY) - **Product Sales**: RMB12.91bn (+20.8% YoY) - **Innovative Drug Sales**: RMB10.24bn (+29.5% YoY), exceeding management's target of RMB10bn - **Operating Efficiency**: SG&A-to-sales ratio dropped to 36.7% (vs 42.2% in FY24) - **R&D Investment**: Increased by 24.3% YoY to RMB3.36bn ## Future Outlook - **Expected Revenue Growth**: - FY26E: +11.9% YoY to RMB16.81bn - FY27E: +4.0% YoY to RMB17.48bn - FY28E: +10.1% YoY to RMB19.24bn - **Net Profit Growth**: - FY26E: +3.9% YoY to RMB5.77bn - FY27E: +6.4% YoY to RMB6.14bn - FY28E: +11.6% YoY to RMB6.85bn - **EPS (Reported)**: - FY26E: RMB0.95 - FY27E: RMB1.01 - FY28E: RMB1.13 - **P/E Ratio**: - FY26E: 34.6x - FY27E: 32.5x - FY28E: 29.1x - **Target Price**: HK$46.41 (up from HK$45.26) - **Up/Downside**: 24.0% ## Business Development and Innovation - **BD Income**: RMB2.12bn in FY25, mainly from MSD and GSK - **Out-Licensing Assets**: - B7-H3 and B7-H4 ADCs to GSK - Oral GLP-1 to MSD - GLP-1/GIP to Regeneron - CDH17 ADC to Roche - **New Assets in Clinical Trials**: 8 new assets entered the clinic in FY25, including BTK inhibitor, EGFR/c-Met ADC, and KRAS G12D inhibitor - **R&D Pipeline**: - Nearly 20 Ph3 trials planned or ongoing in 2026 - HS-20093 (B7-H3 ADC) advancing through global/China Ph3 trials for 2L SCLC and osteosarcoma, with domestic BLAs expected in 2026 - HS-20093 in pre-treated nsq-NSCLC - HS-20089 (B7-H4 ADC) in Ph3 for ovarian cancer in China - GSK's global Ph3 studies in ovarian and endometrial cancers - MSD's advancement of HS-10535 (oral GLP-1) into obesity trials - HS-20094 (GLP1/GIP) in Ph3 obesity trial in China with Regeneron's US Ph2 study ## Aumolertinib Performance - **Sales Growth**: Strong growth driven by 1L NSCLC market share gains and new regulatory approvals - **Regulatory Milestones**: - Secured two additional NRDL inclusions for adjuvant and maintenance therapy in locally advanced EGFRm NSCLC in early 2026 - Approved for combination with chemotherapy for 1L NSCLC in early 2026 - **Future Plans**: - Feb 2026 sNDA submission for combo with c-Met inhibitor HS-10241 in 2L EGFRm NSCLC - Ongoing Ph3 evaluations with an EGFR/c-Met bsAb in 1L NSCLC ## Valuation and Sensitivity Analysis - **DCF Valuation (RMB mn)**: - 2026E: 4,433 - 2027E: 5,221 - 2028E: 5,780 - 2031E: 348,871 - **Terminal Growth Rate**: 4.5% - **WACC**: 8.13% - **Sensitivity Analysis**: - Terminal growth rate impacts valuation significantly, with lower growth rates leading to lower valuations - WACC changes also affect valuation, with higher WACC reducing the value ## Shareholding and Stock Data - **Market Cap**: HK$226,583.7 million - **Average 3-Month Turnover**: HK$311.0 million - **52-Week High/Low**: HK$43.36 / HK$20.65 - **Total Issued Shares**: 6,055.2 million - **Shareholding Structure**: - Sunrise Trust Trustee: 64.4% - JQC International Limited: 15.2% ## Analyst Ratings - **CMBIGM Rating**: BUY - **CMBIGM Estimate vs. Consensus**: - Revenue: CMBIGM estimates higher than consensus by 2%-8% - Gross Profit: CMBIGM estimates higher by 2%-8% - Operating Profit: CMBIGM estimates significantly higher by 21%-4% - Net Profit: CMBIGM estimates slightly higher by 3%-8% - EPS: CMBIGM estimates slightly higher by 1%-11% ## Financial Summary - **Income Statement Highlights**: - Revenue growth consistent across years - Gross profit margin stable, slightly increasing - Net profit growth slowing in FY26E but expected to rise again - **Balance Sheet**: - Current ratio improved significantly, indicating better liquidity - Inventory turnover days stable, suggesting efficient inventory management - **Profitability**: - ROE increased from 13.5% to 17.3% - Gross margin, operating margin, and net margin all improved ## Valuation Metrics - **P/E Ratio**: Declined from 59.6 to 29.1, reflecting improved profitability and growth expectations - **P/B Ratio**: Declined from 7.6 to 4.3, indicating a decrease in valuation relative to book value ## Risk and Disclaimer - The report contains risks and is not tailored to individual investors - CMBIGM is not a registered broker-dealer in the US and Singapore, and the report is not intended for all investors - The information is based on publicly available data and is not guaranteed - CMBIGM recommends independent evaluation and consultation with a financial advisor for investment decisions