> **来源：[研报客](https://pc.yanbaoke.cn)** # Hansoh Pharma (3692 HK) Summary ## Core Content Hansoh Pharma (3692 HK) delivered strong first-half of 2026 (1H26) results, with total revenue increasing by 11.7% year-over-year (YoY) to RMB8.30bn and product sales rising 14.3% YoY to RMB6.84bn, slightly ahead of expectations. Net profit for 1H26 reached RMB4.26bn, up 35.8% YoY, and adjusted net profit (excluding one-off investment income) rose 19% YoY to RMB3.72bn, which is 66% of the prior full-year estimate and beat the forecast. The company's performance was driven by improved gross margins and operating efficiency, with product gross margin at 90.2% (up from 88.4% in FY25) and the SG&A-to-sales ratio dropping to 32.0% (from 36.7% in FY25). R&D spending increased by 20.7% YoY to RMB1.74bn, with management guiding for around 30% full-year growth in R&D expenses. ## Main Points - **Revenue Growth**: - 1H26: RMB8.30bn (+11.7% YoY) - FY26E: RMB17.48bn (up 16.3% YoY from FY25A) - FY27E: RMB18.76bn (+7.3% YoY) - FY28E: RMB20.83bn (+11.0% YoY) - **Net Profit Growth**: - 1H26: RMB4.26bn (+35.8% YoY) - FY26E: RMB7.21bn (+29.8% YoY) - FY27E: RMB6.69bn (-7.3% YoY) - FY28E: RMB7.09bn (+5.9% YoY) - **Earnings Per Share (EPS)**: - 1H26: RMB0.74 - FY26E: RMB1.19 - FY27E: RMB1.10 - FY28E: RMB1.17 - **Profit Margins**: - Gross margin: 91.37% (up +1.25ppt YoY) - Operating margin: 48.65% (up +8.71ppt YoY) - Net margin: 41.26% (up +7.38ppt YoY) - **Out-Licensing Income**: - Hansoh continues to generate recurring out-licensing income. - The company's innovative portfolio is expected to compound value through a steady cadence of out-licensing deals. - **Innovation Pipeline**: - HS-20093 (B7-H3 ADC): Encouraging results in multiple tumor types, with two China Phase 3 trials meeting primary endpoints. GSK plans to advance it into global Phase 3 trials from 2H26 onward. - HS-20089 (B7-H4 ADC): Rapid advancement into five global Phase 3 gynecologic cancer trials in 2026. - HS-20094 (GLP-1/GIP): NDA-stage, showing strong weight loss with favorable gastrointestinal tolerability. - HS-20118 (oral IL-23): Potential for once-weekly dosing via a NewCo structure. - Other promising programs include fourth-generation EGFR TKI, EGFR/c-MET ADC, KRAS G12D inhibitor, SEZ6 ADC, oral PCSK9, OX2R, and P2X3. - **Valuation**: - Current price: HK\$36.82 - Target price (TP): HK\$49.12 (up from HK\$47.19) - 12-month upside: 33.4% - DCF-based valuation: HK\$49.12 per share - Terminal growth rate: 3.5% - WACC: 8.48% - **Financial Highlights**: - Strong cash flow from operations, with FY26E at RMB5.937bn. - High liquidity, with cash and equivalents at RMB39.854bn in FY26E. - Strong balance sheet with total assets expected to reach RMB48.523bn in FY26E. ## Key Information - **Analyst Ratings**: - CMBIGM maintains a **BUY** rating. - Target price (TP) is HK\$49.12, reflecting strong 1H26 results and the company's continued innovation momentum. - **Outstanding Shares**: 6,064.2 million - **Market Capitalization**: HK\$223,282 million - **Share Performance**: - 1-month: +14.0% - 3-months: +8.9% - 6-months: +5.3% - **Valuation Metrics**: - P/E (2026E): 26.5 - P/B (2026E): 4.8 - DCF per share (2026E): HK\$42.24 ## Analysts - **Jill WU, CFA**: (852) 3900 0842 | jillwu@cmbi.com.hk - **Andy WANG**: (852) 3657 6288 | andywang@cmbi.com.hk ## Disclaimer - The report is not investment advice and should not be relied upon for investment decisions. - CMBIGM does not guarantee the accuracy or completeness of the information. - The value of investments may fluctuate and is not guaranteed. - The report is for the use of intended recipients only and may not be reproduced, reprinted, sold, or published without prior written consent. ## Risk Factors - Investment in R&D may not yield the expected results. - Market conditions and regulatory changes could impact performance. - There may be conflicts of interest due to CMBIGM's involvement in the company's securities.