Hansoh Pharma has delivered a steady interim report.
In the first half of 2025, the company recorded revenue of RMB 7.434 billion, up 14.3% year over year; profit of RMB 3.135 billion, up 15.0% year over year. At the same time, the company announced an interim dividend of HK$0.2316 per share, maintaining stable returns to shareholders.
But the growth figures are not the whole story.
One key metric defines Hansoh’s present and future: sales from innovative medicines and partnered products reached RMB 6.145 billion, a 22.1% increase year over year, accounting for as much as 82.7% of total revenue.
This ratio rose by 5.3 percentage points from 77.4% in the first half of 2024, and by nearly 21 percentage points from 61.8% in the same period of 2023. This marks that Hansoh’s business-structure transformation has crossed a pivotal inflection point, with its growth engine fully switched over.
The deep transformation is driven by two engines: continuously ramped-up internal R&D and a steady stream of external collaborations. During the reporting period, Hansoh’s R&D expenses reached RMB 1.441 billion, up 20.4% year over year, with R&D intensity approaching 20%. As of the interim report, the company held cash and bank deposits of RMB 27.104 billion, with ample cash flow providing more possibilities ahead.
On business development (BD), following major deals with GSK and MSD (Merck), in the first half of 2025 Hansoh again partnered with global giant Regeneron on overseas licensing for its in-house GLP-1/GIP dual-agonist HS-20094.
Today, Hansoh’s identity has changed. It is no longer a Pharma company in transition, but a Biopharma where innovation absolutely dominates.
Breaking down Hansoh’s revenue mix shows growth not driven by a single product or field, but by a healthy, broad-based pattern. Four major segments—oncology, metabolism, central nervous system (CNS), and anti-infectives—jointly form a solid business foundation.
Oncology remains Hansoh’s absolute cornerstone.
In the first half, this segment generated RMB 4.531 billion, accounting for more than 60% of total revenue at 60.9%.
The core driver is Ameile? (almonertinib), China’s first homegrown third-generation EGFR-TKI. During the reporting period, Ameile? added two new indications domestically—consolidation therapy for unresectable locally advanced NSCLC, and adjuvant therapy for stage II–IIIB NSCLC—bringing the total number of approved indications in China to four.
Meanwhile, in June 2025 Ameile? received marketing approval from the UK’s Medicines and Healthcare products Regulatory Agency (MHRA), achieving a milestone for the overseas expansion of a China-originated EGFR-TKI.
Hansoh’s lifecycle management strategy for Ameile? is clear and long-term: in the near term, rapidly cover the newly added adjuvant-therapy population; in the mid term, further cement market position via combination regimens (e.g., first-line chemo-combination showing PFS of 28.9 months); and in the long term, build deep moats through new mechanisms such as combinations with ADCs and c-MET small molecules.
The metabolism and other diseases segment was the fastest-growing in the first half, delivering RMB 1.400 billion, or 18.8% of revenue.
This growth was mainly driven by monetization of BD collaboration projects. During the reporting period, Hansoh recognized a US$112 million upfront payment from its small-molecule GLP-1 collaboration with Merck (MSD). This income demonstrated external validation of the pipeline’s value while BD strategy brought direct financial contributions.
This model creates a self-reinforcing positive cycle: strong sales of core products provide ample cash flow for R&D; the high-value pipeline produced by R&D, in turn, brings sizable returns through BD licensing, further strengthening the balance sheet and laying the foundation for even higher-level R&D investment.
In Hansoh’s traditional strongholds of CNS and anti-infectives, the company likewise maintained steady growth through iteration of innovative products.
In the first half, CNS revenue was RMB 768 million and anti-infectives revenue was RMB 735 million, both achieving approximately 4.8% year-over-year growth. The increases were driven by continued scaling of innovative drugs Xinyue? (inebilizumab) and Hengmu? (alemetazonofovir tablets).
The stable performance of these two segments provided valuable cash flow and market footing during the company’s overall transformation—an important safeguard for a “soft landing.”
The confidence behind Hansoh’s transformation ultimately comes from the depth and breadth of its R&D pipeline. The company is advancing more than 40 innovative drug candidates and conducting over 70 clinical trials, covering the most cutting-edge and hottest tracks in global biopharma.
Antibody-drug conjugates (ADCs) are the most eye-catching part of Hansoh’s pipeline, forming a sizable “ADC corps.”
Notably, the in-house B7-H3-targeting ADC (HS-20093) is among the global leaders in development and has entered Phase III clinical studies in China for two indications: small-cell lung cancer and bone/soft-tissue sarcomas. Through collaboration with GSK, global development of HS-20093 is also advancing rapidly, with plans to enter global Phase III in 2025 and launch combination studies with PD-1 inhibitors.
Another in-house B7-H4-targeting ADC (HS-20089) is likewise progressing quickly, with a Phase III clinical trial for ovarian cancer already underway.
In addition, next-generation ADC projects—such as the bispecific-antibody ADC targeting EGFR/c-MET (HS-20122) and HS-20108—received first-in-human approvals during the first half, underscoring the company’s continued iteration capabilities on its ADC technology platform.
In the world’s most watched anti-obesity field, Hansoh also holds a favorable position.
Its in-house GLP-1/GIP dual-receptor agonist HS-20094 is actively advancing Phase III clinical studies for obesity or overweight, with dosing cumulatively administered to more than a thousand participants.
In June 2025, Hansoh reached an exclusive overseas license agreement with Regeneron for HS-20094. In July, Hansoh received an US$80 million upfront payment and is eligible for up to US$1.93 billion in milestone payments plus future sales royalties.
Striking such a heavyweight deal with a top-tier global pharma not only brings substantial non-dilutive funding, but also serves as authoritative endorsement of the product’s best-in-class potential. It also deftly solves the challenge of conducting large-scale Phase III and commercialization overseas. As competition in the obesity pipeline intensifies, securing early, certain cash flows is increasingly important.
Beyond oncology and metabolism, Hansoh is systematically building a third growth pillar in autoimmune diseases.
The company follows a dual approach of “in-licensing + in-house.” HS-20137, an IL-23p19 monoclonal antibody in-licensed from Qyuns Therapeutics for moderate-to-severe plaque psoriasis, entered Phase III during the reporting period. Meanwhile, HS-10374, a selective allosteric TYK2 inhibitor developed in-house and a potential next-generation oral autoimmune blockbuster, is actively advancing Phase III trials for the same indication.
The most commendable aspect of Hansoh’s transformation is its smoothness.
While the business structure underwent a fundamental shift, the company’s overall revenue scale did not see sharp volatility or decline—instead, it maintained steady double-digit growth.
The key lies in clear planning and precise execution across the lifecycles of both new and legacy businesses.
Growth in innovative medicines has fully—and more than—offset the anticipated contraction of the generics business. According to the latest interim disclosure, in the first half of 2025, sales from innovative and partnered products already accounted for 82.7% of total revenue. As these products continue to commercialize, the company’s growth will enter a new stage, with the generics segment smoothly changing gears.
Hansoh’s growth engine has been completely “decoupled” from the policy risks that affect the generics business.
Hansoh has successfully forged a uniquely Chinese path of transformation: using sizable cash flows from mature businesses to continuously fund the high-investment, high-risk development of innovative drugs, and—keeping pace with the rapid growth of the innovation franchise—precisely completing the switch from old to new growth drivers.
From financials and business mix to the R&D pipeline, the 2025 interim report shows Hansoh Pharma already possesses all the core attributes of a mature biopharma: innovation products as the absolute revenue mainstay; a late-stage pipeline with global competitiveness; a sustainable, productive R&D platform; and the capability to maximize pipeline value through BD transactions.
Its success provides a clear and proven evolutionary path for many large traditional Chinese pharma companies. Looking ahead, more enterprises in China’s pharmaceutical industry are likely to attempt and complete this leap, and Hansoh Pharma has already set a new benchmark on this road.
[1]. https://staticpacific.blob.core.windows.net/press-releases-attachments/3910763/HKEX-EPS_20250818_11799486_0.PDF
