Industrial: Maintaining a "buy" rating on HANSOH PHARMA (03692), continuous validation of business development capabilities.

Industrial released a research report indicating that HANSOH PHARMA (03692) has a high proportion of innovative drug revenue, driving fast growth in performance. The company's independent research and development, as well as BD dual-drive, along with a rich early pipeline layout, and actively pursuing international deployment, opens up possibilities in overseas markets. The bank adjusted its revenue for 2025 to 2027 to be 14.537 billion yuan, 15.511 billion yuan, and 17.88 billion yuan respectively, with net profits attributable to the parent company of 4.516 billion yuan, 4.787 billion yuan, and 5.661 billion yuan. Corresponding to the closing price on October 31, 2025, the PE ratios are 44.92x, 42.38x, and 35.84x respectively, maintaining a "buy" rating. On October 16, 2025, the company signed a licensing agreement with Roche, granting Roche exclusive global rights to HS-20110 (CDH17 ADC) (excluding mainland China and Greater China). The company will receive an $80 million upfront payment and may receive up to $1.45 billion in milestone payments based on product development, registration approval, and commercial progress, as well as tiered royalties on future potential product sales. The report states that in October 2023, the company granted overseas rights to GSK for B7-H4 ADC with an $85 million upfront payment and $1.485 billion in potential milestones. In December 2023, the company granted GSK overseas rights to B7-H3 ADC with a $185 million upfront payment and $1.525 billion in potential milestones. In December 2024, the company granted global rights to an oral GLP-1 to Merck with a $112 million upfront payment and $190 million in milestones. In June 2025, the company granted overseas rights to GLP-1/GIP receptor agonists to Rejuvenating Energy with an $80 million upfront payment and $1.93 billion in milestones. So far, the company has reached licensing agreements with 5 products with 4 multinational companies in the past 3 years, leading among domestic enterprises. HS-20110 (CDH17 ADC) is currently undergoing global Phase I clinical trials for the treatment of colorectal cancer and other solid tumors in China and the United States. There are currently 10 CDH17 ADCs in clinical stages globally, with 4 in Phase 1/2 and 6 in Phase 1. The company's HS-20110 is the first and currently only CDH17 ADC to reach a licensing agreement with multinational companies, standing out in such a competitive field, demonstrating the company's strong ADC platform research and development capabilities to consistently introduce high-quality ADC pipelines.