Revenue of 66.666 billion, net profit of 8.3 billion, deep digging into the investment certainty behind HENLIUS (02696) 2025 annual report

Since 2026, the pharmaceutical sector of the Hong Kong stock market has been constantly fluctuating due to multiple external factors. The Hang Seng Healthcare Index has dropped by 1.68% since the beginning of the year. Behind this is not simply a rotation of funds, but a structural shift in market fund aesthetics. Different from the bull market of innovative drugs in 2025, which was mainly driven by single innovative targets and pipeline BD expectations, after experiencing a series of external disruptions, investors in the current Hong Kong stock market for innovative drugs are more willing to pay a premium for clear value realization. "Accelerated Innovation-Globalization Realization-Performance Verification" has gradually become the key logic for evaluating the "investment certainty" of innovative drug enterprises. In this market context, HENLIUS (02696), relying on its global systematic advantages in innovation research and development, registration application, quality control, and market commercialization, has steadily realized its global commercial results and achieved double revenue and profit growth for three consecutive years. The counter-trend growth momentum and development resilience demonstrated by HENLIUS have aligned with the investment sentiment of the current secondary market, which is a key reason why HENLIUS' stock price has significantly outperformed the index this year, and is the starting point for investors to analyze the company's newly released 2025 annual performance. With the continuous double growth in revenue and profit for three consecutive years, HENLIUS has built a solid foundation for innovation and internationalization. The company's financial report shows that it achieved a revenue of 6.666 billion RMB during the reporting period, an increase of 16.5% year-on-year; and a net profit of 827 million RMB. Since first achieving profitability in full year 2023, the company has achieved double growth in revenue and profit for three consecutive years, which is the most direct highlight of HENLIUS' annual report. The logic of "Accelerated Innovation-Globalization Realization-Performance Verification" is highly applicable to HENLIUS, as the company's existing pipeline for commercializing innovative drugs and biopharmaceutical products have already shown impressive performance. The synergy between the two has driven overall product revenue to new highs. As the core product in HENLIUS' lung cancer and digestive tract tumor treatment product lineup, HANXISTER has continued to release its global commercialization potential in 2025. During the reporting period, HANXISTER was approved for first-line treatment of extensive-stage small cell lung cancer (ES-SCLC) in Europe and several emerging markets, approved for the treatment of squamous non-small cell lung cancer (sqNSCLC) in Indonesia and Thailand, and completed medical insurance access in seven EU member states including Germany, Italy, and Spain. Up to now, HANXISTER has been approved for marketing in more than 40 countries and regions, and continues to make breakthroughs in lung cancer and gastrointestinal tumor treatment, with the potential of FIC and BIC accelerating. Benefiting from HENLIUS' strong international commercialization drive, after becoming the world's first approved PD-1 monoclonal antibody for first-line treatment of SCLC, HANXISTER has also become the first global treatment for gastric cancer. The perioperative period replaces adjuvant chemotherapy with single immunotherapy. Additionally, the international multi-center Phase III study of HANXISTER for first-line treatment of metastatic colorectal cancer (mCRC) has completed enrollment, and is expected to become the first immune checkpoint inhibitor for first-line treatment of microsatellite stable mCRC. The financial report shows that the drug achieved a global revenue of 1.493 billion RMB during the reporting period, a year-on-year increase of 13.7%. With the acceleration of the differentiated clinical value of HANXISTER, its global commercialization strength is also expected to be realized in HENLIUS' subsequent overseas revenue. In fact, HANXISTER has evolved into a cash cow product under the global map of HENLIUS, thanks to the company's mature development system. HANXISTER has obtained breakthrough therapy designation for the treatment of gastric cancer perioperative period in China, and the relevant marketing application has been accepted and included in priority review, with approval expected in 2026; at the same time, the indication for the treatment of limited stage small cell lung cancer (LS-SCLC) by HANXISTER is also planned to be submitted for NDA in 2026. In overseas markets, the indication for treating ESCC with HANXISTER is expected to be approved in the EU in 2026; the bridging trial for first-line treatment of ES-SCLC with HANXISTER in the US has completed patient enrollment and is planned to submit BLA to the US FDA in 2026. It is evident that with the strong international commercialization drive of the company, after becoming the world's first approved first-line SCLC treatment with PD-1 monoclonal antibody, HANXISTER has become the first global treatment for gastric cancer in the perioperative period to replace adjuvant chemotherapy. At the same time, the international multi-center Phase III study of HANXISTER for first-line treatment of ES-SCLC has completed patient enrollment, and is planned to be the first immune checkpoint inhibitor for first-line treatment of microsatellite stable mCRC. The financial report shows that the drug achieved a global revenue of 1.493 billion RMB during the reporting period, a year-on-year increase of 13.7%. It is believed that with the accelerated release of the differentiated clinical value of HANXISTER, its global commercialization strength will also be realized in the subsequent overseas revenue. HHENLIUS H H2026;H(LS-SCLC)2026NDAHESCC2026;HES-SCLC2026FDABLA H H+ HENLIUS32.6829.655.5%503.01564.2%HER2 HENLIUSCDK4/6;HLX11FDAEMA HER2HER2 ADCKAT6A/BHER2ADCLIV-1 ADCHENLIUS HENLIUSH+ HENLIUSH C-MNC 2025HENLIUS24.9235.4%23.42526.2%... Above is the translation of the provided text.