BOCOM INTL: Lower HANSOH PHARMA (03692) target price to HK$44.5, performance exceeded expectations last year.

BOCOM INTL released a research report stating that it maintains a "buy" rating on HANSOH PHARMA (03692) and has lowered the target price to HK$44.5. HANSOH PHARMA's performance in 2025 exceeded expectations, with continued high growth in innovative drug sales and BD in 2026. The company's full-year revenue and net profit increased by 23% and 27% respectively, reaching RMB 15.03 billion and RMB 5.56 billion, exceeding the bank's and market expectations. Looking ahead to 2026, management has indicated that product sales and cooperation revenue will both achieve double-digit growth, with R&D investment expected to increase by over 30%. In the long term, the company expects sales of Amelex to maintain stable growth before 2030, with a peak sales guidance of RMB 8 billion. The report points out that HANSOH PHARMA's pipeline will fully blossom in the mid to late 2026, with a rich catalyst. Key pipeline progress includes: 1) HS-20093 (B7H3ADC): expected to release phase II data for 2LSCLC and 2L osteosarcoma in China this year and apply for market approval; phase III for 2L non-squamous NSCLC has recently started, with global phase II for 2LSCLC in progress; 2) HS-20089 (B7H4ADC): GSK has initiated phase III trials for advanced endometrial and ovarian cancer, expected to release phase I/II data this year; 3) HS-20094 (GLP-1/GIP): expected to publish weight-loss phase III data in 2H26 and apply for market approval, with approval in China in 2H27; 4) HS10374 (TYK2 inhibitor): plans to release phase III data for Chinese psoriasis this year and apply for market approval. Additionally, nine products are expected to start phase III or key registration clinical trials this year.