【招银国际】Overseas out-licensing as a sustainable profit driver-250324（5页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 MN 24 Mar 2025 CMB International Global Markets|Equity Research|Company Update Hansoh Pharma(3692 HK)Overseas out-licensing as a sustainable profit driver FY24 results i

2、n line.Hansohs FY24 performance was in line with expectations,reporting revenue of RMB12.26bn(+21.3%YoY)and attributable net income of RMB4.37bn(+33.4%YoY).Product sales reached RMB10.69bn(+13.7%YoY).Sales of innovative drugs,excluding collaboration revenue,saw strong growth of+28.2%YoY,totaling RMB

3、7.9bn.We believe the Company will meet its FY25E target for innovative drug sales to surpass RMB10.0bn(up over 25%YoY).FY24 saw improved cost efficiency,with SG&A as a percentage of product sales decreasing to 42%from 45%in FY23.R&D costs further increased 29%YoY to RMB2.70bn in FY24.The Company has

4、 consistently increased its dividend payout,with the payout ratio increasing from 35%in FY23 to 42.5%in FY24.We expect a stable payout ratio in FY25E and beyond.Long life cycle of aumolertinib driven by indication expansion.Aumolertinibs FY2024 sales demonstrated robust growth,increasing by 29%YoY.A

5、s an early entrant in Chinas third-generation EGFR-TKI market,aumolertinib benefits from its inclusion in the NRDL for first-line and second-line indications.Hansoh is actively pursuing further indication expansion,with two anticipated NRDL additions in early 2026:adjuvant therapy after resection(sN

6、DA submitted in Jul 2024)and maintenance therapy for locally advanced unresectable NSCLC(approved in Mar 2025).Aumolertinib is positioned to be the first domestic EGFR-TKI in these two indications.Furthermore,Hansoh is developing combination therapies such as aumolertinib+cMet inhibitor or EGFR/c-Me