Hansoh Pharmaceutical Group (3692) H2 2025 earnings summary

Executive summary

• Revenue rose 22.6% year-over-year to RMB15,028 million, driven by innovative medicines and collaborations.

• Profit for the year increased 27.1% to RMB5,555 million, with basic EPS up 26.4% to RMB0.93.

• Innovative medicines and collaborative products contributed 82.2% of total revenue.

• Major R&D and licensing milestones achieved, including global approvals and new indications for key products.

• Significant ESG progress, with MSCI ESG rating upgraded to AAA and top industry rankings.

Financial highlights

• Revenue: RMB15,028 million (+22.6% YoY); profit: RMB5,555 million (+27.1% YoY).

• R&D expenditure: RMB3,358 million (+24.3% YoY), 22.3% of revenue.

• Cost of sales: RMB1,498 million (+35.5% YoY), 10% of revenue.

• Selling and distribution expenses: RMB4,064 million (+7.1% YoY); admin expenses: RMB672 million (-5.7% YoY).

• Other income: RMB1,209 million (+6.7% YoY); income tax expense: RMB995 million (+39.5% YoY).

• Final dividend proposed: HK$20.00 cents/share; full-year dividend: HK$43.16 cents/share.

Outlook and guidance

• Innovation pipeline expected to drive future commercialization and global licensing opportunities.

• Innovative medicines to remain key growth driver as market penetration and NRDL inclusion expand.

• Industry remains competitive with evolving regulatory and reimbursement frameworks.

• Continued focus on oncology, CNS, metabolism, and immunology pipelines.