Hansoh Pharma (3692.HK): China Healthcare Corporate Day 2026 Takeaways — Sales guide unchanged; Target 1-2 new BD deals in 2026

研报英文原文证据摘录

Hansoh Pharma (3692.HK): China Healthcare Corporate Day 2026 Takeaways — Sales guide unchanged; Target 1-2 new BD deals in 2026

Equity Research

29 June 2026 | 12:50AM HKT

Hansoh Pharma (3692.HK): China Healthcare Corporate Day 2026

Takeaways — Sales guide unchanged; Target 1-2 new BD deals in 2026

Ziyi Chen

+852-2978-0526 | ziyi.chen@gs.com

Goldman Sachs (Asia) L.L.C.

Honglin Yan

+852-2978-6666 | honglin.yan@gs.com

Eddie SongPresenters: Linda Guo - Manager, IR +852-2978-6426 | eddie.song@gs.com

Bottom line: Company noted that the visibility of recent policy impacts on sales

remains limited, and plans to reassess the impacts post-interim results, with current

double-digit sales growth guidance for 2026 unchanged. Hansoh continues to

execute a consistent BD strategy, targeting 1–2 license-out deals annually.

Key Takeaways

Limited near-term visibility on policy impacts with guidance unchanged:

Management indicated that the impact from the recent anti-corruption tightening

requires longer monitoring, with limited visibility at this stage as both policy

enforcement and physician behavior continue to change. The company plans to

reassess the full impact post interim results, while maintaining its current

double-digit (low-to-mid teens) sales growth guidance for 2026, supported by a

resilient innovation portfolio and milestone income from already secured BD deals.

Looking ahead, company highlighted a clear multi-engine growth profile for 2027,

with key contributors include 1) Ameile (aspiring to ~Rmb8bn peak for monotherapy

by 2030) and flumatinib (>Rmb1.5bn peak), supported by strong patient stickiness

and expanding treatment duration; 2) Xinyue (CD19 mAb) benefited from upcoming

NRDL inclusion across expanded indications (IgG4, MG) and differentiated