JPMorgan has released a research report maintaining its "Overweight" rating on Hansoh Pharma (03692). Based on the company's first-half performance, the bank has raised its full-year collaboration revenue forecast by 4% and slightly increased its long-term revenue projections due to improved visibility from new product approvals. The target price has been lifted from HK$45 to HK$50.

Hansoh Pharma's first-half results exceeded expectations, with revenue climbing 11.7% year-on-year to RMB 8.304 billion, driven primarily by innovative drugs and collaboration income, which together accounted for 85.4% of total revenue. Net profit for the period surged 35.8% year-on-year to RMB 4.258 billion, setting a new half-year record, though part of this included a one-time gain from an unlisted venture capital investment in the life sciences sector.

Management revealed during the earnings call that five new products are expected to receive approval next year, with a cumulative total of 30 new product approvals projected by 2030. JPMorgan believes this enhances market confidence in the company's pipeline progress.