CLSA has released a research report indicating that Hansoh Pharma (03692) delivered robust performance in the second half of 2025, surpassing market expectations. Following a change in valuation methodology, the firm reaffirmed its "Outperform" rating on Hansoh Pharma but reduced the target price from HK$43.1 to HK$40, a decrease of 7.2%. The report noted that the company anticipates double-digit growth in both product sales and revenue from collaborative projects. Looking ahead, innovative drug growth and licensing income are expected to remain the primary drivers of the company's growth in 2026. CLSA described the current year as a "harvest year" for the company, with significant data readouts expected from multiple clinical trials and several new drug applications likely to accelerate the conversion of pipeline value into profit potential. The firm has lowered its net profit forecasts for Hansoh Pharma for 2026 to 2028 by 6% to 12%, reflecting an expected stabilization in licensing revenue and increased R&D expenditures as the company initiates more Phase III clinical trials during this period. CLSA projects revenue growth for the company of 14%, 10%, and 14% for 2026, 2027, and 2028, respectively, with net profit growth forecast at 9%, 12%, and 16% for the same years.