Haitong International has reported that Hansoh Pharma (03692) has entered into a licensing agreement with Roche for HS-20110 (CDH17ADC). Under this agreement, Hansoh Pharma will receive an upfront payment of $80 million, along with up to $1.45 billion in milestone payments tied to development, regulatory approval, and commercialization progress, plus a share of product sales. HS-20110 is a potential first-in-class product, created by covalently linking a CDH17 antibody with a topoisomerase inhibitor. Currently, this product is undergoing a global Phase I clinical trial for the treatment of colorectal cancer and other solid tumors in China and the United States. The report indicates that the firm is optimistic about the normalization of milestone revenues and external licensing opportunities for Hansoh Pharma, as milestone revenue for the first half of 2025 significantly exceeded expectations, prompting management to raise the full-year revenue guidance to a mid-to-high double-digit growth. Revenue from innovative drugs is projected to exceed 10 billion yuan in 2025, with the proportion of innovative drug sales expected to surpass 80%. Revenues from milestone and upfront payments are anticipated to exceed 2.2 billion yuan. Among the early pipeline, several innovative molecules, including EGFR/cMET ADC and CDH6ADC, present licensing opportunities. The firm is also optimistic about continued growth in sales of Amatuximab domestically; four indications for this core product have been approved, with sales expected to exceed 6 billion yuan in 2025, and peak sales for the single drug anticipated to reach 8 billion yuan. The approval for Amatuximab in combination with chemotherapy for first-line NSCLC treatment is expected in the second half of the year. In terms of the R&D pipeline, combinations of Amatuximab with c-Met TKI and EGFR/c-Met bispecific antibodies/ADCs are expected to further solidify its leading position in the lung cancer market. Risks include the possibility of drug sales falling short of expectations, new drug development risks, increasing industry competition, exchange rate risks, and policy risks.