Orient Securities Research Report points out that Hisco is driving both domestic sales and overseas sales, and is on the right track of innovation and development. 2026H1 achieved revenue of 3,096 billion yuan, +54.71% year-on-year, and net profit of 851 million yuan to mother, +426.98% year-on-year. Continue to expand major indications, and the market potential is steadily increasing. International licensing exploded, and the platform's R&D capabilities were well recognized by MNC. The internationalization process has erupted in a blowout, and Eli Lilly and AbbVie are frequently favored. Empowered by high-barrier technology platforms, early development of pipelines or normalization of overseas travel. In terms of early research, the company has established high-barrier technology platforms such as macromolecules, targeted protein degradation, blood-brain barrier penetration, and inhalation formulations, expanding from the original small molecules to biopharmaceuticals and polypeptide drugs covering antibodies, antibody conjugates, and recombinant proteins. According to the draft equity incentive plan announced in August, 5 to 6 new INDs will be accepted every year for the next 3 years, and it is expected that overseas will be normalized. Considering that many innovative drug pipelines are in the clinical stage, the DCF valuation method was adopted, and the corresponding target price was 77.98 yuan, maintaining the “buy” rating.

Orient Securities Research Report points out that Hisco is driving both domestic sales and overseas sales, and is on the right track of innovation and development. 2026H1 achieved revenue of 3,096 billion yuan, +54.71% year-on-year, and net profit of 851 million yuan to mother, +426.98% year-on-year. Continue to expand major indications, and the market potential is steadily increasing. International licensing exploded, and the platform's R&D capabilities were well recognized by MNC. The internationalization process has erupted in a blowout, and Eli Lilly and AbbVie are frequently favored. Empowered by high-barrier technology platforms, early development of pipelines or normalization of overseas travel. In terms of early research, the company has established high-barrier technology platforms such as macromolecules, targeted protein degradation, blood-brain barrier penetration, and inhalation formulations, expanding from the original small molecules to biopharmaceuticals and polypeptide drugs covering antibodies, antibody conjugates, and recombinant proteins. According to the draft equity incentive plan announced in August, 5 to 6 new INDs will be accepted every year for the next 3 years, and it is expected that overseas will be normalized. Considering that many innovative drug pipelines are in the clinical stage, the DCF valuation method was adopted, and the corresponding target price was 77.98 yuan, maintaining the “buy” rating.