Core Viewpoint - The report from CMB International indicates an adjustment in the profit forecast for China Biologic Products (01177) for 2025 to 2027, reflecting a decrease of 6%, an increase of 9%, and a decrease of 2% respectively, along with a revised DCF target price of HKD 8.5, corresponding to a 42 times P/E ratio for 2026 and a PEG of 1.3 based on core net profit predictions, while maintaining a "Buy" rating [1] Group 1 - CMB International forecasts that the growth rate of the Chinese biopharmaceutical industry is expected to maintain double digits from 2026 to 2027, driven by contributions from existing major products and several newly launched products, manageable centralized procurement risk exposure, and the normalization potential of BD revenue [1] - The company is transitioning its growth path from pipeline expansion to the layout of next-generation technology platforms, and from solely introducing products to a dual approach of introducing and going global, indicating the emergence of a global MNC big pharmaceutical enterprise [1]

Core Viewpoint - The report from CMB International indicates a revision in the profit forecast for China Biologic Products (01177) for 2025 to 2027, reflecting a decrease of 6%, an increase of 9%, and a decrease of 2% respectively, alongside a lowered DCF target price to HKD 8.5, corresponding to a 42 times P/E ratio for 2026 and a PEG of 1.3 based on core net profit predictions, while maintaining a "Buy" rating [1] Group 1 - CMB International anticipates that the growth rate of the Chinese biopharmaceutical industry is likely to maintain double digits from 2026 to 2027, driven by contributions from existing major products and several newly launched products, manageable procurement risk exposure, and the normalization potential of BD revenue [1] - The company is transitioning from pipeline expansion to the layout of next-generation technology platforms, and from merely introducing products to a dual approach of introducing and going global, indicating the emergence of a global MNC big pharmaceutical enterprise [1]

基于对公司产品销售和授权合作收入确认节奏的最新预测、及对降本增效加收入结构改善带来的利润率 改善空间，该行调整集团2025至2027年净利润预测为跌6%、增9%、跌2%，下调DCF目标价至8.5港 元，维持"买入"评级。 交银国际发表研报指，中国生物制药业绩增速有望在2026至2027年维持双位数，得益于现有大单品和多 个新上市产品贡献增量、可控的集采风险敞口及BD收入的常态化潜力。该行认为，中生制药凭借前瞻 性视野和充足的资金储备，公司成长路径正快速从管线扩张升级为下一代技术平台布局、从引进升级为 引进+出海并行，全球MNC大药企雏形初显。 ...

Group 1 - The core point of the article highlights the acceleration of domestic pharmaceutical mergers and acquisitions (M&A), with companies like Kanghua Biotech and China Biopharmaceutical leading the trend [1][5][8] - Kanghua Biotech announced its acquisition of Nameixin through capital increase and equity transfer, marking a significant move in the domestic M&A landscape [1] - The trend of M&A in China's innovative drug sector is seen as a response to the need for companies to enhance their capabilities and integrate resources [5][7] Group 2 - Historically, M&A activities in China's innovative drug sector have been limited due to various factors, including the ambition of biotech companies to grow independently and the insufficient quality of innovations [4][3] - The financial strength of domestic pharmaceutical companies is relatively lower compared to their international counterparts, with leading domestic firms holding around $20 billion in cash compared to over $300 billion for top global firms [4] - Recent M&A activities, although smaller in scale compared to international deals, indicate a shift towards realizing the value of existing capabilities within leading domestic companies [5][6] Group 3 - The M&A trend is driven by the need for domestic companies to leverage their clinical development and commercialization capabilities, as seen in the case of Kanghua Biotech and Nameixin [6][7] - The integration of resources through M&A is expected to enhance the competitive edge of domestic firms, allowing them to quickly fill technological gaps and expand their product pipelines [8][9] - The acceleration of internal circulation in the industry is anticipated to create a more favorable ecosystem for both large pharmaceutical companies and smaller biotech firms, fostering innovation and addressing unmet clinical needs [9][10]

Group 1 - The pharmaceutical and biotechnology industry is experiencing active consolidation and collaboration, with significant acquisitions and partnerships announced recently [1] - China National Pharmaceutical Group announced a full acquisition of Hejiya Biotech for 1.2 billion RMB, gaining access to its leading technology platform and diverse product pipeline [1] - Rongchang Biotech entered an exclusive licensing agreement with AbbVie for the bispecific antibody RC148, receiving an upfront payment of 650 million USD and potential milestone payments [1] Group 2 - WuXi AppTec announced plans to acquire all issued shares of Dongyao Pharmaceutical for approximately 2.79 billion HKD [1] - The Ministry of Commerce and nine other departments released guidelines to promote high-quality development in the pharmaceutical retail industry, focusing on transformation, payment, supply, and integration [1] - The policy encourages mergers and acquisitions, aiming to shift the industry from a "single drug sales" model to a "health service" model, which is expected to accelerate the clearing of individual pharmacies and increase industry concentration [1]

研究结果显示，在已接受NAs治疗至少12个月的成人HBV感染者中，TQA3605联合NAs治疗24周能够显 著提高HBV DNA低于定量检测值下限(<20 IU/mL)的受试者比例，所有剂量组均接近90%，显著优于 NAs单药对照组(p < 0.0001)。在安全性方面，TQA3605整体安全性良好，总体不良反应发生率与对照组 相当，且大部分治疗期间出现的不良事件(TEAE)为1-2级，未观察到新出现的安全性信号。详细研究结 果将在后续国际学术会议上公布。 TQA3605是集团自主研发的一款HBV核心蛋白调节剂，可有效抑制多种基因型HBV，且与NAs无交叉 耐药性。目前全球尚无针对HBV的核心蛋白调节剂获批上市，相较于同类在研药物，TQA3605 安全性 更优，且每日一次口服的给药方式更为便捷，有望为广大慢性HBV感染患者提供全新治疗选择。 智通财经APP讯，中国生物制药(01177)公布，该集团自主研发的国家1类创新药TQA3605片"核心蛋白变 构调节剂(CpAM)"已于近日完成针对慢性乙型肝炎病毒(HBV)感染患者的二期临床试验，并达到主要终 点。 该研究是一项随机、双盲、安慰剂对照、多中心二期研究(N ...

研究结果显示，在已接受NAs治疗至少12个月的成人HBV感染者中，TQA3605联合NAs治疗24周能够显 著提高HBV DNA低于定量检测值下限(<20IU/mL)的受试者比例，所有剂量组均接近90%，显著优于 NAs单药对照组(p<0.0001)。在安全性方面，TQA3605整体安全性良好，总体不良反应发生率与对照组 相当，且大部分治疗期间出现的不良事件(TEAE)为1-2级，未观察到新出现的安全性信号。详细研究结 果将在后续国际学术会议上公布。 TQA3605是集团自主研发的一款HBV核心蛋白调节剂，可有效抑制多种基因型HBV，且与NAs无交叉 耐药性。目前全球尚无针对HBV的核心蛋白调节剂获批上市，相较于同类在研药物，TQA3605安全性 更优，且每日一次口服的给药方式更为便捷，有望为广大慢性HBV感染患者提供全新治疗选择。 中国生物制药(01177)公布，该集团自主研发的国家1类创新药TQA3605片"核心蛋白变构调节剂 (CpAM)"已于近日完成针对慢性乙型肝炎病毒(HBV)感染患者的二期临床试验，并达到主要终点。 该研究是一项随机、双盲、安慰剂对照、多中心二期研究(NCT06644417)，旨在 ...

研究结果显示，在已接受NAs治疗至少12个月的成人HBV感染者中，TQA3605联合NAs治疗24周能够显 著提高HBV DNA低于定量检测值下限(<20 IU/mL)的受试者比例，所有剂量组均接近90%，显著优于 NAs单药对照组(p < 0.0001)。在安全性方面，TQA3605整体安全性良好，总体不良反应发生率与对照组 相当，且大部分治疗期间出现的不良事件(TEAE)为1-2级，未观察到新出现的安全性信号。详细研究结 果将在后续国际学术会议上公布。 格隆汇1月27日丨中国生物制药(01177.HK)宣布，集团自主研发的国家1类创新药TQA3605片"核心蛋白 变构调节剂(CpAM)"已于近日完成针对慢性乙型肝炎病毒(HBV)感染患者的二期临床试验，并达到主要 终点。 该研究是一项随机、双盲、安慰剂对照、多中心二期研究(NCT06644417)，旨在评价TQA3605联合核甘 (酸)类药物(NAs)在经治的低病毒血症的慢性HBV感染受试者中的有效性和安全性。该研究共入组122例 受试者，分为安慰剂对照组及多个不同剂量TQA3605试验组，给药方式为每日一次口服。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） 網站：www.sinobiopharm.com （股份編號：1177） 自願公告 TQA3605「核心蛋白變構調節劑」慢性乙型肝炎二期取得積極進展 該研究是一項隨機、雙盲、安慰劑對照、多中心二期研究(NCT06644417)，旨在評價TQA3605聯合 核甘（酸）類藥物(NAs)在經治的低病毒血症的慢性HBV感染受試者中的有效性和安全性。該研究共入 組122例受試者，分為安慰劑對照組及多個不同劑量TQA3605試驗組，給藥方式為每日一次口服。 中國生物製藥有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董事會」）宣佈，本集團自 主研發的國家1類創新藥TQA3605片「核心蛋白變構調節劑(CpAM)」已於近日完成針對慢性乙型肝炎 病毒(HBV)感染患者的二期臨床試驗，並達到主要終點。 中國生物製藥有限公司 中國現有約8600萬HBV攜帶者，其中慢性HBV感染 ...

Core Viewpoint - By 2025, China's innovative pharmaceuticals are expected to demonstrate significant global competitiveness, with record overseas transactions and many companies turning profitable [1][2]. Domestic Review - The global competitiveness of Chinese innovative drugs is highlighted, with a record-breaking overseas transaction total exceeding $135 billion in 2025, and upfront payments reaching $7 billion. The average deal size has increased from $600 million to $900 million [2]. - A comprehensive support system from policy, including review and approval processes to medical insurance payments, is being established, leading to a rapid increase in market share for innovative drugs, particularly in oncology and immunology, which now exceeds 32% [2]. - Companies like BeiGene and Innovent Biologics have already turned profitable, with others like CanSino Biologics and Zai Lab expected to follow suit in the next three years, indicating a positive cycle of capital influx, R&D iteration, and value realization [2]. Overseas Review - The S&P Biotechnology Index has risen over 50% from its bottom in the second half of 2025, driven by interest rate cuts that have shifted funds from tech stocks to biotech [3]. - Major pharmaceutical companies (MNCs) are actively pursuing mergers and acquisitions to supplement their pipelines, particularly in oncology and immunology, as they face a "patent cliff" with key drugs like Keytruda and Opdivo losing patent protection by 2027-2028 [3]. Assessment - Chinese companies are becoming significant partners for the top 20 MNCs, with Chinese transaction amounts accounting for 40% of the global innovative drug market. China is transitioning from a "fast-follower" to a "smart-innovator" in fields like PD-1 bispecific antibodies, ADCs, and small nucleic acids, leading in pipeline numbers and clinical progress [4]. - The speed and cost advantages of Chinese innovative drug companies are notable, with patient recruitment occurring at 2-5 times the speed of international counterparts and costs being half that of Western companies [4]. Key Tracks and Investment Opportunities - Bispecific antibodies are expected to surpass $120 billion in global sales, with Chinese companies leading the development of second-generation IO products [5]. - ADCs are seeing significant contributions from China, with over half of the global pipeline, and are expected to achieve proof of concept (POC) validation by 2026 [5]. - Combination therapies in oncology are showing synergistic effects, with key clinical data expected in 2026 [5]. - The market for iRAS inhibitors is projected to exceed $8 billion in the U.S., with critical breakthroughs anticipated in 2026 [5]. - Small nucleic acids are expanding into broader applications, with key products expected to commercialize and deliver critical data in 2026 [5]. - Protein degradation technologies are advancing rapidly, with numerous autoimmune disease targets expected to yield data in 2026 [5]. - The metabolic and cardiovascular fields are also poised for breakthroughs, with new targets addressing issues like muscle loss associated with GLP-1 therapies [5]. Main Lines and Recommended Focus - Recommended companies in the bispecific antibody space include CanSino Biologics, Innovent Biologics, and others [7]. - ADC-focused companies include I-Mab, Kelun-Biotech, and others [7]. - Small nucleic acid companies to watch include Ribobio, BIBO, and others [7]. - Strategic combinations to consider include CanSino Biologics, BeiGene, and others [8]. - Flexible combinations include BIBO, Eifang Biologics, and others [8]. - Stable combinations include Hengrui Medicine, China National Pharmaceutical Group, and others [8].