Core Viewpoint - China National Pharmaceutical Group (中生制药) reported a decline of over 5% in stock price following the release of its interim results, despite showing strong revenue and profit growth [1] Financial Performance - The company achieved a revenue of 17.575 billion RMB, representing a year-on-year increase of 10.7% [1] - Net profit reached 3.389 billion RMB, up 12.3% year-on-year [1] - Earnings per share were reported at 0.1882 RMB [1] - A mid-term dividend of 0.05 HKD was declared, compared to 0.03 HKD in the same period last year [1] Market Expectations - CICC noted that the company's performance exceeded expectations, driven by higher-than-expected revenue from innovative products and dividend income [1] - Citigroup's report highlighted that both profit and revenue surpassed forecasts, with innovative product sales increasing by 27% to 7.8 billion RMB [1] - Management anticipates a 25% year-on-year growth in innovative product sales for the fiscal year 2025, maintaining a double-digit growth target for revenue and net profit [1] Product Pipeline - The management expects over 19 new products to be approved in the next three years, many of which have sales potential exceeding 2 billion RMB [1] - There is strong confidence in the out-licensing potential of innovative candidates, including TQC3721 (PDE3/4) [1]

8月19日，中国生物制药(01177)盘中下跌5.06%，截至10:06，报7.51元/股，成交6.1亿元。 本文源自：金融界 作者：行情君 截至2025年中报，中国生物制药营业总收入175.75亿元、净利润33.89亿元。 8月18日，2025年中期每股派港币0.05元，除权除息日2025-08-29，派息日2025-09-23(董事会预案)。 中国生物制药有限公司是一家创新研究和研发驱动型的医药集团，其主要业务包括医药研发、智能化生 产以及销售，主要产品包括多种生物药和化学药，特别在肿瘤、肝病、呼吸系统、外科/镇痛四大治疗 领域具有优势。公司自从2000年上市以来，在MSCI全球标准指数、恒生指数等多个指数中成为成分 股，连续六年入选《制药经理人》的"全球制药企业TOP50"，核心企业正大天晴药业集团、北京泰德制 药股份有限公司多年位列中国医药工业企业百强榜，公司产品收入占比逐年提升。 ...

花旗发表报告指，中国生物制药上半年利润和营收均高于预期，创新产品销售额按年增长27%至78亿 元。管理层预期2025财政年度创新产品销售额按年增长25%，并维持2025财政年度收入及净利的双位数 增长指引目标。管理层预期未来三年将有19种以上的新产品获批，其中许多产品的销售潜力超过20亿 元。管理层亦对包括TQC3721(PDE3/4)在内的创新候选制剂的外授权潜力充满信心。基于积极的进展， 该行将目标价由8.8港元上调至10.5港元，评级"买入"。 ...

转自：大公网 在政策支持与创新驱动的双重动力下，国内医药行业正加速复苏。8月18日，港股龙头药企中国生物制 药(01177.HK)公布2025半年度业绩报告，上半年公司实现营收175.7亿元，归母净利润33.9亿元，同比分 别增长10.7%和140.2%，连续三个报告期实现双位数稳定增长。 报告期内，中国生物制药创新转型成效显著，研发管线已经进入密集收获期。财报显示，继去年全年突 破120亿元大关后，今年上半年，公司创新产品收入再上台阶，仅半年就达到78亿元，同比强劲增长 27.2%;占总收入比例也进一步提升至44.4%，充分显示创新转型已进入深水区。公司表示，对全年实现 双位数增长充满信心，创新产品收入增速全年有望达到25%以上，占收入比有望顺利突破50%。 创新产品收入劲增27.2% 预计年底收入占比过半 作为行业龙头，中国生物制药已连续多年在创新研发上重磅投入，并迎来密集收获期。业绩公告显示， 今年上半年，公司研发费用投入达31.9亿元，较上年同期增加6.1亿元，研发费用占收入比例达到 18.1%，也较上年同期增长1.9个百分点。其中，创新药及生物类似药研发费用占比达到78%。公司创新 产品收入上半年达 ...

智通财经APP获悉，中金发布研报称，考虑经营效率优化和股息收入增加，上调中国生物制药 (01177)2025/2026经调整净利润16.9%/17.2%至44.70亿元/49.21亿元。当前股价对应2025/2026年30.4 倍/27.2倍经调整市盈率。维持跑赢行业评级，同步上调目标价17.1%至8.90港元，对应34.2倍2025年市 盈率和30.6倍2026年经调整市盈率，较当前股价有12.5%的上行空间。 中金主要观点如下： 1H25业绩超出该行预期 1H25公司持续推进规模化、集中化和精细化管理，实现毛利率82.5%(YoY+0.4ppt)，销售管理费用率 42.9%(YoY-0.2ppt)，集团营销人员数同比下滑8.6%，主要企业营销人均产出同比提升21.8%，团队效率 稳步提升。 并购礼新制药，全球创新步伐进一步加快 公司创新管线围绕肿瘤、肝病代谢、呼吸感染和外科镇痛进行重点布局，并购礼新制药后，肿瘤领域布 局加速升级。1)肺癌全覆盖NSCLC：TQB2922(EGFR/c-Met双抗)即将开展NSCLC的III期临床， TQB6411(EGFR/c-Met双抗ADC)I期临床入组中，LM-16 ...

Core Viewpoint - Company has raised its adjusted net profit forecast for China Biopharmaceutical (01177) for 2025/2026 by 16.9%/17.2% to CNY 4.47 billion/CNY 4.92 billion, driven by operational efficiency improvements and increased dividend income [1] Financial Performance - In 1H25, the company reported revenue of CNY 17.575 billion, a year-on-year increase of 10.7%; net profit attributable to shareholders was CNY 3.389 billion, up 12.3%; adjusted net profit reached CNY 3.088 billion, a significant increase of 101.1%, exceeding expectations due to better-than-expected revenue from innovative products and dividend income [2] Growth Drivers - Innovative products drove double-digit revenue growth in 1H25, with innovative product revenue reaching CNY 7.799 billion, a year-on-year increase of 27.2%, accounting for 44.4% of total revenue (up 5.8 percentage points year-on-year); oncology drug revenue was CNY 6.694 billion (up 24.9%), and surgical analgesics revenue was CNY 3.105 billion (up 20.2%); the company expects innovative product revenue to exceed 50% of total revenue in 2025 [3] Management Efficiency - The company has improved management efficiency, achieving a gross margin of 82.5% (up 0.4 percentage points year-on-year) and a sales management expense ratio of 42.9% (down 0.2 percentage points year-on-year); the number of marketing personnel decreased by 8.6% year-on-year, while per capita output of marketing personnel increased by 21.8% [4] Strategic Acquisitions - Following the acquisition of Lixin Pharmaceutical, the company has accelerated its innovation pipeline focusing on oncology, liver disease metabolism, respiratory infections, and surgical analgesics; it is advancing clinical trials for various cancer treatments, including lung cancer and breast cancer, and expects to see more effective data and overseas business development transactions [5]

每经记者｜林姿辰 每经编辑｜董兴生 8月18日，中国生物制药（01177.HK）发布2025年半年报，公司上半年实现营业收入175.7亿元，同比增 长10.7%；实现持续经营业务归母净利润33.9亿元，同比增长140.2%；实现经调整归母净利润30.9亿 元，同比增长101.1%。 《每日经济新闻》记者注意到，在港股创新药板块升温的背景下，今年以来中国生物制药股价涨幅接近 150%，总市值重上并站稳千亿港元。截至8月18日收盘，已达到1483.97亿港元。 值得注意的是，今年上半年，公司超过90%的收入仍来自中国内地客户。但中国生物制药表示，从今年 起，对外授权合作有望成为集团（中国生物制药及其附属公司）又一常态化收入来源。 创新产品收入同比增长超27%，已成业绩增长主要动力 中国生物制药的产品包括多种生物药和化学药，涉及肿瘤、肝病/代谢、呼吸系统、外科/镇痛四大治疗 领域。 其中，前者是中国首款一日一次的长效镇痛非甾体抗炎药（NSAIDs）注射液，可用于成人术后疼痛管 理；后者是中国首个国产重组人凝血因子VIIa类生物制品，可用于凝血因子VIII或IX的抑制物>5个 Bethesda单位（BU）的成人及青少 ...

新华财经南京8月18日电（记者朱程）18日，中国生物制药披露的2025半年度业绩报告显示，公司实现 营收175.7亿元，归母净利润33.9亿元，同比分别增长10.7%和140.2%。 中国生物制药预计，在2025至2027年，还将有19个创新产品获批。其中，一半以上是销售峰值有望超过 20亿元的大单品。 中国生物制药董事会主席谢其润表示，从去年中期以来，公司业绩已连续三个报告期实现双位数强劲增 长，充分彰显了公司的研发布局已进入密集收获期。 （文章来源：新华财经） 业绩公告显示，今年上半年，中国生物制药研发费用投入达31.9亿元，较上年同期增加6.1亿元，研发费 用占收入比例达到18.1%，也较上年同期增长1.9个百分点。其中，创新药及生物类似药研发费用占比达 到78%。由此带来的创新产品收入在2025年上半年达到78亿元，同比增长27.2%。 报告期内，中国生物制药资金储备达305亿元。公司2025年半年度拟派息8.2亿元，较上年同期增加超 60%。 据悉，过去两年，中国生物制药先后获批创新产品达11个。该公司预计，2025全年，创新产品收入增速 预计达到25%以上，对业绩的增量贡献将超过30亿元。三代升白 ...

Core Insights - The domestic pharmaceutical industry is accelerating its recovery driven by policy support and innovation [1] - China National Pharmaceutical Group (China Biopharma) reported a significant increase in revenue and net profit for the first half of 2025, achieving revenue of 17.57 billion yuan and a net profit of 3.39 billion yuan, representing year-on-year growth of 10.7% and 140.2% respectively [1][2] - The company is entering a dense harvest period for its R&D pipeline, with innovative product revenue reaching 7.8 billion yuan in the first half of the year, a strong year-on-year growth of 27.2% [2][3] Revenue and Profit Growth - The company has achieved double-digit stable growth for three consecutive reporting periods [1] - Innovative products now account for 44.4% of total revenue, with expectations to exceed 50% by the end of the year [1][2] - The company anticipates a full-year growth rate of over 25% for innovative product revenue, contributing more than 3 billion yuan to overall performance [2] R&D Investment and Product Pipeline - R&D expenses for the first half of the year reached 3.19 billion yuan, an increase of 610 million yuan year-on-year, representing 18.1% of total revenue [2] - The company has received approvals for 11 innovative products over the past two years, with several new products approved this year, including the first 24-hour long-acting NSAID injection [2][3] - The company plans to obtain approvals for 19 innovative products from 2025 to 2027, with over half expected to exceed 2 billion yuan in sales potential [3] Therapeutic Areas and Market Position - The company has made significant progress in four key therapeutic areas: oncology, liver disease, respiratory, and surgical/pain management [4][5] - In oncology, the company is advancing multiple products, including a dual-target antibody for non-small cell lung cancer and a CDK2/4/6 inhibitor for breast cancer [4] - The company has a strong pipeline in respiratory diseases, with a focus on multiple dosage forms and a leading position in clinical progress [4] Financial Health and Shareholder Returns - The company has a robust cash reserve of 30.5 billion yuan and plans to distribute dividends of 820 million yuan for the first half of 2025, a year-on-year increase of over 60% [5] - The company's stock price has increased by over 150% this year, reflecting steady long-term returns for shareholders [5]

中国生物制药2025年上半年创新产品收入大幅增长，显示出公司转型创新药的成效正在显现。据最新披 露的半年报数据，公司创新产品收入达到人民币78亿元，同比增长27.2%，占总收入比例持续提升。与 此同时，公司研发投入力度不减，研究与开发成本约人民币31.88亿元，占收入比例达18.1%。 创新产品获批推动业绩增长 2025年上半年，中国生物制药共有2个创新产品获得国家药品监督管理局批准上市，分别为普坦宁（美 洛昔康注射液（II））和安启新（注射用重组人凝血因子VIIaN01）。这两款产品的获批上市为公司创 新产品收入增长提供了重要支撑。 除创新产品外，公司仿制药业务同样表现稳健。报告期内，公司还有5个仿制药获得国家药品监督管理 局批准上市，整体仿制药收入在2025年上半年保持正增长。这表明公司在推进创新转型的同时，传统仿 制药业务依然具备竞争力。 研发投入持续加码 中国生物制药对研发的重视程度从投入数据中可见一斑。截至2025年6月30日止六个月，公司研究与开 发成本约人民币31.88亿元，占收入约18.1%。连同已资本化的研发总开支在内，约95.7%已计入损益表 中，体现了公司将研发视为可持续发展基础的战略思 ...