另外，该行重申对翰森制药"跑赢大市"评级，目标价由27.8港元升至43.1港元，上调2025至27年收入预 测19%至29%，净利润预测10%至29%，基于创新药增长有机会好过预期，以及较高BD业务收入。 同时，该行重申对康哲药业"跑赢大市"评级，目标价由10港元升至15.6港元，上调2025至27年收入预测 0%至2%，净利润预测3%至6%，因今年上半年业绩胜预期。 里昂发布研报称，3间内地药企包括中国生物制药(01177)、翰森制药(03692)及康哲药业(00867)，上半年 均录得稳健业绩，2024年下半年及2025年上半年均实现双位数收入增长。该行预期势头将于2025年下半 年延续，推动因素包括更多创新药物上市及新产品销售增加、内地医疗保险支出环境更有利、以及潜在 的商业拓展(BD)收入。 股份方面，该行重申对中生制药"跑赢大市"评级，目标价维持9.2港元，料公司收入增长加速，2025至 27年分别升12%、15%及16%;基于创新药收入贡献增加，预期利润率亦有增长。 ...

另外，该行重申对翰森制药"跑赢大市"评级，目标价由27.8港元升至43.1港元，上调2025至27年收入预 测19%至29%，净利润预测10%至29%，基于创新药增长有机会好过预期，以及较高BD业务收入。 同时，该行重申对康哲药业"跑赢大市"评级，目标价由10港元升至15.6港元，上调2025至27年收入预测 0%至2%，净利润预测3%至6%，因今年上半年业绩胜预期。 智通财经APP获悉，里昂发布研报称，3间内地药企包括中国生物制药(01177)、翰森制药(03692)及康哲 药业(00867)，上半年均录得稳健业绩，2024年下半年及2025年上半年均实现双位数收入增长。该行预 期势头将于2025年下半年延续，推动因素包括更多创新药物上市及新产品销售增加、内地医疗保险支出 环境更有利、以及潜在的商业拓展(BD)收入。 股份方面，该行重申对中生制药"跑赢大市"评级，目标价维持9.2港元，料公司收入增长加速，2025至 27年分别升12%、15%及16%;基于创新药收入贡献增加，预期利润率亦有增长。 ...

Group 1 - The core viewpoint of the report indicates that China Biopharmaceutical's revenue increased by 10.7% year-on-year in the first half of the year, with net profit rising by 12.3% and adjusted net profit soaring by 101.1%, surpassing expectations due to better-than-expected growth in innovative product revenue and dividend income [1] - The firm anticipates that the approval process for innovative products will accelerate over the next three years, potentially driving additional revenue for the company [1] - Due to improvements in operational efficiency and increased dividend income, the firm has raised its adjusted net profit forecasts for the next two years by 16.9% and 17.2%, to 4.47 billion and 4.921 billion yuan respectively [1] Group 2 - The firm maintains an "outperform" rating for the company and has raised the target price by 17.1% to 8.9 HKD [1]

Group 1 - The core viewpoint of the article is that China Biopharmaceutical (01177) reported a 10.7% year-on-year revenue growth in the first half of the year, driven by strong sales of innovative drugs, biosimilars, and a recovery in generic drug sales [1] - The net profit from continuing operations saw a significant year-on-year increase of 140%, supported by dividend income and changes in financial assets [1] - Management maintains a double-digit growth guidance for 2025, with expectations of receiving $300 million in Merck milestone payments and potential BD licensing deals in the second half of the year [1] Group 2 - China International Capital Corporation estimates that the contribution of innovative drugs to China Biopharmaceutical's revenue is expected to rise from 50% in 2025 to 60% by 2027 [1] - The target price for China Biopharmaceutical has been raised from HKD 7.7 to HKD 8.7, while maintaining a "Buy" rating [1]

Core Viewpoint - China Biopharmaceutical (01177) reported a 10.7% year-on-year revenue growth in the first half of the year, driven by strong sales of innovative drugs, biosimilars, and a recovery in generic drug sales [1] Financial Performance - The net profit from continuing operations increased significantly by 140% year-on-year, supported by dividend income and changes in financial assets [1] Future Outlook - Management maintains a double-digit growth guidance for 2025, with expectations of receiving $300 million in Merck milestone payments and potential business development licensing deals in the second half of the year [1] - China Biopharmaceutical's contribution from innovative drugs is projected to rise from 50% in 2025 to 60% in 2027 [1] Analyst Rating - CCB International raised the target price from HKD 7.7 to HKD 8.7 and maintained a "Buy" rating [1]

Core Insights - China National Pharmaceutical Group's subsidiary, Lixin Pharmaceutical Technology, has developed an innovative drug LM-302, which has been included in the Breakthrough Therapy Designation (BTD) program by the National Medical Products Administration (NMPA) for treating CLDN18.2 positive locally advanced or metastatic gastric and gastroesophageal junction adenocarcinoma in combination with PD-1 monoclonal antibody [1][2] - LM-302 is a potential first-in-class antibody-drug conjugate (ADC) targeting CLDN18.2, showing clinical efficacy in patients with gastric cancer, pancreatic cancer, and biliary tract cancer, with benefits observed even in patients with low expression of Claudin18.2 and PD-L1 [1] - Recent data presented at the 2025 American Society of Clinical Oncology (ASCO) annual meeting indicated an overall response rate (ORR) of 65.9% and a disease control rate (DCR) of 85.4% in 41 evaluable patients, with ORR of 71.9% and DCR of 96.9% in 32 patients with CLDN18.2 expression ≥25% [1] Clinical Development - LM-302 is currently undergoing Phase III clinical trials in China for treating CLDN18.2 positive locally advanced or metastatic gastric and gastroesophageal junction adenocarcinoma after progression on two or more lines of systemic therapy [2] - The inclusion in the Breakthrough Therapy Designation program is expected to expedite the approval process for LM-302, providing innovative treatment options for more CLDN18.2 positive gastric cancer patients [2]

Core Viewpoint - The company reported better-than-expected performance for 1H25, driven by innovative product revenue growth and dividend income [1][2]. Group 1: Financial Performance - In 1H25, the company achieved revenue of 17.575 billion yuan, a year-on-year increase of 10.7% [1]. - The net profit attributable to shareholders was 3.389 billion yuan, up 12.3% year-on-year, while adjusted net profit reached 3.088 billion yuan, reflecting a significant increase of 101.1% [1]. - The revenue from innovative products amounted to 7.799 billion yuan, growing by 27.2% year-on-year, accounting for 44.4% of total revenue [1]. Group 2: Growth Drivers - The company’s revenue growth was primarily driven by innovative products, with oncology drug revenue reaching 6.694 billion yuan (up 24.9% YoY) and surgical analgesics revenue at 3.105 billion yuan (up 20.2% YoY) [1][2]. - The company anticipates that innovative product revenue will exceed 50% of total revenue by 2025, with several new products expected to be approved in 2H25 [1]. Group 3: Management Efficiency - The company improved its gross margin to 82.5%, an increase of 0.4 percentage points year-on-year, while the sales and management expense ratio decreased to 42.9% [2]. - The number of marketing personnel declined by 8.6% year-on-year, but productivity per marketing employee increased by 21.8%, indicating enhanced team efficiency [2]. Group 4: Strategic Initiatives - The acquisition of Lixin Pharmaceutical is expected to accelerate the company’s innovation pipeline, particularly in oncology [2]. - The company is focusing on key therapeutic areas, including lung cancer, breast cancer, and gastrointestinal cancers, with several clinical trials underway [2]. Group 5: Profit Forecast and Valuation - The company raised its adjusted net profit forecasts for 2025 and 2026 by 16.9% and 17.2%, respectively, to 4.470 billion yuan and 4.921 billion yuan [3]. - The current stock price corresponds to a 30.4x and 27.2x adjusted P/E ratio for 2025 and 2026, respectively, with a target price increase of 17.1% to 8.90 HKD, indicating a potential upside of 12.5% from the current price [3].

Core Viewpoint - The company reported a 10.7% year-on-year revenue growth in the first half of 2025, reaching 17.58 billion yuan, with a net profit attributable to shareholders increasing by 12.3% to 3.39 billion yuan, indicating strong operational performance and growth potential in innovative products [1][2]. Financial Performance - The adjusted net profit, excluding one-time gains, grew by 101.1% year-on-year to 3.09 billion yuan, surpassing expectations [1]. - The comprehensive gross margin improved by 0.4 percentage points to 82.5%, while the sales and management expense ratio decreased by 0.2 percentage points to 42.9% [1]. - Research and development expenses rose by 23.6% to 3.19 billion yuan, with an R&D expense ratio of 18.1% [1]. Innovation and Product Pipeline - Revenue from innovative products surged by 27% year-on-year to 7.8 billion yuan, contributing 44% to total revenue, up from 39% in the first half of 2024 [1][2]. - The company expects the number of innovative products to increase to 21 by 2025 and over 35 by 2027, with sales contribution projected to rise from 50% in 2025 to 60% in 2027 [2]. Strategic Acquisitions - The company announced the acquisition of Lixin Pharmaceutical for a net price of 500 million USD, which includes eight clinical-stage products and over 20 preclinical assets, enhancing its ADC and bispecific antibody pipeline [3]. - The acquisition is expected to strengthen the company's R&D capabilities and enrich its innovative pipeline [3]. Earnings Forecast and Target Price - The adjusted diluted earnings per share forecast for 2025 was raised from 0.20 yuan to 0.23 yuan, with subsequent increases for 2026 and 2027 [1][3]. - The target price was increased from 4.9 HKD to 10.2 HKD, reflecting a potential upside of 29%, while maintaining a buy rating [1][3].

Core Viewpoint - China Biopharmaceutical (01177) has achieved double-digit revenue growth in the first half of the year driven by the expansion of innovative drugs and biosimilars, with overall profit significantly boosted by investment income, although core pharmaceutical business segment profit is slightly under pressure due to increased R&D investment [1] Group 1: Financial Performance - The target price for China Biopharmaceutical has been raised from HKD 8 to HKD 9.1, maintaining a "Buy" rating [1] - The company’s revenue forecast for 2025 has been increased by 4% to reflect contributions from milestone payments related to new technology transfers [1] - Adjusted net profit estimates for 2025 to 2027 have been revised to RMB 5.1 billion, RMB 4.4 billion, and RMB 5.3 billion respectively, reflecting higher investment income predictions and improved profit margins due to increased collaboration revenue and cost reduction efforts [1] Group 2: Future Outlook - The company is expected to benefit from the rapid expansion of its already launched innovative products and the long-term value realization of its self-developed pipeline [1] - Recent potential significant business development transactions are anticipated to enhance revenue and support stock price growth [1]

Core Viewpoint - China Biopharmaceutical (01177) has experienced double-digit revenue growth in the first half of the year, driven by the expansion of innovative drugs and biosimilars, while overall profit has seen significant growth due to investment income, although core pharmaceutical business segment profit is slightly under pressure in the short term due to increased R&D investment [1] Group 1: Financial Performance - The target price for China Biopharmaceutical has been raised from HKD 8 to HKD 9.1, maintaining a "Buy" rating [1] - The company’s revenue forecast for 2025 has been increased by 4% to reflect contributions from milestone payments related to technology transfers [1] - Adjusted net profit estimates for China Biopharmaceutical for 2025, 2026, and 2027 have been raised to RMB 5.1 billion, RMB 4.4 billion, and RMB 5.3 billion respectively, reflecting higher investment income forecasts and improved profit margins due to increased cooperation revenue and cost reduction efforts [1] Group 2: Future Outlook - The company is expected to benefit from the rapid expansion of its already launched innovative products and the long-term value realization of its self-developed pipeline [1] - Recent potential significant business development (BD) transactions are anticipated to enhance revenue and support stock price growth [1]