中国生物制药(01177)公布，集团开发的"TQC3721(PDE3/4抑制剂)"、"TQC2731(TSLP单 抗)"、"TQC3403(乌美溴铵维兰特罗吸入粉雾剂)"将于9月27日至10月1日举行的2025年欧洲呼吸学会年 会(ERS2025)公布4项研究成果。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Insights - In the first half of 2025, the company achieved revenue of 17.57 billion yuan, representing a year-on-year increase of 10.7%. The net profit attributable to shareholders from continuing operations reached 3.39 billion yuan, a significant increase of 140.2% year-on-year. The income from innovative products rose to 7.8 billion yuan, accounting for 44.4% of total revenue [2][4][6]. Financial Performance - The company reported a basic earnings per share of 0.188 yuan, up 145.7% year-on-year. Adjusted net profit attributable to shareholders was approximately 3.09 billion yuan, reflecting a year-on-year growth of 101.1%. The company has cash reserves of 30.49 billion yuan, with 11.1 billion yuan in cash on hand [2][6]. Innovation and Product Development - The company has seen rapid growth in innovative product revenue, which increased by 27.2% year-on-year. The total number of innovative products has reached 18, with expectations to exceed 35 by 2027. Recent approvals include a recombinant human coagulation factor VIIa product and a long-acting NSAID injection [6][4]. Pipeline and Acquisitions - The core pipeline is entering a period of explosive growth, with key therapeutic areas including oncology, liver disease/metabolism, respiratory, and surgical/pain management. The company has made a strategic acquisition of Lixin Pharmaceutical for 500 million USD, enhancing its antibody and ADC technology platforms [6][4]. Profit Forecast - The company forecasts net profits attributable to shareholders of 3.454 billion yuan, 3.979 billion yuan, and 4.570 billion yuan for 2025, 2026, and 2027, respectively. Corresponding EPS is expected to be 0.18 yuan, 0.21 yuan, and 0.24 yuan [6].

Investment Rating - The report maintains a "Buy" rating for China Biopharmaceutical (1177.HK) [6][3] Core Views - The company reported a revenue of 17.57 billion yuan (+10.7%) and a net profit attributable to shareholders of 3.39 billion yuan (+140.2%) for the first half of 2025, exceeding profit growth expectations [1][6] - The innovative product line is driving high growth, with two new innovative products approved by NMPA in the first half of 2025, contributing to an innovative product revenue of 7.8 billion yuan (+27.2%), accounting for 44.4% of total revenue [1][2] - The company expects nearly 20 innovative products to be approved from 2025 to 2027, with over half projected to have peak sales exceeding 2 billion yuan [2] Financial Performance - For 2025, the company forecasts revenues of 32.78 billion yuan, a growth of 13.6%, and a net profit of 4.81 billion yuan, a growth of 37.5% [3][4] - The projected earnings per share (EPS) for 2025 is 0.26 yuan, with a price-to-earnings (P/E) ratio of 29.08 [4][11] - The company anticipates that the proportion of revenue from innovative products will increase to 50% by 2027 [2][3] Business Segments - The oncology segment achieved a revenue of 6.694 billion yuan (+24.9%) in the first half of 2025, while the surgical/pain management segment generated 3.105 billion yuan (+20.2%) [1][2]

TQC3403是一款由长效抗胆硷能药物(LAMA)乌美溴铵与长效β受体激动剂(LABA)维兰特罗组成的吸入 粉雾剂，通过双重作用机制实现长效支气管扩张。其原研制剂于2018年在国内获批，目前国内尚无该药 物和同类药物的仿制药物获批。集团突破多项关键核心技术，在国内率先完成双支扩粉雾剂等效性研 究，有望在2026年上半年获批上市，实现乌美溴铵维兰特罗吸入粉雾剂的首仿上市。 TQC3721是一款全新机制的吸入性PDE3/4抑制剂，具有扩张支气管和抗炎的双重作用，从而减轻患者 症状并抑制炎症。目前，全球仅一款吸入性PDE3/4抑制剂获批上市。在Ⅱ期临床试验中，TQC3721展 现出良好的量效关系和安全性。基于该研究数据，TQC3721已经获得中国国家药品监督管理局药品审评 中心(CDE)突破性疗法认定，目前正在国内开展Ⅲ期临床试验。除吸入用混悬液外，TQC3721吸入粉雾 剂即将开展Ⅱ期临床试验，有望进一步提升疗效和患者的依从性。 TQC2731是一款抗TSLP的人源化单克隆抗体，通过靶向TSLP阻断其与受体结合、抑制下游通路，可以 减少哮喘急性发作。除哮喘外，TSLP与多种自身免疫性疾病、慢性炎症性疾病、过敏性疾 ...

Core Insights - China Biopharmaceutical (01177) announced the presentation of four research results for its developed products at the 2025 European Respiratory Society Annual Meeting (ERS 2025) scheduled from September 27 to October 1 [1] Group 1 - The products to be presented include "TQC3721 (PDE3/4 inhibitor)", "TQC2731 (TSLP monoclonal antibody)", and "TQC3403 (Umeclidinium/Vilanterol inhalation powder)" [1]

智通财经APP讯，中国生物制药(01177)公布，集团开发的"TQC3721 (PDE3/4抑制剂)"、"TQC2731 (TSLP单抗)"、"TQC3403 (乌美溴铵维兰特罗吸入粉雾剂)"将于9月27日至10月1日举行的2025年欧洲呼 吸学会年会 (ERS 2025)公布4项研究成果。 ...

「TQC3721 (PDE3/4抑制劑）」、「TQC2731 (TSLP單抗）」、「TQC3403 (烏美溴銨維蘭 特羅吸入粉霧劑)」共4項研究數據在ERS 2025公布 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，本集團開 發的「TQC3721 (PDE3/4抑制劑）」、「TQC2731 (TSLP單抗）」、「TQC3403 (烏美溴銨維蘭特羅吸入粉 霧劑)」將於9月27日至10月1日舉行的2025年歐洲呼吸學會年會 (ERS 2025）公布4項研究成果。 TQC3721 (PDE3/4抑制劑） 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 TQC2731 (TSLP單抗） TQC3721是一款全新機制的吸入性PDE3/4抑制劑，具有擴張支氣管和抗炎的雙重作用，從而減 輕患者症狀並抑制炎 ...

Investment Rating - The industry rating is "Outperform the Market" [4] Core Insights - The domestic Big Pharma companies have shown impressive mid-year performance, with significant contributions from innovative drug businesses driving revenue growth [2] - The report highlights the successful transformation of traditional pharmaceutical companies towards innovation, with overseas collaboration and licensing deals enhancing their financial performance [2] - The report emphasizes the importance of the biopharmaceutical industry as a strategic emerging industry, with government support for high-quality technological supply and policy backing [2] Summary by Sections Industry Performance - The SW Pharmaceutical and Biotech Index increased by 1.05%, underperforming the CSI 300 Index which rose by 4.18% during the week [2] - Medical device and vaccine sectors showed relative gains, while CXO sector experienced a decline of 3.00% [2] Company Highlights - Heng Rui Medicine reported a revenue of 15.761 billion yuan, a year-on-year increase of 15.88%, with innovative drug sales contributing 7.570 billion yuan, accounting for 54.97% of product sales [2] - China Biopharmaceutical achieved a revenue of 17.575 billion yuan, a 10.71% increase, with innovative drugs contributing 7.800 billion yuan, a growth of 27.2% [2] Policy and Market Trends - The approval of the Jiangsu Free Trade Zone biopharmaceutical development plan aims to create a globally influential biopharmaceutical industry cluster [2] - The report suggests that the positioning of the pharmaceutical industry has evolved from a "livelihood project" to a "new productive force," highlighting the significance of innovative drug exports [2] Investment Strategy - The report identifies three main investment themes: 1. Focus on innovative drug exports, particularly in ADC, PD-1 bispecific antibodies, and weight-loss drugs [2] 2. High-growth CXO sector leaders [2] 3. Revaluation of Big Pharma pipelines [2] - The report maintains a bullish outlook on the pharmaceutical technology market for the year, emphasizing the importance of upcoming academic conferences and national health insurance negotiations [2]

Core Viewpoint - The report from China Merchants Securities International indicates that China's biopharmaceutical sector experienced a 10% year-on-year revenue increase in the first half, reaching 17.6 billion yuan, exceeding expectations [1] Group 1: Company Performance - The management guidance suggests an acceleration in growth for the second half of the year, with projections indicating a return to double-digit growth in 2026 and 2027 [1] - The growth potential in the respiratory and liver disease sectors is considered underestimated by the market, as the company possesses superior growth prospects and abundant business development opportunities [1] Group 2: Market Position and Strategy - The firm maintains an optimistic outlook on China National Pharmaceutical Group, viewing it as a market leader benefiting from strong performance in oncology, surgical, and analgesic drugs [1] - The impact of centralized procurement policies on average prices is expected to stabilize, reducing negative effects [1] - The company has effectively refocused on four major therapeutic areas through asset disposals, which is anticipated to enhance overall operational efficiency and quality [1] Group 3: Target Price and Rating - The target price for the company has been raised to 9.8 Hong Kong dollars, with a maintained "Buy" rating [1]

Core Viewpoint - China Biopharmaceutical's revenue for the first half of the year increased by 10% year-on-year, reaching 17.6 billion yuan, exceeding expectations [1] Group 1: Financial Performance - The management guidance indicates an acceleration in growth for the second half of the year [1] - The firm expects the company to return to double-digit growth in 2026 and 2027 [1] Group 2: Market Potential - The growth potential in the respiratory and liver disease sectors is considered underestimated by the market [1] - The company is viewed as having superior growth prospects and abundant business development opportunities [1] Group 3: Investment Rating - The target price for the company has been raised to 9.8 HKD, maintaining a "Buy" rating [1] - The firm holds an optimistic view on China Biopharmaceutical, benefiting from strong performance in oncology, surgical, and analgesic drugs [1] Group 4: Strategic Focus - The company has effectively disposed of assets to refocus on four major therapeutic areas [1] - This strategic refocus is expected to enhance overall operational efficiency and quality [1]