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 ...

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。 ...

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]

招商证券国际发表研报指，中国生物制药上半年收入按年增10%，达176亿元，超预期。管理层指引下 半年增长提速，该行预计公司2026及27年将恢复双位数增长，又认为呼吸系统及肝病领域的增长潜力被 市场低估，因公司有更优的增长前景与丰富的商业发展(BD)机会，将公司目标价上调至9.8港元，维 持"增持"评级。 该行对中生制药持乐观看法，认为其作为行业领导者受益于肿瘤及外科、镇痛药物的强劲表现，以及集 中采购政策稳定对均价的负面影响减弱。公司过去通过有效的资产处置，重新聚焦四大治疗领域，该行 预计这将提升整体的经验效率和质量。 ...

招商证券国际发表研报指，中国生物制药上半年收入按年增10%，达176亿元，超预期。管理层指引下 半年增长提速，该行预计公司2026及27年将恢复双位数增长，又认为呼吸系统及肝病领域的增长潜力被 市场低估，因公司有更优的增长前景与丰富的商业发展(BD)机会，将公司目标价上调至9.8港元，维 持"增持"评级。该行对中生制药持乐观看法，认为其作为行业领导者受益于肿瘤及外科、镇痛药物的强 劲表现，以及集中采购政策稳定对均价的负面影响减弱。公司过去通过有效的资产处置，重新聚焦四大 治疗领域，该行预计这将提升整体的经验效率和质量。 ...

Core Viewpoint - The Chinese innovative drug industry is rapidly developing under policy support and globalization, with leading companies like BeiGene and HengRui Medicine making significant advancements through high R&D investments and dense pipelines [2][3]. Policy and Market Dynamics - The National Healthcare Security Administration initiated the 2025 medical insurance directory adjustment, emphasizing support for innovative drugs, which has boosted industry confidence [3]. - In the first half of 2025, the transaction amount for Chinese innovative drug BD reached $48.448 billion, highlighting accelerated globalization and international cooperation [3]. Company Performance Overview - **BeiGene**: Achieved revenue of 17.518 billion yuan, a 46% increase year-on-year, with a net profit of 450 million yuan, marking its first profitable half-year since listing. Its core product, Tislelizumab, generated sales of 2.643 billion yuan, up 20.6% [7]. - **HengRui Medicine**: Reported innovative drug sales and licensing income of 9.561 billion yuan, accounting for 60.66% of total revenue, with core innovative drug sales driving growth [8]. - **Hansoh Pharmaceutical**: Revenue reached 7.434 billion yuan, a 14.3% increase, with innovative drug sales contributing 82.7% [8]. - **Innovent Biologics**: Generated over 5.2 billion yuan in product revenue, a growth of over 35%, and completed a significant financing project [8]. - **China National Pharmaceutical Group**: Revenue of 17.57 billion yuan, with a net profit of 3.39 billion yuan, a 140.2% increase year-on-year [8]. - **East China Pharmaceutical**: Achieved revenue of 7.317 billion yuan, a 9.24% increase, with R&D investment rising significantly [9]. R&D Pipeline and Trends - The innovative drug sector is experiencing a concentrated R&D phase, with leading companies accelerating their pipeline development [10]. - **HengRui Medicine**: Six first-class innovative drugs were approved during the reporting period, with a robust pipeline including multiple drugs in various clinical stages [13]. - **BeiGene**: Continues to advance in ADC and bispecific antibodies, enhancing its international competitiveness [13]. - **Innovent Biologics**: Has 52 drugs in clinical stages, focusing on various innovative targets [13]. Role of Scientific Instrumentation - Scientific instrument manufacturers are transitioning from supporters to key enablers in the innovative drug sector, providing comprehensive technical support throughout the drug development process [3][14]. - **Waters Corporation**: Reported an 11% growth in pharmaceutical business, with a 70% increase in GLP-1 related income [15]. - **Agilent Technologies**: Increased revenue in life sciences and diagnostics, establishing strategic partnerships to enhance drug development capabilities [16]. - **Thermo Fisher Scientific**: Achieved $6 billion in laboratory product sales, exceeding market expectations, and providing comprehensive services for drug development [16]. Industry Outlook - The rapid development of new molecular types like antibodies and ADCs is creating significant challenges in quality management, fostering a deep coupling between innovative drug companies and scientific instrument manufacturers [18].

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [5] Core Viewpoints - Traditional pharmaceutical companies have shown impressive mid-year results, with significant progress in innovation transformation. The innovation revenue is becoming a key driver for high growth in performance [4][9] - The report emphasizes the importance of innovative drugs as a stable industry trend, highlighting several key companies in both A-shares and Hong Kong stocks that are expected to perform well [5][6] - The report suggests that the pharmaceutical sector is well-positioned for growth in 2025, driven by factors such as the aging population, improved overseas capabilities, and advancements in AI technology [5][6] Summary by Sections Industry Performance - From August 18 to August 22, the pharmaceutical index rose by 1.05%, underperforming the CSI 300 index by 3.13%. Notable gainers included companies like Olin Bio and Furuida [6][44] - A total of 313 stocks in the pharmaceutical sector rose, while 171 fell during the same period [6][44] Company Highlights - **Hengrui Medicine**: Reported revenue of 15.761 billion RMB for H1 2025, a year-on-year increase of 15.88%. The net profit was 4.450 billion RMB, up 29.67%. Innovative drug sales reached 7.570 billion RMB, growing by 21.80% [10][15] - **Hansoh Pharmaceutical**: Achieved revenue of 7.434 billion RMB in H1 2025, a 14.3% increase. The net profit was 3.135 billion RMB, up 15.0%. Innovative drug sales accounted for 82.7% of total revenue [21][28] - **China National Pharmaceutical Group**: Reported revenue of 17.57 billion RMB for H1 2025, a 10.7% increase, with a net profit of 3.39 billion RMB, up 12.3%. Innovative revenue reached 7.8 billion RMB, growing by 27.23% [34][35] Investment Recommendations - The report recommends focusing on innovative drugs, manufacturing overseas, and addressing the needs of an aging population. Specific stocks to watch include Xintai, Shanghai Yizhong, and Hengrui Medicine [5][6][44] - The report highlights the potential for valuation recovery in relatively undervalued pharmaceutical assets [5][6]