Investment Rating - The report maintains a strong confidence in the pharmaceutical sector, anticipating a reversal in the market by 2025, with innovative drugs and the recovery of left-side sectors being the main investment opportunities [5][13]. Core Views - The report highlights that major domestic pharmaceutical companies have stabilized their revenues after previous disruptions from centralized procurement, with visible results from their innovation transformations [2][12]. - It emphasizes the importance of BD (business development) collaborations, citing significant deals involving major multinational pharmaceutical companies, which could lead to sustainable income for companies like Heng Rui Medicine [2][12]. - The report suggests focusing on innovative drugs, particularly dual/multi-target antibodies and drugs addressing unmet clinical needs, as key investment opportunities [3][5][13]. Summary by Sections Pharmaceutical Sector - The innovative drug market is experiencing adjustments, but the overall policy environment remains supportive for innovation [3]. - After ten rounds of centralized procurement, the risks for leading pharmaceutical companies are gradually being alleviated, revealing competitive innovative drug pipelines [3][22]. - The report recommends paying attention to leading pharmaceutical companies' transformation results and overseas opportunities [3][5]. Biopharmaceuticals - Jin Sai Pharmaceutical's dual-target ADC GenSci143 has received IND approval, showing potential as a leading treatment option for prostate cancer and other solid tumors [3][41][46]. Medical Devices - The registration and promotion of innovative products in the domestic medical device sector are accelerating, contributing to long-term high-quality development [4][47]. - Companies like Huitai Medical have reported significant revenue growth, with innovative products rapidly expanding their market presence [4][47][48]. Traditional Chinese Medicine - Some companies are facing performance pressure during the destocking cycle, but strong brands like Dong'e Ejiao continue to achieve resilient growth [4][54][56]. Investment Recommendations - The report suggests focusing on innovative drugs, particularly in the fields of dual/multi-target antibodies and drugs for chronic diseases, as well as opportunities in ADC and small nucleic acid sectors [5][13]. - The medical device sector is expected to see a significant performance turnaround in the second half of the year, driven by favorable policies and recovering tender trends [5][13]. Key Targets - Notable companies to watch include Innovent Biologics, Kintor Pharmaceutical, and Heng Rui Medicine, among others [6].

Core Insights - The domestic pharmaceutical M&A market is experiencing increased activity, with notable transactions such as Shandong Keyuan Pharmaceutical's plan to acquire 99.42% of Shandong Hongjitang Pharmaceutical for approximately 3.581 billion yuan and Yunnan Baiyao's acquisition of 100% of Juyatang Pharmaceutical for 660 million yuan [1][2] - Despite the uptick in transaction amounts, the overall number of M&A deals in the pharmaceutical sector has decreased compared to last year, with 195 deals reported this year, down from 229 [1] - The total value of M&A transactions in the pharmaceutical sector has reached 21.447 billion yuan this year, more than double the amount from the same period last year [1] M&A Market Dynamics - The pharmaceutical sector is not currently a hot area for M&A, with more focus on sectors like semiconductors and new energy [2] - The success rate for M&A exits in the pharmaceutical sector is low, with only 4 out of 200 projects successfully exiting through M&A, indicating a success rate of 1 in 50 [2] - Price consensus is a significant challenge in pharmaceutical M&A, with varying valuations complicating negotiations [2] Case Studies - A notable case is the acquisition of Kanglu Biological by Tsinghua Tongfang, where the deal involved differentiated pricing for different rounds of investors, highlighting the complexities of M&A transactions [3][4] - The acquisition of Lixin Pharmaceutical by China National Pharmaceutical Group for up to $950 million is highlighted as the largest acquisition in the sector this year, with a valuation that tripled in less than a year [6][7] - Lixin Pharmaceutical's strong financial position, including a $588 million upfront payment from Merck for a drug licensing agreement, underscores its market potential [6][8] Future Outlook - The recent surge in business development (BD) transactions indicates a shift in the pharmaceutical M&A landscape, with over 50 outbound transactions totaling more than $48 billion in the first half of the year [9][10] - The entry of international buyers and the restructuring of valuation systems may lead to increased M&A activity in the future, particularly as domestic pharmaceutical companies grow in value [10] - The potential for significant M&A activity is anticipated as the industry evolves, with a need for technological integration among larger pharmaceutical firms [10]

行 业 及 产 业 海外消费服务 2025 年 08 月 22 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 周文远 A0230518110003 zhouwy@swsresearch.com 贾梦迪 A0230520010002 jiamd@swsresearch.com 胡梦婷 A0230524060004 humt@swsresearch.com 研究支持 胡梦婷 A0230524060004 humt@swsresearch.com 联系人 胡梦婷 (8621)23297818× humt@swsresearch.com 港股医药中报业绩期，关注业绩超预期标的 看好 ——海外消费周报（20250815-20250821） 本期投资提示： ⚫ 海外医药：港股医药中报业绩期，关注业绩超预期标的 国内医药公司 1H25 业绩：恒瑞医药：1H25，公司实现收入 157.61 亿元，同比增长 15.9%；净利润 44.55 亿元，同比增 长 29.9%；归母净利润 44.50 亿元，同比 ...

智通财经8月22日讯(编辑 童古 汤赞淇)以下为各家机构对港股的最新评级和目标价： 美银证券：升名创优品评级至中性 目标价上调至46.9港元 摩根士丹利就快手-W(01024.HK)发布研报称，将公司今年资本支出指引由100亿元上调至120亿元人民 币，显示可灵和其他AI应用的需求强劲。该行表示，将快手2025年至27年各年每股盈测上调3%至6%之 间，其目标价上调至76港元，维持其评级为与大市同步。 国证国际：维持小米集团买入评级 目标价62.3港元 民生证券就小鹏汽车(09868.HK)发布研报称，该行看好公司在车型周期、组织革新和智能化Beta驱动下 迎来业绩和估值的双重提升。预计公司2025-2027年收入分别为888.3/1406.4/1925.1亿元，归母净利润分 别为-5.3/71.2/125.9亿元，维持推荐评级。 交银国际：维持中国生物制药买入评级 交银国际就中国生物制药(01177.HK)发布研报称，公司在创新药和生物类似药的放量驱动下，上半年收 入录得双位数增长；受益于投资收益，公司整体利润实现高增长，但在研发投入加大的影响下，核心制 药业务的分部利润在短期内略有承压。交银国际上调中生制 ...

Core Viewpoint - The Hong Kong stock market showed positive performance with the Hang Seng Index rising by 0.32% and the Hang Seng Tech Index increasing by 1.61% on August 22, indicating a favorable market sentiment towards technology and semiconductor sectors [1] Sector Performance - Semiconductor products and equipment, as well as the automotive sector, experienced significant gains, leading the market [1] - Notable gainers included Hua Hong Semiconductor, which rose over 11%, XPeng Motors and ZTE Corporation both increased by over 10%, NIO saw an increase of over 7%, SMIC rose by over 6%, and China National Pharmaceutical Group gained over 5% [1] Decliners - The passenger airline companies and home goods sectors faced declines, with Jiuxing Holdings and WanGuo Gold Group both dropping by over 7% [1]

Group 1 - The core viewpoint of the article highlights that China National Pharmaceutical Group (中生制药) has seen a significant stock price increase, attributed to the recognition of its selective HER2 tyrosine kinase inhibitor, Zongaitini, as a breakthrough therapy by the National Medical Products Administration (NMPA) in China for treating adult patients with unresectable or metastatic non-small cell lung cancer (NSCLC) [1] - The stock price rose over 6%, with a current price of 8.14 HKD and a trading volume of 1.077 billion HKD [1] - Citigroup's report indicates that China National Pharmaceutical Group's net profit for the first half of the year reached 3.4 billion RMB, a year-on-year increase of 140%, while revenue was 17.6 billion RMB, reflecting a 10.2% growth compared to the previous year [1] Group 2 - The company's profit and revenue figures exceeded market consensus and Citigroup's expectations [1] - Management expresses strong confidence in the potential for licensing innovative candidate drugs, including TQC3721 (PDE3/4) [1] - CICC anticipates that the approval progress for the company's innovative products will accelerate over the next three years, potentially driving additional revenue [1]

花旗发布研报称，中国生物制药上半年净利润34亿元人民币，同比增长140%；收入176亿元人民币，同 比增长10.2%，利润及收入均超出市场共识及花旗预期。中生制药管理层对创新候选药物的授权许可潜 力充满信心，包括TQC3721(PDE3/4)。中金预计，公司未来三年的创新产品获批进度有望加快，为公司 带动更多收入。 智通财经APP获悉，中生制药(01177)再涨超6%，截至发稿，涨5.44%，报8.14港元，成交额10.77亿港 元。 消息面上，中生制药认为，选择性HER2酪氨酸激酶抑制剂宗艾替尼再次获得中国国家药品监督管理局 药品审评中心（CDE）突破性治疗资格认定，适用于治疗携带HER2酪氨酸激酶结构域（TKD）激活突 变的不可切除或转移性非小细胞肺癌（NSCLC）成人患者的一线治疗。此次突破性治疗资格认定是基 于其BeamionLUNG-1临床试验数据。 ...

机构：招银国际 研究员：武煜/黄本晨 中国生物制药在1H25 收入同比增长10.7%至175.7 亿元，经调整净利润同比增长101.1%至30.9 亿元。 1H25 收入和经调整净利润分别占我们全年预测的54.6%和79.6%，收入占比与历史区间 (50%-55%) 基本 一致，而经调整利润占比显著超过历史区间 (50%-60%)，主要由于公司在1H25 确认了13.5 亿元的科兴 中维分红。若剔除该项分红影响，1H25 经调整净利润将同比增长约13%。公司的创新产品收入在1H25 同比强劲增长27.2%至78.0亿元，占总收入的44.4%(1H24/2H24:38.6%/45.6%)，表明创新产品持续快速 放量。基于创新产品的快速增长及仿制药业务的稳健预期，管理层维持全年内生双位数增长的业绩指 引。 丰厚的创新研发管线。中国生物制药构建了丰富的创新管线，其中多个管线具备全球Top3 或者BIC 潜 力,收购礼新医药则进一步夯实了公司的创新研发实力。TQB2868 (PD-1/TGF-β 双抗) 在一线治疗胰腺癌 上展现了惊人的疗效，II 期临床的ORR达到63.9%，显著高于一线化疗的41.8%，并在mPF ...

华润电力(00836)领跌蓝筹。截至收盘，跌5.9%，报18.51港元，成交额16.85亿港元，拖累恒指3.86点。 华润电力午间发布2025年中期业绩，营业额502.67亿港元，同比减少1.67%；公司拥有人应占利润78.72 亿港元，同比减少15.92%；拟派发中期股息每股0.356港元，上年同期中期息每股0.455港元。 其他蓝筹股方面，中国生物制药(01177)涨3.49%，报7.72港元，贡献恒指4.21点；中国联通(00762 )涨 3.39%，报10.36港元，贡献恒指3.24点；舜宇光学科技(02382)跌3.65%，报79.25港元，拖累恒指3.4点； 中升控股(00881)跌3.64%，报14.3港元，拖累恒指0.64点。 智通财经APP获悉，港股三大指数今日震荡走低，午后跌幅曾进一步扩大。其中，恒生科技指数表现最 差，盘中一度跌超1%。截止收盘，恒生指数跌0.24%或61.33点，报25104.61点，全日成交额为2394.87 亿港元；恒生国企指数跌0.43%，报8974.77点；恒生科技指数跌0.77%，报5498.5点。 华泰证券认为，当下，市场处于交易主线相对缺乏、海外及国内重要 ...

近期产业资本持续回购，彰显对行业发展信心： 恒瑞发布公告，拟使用10亿～20亿元回购A股股份，用于A股员工持股计划。公司层面的业绩考核指标 包括创新药销售收入、新分子实体IND获批数量、创新药申报并获得受理的NDA申请数量（包含新适应 症）三项，设定100%、90%、0%三个解锁比例。解锁时公司业绩与三项指标逐一比对，以三项指标中 任一指标对应的最低解锁比例确定当期解锁比例。 中国生物制药副总裁回购100万股，彰显对公司发展信心。 政策持续支持行业健康发展。8月20日，重要领导在北京调研生物医药产业发展情况。他强调：加大高 质量科技供给和政策支持，充分发挥企业创新主体作用，着力推动生物医药产业提质升级，研发生产更 多优质高效的好药新药。 8月11日，恒生港股通创新药指数正式调整生效，通过在编制方案中剔除CXO，成为首批"纯度"100%的 创新药指数，更加精准地反映我国创新药企的整体表现。根据模拟测算，剔除CXO后指数历史业绩将 得到明显提升。目前，恒生创新药ETF（159316）是市场唯一跟踪该指数的ETF产品。 相关产品： 恒生创新药ETF（159316，联接A/C：024328/024329） 港股通医药 ...