Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 158.7 billion, an increase of 11.1% compared to RMB 142.8 billion for the same period in 2023[2]. - Profit for the period was RMB 46.1 billion, representing a significant increase of 70.7% from RMB 27.0 billion year-on-year[2]. - Adjusted net profit attributable to shareholders was RMB 30.2 billion, up 139.7% from RMB 12.6 billion in the previous year[2]. - The company declared an interim dividend of 3 Hong Kong cents per share for the six months ended June 30, 2024[2]. - The total comprehensive income for the period was RMB 4,865,985 thousand, compared to RMB 2,875,973 thousand in 2023, indicating strong overall financial performance[51]. - The net profit attributable to the company's shareholders for the first half of 2024 was RMB 3,017,162 thousand, up from RMB 1,258,784 thousand in 2023, indicating a significant increase of approximately 139.8%[48]. Revenue Breakdown - Innovative product revenue reached RMB 61.3 billion, a growth of 14.8% compared to RMB 53.4 billion in the same period last year[2]. - New product revenue was RMB 60.3 billion, reflecting a substantial increase of 39.6% from RMB 43.2 billion year-on-year[2]. - Revenue from oncology drugs was approximately RMB 536,026,000, accounting for about 33.8% of total revenue, with a year-on-year growth of about 19.5%[24]. - Revenue from surgical and analgesic drugs was approximately RMB 258,284,000, accounting for about 16.3% of total revenue, with a year-on-year growth of about 29.9%[25]. - The revenue from other products was approximately RMB 275,055,000, accounting for about 17.3% of total revenue, with a year-on-year growth of about 23.2%[26]. Research and Development - Research and development expenses totaled approximately RMB 276,057,000, accounting for about 17.4% of the company's revenue for the six months ended June 30, 2024[33]. - The company has 76 innovative products under development, including 46 oncology drugs and 6 liver disease drugs[33]. - The company has 43 innovative drug candidates in clinical development in the oncology field, with 3 in the registration application stage and 5 in Phase III trials, expecting 4 innovative drugs and 8 biosimilars to be approved in the next three years (2024-2026)[12]. - The R&D pipeline includes 6 innovative candidates in the liver disease area, with 1 in Phase III and 5 in Phase II, and 3 biosimilars or generics, with 2 in the market application stage and 1 in BE testing[15]. - The company is actively expanding its clinical pipeline and expects to leverage its proprietary antibody platform for further innovative drug development[14]. Market Position and Recognition - The company continues to focus on innovation and aims to become a leading global pharmaceutical enterprise[4]. - The company has been recognized as one of the "Top 50 Pharmaceutical Companies" by Pharmaceutical Executive magazine for six consecutive years from 2019 to 2024[6]. - The company was included in the MSCI Global Standard Index as a constituent stock of the China Index, effective May 31, 2013[6]. - The company was selected as a constituent stock of the Hang Seng Composite Industry Index and the Hang Seng Composite Small Cap Index, effective March 8, 2010[6]. Regulatory Approvals - The company has received approval for four innovative products from the National Medical Products Administration (NMPA) during the reporting period[8]. - The company received NMPA approval for Bemosituzumab (anti-PD-L1 monoclonal antibody) in April 2024 for first-line treatment of extensive-stage small cell lung cancer, showing historical best median progression-free survival (mPFS) and median overall survival (mOS) in clinical trials[10]. - Anaplatin (anaplastic kinase inhibitor) was approved in April 2024 for treating ROS1-positive locally advanced or metastatic non-small cell lung cancer, demonstrating significant efficacy and safety in clinical trials[10]. - The third-generation long-acting G-CSF product "Yilishu" (Aibegersitin α) was approved by NMPA in May 2023 and has been included in the national medical insurance catalog[9]. Financial Management - The group has a cash and bank balance of approximately RMB 854,947,000 and total financial management products amounting to approximately RMB 460,553,000, resulting in total reserves of approximately RMB 2,233,600,000[22]. - The group recorded revenue of approximately RMB 1,587,440,000, an increase of about 11.1% compared to the same period last year[21]. - The group expects to have three innovative drugs and eight biosimilars or generic drugs approved for the surgical and analgesic field in the next three years (2024-2026)[20]. - The company has no significant contingent liabilities as of June 30, 2024, consistent with the previous year[39]. - The group has approximately RMB 47,705 million in pledged assets as of June 30, 2024, down from RMB 149,400 million as of December 31, 2023[38]. Corporate Governance and ESG - The company is committed to enhancing its ESG governance and has set actionable carbon neutrality goals for the future[43]. - The company has been recognized in multiple sustainability indices, including the FTSE4Good Index Series, reflecting its commitment to long-term value and sustainable development[43]. - The company has implemented an employee stock incentive plan to retain and motivate selected participants for ongoing operations and development[40]. - The company complied with the corporate governance code during the reporting period, with a notable exception regarding the attendance of independent non-executive directors at the annual general meeting[95]. Investor Relations - The company actively communicated with investors, holding an investor presentation in March that attracted nearly 500 participants[34]. - The group participated in over 500 investor communication meetings during the reporting period, including one-on-one meetings and conference calls[35].

交银国际研究 公司更新 中国生物制药 (1177 HK) 1 年股价表现 7/23 11/23 3/24 7/24 -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 15%1177 HK 恒生指数 资料来源: FactSet 短期业绩增速复苏确定性强,创新产品密集上市中,重申买入 个股评级 买入 医药 2024 年 7 月 11 日 收盘价 目标价 潜在涨幅 港元 2.83 港元 4.80↑ +69.7% 股份资料 | | | |--------------------|-----------| | 52周高位 (港元) | 3.88 | | 52周低位 (港元) | 2.34 | | 市值 (百万港元) | 51,894.02 | | 日均成交量 (百万) | 45.94 | | 年初至今变化 (%) | (18.44) | | 200天平均价 (港元) | 2.94 | 资料来源: FactSet 财务数据一览 | | | | | | | |-----------------------|--------|--------|--------|--------|---- ...

女江 . 正分 物 港股研究丨公司深度丨中国生物制药(1177.HK) 传统 Big Pharma 铅华洗尽,创新与国际化双轮 驱动新一轮成长 | 证券研究报告 | 请阅读最后评级说明和重要声明 丨证券研究报告丨 报告要点 [Table_Summary] 面对国内医药行业形势的变化,中国生物制药作为传统 Pharma 龙头企业亦开启转型之路。短 期来看:公司多个年销售额超过 5 亿元的核心制剂品种均已被纳入集采,同时多个生物类似物 和创新药产品已经或将要上市,有望带来新的业绩增长动力。长期来看:公司通过自研、BD 或 投资并购等多种方式,在肿瘤、肝病、呼吸以及外科/镇痛四大业务线构建起了极具特色又兼具 差异化的管线和技术布局。此外,公司重视国际化发展,战略上兼顾"走出去"与"引进来"。 我们判断当前公司基本面拐点已现,即将迈入创新与国际化双轮驱动的发展新阶段。 分析师及联系人 [Table_Author] SAC:S0490524030005 SAC:S0490513080003 彭英骐 陈佳 刘长洪 SFC:BQT624 %% %% research.95579.com 请阅读最后评级说明和重要声明 2 / ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 3.25, indicating a potential upside of 15.6% from the current price of HKD 2.81 [1]. Core Insights - The company is expected to see a gradual increase in the proportion of innovative drugs, which will likely enhance revenue growth in the future. The innovative drug revenue grew by 13.3% year-on-year to HKD 9.89 billion, accounting for 37.8% of total revenue [1]. - The company’s adjusted net profit for 2023 is projected to increase by 1.5% to HKD 2.59 billion, despite a decline in net profit attributable to shareholders by 8.3% to HKD 2.33 billion [1]. - The company has a robust pipeline of innovative products, with several expected to launch in the coming years, which will contribute to revenue growth [1]. Financial Summary - For 2023, the company reported total revenue of HKD 26.2 billion, a slight increase of 0.7% year-on-year. The revenue breakdown includes oncology drugs (33.6%), liver disease (14.6%), respiratory (11.3%), and others [1][2]. - The gross margin decreased by 1.8 percentage points to 81.0%, while R&D expenses amounted to HKD 4.7 billion, representing 18% of total revenue [1]. - The company’s operating cash flow decreased by 3% year-on-year to HKD 6.07 billion, with cash reserves reaching HKD 21.1 billion, including net cash of HKD 9.27 billion [1]. Product Pipeline - The company’s innovative product pipeline includes several key drugs, with expected launches in 2024 and 2025, such as Bemarituzumab and TQB3616, which are anticipated to significantly impact revenue [1]. - The company’s subsidiary, invoX, has shown promising results with its FS222 product, indicating strong potential for future development [1]. Market Position - The company has a market capitalization of HKD 52.8 billion, with a P/E ratio of 20.7 for 2024, reflecting its growth potential in the pharmaceutical industry [1][2].

Investment Rating - The report maintains a "Buy" rating for China Biopharmaceutical (1177) [2][3]. Core Views - The company is experiencing a harvest period with multiple pipelines coming to fruition, including the approval of self-developed PD-L1 inhibitors and other innovative drugs. The stock incentive plan reflects confidence in long-term development [2]. - The company has adjusted its EPS forecasts for 2024-2026 to 0.15, 0.18, and 0.21 RMB respectively, up from previous estimates [2]. - The strategic partnership with Boehringer Ingelheim aims to co-develop oncology drug pipelines in China, enhancing the company's clinical pipeline [2]. Financial Summary - Revenue for 2023 is projected at 26,199 million RMB, with a growth forecast of 14.8% for 2024, 10.5% for 2025, and 12.7% for 2026 [6]. - The net profit for 2023 is estimated at 2,332 million RMB, with expected growth rates of 24.7% in 2024, 16.0% in 2025, and 15.2% in 2026 [6]. - The company's PE ratio is projected to decrease from 25 in 2023 to 14 by 2026, indicating potential valuation improvement [6].

2023 年報 目錄 公司概覽 2 財務摘要 7 主席報告 10 管理層討論及分析 21 企業管治報告 29 董事會報告 45 董事及高級管理人員簡歷 57 公司資料 63 獨立核數師報告 65 經審核財務報表 綜合損益表 70 綜合全面收益表 71 綜合財務狀況表 72 綜合權益變動表 74 綜合現金流量表 76 財務報表附註 78 ...

参加本次中金公司中国生物制药订划更新订划会议目前所有参会者均处于静音状态现在开始播报免费声明声明播报完毕后主持人可直接开始发言 谢谢本次会议为中国国际金融股份有限公司中金公司闭门会议仅限受邀嘉宾参会未经中金公司和演讲嘉宾书面许可 任何机构和个人不得以任何形式将会议内容和相关信息对外公布转发转载传播复制编辑修改等如有上述违法行为中兴公司保留追究相关方法律责任的权利This meeting is a closed-door meeting of China International Capital Corporation Limited, CICC, and only invited guests allowed to attend. 大家下午好欢迎参加中国生物质药近况更新电话交流会 那我是中金医药分析师余波和我一起主持的还有我的同事石正阳那么今天呢也是看的就是本周也是看到公司的一个股价有一些波动然后当然这个其实也是跟港股近期的整个这个表现也是 比较相关的但是我们还是邀请公司的资本市场负责人雷明总再跟我们更新一下公司的一个近况以及其实我们最近也看到公司其实也发了挺多公告关于股权回购股票的回购然后也关于很多 产品 ...

智通财经APP讯，中国生物制药(01177)发布公告，该集团自主研发的1类创新药罗伐昔替尼片“Rovadicitinib (TQ05105)”用于治疗中高危骨髓纤维化(MF) 的关键注册临床研究已达到主要终点。集团已与中国国家药品监督管理局药品审评中心(CDE)就TQ05105片的上市申请进行了沟通，并获得CDE同意提交本品上市申请的意见。集团将于近期递交TQ05105片的上市申请。 TQ05105是集团自主研发的一款具有全新化学结构的JAK/ROCK抑制剂。体外试验结果显示， TQ05105能够有效抑制JAK家族激酶活性及ROCK激酶活性，能显着抑制细胞中STAT3和STAT5的磷酸化水平，从而抑制JAK/STAT信号通路传导作用，进而发挥抗肿瘤活性。 该集团于2023年美国血液学年会(ASH)公布了TQ05105用于治疗骨髓增殖性肿瘤(MPN)的I期临床研究数据。结果表明，TQ05105具有良好的人体药代动力学行为，安全性良好，毒性可耐受，且脾臟缩小疗效(最佳缩脾率63.79%)和改善患者体质症状(最佳改善率为87.50%)作用显着，作用时间持久，能够为MF患者带来更多的临床选择。 MF是一种瀰漫性骨髓纤 ...

股 票 研 究 [Table_industryInfo] 医药 [Table_Main[中TIna国fbole] 生_T物itle制] 药（1177） [评Tab级le_：Invest] 增持 当前价格（港元）： 2.97 降本增效成果显著，创新转型迎收获期 2024.04.03 海 [交Ta易bl数e_据Market] 外 谈嘉程 52周内股价区间（港元） 2.66-4.62 公 当前股本（百万股） 18,801 021-38038429 当前市值（百万港元） 55,840 司 tanjiacheng@gtjas.co （ 证书编号 BTE865 [Table_PicQuote] 中 本报告导读： 国 公司2023年业绩整体符合预期。聚焦肿瘤、肝病、呼吸、外科/镇痛四大领域，创新 转型持续提速。多重举措下运营效率持续提高，降本增效效果显著。维持增持评级。 香 摘要： 港 [Tabl维e_持Su“mm增a持ry]”评级。公司2023年实现收入262.0亿元(同比+0.7%)(剔 ） 除已终止经营业务)，归母净利润 23.3 亿元(同比-8.3%)，经调整 Non-HKFRS归母净利润25.9亿元(同比+1. ...

Investment Rating - The report gives a "Buy" rating for China Biopharmaceuticals (1177) for the first time [1]. Core Views - China Biopharmaceuticals is a leading large pharmaceutical company with strong commercialization capabilities, firmly committed to an innovative strategic transformation [1]. - The company has successfully transitioned from a generics-focused business to a leading player in innovative drugs, with a rich pipeline of innovative products [1][4]. - The revenue for 2023 was 26.376 billion yuan, a year-on-year decrease of 8.71%, while the net profit attributable to shareholders was 2.33 billion yuan, down 8.32% year-on-year [1][8]. Summary by Sections Company Overview - China Biopharmaceuticals is a subsidiary of Charoen Pokphand Group, established in 1921, and entered the Chinese pharmaceutical market in the 1990s [4]. - The company has evolved from primarily generics to innovative drugs, with significant investments in various pharmaceutical companies [4][5]. Financial Performance - The company’s total revenue increased from 20.951 billion yuan in 2018 to 26.376 billion yuan in 2023, with a compound annual growth rate (CAGR) of 4.57% [8][10]. - The innovative drug revenue for 2023 was 9.89 billion yuan, up 13.3% year-on-year, accounting for 37.8% of total revenue [1][12]. Innovation and R&D - The company has a pipeline of 57 innovative products, with over 10 expected to launch between 2024 and 2026 [1][12]. - R&D investment for innovative drugs accounted for 84% of total R&D spending, with a focus on four core therapeutic areas [1][14]. Market Position and Strategy - The company has cleared most risks associated with centralized procurement, with generics revenue showing stability [1][19]. - The oncology sector has become the largest revenue contributor, with sales growing from 3.188 billion yuan in 2018 to 8.801 billion yuan in 2023, reflecting a CAGR of 22.52% [10][12]. Future Outlook - Revenue projections for 2024, 2025, and 2026 are 31.730 billion yuan, 36.961 billion yuan, and 41.159 billion yuan, respectively, with expected growth rates of 21%, 16%, and 11% [2][12]. - The net profit attributable to shareholders is projected to be 2.583 billion yuan, 3.129 billion yuan, and 3.626 billion yuan for the same years, with growth rates of 11%, 21%, and 16% [2][12].