浦银国际研究 公司研究|医药行业 中国生物制药（1177.HK）：BI 战略合作 阳景 浦 首席医药分析师 银 开启，国内肿瘤管线更上层楼 Jing_yang@spdbi.com 国 (852) 2808 6434 际 ● 公司和勃林格殷格翰达成战略合作，共同在中国大陆开发和商业化 胡泽宇 CFA BI 肿瘤管线：今天（4月8 日）公司宣布和勃林格殷格翰（Boehringer 医药分析师 Ingelheim, BI）达成战略合作，共同在中国大陆开发和商业化 BI肿瘤管 ryan_hu@spdbi.com 线，包括 3 个处于临床开发阶段的资产及若干早期资产。目前交易对 (852) 2808 6446 价未披露。产品收入将计入中生财务报表，预计将实现双位数利润率。 ● 此战略合作是一项正面惊喜，显示出跨国药企对公司强大商业化能 2024年4月9日 力的认可和公司出色的 BD 能力：跨国药企与国内大药企达成多产品 战略合作实属罕见，一方面显示出 BI对公司在国内肿瘤领域商业化能 公 力的高度认可，另一方面，公司能够赢得跨国大药企的信任，也说明 评级 司 公司人才文化日趋国际化，BD 能力出色。 研 究 ...

Investment Rating - The report maintains a "Buy" rating for China Biologic Products (1177 HK) with a target price of HKD 4.80, indicating a potential upside of 69.6% from the current closing price of HKD 2.83 [1][7]. Core Insights - The report highlights a significant strategic partnership with Boehringer Ingelheim (BI) to develop and commercialize BI's oncology pipeline in mainland China, which includes three late-stage clinical assets and several early-stage candidates. The combined peak sales for these products in mainland China are projected to reach RMB 5 billion by 2030, with a double-digit profit margin expected from the sales profits [1]. - The report emphasizes the differentiated targets and indications in the oncology pipeline, particularly focusing on three key products: Brigimadlin, Zongertinib, and BI 764532, each with promising clinical trial results and expected market entry dates in China ranging from 2025 to 2028 [1][5]. Financial Summary - Revenue projections show a gradual increase from RMB 26,026 million in 2022 to RMB 38,337 million by 2026, with a compound annual growth rate (CAGR) of approximately 12.6% from 2023 to 2024 [4][8]. - Net profit is expected to recover from RMB 2,332 million in 2023 to RMB 3,859 million by 2026, reflecting a positive growth trajectory [4][8]. - The earnings per share (EPS) is projected to rise from RMB 0.13 in 2023 to RMB 0.21 in 2026, indicating a strong recovery and growth potential [4][8]. Clinical Pipeline Overview - Brigimadlin, a first-in-class MDM2-p53 antagonist, is in late-stage trials for DDLPS and is expected to launch in China by 2025. Clinical trial results show an overall response rate (ORR) of 19.0% and a disease control rate (DCR) of 84.8% [1][5]. - Zongertinib, a selective HER2 inhibitor, has shown promising results in treating NSCLC with an ORR of 73.9% and is anticipated to be available in China by 2027 [1][5]. - BI 764532, a DLL3/CD3 bispecific T-cell engager, is in early-stage trials and is expected to complement existing treatments for SCLC, with a projected launch in 2028 [1][5].

浦银国际研究 公司研究|医药行业 中国生物制药（1177.HK）：创新药有望推 阳景 浦 首席医药分析师 银 动 2024 年达成双位数收入增速指引 Jing_yang@spdbi.com 国 (852) 2808 6434 际 2023 年业绩弱于预期，主要系反腐背景下仿制药收入不及预期所致。随 胡泽宇 CFA 着创新药收入的增长及集采风险的出清，2024 年收入有望实现双位数增 医药分析师 速。5个BD交易有望于24年达成。维持 “买入”评级和目标价4.5港元。 ryan_hu@spdbi.com ● 2023年整体业绩弱于预期：2023年全年公司实现收入262亿元（+0.7% (852) 2808 6446 YoY），归母净利润 23.3 亿元（-8.3% YoY），经调整 Non-HKFRS 归母净 利润25. 9 亿元（+1.5% YoY）。全年收入和经调整归母净利润均低于我 2024年4月3日 们预期和彭博一致预期，主要由于肿瘤、肝病、外科麻醉等板块收入 公 不及预期。考虑到创新药全年收入为 98.9 亿元，基本符合公司之前指 司 评级 引，我们推测主要是反腐背景下仿制药收入不及预期所致。从2H2 ...

港股公司报告 | 公司点评 中国生物制药（01177） 证券研究报告 2024年04月 02日 投资评级 持续调整组织架构，2024 年增长可期 行业 医疗保健业/药品及生 物科技 事件 6个月评级 买入（维持评级） 当前价格 3.02港元 中国生物制药于3月28 日公布2023年年度报告：2023年实现营收262亿 目标价格 港元 元，同比增长0.7%（扣除已中止经营业务）；归母净利润23.3亿元，同比 下滑8.3%，主要系联营及合营公司表现低于去年导致（联营及合营公司应 占实际亏损4.79亿元）；实现经调整 Non-HKFRS归母净利润25.9亿，同比 基本数据 增长1.5%。其中创新药业务实现收入98.9亿元，同比增长13.3%，收入占 港股总股本(百万股) 18,801.22 比提升至37.8%，较去年提升4.3pct。 港股总市值(百万港元) 56,779.68 每股净资产(港元) 1.79 分治疗领域看，抗肿瘤用药实现收入88.01亿元（yoy-4.2%）、肝病用药38.24 资产负债率(%) 39.99 亿元（yoy-0.4%）、呼吸系统用药 29.67 亿元（yoy+1.4%）、外科/镇痛用药 ...

交银国际研究 公司更新 医药 收盘价 目标价 潜在涨幅 2024年4月1日 港元3.02 港元4.80↑ +59.0% 中国生物制药 (1177 HK) 2023 业绩韧性强，研发成果加速兑现有望驱动增速复苏，上调目标价  2023内地业务利润较快增长，降本增效成果显著：2023收入增长0.7%至 个股评级 262亿元（人民币，下同），增速符合我们的预期；创新产品（包括生物 买入 类似药）收入增长13.3%至99亿元，占比从2022年的33%进一步提升至 38%。分治疗领域看，肿瘤领域全年收入下滑4.2%，但2H23在行业整治 中依旧录得 2%的增长；其余核心板块均保持稳定或录得正增长：肝病- 1年股价表现 0.4%、呼吸+1.4%、外科+9.0%、心脑血管+2.5%。全年持续经营业务的经调 1177 HK 恒生指数 整净利润增长1.5%，剔除F-star等海外业务的影响后，内地业务经调整净 10% 5% 利润增长13.3%。经营利润率持续微升0.2ppts至20.8%，得益于销售及管 0% -5% 理费用的有效管控（费用率-2.8ppts至42.2%），营销人员数量减少4%的 -10% -15% 同时、人 ...

研究报告Research Report 29 Mar 2024 中国生物制药 Sino Biopharmaceutical (1177 HK) 创新产品稳健增长，国内企业经营效率持续提升 Steady Growth of Innovative Product, Operating efficiency of Domestic Enterprise Continue to Optimize [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 事件 评级 优于大市OUTPERFORM 现价 HK$3.02 中国生物制药2023年持续经营业务收入262.0亿元（+0.7%），其 目标价 HK$5.17 中创新产品收入 98.9 亿元（+13.3%）。按治疗领域划分，肿瘤领 HTI ESG 1.3-2.0-3.5 域 88.0 亿元（-4.2%），肝病领域 38.2 亿元（-0.4%），呼吸领域 E-S-G: 0-5, (Pleas ...

智通财经APP讯，中国生物制药(01177)发布截至2023年12月31日止年度业绩，该集团期内取得持续经营业务收入261.99亿元(人民币，下同)，同比增加0.67%;股东应占溢利23.32亿元，同比减少8.32%;每股基本盈利12.59分;拟派发末期股息每股3港仙。 公告称，一直以来，集团十分重视研发，以结合自主创新、联合开发及创仿开发的研发理念，不断提升研发水平和速度，并视其为可持续发展的基础，加大研发的资金投入。截至2023年12月31日止年度，研发总开支约470427万元，占集团收入约18.0%，当中大部份已计入损益表中。于报告期内，创新药及生物药的研发投入占比超过77%，投入金额同比增加约10%;抗肿瘤领域研发投入占比约71%，投入金额同比增加超过1%。 截止报告期末，集团共有43个肿瘤领域的创新候选药物处在临床及以上开发阶段，包括5个产品处在上市申请阶段，4个产品处在临床III期，13个产品处在临床II期，以及21个产品处在临床I期。另外，集团还有17个肿瘤领域的生物类似药或仿制药候选药物处在临床及以上开发阶段，包括7个产品处在上市申请阶段，2个产品处在关键临床，以及8个产品处在生物相等性(BE ...

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 （股票編號：1177） 截至二零二三年十二月三十一日止年度之業績公告 財務摘要 截至十二月三十一日止年度 二零二三年 二零二二年 變動 人民幣億元 人民幣億元 % （重列（附註1)） 收入 262.0 260.3 +0.7% 銷售費用佔收入比率（附註5) 35.1% 37.7% -2.6百分點 研發費用佔收入比率 16.8% 16.0% +0.8百分點 ...

SINO BIOPHARMACEUTICAL LIMITED (於開曼群島註冊成立之有限公司) (股票編號：1177) 中期報告 2023 公司資料 公司法定名稱 中國生物製藥有限公司 股票代號 1177 公司網址 www.sinobiopharm.com 公司註冊地點 開曼群島 主板上市日期 二零零三年十二月八日 創業板上市日期 二零零零年九月二十九日 董事 執行董事 謝其潤女士（主席） 謝炳先生（資深副主席） 鄭翔玲女士（副主席） 謝承潤先生（首席執行長） 謝炘先生 田舟山先生 李名沁女士 獨立非執行董事 陸正飛先生 李大魁先生 魯紅女士 張魯夫先生 李國棟醫生 執行董事委員會 謝其潤女士（主席） 謝炳先生 鄭翔玲女士 謝承潤先生 謝炘先生 審核委員會 陸正飛先生（主席） 李大魁先生 魯紅女士 李國棟醫生 薪酬委員會 張魯夫先生（主席） 陸正飛先生 魯紅女士 提名委員會 謝其潤女士（主席） 謝炳先生 陸正飛先生 魯紅女士 張魯夫先生 李國棟醫生 環境、社會及管治委員會 鄭翔玲女士（主席） 李名沁女士 李國棟醫生 公司秘書 陳凱年先生 授權代表 謝炳先生 陳凱年先生 接受傳票及通告之授權代表 謝瑗女士 1 ...

Financial Performance - For the six months ended June 30, 2023, the company's revenue was RMB 15.28 billion, a slight increase of 0.5% compared to RMB 15.19 billion in the same period of 2022[2]. - The net profit for the same period was RMB 2.70 billion, representing a decrease of 15.2% from RMB 3.18 billion year-on-year[2]. - Profit attributable to equity holders of the parent company was RMB 1.26 billion, down 34.5% from RMB 1.92 billion in the previous year[2]. - Adjusted net profit not in accordance with Hong Kong Financial Reporting Standards was RMB 1.48 billion, an increase of 1.2% from RMB 1.46 billion in the same period last year[2][4]. - In Q2 2023, revenue was RMB 8.63 billion, a significant increase of 30.0% compared to RMB 6.64 billion in Q2 2022[2]. - The adjusted net profit for Q2 2023 was RMB 960 million, reflecting a growth of 20.7% from RMB 800 million in Q2 2022[2]. - The group recorded revenue of approximately RMB 1,527,704 million for the period, representing a year-on-year increase of about 0.5%[18]. - The group reported a profit attributable to equity holders of approximately RMB 125,878 million, a decrease of about 34.5% compared to the previous year[18]. - The net profit for the period was RMB 3,183,221 thousand, compared to RMB 3,545,258 thousand in the previous year, indicating a decrease of approximately 10.25%[54]. Revenue Breakdown - Innovative drug revenue reached RMB 3.86 billion, up 10.9% year-on-year, accounting for 25.3% of total revenue[2]. - Revenue from oncology drugs was approximately RMB 449,186 million, accounting for about 29.4% of total revenue, a decrease of approximately 9.4% year-on-year[19]. - Revenue from liver disease drugs was approximately RMB 228,931 million, accounting for about 15.0% of total revenue, an increase of approximately 14.0% year-on-year[19]. - Revenue from the modern Chinese medicine and Western medicine segment was RMB 14,963,976, contributing to total segment revenue of RMB 15,277,037[50]. Research and Development - The company continues to focus on innovation and aims to enhance its technology platform while expanding its international presence[7]. - The company launched two innovative products during the period and received approval for two biosimilars[11]. - The group has 127 products under development, including 60 oncology drugs, 10 liver disease drugs, 21 respiratory drugs, and 17 surgical/pain relief drugs, with 69 classified as innovative products[25]. - Research and development expenses for the six months ended June 30, 2023, amounted to approximately RMB 2,604.95 million, representing about 17.1% of the group's revenue[25]. - Research and development costs for the period were RMB 2,357,257 thousand, an increase from RMB 2,048,604 thousand in the previous year, indicating a focus on innovation[39]. Market and Regulatory Environment - The pharmaceutical manufacturing industry's revenue in China for the first half of 2023 was RMB 1,249.6 billion, a decrease of 2.9% year-on-year, while total profit fell by 17.1% to RMB 179.45 billion[11]. - The new rules issued by the National Medical Insurance Administration on July 21, 2023, clarified the management of drug inclusion in regular catalogs, benefiting the development of innovative drugs[11]. - The average price drop for the eighth batch of national drug centralized procurement was 56%, with 39 drugs successfully procured[11]. Corporate Governance and Recognition - The company has been recognized as one of the "Top 50 Pharmaceutical Companies" by Pharmaceutical Executive magazine for five consecutive years from 2019 to 2023[10]. - The company has been recognized as one of the 88 selected enterprises in the "Sustainable Development Yearbook (China Edition) 2023" by S&P Global, highlighting its commitment to ESG management[35]. - The group’s ESG index ranking was 57 out of 855 listed companies, receiving a rating of "leading level in ESG development" for its high-quality ESG management[35]. Capital and Financial Position - The group has cash and bank balances of approximately RMB 1,157,719 million, with total financial reserves amounting to approximately RMB 1,960,921 million[18]. - The total assets of the group were approximately RMB 65,640.89 million as of June 30, 2023, with total liabilities of approximately RMB 29,182.08 million, resulting in a debt ratio of approximately 44.5%[31]. - The group has implemented foreign exchange forward contracts to hedge part of its euro-denominated liabilities and will continue to monitor foreign exchange net risks[33]. - The group reported a net loss from its joint ventures and associates of approximately RMB 20,640 million after tax adjustments[22]. Shareholder Returns - The company declared an interim dividend of HKD 0.02 per share for the six months ended June 30, 2023[2]. - The interim dividend declared for the six months ended June 30, 2023, is HKD 0.02 per ordinary share, down from HKD 0.06 per share in 2022[66]. - The company repurchased a total of 12,650,000 shares at a total cost of approximately HKD 46,032,500 during the six months ended June 30, 2023[76]. Future Outlook - The company plans to launch nearly 10 innovative drugs in the next three years, with over 40 innovative drugs in the pipeline expected to be launched by 2030[36]. - The group aims to achieve a revenue target of HKD 100 billion by 2030, positioning itself as a world-class innovative pharmaceutical group[36].