另外，该行重申对翰森制药"跑赢大市"评级，目标价由27.8港元升至43.1港元，上调2025至27年收入预 测19%至29%，净利润预测10%至29%，基于创新药增长有机会好过预期，以及较高BD业务收入。 同时，该行重申对康哲药业"跑赢大市"评级，目标价由10港元升至15.6港元，上调2025至27年收入预测 0%至2%，净利润预测3%至6%，因今年上半年业绩胜预期。 里昂发布研报称，3间内地药企包括中国生物制药(01177)、翰森制药(03692)及康哲药业(00867)，上半年 均录得稳健业绩，2024年下半年及2025年上半年均实现双位数收入增长。该行预期势头将于2025年下半 年延续，推动因素包括更多创新药物上市及新产品销售增加、内地医疗保险支出环境更有利、以及潜在 的商业拓展(BD)收入。 股份方面，该行重申对中生制药"跑赢大市"评级，目标价维持9.2港元，料公司收入增长加速，2025至 27年分别升12%、15%及16%;基于创新药收入贡献增加，预期利润率亦有增长。 ...

另外，该行重申对翰森制药"跑赢大市"评级，目标价由27.8港元升至43.1港元，上调2025至27年收入预 测19%至29%，净利润预测10%至29%，基于创新药增长有机会好过预期，以及较高BD业务收入。 同时，该行重申对康哲药业"跑赢大市"评级，目标价由10港元升至15.6港元，上调2025至27年收入预测 0%至2%，净利润预测3%至6%，因今年上半年业绩胜预期。 智通财经APP获悉，里昂发布研报称，3间内地药企包括中国生物制药(01177)、翰森制药(03692)及康哲 药业(00867)，上半年均录得稳健业绩，2024年下半年及2025年上半年均实现双位数收入增长。该行预 期势头将于2025年下半年延续，推动因素包括更多创新药物上市及新产品销售增加、内地医疗保险支出 环境更有利、以及潜在的商业拓展(BD)收入。 股份方面，该行重申对中生制药"跑赢大市"评级，目标价维持9.2港元，料公司收入增长加速，2025至 27年分别升12%、15%及16%;基于创新药收入贡献增加，预期利润率亦有增长。 ...

Group 1 - The core viewpoint of the report indicates that China Biopharmaceutical's revenue increased by 10.7% year-on-year in the first half of the year, with net profit rising by 12.3% and adjusted net profit soaring by 101.1%, surpassing expectations due to better-than-expected growth in innovative product revenue and dividend income [1] - The firm anticipates that the approval process for innovative products will accelerate over the next three years, potentially driving additional revenue for the company [1] - Due to improvements in operational efficiency and increased dividend income, the firm has raised its adjusted net profit forecasts for the next two years by 16.9% and 17.2%, to 4.47 billion and 4.921 billion yuan respectively [1] Group 2 - The firm maintains an "outperform" rating for the company and has raised the target price by 17.1% to 8.9 HKD [1]

智通财经APP获悉，中银国际发布研报称，中国生物制药(01177)上半年收入同比增长10.7%，符合预 期，主要来自于创新药、生物类似药销售强劲，以及仿制药销售复苏的推动。持续经营业务净利润同比 大幅增长140%，相信是受到股息收入及金融资产变动的支持。管理层维持2025年双位数增长指引，预 期下半年将录得3亿美元默沙东里程碑付款及潜在BD授权交易。中银国际估算，中生制药的创新药贡献 预计将从2025年的50%上升至2027年的60%，将目标价从7.7港元升至8.7港元，维持"买入"评级。 ...

中银国际发布研报称，中国生物制药(01177)上半年收入同比增长10.7%，符合预期，主要来自于创新 药、生物类似药销售强劲，以及仿制药销售复苏的推动。持续经营业务净利润同比大幅增长140%，相 信是受到股息收入及金融资产变动的支持。管理层维持2025年双位数增长指引，预期下半年将录得3亿 美元默沙东里程碑付款及潜在BD授权交易。中银国际估算，中生制药的创新药贡献预计将从2025年的 50%上升至2027年的60%，将目标价从7.7港元升至8.7港元，维持"买入"评级。 ...

LM-302目前正在中国开展Ⅲ期临床试验，用于治疗经二线及以上系统治疗后进展的CLDN18.2阳性局部 晚期或转移性胃及胃食管交界部腺癌。此次纳入突破性治疗药物程序，有望加速LM-302的上市进程， 尽早为更多CLDN18.2阳性胃癌患者带来创新治疗选择。 2025年美国临床肿瘤学会(ASCO)年会上，礼新医药公布了LM-302联合PD-1单抗治疗胃癌的最新研究数 据：在41例疗效可评估的患者中，ORR为65.9%，DCR为85.4%。CLDN18.2≥25%的患者32例，ORR为 71.9%，DCR为96.9%。研究结果显示，LM-302联合方案在CLDN18.2阳性患者中具有良好的抗肿瘤活 性且安全性可控[1]。 格隆汇8月19日丨中国生物制药(01177.HK)公告，集团全资附属公司礼新医药科技(上海)有限公司("礼新 医药")自主研发的创新药LM-302"CLDN18.2ADC"已被中国国家药品监督管理局药品审评中心(CDE)纳 入突破性治疗药物程序(BTD)，用于联合PD-1单抗一线治疗CLDN18.2阳性的局部晚期或转移性胃及胃 食管交界部腺癌。 LM-302是一款潜在同类首创(first-in- ...

Core Viewpoint - The company reported better-than-expected performance for 1H25, driven by innovative product revenue growth and dividend income [1][2]. Group 1: Financial Performance - In 1H25, the company achieved revenue of 17.575 billion yuan, a year-on-year increase of 10.7% [1]. - The net profit attributable to shareholders was 3.389 billion yuan, up 12.3% year-on-year, while adjusted net profit reached 3.088 billion yuan, reflecting a significant increase of 101.1% [1]. - The revenue from innovative products amounted to 7.799 billion yuan, growing by 27.2% year-on-year, accounting for 44.4% of total revenue [1]. Group 2: Growth Drivers - The company’s revenue growth was primarily driven by innovative products, with oncology drug revenue reaching 6.694 billion yuan (up 24.9% YoY) and surgical analgesics revenue at 3.105 billion yuan (up 20.2% YoY) [1][2]. - The company anticipates that innovative product revenue will exceed 50% of total revenue by 2025, with several new products expected to be approved in 2H25 [1]. Group 3: Management Efficiency - The company improved its gross margin to 82.5%, an increase of 0.4 percentage points year-on-year, while the sales and management expense ratio decreased to 42.9% [2]. - The number of marketing personnel declined by 8.6% year-on-year, but productivity per marketing employee increased by 21.8%, indicating enhanced team efficiency [2]. Group 4: Strategic Initiatives - The acquisition of Lixin Pharmaceutical is expected to accelerate the company’s innovation pipeline, particularly in oncology [2]. - The company is focusing on key therapeutic areas, including lung cancer, breast cancer, and gastrointestinal cancers, with several clinical trials underway [2]. Group 5: Profit Forecast and Valuation - The company raised its adjusted net profit forecasts for 2025 and 2026 by 16.9% and 17.2%, respectively, to 4.470 billion yuan and 4.921 billion yuan [3]. - The current stock price corresponds to a 30.4x and 27.2x adjusted P/E ratio for 2025 and 2026, respectively, with a target price increase of 17.1% to 8.90 HKD, indicating a potential upside of 12.5% from the current price [3].

Core Viewpoint - The company reported a 10.7% year-on-year revenue growth in the first half of 2025, reaching 17.58 billion yuan, with a net profit attributable to shareholders increasing by 12.3% to 3.39 billion yuan, indicating strong operational performance and growth potential in innovative products [1][2]. Financial Performance - The adjusted net profit, excluding one-time gains, grew by 101.1% year-on-year to 3.09 billion yuan, surpassing expectations [1]. - The comprehensive gross margin improved by 0.4 percentage points to 82.5%, while the sales and management expense ratio decreased by 0.2 percentage points to 42.9% [1]. - Research and development expenses rose by 23.6% to 3.19 billion yuan, with an R&D expense ratio of 18.1% [1]. Innovation and Product Pipeline - Revenue from innovative products surged by 27% year-on-year to 7.8 billion yuan, contributing 44% to total revenue, up from 39% in the first half of 2024 [1][2]. - The company expects the number of innovative products to increase to 21 by 2025 and over 35 by 2027, with sales contribution projected to rise from 50% in 2025 to 60% in 2027 [2]. Strategic Acquisitions - The company announced the acquisition of Lixin Pharmaceutical for a net price of 500 million USD, which includes eight clinical-stage products and over 20 preclinical assets, enhancing its ADC and bispecific antibody pipeline [3]. - The acquisition is expected to strengthen the company's R&D capabilities and enrich its innovative pipeline [3]. Earnings Forecast and Target Price - The adjusted diluted earnings per share forecast for 2025 was raised from 0.20 yuan to 0.23 yuan, with subsequent increases for 2026 and 2027 [1][3]. - The target price was increased from 4.9 HKD to 10.2 HKD, reflecting a potential upside of 29%, while maintaining a buy rating [1][3].

交银国际发布研报称，中国生物制药(01177)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。目标价由8港元升至9.1港元，维持"买入"评级。 展望未来，该行继续看好公司已上市创新产品快速放量、自研管线价值长期内持续兑现、以及近期潜在 重磅BD交易对收入增厚和股价的推动作用，上调公司2025年收入预测4%，以反映礼新技术转移里程碑 收款的贡献。交银国际上调中生制药2025年至2027年经调整净利润至51亿、44亿及53亿元人民币，以反 映2025年更高的投资收益预测、以及合作收入占比提升+降本增效努力下利润率的改善空间。 ...

展望未来，该行继续看好公司已上市创新产品快速放量、自研管线价值长期内持续兑现、以及近期潜在 重磅BD交易对收入增厚和股价的推动作用，上调公司2025年收入预测4%，以反映礼新技术转移里程碑 收款的贡献。交银国际上调中生制药2025年至2027年经调整净利润至51亿、44亿及53亿元人民币，以反 映2025年更高的投资收益预测、以及合作收入占比提升+降本增效努力下利润率的改善空间。 智通财经APP获悉，交银国际发布研报称，中国生物制药(01177)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。目标价由8港元升至9.1港元，维持"买入"评级。 ...