三生国健(688336.SH)母公司，港股上市的三生制药近日宣布，旗下抗VEGF/PD-1双特异性抗体(研发代 码：707)正式被国家药品监督管理局纳入突破性治疗品种，适应症为一线治疗PD-L1表达阳性的局部晚 期或转移性非小细胞肺癌。 根据全球癌症统计数据，肺癌的发病率和死亡率均居于所有癌症之首，其中非小细胞肺癌约占全部肺癌 的80%—85%。临床治疗中，抗PD-1/L1单药效果有限，抗PD-1/L1联合化疗的5年生存率也仅为17%— 30%，且常伴随诸多化疗相关副作用。因此，寻找全新且更有效的治疗手段成为临床的迫切需求。 707是三生制药基于CLF2专利平台开发的靶向VEGF/PD-1双特异性抗体，可同时抑制VEGF和PD-1双靶 点。II期临床阶段性分析数据显示，707在非小细胞肺癌(NSCLC)患者的治疗上获得了优异的客观缓解 率(ORR)和疾病控制率(DCR)，无论单药还是与化疗联用，均展示出显著的抗肿瘤活性和良好的安全 性，具有best-in-class(同类最优)的潜力。 除非小细胞肺癌外，三生制药还在推进707用于治疗结直肠癌、子宫内膜癌、卵巢癌等领域的临床研 究。同时，707也获得了FDA的 ...

Summary of the Conference Call for Sanofi Pharmaceutical Company Overview - Sanofi Pharmaceutical was founded in 1993 by General Lou Dan, with a military background contributing positively to its long-term development [3] - The company has evolved into a comprehensive pharmaceutical enterprise focusing on oncology, hematology, and consumer healthcare, achieving over 50% market share in key products [3][4] Core Business Insights - **Product Focus**: Sanofi's key products include Teibiao, Yipiao, and Yisai Pu, with a strong emphasis on innovation through self-research and business development (BD) [3][5] - **Clinical Trials**: The company is nearing completion of Phase II clinical trials for its PD-L1/VEGF dual antibody, which could significantly impact non-small cell lung cancer treatment [3][8] - **Sales Projections**: Teibiao is expected to exceed 5 billion yuan in sales for 2024, with further growth anticipated from new indications and lifted insurance restrictions [3][10] Innovation and R&D - **Strategic Investments**: Sanofi has made strategic investments in cutting-edge technologies such as IDFC, cell therapy, and CAR-T dual antibodies [3][5] - **Autoimmune Disease Focus**: The company is targeting well-validated overseas markers in autoimmune diseases, maintaining a competitive position in the market [6] Collaborations - Sanofi has partnered with BeiGene to co-develop PD-L1/VEGF dual antibodies and ADC combinations, aiming to replace existing first-line treatments [7] Consumer Healthcare - **Market Leadership**: The product Mandu has become the market leader in both hospital and retail settings, with projected sales of over 1.3 billion yuan in 2025 [11] - **New Product Launches**: Bever, for moderate acne, is expected to reach 500,000 prescriptions in North America in 2024, translating to approximately $300 million in sales [11] Financial Performance - **EPO Segment**: The EPO segment is projected to achieve an 8%-9% growth rate in the first half of 2024, with a long-acting second-generation product expected to be approved in late 2025 [10] - **Overall Growth Strategy**: Sanofi's strategy of focusing on major products ensures stable growth over the next 2-3 years, with new product launches expected to enhance revenue streams [10][12] Future Outlook - Sanofi's robust pipeline in oncology and consumer healthcare, along with its innovative strategies, positions the company favorably for future growth [12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to achieve steady growth in core products in 2024, with new drugs potentially providing flexibility in revenue generation [5][7] - The company reported a total revenue of 9.108 billion RMB in 2024, representing a year-on-year growth of 16.5%, with drug sales contributing 8.928 billion RMB, also up by 16.8% [7] - The net profit attributable to shareholders reached 2.09 billion RMB, marking a significant increase of 34.9% year-on-year [7] - Key products such as Tevizo and Mandi are experiencing robust growth, with Tevizo sales projected at 5.06 billion RMB in 2024, reflecting a 20.4% increase [7] - The company has a promising pipeline of innovative drugs, including the PD1/VEGF dual antibody, which shows potential for high returns from overseas markets [7] Financial Summary - Revenue projections for the company are as follows: 10.102 billion RMB in 2025, 11.164 billion RMB in 2026, and 12.430 billion RMB in 2027, with growth rates of 10.9%, 10.5%, and 11.3% respectively [6][8] - The net profit attributable to shareholders is forecasted to be 2.343 billion RMB in 2025, with a growth rate of 12.1% [6][8] - The company's price-to-earnings ratio (P/E) is projected to be 12.42 in 2025, decreasing to 9.68 by 2027 [6][8] - The company aims for a target market value of 40 billion RMB, supported by steady growth in core business and innovative products [7]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][20]. Core Insights - The company has demonstrated robust revenue growth, with projected revenue of 9.11 billion yuan in 2024, representing a 16.5% increase. Gross profit is expected to reach 7.83 billion yuan, up 17.9%, with a gross margin improvement to 86% [1][9]. - The core product, Tebentafusp, achieved sales of 5.062 billion yuan, a 20.4% increase, capturing 66.6% of the Chinese market for thrombocytopenia treatment. The company has also successfully renewed its medical insurance contracts [2][12]. - The innovative pipeline is progressing rapidly, with the dual antibody product 707 showing promising clinical results in lung cancer and colorectal cancer trials, achieving an overall response rate (ORR) of 70.8% in monotherapy for PD-L1 positive NSCLC [3][14][17]. Financial Performance and Projections - The company is expected to achieve a net profit of 2.09 billion yuan in 2024, a 34.9% increase, with adjusted operating net profit reaching 2.32 billion yuan, up 18.8% [1][9]. - R&D expenses are projected to rise significantly to 1.327 billion yuan in 2024, reflecting a 66.9% increase, indicating a strong commitment to innovation [1][9]. - The financial forecast for 2025-2027 includes net profits of 2.39 billion yuan, 2.71 billion yuan, and 3.07 billion yuan, respectively, with year-on-year growth rates of 14.1%, 13.7%, and 13.1% [4][20]. Market Position and Strategy - The company is actively expanding its commercial footprint through strategic collaborations in various therapeutic areas, including nephrology, oncology, and metabolic diseases. In 2024, three new drugs are expected to be approved, and four new drug applications are under review [15][19]. - The dual antibody 707 is positioned favorably in the market, with ongoing clinical trials and a strong potential for international licensing opportunities [19][20].

Core Viewpoint - Company maintains adjusted net profit forecast for 2025 at 2.407 billion and introduces 2026 adjusted net profit at 2.602 billion, with current stock price corresponding to 12.7/11.5 times adjusted P/E for 2025/2026 [1] Financial Performance - Company reported 2024 revenue of 9.108 billion, a year-on-year increase of 16.5%; net profit attributable to shareholders was 2.090 billion, up 34.9%; adjusted operating net profit reached 2.319 billion, reflecting an 18.8% increase, outperforming expectations due to stable growth of core products and increased income from joint ventures [2] Core Product Growth - Core product Terbinafine achieved revenue of 5.062 billion in 2024, a year-on-year increase of 20.4%, accounting for 55.6% of total revenue; EPO market leader with 42% share from Yibiao and Saibo, generating 1.018 billion, up 8.3%; Mandib achieved revenue of 1.337 billion, an 18.9% increase, with new foam agent enhancing competitiveness [3] R&D Pipeline - Company received approval for three new drugs including Aicoparib suspension in 2024 and submitted NDA for four products; R&D pipeline includes over 30 products across various therapeutic areas, with 10 in phase III clinical trials; 707 (anti-VEGF/PD-1 dual antibody) has entered phase III clinical trials, showing potential for BIC [4] Business Development Collaborations - Company completed several license-in collaborations in 2024, including partnerships for GLP-1, oral paclitaxel, and others, which are expected to provide revenue increments; anticipation for more business development collaborations, especially license-out projects, to enhance performance [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][9] Core Insights - The company reported a revenue of 9.11 billion yuan for 2024, representing a year-over-year growth of 16.5%. The net profit attributable to shareholders was 2.09 billion yuan, with a year-over-year increase of 34.9% [4][6] - The company is expected to achieve revenues of 10.20 billion yuan, 11.49 billion yuan, and 13.15 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 12%, 13%, and 14% [6][8] - The adjusted net profit for 2024 was 2.32 billion yuan, exceeding expectations with a year-over-year growth of 18.8% [4][6] Financial Performance Summary - The company’s total revenue for 2023 was 7.84 billion yuan, with a growth rate of 14% year-over-year [3] - The net profit attributable to shareholders for 2023 was 1.55 billion yuan, showing a decline of 19% year-over-year [3] - Earnings per share (EPS) for 2023 was 0.65 yuan, projected to increase to 0.87 yuan in 2024 and further to 1.26 yuan by 2027 [3][8] Pipeline and Market Potential - The company has several upcoming product approvals, including a license-in product for gastric cancer and new indications for existing drugs, which are expected to drive future growth [6] - The company is focusing on expanding its international market presence, particularly with its dual-antibody products [6]

Group 1 - The Hang Seng Biotechnology ETF has seen a cumulative increase of 8.31% over the past two weeks, ranking in the top third among comparable funds [1] - The latest scale of the Hang Seng Biotechnology ETF reached 255 million yuan, marking a three-month high [1] - The ETF's latest share count reached 299 million, achieving a one-month high [1] Group 2 - As of March 28, 2025, the Hang Seng Biotechnology Index surged by 3.29%, with constituent stocks like 02157 rising by 21.17% and 09688 by 13.87% [2] - The Hang Seng Biotechnology ETF (513280) increased by 3.72%, marking its third consecutive rise, with a latest price of 0.89 yuan and a trading volume of 44.81 million yuan [2] Group 3 - The National Medical Products Administration has announced enhanced support for innovative medical devices, indicating a favorable policy environment for the sector [3] - Several innovative pharmaceutical companies reported better-than-expected earnings, with notable increases in revenue and profit, indicating a high growth trend in the sector [3] - Companies like 09688 and 09995 reported significant revenue growth, with 09995 achieving a 58.5% year-on-year increase [3] Group 4 - Chinese companies are increasingly entering developed markets through licensing and international clinical trials, reflecting a positive trend in the innovative drug sector [4] - The 2025 Government Work Report highlights ongoing improvements in the pharmaceutical policy environment, including support for innovative drugs and quality assessments [4] - The Hang Seng Biotechnology ETF (513280) is noted for its low management fees, making it an attractive option for investors [4]

Investment Rating - The report maintains a "Buy" rating for the company [4][3]. Core Insights - The company achieved a revenue of 9.11 billion RMB in 2024, representing a year-on-year growth of 16.5%. The gross profit reached 7.83 billion RMB, up 17.9%, while the net profit attributable to shareholders was 2.09 billion RMB, reflecting a growth of 34.9% [1]. - Key products showed robust growth, with sales of the core product, Tebiou, reaching 5.06 billion RMB, a 20.4% increase. The approval of Tebiou for pediatric ITP in April 2024 and the acceptance of its application for chronic liver disease-related thrombocytopenia in August 2024 are expected to drive further growth [1][2]. - The company has a strong innovation pipeline with 30 products under development, focusing on nephrology, hematology, oncology, and other therapeutic areas. Notable approvals in 2024 include the launch of the Minoxidil foam and the approval of other products like Eltrombopag and Apixaban [2]. - Collaborative efforts have expanded the commercial landscape, with four partnerships established in 2024, enhancing the product portfolio and potential sales synergies [2]. Financial Projections - The company is projected to achieve total revenues of 10.49 billion RMB, 12.13 billion RMB, and 14.11 billion RMB for 2025, 2026, and 2027, respectively, with growth rates of 15.2%, 15.7%, and 16.3% [3][6]. - Net profit attributable to shareholders is expected to be 2.54 billion RMB, 2.96 billion RMB, and 3.49 billion RMB for the same years, with growth rates of 21.5%, 16.7%, and 17.7% [3][6]. - The report indicates a corresponding price-to-earnings ratio (P/E) of 10, 9, and 8 for the years 2025, 2026, and 2027 [3].

Investment Rating - The report maintains a "Buy" rating for the company [4][3]. Core Insights - The company achieved a revenue of 9.11 billion RMB in 2024, representing a year-on-year growth of 16.5%. The gross profit reached 7.83 billion RMB, up 17.9%, while the net profit attributable to shareholders was 2.09 billion RMB, reflecting a growth of 34.9% [1]. - Key products showed robust growth, with sales of the core product, Tebiou, reaching 5.06 billion RMB, a 20.4% increase year-on-year. The approval of Tebiou for pediatric ITP in April 2024 and the acceptance of its application for chronic liver disease-related thrombocytopenia in August 2024 are expected to drive further growth [1][2]. - The company has a strong innovation pipeline with 30 products under development, focusing on nephrology, hematology, oncology, autoimmune/ophthalmology, and dermatology/weight loss. Notable approvals in 2024 include the launch of the Minoxidil foam and the approval of Acetylcysteine and Apustel tablets [2]. - Collaborative efforts have expanded the commercial landscape, with four partnerships established in 2024, enhancing the product portfolio and potential sales synergies [2]. Financial Projections - The company is projected to achieve total revenues of 10.49 billion RMB, 12.13 billion RMB, and 14.11 billion RMB for 2025, 2026, and 2027, respectively, with growth rates of 15.2%, 15.7%, and 16.3% [3]. - Net profit attributable to shareholders is expected to be 2.54 billion RMB, 2.96 billion RMB, and 3.49 billion RMB for the same years, with growth rates of 21.5%, 16.7%, and 17.7% [3]. - The report indicates a corresponding price-to-earnings ratio (P/E) of 10, 9, and 8 for the years 2025, 2026, and 2027 [3].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6]. Core Insights - The company has over 40 listed products across various therapeutic areas, with core products like TPIAO and Mandi series expected to maintain steady growth. The research pipeline is rich, with several innovative drugs entering harvest periods, particularly SSGJ707 showing promising early clinical results [6][13]. - The company is well-positioned in the market with a diversified business layout and mature commercialization capabilities, driving stable growth of core products [7]. - Financial projections indicate a net profit of 2.33 billion, 2.61 billion, and 2.94 billion CNY for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.97, 1.09, and 1.23 CNY, suggesting a favorable valuation [9]. Summary by Sections 1. Core Products and Innovation Pipeline - The company has a strong focus on innovative drug development, with SSGJ707 (a PD-1/VEGF dual antibody) showing excellent early clinical data and potential for significant market impact [8][24]. - TPIAO, the company's flagship product, is the only commercialized rhTPO globally, with plans to expand its indications, including a recent approval for pediatric ITP [28][34]. 2. Financial Performance and Projections - The company reported a revenue of 9.11 billion CNY in 2024, reflecting a year-on-year growth of 16.5%. The net profit for the same year was approximately 2.09 billion CNY [9][21]. - The gross margin has been stable, with an increase from 80.98% in 2020 to 85.94% in 2024, indicating effective cost management [21]. 3. Market Position and Competitive Landscape - TPIAO has a market share of 66.6% in 2024, benefiting from its safety and efficacy profile, which allows it to replace traditional therapies [40][41]. - The company is actively collaborating with various pharmaceutical firms to enhance its product offerings and market reach, particularly in the oncology and hematology sectors [7][8]. 4. Research and Development Focus - The company has a comprehensive pipeline with 30 products under development, focusing on hematology, oncology, and autoimmune diseases, with several nearing NDA submission [25][24]. - The R&D expenses for 2024 were approximately 1.33 billion CNY, reflecting a commitment to innovation and development of high-value products [21].