三生制药 20250903 摘要 三生制药传统业务稳健，特比澳受益于适应症拓展，预计 2025 年销售 额超 50 亿人民币。EPO 产品具领先优势，并布局长效二代产品应对集 采风险。Remage 等新兴品类进入医保放量，口服紫杉醇等新产品贡献 增量。 三生制药积极转型创新药，通过自研和外部引进，创新药管线取得显著 进展。PDUV 双抗与辉瑞达成 60 亿美元 BD 协议，验证其潜力，该产品 在一二期临床试验中针对非小细胞肺癌和肠癌等适应症数据表现良好。 三生制药在消费医疗领域全面布局，涵盖脱发、肥胖及皮肤疾病等。蔓 迪品牌在脱发治疗市场占据领先地位，2024 年销售额达数十亿元。引 进维莱瓦治疗痤疮，合作开发口服减肥药思美。 三生制药在肿瘤创新领域取得进展，PD-1 单抗授权海外 MNC，与辉瑞 合作推进肺癌和急性肠癌适应症临床，并探索卵巢癌等适应症，提升产 品价值。 三生制药在自免领域依托三生国健布局，开发新型自免疫疗法，如 BD e d c two 靶向系统性红斑狼疮，TRY one 单抗靶向溃疡性结肠炎，具有 商业化潜力。 Q&A 三生制药的基本面和历史背景如何？ 三生制药是一家有着 30 余年历史的 ...

尽管现有核心产品仍面临压力，公司预计将在2025至26年间推出多款新药，包括608(IL-17A抑制剂)和 613(IL-1β抑制剂)等，有望推动销售收入增长。此外，该行认为707(PD-1/VEGF双抗)有潜力成为全球重 磅药物;预计辉瑞将积极推动707的全球临床开发以及联合用药方案等。 招银国际发布研报称，三生制药(01530)707全球临床试验的启动，有望成为集团盈利上行的重要催化剂; 目标价由37.67港元微降至37.58港元，维持"买入"评级。 三生制药上半年收入达44亿元人民币(下同)，同比跌0.8%，主要受TPIAO销售放缓影响，但部分被脱发 治疗产品系列的强劲增长所抵消。期内，归属净利润同比上升24.6%至11亿元，得益于财务成本同比减 少49%。 ...

尽管现有核心产品仍面临压力，公司预计将在2025至26年间推出多款新药，包括608(IL-17A抑制剂)和 613(IL-1β抑制剂)等，有望推动销售收入增长。此外，该行认为707(PD-1/VEGF双抗)有潜力成为全球重 磅药物;预计辉瑞将积极推动707的全球临床开发以及联合用药方案等。 智通财经APP获悉，招银国际发布研报称，三生制药(01530)707全球临床试验的启动，有望成为集团盈 利上行的重要催化剂;目标价由37.67港元微降至37.58港元，维持"买入"评级。 三生制药上半年收入达44亿元人民币(下同)，同比跌0.8%，主要受TPIAO销售放缓影响，但部分被脱发 治疗产品系列的强劲增长所抵消。期内，归属净利润同比上升24.6%至11亿元，得益于财务成本同比减 少49%。 ...

Group 1 - Sangfor Pharmaceuticals (01530) saw a stock increase of 3.61%, reaching HKD 32.16, with a trading volume of HKD 584 million [1] - The company reported a revenue of RMB 4.4 billion for the first half of the year, a year-on-year decline of 0.8%, primarily due to a slowdown in TPIAO sales, although this was partially offset by strong growth in its hair loss treatment product line [1] - Net profit attributable to shareholders increased by 24.6% to RMB 1.1 billion, benefiting from a 49% reduction in financial costs [1] Group 2 - The company anticipates launching several new drugs between 2025 and 2026, including 608 (IL-17A inhibitor) and 613 (IL-1β inhibitor), which are expected to drive revenue growth [1] - The potential of 707 (PD-1/VEGF dual antibody) is highlighted as a candidate for becoming a blockbuster drug globally, with Pfizer expected to actively promote its global clinical development and combination therapy [1] - The initiation of global clinical trials for 707 is seen as a significant catalyst for the company's profit growth [1] Group 3 - According to Lyon, the performance of Sangfor Pharmaceuticals in the first half of the year was mixed, with weak TPO sales but strong Mandi sales driven by increased adoption of Mandi Foam and successful online distribution [2] - The overseas research progress of SSGJ-707 is anticipated to be a key catalyst, with Pfizer stating that global Phase III studies for non-small cell lung cancer will start by the end of 2025, along with further exploration in other tumor types [2]

Group 1 - The stock price of Sihuan Pharmaceutical has increased by over 3%, reaching HKD 32.16 with a trading volume of HKD 584 million [1] - Sihuan Pharmaceutical reported a revenue of RMB 4.4 billion for the first half of the year, a year-on-year decrease of 0.8%, primarily due to a slowdown in TPIAO sales, although this was partially offset by strong growth in its hair loss treatment product line [1] - The net profit attributable to shareholders increased by 24.6% to RMB 1.1 billion, benefiting from a 49% reduction in financial costs [1] Group 2 - The company expects to launch several new drugs between 2025 and 2026, including 608 (IL-17A inhibitor) and 613 (IL-1β inhibitor), which are anticipated to drive revenue growth [1] - The 707 (PD-1/VEGF dual antibody) is considered to have the potential to become a blockbuster drug globally, with Pfizer expected to actively promote its global clinical development and combination therapy [1] - The initiation of global clinical trials for 707 is expected to be a significant catalyst for the company's profit growth [1][2]

Core Viewpoint - The company demonstrates strong long-term growth potential through innovative value realization, with a significant partnership with Pfizer for the SSGJ-707 drug, which is expected to enhance its market position in oncology treatments [1][2]. Financial Performance - In the first half of 2025, the company reported a net profit of 1.358 billion yuan, reflecting a year-on-year increase of 24.61% - Revenue for the same period was 4.355 billion yuan, showing a slight decline of 0.77% - The gross margin stood at 85.31%, down by 1.20 percentage points, while the net profit margin increased to 31.88%, up by 6.65 percentage points [1]. Research and Development - R&D expenditure reached 548 million yuan, marking a 15% increase - The company generated a net operating cash flow of 970 million yuan and held nearly 8 billion yuan in cash reserves [1]. Strategic Partnerships - The company entered a significant collaboration with Pfizer regarding the SSGJ-707 drug, granting Pfizer global rights while retaining supply rights in mainland China - SSGJ-707 is set to undergo global Phase III clinical trials for treating non-small cell lung cancer (NSCLC) and other tumor types, with promising results from Phase II trials indicating its potential [1]. Product Pipeline - The company has a robust pipeline with 30 projects, including several in oncology and autoimmune diseases - Notable advancements include the approval of PD-1/HER2 and PD-1/PD-L1 dual antibodies for Phase II trials, and the first targeted MUC17/CD3/CD28 tri-antibody entering Phase I trials - In the autoimmune sector, IL-17A and IL-1β monoclonal antibodies have submitted NDA applications, while IL-4Rα monoclonal antibody has reached primary endpoints in Phase III trials [2]. Market Position and Future Outlook - The company is well-positioned in the "next-generation IO+ADC" space, with ongoing validation of SSGJ-707's trial speed and efficacy - The combination of a solid existing portfolio and the anticipated value from upcoming pipelines is expected to enhance the company's valuation [2].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 三生制药（「本公司」） 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 01530 說明 FF301 第 1 頁 共 10 頁 v 1.1.1 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 50,000,000,000 USD 0.00001 USD 500,000 增加 / 減少 (-) USD 本月底結存 50,000,000,000 USD 0.00001 USD 500,000 本月底法定/註冊股本總額： USD 500,000 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市 ...

证券研究报告 港股通 三生制药 (1530 HK) 加码研发，推进创新 1H25 公司研发费率 12.6%（+1.8pct yoy），研发费用 5.5 亿元（+15% yoy）, 公司有序推进约 30 个在研项目（5 个 NDA&ANDA，9 个临床 III 期，6 个 临床 II 期，10 个临床 I 期&IND），涵盖血液肿瘤、肾科、自免、消费医疗 领 域 ， 其 中 705 （ PD-1/HER-2 ） /706 （ PD-1/PD-L1 ） /SSS59 （MUC17/CD3/CD28）/SPGL008（B7H3/IL-15）等肿瘤在研、626（BDCA2） /627（TL1A）等自免在研兼具靶点新、进度前、竞争好的优势，具备较大 的市场潜力。我们认为随着 707 顺利 BD，公司创新能力获得验证，后线潜 力管线有望依次崭露头角。 存量业务平稳，创新药拾级而上 2025 年 9 月 02 日│中国香港 化学制药 公司公告 1H25 收入、归母净利、经营性归母 43.6、13.6、11.4 亿元（-1%、 +25%、+2% yoy）。我们认为公司正在迈入发展新阶段，存量产品贡献稳 定现金流，创新药陆续上 ...

三生制药上半年业绩表现有好有坏，TPO销售疲软，而Mandi销售则表现强劲，受Mandi Foam采用率提 高及线上分销成功推动。该行继续预期SSGJ-707的海外研发进展将成为关键催化剂。 根据辉瑞说法，SSGJ-707将于2025年底启动针对非小细胞肺癌的全球三期研究，同时进一步探索其在 其他肿瘤类型中的应用，包括与其抗体药物偶联物产品组合进行更多一期/二期研究。 智通财经APP获悉，里昂发布研报称，大幅上调三生制药(01530)2025年至2027年盈利预测各2.88倍、 44.6%及38.4%，各至92.73亿、41.71亿及46.89亿人民币，并将目标价从19.6港元上调至37.1港元，相当 预测市盈率18倍，维持"跑赢大市"评级。 （原标题：里昂：升三生制药(01530)目标价至37.1港元 维持"跑赢大市"评级） ...

里昂发布研报称，大幅上调三生制药(01530)2025年至2027年盈利预测各2.88倍、44.6%及38.4%，各至 92.73亿、41.71亿及46.89亿人民币，并将目标价从19.6港元上调至37.1港元，相当预测市盈率18倍，维 持"跑赢大市"评级。 根据辉瑞说法，SSGJ-707将于2025年底启动针对非小细胞肺癌的全球三期研究，同时进一步探索其在 其他肿瘤类型中的应用，包括与其抗体药物偶联物产品组合进行更多一期/二期研究。 三生制药上半年业绩表现有好有坏，TPO销售疲软，而Mandi销售则表现强劲，受Mandi Foam采用率提 高及线上分销成功推动。该行继续预期SSGJ-707的海外研发进展将成为关键催化剂。 ...