Investment Rating - The report initiates coverage on 3S BIO with an "OUTPERFORM" rating and a target price of HK$45.50, indicating a positive outlook for the company's stock performance [1][2][7]. Core Insights - The company's core business is robust, with innovative products expected to drive future growth. Key products include TPO, EPO, and the leading hair loss treatment brand Mandi, which dominate their respective markets [2][9]. - The company has a strong pipeline with over 30 projects in development, including four innovative drugs currently undergoing NDA approval, which are anticipated to contribute significantly to revenue growth [2][12]. - The partnership with Pfizer for the PD-1×VEGF dual antibody SSGJ-707 is expected to reshape the global valuation landscape, with peak global sales projected to reach between US$11.3 billion and US$13.4 billion [3][6][31]. Summary by Sections Business Overview - 3S BIO has established itself as a leading biopharmaceutical company in China, focusing on nephrology, hematology, oncology, and other therapeutic areas. The company has shown steady revenue growth from RMB 55.9 billion in 2020 to an estimated RMB 91.1 billion in 2024 [9][12]. - The company’s core products, including TPO and EPO, maintain leading market shares of 67% and 42% respectively, ensuring a solid cash flow foundation [2][11]. Product Pipeline - The innovative pipeline includes promising candidates such as SSS06 (long-acting erythropoietin) and IL-17A monoclonal antibody, with peak sales potential estimated at RMB 7-10 billion [2][12]. - The company has also introduced new products in the consumer healthcare sector, targeting the growing market for hair loss treatments, with Mandi achieving sales of RMB 1.34 billion in 2024 [15]. Strategic Partnerships - The collaboration with Pfizer for SSGJ-707, a PD-1×VEGF dual antibody, is a significant milestone, with Pfizer paying US$1.25 billion upfront and potential milestone payments of US$4.8 billion, highlighting the product's anticipated market potential [31][33]. - The dual antibody is positioned to capture a substantial share of the oncology market, projected to exceed US$200 billion, as it demonstrates superior efficacy compared to existing PD-1 monoclonal antibodies [18][22]. Financial Projections - Revenue projections for 2025-2027 are estimated at RMB 19.18 billion, RMB 11.90 billion, and RMB 14.05 billion respectively, with net profits expected to reach RMB 9.36 billion, RMB 2.73 billion, and RMB 3.33 billion [7][9]. - The report employs a discounted cash flow (DCF) model with a WACC of 10% and a perpetual growth rate of 3.5%, supporting the target price of HK$45.50 per share [7].

7月28日，#恒瑞医药 发布公告，将HRS-9821项目的全球独家权利（不包括中国大陆、香港特别行政区、澳门特别行政区及中国台湾地区）和至多11个项 目的全球独家许可的独家选择权（不包括中国内地、中国港澳地区和中国台湾地区）有偿许可给跨国药企葛兰素史克GSK。 葛兰素史克GSK将向恒瑞医药支付5亿美元的首付款，未来基于成功开发、注册和销售里程碑付款的潜在总金额或达120亿美元。 恒瑞医药公告 受利好消息影响，恒瑞医药A股、港股双双大涨。 葛兰素史克GSK收购恒瑞新药，只是跨国药企竞逐中国创新药的一个缩影。 今年上半年，跨国药企狂砸4643亿元，掀起了一轮对中国创新药的"抢购热潮"。 "买买买"模式 今年上半年，跨国药企在中国开启了"买买买"模式。 5月，辉瑞买下三生制药旗下PD-1/VEGF双特异性抗体SSGJ-707全球权益（大中华地区除外）。 为此，三生制药将获得12.5亿美元不可退还且不可抵扣的首付款，以及最高可达48亿美元的开发、监管批准和销售里程碑付款。 12.5亿美元首付款，创下国产创新药出海之最。 | 交易时间 | 合作项目 | 转让方 | 受让方 | 授权地区 | 总金额 | 开发最高阶段 | ...

瑞银目前预测2024至2034年间三生制药收入及净利润年均复合增长率将达到13.5%及16%，管理层亦透 露2025年有机产品收入增幅将达到双位数。该行又指，三生制药并没有参与第十一轮国家药品集采，在 行业中风险属最低。基于SSGJ-707更高销售预期，该行将其目标价从30港元上调至41港元，维持"买 入"评级。 瑞银发表研报指，三生制药年初至今股价累升逾3.7倍，主要受PD-1/VEGF双特异性抗体SSGJ-707强劲 表现的推动。瑞银将该产品在中国及海外市场的风险经调整高峰销售预测分别上调24%及117%，至41 亿及414亿元。 ...

本文源自：金融界 作者：行情君 7月30日，三生制药(01530)盘中下跌4.47%，截至13:47，报32.05元/股，成交10.41亿元。 三生制药是中国领先的生物制药企业，专注于创新药物的研发、生产与销售，拥有约30种上市产品和31 个在研产品，核心产品在各自治疗领域市场占有率领先。公司具备覆盖生物药全生命周期的研发及 CDMO能力，在全球设有6大生产基地，2023年CDMO产能达7.6万升，并拥有2600余名医学代表构建广 泛学术推广网络。 截至2024年年报，三生制药营业总收入91.08亿元、净利润20.9亿元。 7月29日，招银国际维持买入评级,目标价上调至37.67港元。 ...

公司和辉瑞就PD-1/VEGF双抗达成的授权协议于近期正式生效，后者同步引进产品中国内地权益、并计 划于近期启动全球III期临床开发，再次彰显该产品在多个大瘤种上的巨大潜在价值，以及与辉瑞丰富肿 瘤管线的联用机会。后续催化剂包括707更多数据读出和潜在BD授权交易，及IL-17A、长效促红素 SSS06、特比澳CLDT适应症的获批上市等。 报告指，辉瑞拥有极强大的创新药管线和全球商业化能力，未来SSGJ-707有机会与辉瑞多款ADC、小 分子靶向药产生联用。该行认为，辉瑞获得产品中国内地权益后，凭借丰富的肿瘤创新药推广经验，有 望进一步强化产品在泛PD-(L)1市场竞争地位。因此上调其经PoS调整全球销售高峰至66亿元人民币。虽 然该目标估值倍数高于历史均值，但公司正从传统大单品主导业绩转向新品迭代+出海驱动长期增长， 处于关键节点，未来估值中枢有较大上调空间。 智通财经APP获悉，交银国际发布研报称，基于更高的合作收入预测，上调三生制药(01530)2025-2027 年收入预测2-6%;同时考虑到高定价的创新药和高利润率的合作收入对总收入的贡献逐步提高，上调利 润率预测，最终净利润预测上调6-9%，目标价 ...

报告指，辉瑞拥有极强大的创新药管线和全球商业化能力，未来SSGJ-707有机会与辉瑞多款ADC、小 分子靶向药产生联用。该行认为，辉瑞获得产品中国内地权益后，凭借丰富的肿瘤创新药推广经验，有 望进一步强化产品在泛PD-(L)1市场竞争地位。因此上调其经PoS调整全球销售高峰至66亿元人民币。虽 然该目标估值倍数高于历史均值，但公司正从传统大单品主导业绩转向新品迭代+出海驱动长期增长， 处于关键节点，未来估值中枢有较大上调空间。 交银国际发布研报称，基于更高的合作收入预测，上调三生制药(01530)2025-2027年收入预测2-6%;同时 考虑到高定价的创新药和高利润率的合作收入对总收入的贡献逐步提高，上调利润率预测，最终净利润 预测上调6-9%，目标价升至33港元，对应25.8倍、23.9倍2025年/2026年市盈率，维持"买入"评级。 公司和辉瑞就PD-1/VEGF双抗达成的授权协议于近期正式生效，后者同步引进产品中国内地权益、并计 划于近期启动全球III期临床开发，再次彰显该产品在多个大瘤种上的巨大潜在价值，以及与辉瑞丰富肿 瘤管线的联用机会。后续催化剂包括707更多数据读出和潜在BD授权交易，及IL ...

报告指，辉瑞将快速推进707在NSCLC及其他实体瘤的全球III期临床。辉瑞正在制定详细的全球临床开 发计划，将评估707单药及联用化疗、ADCs等联合疗法的潜力。辉瑞的管线中具有与707联用潜力的 ADC包括PADCEV(Nectin-4ADC)、sigvotatug vedotin(IB6ADC)和PDL1V(PD-L1ADC)。辉瑞目标快速启 动707在NSCLC及其他实体瘤的全球III期临床，并计划在今年晚些时候公布部分临床方案细节。同时， 辉瑞将探索707在胸部、泌尿生殖系统及胃肠道肿瘤中的潜力。该行认为，辉瑞在45个国家拥有超4,000 个肿瘤临床研究点，其强大的全球临床资源有望加速707的开发进程，实现赶超。 招银国际发布研报称，三生制药(01530)与辉瑞就707(PD-1/VEGF双抗)达成的全球(除中国)授权协议正式 生效。维持"买入"评级，目标价由28.32港元上调至37.67港元。 该行指，三生制药将于10月ESMO会议上以海报形式公布707联合化疗一线治疗mCRC的II期临床数据。 鉴于辉瑞快速推进707在多个肿瘤适应症的计划，该行上调了该品种风险调整后的销售额预期。 ...

Core Viewpoint - The global licensing agreement between 3SBio and Pfizer for 707 (PD-1/VEGF dual antibody) has officially come into effect, with an upgraded target price from HKD 28.32 to HKD 37.67, maintaining a "Buy" rating [1] Group 1 - Pfizer is set to rapidly advance the global Phase III clinical trials for 707 in NSCLC and other solid tumors, with a detailed global clinical development plan in progress [1] - The potential combination therapies for 707 include ADCs such as PADCEV (Nectin-4 ADC), sigvotatug vedotin (IB6 ADC), and PDL1V (PD-L1 ADC) [1] - Pfizer aims to initiate the global Phase III clinical trials for 707 in NSCLC and other solid tumors soon, with plans to disclose some clinical protocol details later this year [1] Group 2 - 3SBio is expected to present Phase II clinical data for 707 in combination with chemotherapy for mCRC at the upcoming ESMO conference [2] - Due to Pfizer's rapid advancement of 707 across multiple tumor indications, the risk-adjusted sales forecast for this product has been revised upward [2]

盘面上，煤炭、油气股活跃，影视院线、军工电子、稀土永磁板块小幅走高；医药股集体回调；婴童概 念跌幅居前。 09:29 煤炭板块多数高开，陕西黑猫、郑州煤电涨超2%，潞安环能涨超1%，中国神华、山煤国际等跟 涨。 09:25 A股开盘丨三大股指集体低开 上证指数跌0.04%，深证成指跌0.23%，创业板指跌0.45%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 1 | 3608.35c | -1.36 | -0.04% | | 399001 | 深证成指 | W | 11262.98 c | -26.43 | -0.23% | | 399006 | 创业板指 | N | 2395.86c | -10.74 | -0.45% | 09:15 人民币对美元中间价报7.1441，调升70个基点。前一交易日中间价报7.1511。 09:21 港股开盘丨恒生科技指数跌1.83% 恒指低开0.74%，恒生科技指数跌1.83%。新能源车企全线走弱，理想汽车发布i8新款后低开9%，比亚 迪股 ...

Group 1 - The company, Sanofi Pharmaceutical (01530), announced the issuance of 1.537 million shares due to the exercise of stock options granted under the stock option plan approved on May 23, 2015 [1] - The issuance period for these shares is set from July 2 to July 29, 2025 [1] - This action is part of the company's ongoing strategy to manage its equity and incentivize employees through stock options [1]