Core Viewpoint - Sanofi Pharmaceutical (01530) experienced a significant intraday increase of over 8%, currently trading at 29.8 HKD with a transaction volume of 550 million HKD, following the announcement of its first market application for a self-developed drug targeting BRVO-related macular edema [1] Company Developments - On October 15, Sanofi Pharmaceutical announced that it has submitted its first market application for the recombinant anti-VEGF humanized monoclonal antibody (generic name: Bevacizumab intravitreal injection solution, research code: 601A) to the National Medical Products Administration, which has been accepted [1] - The Phase III clinical study of 601A for BRVO has successfully completed, achieving its primary endpoint, demonstrating that the best-corrected visual acuity (BCVA) improvement at 24 weeks post-treatment is non-inferior to that of Ranibizumab [1] - In secondary efficacy endpoints, the proportion of patients with BCVA improvement of ≥5, ≥10, and ≥15 letters at 12, 24, and 52 weeks post-treatment was comparable between 601A and Ranibizumab, confirming the clear and sustained effect of 601A on vision improvement [1] Efficacy and Safety - The central retinal thickness (CRT) changes, reflecting the improvement of macular edema, were also comparable between 601A and Ranibizumab at 12, 24, and 52 weeks, validating the efficacy of 601A in improving macular edema [1] - Overall safety and tolerability of 601A treatment were reported to be good, indicating a positive benefit-risk profile [1]

Core Viewpoint - Sangfor Technologies (01530) experienced a significant stock increase of over 8%, reaching HKD 29.8 with a trading volume of HKD 550 million, following the announcement of its first market application for a self-developed drug [1] Company Developments - On October 15, Sangfor Technologies announced that it has submitted its first market application for the recombinant anti-VEGF humanized monoclonal antibody (generic name: Bevacizumab intravitreal injection solution, research code: 601A) for the indication of macular edema due to branch retinal vein occlusion (BRVO), which has been accepted by the National Medical Products Administration [1] - The Phase III clinical trial for 601A in BRVO has successfully completed, achieving its primary endpoint, showing that the best corrected visual acuity (BCVA) improvement at 24 weeks post-treatment is non-inferior to that of Ranibizumab [1] - In secondary efficacy endpoints, the proportion of patients with BCVA improvement of ≥5, ≥10, and ≥15 letters at 12, 24, and 52 weeks post-treatment was comparable between 601A and Ranibizumab, confirming the clear and sustained effect of 601A on vision improvement [1] Efficacy and Safety - In terms of central retinal thickness (CRT) changes, 601A demonstrated comparable efficacy to Ranibizumab at 12, 24, and 52 weeks, validating its effectiveness in improving macular edema [1] - The overall safety and tolerability of 601A treatment were reported to be good, indicating a positive benefit-risk profile [1]

Group 1 - The Hong Kong Stock Connect innovative drug sector is experiencing a significant rally, with Ascentage Pharma-B leading with a nearly 6% increase, and several other stocks like Kelun-B and 3SBio rebounding over 4% [1] - The Hong Kong Stock Connect Innovative Drug ETF (520880) is fully invested in innovative drug R&D companies and saw a trading increase of up to 2% in the afternoon session, with a transaction volume exceeding 340 million yuan [1] - The ETF has attracted over 129 million yuan in net subscriptions during recent dips, indicating strong buying interest [1] Group 2 - The ESMO 2025 annual meeting will take place from October 17-21 in Berlin, where multiple Chinese innovative drug companies are expected to announce breakthrough clinical research results in areas such as kidney and lung cancer [3] - The Federal Reserve's dovish stance suggests a potential interest rate cut in October, which may create a favorable environment for the Chinese pharmaceutical sector [3] - Recent BD transactions, such as the one involving Innovent Biologics with a total value exceeding 2 billion USD, indicate a busy end-of-year period for global innovative drug product licensing collaborations [3] Group 3 - The Hong Kong Stock Connect Innovative Drug ETF (520880) is the first ETF tracking the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, which exclusively focuses on innovative drug companies without including CXO [4] - As of the end of September, the fund size of the ETF is 1.806 billion yuan, with an average daily trading volume of 493 million yuan, making it the largest and most liquid ETF in its category [4] - The Hang Seng Hong Kong Stock Connect Innovative Drug Select Index has shown a year-to-date increase of 108.14%, outperforming other innovative drug indices [6]

Investment Rating - The report assigns a "Buy" rating for the stock, indicating a positive outlook for the company's performance [1][7]. Core Insights - The company reported a stable revenue of 4.36 billion yuan for the first half of 2025, with a net profit of 1.36 billion yuan, reflecting a year-on-year increase of 24.6% [4][5]. - The core products and subsidiary revenues are performing steadily, with significant contributions from various product lines [5]. - The licensing agreement for the 707 product with Pfizer is expected to enhance profits and reduce risks associated with global market expansion [6][7]. Company Overview - Latest closing price: HKD 30.94 - Total shares: 2.432 billion, with a market capitalization of HKD 75.2 billion - 52-week high/low: HKD 36.80 / HKD 5.43 - Debt-to-asset ratio: 25.51% - Price-to-earnings ratio: 27.4 [3]. Financial Projections - Revenue projections for 2024A, 2025E, 2026E, and 2027E are 9.108 billion, 19.723 billion, 10.840 billion, and 12.075 billion yuan respectively, with growth rates of 17%, 117%, -45%, and 11% [9]. - The net profit attributable to the parent company is projected to be 2.090 billion, 9.693 billion, 2.405 billion, and 2.762 billion yuan for the same years, with growth rates of 35%, 364%, -75%, and 15% [9]. - The expected earnings per share (EPS) for 2025 is 3.99 yuan, with a corresponding price-to-earnings ratio of 6.96 [9]. Product Development and Market Potential - The 707 product, a dual antibody targeting PD-1/VEGF, has shown promising clinical data and is expected to be a cornerstone in global oncology treatment [6][7]. - The product has received breakthrough therapy designation in China and is undergoing multiple clinical trials for various cancers [7].

Core Viewpoint - Shanxi Securities initiates a "Buy-B" rating for 3SBio (01530), projecting revenues of 17.456 billion, 10.746 billion, and 11.335 billion yuan for 2025-2027, with net profits of 8.289 billion, 2.860 billion, and 3.163 billion yuan respectively, and PE ratios of 8.1, 23.4, and 21.2 [1] Group 1 - The SSGJ-707 is considered a potential cornerstone drug for oncology, with the global PD-(L)1 monoclonal antibody market expected to reach 99 billion dollars by 2029 [1] - SSGJ-707, a tetravalent PD-1/VEGF bispecific antibody, shows enhanced binding affinity to PD-1 by 100 times in the presence of VEGF, and its unique IgG4 Fc design aims to reduce immune-related side effects [1] - Clinical efficacy and safety of SSGJ-707 are outstanding, particularly in non-small cell lung cancer (NSCLC) and colorectal cancer (CRC), with a 23.5% rate of grade 3 or higher treatment-related adverse events (TRAEs) and a 2.9% discontinuation rate due to TRAEs [1] Group 2 - SSGJ-707 demonstrates breakthrough overall response rates (ORR) in first-line NSCLC II clinical trials, achieving a cORR of 64.7% in low PD-L1 expressing NSCLC, with ORRs of 62% and 77% in PD-L1 TPS 1-49% and ≥50% respectively [2] - In first-line NSCLC without EGFR/ALK mutations, SSGJ-707 combined with chemotherapy shows ORRs of 81.3% for squamous NSCLC and 58.3% for non-squamous NSCLC [2] Group 3 - SSGJ-707 also exhibits breakthrough ORR efficacy in later-line CRC II clinical trials, achieving an ORR of 33.3% in third-line RAS mutant or BRAFV600E mutant non-MSI-H/pMMR colorectal cancer [3]

Group 1 - The core viewpoint of the report highlights that SSSJ-707, a PD-1/VEGF dual antibody developed by the company, is a potential cornerstone drug for cancer treatment, expanding the boundaries of traditional PD-(L)1 monoclonal antibody therapies [5] - The company has 30 products in its pipeline, with SSSJ-707 being a key asset that has been licensed to Pfizer for an upfront payment of $1.5 billion, including $1.4 billion in cash and $100 million in stock [5] - The company's revenue for H1 2025 was 4.36 billion yuan, showing no growth, while the net profit attributable to shareholders was 1.36 billion yuan, reflecting a 24.6% increase [5] Group 2 - The report projects the company's revenue for 2025-2027 to be 17.456 billion, 10.746 billion, and 11.335 billion yuan respectively, with net profits of 8.289 billion, 2.860 billion, and 3.163 billion yuan, resulting in PE ratios of 8.1, 23.4, and 21.2 [5] - The global market for PD-(L)1 monoclonal antibodies is expected to reach $99 billion by 2029, indicating significant growth potential for SSSJ-707, which has superior efficacy potential compared to traditional therapies [5] - SSSJ-707 has shown promising clinical efficacy in various cancers, including non-small cell lung cancer (NSCLC) and colorectal cancer (CRC), with notable overall response rates (ORR) in clinical trials [5]

Core Insights - The report from CMB International highlights the release of the first batch of innovative pharmaceutical technology medical insurance payment incentive catalog by Zhejiang Province, which is expected to alleviate the challenges of innovative drugs entering hospitals [1] - Despite the Trump administration's announcement of a 100% tariff on imported innovative drugs, the overall impact on China's pharmaceutical industry chain is considered manageable, with a recommendation to monitor subsequent developments [1] - The upcoming ESMO conference in mid to late October is noted as a key event, with a focus on companies such as CanSino Biologics (09926), Kelun-Biotech (06990), and Rongchang Biologics (688331.SH) that are expected to release significant data [1] Industry Summary - The Hong Kong pharmaceutical sector has shown relatively flat performance in September, but with increasing industry catalysts such as academic conferences and favorable policy implementations in October, a market rebound is anticipated [1] - The report recommends focusing on specific segments: 1) Innovative drugs: Companies like 3SBio (01530) and Eucure Biopharma-B (06996) have rich short-term catalysts and their valuations do not yet reflect the core value of major products; companies like Ascletis Pharma (02096), Hutchison China MediTech (00013), and Legend Biotech are considered significantly undervalued with clear long-term growth logic [1] 2) CXO: Leaders in this segment, such as WuXi AppTec (02268), are expected to benefit from high downstream demand and marginal recovery in financing [1]

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9月30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10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 | | | | | | | | | | | 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/ ...

(於開曼群島註冊成立的有限公司 ) 股份代號：01530 目錄 2 公司概覽 3 公司資料 5 財務摘要 6 管理層討論及分析 26 企業管治及其他資料 37 獨立審閱報告 39 中期簡明綜合損益表 40 中期簡明綜合全面收益表 41 中期簡明綜合財務狀況表 43 中期簡明綜合權益變動表 45 中期簡明綜合現金流量表 47 中期簡明綜合財務資料附註 公司概覽 三生制药（「本公司」或「三生制药」，連同其附屬公司統稱「本集團」）為中華人民共和國（「中國」）領先的生物技術公司。本集團作為 中國生物技術行業的先鋒，在研發、生產及營銷生物醫藥產品方面擁有豐富的經驗。本集團的核心商業化產品包括多種生物藥 物，即特比澳、重組人促紅素（「rhEPO」）產品益比奧及賽博爾、益賽普和賽普汀，以及小分子藥物蔓迪。特比澳為當今全球唯一 商業化的重組人血小板生成素（「rhTPO」）產品。根據IQVIA1，於二零二五年上半年，按銷售額計，特比澳在中國內地2血小板減少 症治療市場的份額為63.0%。憑藉兩種rhEPO產品，二十多年來，本集團一直為中國內地rhEPO市場龍頭，於二零二五年上半年共 佔41.5%的總市場份額。益賽普為中國內地市 ...

Group 1 - The core viewpoint is that the collaboration between China and the US in innovation is expected to continue, with a recovery in domestic innovation and R&D demand in China [1][2] - The MSCI China Healthcare Index has increased by 74.0% since the beginning of 2025, outperforming the MSCI China Index by 37.3% [1] - The price for experimental monkeys, essential for innovative drug R&D, has risen from approximately 85,000 yuan in mid-2024 to about 90,000 yuan [1] Group 2 - China's rich pool of engineers and scientists, along with efficient and cost-effective clinical trials and drug manufacturing capabilities, are seen as core competitive advantages for pharmaceutical innovation [2] - The impact of the US imposing tariffs on innovative drugs is expected to be limited for the CXO sector, as many multinational pharmaceutical companies already have plans to build factories in the US [2] - Future growth in innovative drugs is anticipated to be driven by overseas partners pushing clinical development for licensed pipelines [2]