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 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 46.32 [7][5]. Core Views - The company is entering a new development phase with stable cash flow from existing products and new growth from innovative drugs. The collaboration with Pfizer for drug 707 is progressing well, enhancing overseas clinical trials [1][3]. - The first payment for drug 707 is expected to be confirmed within the year, which could significantly impact the company's valuation [3]. - The company is increasing its R&D investment, with a focus on approximately 30 projects in various stages of development, indicating strong innovation potential [4]. Summary by Sections Existing Business Performance - In the first half of 2025, the company reported stable revenue performance with total revenue of CNY 43.6 billion, a slight decrease of 1% year-on-year. The breakdown includes: - Teva revenue of CNY 23.7 billion (-4% YoY) with a market share of 63% - EPO revenue of CNY 4.5 billion (-12% YoY) - Mandi revenue of CNY 6.8 billion (+24% YoY) - Sanofi revenue of CNY 6.4 billion (+7.6% YoY) [2]. R&D and Innovation - The company has increased its R&D expense ratio to 12.6% (+1.8 percentage points YoY), with R&D expenses reaching CNY 5.5 billion (+15% YoY). The pipeline includes 30 projects across various therapeutic areas, showcasing significant market potential [4]. Financial Projections - The report forecasts net profits for 2025-2027 to be CNY 10.42 billion, CNY 2.82 billion, and CNY 2.99 billion respectively, with a notable increase of 398% in 2025 [11]. - The company is valued at CNY 101.5 billion using the SOTP method, with existing business valued at CNY 22.7 billion and innovative drugs at CNY 49.6 billion [12][14].

Core Viewpoint - Citi has significantly raised the profit forecasts for Sanofi Pharmaceutical (01530) for 2025 to 2027 by 288%, 44.6%, and 38.4%, respectively, leading to a target price increase from HKD 19.6 to HKD 37.1, maintaining an "outperform" rating [1] Group 1: Financial Projections - Profit forecasts for 2025, 2026, and 2027 are now projected at RMB 9.273 billion, RMB 4.171 billion, and RMB 4.689 billion, respectively [1] - The new target price corresponds to a forecasted price-to-earnings ratio of 18 times [1] Group 2: Performance Analysis - Sanofi Pharmaceutical's performance in the first half of the year showed mixed results, with TPO sales being weak while Mandi sales were strong, driven by increased adoption of Mandi Foam and successful online distribution [1] - The company anticipates that the overseas research progress of SSGJ-707 will be a key catalyst for growth [1] Group 3: Research and Development - According to Pfizer, SSGJ-707 is expected to initiate global Phase III studies for non-small cell lung cancer by the end of 2025, with further exploration into its application in other tumor types, including additional Phase I/II studies in combination with its antibody-drug conjugate portfolio [1]

Core Viewpoint - Citi has significantly raised its profit forecasts for 3SBio (01530) for 2025 to 2027 by 288%, 44.6%, and 38.4%, reaching RMB 9.273 billion, RMB 4.171 billion, and RMB 4.689 billion respectively, while increasing the target price from HKD 19.6 to HKD 37.1, implying a forecasted P/E ratio of 18 times, maintaining an "outperform" rating [1] Financial Performance - 3SBio's performance in the first half of the year showed mixed results, with TPO sales being weak while Mandi sales were strong, driven by increased adoption of Mandi Foam and successful online distribution [1] Key Catalysts - The ongoing overseas research progress of SSGJ-707 is expected to be a key catalyst for the company [1] - According to Pfizer, SSGJ-707 is set to initiate a global Phase III study for non-small cell lung cancer by the end of 2025, while further exploring its applications in other tumor types, including more Phase I/II studies in conjunction with its antibody-drug conjugate product portfolio [1]

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of HKD 43.70, based on a current price of HKD 29.96 [2][23]. Core Insights - The company is engaging in discussions with Pfizer regarding the Phase III trial design for SSGJ-707, a PD-1/VEGF antibody, which is a significant development in its pipeline [1][4]. - The company reported a revenue of RMB 4.36 billion for the first half of 2025, reflecting a slight decline of 0.8% year-on-year, with various product sales showing mixed performance [3][15]. - The company is advancing multiple bispecific and trispecific antibody candidates, which are expected to enhance its product offerings and market position [5][18][20]. Financial Performance - Revenue projections for 2025-2027 are RMB 18.63 billion, RMB 10.90 billion, and RMB 12.80 billion, with net profit estimates of RMB 8.92 billion, RMB 2.49 billion, and RMB 3.02 billion respectively [9][23]. - The gross profit margin is expected to remain strong, with estimates of 92.5% in 2025 and around 87% in subsequent years [9][13]. - The company has seen a significant increase in R&D expenses, which rose by 15% to RMB 550 million, indicating a commitment to innovation [3][15]. Product Development and Pipeline - The company has several key products in development, including SSGJ-707, which has received a global licensing agreement with Pfizer, and other bispecific antibodies like 705 and 706, which are in various stages of clinical trials [4][18][19]. - SSS59, a trispecific antibody, is the first of its kind to enter clinical trials, showing promising preclinical results [20]. - Upcoming catalysts include NDA submissions for several products and potential data readouts for bispecific and trispecific candidates [22][23].

Core Viewpoint - Sanofi Pharmaceutical (01530) reported a mixed performance in its interim results for the six months ending June 30, 2025, with a slight decline in revenue but a significant increase in net profit attributable to shareholders [1] Financial Performance - The company reported revenue of RMB 4.355 billion, a year-on-year decrease of 0.77% [1] - Net profit attributable to shareholders was RMB 1.358 billion, reflecting a year-on-year increase of 24.61% [1] - Basic earnings per share were RMB 0.57 [1] Market Position - Sanofi Pharmaceutical is recognized as a leading biotechnology company in China, with extensive experience in the research, production, and marketing of biopharmaceutical products [1] - The company holds a 63.0% market share in the platelet reduction treatment market in mainland China for its product Tevaz (recombinant human thrombopoietin) as of the first half of 2025 [1] - The company has maintained a leading position in the rhEPO market in mainland China for over twenty years, with a total market share of 41.5% as of the first half of 2025 [1] - Yisaipu, the first tumor necrosis factor α inhibitor launched in mainland China, is one of the company's core products [1] - The company also dominates the minoxidil market in mainland China with its product Mandi [1] Product Development - Sanofi Pharmaceutical is expanding its treatment areas through internal research and development as well as multiple external strategic collaborations [1]

Core Viewpoint - Sanofi Pharmaceutical's stock rose over 4% in early trading, reflecting positive market sentiment following the release of its interim results for the six months ending June 30, 2025, which showed a slight revenue decline but significant profit growth [1] Financial Performance - The company's revenue for the six months was RMB 4.355 billion, a decrease of 0.77% year-on-year [1] - Shareholder profit reached RMB 1.358 billion, representing a year-on-year increase of 24.61% [1] - Basic earnings per share were reported at RMB 0.57 [1] Market Position and Products - Sanofi Pharmaceutical is recognized as a leading biotechnology company in China, with extensive experience in the research, production, and marketing of biopharmaceutical products [1] - Key commercialized products include various biopharmaceuticals such as Tebiou, recombinant human erythropoietin products (Yibiao and Saiboer), Yisaipu, and small molecule drug Mandi [1] - Tebiou is noted as the only commercialized recombinant human thrombopoietin product globally [1] Market Share - According to IQVIA, Tebiou held a 63.0% market share in the treatment of thrombocytopenia in mainland China as of the first half of 2025 [1] - The company has maintained a leading position in the rhEPO market in mainland China for over twenty years, with a total market share of 41.5% as of the first half of 2025 [1] - Yisaipu is recognized as the first tumor necrosis factor α inhibitor launched in the mainland market [1] - Mandi dominates the minoxidil market in mainland China [1] Strategic Development - The company is expanding its treatment areas through internal research and development as well as multiple external strategic collaborations [1]

格隆汇9月2日丨根据联交所最新权益披露资料显示，2025年8月26日，三生制药(01530.HK)获BlackRock, Inc.在场内以每股均价30.1096港元增持4760.5万股， 涉资约14.33亿港元。 增持后，BlackRock, Inc.最新持股数目为124,078,415股，持股比例由3.14%上升至5.10%。 | 股份代號: | 01530 | | --- | --- | | 上市法國名稱: | 三生製藥 | | 日期 (日 / 月 / 年): | 02/08/2025 - 02/09/2025 | | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期相 | | | --- | --- | --- | --- | --- | --- | --- | | | 博 股份數目 | 原因 | | | (請參閱上述 * 註 | 有投票樓股(日 / 月 / 年) 權 | | | | | | | | 份自分比 | | | | | | | | (%) | | CS20250829E00501 | B ...