Investment Rating - The report maintains a "Buy" rating for 3SBio (01530) [1] Core Views - 3SBio's 2024H1 performance met expectations, with robust growth in key products and a rich pipeline of innovative drugs [4] - The company's revenue for 2024H1 reached RMB 4.389 billion, a YoY increase of 16.01%, and net profit attributable to shareholders was RMB 1.090 billion, up 11.15% YoY [4] - Key products such as TPIAO, EPO, Yisaipu, and Cyramza showed strong sales growth, with TPIAO sales reaching RMB 2.48 billion, up 22.6% YoY [4] - The company's gross margin improved to 86.51%, up 1.9 percentage points, with effective cost control across sales, management, and R&D expenses [4] - 3SBio is advancing its R&D projects, with multiple products nearing commercialization, including SSS06 for CKD anemia and TPIAO for CLDT, expected to file NDAs in 2024H2 [4] - The company has entered into a cooperation agreement with Hansoh Pharma for the weight-loss indication of semaglutide injection, tapping into the vast weight-loss treatment market [4] - 3SBio has demonstrated strong shareholder returns, distributing dividends and repurchasing shares totaling HKD 860 million in 2024H1, representing over 40% of 2023 operating profit [4] Financial Projections - Revenue for 2024-2026 is projected to be RMB 8.744 billion, RMB 9.535 billion, and RMB 10.269 billion, with YoY growth rates of 12%, 9%, and 8%, respectively [6] - Net profit attributable to shareholders is expected to be RMB 2.013 billion, RMB 2.244 billion, and RMB 2.508 billion for 2024-2026, with YoY growth rates of 30%, 12%, and 12%, respectively [6] - The company's P/E ratios for 2024-2026 are estimated at 7X, 6X, and 6X, respectively [4] Product Performance - TPIAO sales reached RMB 2.48 billion in 2024H1, up 22.6% YoY [4] - EPO sales were RMB 520 million, up 11.3% YoY [4] - Yisaipu sales were RMB 330 million, up 9.5% YoY [4] - Cyramza sales were RMB 160 million, up 48.9% YoY [4] - Mandi sales were RMB 550 million, up 10.0% YoY [4] R&D Progress - SSS06 for CKD anemia has had its NDA accepted [4] - TPIAO for CLDT and 608 (IL-17A antibody) for moderate-to-severe psoriasis are expected to file NDAs in 2024H2 [4] - Winlevi's Phase III bridging clinical trial began enrollment in 2024H1, with an NDA expected in 2025 [4] Shareholder Returns - In 2024H1, 3SBio distributed dividends and repurchased shares totaling HKD 860 million, representing over 40% of 2023 operating profit [4] - Dividend payout was HKD 600 million, with a dividend yield of 4.1% based on the closing price on the ex-dividend date [4] - Share repurchases amounted to HKD 270 million [4]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 的 全 部 或 任 何 部 份 內 容 所 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1530） 截至二零二四年六月三十日止六個月 中期業績公告 | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of HKD 9.56, which corresponds to an 11x P/E ratio for 2024 [4][25]. Core Insights - The company is a pioneer in China's biopharmaceutical industry, with core products such as recombinant human thrombopoietin Tevaz (特比澳) and the OTC hair loss treatment product Mandi (蔓迪). The growth of Tevaz is expected to be steady due to expanded indications and increased penetration in the oncology field [1][15]. - The hair loss and acne treatment markets present significant demand, with Mandi and the investigational acne treatment expected to continue driving growth for the company [2][15]. - The company's innovative pipeline is approaching a harvest period, with multiple blockbuster products expected to be approved between 2025 and 2027 [2][21]. Financial Overview - The company achieved revenue of RMB 7.816 billion in 2023, representing a year-on-year growth of 13.8%. The revenue compound annual growth rate (CAGR) from 2019 to 2023 was 10.1% [3][15]. - The net profit for 2023 was RMB 1.586 billion, showing a decline of 16.9% year-on-year, primarily due to the impact of zero-coupon convertible bonds and changes in fair value of financial assets [3][18]. - The company maintains a robust gross margin above 80%, reaching 85% in 2023, while the adjusted net profit margin was 25% [17][18]. Product and Market Analysis - Tevaz has a dominant position in the Chinese thrombocytopenia treatment market, with a market share of 65% in 2023. The sales revenue for Tevaz grew by 23.8% year-on-year to RMB 4.2 billion [1][16]. - Mandi leads the domestic minoxidil market with a 72.6% market share, achieving sales revenue of RMB 1.12 billion in 2023, reflecting a year-on-year growth of 25.8% [2][15][29]. - The company has a diverse product matrix around the Mandi brand, including various formulations and delivery systems, which are expected to enhance brand value and market penetration [30]. Research and Development Pipeline - The company has a rich R&D pipeline with 29 products under development, of which 15 are in late-stage clinical trials. Key upcoming products include long-acting EPO SSS06 and several monoclonal antibodies targeting various conditions [21][22][24]. - The company is focusing on expanding its presence in the hematology/oncology, nephrology, and dermatology sectors, with several products expected to be launched in the coming years [21][22][23]. Market Potential - The hair loss treatment market in China is substantial, with over 250 million individuals affected. The market for hair loss treatment and care products is projected to grow from RMB 106.9 billion in 2021 to RMB 203.5 billion by 2030, with a CAGR exceeding 7% [27][30]. - The company is well-positioned to capitalize on the growing demand for hair loss treatments, particularly with the increasing acceptance of minoxidil products among consumers [2][27].

Investment Rating - The report initiates coverage with a "Buy" rating for the company, with a target price of HKD 9.56, representing a potential upside of 53.4% from the current price of HKD 6.23 [1][3][24]. Core Insights - The company is a pioneer in China's biopharmaceutical industry, with robust growth in core products such as recombinant human thrombopoietin Tevaz (特比澳) and the OTC hair loss treatment product Mandi (蔓迪) [1][14]. - Tevaz is expected to maintain steady revenue growth due to expanded insurance reimbursement coverage and ongoing indication expansions, with a 23.8% year-on-year sales increase in 2023 [1][15]. - The hair loss treatment market is significant, with Mandi capturing a 72.6% market share in the minoxidil market, and the company is expanding its product matrix to include various hair loss treatment options [1][14][29]. - The innovation pipeline is entering a harvest phase, with multiple blockbuster products expected to be approved between 2025 and 2027, including long-acting EPO SSS06 and various monoclonal antibodies [1][20][24]. Financial Summary - The company achieved a revenue of RMB 7.816 billion in FY23, reflecting a 13.8% year-on-year growth, with projections for continued growth in the coming years [2][14]. - The net profit for FY23 was RMB 1.586 billion, a decrease of 16.9% year-on-year, primarily due to specific financial impacts, but adjusted operating net profit showed a 17.7% increase [2][17]. - The company expects a revenue compound annual growth rate (CAGR) of 10.9% and a net profit CAGR of 13.4% from 2023 to 2026 [1][24]. Market Position - Tevaz holds a dominant position in the Chinese thrombocytopenia treatment market, with a 65.0% market share, and is expanding its indications to include treatment for chronic liver disease-related thrombocytopenia [1][15][30]. - Mandi leads the OTC hair loss treatment market, with a strong brand recognition and a significant growth trajectory, supported by a diverse sales strategy across online and offline channels [1][14][29]. Innovation Pipeline - The company has a rich pipeline focusing on various therapeutic areas, with 29 products in development, including 15 in late-stage clinical trials [20][23]. - Key products in the pipeline include Tevaz for new indications, long-acting EPO SSS06, and several monoclonal antibodies targeting autoimmune diseases [20][21][23].

更新报告 买入 蔓迪、特比澳持续高增长，研发管线丰富 三生制药（1530.HK） 2023-07-31 星期三 | --- | --- | |----------|-----------| | 目标价： | 9.03 港元 | | 现 价： | 5.94 港元 | | 预计升幅 | : 52% | 重要数据 | --- | --- | |-------------------|-----------| | 日期 2024-7-30 | | | 收盘价（港元） | 5.94 | | 总股本（亿股） | 24.17 | | 总市值（亿港元） | 143.56 | | 净资产（亿元） | 153.62 | | 总资产（亿元） | 258.65 | | 52 周高低（港元） | 9.10/4.58 | | 每股净资产（元） | 6.3 | 数据来源：Wind、国元证券经纪(香港)整理 主要股东 TMF (Cayman) Ltd.（23.66%） Decade Sunshine Limited (19.55%) BlackRock, Inc.（6.1%） 相关报告 深度报告：三生制药-20200924 更新报告：三生制 ...

2024年05月29日 公 司点评 公 买入 / 维持 司 三生制药(01530) 研 究 目标价: 昨收盘:6.37 医药 减重领域合作达成，与翰宇药业发挥协同效应 事件：2024年5月28日，公司的全资附属公司三生蔓迪翰宇药业签 ◼ 走势比较 署《司美格鲁肽注射液合作协议》。协议约定，翰宇药业与三生蔓迪共同 合作开发、独家供应/采购、销售分成司美格鲁肽注射液(减重适应症)。 10% 三生蔓迪将根据协议约定向翰宇药业支付最高 2.7 亿元里程碑付款，其 太 0% 中包含4500万元的临床前技术成果对价款；此外，三生蔓迪还将向翰宇 平 (10%)92/5/32 01/8/32 22/01/32 3/1/42 61/3/42 82/5/42 药业支付独家采购价以及销售提成。 点评： 洋 (20%) 与翰宇药业深度合作，布局减重市场。本次合作三生制药将取得翰宇 证 (30%) 药业的司美格鲁肽开发权，规格与原研在中国大陆地区获批规格一致。合 券 (40%) 作区域包括：1）中国；2）墨西哥、巴西、埃及、巴基斯坦；3）海湾阿 股 拉伯国家合作委员会成员国及印度尼西亚。三生制药需要支付的费用包 份 三生制药 恒生指数 ...

Welcome investors to the Summer Event Strategy Meeting held by Huayan Medical Co., Ltd. and Lu Yuandong. The host of this meeting is Mr. Tao Tanguo, the chief of Huayan Medical Co., Ltd. This is a three-way communication between the listed companies. We are honored to invite Mr. Zhao, the head of the company, to communicate with us today. Today's communication is mainly divided into two parts, the company introduction and Q&A part. First of all, let's welcome the company's leader, Mr. Zhao, to give an overv ...

Welcome to the Summer Online Strategy Meeting held by Huayan Pharmaceutical and Lu Yandong. The host of this meeting is Mr. Tang Guochao, the chief of Huayan Pharmaceutical's team. This is a three-way communication between the listed companies. We are honored to invite Mr. Zhao, the company's leader, to communicate with us today. Today's communication is mainly divided into two parts, the company introduction and Q&A part. First of all, let's welcome our company's leader, Mr. Zhao, to give an overview of th ...

S (於開曼群島註冊成立的有限公司) 股份代號：1530 PATIELE H 年 告 報 度 light | --- | --- | --- | --- | --- | --- | |----------|-----------------------------|-------|-------|-------|-------| | | | | | | | | | 目錄 | | | | | | 2 | 公司概覽 | | | | | | 3 | 公司資料 | | | | | | 5 | 財務摘要 | | | | | | 6 | 主席報告 | | | | | | 9 | 管理層討論及分析 | | | | | | 36 | 董事及高級管理層 | | | | | | 42 | 董事會報告 | | | | | | 64 | 企業管治報告 | | | | | | 83 | 獨立核數師報告 | | | | | | | | | | | | | | 綜合財務報表 | | | | | | 91 | 綜合損益表 | | | | | | 92 | 綜合全面收益表 | | | | | | 93 | 綜合財務狀況表 | | | | | ...

也非常感谢各位投资人还有市场的网友们对我们的关注我们今年全年的业绩是非常不错的如果之前参与到业绩发布会的话可以关注到我们收入啊然后营销等等 都有比较显示的一个增长在实际上我们也是加大了对北京举报的一些力度东红的主席和过去几年相比有了一些比较显示的指标目前制定的东红计划呢宁远可能是建议向北京大会建议 每组港币1.25元合币率分出来应该是港币6亿的生活对应的发布分红公告的时刻的分红收益率有4.6%的水平期待分红水平未来还能持续除了分红以外 公布了一个股份回购的这么一个计划目前的话是股份大会去年是授权董事会还有管理层可以回购不超过10%的股份那么最近这几周密集的执行了一些回购其实到目前已经执行了1亿的回购 对于医院也都相当于是公司把战死的利润拿出来也向其中进行了一个提告那么未来我会继续持续的做这个合作希望能用更大的力量对这个市场和其中对我们的支持我们就先简单讲这么多吧然后看看 这个方老师您这边有什么问题我们可以阅读的没事 先随你来吧 感谢先上的投资者也感谢何总的这样的介绍然后我这边的话可能先问一个现在大家刚刚比较关心的一个问题就是刚刚咱们也提到关于我们的这个回购的这样的一个进展那想请问一下何总后面的话我们这个回购之 ...