Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical industry [7] Core Insights - The report emphasizes the leadership of Chinese companies in the PD-(L)1 bispecific antibody sector, highlighting it as a representative technology platform for new drug development in China [21][13] - The overall performance of the pharmaceutical sector has shown a 1.77% increase, outperforming both the ChiNext Index and the CSI 300 Index during the week of March 10-14 [13][14] Summary by Sections Recent Performance - The market experienced an upward trend with a notable surge on Friday, reflecting a shift from technology to non-technology sectors, particularly in consumer healthcare and policies related to the three-child policy [2][14] - The report notes that while innovative drugs and AI healthcare showed signs of correction, other themes such as consumer healthcare and small-cap innovations in Hong Kong gained traction [2][14] Future Outlook - In the short to medium term, the focus is on identifying opportunities in consumer healthcare, particularly those with attributes appealing to children and those positioned for consumption upgrades [15] - For 2025, the report anticipates improvements in the pharmaceutical payment sector due to supportive policies for commercial health insurance, indicating a gradual accumulation of positive changes [15] Strategic Allocation Thoughts - The report outlines two main strategies for investment: 1. **Pharmaceutical Style Rhythm**: Focus on consumer healthcare companies like Angelalign and Aier Eye Hospital, and innovative drug companies such as Innovent Biologics and BeiGene [16] 2. **Pharmaceutical Industry Logic**: Emphasizes the commercialization of innovative drugs and the integration of new technologies, with a focus on companies like CStone Pharmaceuticals and Zymeworks [17][19] Key Companies to Watch - The report suggests monitoring companies involved in PD-(L)1 bispecific antibodies, including CanSino Biologics, Innovent Biologics, and I-Mab Biopharma, as they are positioned at the forefront of clinical advancements [21][34]

Investment Rating - The report maintains an "Accumulate" rating for the company [6][8]. Core Insights - The company's main business is experiencing steady growth, which lays a solid foundation for performance. The core product, Teibiao, holds a 66% market share and has shown double-digit sales growth over the past two years. The company is expected to continue this growth trajectory through 2025-2026 [3][8]. - The clinical data for the PD-1/VEGF dual antibody SSGJ-707 is promising, showcasing its potential in various indications, including non-small cell lung cancer (NSCLC) and metastatic colorectal cancer (mCRC) [3][8]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are estimated at 89.19 billion, 98.54 billion, and 110.40 billion RMB, respectively, reflecting growth rates of 14%, 10%, and 12% [7][8]. - Gross profit is expected to increase from 6,642 million RMB in 2023 to 9,494 million RMB by 2026, with net profit projected to rise from 1,549 million RMB in 2023 to 2,522 million RMB in 2026 [7][8]. Product Pipeline and Development - The company is actively expanding its product matrix through business development (BD) initiatives, introducing several promising products, which are expected to contribute to rapid revenue growth over the next three years [3][8]. - SSGJ-707 has shown an overall response rate (ORR) of 70% in 1L PD-L1 positive NSCLC and 81.3% in 1L squamous NSCLC, indicating its competitive edge in the market [9][10]. Market Position - The company is positioned favorably in the global PD-1/VEGF dual antibody development landscape, with SSGJ-707 currently in Phase II clinical trials and expected to complete further trials in 2025 [12][10].

三生制药（01530.HK） 证券研究报告/公司研究简报 2025 年 03 月 10 日 生物制品 | 买入（首次） 评级： | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | | 营业收入（百万元） | 6,869 | 7,836 | 8,916 | 9,890 | 11,052 | | 分析师：祝嘉琦 | 增长率 yoy% | 7% | 14% | 14% | 11% | 12% | | 执业证书编号：S0740519040001 | 归母净利润（百万元） | 1,915 | 1,549 | 2,044 | 2,280 | 2,562 | | Email：zhujq@zts.com.cn | 增长率 yoy% | 16% | -19% | 32% | 12% | 12% | | | 每股收益（元） | 0.80 | 0.65 | 0.85 | 0.95 | 1.07 | | 分析师：曹泽运 | 每股现金流量 | 0.91 ...

Investment Rating - The report assigns a "Buy" rating for the company, Sihuan Pharmaceutical (01530.HK), for the first time [1]. Core Insights - The company has a solid fundamental base and is entering a harvest period for innovative drugs, with significant revenue contributions from core products such as Teibiao, Erythropoietin, and Mandi, generating over 8 billion in revenue and over 2 billion in profit, corresponding to a 7x PE ratio. The company is expected to achieve a near 5-10% annual growth rate, supported by nearly 6 billion in cash assets for innovative drug R&D, with annual R&D investment around 1 billion, placing it among industry leaders [8]. - SSGJ-707 shows promising clinical data and has the potential to be a best-in-class VEGF/PD-1 dual antibody. It is currently advancing through four Phase II clinical studies, with significant anti-tumor activity and good safety profiles reported at the JPM conference. The domestic sales peak is estimated at around 4 billion, while overseas sales could reach 4.5 billion USD [8]. - The company has a rich pipeline in the autoimmune sector, with promising products like oral paclitaxel, which is expected to have a significant market potential due to its improved patient compliance compared to injectable forms [8]. - Existing core products are expected to grow steadily, with Teibiao and Erythropoietin leading the way in their respective markets, and Mandi solidifying its position as a leading treatment for androgenetic alopecia [8]. - The earnings forecast indicates a strong growth trajectory, with total revenue projected to reach 10.14 billion in 2025, and net profit expected to grow to 2.63 billion, reflecting a 9.55% increase [1]. Summary by Sections 1. Core Product Growth and Innovation Pipeline - The company has over 40 listed products across various fields, with a focus on blood, oncology, and autoimmune diseases. The pipeline includes 28 products under development, with SSGJ-707 showing promising Phase II clinical data [17][18]. 2. SSGJ-707: Differentiated Design and Synergistic Effects - SSGJ-707 is a dual-target VEGF/PD-1 antibody with significant potential, currently in four Phase II clinical studies. The drug has shown superior anti-tumor activity compared to competitors in early trials [35][52]. 3. Teibiao: Expanding Treatment Indications - Teibiao is a leading treatment for CIT, with ongoing efforts to expand its indications, which could enhance future growth opportunities [8]. 4. Erythropoietin: Market Leader with New Indications - The company holds a leading position in the erythropoietin market, with new indications being included in medical insurance, opening up a vast potential market [8]. 5. Mandi: Leading Product for Hair Loss - Mandi is positioned as a top product for androgenetic alopecia, filling a gap in the market for sensitive populations [8]. 6. Innovation: Rich Pipeline in Autoimmunity and Oral Paclitaxel Potential - The company has a diverse pipeline in the autoimmune sector, with oral paclitaxel expected to have significant market potential due to its ease of use and compliance advantages [8]. 7. Earnings Forecast and Valuation - The earnings forecast suggests a strong growth trajectory, with a target market value of approximately 40 billion, corresponding to a target price of around 17 HKD per share [8].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of approximately 17 HKD, indicating a potential market value of around 400 billion HKD [8]. Core Insights - The company has a solid fundamental base and is entering a harvest period for innovative drugs, with significant revenue contributions from core products such as Tevaz (特比澳), Erythropoietin (促红素), and Mandi (蔓迪), which collectively generate over 8 billion HKD in revenue and 2 billion HKD in profit [8]. - The SSGJ-707 drug shows promising clinical data and has the potential to be a best-in-class VEGF/PD-1 dual antibody, with peak domestic sales estimated at 4 billion HKD and potential overseas sales reaching 4.5 billion USD [8]. - The company has a robust pipeline in the autoimmune sector, with several promising candidates, including oral paclitaxel, which is expected to have significant market potential due to its improved patient compliance compared to injectable forms [8]. Summary by Sections 1. Core Product Growth and Innovation Pipeline - The company has over 40 marketed products and 28 in the pipeline, focusing on hematology, oncology, and autoimmune diseases, with SSGJ-707 showing particularly strong clinical results [17][18]. - The core products are driving steady revenue growth, with a reported revenue of 4.4 billion HKD in H1 2024, a year-on-year increase of 16.1% [21]. 2. SSGJ-707: Clinical Development and Market Potential - SSGJ-707 is advancing through multiple Phase II clinical trials, demonstrating significant anti-tumor activity and safety, with over 550 patients enrolled [35][53]. - The drug's peak sales potential is projected at 4 billion HKD domestically and 4.5 billion USD internationally, with expectations for substantial business development opportunities [8][35]. 3. Financial Projections and Valuation - The report forecasts a steady increase in total revenue from 7.869 billion HKD in 2023 to 10.137 billion HKD in 2025, with a corresponding rise in net profit from 1.549 billion HKD to 2.631 billion HKD [8]. - The company is valued at a P/E ratio of 7 times for 2024, significantly lower than its peers, indicating potential for price appreciation [8]. 4. Competitive Landscape and Market Position - The competitive landscape for PD-(L)1/VEGF dual antibodies is intensifying, with SSGJ-707 positioned favorably against other candidates like AK112, which has already shown promising results in clinical trials [36][38]. - The company’s innovative approach and strong pipeline are expected to enhance its market position and attract interest from global pharmaceutical companies [8][36].

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 分 內 容 所 產 生 或 因 倚 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） 三生制药（「本公司」）董事會（「董事會」）謹 此 宣 佈，本 公 司 將 於 二 零 二 五 年 三 月 二十五日（星 期 二）舉 行 董 事 會 會 議，藉 以（其 中 包 括）審議及批准刊發本公司及其 附 屬 公 司 截 至 二 零 二 四 年 十 二 月 三 十 一 日 止 之 年 度 業 績 及 其 發 佈，並 考 慮 派 發 截至二零二四年十二月三十一日止年度之末期股息（如 有）。 承董事會命 三生制药 主 席 婁競博士 香 港，二 零 二 五 年 三 月 七 日 於 本 公 告 日 期，董 事 會 包 括 執 行 董 ...

Summary of the Conference Call on Sanofi Biopharmaceuticals Company Overview - The conference focused on Sanofi Biopharmaceuticals, a well-established biopharmaceutical company with a strong growth trajectory in its core business [1][2] - The company operates primarily in three segments: biopharmaceuticals, chemical drugs, and CDMO (Contract Development and Manufacturing Organization) services [2] Core Business and Products - The main revenue drivers are biopharmaceuticals, particularly the product Tevaz (TPU) and its injectable form EPO, which have significant sales in various medical fields including nephrology, dermatology, autoimmune diseases, and oncology [3] - The company also has a growing OTC (over-the-counter) product line under the brand Mandy, which has shown rapid sales growth in recent years [3] Financial Performance - The company reported double-digit growth in both revenue and profit for the first half of the year, with expectations to maintain this momentum in the second half [4][5] - Tevaz sales reached approximately 2.5 billion RMB in the first half, with projections of around 5 billion RMB for the full year, indicating a strong growth outlook [4] - The company’s valuation is considered low relative to its stable earnings and dividend payouts, making it an attractive investment opportunity [5] Clinical Developments - Sanofi's innovative drug, the PDZ and BGF dual antibody 707, has shown promising early clinical data, particularly in non-small cell lung cancer and colorectal cancer trials [6][7] - The drug has demonstrated an overall response rate (ORR) of 59% in early trials, with a disease control rate (DCR) close to 100% [7] - The company is expected to enter Phase III registration trials in China by the end of the year, indicating a strong clinical development pipeline [8][11] Market Trends and Competitive Landscape - The market is witnessing a shift towards combination therapies involving PD-1 and PD-L1 dual antibodies, with Sanofi's 707 positioned favorably among competitors [10][11] - There is a growing demand for dual antibody therapies, and Sanofi's 707 is seen as having significant potential for external licensing opportunities [11][12] Conclusion - Sanofi Biopharmaceuticals is recognized for its stable core business and innovative product pipeline, particularly the promising 707 dual antibody. The company is positioned for continued growth and is considered a valuable investment opportunity in the biopharmaceutical sector [12]

Summary of the Conference Call for Sanofi Pharmaceutical Company Overview - **Company**: Sanofi Pharmaceutical - **Core Products**: Teibiao and Mandi (Minoxidil) - **Industry**: Pharmaceutical Key Points and Arguments Product Growth Expectations - Teibiao is expected to grow by approximately 20% in 2024, benefiting from a zero-price reduction renewal, with sales projected to reach 5 billion yuan, potentially exceeding 6 billion yuan at peak [2][10] - Mandi brand (Minoxidil) is anticipated to achieve double-digit growth in 2024, with sales expected to exceed 2 billion yuan post-consumer recovery [2][14] Pipeline Developments - The PD-1 VEGF dual antibody project has shown promising early-phase data presented at the JP Morgan conference, with a partnership established with Bai Li Tianheng for combined use, indicating potential for global business development transactions [2][6] - Shengke's long-acting erythropoietin is in the NDA stage, with advancements in the blood oncology field's PD-L1 VEGF dual antibody expected to lead to overseas transactions [2][8] - Sanofi Guojian is focusing on autoimmune diseases, with IL-17 and IL-4 monoclonal antibodies in phase III clinical trials, expected to submit for market approval in 2024 [2][15] Sales Performance and Market Impact - Sales declined in 2023 due to centralized procurement impacts, but a small single-digit growth is expected in 2024 as the company adapts with long-acting erythropoietin development [2][12] - Teibiao's sales reached 4.2 billion yuan in 2023, a 23% year-on-year increase, with a projected 5 billion yuan in 2024 [10][16] Management and Ownership Structure - The company has established a strong position in various fields since its inception in 1993, with Chairman and CEO Mr. Liu Jun controlling 21.85% of the shares [3][7] Investment Valuation - The estimated valuation for 2025 is around seven times earnings, suggesting that the current valuation is low, making it an attractive investment opportunity [3][18] Additional R&D Pipeline - Other key projects include long-acting erythropoietin, IL-1β inhibitors, and various collaborations that are expected to contribute to revenue growth in the coming years [8][9] Market Challenges - The company faces pricing pressures from ongoing centralized procurement policies, which may impact future pricing strategies [12] Conclusion - Sanofi Pharmaceutical is positioned for stable growth with its core products and a robust pipeline, despite facing challenges from market dynamics. The current low valuation presents a potential investment opportunity for stakeholders.

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][18] Core Views - The company is advancing its innovative drug clinical trials rapidly, maintaining steady growth in performance, and currently has a low valuation with stable dividends. Due to the core product sales growth exceeding expectations, the profit forecast has been raised, with projected net profits for 2024-2026 being 2.017 billion, 2.296 billion, and 2.571 billion yuan respectively, representing year-on-year growth of 30.2%, 13.8%, and 12.0% [2][18]. Summary by Sections Strategic Cooperation - The company has reached a strategic cooperation with Bai Li Tian Heng to jointly promote the combined treatment of 707 and BL-B01D1 for solid tumors in China [2]. Product Development - 707 is a PD-1xVEGF dual antibody developed by the company, with advanced research progress and excellent early clinical data, expected to enter Phase III clinical trials in the second half of this year [2][18]. - The core product, Teibiao, continues to see sales growth and has achieved favorable results in medical insurance negotiations, expected to maintain steady growth in 2025-2026 [2][18]. Clinical Data - 707 has shown good clinical data in non-small cell lung cancer (NSCLC) and colorectal cancer (CRC), with over 300 patients enrolled in clinical trials [5][9]. - In a Phase II clinical study for PD-L1 positive NSCLC patients, the overall objective response rate (ORR) was 59%, and the disease control rate (DCR) was 97% [6][9]. Competitive Landscape - Compared to other PD-(L)1/VEGF dual antibodies, 707 is at a relatively advanced stage in clinical development, with only one competitor, AK112, having been approved for market [13][18]. - The combination of dual antibodies and antibody-drug conjugates (ADCs) is expected to become a new generation of tumor immunotherapy, with limited competition in the PD-(L)1 dual antibody space [2][18]. Financial Forecast - The company’s financial projections indicate steady revenue growth, with expected revenues of 9.004 billion, 10.123 billion, and 11.177 billion yuan for 2024-2026, respectively [21].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its core products and innovative pipeline [5][11]. Core Views - The company is a leading domestic biopharmaceutical enterprise with a robust innovation strategy and a diverse product portfolio. It has over 40 marketed products across various therapeutic areas, including nephrology, oncology, autoimmune diseases, ophthalmology, and dermatology. Key products like Tevaz (rhTPO) and the Mandi series are expected to maintain steady growth. The company has a rich pipeline with competitive assets in IL-17 and IL-4R, as well as innovative dual antibodies like PD-1/VEGF, which are progressing well [6][13]. Summary by Sections Market Performance - As of February 14, 2025, the closing price is HKD 6.73, with a market capitalization of HKD 16,122.21 million. The stock has a one-year high of HKD 7.85 and a low of HKD 4.91. The debt-to-asset ratio stands at 29.53% [3]. Financial Forecast - The company is projected to achieve revenues of CNY 89.40 billion, CNY 98.38 billion, and CNY 109.26 billion for 2024-2026, with year-on-year growth rates of 14.4%, 10.0%, and 11.1% respectively. Net profits are expected to be CNY 17.69 billion, CNY 20.22 billion, and CNY 23.04 billion, with growth rates of 14.2%, 14.3%, and 13.9% respectively, resulting in a PE ratio of 8, 7, and 7 times [8][11]. Product Pipeline and Innovation - The company has a diverse pipeline focusing on high-potential products in key therapeutic areas. Notable candidates include: - SSS06 (long-acting rhEPO) with NDA acceptance in July 2024. - SSGJ-608 (IL-17 monoclonal antibody) with NDA acceptance in November 2024, expected approval in 2025-2026. - Several other candidates in Phase III clinical trials, including SSGJ-613 (IL-1β) and SSGJ-611 (IL-4R) [7][30]. Core Product Performance - Tevaz, the company's flagship product, achieved a revenue of approximately CNY 24.8 billion in the first half of 2024, reflecting a year-on-year growth of 22.6%. Other products like Mandi also showed positive sales growth, indicating a strong performance across the product portfolio [40][41]. Strategic Collaborations - The company has established multiple strategic collaborations to enhance its product offerings and market reach. Notable partnerships include collaborations for innovative products like HER2 ADC and FLT3 inhibitors, which are expected to contribute to future revenue growth [32][34][35].