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。 (2) 更改香港主要營業地點的地址 (1) 註銷庫存股份 公告本節內容由三生制药（「本公司」）自 願 作 出。 茲提述(i)本公司日期為二零二三年五月二十二日之通函及本公司日期為二 零 二 三 年 六 月 二 十 日 之 公 告，內 容 有 關（其 中 包 括）本公司股東（「股 東」）於 本 公司於二零二三年六月二十日舉行的股東週年大會上授予購回本公司股份 （「股 份」）之一般授權（「二零二三年購回授權」）；(ii)本公司日期為二零二四年 三 月 二 十 一 日 有 關 建 議 股 份 購 回 之 公 告；及(iii)本公司日期為二零二四年五 月 二 十 四 日 之 通 函 及 本 公 司 日 期 為 二 零 二 四 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 9.81, representing a potential upside of 54.5% from the current price of HKD 6.35 [4][30]. Core Insights - The company is expected to experience rapid growth in its key product, Tevazo, with projected revenues of RMB 5.11 billion in 2024, accounting for 58% of total revenue. The penetration rate of Tevazo among CTIT patients is anticipated to increase from 29% in 2023 to 35% in 2024 [8][9]. - The company has successfully renewed multiple products in the national medical insurance directory, including Tevazo and HER2 monoclonal antibody, which will help stabilize prices and support steady growth [2][3]. - The company has a robust pipeline with several innovative products entering NDA or Phase III clinical trials, expected to be approved between 2025 and 2027, providing new growth momentum [2][3]. Financial Summary - Revenue is projected to grow by 12.8% in 2024 and 12.2% in 2025, with corresponding revenues of RMB 8.82 billion and RMB 9.89 billion respectively [3][20]. - The net profit attributable to shareholders is expected to increase by 23.7% in 2025, reaching RMB 2.18 billion, with a basic earnings per share of RMB 0.90 [3][20]. - The current market capitalization corresponds to a PE ratio of 6.6 times for 2025, indicating an attractive valuation [2][3]. Pipeline and Product Development - The company is advancing its pipeline with several products, including long-acting EPO and IL-17, which are expected to be submitted for approval in 2025 [2][17]. - The introduction of new products, such as the oral solution of paclitaxel and other late-stage clinical products, is anticipated to become significant growth drivers starting in 2026 [2][17]. - The company is also expanding its product offerings in dermatology and hair loss, with promising products like Winlevi and semaglutide in Phase III clinical trials [16][17]. Market Position and Competitive Advantage - The company has established a strong marketing team and channel advantages in the autoimmune field, which will help capture market share for new autoimmune drugs post-launch [15][17]. - Tevazo is positioned as a leading treatment option for chemotherapy-induced thrombocytopenia (CIT), with evidence supporting its efficacy over competitors [10][13].

Investment Rating - The report maintains a "Buy" rating with a target price of HKD 9.81 [4] Core Insights - The company has successfully renewed multiple products in the 2024 National Medical Insurance Directory, including Tevizo and HER2 monoclonal antibody, and has added a new indication for Tevizo in pediatric ITP [1][2] - The company is expected to see stable pricing for renewed products due to ongoing support from the medical insurance fund for innovative drugs, which will contribute to steady growth [1][2] - The company’s revenue is projected to grow by 12.8% in 2024 and 12.2% in 2025, with a corresponding net profit growth of 13.6% in 2025 [4] Summary by Sections - **Product Renewals and New Additions**: Tevizo and HER2 monoclonal antibody have been successfully renewed, with Tevizo gaining a new indication for pediatric ITP. The newly approved drug, sodium naftifine oral disintegrating tablet, has also entered the medical insurance directory [1][2] - **Pipeline Development**: The company is advancing its pipeline with several innovative products entering NDA or Phase III clinical trials, expected to be approved between 2025E and 2027E, providing new growth momentum [1][3] - **Sales and Market Expansion**: The company has established a robust sales capability across various channels, including blood, oncology, nephrology, and rheumatology, and is continuously enriching its innovative pipeline [3] - **Valuation Metrics**: The current market capitalization corresponds to 6.6 times the estimated PE for 2025, indicating an attractive valuation. The expected dividend payout ratio is 30%, with a projected dividend yield of 4.5% for 2025 [1][4]

参加赛生制药近期业务进展电话会我是中台医药的分析师曹泽运和我一同在线主持的还有沐一山老师非常荣幸邀请到赛生制药公司领导CFO何总IRD赵总以及IR团队赛生制药是我们长期以来一直跟踪推荐看好的港股法玛雷标的 那么在相关的标签上有成长 红利 股息等等的表现非常出众那在此同时 今年年内有多笔S&T在原油矩阵上拥有拓展同时在更早的一批里有in house的分子持续发力从MD到一期到二期也有相当的进展 那今天呢应该说是从在整体市场都表现不错的情况下德城制药的那个股价表现应该说更加非常出众所以就近期的一些业务进展呢我们今天也邀请到公司领导和市场一起做一个交流那我们今天这个交流的大概是这样因为前期已经基本收到了相关的问题总共有四项那么就这四项问题请公司先大致做一个赘述之后我们来开放这个自由问答环节 那可能有些朋友是电话接入的所以我简单先念一下我们这个前面的一些问题第一个是在多个产品已经完成了以导谈判续约的结果落地请公司领导简单简要介绍一下这方面的情况第二个是年内有多笔特色产品的来自于deal来自于deal也扩充了这个产品矩阵那这些产品后续的这个战略准备和安排等等 第三是控股总公司三生国建多个资源领域的抗体药物都已经推进至了 ...

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） 概 不 保 證 該 產 品 將 最 終 成 功 商 業 化。本 公 司 股 東 及 潛 在 投 資 者 在 買 賣 本 公 司 股 份 時 務 請 審 慎 行 事。 承董事會命 三生制药 主 席 婁競博士 中 國，上 海 二零二四年十一月二十五日 於 本 公 告 日 期，董 事 會 包 括 執 行 董 事 婁 競 博 士 及 蘇 冬 梅 女 士；非 執 行 董 事 張 皎 娥 女 士；以 及 獨 立 非 執 行 董 事 濮 天 若 先 生、楊 凱 蒂 女 士 及 黃 祖 耀 先 生。 自願公告 瀋陽三生與廣東東陽光藥業就苯磺酸克立 ...

1 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） 自願公告 首席財務官增持股份 本公告由三生制药（「本公司」）自 願 作 出。 本公司董事會（「董事會」）謹 此 公 告，近 期 接 獲 本 公 司 首 席 財 務 官 何 翔 先 生（「何 先 生」）的 報 告，其 自2024年1月1日 開 始 到 本 公 告 之 日 止，已 通 過 集 中 競 價 的 方 式，累 計以平均價格每股股份約5.99港元增持本公司合共3,000,000股普通股（「股 份」），佔 已發行股份總數約0.12%。 何 先 生 向 董 事 會 表 明，其 認 為 股 份 長 期 處 於 低 估 狀 態，基 ...

自願公告 2024年「雙 十 一」蔓 迪®榮登多平台榜單榜首 本公告由三生制药（「本公司」）自 願 作 出。 本公司旗下附屬公司浙江三生蔓迪藥業有限公司（「三生蔓迪」）在2024年「雙 十 一」 活 動 期 間： 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） 承董事會命 三生制药 主 席 婁競博士 中 國，上 海 二零二四年十一月十四日 於 本 公 告 日 期，董 事 會 包 括 執 行 董 事 婁 競 博 士 及 蘇 冬 梅 女 士；非 執 行 董 事 張 皎 娥 女 士；以 及 獨 立 非 執 行 董 事 濮 天 若 先 生、楊 凱 蒂 女 士 及 黃 祖 耀 先 生。 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for the stock [1][8]. Core Insights - The company is a leading player in the domestic biopharmaceutical sector with a rich pipeline of products and a strong market presence in various therapeutic areas [1][3]. - The core products are experiencing steady growth, with significant market share in their respective categories, particularly in the treatment of thrombocytopenia and anemia [2][5]. - The company has a robust research and development capability, with 28 products in the pipeline, including several nearing NDA submissions [3][7]. - The company has strategically positioned itself in the health sector, with a focus on hair loss and dermatological products, which are expected to drive future growth [6][8]. Financial Performance - The company reported a revenue of 6,859 million in 2022, with projections of 7,816 million for 2023 and 9,090 million for 2024, reflecting a year-on-year growth rate of 13.9% and 16.3% respectively [1][9]. - The net profit attributable to the parent company is expected to grow from 1,914.9 million in 2022 to 2,173.2 million in 2024, indicating a significant recovery and growth trajectory [1][9]. - The company's P/E ratio is projected to decrease from 9.7 in 2023 to 6.9 in 2024, suggesting an attractive valuation relative to earnings [1][9]. Product Performance - The core product, Tevaz (recombinant human thrombopoietin), achieved sales of 2,476 million in H1 2024, a 22.6% increase year-on-year, maintaining a 66% market share in the thrombocytopenia treatment market [2][5]. - The EPO products, Yibiao and Saiboer, generated 516 million in revenue, with a market share of approximately 43%, solidifying their leading position in the EPO market [2][4]. - The hair loss treatment product, Mandi, reported a revenue of 550 million, with a 10% year-on-year growth, and is expected to benefit from increasing market penetration [6][8]. Market Strategy - The company has a well-established sales and marketing team of nearly 3,000 personnel, covering a vast network of medical institutions and hospitals, enhancing its market reach [3][4]. - The company is actively expanding its product offerings and market presence in the health sector, particularly in the hair loss and dermatology segments, which are projected to grow significantly [6][8].

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） 自願公告 瀋陽三生與海和藥物就紫杉醇口服溶液達成合作協議 本 公 告 乃 由 本 公 司 自 願 刊 發。概 不 保 證 該 產 品 將 最 終 成 功 商 業 化。本 公 司 股 東 及 潛 在 投 資 者 在 買 賣 本 公 司 股 份 時 務 請 審 慎 行 事。 承董事會命 三生制药 主 席 婁競博士 中 國，上 海 二零二四年十月二十四日 於 本 公 告 日 期，董 事 會 包 括 執 行 董 事 婁 競 博 士 及 蘇 冬 梅 女 士；非 執 行 董 事 張 皎 娥 女 士；以 及 獨 立 非 執 行 董 事 濮 天 ...

Market Position and Product Development - As of June 30, 2024, the company holds a 66.2% market share in the platelet reduction treatment market in mainland China for its product Tevaziv, according to IQVIA[2]. - The company has a total of 28 products under development, with 25 being innovative drugs in mainland China, including 12 hematology/oncology products[2]. - The company achieved a 42.7% market share in the rhEPO market in mainland China during the first half of 2024[2]. - The company has established a national distribution network that sells products to over 9,700 hospitals and medical institutions across mainland China[3]. - The company aims to expand its product marketing to developed countries and is collaborating with international partners on its pipeline products[3]. - The company introduced Semaglutide injection in the first half of 2024, targeting the domestic weight loss market[2]. - The approval of the Minoxidil foam (5% formulation) for treating androgenetic alopecia and alopecia areata marks a significant product launch for the company[7]. - The new indication for Tevizo (TPO) for treating persistent or chronic primary immune thrombocytopenia (ITP) in children was approved on April 2, 2024[8]. - Tevizo holds a 34.5% market share by volume and 66.2% by sales in the treatment of thrombocytopenia in mainland China as of the first half of 2024[10]. - The company has submitted a new drug application for Tevizo to treat chronic liver disease-related thrombocytopenia, which has been accepted by the National Medical Products Administration[10]. - The company is expanding its market presence in Asia and Africa for Tevizo, which is currently undergoing registration in multiple countries[10]. Financial Performance - Revenue for the six months ended June 30, 2023, increased by RMB 605.6 million or 16.0% to RMB 4,389.4 million[6]. - Gross profit for the same period rose by RMB 595.8 million or 18.6% to RMB 3,797.4 million, with a gross margin increase from 84.6% to 86.5%[6]. - Net profit attributable to equity holders increased by RMB 109.3 million or 11.1% to RMB 1,089.9 million, while adjusted operating profit rose by RMB 16.7 million or 1.5% to RMB 1,112.4 million[6]. - EBITDA for the six months increased by RMB 311.0 million or 23.4% to RMB 1,641.5 million, with adjusted operating EBITDA rising by RMB 241.6 million or 17.0% to RMB 1,663.9 million[6]. - The group’s revenue for the reporting period was approximately RMB 4,389.4 million, an increase of about RMB 605.6 million or approximately 16.0% compared to RMB 3,783.8 million for the six months ended June 30, 2023[31]. - Sales of Teva increased to approximately RMB 2,475.9 million, up about RMB 456.8 million or approximately 22.6% from RMB 2,019.1 million for the six months ended June 30, 2023, accounting for about 56.4% of total revenue[31]. - Sales in the hair loss sector rose to approximately RMB 557.2 million, an increase of about RMB 48.4 million or approximately 9.5% compared to RMB 508.8 million for the six months ended June 30, 2023, representing about 12.7% of total revenue[32]. Research and Development - The company is focusing on research and development to provide innovative therapies for patients in mainland China and globally[3]. - The company has a research team of nearly 700 experienced scientists focused on accelerating clinical development and seeking breakthrough therapies[24]. - The company is actively developing 28 products, with 25 of them being innovative drugs in mainland China[22]. - Among the 28 products, there are 15 antibody products, 7 other biological products, and 6 small molecule drugs[22]. - The company has completed Phase III clinical trials for SSS06 (NuPIAO), a second-generation rhEPO product for treating anemia, and submitted a new drug application (NDA) in July 2024[24]. - The Phase III clinical trial for the anti-IL-17A antibody (608) has successfully met all efficacy endpoints, with BLA submission expected in Q4 2024[24]. - The company has 12 products in the hematology/oncology pipeline and 10 targeting autoimmune diseases, including rheumatoid arthritis and other conditions[22]. - The company plans to complete patient enrollment for the Phase III trial of anti-IL-1ß antibody (613) for acute gouty arthritis by the end of 2024[25]. - The company is conducting a Phase III clinical trial for TRK820, aimed at improving pruritus in chronic liver disease patients, with NDA submission expected in 2024[24]. Market Strategy and Expansion - The company is actively pursuing investment and acquisition strategies to identify high-value assets while maintaining a dual-track approach of independent research and external collaboration[30]. - The company is focusing on key therapeutic areas such as nephrology, autoimmune diseases, hair and skin, hematology, and oncology, with an emphasis on accelerating the development of autoimmune products[30]. - Mandi plans to invest in market education and digital marketing to increase brand recognition and sales scale across various e-commerce platforms[14]. - The company aims to enhance its academic recognition and brand awareness through targeted marketing and promotion among medical experts[28]. Corporate Governance and Shareholder Matters - The board of directors has not recommended any interim dividend for the reporting period[57]. - The company repurchased a total of 43,346,500 shares at a total cash consideration of HKD 266,284,340 during the reporting period, with 22,119,500 shares cancelled and 21,227,000 shares held as treasury shares[59]. - The audit committee reviewed the unaudited interim financial information and found all accounting treatments adopted to be satisfactory[58]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules, ensuring compliance with applicable governance standards[54]. - Changes in the board include the resignation of Dr. Liu Jing as a director and general manager, and the appointment of Ms. Zhang Jiao'e as a non-executive director, effective June 25, 2024[57]. Employee and Workforce Management - The company employs 5,607 staff across its operational facilities in Shenyang, Shanghai, Hangzhou, Shenzhen, and Como, Italy[3]. - Employee costs for the reporting period amounted to approximately RMB 721.9 million, up from RMB 604.4 million in the same period last year, reflecting a year-over-year increase of about 19.4%[53]. - The company has implemented various incentive plans, including a stock option plan and a share award plan, to reward eligible participants contributing to business success[53]. Financial Position and Cash Flow - Current assets net value as of June 30, 2024, was approximately RMB 3,847.5 million, down from approximately RMB 5,465.1 million as of December 31, 2023[45]. - Total interest-bearing bank borrowings as of June 30, 2024, were approximately RMB 2,966.5 million, a decrease from approximately RMB 3,574.3 million as of December 31, 2023[46]. - The leverage ratio decreased from approximately 29.3% as of December 31, 2023, to approximately 25.0% as of June 30, 2024[47]. - The company estimates total capital expenditures for the next three years will range from RMB 1,000 million to RMB 1,100 million, primarily for maintaining existing facilities and expanding capacity[52]. - The company’s operating cash flow for the six months ended June 30, 2024, was RMB 1,092,711 thousand, compared to RMB 1,184,485 thousand for the same period in 2023, reflecting a decrease of approximately 7.7%[93]. Shareholder Equity and Dividends - The company declared a final dividend of RMB (551,834) thousand for the year 2023, indicating a commitment to returning value to shareholders[91]. - The total equity attributable to the parent company as of June 30, 2024, was RMB 15,964,423 thousand, showing growth from RMB 15,400,450 thousand as of December 31, 2022[92]. - The company proposed a final dividend of HKD 0.25 per share for the year ended December 31, 2023, amounting to RMB 551,834,000, which was not paid during the reporting period[112].