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 ...

Summary of the Conference Call Company and Industry Involved - The conference call involves **Huayan Pharmaceutical** and its leadership team, including Mr. Tang Guochao and Mr. Zhao [1] Core Points and Arguments - The meeting is structured into two main parts: **company introduction** and **Q&A session** [1] Other Important but Possibly Overlooked Content - The call is described as a **three-way communication** between listed companies, indicating a collaborative approach to discussing strategies and insights [1]

Market Position and Share - The company holds a 65.0% market share in the platelet reduction therapy market in mainland China for its product Tevazo as of 2023[6]. - The company has a 42.2% market share in the rhEPO market in mainland China, maintaining its leadership for over 20 years[6]. - The company’s product Mandi has a dominant market share of 72.6% in the minoxidil tincture market in mainland China as of 2023[6]. - Te Bi Ao has captured a 33.4% market share by volume and a 65.0% market share by sales in the treatment of thrombocytopenia in mainland China[24]. - Yisaipu holds a 22.7% market share in the TNFα inhibitor market in mainland China as of 2023, having been the first TNFα inhibitor launched in the region[26]. Financial Performance - The company's revenue for 2023 reached RMB 7,815,938 thousand, marking a significant increase from RMB 6,865,735 thousand in 2022, representing a growth of approximately 13.8%[10]. - Gross profit for 2023 was RMB 6,641,640 thousand, up from RMB 5,671,574 thousand in 2022, reflecting a growth of about 17.1%[10]. - The adjusted operating EBITDA for 2023 was RMB 2,768,353 thousand, compared to RMB 2,303,777 thousand in 2022, indicating an increase of approximately 20.2%[10]. - The company's total assets reached RMB 23,625,028 thousand in 2023, an increase from RMB 22,008,962 thousand in 2022, reflecting a growth of approximately 7.3%[10]. - The total liabilities increased to RMB 7,111,428 thousand in 2023 from RMB 6,645,381 thousand in 2022, representing a growth of about 7.0%[10]. Research and Development - The company has 29 active R&D projects, with 25 being innovative drugs developed in mainland China[6]. - The company has 29 products in its research pipeline, with 5 products approved for market or passed consistency evaluation in 2023[13]. - The company is actively developing 29 products, with 25 of them focused on innovative drug development in mainland China[38]. - The R&D team consists of over 600 experienced scientists focused on accelerating clinical development and seeking breakthrough therapies[37]. - The company is developing multiple innovative biological products, including SSS06 (NuPIAO) for anemia and CS1003 (anti-PD-1 antibody) for advanced liver cancer[36]. Strategic Initiatives - The company aims to expand its product marketing to developed countries and has established operations in 25 countries as of 2023[7]. - The company is focusing on developing therapies for unmet medical needs, particularly in the biotechnology sector, which is supported by the Chinese government[6]. - The company has established strategic partnerships, including exclusive rights for the anti-PD-1 monoclonal antibody Nofazinlimab (CS1003) in mainland China, enhancing its product portfolio[15]. - The company plans to submit a New Drug Application (NDA) for NuPIAO (rESP, SSS06) in 2024 after completing Phase III clinical trials for treating anemia in chronic kidney disease[13]. - The company aims to optimize the structure of chronic disease medications and deepen its presence in grassroots markets as part of its future development strategy[16]. Market Expansion and Product Launches - The launch of the Minoxidil foam product, Man Di, has been approved, which is the first domestically produced minoxidil foam in China, showing comparable efficacy to ROGAINE®[22]. - The NDA for Li Mei Zhi has been approved for the treatment of pruritus in hemodialysis patients, marking it as the first selective opioid kappa receptor agonist approved for this indication in China[20]. - TRK-820, a drug for treating pruritus in hemodialysis patients, has received NDA approval in mainland China, addressing a significant unmet medical need[30]. - The company plans to continue expanding the clinical application and market penetration of its products, focusing on middle and lower-tier cities[26][27]. - The company aims to launch new drugs into commercialization each year starting in 2024, including long-acting erythropoietin and other self-developed or collaborative products[48]. Corporate Governance and Management - The company has a comprehensive leadership structure with experienced executives overseeing various subsidiaries and initiatives[85]. - The board consists of two executive directors, one non-executive director, and four independent non-executive directors, ensuring compliance with the minimum requirements set by the Hong Kong Stock Exchange[156]. - The company emphasizes the importance of compliance with anti-corruption laws to maintain its market position and access to public procurement[79]. - The independent non-executive directors collectively bring over 28 years of experience in the financial sector, with significant roles in major financial institutions such as Deutsche Bank and UBS[87]. - The company has established a remuneration committee to review the remuneration policies for all directors and senior management, considering the company's performance and market practices[113]. Employee and Operational Insights - The company employs 5,412 staff across its operational facilities in Shenyang, Shanghai, Hangzhou, Shenzhen, and Como, Italy[7]. - Employee costs for the reporting period amounted to approximately RMB 1,271.5 million, compared to RMB 1,254.4 million in the same period of 2022[75]. - The company emphasizes the importance of attracting, recruiting, and retaining quality employees, providing regular training to maintain employee quality, knowledge, and skills[144]. - The company has a large sales and distribution network in mainland China, consisting of approximately 2,724 sales and marketing personnel, 1,146 distributors, and 2,061 third-party promoters[47]. - The company recognizes the benefits of a diverse board and has adopted a policy to promote diversity among board members[156]. Challenges and Risks - The company faces intense competition in the biotechnology and pharmaceutical industry, which may hinder its ability to compete effectively with existing and future competitors[76]. - The government’s centralized procurement policies may lead to significant price reductions for products, potentially affecting revenue and profit levels negatively[77]. - The approval process for new drugs by the National Medical Products Administration can take several years and may involve high costs and uncertainties[78]. - The management team acknowledges the risks associated with corruption and improper promotion of products, which could damage the company's reputation and lead to regulatory investigations[79]. - The company may lose market share and face adverse impacts on revenue and profitability if it fails to win bids in provincial tendering processes for selling products to hospitals[77]. Corporate Social Responsibility - The group made donations of approximately RMB 21.6 million to various medical charity projects during the reporting period[141]. - The group has established detailed internal rules regarding environmental protection and complies with national emission standards[143]. - The company maintains long-term relationships with major distributors based on qualifications, reputation, market coverage, and sales experience[145]. - The company emphasizes long-term financial performance as a governance goal, focusing on innovation in core therapeutic areas[174]. - The company is committed to maintaining high standards of corporate governance, adhering to the corporate governance code as per the Hong Kong Stock Exchange regulations[153].

Summary of Conference Call Company Overview - The company expressed gratitude towards investors and market participants for their attention to the business [1] Financial Performance - The company reported strong performance for the entire year, indicating positive revenue and marketing results [1]

2024年04月12日 公 司点评 公 买入 / 维持 司 三生制药(01530) 研 究 目标价: 昨收盘:6.08 医药 特比澳儿童 ITP 适应症获批，有望支撑收入端持续增长 事件  走势比较 2024年4月11日，公司宣布重组人血小板生成素注射液（特比澳） 新适应症已于 4 月 2 日获得批准，用于治疗儿童或青少年的持续性或慢 10% 性原发免疫性血小板减少症（ITP）。 太 0% 点评 平 (10%)11/4/32 12/6/32 13/8/32 01/11/32 02/1/42 13/3/42 主研发特 的比 重澳 组收 人入 血快 小速 板增 生长 成，适 素应 注增 射覆 液盖 ，此人 前群 已持 获续 批增 成加 人。 实特 体比 瘤澳 化是 疗由 后公 血司 小自 洋 (20%) 板减少症（CIT）和成人原发免疫性血小板减少症（ITP）适应症，近年来 证 (30%) 通过适应症覆盖人群的不断扩展，实现了销售收入的快速增长。2022 版 券 (40%) CSCO 肿瘤治疗所致血小板减少症（CTIT）诊疗指南将特比澳列为Ⅰ级推 股 荐，2023 年医保报销范围由实体瘤化疗后导致的严重血小板减 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][4][17]. Core Views - The company achieved a revenue of 7.816 billion yuan in 2023, representing a growth of 13.8%. Gross profit reached 6.642 billion yuan, with a gross margin of 85.0%, an increase of 2.4 percentage points. However, the net profit attributable to shareholders decreased by 19.1% to 1.549 billion yuan, while the adjusted operating net profit increased by 17.7% to 1.952 billion yuan [1][5][12]. - The sales performance of key products, such as Tebiou and Mandi, was strong, with Tebiou sales reaching 4.205 billion yuan (+23.8%) and Mandi sales at 1.124 billion yuan (+25.8%). Mandi captured a market share of 72.6% in domestic medical institutions [1][12][16]. - The company is focusing on both self-research and business development in key therapeutic areas, with numerous pipelines in nephrology, hematology and oncology, autoimmune diseases, and hair and skin health [1][12][16]. Financial Performance Summary - Revenue for 2023 was 78.16 billion yuan, up 13.8% from the previous year. The gross profit was 66.42 billion yuan, reflecting a 17.1% increase, with a gross margin of 85.0% [1][5][12]. - The company’s R&D expenses were 7.95 billion yuan (+14.6%), with an R&D expense ratio of 10.2%. Sales expenses were 30.06 billion yuan (+16.5%), and management expenses were 4.81 billion yuan (+22.2%) [1][5][12]. - The forecast for net profit attributable to shareholders for 2024-2026 is 1.93 billion yuan, 2.15 billion yuan, and 2.42 billion yuan, respectively, with growth rates of 24.7%, 11.4%, and 12.6% [1][17][18]. Product Performance Summary - Tebiou's sales are expected to continue growing due to the increasing number of hospitals covered and the expansion of indications. The product holds a market share of approximately 65.0% in the treatment of thrombocytopenia [1][12][16]. - Mandi's sales in the hair loss sector reached 11.42 billion yuan, with a strong growth trend and a market share of 72.6% in domestic medical institutions [1][12][16]. - The company has a robust pipeline in various therapeutic areas, with several products in late-stage clinical trials, indicating a promising future for its product portfolio [1][12][16].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 5.50 HKD [1][10]. Core Insights - The company's main business shows steady growth, with a 2023 revenue of 78.16 billion HKD, reflecting a year-on-year increase of 13.8%. However, the net profit attributable to shareholders decreased by 19.1% to 15.49 billion HKD. The adjusted operating net profit increased by 17.7% to 19.52 billion HKD [2][4]. - The company plans to pay a final dividend of 0.25 HKD per share for the year ending December 31, 2023, corresponding to an expected dividend yield of 4.5% [2][4]. - The revenue growth is primarily driven by the sales increase of key products, while the decline in net profit is attributed to changes in the fair value of trading financial assets and foreign exchange losses [2][4]. - The company has a robust pipeline of innovative products, with several expected to be launched in 2024, including treatments for psoriasis and chronic kidney disease anemia [2][4]. Financial Summary - For 2023, the company reported a revenue of 78.16 billion HKD, with a growth rate of 14%. The projected revenues for 2024, 2025, and 2026 are 87.44 billion HKD, 95.35 billion HKD, and 102.69 billion HKD, respectively, with growth rates of 12%, 9%, and 8% [4][8]. - The net profit attributable to shareholders for 2023 was 15.49 billion HKD, with projections of 20.13 billion HKD, 22.44 billion HKD, and 25.08 billion HKD for the following years, reflecting growth rates of 30%, 12%, and 12% [4][8]. - The company's gross margin for 2023 was 85.0%, an increase of 2.4 percentage points year-on-year, indicating continuous improvement in profitability [2][4]. Product Performance - Key products showed stable performance, with revenue from Teva and Mandi increasing by 23.77% and 26.16%, respectively. However, revenue from the dual-brand Erythropoietin decreased by 16.71% [2][4]. - The company is advancing its research pipeline, with multiple products receiving approval for market launch in 2023, indicating a strong commitment to innovation [2][4].