研究报告 Research Report 31 Aug 2025 信达生物 Innovent Biologics (1801 HK) 稳步推进五年战略规划，国际化战略开始加速 The five-year strategic plan is being steadily advanced, while the internationalization strategy is beginning to accelerate [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$96.85 目标价 HK$105.80 HTI ESG 3.6-1.4-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$165.88bn / US$21.28bn 日交易额 (3 个月均值) US$262.75mn 发行股票数目 1,713mn 自由流通股 (%) 90% 1 年股价最高最低值 HK$ ...

分析师及联系人 [Table_Author] 彭英骐 刘长洪 SAC：S0490524030005 SAC：S0490525070007 SFC：BUZ392 丨证券研究报告丨 港股研究丨公司点评丨信达生物（1801.HK） [Table_Title] 多元创新协同全球化战略，盈收显著提升 报告要点 [Table_Summary] 2025 上半年信达生物收入盈利大幅提升，实现营业收入 59.53 亿元，同比增长 50.6%；NON- IFRS 净利润 12.13 亿元；毛利率 86.8%，同比上升 2.7%；EBITDA 14.13 亿元；在手现金 146 亿元（截至 2025 年 7 月 31 日）；研发投入 9.03 亿元。2025 上半年公司 5 款肿瘤和综合领域 创新管线成功获批，驱动盈收增长。临床阶段管线储备丰富，进一步维持可持续发展模式。 [Table_Summary2] 事件描述 2025 上半年信达生物收入盈利大幅提升，实现营业收入 59.53 亿元，同比增长 50.6%；NON- IFRS 净利润 12.13 亿元；毛利率 86.8%，同比上升 2.7%；EBITDA 14.13 亿元；在 ...

Core Viewpoint - The company has achieved significant growth in product revenue and Non-IFRS net profit, indicating strong operational efficiency and a promising outlook for its internationalization strategy in the biopharma sector [1][2][4]. Financial Performance - In 1H25, the company reported total revenue of RMB 59.5 billion, a 50.6% year-over-year increase, with product revenue at RMB 52.3 billion (+37.3% YoY) and licensing revenue at RMB 6.7 billion (+474.2% YoY) [2]. - Non-IFRS net profit reached RMB 12.1 billion, a significant improvement from a net loss of RMB 1.6 billion in 1H24, driven by better-than-expected product gross margins of 84.1% (vs. 82.2% in 1H24) and controlled R&D expenses of RMB 10 billion (vs. RMB 14 billion in 1H24) [2][4]. - The company has raised its target price to HKD 106, reflecting updated financial forecasts for 2025-2027 [4]. Internationalization Strategy - The company is establishing its own clinical development team in the U.S. and is set to initiate international Phase 3 MRCT trials for key pipeline assets IBI363 and IBI343 [3]. - IBI363 is expected to start patient recruitment for its international Phase 3 trial in 2H25, while IBI343 has already commenced trials in China and Japan [3]. - The company aims to conduct five international Phase 3 MRCT trials by 2030, supported by a cash reserve of USD 2 billion [3]. Product Development and Commercialization - The company has successfully launched its weight loss drug, Masduo Peptide (GCG/GLP-1), in China, focusing on brand building and channel development [3]. - The commercialization team has grown to over 1,000 members, covering both traditional and retail channels [3]. - Upcoming data readouts for Masduo Peptide and other pipeline assets are anticipated to strengthen the brand and market position [4].

截至8月29日，国内药企2025年中报披露进入尾声，总的来看创新药企业的业绩表现十分亮眼。 特别是包括恒瑞医药、百济神州、信达生物等在内的头部企业均交出了令人振奋的成绩单，并且创新药成为增长引擎。例如，恒瑞医药2025年 上半年实现营业收入157.61亿元，同比增长15.88%，归母净利润44.50亿元，同比增长29.67%，创新药销售及许可收入95.61亿元，占公司营业 收入比重60.66%；百济神州2025年上半年实现营业总收入175.18亿元，同比增长46.0%，归属于母公司所有者的净利润达4.5亿元，较去年同期 扭亏为盈；中国生物制药发布的半年报显示，上半年营收175.7亿元，同比增长10.7%，其中，创新产品收入达78亿元，同比增长27.2%，占总 收入比例已达44.4%。 眼下，多家药企创新药收入占比攀升，是否意味着医药产业的"春天"已然来临？对此，高特佳投资执行合伙人王海姣对21世纪经济报道记者指 出，当前二级市场呈现繁荣景象，基于此，不少人认为市场已迎来春天，甚至即将步入夏天。然而，从一级市场创业者的角度来看，市场仍处 于"寒冬"期。 这也是由于基金的运作遵循募投管退的周期，上一轮投资中，许多 ...

于2025年8月29日，公司根据2024年股份计划的条款向19名承授人(包括独立非执行董事Sherwin)授出 212,300股受限制股份，惟须待承授人接纳。授出受限制股份中，向Sherwin授出5,100股受限制股份。 格隆汇8月30日丨信达生物(01801.HK)公告，于2025年8月29日，公司根据2024年股份计划的条款向5名 承授人(包括独立非执行董事Sherwin)授出20,800份购股权，惟须待承授人接纳。授出购股权中，向 Sherwin授出1800份购股权。 ...

格隆汇8月29日｜南下资金今日净买入港股120.46亿港元。其中： 净买入腾讯15.84亿、阿里巴巴-W 11.49亿、信达生物7.18亿、国泰君安国际2.61亿、晶泰控股2.31亿； 净卖出小米集团8.61亿、新华保险3.34亿。 据统计，南下资金已连续6日净买入阿里巴巴，共计59.7552亿港元；连续6日净卖出小米，共计39.612亿 港元。(格隆汇) ...

信达生物(01801)发布公告，于2025年8月29日，本公司根据2024年股份计划的条款向5名承授人(包括独 立非执行董事Sherwin博士)授出2.08万份购股权，惟须待承授人接纳。授出购股权中，向Sherwin博士授 出1800份购股权。 来源：智通财经网 ...

信达生物(01801)发布公告，于2025年8月29日，本公司根据2024年股份计划的条款向5名承授人(包括独 立非执行董事Sherwin博士)授出2.08万份购股权，惟须待承授人接纳。授出购股权中，向Sherwin博士授 出1800份购股权。 ...

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，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 信達生物製藥 INNOVENT BIOLOGICS, INC. （於開曼群島註冊成立的有限公司） （股份代號：1801） 授出購股權及受限制股份 本公告乃根據上市規則第17.06A、17.06B及17.06C條而作出。 授出購股權 董事會宣布，於2025年8月29日，本公司根據2024年股份計劃的條款向5名承授人 （包括獨立非執行董事Sherwin博士）授出20,800份購股權（「授出購股權」），惟須 待承授人接納。授出購股權中，向Sherwin博士授出1,800份購股權。 向承授人授出購股權的詳情如下： | 授出日期： | 2025年8月29日 | | --- | --- | | 承授人數目： | 5名，其中4名為本公司非關連僱員（不包括高級管 | | | 理層）及獨立非執行董事Sherwin博士 | | 授出購股權數目： | 20,800 | | 於購股權獲行使時將予 | 非關連僱員19,000股； ...

Core Viewpoint - The article highlights the strategic adjustments made by prominent fund managers in response to the market's structural characteristics, focusing on sectors like AI, innovative pharmaceuticals, and consumer goods, while also indicating a clear divergence in the consumer sector's performance [2][3][4]. Group 1: Fund Manager Strategies - Prominent fund managers have collectively increased their positions in high-growth sectors such as AI and innovative pharmaceuticals while making structural adjustments within the consumer sector [2]. - The technology and pharmaceutical sectors have emerged as core allocation directions, with significant investments in companies like BYD (increased by 184.78%) and Alibaba (increased by 161.10%) [2]. - Fund managers are focusing on "hard technology" in the tech sector, with AI computing and robotics becoming key investment areas [4]. Group 2: Consumer Sector Dynamics - The consumer sector has shown significant structural differentiation, with fund managers displaying contrasting attitudes towards traditional liquor and new consumption trends [3]. - Some fund managers have increased their holdings in traditional liquor stocks like Wuliangye and Moutai, while others have reduced their positions in these stocks, indicating a shift towards new consumption opportunities [3][4]. - The performance of consumer companies has influenced fund adjustments, with companies like Yili achieving strong revenue growth while others like Yanghe experienced profit declines [4]. Group 3: Future Outlook - Looking ahead to the third quarter, there is optimism regarding the innovative pharmaceutical sector, driven by global collaborations and anticipated clinical data disclosures [5]. - The consumer healthcare sector is expected to continue benefiting from rising health awareness among residents, with demand for home medical devices projected to grow steadily due to an aging population [5]. - The overall economic environment is seen as favorable for investment, although structural pressures may persist, with policies aimed at reducing excessive competition likely to improve corporate profitability [5].