Core Viewpoint - The Chinese innovative drug industry is rapidly developing under policy support and globalization, with leading companies like BeiGene and HengRui Medicine making significant advancements through high R&D investments and dense pipelines [2][3]. Policy and Market Dynamics - The National Healthcare Security Administration initiated the 2025 medical insurance directory adjustment, emphasizing support for innovative drugs, which has boosted industry confidence [3]. - In the first half of 2025, the transaction amount for Chinese innovative drug BD reached $48.448 billion, highlighting accelerated globalization and international cooperation [3]. Company Performance Overview - **BeiGene**: Achieved revenue of 17.518 billion yuan, a 46% increase year-on-year, with a net profit of 450 million yuan, marking its first profitable half-year since listing. Its core product, Tislelizumab, generated sales of 2.643 billion yuan, up 20.6% [7]. - **HengRui Medicine**: Reported innovative drug sales and licensing income of 9.561 billion yuan, accounting for 60.66% of total revenue, with core innovative drug sales driving growth [8]. - **Hansoh Pharmaceutical**: Revenue reached 7.434 billion yuan, a 14.3% increase, with innovative drug sales contributing 82.7% [8]. - **Innovent Biologics**: Generated over 5.2 billion yuan in product revenue, a growth of over 35%, and completed a significant financing project [8]. - **China National Pharmaceutical Group**: Revenue of 17.57 billion yuan, with a net profit of 3.39 billion yuan, a 140.2% increase year-on-year [8]. - **East China Pharmaceutical**: Achieved revenue of 7.317 billion yuan, a 9.24% increase, with R&D investment rising significantly [9]. R&D Pipeline and Trends - The innovative drug sector is experiencing a concentrated R&D phase, with leading companies accelerating their pipeline development [10]. - **HengRui Medicine**: Six first-class innovative drugs were approved during the reporting period, with a robust pipeline including multiple drugs in various clinical stages [13]. - **BeiGene**: Continues to advance in ADC and bispecific antibodies, enhancing its international competitiveness [13]. - **Innovent Biologics**: Has 52 drugs in clinical stages, focusing on various innovative targets [13]. Role of Scientific Instrumentation - Scientific instrument manufacturers are transitioning from supporters to key enablers in the innovative drug sector, providing comprehensive technical support throughout the drug development process [3][14]. - **Waters Corporation**: Reported an 11% growth in pharmaceutical business, with a 70% increase in GLP-1 related income [15]. - **Agilent Technologies**: Increased revenue in life sciences and diagnostics, establishing strategic partnerships to enhance drug development capabilities [16]. - **Thermo Fisher Scientific**: Achieved $6 billion in laboratory product sales, exceeding market expectations, and providing comprehensive services for drug development [16]. Industry Outlook - The rapid development of new molecular types like antibodies and ADCs is creating significant challenges in quality management, fostering a deep coupling between innovative drug companies and scientific instrument manufacturers [18].

Core Insights - The article highlights the significant transformation occurring in China's biotechnology sector, driven by international investor interest and the competitive advantages of Chinese biotech companies [2][5]. Group 1: Investment Trends - Morgan Stanley has sponsored notable IPOs in the Hong Kong market, including projects from companies like Heng Rui Medicine and Ying En Biology, and has facilitated multiple refinancing projects totaling billions [1][3]. - The Hong Kong Stock Exchange has emerged as the world's second-largest biotechnology financing center, with 12 healthcare companies raising a total of $2.5 billion in the first half of 2025 [3]. - New listings have shown strong market performance, with an average first-day increase of 23.1% for the 12 healthcare companies [3]. Group 2: Financing Activities - Morgan Stanley has assisted Chinese issuers in raising over $5 billion in financing by the end of July, with notable projects including WuXi AppTec's $980 million share placement [4]. - The financing activities reflect a growing demand for biotech stocks, with significant oversubscription and reduced discount rates for recent offerings [4]. Group 3: Global Expansion of Chinese Biotech - Chinese biotech companies are increasingly pursuing international clinical registrations and market entries, with a notable rise in "License-out" agreements [5][6]. - The gap in innovation capabilities between Chinese and U.S. biotech firms has narrowed, with Chinese companies demonstrating significant advancements in drug development efficiency and cost [5][6]. - The total value of transactions related to antibody-drug conjugates (ADCs) has reached approximately $44 billion, indicating robust international collaboration [6]. Group 4: Strategic Collaborations - Chinese biotech firms are forming strategic partnerships with international giants, exemplified by Heng Rui Medicine's $12.5 billion deal with GlaxoSmithKline [6][7]. - The collaboration models are evolving from simple licensing to joint development and new company formations, showcasing increased confidence in Chinese biotech capabilities [6][7]. Group 5: Future Outlook and Challenges - The article emphasizes the need for Chinese biotech companies to overcome regulatory complexities and market entry barriers to enhance their global presence [8][9]. - Recommendations include building international talent teams, improving communication with regulatory bodies, and optimizing government support for innovation [9].

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [5] Core Viewpoints - Traditional pharmaceutical companies have shown impressive mid-year results, with significant progress in innovation transformation. The innovation revenue is becoming a key driver for high growth in performance [4][9] - The report emphasizes the importance of innovative drugs as a stable industry trend, highlighting several key companies in both A-shares and Hong Kong stocks that are expected to perform well [5][6] - The report suggests that the pharmaceutical sector is well-positioned for growth in 2025, driven by factors such as the aging population, improved overseas capabilities, and advancements in AI technology [5][6] Summary by Sections Industry Performance - From August 18 to August 22, the pharmaceutical index rose by 1.05%, underperforming the CSI 300 index by 3.13%. Notable gainers included companies like Olin Bio and Furuida [6][44] - A total of 313 stocks in the pharmaceutical sector rose, while 171 fell during the same period [6][44] Company Highlights - **Hengrui Medicine**: Reported revenue of 15.761 billion RMB for H1 2025, a year-on-year increase of 15.88%. The net profit was 4.450 billion RMB, up 29.67%. Innovative drug sales reached 7.570 billion RMB, growing by 21.80% [10][15] - **Hansoh Pharmaceutical**: Achieved revenue of 7.434 billion RMB in H1 2025, a 14.3% increase. The net profit was 3.135 billion RMB, up 15.0%. Innovative drug sales accounted for 82.7% of total revenue [21][28] - **China National Pharmaceutical Group**: Reported revenue of 17.57 billion RMB for H1 2025, a 10.7% increase, with a net profit of 3.39 billion RMB, up 12.3%. Innovative revenue reached 7.8 billion RMB, growing by 27.23% [34][35] Investment Recommendations - The report recommends focusing on innovative drugs, manufacturing overseas, and addressing the needs of an aging population. Specific stocks to watch include Xintai, Shanghai Yizhong, and Hengrui Medicine [5][6][44] - The report highlights the potential for valuation recovery in relatively undervalued pharmaceutical assets [5][6]

行 业 及 产 业 海外消费服务 2025 年 08 月 22 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 周文远 A0230518110003 zhouwy@swsresearch.com 贾梦迪 A0230520010002 jiamd@swsresearch.com 胡梦婷 A0230524060004 humt@swsresearch.com 研究支持 胡梦婷 A0230524060004 humt@swsresearch.com 联系人 胡梦婷 (8621)23297818× humt@swsresearch.com 港股医药中报业绩期，关注业绩超预期标的 看好 ——海外消费周报（20250815-20250821） 本期投资提示： ⚫ 海外医药：港股医药中报业绩期，关注业绩超预期标的 国内医药公司 1H25 业绩：恒瑞医药：1H25，公司实现收入 157.61 亿元，同比增长 15.9%；净利润 44.55 亿元，同比增 长 29.9%；归母净利润 44.50 亿元，同比 ...

8月20日，翰森制药（03692.HK）公告，计划通过配股融资39亿港元，这是翰森制药上市以来第三次再融资。翰森 制药上一次再融资是2021年1月，在其股价历史性高点时，通过发行可转债募资6亿美元。目前，翰森制药的股价 已接近其历史高点的80%。 自2025年开年以来，中国不少创新药企迎来估值修复，股价翻倍上涨。多家药企在资本市场回暖之际再融资，为 未来发展"囤粮"。 据经济观察报统计，开年以来，已有超20家港股创新药企再融资，远超去年同期，部分企业甚至进行了两次再融 资。目前再融资额已超340亿港元。 港股创新药企再融资事件数 相比之下，A股创新药企再融资较少，今年仅两家获批：迪哲医药（688192.SH）在4月定增约18亿元，百利天恒 （688506.SH）39亿元的定增方案在8月初获批。 在股市火热之际，也有部分创新药企创始人、大股东正择机减仓以回笼资金。 "囤粮" 为创新药企提供外包服务的药明康德（603259.SH/02359.HK）是这轮再融资中募资额最高的企业。8月初，药明康 德在港股通过配售新股的方式，融得近77亿港元。 信达生物（01801.HK）的融资额排在第二位，通过配售5500万新股筹 ...

开年以来，已有超20家港股创新药企再融资，远超去年同期， 部分企业甚至进行了两次再融资。目前再融资额已超340亿港 元。 作者：张英 封图：图虫创意 8月20日，翰森制药（03692.HK）公告，计划通过配股融资39亿港元，这是翰森制药上市以来第三次再融资。 翰森制药上一次再融资是2021年1月，在其股价历史性高点时，通过发行可转债募资6亿美元。目前，翰森制药 的股价已接近其历史高点的80%。 自2025年开年以来，中国不少创新药企迎来 估值修复 ，股价翻倍上涨。 多家药企在资本市场回暖之际再融 资，为未来发展"囤粮"。 据经济观察报统计，开年以来，已有超20家港股创新药企再融资，远超去年同期，部分企业甚至进行了两次再 融资。目前再融资额已超340亿港元。 港股创新药企再融资事件数 相比之下，A股创新药企再融资较少，今年仅两家获批：迪哲医药（688192.SH）在4月定增约18亿元，百利天 恒（688506.SH）39亿元的定增方案在8月初获批。 在股市火热之际，也有部分创新药企创始人、大股东正择机减仓以回笼资金。 "囤粮" 为创新药企提供外包服务的药明康德（603259.SH/02359.HK）是这轮再融资 ...

Core Viewpoint - Hansoh Pharmaceutical plans to raise HKD 3.9 billion through a placement, marking its third refinancing since its listing, with its stock price currently at approximately 80% of its historical high [2] Group 1: Financing Activities - Since the beginning of 2025, over 20 innovative pharmaceutical companies listed in Hong Kong have engaged in refinancing, significantly surpassing the same period last year, with total refinancing exceeding HKD 34 billion [2][4] - WuXi AppTec raised nearly HKD 7.7 billion through a share placement, making it the highest fundraising company in this round of refinancing [5] - Innovent Biologics raised approximately HKD 4.3 billion through the placement of 55 million new shares, with 90% of the funds allocated for global R&D and facility layout [5] Group 2: Stock Performance and Market Trends - The stock prices of many innovative pharmaceutical companies have doubled since the beginning of the year, indicating a market recovery [2] - Innovent Biologics' stock price has increased over 2.5 times since the start of the year, reflecting strong market interest [10] Group 3: Shareholder Actions - Some founders and major shareholders are taking the opportunity to reduce their holdings and cash out, despite the ongoing fundraising activities [4][10] - Notable reductions include Temasek's divestment of over HKD 2.4 billion from Innovent Biologics and significant sales by other major shareholders in various companies [10][11] Group 4: Alternative Financing Methods - Several companies are utilizing "old-for-new" financing methods, where founders sell their old shares to new investors and use the cash to subscribe to new shares, making it more attractive for investors [7][8] - Companies like Aisheng Pharmaceutical and others have successfully raised funds through this method, indicating a trend in the market [8]

机构：华泰证券 研究员：代雯/袁中平/陈睿恬 公司发布2025 年半年报：2025 年H1 公司实现收入74.34 亿元（+14%yoy），净利润31.35 亿元 （+15%yoy）；其中，创新药实现收入61.45 亿元（+22%yoy），占比提升至83%。我们估测剔除合作 收入影响后（1H24/25分别为14.02/16.57 亿元），公司产品销售收入同比增速达约13%，其中创新药产 品销售收入同比增速超20%。我们看好公司持续创新驱动稳定增长和BD，维持"买入"评级。 四大治疗领域全面增长 国内已进入卵巢癌III 期临床阶段；GSK 预计将于2026 年启动海外关键临床。4）HS-20094：国内降糖/ 减重适应症分别处于IIb 期/III 期临床阶段，我们预计其将于2027 年在国内商业化；再生元预计将于 2026 年启动海外关键临床（单药）。5）HS-20117：国内联用阿美替尼已进入III 期阶段，皮下给药剂 型亦将进入临床开发阶段。6）公司积极布局皮肤类、肾病类自免疾病，其中用于治疗银屑病的HS- 10374、HS-20137 均已启动III 期临床。 盈利预测与估值 我们预计2025-27 年归 ...

Core Viewpoint - The company's 1H25 performance exceeded expectations, driven by milestone payments from collaboration with GSK, with revenue of 7.434 billion yuan and a net profit of 3.135 billion yuan, reflecting year-on-year growth of 14.3% and 15.0% respectively [1] Financial Performance - Revenue from innovative drugs and collaboration products reached 6.145 billion yuan, up 22.1% year-on-year, accounting for 82.7% of total revenue, an increase of 5.3 percentage points year-on-year [1] - The company reported collaboration revenue of 1.656 billion yuan, primarily from the upfront payment for oral GLP-1 licensed to Merck and milestone payments from GSK [1] - Excluding collaboration revenue, sales revenue was 5.777 billion yuan, reflecting a year-on-year increase of 13.2% [1] - By segment, oncology revenue was 4.53 billion yuan (up 21.3% YoY), driven by strong growth of Ameluz and GSK collaboration milestone revenue [1] - The company expects Ameluz's annual sales to reach 6 billion yuan [1] - Other segments included anti-infection revenue of 740 million yuan (up 4.8% YoY), central nervous system revenue of 770 million yuan (up 4.8% YoY), and metabolic revenue of 1.4 billion yuan (down 0.2% YoY) [1] - Gross margin remained stable at 91.1%, with selling expenses of 1.82 billion yuan (up 5.7% YoY), management expenses of 340 million yuan (up 135% YoY), and R&D expenses of 1.44 billion yuan (up 20.4% YoY) [1] Development Trends - The company is advancing its R&D pipeline, with core product Ameluz approved for four indications in China, and expects NDA approval for Ameluz in combination with chemotherapy for NSCLC in 2H25 [1] - HS-20093 (B7H3 ADC) has initiated Phase III clinical trials for SCLC in 2H24, with GSK planning to start key clinical studies by the end of 2025 [1] - HS-20089 (B7H4 ADC) has begun Phase III clinical trials for ovarian cancer in 1H25 [1] - HS-20094 (GLP-1/GIP dual-target) has started Phase III clinical trials for obesity or overweight in 2H24 [1] - The company has eight innovative drug pipelines approved for clinical trials in 1H25, including EGFR/c-Met ADC and KRAS G12D [1] - Future plans include accelerating license-in projects and overseas licensing of proprietary pipelines [1] Profit Forecast and Valuation - The company raised its profit forecast for 2025 and 2026 by 4.8% and 3.4% to 4.617 billion yuan and 4.841 billion yuan respectively, due to strong growth of Ameluz and BD-related payments [1] - The current stock price corresponds to 45.8x and 43.1x P/E for 2025 and 2026 [1] - The target price has been raised by 93.1% to 45.00 HKD, corresponding to 53.1x and 50.0x P/E for 2025 and 2026, indicating a potential upside of 15.9% [1]

机构：申万宏源研究 研究员：周文远/胡梦婷 丰富的创新管线驱动未来增长。2025 年上半年，目前公司共有超40 款创新药在研，超70 项临床试验正 在进行中，覆盖肿瘤和非肿瘤领域。上半年，公司共有8 款创新药首次进入临床阶段，包括HS-10561 （BTK 抑制剂）、HS-20108（ADC）、HS-20122（EGFR/c-Met ADC）、HS-10529（KRASG12D） 等。此外，上半年公司新增三项三期关键注册临床试验，包括HS-20093（B7-H3 ADC，骨与软组织肉 瘤）、HS-20089（B7-H4 ADC，卵巢癌），以及HS-20137（IL-23p19，银屑病）。 HS-20094（GLP-1/GIP）成功授权再生元。2025 年6 月，公司将HS-20094（GLP-1/GIP）的全球权益 （除大中华区）授予再生元，其中包含首付款8,000 万美元、总里程碑付款19.3 亿美元，以及双位数百 分比特许权使用费。此前，公司已将两款ADC 药物（HS-20089（B7-H4 ADC）和 HS-20093（B7-H3 ADC））的全球权益（除大中华区）授权给GSK，以及将HS-10535（ ...