您点击一下然后我这边就可以听到您声音了喂你好喂老师我现在看到您好像上麦了目前但是还没有听到您声音 喂莫总您可以听到我这边声音吗我可以可以听见我的声音吗可以了可以了现在声音很清晰然后要不您把就是电脑的设备的音量可以调大一点吗在就是您电脑的右下角那个音量的设置电脑设备的音量调整了现在行不行好现在可以了现在很清晰然后这个PPT翻页的话是在那个左右的箭头可以看到吗在PPT的正下方 哦可以看见我试一下对现在在第二页好的那就没有问题了您稍等一下因为刚才好像那个监控上面那个主持人老师好像不小心误触到了开始会议的按钮然后您这边测试没有问题的话我现在外呼其他的主持人老师入柜然后我们待会就准点开始您看可以吗行可以没问题好那您稍等 大家好欢迎参加中泰医药周度会第23期联邦制药情况交流会议下面开始播报你的声明声明播报完毕后主持人会自行发言本次对话会议途与中泰证券正式签约 外传播本次会议的内容包括但不限于视频音频文字记录内容等信息感谢您的理解与配合中泰证券对违反上述要求的行为保留追究法律责任的权利市场有风险投资需谨慎本会议信息仅供参考不代表任何投资建议本公司不对任何人因使用本会议中的信息所引致的任何损失负担任何责任 好的各位投资者大家 ...

证券研究报告 联邦制药 (3933 HK) 港股通 UBT251 落地 BD，25 年主业看好维稳 公司公告，实现 2024 年收入 137.59 亿元（+0.1% yoy），归母净利润 26.60 亿元（-1.5% yoy），略低于 Wind 一致预期主因 2H24 部分工厂在淡季停产 检修。而 24 年，胰岛素/中间体/动保收入均稳定增长，原料药收入基本持 平，但人用制剂收入同比有所下滑。此外，公司同时公告将 UBT251 的海 外开发、制造和商业化权利授权给诺和诺德（2 亿美金首付款+至高 18 亿美 金里程碑+销售分成），是该 MNC 在中国落地的第一笔 GLP-1 相关交易， 具备里程碑意义。展望 25 年，考虑公司各板块短期风险陆续出清及 UBT251 首付款确认,我们预计公司 25 年净利润同比或快速增长，维持"买入"评级。 GLP-1：UBT251 牵手海外 MNC，解锁公司创新转型里程碑事件 UBT251 BD 合作细节：1）对手方：诺和诺德（是该 MNC 在中国落地的第 一笔 GLP-1 相关交易）；2）交易金额：2 亿美金首付款和最高 18 亿美金的 里程碑付款+海外年度净销售额的分层销 ...

消息面上，联邦制药近日宣布其全资附属公司联邦生物科技已与诺和诺德（Novo Nordisk）签订独家许 可协议。诺和诺德将获得UBT251的全球（不包括中国大陆、香港、澳门和中国台湾地区 ）的开发、生 产和商业化权益。联邦生物将保留UBT251的中国权益。根据协议，联邦生物将获得2亿美元首付款和最 高18亿美元的潜在里程碑付款，以及可收取基于海外地区年度净销售额的分层销售提成。据悉， UBT251是一款GLP-1/GIP/GCG三靶点受体激动剂，当前处于早期临床开发阶段，用于治疗肥胖、2型糖 尿病及其他疾病。 智通财经APP获悉，联邦制药(03933)涨超10%，截至发稿，涨10.53%，报15.32港元，成交额4.5亿港 元。 联邦制药2024年实现收入约137.59亿元，同比增长0.1%；公司拥有人应占本年度溢利约26.6亿元，同比 减少1.5%。拟派末期股息每股28分及特别股息每股12分。中泰国际指，由于预计中间体、原料药、抗 生素板块的销售短期承压，该行将2025-26E的货品销售收入预测分别下调8.9%、12.3%，但预计2025年 将从诺和诺德获2亿美元首付款，后续还将有里程碑付款。因此最终202 ...

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份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。 | | 二零二四年 | 二零二三年 | 上升(下跌) | | --- | --- | --- | --- | | | 人民幣千元 | 人民幣千元 | % | | 收入 | 13,758,937 | 13,739,879 | 0.1% | | 未計利息、稅項、折舊及攤銷前溢利 | 3,939,403 | 3,976,692 | (0.9%) | | 除稅前溢利 | 3,288,898 | 3,344,148 | (1.7%) | | 本公司擁有人應佔本年度溢利 | 2,659,704 | 2,701,350 | (1.5%) | | | 人民幣分 | 人民幣分 | | | 每股基本盈利 | 146.39 | 148.67 | (1.5%) | | 每股股息 | | | | | - 中期股息 | 16.0 | 12.0 | 33.3% | | - 末期股息 | 28.0 | 28.0 | 0% | | - ...

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份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。 The United Laboratories International Holdings Limited 聯邦制藥國際控股有限公司 ( 於開曼群島成立之有限公司 ) (股份代號: 3933) 二零二四年全年業績公告 財務摘要 | | 二零二四年 | 二零二三年 | 上升(下跌) | | --- | --- | --- | --- | | | 人民幣千元 | 人民幣千元 | % | | 收入 | 13,758,937 | 13,739,879 | 0.1% | | 未計利息、稅項、折舊及攤銷前溢利 | 3,939,403 | 3,976,692 | (0.9%) | | 除稅前溢利 | 3,288,898 | 3,344,148 | (1.7%) | | 本公司擁有人應佔本年度溢利 | 2,659,704 | 2,701,350 | (1.5%) | | | 人民幣分 | 人民幣分 | | | 每股基 ...

Investment Rating - The report initiates coverage on Federal Pharmaceutical (03933 HK) with a "Buy" rating [2][3] Core Investment Thesis - Federal Pharmaceutical is a leading player in the penicillin-based antibiotics sector, benefiting from the current high industry demand [1] - The company has a well-established presence in the insulin and GLP-1 markets, with a robust pipeline including the innovative triple-target UBT251, which has global rights and is in advanced clinical stages [1] - The animal health business is poised to become a second growth driver, with three new production bases expected to alleviate capacity constraints [1] - The company has implemented an equity incentive plan in 2023, granting 12 0969 million shares, which is expected to enhance group cohesion [1] Antibiotics Business - Federal Pharmaceutical is the global leader in penicillin intermediates, with a nearly 50% market share in 6-APA production [1] - The company's 6-APA production is supported by high environmental barriers, ensuring stable competition [1] - In H1 2024, the company's intermediate revenue increased by 25 4% to RMB 1 314 billion, while API revenue rose by 1 2% to RMB 3 464 billion [1] - The company is expanding into higher-value sterile APIs, with a RMB 1 2 billion project in Gaolan Port expected to commence production in 2025 [1] Insulin and GLP-1 Pipeline - Federal Pharmaceutical has a comprehensive pipeline in the diabetes and weight loss sector, with 44 R&D projects, including GLP-1 products like liraglutide and semaglutide [2] - The company's UBT251, a triple-target GLP-1/GIP/GCG agonist, is the first in China and second globally to enter clinical trials using chemical synthesis [2] - The company's insulin products, including U40, U100, and premixed insulins, have secured favorable positions in national procurement, with a 52 5% increase in procurement volume [2] Animal Health Business - The animal health business has shown rapid growth, with a CAGR of 75% from 2020 to 2023 [2] - The company's core products in the animal health sector are primarily antibiotic formulations, leveraging its expertise in antibiotics [2] - Three new production bases are expected to be operational by the end of 2024, with a combined output value exceeding RMB 5 billion [2] - The pet drug segment is a key focus, with over 40 pet drugs in the pipeline, including five Class 1 new veterinary drugs [2] Financial Projections - The company is expected to achieve net profits of RMB 3 095 billion, RMB 3 513 billion, and RMB 3 892 billion for 2024, 2025, and 2026, respectively [2] - The corresponding P/E ratios are projected at 4 8x, 4 2x, and 3 8x for the same periods [2] Industry Overview - The global antibiotics market is projected to reach USD 57 billion by 2024, with China being the largest consumer [29] - The industry faces strict regulatory controls, with limited new capacity additions due to environmental barriers [30] - Federal Pharmaceutical holds a dominant position in the 6-APA market, with a 45% market share, followed by Chia Tai Tianqing and CSPC Pharmaceutical [34]

b 聯邦制藥國際控股有限公司 (於開曼群島註冊成立之有限公司) (股份代號: 3933) 202 中 期 報告 讓生命更有價值 目錄 | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|----------------------------------| | | | | | | 2 財務摘要 | | | | | | | 3 公司資料 | | | | | | | 4 簡明綜合財務報表審閱報告 | | | | | | | 5 簡明綜合損益及其他全面收益表 | | | | | | | 6 簡明綜合財務狀況表 | | | | | | | 8 簡明綜合權益變動表 | | | | | | | 9 簡明綜合現金流量表 | | | | | | | 11 簡明綜合財務報表附註 | | | | | | | 32 管理層討論與分析 | | | | | | | 38 其他資料 | | | | | | | | | | | | | | | 財務摘要 財務摘要 截至六月三十日止六個月 | --- | --- | --- | --- ...

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份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 The United Laboratories International Holdings Limited 聯邦制藥國際控股有限公司 (於開曼群島註冊成立的有限公司) (股份代號 : 3933) 補充公告 截至二零二三年十二月三十一日止年度報告 茲提述聯邦制藥國際控股有限公司（「本公司」，連同其附屬公司統稱 「本集團」）於二零二 四年四月二十九日刊發的截至二零二三年十二月三十一日止年度的年度報告（「2023年度報 告」）。除文義另有界定外，本公告所用詞彙與2023年度報告所賦予者具有相同涵義。 本公司謹此就有關於二零二三年十月二十六日採納的股份獎勵計劃（「股份獎勵計劃」），及於 二零二三年十一月十三日根據股份獎勵計劃授予的獎勵股份提供以下額外資料。 股份獎勵計劃旨在獎勵本集團的董事及僱員的辛勤工作、貢獻和忠誠，並使彼等的利益與本 公司股東的利益一致。根據股份獎勵計劃獲授予的將由本公司發行新股及╱或在市 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][9]. Core Views - The company reported a slight revenue increase of 3.9% year-on-year to 7.176 billion RMB in the first half of 2024, with net profit attributable to shareholders rising by 16.1% to 1.49 billion RMB, slightly exceeding expectations [2]. - The formulation segment, particularly the animal health and insulin products, showed strong sales performance, with revenues increasing by 25.7% and 11.3% respectively, despite a 1.5% decline in human antibiotic sales due to centralized procurement impacts [2]. - The intermediate and active pharmaceutical ingredient (API) segments also performed well, with revenues increasing by 25.4% and 1.2% respectively, indicating robust demand outside of human antibiotics [2]. - The company expects the animal health business to maintain rapid growth, with a projected CAGR of 18.6% from 2023 to 2026, while insulin revenue is expected to grow at a CAGR of 7.5% over the same period [2]. - The report adjusts revenue forecasts for 2024-2026 downwards by 5.4%, 4.8%, and 1.8% respectively, but raises net profit forecasts by 0.2%, 1.8%, and 4.2% for the same periods due to a decrease in sales expense ratios [3]. Summary by Sections Financial Performance - Total revenue for 2024E is projected at 14.445 billion RMB, with a growth rate of 5.1% [4]. - Net profit for 2024E is expected to reach 2.883 billion RMB, reflecting a growth rate of 6.8% [4]. - The earnings per share (EPS) for 2024E is estimated at 1.59 RMB, with a price-to-earnings (P/E) ratio of 5.3 [4]. Business Segments - The formulation segment's revenue is projected to be 4.883 billion RMB in 2024E, with a slight decline due to antibiotic sales [4]. - The intermediate segment is expected to generate 2.660 billion RMB in 2024E, benefiting from high demand for 6-APA [4]. - The API segment is forecasted to achieve 6.902 billion RMB in revenue for 2024E, with a stable growth outlook [4]. Valuation - The target price is set at 11.90 HKD, based on a rolling P/E of 6.5 times the 2025E earnings [3][5]. - The current market price is 9.21 HKD, indicating a potential upside of over 20% [5].