2025 年 09 月 03 日 开源晨会 0903 ——晨会纪要 -30% 0% 30% 60% 90% 120% 2024-09 2025-01 2025-05 沪深300 创业板指 数据来源：聚源 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 银行 | 1.954 | | 公用事业 | 0.987 | | 家用电器 | 0.914 | | 汽车 | 0.381 | | 石油石化 | 0.372 | | 数据来源：聚源 | | 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 通信 | -5.725 | | 计算机 | -4.062 | | 电子 | -3.852 | | 国防军工 | -2.600 | | 建筑材料 | -2.341 | | 数据来源：聚源 | | 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【策略】机构关注度环比回升：机械、医药、汽车——机构调研周跟踪-20250902 【固定收益】托管量环比多增，债市杠杆率回落——2025 年 7 月债 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 7.519 billion yuan in the first half of 2025, representing a year-on-year growth of 4.61%. The net profit reached 1.894 billion yuan, up by 27.02%, with a non-recurring net profit attributable to shareholders of 1.894 billion yuan, increasing by 37.37%. The gross margin was 52.19%, up by 5.58 percentage points, and the net margin was 25.18%, up by 4.44 percentage points. The long-term development of the company is viewed positively, maintaining profit forecasts for 2025-2027 with expected net profits of 2.839 billion, 2.452 billion, and 2.705 billion yuan respectively. The current stock price corresponds to a PE ratio of 8.98, 10.4, and 9.43 times for the years 2025-2027 [7][8] Financial Performance - In the first half of 2025, the formulation segment led growth with a revenue increase of 65.9% to 3.979 billion yuan, accounting for 52.9% of total external sales. The insulin series showed outstanding performance with a revenue growth of 74.5% and a sales volume increase of 90.4%. The revenue from external licensing reached 1.434 billion yuan, mainly from the UBT251 licensing agreement with Novo Nordisk. However, the intermediate and raw material drug segments faced revenue declines of 23.1% and 27.0%, respectively [8][9] Research and Development Progress - The company has made significant progress in its R&D projects, with multiple products in the formulation segment receiving key approvals, including liraglutide injection and polyethylene glycol eye drops. The animal health segment is expanding with six product registrations in Vietnam and Australia, and 19 overseas registrations initiated. The new production facilities are expected to add over 5 billion yuan in annual output once fully operational, with 61 ongoing R&D projects covering various animal health areas [9][8]

Core Viewpoint - CICC has downgraded the net profit estimates for Lianbang Pharmaceutical (03933) for 2025 and 2026 by 8.9% and 1.1% to CNY 2.92 billion and CNY 2.62 billion respectively, due to pressure on raw material and intermediate prices [1] Group 1: Financial Performance - The company's 1H25 performance met CICC's expectations, with revenue of CNY 7.519 billion, a year-on-year increase of 4.8%, and a gross profit of CNY 3.924 billion, corresponding to a gross margin of 52.2%, up 5.6 percentage points year-on-year [2] - The pre-tax profit was CNY 2.420 billion, a year-on-year increase of 27.24%, and the net profit was CNY 1.894 billion, up 27.02% year-on-year, primarily benefiting from a one-time contribution from the UBT251 licensing fee and the volume increase of insulin series products [2] Group 2: Innovation and R&D - The company is entering a harvest period in innovation and has strategically focused on the GLP-1 sector, having reached an overseas rights licensing agreement with Novo Nordisk for UBT251 [3] - In 1H25, the company recognized licensing income of CNY 1.434 billion from UBT251, which completed its Phase II clinical enrollment for obesity indications in April 2025 and for diabetes indications in May 2025 [3] - The company has 43 human drug projects in development, including 22 first-class new drugs, and R&D expenses in 1H25 were CNY 499 million, a year-on-year increase of 11.7% [3] Group 3: Product Segments - In 1H25, the revenue from formulation products (excluding external licensing) was CNY 2.54 billion, a year-on-year increase of 6.1%, while segment profit was CNY 156 million, down 35.4% [4] - The insulin series revenue reached CNY 961 million, a year-on-year increase of 74.5%, with insulin analog sales up 90.4%, benefiting from increased domestic market share and overseas expansion [4] - The company has made progress in export business, with insulin products winning bids from the Brazilian Ministry of Health and antibiotics winning bids in the Malaysian market [4] Group 4: Raw Materials and Intermediates - In 1H25, intermediate revenue was CNY 1.011 billion, down 23.1% year-on-year, and segment profit was CNY 635 million, down 40.6% [5] - Raw material revenue was CNY 2.530 billion, a year-on-year decrease of 27.0%, with segment profit at CNY 251 million, down 52.0%, primarily due to price declines of products like 6-APA and a temporary drop in antibiotic demand [5] - The company expects the production capacity of its raw material projects in Zhuhai and Inner Mongolia to commence in October 2025 [5]

智通财经APP获悉，中金发布研报称，由于原料药及中间体价格面临压力，下调联邦制药 (03933)2025/2026净利润8.9%/1.1%至29.20亿元/26.21亿元。当前股价对应2025/2026年9.5倍/10.4倍市盈 率。考虑到近期医药板块估值中枢上移，该行维持跑赢行业评级和19.00港元目标价，对应11.8倍2025年 市盈率和12.9倍2026年市盈率，较当前股价有23.9%上行空间。 中金主要观点如下： 1H25业绩符合该行预期 公司与诺和诺德就UBT251(GLP-1/GIP/GCG三靶点激动剂)达成海外权益授权协议，1H25公司对外授权 确认收入14.34亿元，UBT251已于2025年4月完成超重/肥胖适应症中国II期临床入组，于2025年5月完成 糖尿病适应症中国II期临床入组;此外，UBT37034(Y2R激动剂)获FDA批准开展减重临床，临床前数据显 示其与GLP-1类似物联用显著降低体重。公司持续布局研发，1H25研发费用4.99亿元，同比+11.7%，公 司聚焦代谢、自免、眼科等领域，目前有43项人用药在研项目(含22个1类新药)，已形成丰富产品梯 队。 制剂：胰岛素驱动放量 ...

Core Viewpoint - The company reported its 1H25 performance, showing a revenue of 7.519 billion yuan, a year-on-year increase of 4.8%, driven by one-time contributions from licensing fees and insulin series sales [1] Group 1: Financial Performance - Revenue for 1H25 reached 7.519 billion yuan, up 4.8% year-on-year [1] - Gross profit was 3.924 billion yuan, with a gross margin of 52.2%, an increase of 5.6 percentage points year-on-year [1] - Pre-tax profit amounted to 2.420 billion yuan, reflecting a year-on-year growth of 27.24% [1] - Net profit was 1.894 billion yuan, also up 27.02% year-on-year [1] Group 2: Development Trends - The company is focusing on the GLP-1 sector, having reached an overseas licensing agreement with Novo Nordisk for UBT251 [1] - In 1H25, the company recognized licensing income of 1.434 billion yuan from UBT251, which is undergoing clinical trials for obesity and diabetes in China [1] - R&D expenses in 1H25 were 499 million yuan, a year-on-year increase of 11.7%, with 43 drug projects in development, including 22 first-class new drugs [1] Group 3: Product Segments - Insulin product revenue (excluding external licensing) was 2.54 billion yuan, up 6.1% year-on-year, with insulin series revenue reaching 961 million yuan, a significant increase of 74.5% [2] - The company has successfully expanded its export business, securing contracts for insulin products with the Brazilian Ministry of Health and antibiotics in Malaysia [2] - Revenue from intermediates was 1.011 billion yuan, down 23.1% year-on-year, while raw material drug revenue was 2.530 billion yuan, down 27.0% year-on-year [2] Group 4: Profit Forecast and Valuation - Due to pricing pressures on raw materials and intermediates, the company has lowered its net profit forecasts for 2025 and 2026 by 8.9% and 1.1% to 2.920 billion yuan and 2.621 billion yuan, respectively [3] - The current stock price corresponds to a price-to-earnings ratio of 9.5 times for 2025 and 10.4 times for 2026 [3] - The company maintains an outperform rating and a target price of 19.00 HKD, indicating a potential upside of 23.9% from the current stock price [3]

Core Insights - The company reported a revenue of 7.519 billion RMB for the first half of the year, representing a year-on-year increase of 4.8% [1] - The profit attributable to shareholders was 1.894 billion RMB, a year-on-year increase of 27%, with a basic earnings per share of 1.0426 RMB [1] - The company plans to distribute an interim dividend of 0.16 RMB per share, with a payout ratio of 15.3% [1] Group 1: Strategic Developments - The company made significant progress in globalizing its innovative drug portfolio, particularly through a licensing agreement with Novo Nordisk for UBT251, a triple agonist for GLP-1, GIP, and GCG receptors [1] - The agreement includes a 200 million USD upfront payment, potential milestone payments of up to 1.8 billion USD, and tiered sales royalties based on annual net sales in the region [1] - This collaboration marks a key milestone in the company's strategic shift towards innovation and global expansion [1] Group 2: Product Development and R&D - The company has secured procurement contracts for its insulin products with the Brazilian Ministry of Health, achieving record export volumes for similar products from China [2] - The company invested 551 million RMB in drug research and development, with R&D expenses increasing by 14.9% year-on-year [2] - A total of 43 new human drug products are in development, including 22 first-class new drugs focusing on endocrine, metabolism, autoimmune, ophthalmology, and anti-infection areas [2] Group 3: Clinical Trials and Approvals - The company received implied permission from the National Medical Products Administration for the Phase II clinical trial application of UBT251 for chronic kidney disease [3] - The company’s semaglutide injection registration application was accepted by the National Medical Products Administration, and polyethylene glycol eye drops passed the approval process [3] - The company’s liraglutide injection was approved for market release, targeting adult patients with type 2 diabetes [3] Group 4: Future Outlook - The company aims to adhere to an innovation-driven development strategy, enhancing R&D and technological upgrades [4] - Plans include consolidating and expanding core industry advantages through vertical integration and improving operational efficiency [4] - The company will accelerate overseas product registrations and continue to expand its global business footprint while fostering innovation and sustainable development [4]

格隆汇8月29日丨联邦制药(03933.HK)公布中期业绩2025年上半年，公司收入为人民币75.19亿元，同比 上升4.8%；公司拥有人应占期内溢利为人民币18.94亿元，同比增长27.0%，基本每股盈利人民币104.26 分，拟派中期股息每股人民币16.0分。 研发方面，集团共投入人民币5.51亿元用于药品研发，研发费用同比上升14.9%。其中，费用化研发投 入为人民币4.99亿元，资本化研发投入为人民币5170万元。集团已建立全面的研发体系，包括生物研 发、化药研发、创新药研发、动保研发、临床研究及对外合作等多个平台。集团开发中的人用药新产品 达43项，其中22项为1类新药，聚焦内分泌、代谢、自身免疫、眼科和抗感染等领域。动保开发中的新 产品共61项，覆盖宠物、畜类、禽类及水产。仿制药质量和疗效一致性评价及医美等项目也在稳步推进 中。 2025年上半年，中间体、原料药及制剂产品的分部收入(包括分部间之销售)分别为人民币23.04亿元、人 民币29.99亿元及人民币39.79亿元，较去年同期分别下降25.2%、下降23.4%及上升65.9%。中间体、原 料药及制剂产品的分部溢利分别为人民币6.35亿元、人 ...

期内，中间体、原料药及制剂产品的分部收入(包括分部间的销售)分别为23.04亿元、29.99亿元及39.785 亿元，较去年同期分别下降25.2%、下降23.4%及上升65.9%。中间体、原料药及制剂产品的分部溢利分 别为6.346亿元、2.506亿元及15.056亿元，较去年同期分别下降40.6%、下降52.0%及上升524.2%。 联邦制药(03933)发布截至2025年6月30日止6个月中期业绩，该集团取得收入人民币75.19亿元(单位下 同)，同比增加4.8%;公司拥有人应占本期溢利18.94亿元，同比增加27%;每股基本盈利104.26分，拟派发 中期股息每股16分。 ...

智通财经APP讯，联邦制药(03933)发布截至2025年6月30日止6个月中期业绩，该集团取得收入人民币 75.19亿元(单位下同)，同比增加4.8%;公司拥有人应占本期溢利18.94亿元，同比增加27%;每股基本盈利 104.26分，拟派发中期股息每股16分。 期内，中间体、原料药及制剂产品的分部收入(包括分部间的销售)分别为23.04亿元、29.99亿元及39.785 亿元，较去年同期分别下降25.2%、下降23.4%及上升65.9%。中间体、原料药及制剂产品的分部溢利分 别为6.346亿元、2.506亿元及15.056亿元，较去年同期分别下降40.6%、下降52.0%及上升524.2%。 ...

| 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 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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 聯邦制藥國際控股有限公司 | | 股份代號 | 03933 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二四年六月三十日止六個月中期股息 | | 公告日期 | 2025年8月28日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.16 RMB | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | HKD， 金額有待公佈 | | 匯率 | 有待公佈 | | 除淨日 | 2025年9月25日 ...