Core Viewpoint - Sanofi's strategic shift towards focusing on the autoimmune sector has led to significant revenue and profit growth, despite challenges in the competitive landscape and pricing pressures from centralized procurement policies [1][4][7]. Financial Performance - In 2024, Sanofi achieved revenue of 1.194 billion yuan, a year-on-year increase of 17.70%, and a net profit attributable to shareholders of 705 million yuan, up 139.15% [1]. - The company reported a non-recurring net profit of 246 million yuan, reflecting an 18.99% increase year-on-year [1]. - Cash flow from operating activities showed a net inflow of 281 million yuan, a decrease of 32.48% compared to the previous year [2]. Product Portfolio and Market Position - Sanofi currently has three therapeutic antibody drugs on the market, with Yisaipu being the core product, alongside Jianipai and Saiputing [3]. - The market share of Yisaipu has declined from 40.14% in 2016 to 27.00% in 2022 due to increased competition [3]. - The company has faced pricing pressures due to the expansion of centralized procurement policies, with Yisaipu's average price decreasing as it entered over 20 provincial procurement programs in 2024 [3][4]. Strategic Focus and Business Model - Sanofi has divested its oncology pipeline to concentrate on the autoimmune sector, which is seen as a strategic move to enhance its core competencies and improve financial performance [5][6][7]. - The company has signed multiple agreements to transfer oncology and ophthalmology projects to its affiliate, Shenyang Sanofi, to reduce R&D costs and focus on autoimmune drug development [6][7]. - The autoimmune disease market is projected to reach $6.1 billion by 2025, with a compound annual growth rate (CAGR) of over 20% [9]. Industry Trends and Opportunities - The autoimmune disease market is characterized by a growing patient population and a significant unmet clinical need, with only about 30 treatment options currently available globally [8][9]. - The market for biological agents in autoimmune diseases is expected to grow from 12 billion dollars in 2022 to 138 billion dollars by 2030, indicating a robust opportunity for innovation and development in this sector [9].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company achieved steady revenue growth, with operating income reaching 1.194 billion yuan in 2024, a year-on-year increase of 17.70%. The net profit attributable to shareholders was 705 million yuan, up 139.15% year-on-year [1]. - The core products, including Yisaipu, Saiputing, and Jianipai, continue to show strong internal growth momentum. Yisaipu's market coverage expanded rapidly, with over 20 provinces participating in regional procurement, leading to a stable increase in sales despite a decrease in average product prices [2]. - The company focuses on the autoimmune field, with R&D investment reaching 541 million yuan in 2024, a 72.06% increase year-on-year. The R&D pipeline includes 22 autoimmune projects, with several in advanced clinical stages [3]. Financial Projections - Revenue projections for 2025-2027 are 1.287 billion yuan, 1.545 billion yuan, and 1.946 billion yuan, respectively, with corresponding net profits of 306 million yuan, 338 million yuan, and 469 million yuan [5]. - The expected PE ratios for the same period are 55, 50, and 36, indicating a favorable valuation outlook [5].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company achieved a steady revenue growth of 17.70% year-on-year, reaching 1.194 billion yuan in 2024, while net profit attributable to shareholders surged by 139.15% to 705 million yuan [1][4]. - The core products, including Yisaipu, Saiputing, and Jianipai, continue to show strong internal growth momentum, with Yisaipu expanding its regional procurement coverage to over 20 provinces, leading to a stable sales scale despite a decrease in average product prices [2][4]. - The company is focusing on the autoimmune field, with R&D investment increasing by 72.06% to 541 million yuan in 2024, and a total of 22 autoimmune projects underway, including several in clinical phases [3][4]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 1.287 billion yuan, 1.545 billion yuan, and 1.946 billion yuan, respectively, with corresponding growth rates of 7.8%, 20.1%, and 26.0% [5][10]. - Net profit attributable to shareholders is projected to decline to 306 million yuan in 2025, followed by a recovery to 338 million yuan in 2026 and 469 million yuan in 2027 [5][11]. - The report anticipates a PE ratio of 55, 50, and 36 for the years 2025, 2026, and 2027, respectively [4][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's core listed products have shown steady sales growth, and the pipeline of research projects is progressing well. In 2024, the company achieved revenue of 1.194 billion yuan, a year-on-year increase of 17.7%, and a net profit attributable to shareholders of 705 million yuan, a year-on-year increase of 139.15% [4][5] - The company has a total of 22 autoimmune projects in its research pipeline, with significant advancements in clinical trials and approvals in both China and the US [5] - The financial forecast for 2025-2027 has been adjusted, with expected revenues of 1.327 billion yuan, 1.525 billion yuan, and 1.862 billion yuan respectively, and net profits of 309 million yuan, 346 million yuan, and 452 million yuan respectively [4][7] Financial Performance Summary - In 2024, the company reported a revenue of 1.194 billion yuan, with a year-on-year growth of 17.7%. The net profit attributable to shareholders was 705 million yuan, reflecting a significant increase of 139.15% [4][7] - The projected revenue for 2025 is 1.327 billion yuan, with a year-on-year growth of 11.2%, and the net profit is expected to be 309 million yuan, a decrease of 56.2% compared to 2024 [7] - The gross margin is projected to be 73.0% in 2025, with a net margin of 23.3% [7] Research and Development Pipeline - The company has 22 autoimmune projects in its pipeline, including 1 NDA project and multiple clinical trials at various stages [5] - Key projects include SSGJ-608 for moderate to severe plaque psoriasis, SSGJ-611 for moderate to severe atopic dermatitis, and SSGJ-613 for acute gouty arthritis, all of which are progressing towards NDA submissions [5] Market Position and Valuation - The current market capitalization of the company is approximately 16.789 billion yuan, with a price-to-sales ratio projected at 12.7 for 2025 [1][4] - The company's stock has shown a trading range between 15.22 yuan and 30.30 yuan over the past year, indicating volatility in market performance [1]

Core Insights - The company reported a revenue of 1.194 billion yuan for 2024, representing a year-on-year growth of 17.7% [1] - The net profit attributable to shareholders reached 705 million yuan, showing a significant increase of 139.15% compared to the previous year [1][2] - The net cash flow from operating activities was 281 million yuan, which is a decline of 32.48% year-on-year [1] Financial Performance - The substantial increase in net profit is attributed to steady sales growth and a one-time special dividend distribution of 411 million yuan from the affiliated company Numab, which was included in the 2024 investment income [2] - The company has experienced a notable rise in sales revenue, contributing to the overall profit growth [2] Management Changes - The company announced that Sun Yongzhi will no longer serve as the financial head due to job relocation but will continue as a board member [2] - Niu Hongmei has been appointed as the new financial head, effective from the date of the board's approval until the current board's term ends [2] - Huang Haomin, a core technical staff member, has resigned from all positions within the company due to job relocation, while Gu Jinming has been recognized as a core technical personnel based on his experience and involvement in R&D projects [2][3] Key Personnel Background - Niu Hongmei, born in March 1990, holds a bachelor's degree in business administration and has experience in auditing and financial management within the company [3] - Gu Jinming, born in 1976, has a Ph.D. in molecular biology and extensive experience in R&D roles across various pharmaceutical companies [3]

Summary of the Conference Call for Sanofi Guojian Company Overview - **Company**: Sanofi Guojian - **Year**: 2024 Key Financial Performance - **Revenue**: Achieved 1.2 billion yuan, a year-on-year increase of 18% [3] - **Net Profit**: Increased significantly by 139.15%, benefiting from a special dividend from New Hope, totaling 700 million yuan [3][4] - **R&D Investment**: Invested 540 million yuan, a 72% increase year-on-year [3][4] - **Cash Reserves**: Increased to 3.3 billion yuan, indicating strong financial health [4][5] Product Performance - **Key Products**: - **Isayup**: Maintained steady revenue growth despite centralized procurement pressures, recognized by doctors and patients since 2020 [11] - **Saipulizhu**: Achieved high growth in 2024, expected to continue double-digit growth in 2025 [12][24] - **Jianipai**: Notable growth due to increased organ transplant numbers, contributing significantly to the company's revenue [13] Clinical Development and Pipeline - **Clinical Pipeline Expansion**: Increased from 8 clinical projects in 2022 to 22 in 2024 [4][6] - **Key Projects**: - **608**: Submitted NDA for plaque psoriasis, showing excellent efficacy [14][15] - **610**: Entered Phase III trials for severe eosinophilic asthma [14][16] - **613**: Positive results in Phase III for acute gouty arthritis, showing a 77% reduction in the risk of first acute gout attacks [17][18] Industry Outlook - **Chinese Innovative Drug Industry**: Transitioning from participants to leaders, supported by national health strategies and industrial policies [7] - **Autoimmune Market Potential**: Despite increasing competition, the overall market is in a rapid growth phase, requiring further exploration [7][32] Future Strategies - **Strategic Focus**: - Strengthening clinical breakthroughs and developing an AI-driven drug development platform [8] - Exploring globalization and enhancing ESG management for sustainable growth [8] - **Commercialization Plans**: Aiming to submit at least one NDA annually and maintain a robust marketing system covering thousands of hospitals [9] Management and Team Enhancements - **Team Upgrades**: Significant improvements in management and technical teams with new experienced members joining [10] Research and Development Focus - **R&D Investment**: Expected to reach 30% of revenue by 2025, focusing on early-stage research and clinical projects [29] - **IBD Market Potential**: Plans to leverage differentiated strategies in the IBD market, which is currently underdeveloped in China [30][31] Conclusion - **Overall Outlook**: Sanofi Guojian is positioned for continued growth with a strong pipeline, robust financial health, and strategic focus on innovation and market expansion. The company aims to capitalize on the growing potential of the Chinese innovative drug market, particularly in the autoimmune sector.

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 35.67 RMB [8][9]. Core Insights - The company reported a revenue of 1.19 billion RMB for 2024, representing a year-on-year increase of 17.7%, and a net profit attributable to shareholders of 705 million RMB, up 139.2% year-on-year [1]. - The company is recognized as a leader in the domestic autoimmune drug market, with a rich pipeline and strong innovation capabilities, allowing it to maintain its competitive edge [1]. - The company plans to distribute dividends amounting to 55.51 million RMB, which is 7.88% of the net profit for the year [2]. Revenue and Profit Forecast - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is 320 million RMB, 340 million RMB, and 410 million RMB respectively, indicating a decrease of 55% in 2025, followed by increases of 6% and 20% in the subsequent years [5]. - The projected revenue for 2025 is approximately 1.38 billion RMB, reflecting a growth of 15.56% year-on-year [7]. Pipeline Development - The company has several key products in its pipeline, with 608 (IL-17) expected to submit an NDA for psoriasis in 2024, and 611 (IL-4) anticipated to read out Phase III data for adult atopic dermatitis in 2025 [3]. - The company has made significant investments in R&D, totaling 541 million RMB in 2024, which is 45% of its revenue, marking a 72% year-on-year increase [4]. Market Position and Valuation - The company is valued at approximately 17.3 billion RMB, with a P/E ratio of 24.55 for 2024 and projected to be 54.03 for 2025 [9][14]. - The average market capitalization of comparable biotech companies is around 20.3 billion RMB, indicating a premium valuation for the company based on its innovative pipeline and commercialization capabilities [5][14].

三生国健药业（上海）股份有限公司 内部控制审计报告 2024年12月31日 安永华明（2025）专字第70072706_A01号 三生国健药业（上海）股份有限公司 三生国健药业（上海）股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审 计了三生国健药业（上海）股份有限公司2024年12月31日的财务报告内部控制的有效 性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制 评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是三生国健药业 （上海）股份有限公司董事会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计 意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况 的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内 部控制审计结果推测未来内部控制的有效性具有一定风险。 内部控制审计报告 四、 财务报告内部控制审计意见 我们认为 ...

三生国健药业（上海）股份有限公司 已审财务报表 2024年度 三生国健药业（上海）股份有限公司 目 录 | | | 页 次 | | | --- | --- | --- | --- | | 审计报告 | 1 | – | 7 | | 已审财务报表 | | | | | 合并资产负债表 | 8 | – | 9 | | 合并利润表 | 10 | – | 11 | | 合并股东权益变动表 | | 12 | | | 合并现金流量表 | 13 | – | 14 | | 公司资产负债表 | 15 | – | 16 | | 公司利润表 | | 17 | | | 公司股东权益变动表 | | 18 | | | 公司现金流量表 | 19 | – | 20 | | 财务报表附注 | 21 | – | 102 | | 补充资料 | | | | | | | 审计报告 安永华明（2025）审字第70072706_A01号 三生国健药业（上海）股份有限公司 三生国健药业（上海）股份有限公司全体股东： 一、审计意见 我们审计了三生国健药业（上海）股份有限公司的财务报表，包括2024年12月31 日的合并及公司资产负债表，2024年度的合并及公司利 ...

华泰联合证券有限责任公司 一、募集资金基本情况 公司经上海证券交易所科创板股票上市委员会 2020 年 5 月 11 日审核同意， 并经中国证券监督管理委员会 2020 年 6 月 23 日《关于同意三生国健药业（上海） 股份有限公司首次公开发行股票注册的批复》（证监许可[2020]1217 号）注册同 意，首次公开发行人民币普通股（A 股）股票 61,621,142 股，发行价为每股人民 币 28.18 元，募集资金总额为人民币 1,736,483,781.56 元，扣除承销费以及其他发 行费用（含增值税）后，实际募集资金净额合计人民币 1,634,428,187.64 元。上 述募集资金到位情况业经安永华明会计师事务所（特殊普通合伙）审验，并于 2020 年 7 月 17 日出具了《验资报告》（安永华明（2020）验字第 60468439_B01 号）。 1 （二）募集金额使用金额和结余金额情况 截至 2024 年 12 月 31 日，公司募集资金使用及结存情况如下： | 项目 | 金额（人民币元） | | --- | --- | | 募集资金总额 | 1,736,483,781.56 | | 减：主承销 ...