Group 1 - Morgan Stanley increased its stake in Innovent Biologics (01801) by 1.233667 million shares at a price of 78.6975 HKD per share, totaling approximately 97.0865 million HKD [1][3] - After the increase, Morgan Stanley's total shareholding in Innovent Biologics is approximately 87.9149 million shares, representing a stake of 5.06% [1][3]

Core Viewpoint - The company is expected to achieve a product revenue of approximately 11.9 billion yuan in 2025, maintaining a strong year-on-year growth rate of about 45% [1] - In Q4, the company achieved a product revenue of around 3.3 billion yuan, with a year-on-year increase of over 60%, validating its strong product competitiveness and commercialization system [1] - The growth is driven by the sustained performance of existing products and rapid market entry of new products, with significant contributions from non-oncology areas [1] Event Summary - On February 4, the company announced its product revenue for 2025, projecting around 11.9 billion yuan for the year and approximately 3.3 billion yuan for Q4 [1] - The Q4 revenue was influenced by the inclusion of six new drugs in the national medical insurance catalog, which led to a one-time inventory adjustment [1] Business Performance - The company has expanded its oncology pipeline to 13 products, demonstrating increasing synergy effects [2] - The successful expansion into chronic disease areas has resulted in outstanding achievements, showcasing strong growth potential across its product line [2] - Key growth drivers include products like Sintilimab, Orelabrutinib, and Lembozole, along with rapid market entry of new products such as Masitinib and Tolebrutinib [1][2] Future Outlook - The company is expected to continue leveraging its core advantages and strategic foresight to drive development across multiple disease areas, aiming to become a leading global biopharmaceutical company [2] - The company has 17 commercialized drugs, with one product under NMPA review and four new drug candidates in Phase III or critical clinical studies, alongside 15 other candidates in clinical research [2] Financial Projections - The company is projected to achieve revenues of 11.968 billion yuan, 22.804 billion yuan, and 26.572 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 0.886 billion yuan, 6.679 billion yuan, and 8.004 billion yuan [2] - Following a significant global strategic partnership with Takeda, the company retains 40% rights in the U.S. for IBI363, which is expected to enhance its internationalization efforts [2]

Core Viewpoint - The company forecasts a product revenue of approximately 11.9 billion yuan for 2025, representing a year-on-year growth of about 45%, with Q4 revenue expected to reach around 3.3 billion yuan, showing over 60% growth year-on-year, aligning with expectations [1] Group 1: Revenue Growth and Product Expansion - The company's product revenue is set to surpass 10 billion yuan for the first time, driven by innovative products [1] - By 2025, the company's oncology product portfolio has expanded to 13 products, with the revenue from the drug Sintilimab expected to be 551 million USD, reflecting a year-on-year growth of approximately 5% [1] - Several potential blockbuster products are anticipated to be approved for market launch in 2025, including Masitinib, Tislelizumab, and Pidilizumab, which are expected to contribute significantly to the company's revenue growth [1] Group 2: New Products and Future Performance - Seven products, including Sintilimab and Tislelizumab, have been added to the national medical insurance directory for 2025, effective from 2026, indicating clear performance drivers for 2026 [2] - The company is expected to focus on the continuous development of innovative molecules like IBI363 and its internationalization process in 2026, with a significant collaboration with Takeda worth 10 billion USD announced in October 2025 [2] - The completion of the collaboration and share transfer with Takeda is anticipated to significantly enhance profits in 2026 [2] Group 3: Profit Forecast and Valuation - The revenue forecast for 2025 has been raised by 5.0% to 12.6 billion yuan, while the net profit forecast for 2026 has been increased by 274% to 6.68 billion yuan, with a new forecast for 2027 net profit set at 4.14 billion yuan [2] - The company maintains an outperform rating, with a target price of 118.3 HKD, indicating a potential upside of 48.06% from the current stock price [2]

Group 1 - Morgan Stanley increased its stake in Innovent Biologics (01801) by 1,233,667 shares at a price of HKD 78.6975 per share, totaling approximately HKD 97.0865 million [1] - After the increase, the total number of shares held by Morgan Stanley is approximately 87,914,900, representing a holding percentage of 5.06% [1]

Group 1 - Morgan Stanley increased its stake in Innovent Biologics (01801) by 1,233,667 shares at a price of HKD 78.6975 per share, totaling approximately HKD 97.0865 million [1] - Following the increase, Morgan Stanley's total shareholding in Innovent Biologics reached approximately 87,914,900 shares, representing a stake of 5.06% [1]

Group 1 - JPMorgan Chase & Co. increased its stake in Innovent Biologics (01801.HK) by acquiring 1.2337 million shares at an average price of HKD 78.6975 per share, totaling approximately HKD 97.0865 million [1] - Following this acquisition, JPMorgan's total holdings in Innovent Biologics rose to 87.9149 million shares, increasing its ownership percentage from 4.99% to 5.06% [1]

公司的新产品组合维持增长势头，按季增长13%，抵消了Tyvyt的疲弱表现。2025年全年产品销售表现 强劲，同比增长45%至119亿元，首次突破百亿元里程碑，其中普通生物制药业务为主要增长引擎。 信达生物去年第四季产品收入约33亿元人民币(下同)，符合该行预期，在相对较低的基数下同比增长 60%，按季持平，其中包括因应2026年国家医保药品目录降价而产生的渠道返利负面影响。 高盛发布研报称，将信达生物(01801)2025至2027年的每股盈利预测由0.54元、1.43元、2.49元，上调至 0.62元、1.74元及2.54元;目标价102.85港元(原本107.96港元)，予"买入"评级。 ...

信达生物去年第四季产品收入约33亿元人民币(下同)，符合该行预期，在相对较低的基数下同比增长 60%，按季持平，其中包括因应2026年国家医保药品目录降价而产生的渠道返利负面影响。 公司的新产品组合维持增长势头，按季增长13%，抵消了Tyvyt的疲弱表现。2025年全年产品销售表现 强劲，同比增长45%至119亿元，首次突破百亿元里程碑，其中普通生物制药业务为主要增长引擎。 智通财经APP获悉，高盛发布研报称，将信达生物(01801)2025至2027年的每股盈利预测由0.54元、1.43 元、2.49元，上调至0.62元、1.74元及2.54元;目标价102.85港元(原本107.96港元)，予"买入"评级。 ...

2025年12月获纳入恒生指数成分股的信达生物（01801.HK）发布公告指，其2025年第4季和2025年全年产品收入实现强劲 增长，但其股价却并未因此而有起色，于2月5日收跌0.93%，报79.90港元，市值1,386亿港元。 全年营收破百亿 该公司预计，其2025年全年实现总产品收入约119亿元（单位人民币，下同），同比保持约45%的增长态势，我们留意到， 其2024年的产品销售收入增幅为43.64%，2025年上半年增幅为37.32%，这意味着其下半年的产品销售收入增长加快。 2025年第4季，信达生物有六款新药首次纳入2026年国家医保目录，因而计提了相应金额的一次性库存不差，即便如此，其 第4季总产品收入或仍达33亿元，同比增长60%以上，显著高于前三个季度。 值得留意的是，信达生物当前的商业化产品组合或已扩展至18款，第4季或新增达伯欣（伊匹木单抗N01注射液）和信美悦 （匹康奇拜单抗注射液）获准上市。 2025年12月29日，信达生物公告称，达伯欣（伊匹木单抗N01注射液）获国家药监局（NMPA）批准上市，根据公司提供的 资料，达伯欣或是中国第一款获批的国产抗CTLA-4单抗，也是全球第一个获 ...

本月底法定/註冊股本總額： USD 50,000 FF301 第 1 頁 共 11 頁 v 1.2.0 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年1月31日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 信達生物製藥 | | | | | | 呈交日期: | 2026年2月5日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | 證券代號 (如上市) | 01801 | 說明 | 普通股 | | | 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 5,000,000,000 USD 0.00001 USD 50,000 增加 / 減少 (-) 0 USD 0 本月底結存 5,000,000,000 USD 0.00001 USD 50,000 II. 已發行股份及/或庫存 ...