Core Viewpoint - The report from CMB International indicates an adjustment in the profit forecast for China Biologic Products (01177) for 2025 to 2027, reflecting a decrease of 6%, an increase of 9%, and a decrease of 2% respectively, along with a revised DCF target price of HKD 8.5, corresponding to a 42 times P/E ratio for 2026 and a PEG of 1.3 based on core net profit predictions, while maintaining a "Buy" rating [1] Group 1 - CMB International forecasts that the growth rate of the Chinese biopharmaceutical industry is expected to maintain double digits from 2026 to 2027, driven by contributions from existing major products and several newly launched products, manageable centralized procurement risk exposure, and the normalization potential of BD revenue [1] - The company is transitioning its growth path from pipeline expansion to the layout of next-generation technology platforms, and from solely introducing products to a dual approach of introducing and going global, indicating the emergence of a global MNC big pharmaceutical enterprise [1]

Core Viewpoint - The report from CMB International indicates a revision in the profit forecast for China Biologic Products (01177) for 2025 to 2027, reflecting a decrease of 6%, an increase of 9%, and a decrease of 2% respectively, alongside a lowered DCF target price to HKD 8.5, corresponding to a 42 times P/E ratio for 2026 and a PEG of 1.3 based on core net profit predictions, while maintaining a "Buy" rating [1] Group 1 - CMB International anticipates that the growth rate of the Chinese biopharmaceutical industry is likely to maintain double digits from 2026 to 2027, driven by contributions from existing major products and several newly launched products, manageable procurement risk exposure, and the normalization potential of BD revenue [1] - The company is transitioning from pipeline expansion to the layout of next-generation technology platforms, and from merely introducing products to a dual approach of introducing and going global, indicating the emergence of a global MNC big pharmaceutical enterprise [1]

基于对公司产品销售和授权合作收入确认节奏的最新预测、及对降本增效加收入结构改善带来的利润率 改善空间，该行调整集团2025至2027年净利润预测为跌6%、增9%、跌2%，下调DCF目标价至8.5港 元，维持"买入"评级。 交银国际发表研报指，中国生物制药业绩增速有望在2026至2027年维持双位数，得益于现有大单品和多 个新上市产品贡献增量、可控的集采风险敞口及BD收入的常态化潜力。该行认为，中生制药凭借前瞻 性视野和充足的资金储备，公司成长路径正快速从管线扩张升级为下一代技术平台布局、从引进升级为 引进+出海并行，全球MNC大药企雏形初显。 ...

研究结果显示，在已接受NAs治疗至少12个月的成人HBV感染者中，TQA3605联合NAs治疗24周能够显 著提高HBV DNA低于定量检测值下限(<20 IU/mL)的受试者比例，所有剂量组均接近90%，显著优于 NAs单药对照组(p < 0.0001)。在安全性方面，TQA3605整体安全性良好，总体不良反应发生率与对照组 相当，且大部分治疗期间出现的不良事件(TEAE)为1-2级，未观察到新出现的安全性信号。详细研究结 果将在后续国际学术会议上公布。 TQA3605是集团自主研发的一款HBV核心蛋白调节剂，可有效抑制多种基因型HBV，且与NAs无交叉 耐药性。目前全球尚无针对HBV的核心蛋白调节剂获批上市，相较于同类在研药物，TQA3605 安全性 更优，且每日一次口服的给药方式更为便捷，有望为广大慢性HBV感染患者提供全新治疗选择。 智通财经APP讯，中国生物制药(01177)公布，该集团自主研发的国家1类创新药TQA3605片"核心蛋白变 构调节剂(CpAM)"已于近日完成针对慢性乙型肝炎病毒(HBV)感染患者的二期临床试验，并达到主要终 点。 该研究是一项随机、双盲、安慰剂对照、多中心二期研究(N ...

研究结果显示，在已接受NAs治疗至少12个月的成人HBV感染者中，TQA3605联合NAs治疗24周能够显 著提高HBV DNA低于定量检测值下限(<20IU/mL)的受试者比例，所有剂量组均接近90%，显著优于 NAs单药对照组(p<0.0001)。在安全性方面，TQA3605整体安全性良好，总体不良反应发生率与对照组 相当，且大部分治疗期间出现的不良事件(TEAE)为1-2级，未观察到新出现的安全性信号。详细研究结 果将在后续国际学术会议上公布。 TQA3605是集团自主研发的一款HBV核心蛋白调节剂，可有效抑制多种基因型HBV，且与NAs无交叉 耐药性。目前全球尚无针对HBV的核心蛋白调节剂获批上市，相较于同类在研药物，TQA3605安全性 更优，且每日一次口服的给药方式更为便捷，有望为广大慢性HBV感染患者提供全新治疗选择。 中国生物制药(01177)公布，该集团自主研发的国家1类创新药TQA3605片"核心蛋白变构调节剂 (CpAM)"已于近日完成针对慢性乙型肝炎病毒(HBV)感染患者的二期临床试验，并达到主要终点。 该研究是一项随机、双盲、安慰剂对照、多中心二期研究(NCT06644417)，旨在 ...

研究结果显示，在已接受NAs治疗至少12个月的成人HBV感染者中，TQA3605联合NAs治疗24周能够显 著提高HBV DNA低于定量检测值下限(<20 IU/mL)的受试者比例，所有剂量组均接近90%，显著优于 NAs单药对照组(p < 0.0001)。在安全性方面，TQA3605整体安全性良好，总体不良反应发生率与对照组 相当，且大部分治疗期间出现的不良事件(TEAE)为1-2级，未观察到新出现的安全性信号。详细研究结 果将在后续国际学术会议上公布。 格隆汇1月27日丨中国生物制药(01177.HK)宣布，集团自主研发的国家1类创新药TQA3605片"核心蛋白 变构调节剂(CpAM)"已于近日完成针对慢性乙型肝炎病毒(HBV)感染患者的二期临床试验，并达到主要 终点。 该研究是一项随机、双盲、安慰剂对照、多中心二期研究(NCT06644417)，旨在评价TQA3605联合核甘 (酸)类药物(NAs)在经治的低病毒血症的慢性HBV感染受试者中的有效性和安全性。该研究共入组122例 受试者，分为安慰剂对照组及多个不同剂量TQA3605试验组，给药方式为每日一次口服。 ...

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。 （於開曼群島註冊成立之有限公司） 網站：www.sinobiopharm.com （股份編號：1177） 自願公告 TQA3605「核心蛋白變構調節劑」慢性乙型肝炎二期取得積極進展 該研究是一項隨機、雙盲、安慰劑對照、多中心二期研究(NCT06644417)，旨在評價TQA3605聯合 核甘（酸）類藥物(NAs)在經治的低病毒血症的慢性HBV感染受試者中的有效性和安全性。該研究共入 組122例受試者，分為安慰劑對照組及多個不同劑量TQA3605試驗組，給藥方式為每日一次口服。 中國生物製藥有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董事會」）宣佈，本集團自 主研發的國家1類創新藥TQA3605片「核心蛋白變構調節劑(CpAM)」已於近日完成針對慢性乙型肝炎 病毒(HBV)感染患者的二期臨床試驗，並達到主要終點。 中國生物製藥有限公司 中國現有約8600萬HBV攜帶者，其中慢性HBV感染 ...

Core Viewpoint - China National Pharmaceutical Group (stock code: 01177.HK) announced the acquisition of Hegia Biotech for a total consideration of 1.2 billion RMB, marking a strategic move into the siRNA innovation drug sector [1][7] Group 1: Acquisition Details - The acquisition will be financed through a combination of cash and equity, with approximately 1.1 billion RMB paid in cash and the remaining 97 million RMB through the issuance of new shares at HKD 6.66 per share [1][7] - Following the transaction, Hegia will become a wholly-owned subsidiary of China National Pharmaceutical Group, integrating its R&D pipeline and technology platform into the company's chronic disease treatment strategy [1][7] Group 2: Hegia Biotech Overview - Founded in 2018, Hegia has emerged as a "dark horse" in the domestic siRNA field, leveraging its proprietary multi-organ targeted delivery technology [2][8] - Hegia's key advantages include a clinically validated liver delivery platform capable of "once-a-year" dosing, a dual-chain conjugation technology platform, and a neural delivery platform [2][8] - Hegia currently has four clinical-stage projects and over 20 preclinical projects, with the most advanced being Kylo-11, which targets lipoprotein(a) and has initiated a multi-center Phase II clinical trial in October 2025 [2][8] Group 3: Market Context and Valuation - The global market for siRNA is projected to reach USD 15 billion, with no approved targeted drugs currently available, indicating a pressing clinical need [2][8] - The acquisition valuation of 1.2 billion RMB corresponds to an 18.75x market cap/research spending ratio based on Hegia's R&D expenditure for 2024, which is considered low compared to similar overseas companies [3][9] - The acquisition is seen as a strategic move to fill gaps in China National Pharmaceutical Group's cardiovascular treatment portfolio and create synergies with existing chronic disease pipelines [2][3][9] Group 4: Financial Strength and Industry Trends - As of June 2025, China National Pharmaceutical Group had over 30 billion RMB in cash and liquid assets, providing a solid foundation for ongoing investments in innovative drugs [4][10] - The siRNA sector has become a focal point for global pharmaceutical companies, with a total transaction volume of USD 35 billion in 2025, reflecting a 40% year-on-year growth [4][10] - The competitive landscape includes established international players like Alnylam, which has a market cap exceeding USD 50 billion, and domestic companies like Reebio, which recently went public [4][10] Group 5: Challenges and Future Prospects - The acquisition faces challenges, including Hegia's core pipelines being in early to mid-clinical stages, requiring lengthy R&D and approval processes [5][12] - Hegia's external delivery technologies have not yet been clinically validated, and scaling production of siRNA drugs remains an industry bottleneck [5][12] - Despite these challenges, the acquisition's synergy potential is significant, as China National Pharmaceutical Group's industrial capabilities could help Hegia navigate the "valley of death" in biotech [6][12]

Core Viewpoint - Citigroup reports that China Biopharmaceutical (01177) has announced the acquisition of private biotech company Hygieia, specializing in small interfering RNA (siRNA) drugs, with a maximum base consideration of 1.2 billion RMB [1] Group 1: Acquisition Details - The acquisition is expected to enhance China Biopharmaceutical's innovation capabilities and licensing potential [1] - The deal solidifies the company's position as a leader among Chinese innovative pharmaceutical firms [1] Group 2: Hygieia's Contributions - Hygieia has developed several differentiated delivery platforms, with candidate drugs in its pipeline including Kylo-11, Kylo-12, Kylo-0603, HJY-10, and HJY-02 [1] - The acquisition will enable China Biopharmaceutical to establish a new generation of cardiovascular innovation pipeline [1] Group 3: Market Expansion - The deal strengthens the company's positioning in weight management and metabolic disease sectors [1] - It also expands into new frontiers in chronic disease management [1] Group 4: Financial Outlook - Citigroup sets a target price of HKD 10.8 and maintains a "Buy" rating for China Biopharmaceutical [1]

Core Viewpoint - Citigroup's report indicates that China Biologic Products (01177) has announced the acquisition of private biotech company Hygieia, which focuses on small interfering RNA (siRNA) drugs, with a maximum base consideration of 1.2 billion RMB [1] Group 1: Acquisition Details - The acquisition is expected to enhance China Biologic's innovation capabilities and licensing potential, solidifying its position as a leader among Chinese innovative pharmaceutical companies [1] - Hygieia has developed several differentiated delivery platforms, with a research pipeline that includes candidate drugs Kylo-11, Kylo-12, Kylo-0603, HJY-10, and HJY-02 [1] Group 2: Strategic Implications - Through this acquisition, China Biologic will establish a new generation of cardiovascular innovation pipeline, strengthening its presence in weight management and metabolic disease sectors [1] - The move also aims to expand into new frontiers in chronic disease management [1] Group 3: Market Outlook - Citigroup has set a target price of 10.8 HKD and maintains a "Buy" rating for China Biologic following this acquisition [1]