Core Insights - China National Pharmaceutical Group's subsidiary, Chengdu Tianqing Pharmaceutical, has successfully completed the first shipment of innovative anti-cancer drugs to the Hong Kong-based Greater China Cancer Foundation, marking a significant step in their collaboration [1][2] - The shipment includes innovative anti-cancer drugs Anlotinib and Bemarituzumab, providing new treatment options for cancer patients in Hong Kong with urgent medical needs [1][2] - The Named Patient Program (NPP) allows doctors to provide unregistered drugs to patients in need, aligning with the Hong Kong government's 2023 policy report aimed at improving drug accessibility [1][2] Company Collaboration - The partnership agreement between Chengdu Tianqing and the Greater China Cancer Foundation was signed in March, focusing on providing innovative cancer treatment solutions to patients with significant unmet medical needs in Hong Kong [2] - The efficient completion of compliance reviews and cross-border logistics demonstrates the effectiveness of the NPP model in enhancing drug accessibility [2] - The president of Chengdu Tianqing emphasized the commitment to advancing China's pharmaceutical development and ensuring that innovative products reach Hong Kong patients [2] Social Responsibility - China National Pharmaceutical Group integrates corporate social responsibility into its development strategy, actively participating in charitable initiatives [3] - The successful shipment enhances treatment options for cancer patients in Hong Kong and reflects the deepening and innovative collaboration between mainland China and Hong Kong in the healthcare sector [3]

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant growth in both revenue and net profit, driven by innovative products and a solid position in key therapeutic areas [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 17.57 billion (CNY) (+10.7%) and a net profit attributable to shareholders of 3.39 billion (CNY) (+140.2%) [1]. - Adjusted net profit (non-HKFRS) reached 3.09 billion (CNY) (+101.1%), indicating a substantial increase in profitability [1]. Innovation and Product Development - The company launched two innovative products approved by NMPA in H1 2025, contributing to a revenue of 7.8 billion (CNY) from innovative products (+27.2%), which now account for 44.4% of total revenue (+5.8 percentage points) [1]. - The company has a broad pipeline of nearly 20 innovative products expected to be approved between 2025 and 2027, with over half projected to have peak sales exceeding 2 billion (CNY) [2]. Business Segments - The oncology segment generated revenue of 6.694 billion (CNY) (+24.9%), while the surgical/pain management segment achieved revenue of 3.105 billion (CNY) (+20.2%) in H1 2025 [1]. Future Outlook - The company anticipates that the proportion of revenue from innovative products will increase to 50% in 2025, 55% in 2026, and 60% in 2027, positioning innovation as the core driver of revenue growth [2]. - The acquisition of Lixin Pharmaceutical is expected to enhance the company's innovation pipeline and strengthen its core technology capabilities [2]. Profit Forecast - Revenue projections for 2025-2027 are 32.78 billion (CNY), 36.87 billion (CNY), and 41.14 billion (CNY), with year-on-year growth rates of 13.6%, 12.5%, and 11.6% respectively [3]. - Net profit forecasts for the same period are 4.81 billion (CNY), 4.88 billion (CNY), and 5.12 billion (CNY), with growth rates of 37.5%, 1.5%, and 4.8% respectively [3].

Core Insights - China Biopharmaceutical reported strong financial growth for H1 2025, with revenue of 17.57 billion yuan, a year-on-year increase of 10.7%, and a net profit of 3.39 billion yuan, up 140.2% [1] - The company has a robust pipeline in key therapeutic areas, including oncology, liver disease/metabolism, respiratory, and surgical/pain management, with several products in advanced clinical stages [2][3] Financial Performance - Revenue for H1 2025 reached 17.57 billion yuan, reflecting a 10.7% increase year-on-year [1] - Net profit from continuing operations was 3.39 billion yuan, showing a significant growth of 140.2% year-on-year [1] - Adjusted net profit was approximately 3.09 billion yuan, up 101.1% year-on-year [1] - Basic earnings per share (EPS) were 0.188 yuan, an increase of 145.7% year-on-year [1] - Cash reserves stood at 30.49 billion yuan, with 11.1 billion yuan in cash on hand [1] Innovation and Product Development - Revenue from innovative products reached 7.8 billion yuan, a year-on-year increase of 27.2%, accounting for 44.4% of total revenue [1] - The company has 18 innovative products, with expectations to exceed 35 by 2027 [1] - Recent approvals include the domestic recombinant human coagulation factor VIIa product and the long-acting analgesic NSAID injection [1] Pipeline Advancements - Key pipelines in oncology include TQB2922 and TQB6411 for lung cancer, and TQB3616 and TQB2102 for breast cancer, with multiple indications being pursued [2] - In gastrointestinal tumors, LM-108 has received breakthrough therapy designation, while TQB2868 is leading globally in development [2] - The respiratory/infection area features TQC3721, which is in the second position globally in development [2] - In liver disease/metabolism, Lanifibranor has completed patient enrollment for its Phase III trial, with expectations for a 2026 market application [2] Strategic Acquisitions - The company acquired Lixin Pharmaceutical for a net consideration of 500 million USD, enhancing its technology platform for antibody discovery and ADC development [3] - This acquisition is expected to accelerate the translation of Lixin's innovative pipeline, including several promising candidates [3] Profit Forecast - The company forecasts net profits of 3.454 billion yuan, 3.979 billion yuan, and 4.570 billion yuan for 2025-2027, with corresponding EPS of 0.18 yuan, 0.21 yuan, and 0.24 yuan [4]

证券研究报告 医药生物 | 化学制药 港股|公司点评报告 hyzqdatemark 2025 年 08 月 26 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 联系人 市场表现： | 基本数据 | 2025 | 年 | | 日 | 月 | 25 | | 08 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 8.36 | | | | | | 一年内最高/最低（港 | | | 8.40/2.67 | | | | | | | 元） | | | | | | | | | | 总市值（百万港元） | | | | | | | 156,839.60 | | | 流通市值（百万港元） | | | | | | | 156,839.60 | | | 资产负债率（%） | | | | 38.88 | | | | | | 资料来源：聚源数据 | | | | | | | | | 中国生物制药(01177.HK) 投资评级： 买入（维持） ——创新业务加速，BD 出海在 ...

中国生物制药(01177)公布，集团开发的"TQC3721(PDE3/4抑制剂)"、"TQC2731(TSLP单 抗)"、"TQC3403(乌美溴铵维兰特罗吸入粉雾剂)"将于9月27日至10月1日举行的2025年欧洲呼吸学会年 会(ERS2025)公布4项研究成果。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Insights - In the first half of 2025, the company achieved revenue of 17.57 billion yuan, representing a year-on-year increase of 10.7%. The net profit attributable to shareholders from continuing operations reached 3.39 billion yuan, a significant increase of 140.2% year-on-year. The income from innovative products rose to 7.8 billion yuan, accounting for 44.4% of total revenue [2][4][6]. Financial Performance - The company reported a basic earnings per share of 0.188 yuan, up 145.7% year-on-year. Adjusted net profit attributable to shareholders was approximately 3.09 billion yuan, reflecting a year-on-year growth of 101.1%. The company has cash reserves of 30.49 billion yuan, with 11.1 billion yuan in cash on hand [2][6]. Innovation and Product Development - The company has seen rapid growth in innovative product revenue, which increased by 27.2% year-on-year. The total number of innovative products has reached 18, with expectations to exceed 35 by 2027. Recent approvals include a recombinant human coagulation factor VIIa product and a long-acting NSAID injection [6][4]. Pipeline and Acquisitions - The core pipeline is entering a period of explosive growth, with key therapeutic areas including oncology, liver disease/metabolism, respiratory, and surgical/pain management. The company has made a strategic acquisition of Lixin Pharmaceutical for 500 million USD, enhancing its antibody and ADC technology platforms [6][4]. Profit Forecast - The company forecasts net profits attributable to shareholders of 3.454 billion yuan, 3.979 billion yuan, and 4.570 billion yuan for 2025, 2026, and 2027, respectively. Corresponding EPS is expected to be 0.18 yuan, 0.21 yuan, and 0.24 yuan [6].

Investment Rating - The report maintains a "Buy" rating for China Biopharmaceutical (1177.HK) [6][3] Core Views - The company reported a revenue of 17.57 billion yuan (+10.7%) and a net profit attributable to shareholders of 3.39 billion yuan (+140.2%) for the first half of 2025, exceeding profit growth expectations [1][6] - The innovative product line is driving high growth, with two new innovative products approved by NMPA in the first half of 2025, contributing to an innovative product revenue of 7.8 billion yuan (+27.2%), accounting for 44.4% of total revenue [1][2] - The company expects nearly 20 innovative products to be approved from 2025 to 2027, with over half projected to have peak sales exceeding 2 billion yuan [2] Financial Performance - For 2025, the company forecasts revenues of 32.78 billion yuan, a growth of 13.6%, and a net profit of 4.81 billion yuan, a growth of 37.5% [3][4] - The projected earnings per share (EPS) for 2025 is 0.26 yuan, with a price-to-earnings (P/E) ratio of 29.08 [4][11] - The company anticipates that the proportion of revenue from innovative products will increase to 50% by 2027 [2][3] Business Segments - The oncology segment achieved a revenue of 6.694 billion yuan (+24.9%) in the first half of 2025, while the surgical/pain management segment generated 3.105 billion yuan (+20.2%) [1][2]

TQC3403是一款由长效抗胆硷能药物(LAMA)乌美溴铵与长效β受体激动剂(LABA)维兰特罗组成的吸入 粉雾剂，通过双重作用机制实现长效支气管扩张。其原研制剂于2018年在国内获批，目前国内尚无该药 物和同类药物的仿制药物获批。集团突破多项关键核心技术，在国内率先完成双支扩粉雾剂等效性研 究，有望在2026年上半年获批上市，实现乌美溴铵维兰特罗吸入粉雾剂的首仿上市。 TQC3721是一款全新机制的吸入性PDE3/4抑制剂，具有扩张支气管和抗炎的双重作用，从而减轻患者 症状并抑制炎症。目前，全球仅一款吸入性PDE3/4抑制剂获批上市。在Ⅱ期临床试验中，TQC3721展 现出良好的量效关系和安全性。基于该研究数据，TQC3721已经获得中国国家药品监督管理局药品审评 中心(CDE)突破性疗法认定，目前正在国内开展Ⅲ期临床试验。除吸入用混悬液外，TQC3721吸入粉雾 剂即将开展Ⅱ期临床试验，有望进一步提升疗效和患者的依从性。 TQC2731是一款抗TSLP的人源化单克隆抗体，通过靶向TSLP阻断其与受体结合、抑制下游通路，可以 减少哮喘急性发作。除哮喘外，TSLP与多种自身免疫性疾病、慢性炎症性疾病、过敏性疾 ...

Core Insights - China Biopharmaceutical (01177) announced the presentation of four research results for its developed products at the 2025 European Respiratory Society Annual Meeting (ERS 2025) scheduled from September 27 to October 1 [1] Group 1 - The products to be presented include "TQC3721 (PDE3/4 inhibitor)", "TQC2731 (TSLP monoclonal antibody)", and "TQC3403 (Umeclidinium/Vilanterol inhalation powder)" [1]

智通财经APP讯，中国生物制药(01177)公布，集团开发的"TQC3721 (PDE3/4抑制剂)"、"TQC2731 (TSLP单抗)"、"TQC3403 (乌美溴铵维兰特罗吸入粉雾剂)"将于9月27日至10月1日举行的2025年欧洲呼 吸学会年会 (ERS 2025)公布4项研究成果。 ...