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。 ...

「TQC3721 (PDE3/4抑制劑）」、「TQC2731 (TSLP單抗）」、「TQC3403 (烏美溴銨維蘭 特羅吸入粉霧劑)」共4項研究數據在ERS 2025公布 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，本集團開 發的「TQC3721 (PDE3/4抑制劑）」、「TQC2731 (TSLP單抗）」、「TQC3403 (烏美溴銨維蘭特羅吸入粉 霧劑)」將於9月27日至10月1日舉行的2025年歐洲呼吸學會年會 (ERS 2025）公布4項研究成果。 TQC3721 (PDE3/4抑制劑） 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 TQC2731 (TSLP單抗） TQC3721是一款全新機制的吸入性PDE3/4抑制劑，具有擴張支氣管和抗炎的雙重作用，從而減 輕患者症狀並抑制炎 ...

Group 1 - The core viewpoint of the article highlights the significant stock price increase of China National Pharmaceutical Group (中生制药), which rose over 6% and is currently trading at 8.14 HKD with a transaction volume of 10.77 billion HKD [1] - The company has received breakthrough therapy designation from the China National Medical Products Administration (CDE) for its selective HER2 tyrosine kinase inhibitor, Zongaitini, for the treatment of adult patients with unresectable or metastatic non-small cell lung cancer (NSCLC) carrying HER2 TKD activating mutations [1] - Citigroup reported that China National Pharmaceutical Group's net profit for the first half of the year reached 3.4 billion RMB, a year-on-year increase of 140%, while revenue was 17.6 billion RMB, up 10.2% year-on-year, exceeding market consensus and Citigroup's expectations [1] Group 2 - The management of China National Pharmaceutical Group is optimistic about the licensing potential of its innovative drug candidates, including TQC3721 (PDE3/4) [1] - CICC anticipates that the approval progress of the company's innovative products will accelerate over the next three years, potentially driving more revenue for the company [1]

Core Viewpoint - China Biopharmaceutical reported a 10.7% year-on-year revenue growth in 1H25, reaching 17.57 billion yuan, with adjusted net profit increasing by 101.1% to 3.09 billion yuan [1] Group 1: Financial Performance - 1H25 revenue and adjusted net profit accounted for 54.6% and 79.6% of the full-year forecast, respectively, with revenue proportion consistent with historical ranges [1] - The adjusted profit proportion significantly exceeded historical ranges due to the recognition of 1.35 billion yuan in dividends from Sinovac Biotech; excluding this, adjusted net profit would have grown approximately 13% year-on-year [1] - Revenue from innovative products grew robustly by 27.2% year-on-year to 7.80 billion yuan, representing 44.4% of total revenue, indicating sustained rapid growth in innovative products [1] Group 2: Innovation and R&D Pipeline - China Biopharmaceutical has built a rich innovation pipeline, with several candidates having global Top 3 or Best in Class potential; the acquisition of Lixin Pharmaceutical further strengthens its R&D capabilities [2] - TQB2868 (PD-1/TGF-β dual antibody) shows remarkable efficacy in first-line treatment of pancreatic cancer, with an ORR of 63.9%, significantly higher than first-line chemotherapy at 41.8% [2] - TQB6411 (EGFR/c-Met dual antibody ADC) has entered Phase I clinical trials, targeting the EGFR+ lung cancer market [2] Group 3: Overseas Licensing Potential - The company has multiple products with potential for overseas licensing collaborations, including TQC3721 (PDE3/4), TQB2868 (PD-1/TGF-β dual antibody), and others [3] - The recent acquisition of Verona Pharma by Merck for $10 billion highlights the significant market potential for PDE3/4 inhibitors, with TQC3721 being the second globally in development [3] Group 4: Upcoming Clinical Data - Several important clinical data readouts are expected in 2H25, including TQC3721 (PDE3/4) Phase II data for COPD and TQB2102 (HER2 dual antibody ADC) Phase Ib data for HER2+ breast cancer [4] - The company maintains a buy rating with a target price of 9.40 HKD, expecting revenue growth rates of +19.1% for 2025E and adjusted net profit growth of +81.3% for the same year [4]

Core Viewpoint - China Biopharmaceutical (01177) experienced a 2.01% increase in stock price, reaching HKD 7.61 per share with a trading volume of HKD 303 million [1] Company Overview - China Biopharmaceutical is an innovative research and R&D-driven pharmaceutical group, focusing on drug development, intelligent manufacturing, and sales [1] - The company specializes in various biopharmaceuticals and chemical drugs, particularly excelling in four therapeutic areas: oncology, liver diseases, respiratory systems, and surgical/pain management [1] - Since its listing in 2000, the company has been included in multiple indices such as the MSCI Global Standard Index and the Hang Seng Index, and has been recognized in the "Top 50 Global Pharmaceutical Companies" by Pharmaceutical Manager for six consecutive years [1] - Core enterprises like Chengda Tianqing Pharmaceutical Group and Beijing Tide Pharmaceutical Co., Ltd. have consistently ranked among the top 100 pharmaceutical companies in China, with the company's product revenue share increasing year by year [1] Financial Performance - As of the mid-year report in 2025, China Biopharmaceutical reported total revenue of HKD 17.575 billion and a net profit of HKD 3.389 billion [1] Analyst Rating - On August 19,浦银国际证券 maintained a "Buy" rating for the company with a target price of HKD 9.1 [1]