Core Insights - JD Health and China National Pharmaceutical Group have signed a strategic cooperation agreement to enhance the accessibility of quality medical resources and promote health technology [1][2] - The partnership aims to launch innovative pharmaceutical products, including the first domestically approved tolvaptan patch and a sodium loxoprofen gel patch, through JD Health's online channels [1][2] Group 1: Strategic Partnership - JD Health and China National Pharmaceutical Group will collaborate in disease knowledge dissemination and new product launches [1] - The partnership is expected to leverage JD Health's online platform to improve public access to healthcare services [1][2] Group 2: Product Launches - JD Health will exclusively distribute the 2mg tolvaptan patch online, which is designed to alleviate symptoms of bronchial asthma and other obstructive airway diseases [1] - Another product, sodium loxoprofen gel patch, is the first in China to complete phase III clinical trials and is aimed at treating inflammation and pain from osteoarthritis and muscle injuries [1] Group 3: Market Trends - JD Health is positioned as the leading online health consumption platform, with e-commerce channels projected to account for 12.9% of the pharmaceutical retail market by 2024 [2] - The company employs a comprehensive "B2C + O2O + offline store" model to integrate supply chain, logistics, and medical resources effectively [2] Group 4: Future Collaboration - The partnership will expand to cover various disease areas, including oncology, rheumatology, and cardiovascular health, utilizing JD Health's internet hospital resources [2] - Both companies aim to transform authoritative medical knowledge into accessible content for the public, enhancing health education and chronic disease management [2]

Group 1 - The core viewpoint of the articles is the strategic partnership between China National Pharmaceutical Group and JD Health, aimed at enhancing the supply chain, retail channels, and innovative marketing models in the pharmaceutical sector [1][2] - The collaboration is seen as a key initiative to bridge the "last mile" in drug accessibility, leveraging digital healthcare to eliminate information barriers and geographical limitations, allowing patients to access quality medications more quickly [1] - The partnership will expand to cover various disease areas including oncology, rheumatology, surgery/pain management, liver disease, respiratory, cardiovascular, and endocrine disorders, utilizing resources from JD Health's internet hospital and expert doctors [1] Group 2 - China National Pharmaceutical Group launched two new products: Loxoprofen Sodium Gel Patch (brand name: Deshu Ping) and Torasemide Patch (brand name: Deruituo), with over 70 innovative drugs currently in development and plans to launch more than 50 innovative drugs in the next decade [2] - The collaboration will focus on three strategic directions: creating a "drug zone for all treatment areas," establishing an "innovative drug digital incubation platform," and innovating a comprehensive health management model that shifts from "passive treatment" to "proactive health management" [2] - The aim is to enhance patient health levels through a patient-centered service model, integrating medical education, medication guidance, and patient recruitment systems [2]

Company Performance - The company reported a strong performance with a continuous presence in the top 50 global pharmaceutical companies for six consecutive years from 2019 to 2024[19]. - The company has been recognized as one of the top 50 best companies in Asia-Pacific by Forbes for three consecutive years from 2016 to 2018[16]. - The company recorded revenue of approximately RMB 28,866.16 million, representing a year-on-year growth of about 10.2% compared to RMB 26,199.41 million in the previous year[73]. - Gross profit was approximately RMB 23,529.94 million, an increase of about 10.9% from RMB 21,209.53 million in the previous year[73]. - Profit attributable to equity holders of the parent company was approximately RMB 3,499.83 million, reflecting a significant year-on-year increase of about 50.1%[74]. Financial Highlights - Total revenue for 2024 reached RMB 28,866,159 thousand, a 10.1% increase from RMB 26,199,409 thousand in 2023[26]. - Gross profit for 2024 was RMB 23,529,941 thousand, up from RMB 21,209,532 thousand in 2023, reflecting a gross margin improvement[26]. - Operating profit for 2024 was RMB 5,739,924 thousand, showing a significant increase compared to RMB 4,209,634 thousand in 2023[29]. - The company reported a net profit of RMB 6,364,682 thousand for 2024, compared to RMB 5,097,398 thousand in 2023, marking a 24.9% year-over-year growth[26]. - The total assets of the company reached RMB 65,408,069 thousand in 2024, up from RMB 63,604,819 thousand in 2023[26]. Research and Development - Research and development expenses for 2024 amounted to RMB 5,089,203 thousand, an increase from RMB 4,402,973 thousand in 2023, indicating a focus on innovation[26]. - The company has established multiple R&D centers recognized by Jiangsu Province, focusing on oncology and other therapeutic areas[12]. - The company is actively involved in expanding its market presence and enhancing its product offerings through strategic R&D initiatives[11]. - The company has 70 innovative drugs in development, including 39 for oncology, 7 for liver diseases, 13 for respiratory diseases, and 6 for surgical/pain relief[102]. Product Portfolio and Innovations - The company has a diverse product portfolio, including various biopharmaceuticals and chemical drugs, with a strong market position in oncology, liver disease, respiratory, and surgical/pain relief[11]. - The company plans to launch new innovative products within the next five years, focusing on original innovation rather than imitation[38]. - The company received approval for 6 innovative products from the NMPA, including 4 Class 1 innovative drugs, achieving a revenue of RMB 12.06 billion from innovative products in 2024, a year-on-year increase of 21.9%[46]. - Revenue from new products launched within the last 5 years reached RMB 10.09 billion in 2024, reflecting a year-on-year growth of 25.4%[46]. Market and Strategic Initiatives - The company aims to become a leading global pharmaceutical enterprise, emphasizing innovation and patient service[11]. - The government has implemented policies to encourage pharmaceutical innovation, which is expected to positively impact the company's growth trajectory[44]. - The company is actively pursuing multiple indications for Gosorese, aiming to establish it as a key product in the oncology field[50]. - The company is focusing on clinical research to provide more academic evidence for the clinical use of its products[56]. Corporate Governance and Management - The board of directors focuses on overall corporate strategy and financial performance, emphasizing sustainable development[123]. - The company has established various committees, including an executive committee and an audit committee, to enhance board efficiency and oversight[125]. - The company emphasizes compliance with legal and regulatory requirements in its governance practices[133]. - The company has adopted a code of conduct for securities trading by directors and senior management, ensuring compliance with the standards set forth in the Listing Rules[162]. ESG and Sustainability - The company received an MSCI ESG rating of A for two consecutive years and improved its S&P CSA score to the top 4% in the global pharmaceutical industry[121]. - The company has implemented a carbon neutrality goal and pathway plan, with annual sustainable energy usage continuously increasing and carbon emission density decreasing[117]. - The company invested a total of RMB 60.11 million in community initiatives, with community service hours totaling 3,213 hours during the year[120]. - The company achieved a 96% pass rate in supplier ESG management self-assessments, identifying 13 key risks and achieving a 100% improvement plan formulation rate[120].

Group 1 - Beijing Tide Pharmaceutical has launched its self-developed terbutaline patch (Derytuo) across major e-commerce platforms and offline pharmacies, marking it as the first domestically produced terbutaline patch in China [1] - The global transdermal drug delivery market is expanding at a compound annual growth rate (CAGR) of 5%, driven by an aging population and increasing chronic disease burden [1][3] Group 2 - The terbutaline patch utilizes innovative sustained-release technology to control the permeation rate, allowing for continuous absorption through the skin, thus overcoming traditional treatment limitations [2] - The patch is approved for patients aged 9 and above, with plans to extend its use to children under 9, potentially opening up the pediatric market [2] Group 3 - The global transdermal patch market is projected to grow from $7.88 billion in 2023 to $10.33 billion by 2029, with a CAGR of approximately 5% from 2024 to 2029 [3] - Beijing Tide has developed a comprehensive technology platform covering gel patches, hot melt adhesive patches, transdermal patches, and microneedle patches, establishing a fully controllable supply chain from raw materials to finished products [3][4] Group 4 - The company has successfully launched five patch products, including the first domestic non-steroidal anti-inflammatory gel patch, which has gained recognition among healthcare providers and patients [4] - With an annual production capacity of 330 million patches, Beijing Tide is accelerating the transformation of laboratory results into clinical value through partnerships with e-commerce platforms and educational content [4]

Core Viewpoint - China Biopharmaceutical has received FDA approval for its drug, Paimapril monoclonal antibody injection, for specific cancer treatments [1] Group 1: FDA Approval Details - The Paimapril monoclonal antibody injection is approved for use in combination with cisplatin or carboplatin and gemcitabine for first-line treatment of recurrent or metastatic non-keratinizing nasopharyngeal carcinoma (NPC) in adult patients [1] - It is also approved as a monotherapy for adult patients with metastatic non-keratinizing nasopharyngeal carcinoma who have experienced disease progression during or after platinum-based chemotherapy and have received at least one prior treatment [1]

Core Viewpoint - China National Pharmaceutical Group's PD-1 monoclonal antibody, Anike (Paimupili injection), has received FDA approval for treating recurrent or metastatic nasopharyngeal carcinoma (NPC) as a first-line therapy and for patients who have failed platinum-based chemotherapy [1][2] Company Summary - Anike is the first innovative drug product from China National Pharmaceutical Group to be approved in the U.S. market [1] - The drug has already been approved for four indications in China, including first-line and subsequent treatment for advanced NPC, and two additional indications for lung cancer and Hodgkin lymphoma [1] - The FDA previously granted breakthrough therapy designation, orphan drug status, and fast track designation for Anike in treating NPC [2] - The CEO of China National Pharmaceutical Group emphasized that the U.S. approval reflects the alignment of China's innovative drug development with international standards and aims to provide new immunotherapy options for NPC patients globally [2] Industry Summary - In 2018, there were approximately 129,000 new cases of NPC globally, accounting for 0.7% of all cancer diagnoses [3] - Over 70% of NPC patients are diagnosed at an advanced stage, and those with recurrent/metastatic NPC have a poor prognosis, with a median overall survival of less than 20 months [3] - There is a significant unmet clinical need for effective treatments for advanced NPC patients [3]

此外，中国生物制药HER2双抗ADC药物TQB2102也将以口头报告形式在此次ASCO年会公布用于晚期 实体肿瘤的首次人体研究数据。 今年ASCO会议将于5月30日至6月3日在美国芝加哥举行。据不完全统计，已有22家中国药企的50多项 研究入选此次口头报告环节。根据大会安排，除"最新突破摘要"外，大部分摘要内容将于5月22日在大 会官网公布。 （文章来源：新华财经） 新华财经南京4月24日电 记者从港股上市药企中国生物制药处获悉，在将召开的美国临床肿瘤学会 （ASCO）年会上，该公司共有12项临床研究入选大会"口头报告"环节，其中有4项报告入选"最新突破 摘要"。 据悉，美国临床肿瘤学会年会是世界上规模领先、学术水平领先、权威性领先的临床肿瘤学会议。中国 生物制药今年共有40多项创新成果亮相本届年会，涉及已上市和在研的10余个创新药，涵盖ADC、双 抗等众多前沿领域。 中国生物制药入选的12项口头报告研究中，"贝莫苏拜单抗+安罗替尼胶囊"占了4项，安罗替尼单用及与 其他疗法联用有5项。其中，贝莫苏拜单抗+安罗替尼头对头对比帕博利珠单抗用于PD-L1阳性晚期非小 细胞肺癌的一线治疗的Ⅲ期临床研究，入选"最新突破 ...

Group 1 - The annual American Society of Clinical Oncology (ASCO) meeting is set to showcase a record number of clinical studies from China National Pharmaceutical Group, with 12 oral presentations and 40 innovative results overall [1][2] - Among the highlighted studies, the combination of Bemarituzumab and Anlotinib is particularly notable, with four presentations focusing on its efficacy against PD-L1 positive advanced non-small cell lung cancer (NSCLC) [2][3] - The ASCO meeting will also feature significant data on Anlotinib, which has been involved in nine studies, marking a milestone for domestic innovative drugs [4] Group 2 - The HER2 bispecific antibody ADC, TQB2102, will present its first human study data at ASCO, with no similar products currently on the market [5] - The CCR8 monoclonal antibody, LM108, will also be discussed, highlighting its potential in pancreatic cancer treatment [5] - The ASCO meeting will take place from May 30 to June 3 in Chicago, with over 50 studies from 22 Chinese pharmaceutical companies included in the oral presentation segment [6]

Summary of Sino Biopharmaceutical (1177.HK) Conference Call Company Overview - **Company**: Sino Biopharmaceutical (1177.HK) - **Fiscal Year End**: December 31 Key Financial Highlights - **FY24 Revenue**: Rmb28.9 billion, an increase of 10.2% year-over-year (yoy) [1] - **Adjusted Net Profit**: Rmb3,457 million, up 33.5% yoy [1] - **Gross Margin**: Increased to 81.5% in FY24 from 81% in FY23 [1] - **R&D Expense Ratio**: Rose to 17.6% from 16.8% in FY23 [1] - **Management Guidance for FY25**: Double-digit growth in revenue and net profit expected [1] Revenue Growth Drivers - **Innovative Drugs**: Contributed 42% of total revenue in FY24, growing by 21.9% yoy to Rmb12 billion [2] - **Generic Drugs**: Grew by 3.1% yoy in FY24; expected to maintain positive growth as the impact of Volume-Based Procurement (VBP) diminishes [2] - **Management's Launch Plan**: Anticipates launching over 10 generic drugs annually [2] Segment Performance - **Oncology Revenue**: Increased by 22.0% yoy to Rmb10.7 billion [3] - **Respiratory Sales**: Grew by 6.2% yoy to Rmb3.1 billion [3] - **Surgery/Analgesia Sales**: Rose by 18.9% yoy to Rmb4.4 billion [3] - **Hepatitis/Cardio-Cerebral Sales**: Decreased by 10.1% and 21% yoy to Rmb3.4 billion and Rmb2.2 billion, respectively [3] Pipeline and Future Prospects - **Upcoming Drug Approvals**: Three innovative drugs expected to be approved in 2025 [4] - TQB3616 for HR+HER2- breast cancer - TQ05105 for myelofibrosis - QP001 for post-operative pain Risks and Concerns - **Biosimilar VBP Risk**: Potential impact from the upcoming nationwide biosimilar VBP in 2025 remains a concern [5] - **Revised Estimates**: FY26 revenue and EPS estimates cut by 5% and 6% respectively to account for potential biosimilar VBP impact [5] Valuation and Investment Strategy - **Target Price**: Lowered to HK$6.20 from HK$7.00, with a Buy recommendation maintained [5][7] - **Market Capitalization**: HK$69.448 billion (approximately US$8.935 billion) [7] - **Expected Share Price Return**: 67.6% [7] - **Expected Total Return**: 69.2% [7] Conclusion Sino Biopharmaceutical is positioned for growth driven by innovative drugs and a stable generic drug market. However, potential risks from biosimilar VBP and the need for successful product launches remain critical factors for investors to consider. The company’s strong R&D capabilities and expanding sales network are expected to benefit its long-term growth trajectory in the Chinese pharmaceutical market.

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 28.87 billion, an increase of 10.2% from RMB 26.20 billion in 2023[3] - Net profit attributable to shareholders increased by 50.1% to RMB 3.50 billion from RMB 2.33 billion[3] - Adjusted net profit under non-HKFRS increased by 33.5% to RMB 3.46 billion from RMB 2.59 billion[3] - The company proposed a final dividend of HKD 0.04 per share, totaling HKD 0.07 per share for the year[3] - The profit attributable to the parent company holders was approximately RMB 349,983 million, representing a year-on-year increase of about 50.1%[38] - The basic earnings per share attributable to the parent company holders was approximately RMB 19.13, an increase of about 51.9% compared to the previous year[38] - The company recorded revenue of approximately RMB 2,886.62 million, representing a year-on-year growth of about 10.2% compared to RMB 2,619.94 million in the previous year[37] - The company recorded a net profit of RMB 4,784,550 for the year ending December 31, 2024, which is an increase from RMB 4,612,639 in the previous year, representing a growth of 3.7%[108] Revenue Breakdown - Revenue from innovative products reached RMB 12.06 billion, representing 41.8% of total revenue, up from 37.8%[3] - New product revenue was RMB 10.09 billion, accounting for 35.0% of total revenue, an increase from 30.7%[3] - Revenue from oncology drugs reached approximately RMB 1,073,363 million, accounting for about 37.2% of total revenue, with a year-on-year growth of approximately 22.0%[44] - Revenue from liver disease drugs was approximately RMB 343,795 million, representing a decrease of about 10.1% year-on-year[45] - Revenue from respiratory system drugs was approximately RMB 315,171 million, accounting for about 10.9% of total revenue, with a year-on-year increase of approximately 6.2%[47] - Revenue from surgical and analgesic drugs was approximately RMB 445,817 million, accounting for about 15.4% of total revenue, with a year-on-year growth of approximately 18.9%[48] Research and Development - Research and development expenses as a percentage of revenue increased to 17.6% from 16.8%[3] - Research and development (R&D) investment totaled approximately RMB 548,767 million, representing about 19.0% of total revenue, with 92.7% accounted for in the income statement[64] - The company has 70 innovative drugs in development, including 39 for oncology and 7 for liver diseases, alongside 65 generic drug products[64] - The company launched six innovative products approved by the National Medical Products Administration (NMPA) in 2024, with innovative product revenue reaching RMB 12.06 billion, a year-on-year increase of 21.9%[21] Market and Product Development - The company continues to focus on innovation and aims to become a leading global pharmaceutical enterprise[7] - The company is positioned to leverage the ongoing reforms in the healthcare system to enhance its market competitiveness and ensure sustainable growth[18] - The company has established a strategic partnership with Boehringer Ingelheim to introduce innovative oncology therapies to the Chinese market[84] - By 2027, the company expects to have over 30 innovative products launched, with innovative product revenue projected to exceed 50% of total revenue[84] Financial Position - The company had cash and bank balances of approximately RMB 956,958 million and total cash reserves of approximately RMB 2,410,686 million at the end of the fiscal year[40] - The total assets of the group as of December 31, 2024, were approximately RMB 65,408.07 million, up from RMB 63,604.82 million as of December 31, 2023, reflecting a growth of about 2.5%[72] - The total liabilities decreased to approximately RMB 22,634.00 million as of December 31, 2024, from RMB 25,434.87 million as of December 31, 2023, resulting in a liability-to-asset ratio of approximately 34.6%, down from 40.0%[72] Corporate Governance and ESG - The company emphasized maintaining high standards of corporate governance and effective communication with investors, hosting significant events to update stakeholders on business developments[65] - The group published its 2023 ESG report in April 2024, which received the "Best ESG Report Award" from BDO, highlighting its commitment to high-quality ESG governance[78] - The company has been recognized with an MSCI ESG rating of A for two consecutive years and has improved its S&P CSA score to the top 4% of the global pharmaceutical industry[80] Discontinued Operations - The company has decided to sell its commercial distribution business in China and osteoporosis and marine drug businesses to focus on four core treatment areas: oncology, liver disease, respiratory system, and surgical/pain management[126] - The sale of the commercial distribution subsidiaries was completed in December 2023, and the company no longer holds any equity in these subsidiaries[126] - The total profit from discontinued operations for the year ending December 31, 2024, was RMB 1,580.13 million, compared to RMB 225.21 million in 2023[129]