Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 3.25, indicating a potential upside of 15.6% from the current price of HKD 2.81 [1]. Core Insights - The company is expected to see a gradual increase in the proportion of innovative drugs, which will likely enhance revenue growth in the future. The innovative drug revenue grew by 13.3% year-on-year to HKD 9.89 billion, accounting for 37.8% of total revenue [1]. - The company’s adjusted net profit for 2023 is projected to increase by 1.5% to HKD 2.59 billion, despite a decline in net profit attributable to shareholders by 8.3% to HKD 2.33 billion [1]. - The company has a robust pipeline of innovative products, with several expected to launch in the coming years, which will contribute to revenue growth [1]. Financial Summary - For 2023, the company reported total revenue of HKD 26.2 billion, a slight increase of 0.7% year-on-year. The revenue breakdown includes oncology drugs (33.6%), liver disease (14.6%), respiratory (11.3%), and others [1][2]. - The gross margin decreased by 1.8 percentage points to 81.0%, while R&D expenses amounted to HKD 4.7 billion, representing 18% of total revenue [1]. - The company’s operating cash flow decreased by 3% year-on-year to HKD 6.07 billion, with cash reserves reaching HKD 21.1 billion, including net cash of HKD 9.27 billion [1]. Product Pipeline - The company’s innovative product pipeline includes several key drugs, with expected launches in 2024 and 2025, such as Bemarituzumab and TQB3616, which are anticipated to significantly impact revenue [1]. - The company’s subsidiary, invoX, has shown promising results with its FS222 product, indicating strong potential for future development [1]. Market Position - The company has a market capitalization of HKD 52.8 billion, with a P/E ratio of 20.7 for 2024, reflecting its growth potential in the pharmaceutical industry [1][2].

Investment Rating - The report maintains a "Buy" rating for China Biopharmaceutical (1177) [2][3]. Core Views - The company is experiencing a harvest period with multiple pipelines coming to fruition, including the approval of self-developed PD-L1 inhibitors and other innovative drugs. The stock incentive plan reflects confidence in long-term development [2]. - The company has adjusted its EPS forecasts for 2024-2026 to 0.15, 0.18, and 0.21 RMB respectively, up from previous estimates [2]. - The strategic partnership with Boehringer Ingelheim aims to co-develop oncology drug pipelines in China, enhancing the company's clinical pipeline [2]. Financial Summary - Revenue for 2023 is projected at 26,199 million RMB, with a growth forecast of 14.8% for 2024, 10.5% for 2025, and 12.7% for 2026 [6]. - The net profit for 2023 is estimated at 2,332 million RMB, with expected growth rates of 24.7% in 2024, 16.0% in 2025, and 15.2% in 2026 [6]. - The company's PE ratio is projected to decrease from 25 in 2023 to 14 by 2026, indicating potential valuation improvement [6].

Financial Performance - The company reported a continuous growth in revenue, with a year-on-year increase of 15% in the last fiscal year, reaching approximately CNY 10 billion[24]. - In 2023, the company's revenue reached RMB 26,199,409 thousand, a slight increase from RMB 26,026,164 thousand in 2022, while the cost of sales was RMB (4,989,877) thousand compared to RMB (4,487,616) thousand in the previous year[25]. - Gross profit for 2023 was RMB 21,209,532 thousand, down from RMB 21,538,548 thousand in 2022, indicating a decrease of approximately 1.5%[25]. - The net profit attributable to the parent company was RMB 2,331,939 thousand in 2023, a decrease of 8.3% from RMB 2,543,570 thousand in 2022[25]. - The total profit for the year, including discontinued operations, was RMB 5,097,398 thousand, slightly up from RMB 5,002,618 thousand in 2022[25]. - The company reported a pre-tax profit of RMB 5,409,906 thousand for 2023, compared to RMB 5,214,869 thousand in 2022, showing a growth of approximately 3.8%[25]. - The company recorded revenue of approximately RMB 26,199.41 million, an increase of about 0.7% compared to the same period last year[59]. - Profit attributable to equity holders of the parent company was approximately RMB 2,331.94 million, a decrease of about 8.3% year-on-year[59]. - The company’s total profit for the year 2023 was RMB 5,097,398 thousand, slightly up from RMB 5,002,618 thousand in 2022, representing an increase of about 1.89%[175]. - The company’s financial costs for 2023 were RMB (495,237) thousand, compared to RMB (429,494) thousand in 2022, reflecting an increase of approximately 15.34%[175]. Research and Development - The innovative drug 福可維 (Anlotinib Hydrochloride Capsules) received regulatory approval in May 2018, contributing significantly to the company's oncology product line[17]. - The company has successfully developed a pipeline of innovative drugs, including 安尼可 (Pamiparib Injection) and 亿立舒 (Aibolizumab Injection), which are expected to drive future growth[5]. - Research and development expenses for 2023 were RMB (4,402,973) thousand, an increase from RMB (4,164,498) thousand in 2022, reflecting a focus on innovation[25]. - The group has 43 innovative drug candidates in the oncology field at clinical stages, including five in the listing application stage and 13 in Phase II trials, with expectations of seven innovative drugs and nine biosimilars being approved from 2024 to 2026[36]. - The group is actively developing D-1553, a KRAS G12C inhibitor, with plans for multiple clinical trials and a potential market launch in the coming years[36]. - The company aims to enhance R&D efficiency and quality in four major therapeutic areas: oncology, liver disease, respiratory, and surgical/pain relief[61]. - The company has 145 products under development, including 60 oncology drugs and 67 Class I innovative products[74]. Market Position and Strategy - The company has been recognized as one of the "Top 50 Global Pharmaceutical Companies" for five consecutive years from 2019 to 2023, highlighting its strong market position[16]. - The company plans to expand its market presence internationally, leveraging its strong R&D capabilities and established production bases across China[6]. - The company is committed to enhancing its market position through strategic initiatives, including potential mergers and acquisitions, to drive growth in a competitive landscape[33]. - The company is focused on business development and expanding its operational capabilities through strategic partnerships and collaborations[157]. - The company is actively involved in mergers and acquisitions, with a focus on expanding its market presence and enhancing its product offerings[156]. Corporate Governance - The company adheres to high standards of corporate governance, ensuring accountability and promoting shareholder interests[86]. - The board consists of seven executive directors, including the chairperson and CEO, and five independent directors[91]. - Independent directors account for more than one-third of the board, providing valuable independent perspectives and judgments[92]. - The board has established various committees, including an executive committee, audit committee, remuneration committee, nomination committee, and ESG committee[90]. - The company has a structured approach to corporate governance, including the formulation and review of governance policies and practices[93]. - The company emphasizes the importance of independent directors, with those serving over nine years requiring additional disclosure for re-election[95]. Environmental, Social, and Governance (ESG) Initiatives - The company achieved a total of 651 ESG indicators managed through its digital platform, covering all key member enterprises' ESG key performance management[83]. - The company was recognized as a "National Green Factory" and "Provincial Green Factory" for its commitment to building an environmentally friendly enterprise[84]. - The company is focused on ESG initiatives, with plans to invest 5 million in sustainability projects over the next two years[161]. - The ESG strategy emphasizes "CARE," focusing on disease treatment, pharmaceutical accessibility, environmental friendliness, and win-win relationships[104]. - The company actively engaged in social responsibility initiatives, contributing to disaster relief, rural revitalization, and health equity[84]. Financial Position and Assets - The total assets of the company as of 2023 amounted to RMB 63,604,819 thousand, while total liabilities were RMB (25,434,866) thousand, resulting in net assets of RMB 38,169,953 thousand[25]. - The company maintained a strong liquidity position with cash and bank balances of approximately RMB 94,518.8 million as of December 31, 2023, down from RMB 120,662.2 million as of December 31, 2022[77]. - The asset-to-liability ratio improved to approximately 40.0% as of December 31, 2023, from 40.8% as of December 31, 2022[80]. - The company’s total equity increased to RMB 38,169,953 as of December 31, 2023[126]. - The company’s total current assets decreased to RMB 23,805,531 thousand in 2023 from RMB 25,934,905 thousand in 2022, a decline of approximately 8.2%[178]. Shareholder Information - The company declared an interim dividend of HKD 0.02 per share, totaling approximately HKD 367,985,000 (equivalent to about RMB 332,324,000)[123]. - The board proposed a final dividend of HKD 0.03 per share for the fiscal year ending December 31, 2023, subject to shareholder approval[123]. - The company maintained a public shareholding ratio of over 25% throughout the year[150]. - The company has a total of 2,280,754,761 shares held by Ms. Xie Qirun, representing approximately 12.13% of the issued share capital[138]. - The company has implemented a share buyback plan with a total budget of up to HKD 1 billion, of which HKD 141.42 million was utilized for share repurchases and incentive share purchases by December 31, 2023[81].

参加本次中金公司中国生物制药订划更新订划会议目前所有参会者均处于静音状态现在开始播报免费声明声明播报完毕后主持人可直接开始发言 谢谢本次会议为中国国际金融股份有限公司中金公司闭门会议仅限受邀嘉宾参会未经中金公司和演讲嘉宾书面许可 任何机构和个人不得以任何形式将会议内容和相关信息对外公布转发转载传播复制编辑修改等如有上述违法行为中兴公司保留追究相关方法律责任的权利This meeting is a closed-door meeting of China International Capital Corporation Limited, CICC, and only invited guests allowed to attend. 大家下午好欢迎参加中国生物质药近况更新电话交流会 那我是中金医药分析师余波和我一起主持的还有我的同事石正阳那么今天呢也是看的就是本周也是看到公司的一个股价有一些波动然后当然这个其实也是跟港股近期的整个这个表现也是 比较相关的但是我们还是邀请公司的资本市场负责人雷明总再跟我们更新一下公司的一个近况以及其实我们最近也看到公司其实也发了挺多公告关于股权回购股票的回购然后也关于很多 产品 ...

智通财经APP讯，中国生物制药(01177)发布公告，该集团自主研发的1类创新药罗伐昔替尼片“Rovadicitinib (TQ05105)”用于治疗中高危骨髓纤维化(MF) 的关键注册临床研究已达到主要终点。集团已与中国国家药品监督管理局药品审评中心(CDE)就TQ05105片的上市申请进行了沟通，并获得CDE同意提交本品上市申请的意见。集团将于近期递交TQ05105片的上市申请。 TQ05105是集团自主研发的一款具有全新化学结构的JAK/ROCK抑制剂。体外试验结果显示， TQ05105能够有效抑制JAK家族激酶活性及ROCK激酶活性，能显着抑制细胞中STAT3和STAT5的磷酸化水平，从而抑制JAK/STAT信号通路传导作用，进而发挥抗肿瘤活性。 该集团于2023年美国血液学年会(ASH)公布了TQ05105用于治疗骨髓增殖性肿瘤(MPN)的I期临床研究数据。结果表明，TQ05105具有良好的人体药代动力学行为，安全性良好，毒性可耐受，且脾臟缩小疗效(最佳缩脾率63.79%)和改善患者体质症状(最佳改善率为87.50%)作用显着，作用时间持久，能够为MF患者带来更多的临床选择。 MF是一种瀰漫性骨髓纤 ...

股 票 研 究 [Table_industryInfo] 医药 [Table_Main[中TIna国fbole] 生_T物itle制] 药（1177） [评Tab级le_：Invest] 增持 当前价格（港元）： 2.97 降本增效成果显著，创新转型迎收获期 2024.04.03 海 [交Ta易bl数e_据Market] 外 谈嘉程 52周内股价区间（港元） 2.66-4.62 公 当前股本（百万股） 18,801 021-38038429 当前市值（百万港元） 55,840 司 tanjiacheng@gtjas.co （ 证书编号 BTE865 [Table_PicQuote] 中 本报告导读： 国 公司2023年业绩整体符合预期。聚焦肿瘤、肝病、呼吸、外科/镇痛四大领域，创新 转型持续提速。多重举措下运营效率持续提高，降本增效效果显著。维持增持评级。 香 摘要： 港 [Tabl维e_持Su“mm增a持ry]”评级。公司2023年实现收入262.0亿元(同比+0.7%)(剔 ） 除已终止经营业务)，归母净利润 23.3 亿元(同比-8.3%)，经调整 Non-HKFRS归母净利润25.9亿元(同比+1. ...

Investment Rating - The report gives a "Buy" rating for China Biopharmaceuticals (1177) for the first time [1]. Core Views - China Biopharmaceuticals is a leading large pharmaceutical company with strong commercialization capabilities, firmly committed to an innovative strategic transformation [1]. - The company has successfully transitioned from a generics-focused business to a leading player in innovative drugs, with a rich pipeline of innovative products [1][4]. - The revenue for 2023 was 26.376 billion yuan, a year-on-year decrease of 8.71%, while the net profit attributable to shareholders was 2.33 billion yuan, down 8.32% year-on-year [1][8]. Summary by Sections Company Overview - China Biopharmaceuticals is a subsidiary of Charoen Pokphand Group, established in 1921, and entered the Chinese pharmaceutical market in the 1990s [4]. - The company has evolved from primarily generics to innovative drugs, with significant investments in various pharmaceutical companies [4][5]. Financial Performance - The company’s total revenue increased from 20.951 billion yuan in 2018 to 26.376 billion yuan in 2023, with a compound annual growth rate (CAGR) of 4.57% [8][10]. - The innovative drug revenue for 2023 was 9.89 billion yuan, up 13.3% year-on-year, accounting for 37.8% of total revenue [1][12]. Innovation and R&D - The company has a pipeline of 57 innovative products, with over 10 expected to launch between 2024 and 2026 [1][12]. - R&D investment for innovative drugs accounted for 84% of total R&D spending, with a focus on four core therapeutic areas [1][14]. Market Position and Strategy - The company has cleared most risks associated with centralized procurement, with generics revenue showing stability [1][19]. - The oncology sector has become the largest revenue contributor, with sales growing from 3.188 billion yuan in 2018 to 8.801 billion yuan in 2023, reflecting a CAGR of 22.52% [10][12]. Future Outlook - Revenue projections for 2024, 2025, and 2026 are 31.730 billion yuan, 36.961 billion yuan, and 41.159 billion yuan, respectively, with expected growth rates of 21%, 16%, and 11% [2][12]. - The net profit attributable to shareholders is projected to be 2.583 billion yuan, 3.129 billion yuan, and 3.626 billion yuan for the same years, with growth rates of 11%, 21%, and 16% [2][12].

浦银国际研究 公司研究|医药行业 中国生物制药（1177.HK）：BI 战略合作 阳景 浦 首席医药分析师 银 开启，国内肿瘤管线更上层楼 Jing_yang@spdbi.com 国 (852) 2808 6434 际 ● 公司和勃林格殷格翰达成战略合作，共同在中国大陆开发和商业化 胡泽宇 CFA BI 肿瘤管线：今天（4月8 日）公司宣布和勃林格殷格翰（Boehringer 医药分析师 Ingelheim, BI）达成战略合作，共同在中国大陆开发和商业化 BI肿瘤管 ryan_hu@spdbi.com 线，包括 3 个处于临床开发阶段的资产及若干早期资产。目前交易对 (852) 2808 6446 价未披露。产品收入将计入中生财务报表，预计将实现双位数利润率。 ● 此战略合作是一项正面惊喜，显示出跨国药企对公司强大商业化能 2024年4月9日 力的认可和公司出色的 BD 能力：跨国药企与国内大药企达成多产品 战略合作实属罕见，一方面显示出 BI对公司在国内肿瘤领域商业化能 公 力的高度认可，另一方面，公司能够赢得跨国大药企的信任，也说明 评级 司 公司人才文化日趋国际化，BD 能力出色。 研 究 ...

Investment Rating - The report maintains a "Buy" rating for China Biologic Products (1177 HK) with a target price of HKD 4.80, indicating a potential upside of 69.6% from the current closing price of HKD 2.83 [1][7]. Core Insights - The report highlights a significant strategic partnership with Boehringer Ingelheim (BI) to develop and commercialize BI's oncology pipeline in mainland China, which includes three late-stage clinical assets and several early-stage candidates. The combined peak sales for these products in mainland China are projected to reach RMB 5 billion by 2030, with a double-digit profit margin expected from the sales profits [1]. - The report emphasizes the differentiated targets and indications in the oncology pipeline, particularly focusing on three key products: Brigimadlin, Zongertinib, and BI 764532, each with promising clinical trial results and expected market entry dates in China ranging from 2025 to 2028 [1][5]. Financial Summary - Revenue projections show a gradual increase from RMB 26,026 million in 2022 to RMB 38,337 million by 2026, with a compound annual growth rate (CAGR) of approximately 12.6% from 2023 to 2024 [4][8]. - Net profit is expected to recover from RMB 2,332 million in 2023 to RMB 3,859 million by 2026, reflecting a positive growth trajectory [4][8]. - The earnings per share (EPS) is projected to rise from RMB 0.13 in 2023 to RMB 0.21 in 2026, indicating a strong recovery and growth potential [4][8]. Clinical Pipeline Overview - Brigimadlin, a first-in-class MDM2-p53 antagonist, is in late-stage trials for DDLPS and is expected to launch in China by 2025. Clinical trial results show an overall response rate (ORR) of 19.0% and a disease control rate (DCR) of 84.8% [1][5]. - Zongertinib, a selective HER2 inhibitor, has shown promising results in treating NSCLC with an ORR of 73.9% and is anticipated to be available in China by 2027 [1][5]. - BI 764532, a DLL3/CD3 bispecific T-cell engager, is in early-stage trials and is expected to complement existing treatments for SCLC, with a projected launch in 2028 [1][5].

浦银国际研究 公司研究|医药行业 中国生物制药（1177.HK）：创新药有望推 阳景 浦 首席医药分析师 银 动 2024 年达成双位数收入增速指引 Jing_yang@spdbi.com 国 (852) 2808 6434 际 2023 年业绩弱于预期，主要系反腐背景下仿制药收入不及预期所致。随 胡泽宇 CFA 着创新药收入的增长及集采风险的出清，2024 年收入有望实现双位数增 医药分析师 速。5个BD交易有望于24年达成。维持 “买入”评级和目标价4.5港元。 ryan_hu@spdbi.com ● 2023年整体业绩弱于预期：2023年全年公司实现收入262亿元（+0.7% (852) 2808 6446 YoY），归母净利润 23.3 亿元（-8.3% YoY），经调整 Non-HKFRS 归母净 利润25. 9 亿元（+1.5% YoY）。全年收入和经调整归母净利润均低于我 2024年4月3日 们预期和彭博一致预期，主要由于肿瘤、肝病、外科麻醉等板块收入 公 不及预期。考虑到创新药全年收入为 98.9 亿元，基本符合公司之前指 司 评级 引，我们推测主要是反腐背景下仿制药收入不及预期所致。从2H2 ...