瑞银发布研报称，中国生物制药(01177)管理层表示，今年对外授权(BD)业务发展指引需要更多时间才 能确定。预计今年公布的数据结果，包括TQB3702在血癌中的一期临床数据、TQA3334的二期临床数 据，以及lanifibranor针对代谢相关脂肪性肝炎的三期临床数据。该行现予公司"买入"评级，目标价12.2 港元。 至于2025年国家医保药品目录谈判结果，管理层对VIIa的入选前景感到乐观，因只有3间企业获选纳 入。同时，penpulimab首次成功进入医保目录;anlotinib获准扩展至软组织肉瘤一线治疗且未有任何降 价，而Yilishu因报销范围扩大而受益。 ...

智通财经APP获悉，瑞银发布研报称，中国生物制药(01177)管理层表示，今年对外授权(BD)业务发展 指引需要更多时间才能确定。预计今年公布的数据结果，包括TQB3702在血癌中的一期临床数据、 TQA3334的二期临床数据，以及lanifibranor针对代谢相关脂肪性肝炎的三期临床数据。该行现予公 司"买入"评级，目标价12.2港元。 至于2025年国家医保药品目录谈判结果，管理层对VIIa的入选前景感到乐观，因只有3间企业获选纳 入。同时，penpulimab首次成功进入医保目录; anlotinib获准扩展至软组织肉瘤一线治疗且未有任何降 价，而Yilishu 因报销范围扩大而受益。 ...

（文章来源：每日经济新闻） 每经AI快讯，中国生物制药(01177.HK)一度涨超4%，截至发稿涨3.5%，报7.09港元，成交额4.31亿港 元。 ...

中国生物制药（01177）盘中涨超4%，截至发稿，股价上涨3.50%，现报7.09港元，成交额4.39亿港元。 基于销售数据，美银证券微调其2026及2027年收入预测，目标价从9.4港元下调至8.3港元。此外，石药 集团因重点药品销售低迷，被维持"跑输大市"评级。 来源：新浪港股 报告显示，医院渠道销售额按年转降3.3%，零售渠道基本持平。中国生物制药产品表现分化，部分核 心产品销售额增长，但另一些显著下滑。 近日，美银证券发布报告指出，10月中国内地医药行业药品销售额按年下降3%，增速较9月大幅回落， 并重申对中国生物制药的"买入"评级。 ...

Core Viewpoint - China Biologic Products (01177) has seen a stock increase of over 4%, currently trading at 7.09 HKD with a transaction volume of 431 million HKD, as reported by UBS [1] Group 1: Business Development - The management of China Biologic Products indicated that more time is needed to finalize the guidance for its out-licensing (BD) business for this year [1] - Key data results expected this year include Phase I clinical data for TQB3702 in blood cancer, Phase II clinical data for TQA3334, and Phase III clinical data for lanifibranor targeting metabolic-associated fatty liver disease [1] Group 2: Market Outlook - The management is optimistic about the inclusion prospects of VIIa in the 2025 National Medical Insurance Drug List negotiations, as only three companies are selected for inclusion [1] - Penpulimab has successfully entered the medical insurance list for the first time, while anlotinib has been approved for expansion to first-line treatment of soft tissue sarcoma without any price reduction [1] - Yilishu benefits from an expanded reimbursement scope [1] Group 3: Product Information - The VIIa product is the recombinant human coagulation factor VIIa N01 (brand name: Anqixin) developed by China Biologic Products' subsidiary, which received NMPA approval for market entry on July 3, 2025 [1] - This product is the first domestically produced recombinant human coagulation factor VIIa biological product, breaking the long-standing monopoly of imported products, improving drug accessibility for hemophilia patients, and reducing treatment costs [1]

瑞银发布研报称，中国生物制药管理层表示，今年对外授权(BD)业务发展指引需要更多时间才能确 定。预计今年公布的数据结果，包括TQB3702在血癌中的一期临床数据、TQA3334的二期临床数据， 以及lanifibranor针对代谢相关脂肪性肝炎的三期临床数据。至于2025年国家医保药品目录谈判结果，管 理层对VIIa的入选前景感到乐观，因只有3间企业获选纳入。同时，penpulimab首次成功进入医保目 录；anlotinib获准扩展至软组织肉瘤一线治疗且未有任何降价，而Yilishu因报销范围扩大而受益。 中国生物制药(01177)涨超4%，截至发稿，涨3.5%，报7.09港元，成交额4.31亿港元。 公开资料显示，中国生物制药的VIIa品种是旗下正大天晴开发的注射用重组人凝血因子VIIa N01(商品 名：安启新)，2025年7月3日获NMPA批准上市。作为国内首个国产重组人凝血因子VIIa类生物制品，打 破了进口产品长期垄断的局面，提高了抑制物阳性血友病患者的用药可及性，降低了患者治疗成本。 ...

Group 1 - The core point of the news is that China Biologic Products (01177.HK) has seen significant insider buying from its executive director, demonstrating confidence in the company's long-term development [1] - Executive Vice President Xie Xin purchased 1 million shares at an average price of HKD 6.4068 per share, totaling approximately HKD 6.4068 million, increasing his holdings to 361 million shares, representing 1.92% of the company [1] - This marks Xie Xin's third purchase since July 2025, with previous purchases made at average prices of HKD 6.47 and HKD 7.36, indicating a total investment of over HKD 20 million in the past six months [1] Group 2 - The mid-year report for 2025 indicates that China Biologic Products' innovative transformation is showing significant results, with expectations that revenue from innovative products will exceed 50% of total revenue [2] - The company has achieved several milestones since December last year, including the approval of the breast cancer innovative drug Kemosil capsules, which is the world's first CDK2/4/6 inhibitor [2] - Other notable advancements include the clinical application approvals for the oral GLP-1 receptor agonist TQF3250 for weight loss by both the NMPA and FDA, and positive progress in the phase II clinical trial of the TYK2/JAK1 inhibitor TQH3906 for plaque psoriasis [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國生物製藥有限公司 呈交日期: 2026年1月2日 I. 法定/註冊股本變動 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01177 | 說明 | - | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 30,000,000,000 | | HKD | | 0.025 HKD | | 750,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 30,000,000,000 | HKD | | 0.025 HKD | | 750, ...

Core Viewpoint - China Biologic Products (01177.HK) has announced that its self-developed TDI01, a ROCK2 inhibitor for the treatment of idiopathic pulmonary fibrosis (IPF), has completed the enrollment of its first patient in a Phase III clinical trial, marking it as the world's first high-selectivity ROCK2 inhibitor to enter Phase III for IPF [1] Group 1: Product Development - TDI01 is a highly selective ROCK2 kinase inhibitor achieved through structural innovation, targeting the vascular secretion system, which is crucial for regulating vascular leakage, fibrosis, inflammation, and immune disorders [1] - The high selectivity of TDI01 for ROCK2 is expected to optimize the drug's safety profile and potentially provide clinical benefits superior to existing standard therapies [1] Group 2: Clinical Trial Results - Phase II clinical trial data showed that after 24 weeks of treatment, patients in the TDI01 400mg group experienced an improvement of 89mL in forced vital capacity (FVC) compared to the placebo group, significantly reducing the risk of all-cause mortality [1] - TDI01 also effectively reduced the risk of acute exacerbation and progression of IPF, with a lower incidence of serious adverse events and drug discontinuation due to adverse events compared to standard treatment options, demonstrating good safety and tolerability [1]

Core Viewpoint - China Biopharmaceutical (01177) has announced that its self-developed TDI01 "ROCK2 inhibitor" for the treatment of idiopathic pulmonary fibrosis (IPF) has completed the enrollment of its first patient in a Phase III clinical trial, marking it as the world's first high-selectivity ROCK2 inhibitor to enter Phase III clinical trials for IPF [1] Group 1 - TDI01 is a highly selective ROCK2 kinase inhibitor achieved through structural innovation, targeting the vascular secretion system, which is crucial for regulating vascular leakage, fibrosis, inflammation, and immune disorders, thereby intervening in the complex pathogenesis of IPF from multiple dimensions [1] - The high selectivity of TDI01 for ROCK2 is expected to optimize the drug's safety window and potentially provide clinical benefits superior to existing standard therapies [1] Group 2 - Phase II clinical trial data shows that after 24 weeks of treatment, patients in the TDI01 400mg group experienced an improvement of 89mL in forced vital capacity (FVC) compared to the placebo group, significantly reducing the risk of all-cause mortality and effectively lowering the risk of acute exacerbation and progression of IPF [1] - In terms of safety, the incidence of serious adverse events and the rate of discontinuation due to adverse events in the TDI01 treatment group were lower than those of similar standard treatment drugs, demonstrating TDI01's good safety and tolerability profile [1]