LM-302目前正在中国开展Ⅲ期临床试验，用于治疗经二线及以上系统治疗后进展的CLDN18.2阳性局部 晚期或转移性胃及胃食管交界部腺癌。此次纳入突破性治疗药物程序，有望加速LM-302的上市进程， 尽早为更多CLDN18.2阳性胃癌患者带来创新治疗选择。 2025年美国临床肿瘤学会(ASCO)年会上，礼新医药公布了LM-302联合PD-1单抗治疗胃癌的最新研究数 据：在41例疗效可评估的患者中，ORR为65.9%，DCR为85.4%。CLDN18.2≥25%的患者32例，ORR为 71.9%，DCR为96.9%。研究结果显示，LM-302联合方案在CLDN18.2阳性患者中具有良好的抗肿瘤活 性且安全性可控[1]。 格隆汇8月19日丨中国生物制药(01177.HK)公告，集团全资附属公司礼新医药科技(上海)有限公司("礼新 医药")自主研发的创新药LM-302"CLDN18.2ADC"已被中国国家药品监督管理局药品审评中心(CDE)纳 入突破性治疗药物程序(BTD)，用于联合PD-1单抗一线治疗CLDN18.2阳性的局部晚期或转移性胃及胃 食管交界部腺癌。 LM-302是一款潜在同类首创(first-in- ...

Core Viewpoint - The company reported better-than-expected performance for 1H25, driven by innovative product revenue growth and dividend income [1][2]. Group 1: Financial Performance - In 1H25, the company achieved revenue of 17.575 billion yuan, a year-on-year increase of 10.7% [1]. - The net profit attributable to shareholders was 3.389 billion yuan, up 12.3% year-on-year, while adjusted net profit reached 3.088 billion yuan, reflecting a significant increase of 101.1% [1]. - The revenue from innovative products amounted to 7.799 billion yuan, growing by 27.2% year-on-year, accounting for 44.4% of total revenue [1]. Group 2: Growth Drivers - The company’s revenue growth was primarily driven by innovative products, with oncology drug revenue reaching 6.694 billion yuan (up 24.9% YoY) and surgical analgesics revenue at 3.105 billion yuan (up 20.2% YoY) [1][2]. - The company anticipates that innovative product revenue will exceed 50% of total revenue by 2025, with several new products expected to be approved in 2H25 [1]. Group 3: Management Efficiency - The company improved its gross margin to 82.5%, an increase of 0.4 percentage points year-on-year, while the sales and management expense ratio decreased to 42.9% [2]. - The number of marketing personnel declined by 8.6% year-on-year, but productivity per marketing employee increased by 21.8%, indicating enhanced team efficiency [2]. Group 4: Strategic Initiatives - The acquisition of Lixin Pharmaceutical is expected to accelerate the company’s innovation pipeline, particularly in oncology [2]. - The company is focusing on key therapeutic areas, including lung cancer, breast cancer, and gastrointestinal cancers, with several clinical trials underway [2]. Group 5: Profit Forecast and Valuation - The company raised its adjusted net profit forecasts for 2025 and 2026 by 16.9% and 17.2%, respectively, to 4.470 billion yuan and 4.921 billion yuan [3]. - The current stock price corresponds to a 30.4x and 27.2x adjusted P/E ratio for 2025 and 2026, respectively, with a target price increase of 17.1% to 8.90 HKD, indicating a potential upside of 12.5% from the current price [3].

Core Viewpoint - The company reported a 10.7% year-on-year revenue growth in the first half of 2025, reaching 17.58 billion yuan, with a net profit attributable to shareholders increasing by 12.3% to 3.39 billion yuan, indicating strong operational performance and growth potential in innovative products [1][2]. Financial Performance - The adjusted net profit, excluding one-time gains, grew by 101.1% year-on-year to 3.09 billion yuan, surpassing expectations [1]. - The comprehensive gross margin improved by 0.4 percentage points to 82.5%, while the sales and management expense ratio decreased by 0.2 percentage points to 42.9% [1]. - Research and development expenses rose by 23.6% to 3.19 billion yuan, with an R&D expense ratio of 18.1% [1]. Innovation and Product Pipeline - Revenue from innovative products surged by 27% year-on-year to 7.8 billion yuan, contributing 44% to total revenue, up from 39% in the first half of 2024 [1][2]. - The company expects the number of innovative products to increase to 21 by 2025 and over 35 by 2027, with sales contribution projected to rise from 50% in 2025 to 60% in 2027 [2]. Strategic Acquisitions - The company announced the acquisition of Lixin Pharmaceutical for a net price of 500 million USD, which includes eight clinical-stage products and over 20 preclinical assets, enhancing its ADC and bispecific antibody pipeline [3]. - The acquisition is expected to strengthen the company's R&D capabilities and enrich its innovative pipeline [3]. Earnings Forecast and Target Price - The adjusted diluted earnings per share forecast for 2025 was raised from 0.20 yuan to 0.23 yuan, with subsequent increases for 2026 and 2027 [1][3]. - The target price was increased from 4.9 HKD to 10.2 HKD, reflecting a potential upside of 29%, while maintaining a buy rating [1][3].

交银国际发布研报称，中国生物制药(01177)在创新药和生物类似药的放量驱动下，上半年收入录得双 位数增长;受益于投资收益，公司整体利润实现高增长，但在研发投入加大的影响下，核心制药业务的 分部利润在短期内略有承压。目标价由8港元升至9.1港元，维持"买入"评级。 展望未来，该行继续看好公司已上市创新产品快速放量、自研管线价值长期内持续兑现、以及近期潜在 重磅BD交易对收入增厚和股价的推动作用，上调公司2025年收入预测4%，以反映礼新技术转移里程碑 收款的贡献。交银国际上调中生制药2025年至2027年经调整净利润至51亿、44亿及53亿元人民币，以反 映2025年更高的投资收益预测、以及合作收入占比提升+降本增效努力下利润率的改善空间。 ...

展望未来，该行继续看好公司已上市创新产品快速放量、自研管线价值长期内持续兑现、以及近期潜在 重磅BD交易对收入增厚和股价的推动作用，上调公司2025年收入预测4%，以反映礼新技术转移里程碑 收款的贡献。交银国际上调中生制药2025年至2027年经调整净利润至51亿、44亿及53亿元人民币，以反 映2025年更高的投资收益预测、以及合作收入占比提升+降本增效努力下利润率的改善空间。 智通财经APP获悉，交银国际发布研报称，中国生物制药(01177)在创新药和生物类似药的放量驱动下， 上半年收入录得双位数增长;受益于投资收益，公司整体利润实现高增长，但在研发投入加大的影响 下，核心制药业务的分部利润在短期内略有承压。目标价由8港元升至9.1港元，维持"买入"评级。 ...

交银国际发表研报指，中国生物制药在创新药和生物类似药的放量驱动下，上半年收入录得双位数增 长；受益于投资收益，公司整体利润实现高增长，但在研发投入加大的影响下，核心制药业务的分部利 润在短期内略有承压。 展望未来，该行继续看好公司已上市创新产品快速放量、自研管线价值长期内持续兑现、以及近期潜在 重磅BD交易对收入增厚和股价的推动作用。该行上调中生制药2025年至2027年经调整净利润预测至51 亿、44亿及53亿元，目标价由8港元上调至9.1港元，维持"买入"评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 9.40, representing a potential upside of 27.2% from the current price of HKD 7.39 [3][6]. Core Insights - The company reported a revenue growth of 10.7% year-on-year to RMB 17.57 billion in 1H25, with adjusted net profit increasing by 101.1% to RMB 3.09 billion. The revenue and adjusted net profit for 1H25 accounted for 54.6% and 79.6% of the full-year forecasts, respectively [1][6]. - The revenue from innovative products grew strongly by 27.2% year-on-year to RMB 7.80 billion, representing 44.4% of total revenue, indicating sustained rapid growth in innovative products [1][6]. - The management maintains a full-year guidance for double-digit organic growth based on the rapid growth of innovative products and stable expectations for generic drug business [1][6]. Financial Summary - For FY25E, the company is projected to achieve sales revenue of RMB 34.38 billion, reflecting a year-on-year growth of 19.1% [2][7]. - Adjusted net profit for FY25E is expected to reach RMB 6.27 billion, with a significant growth rate of 81.3% compared to the previous year [2][7]. - The adjusted earnings per share (EPS) for FY25E is forecasted at RMB 0.33, with an adjusted price-to-earnings (P/E) ratio of 20.5 times [2][7]. Pipeline and Market Potential - The company has a rich and differentiated pipeline, with several products showing potential for global top-tier status. The acquisition of Lixin Pharmaceutical has further strengthened its R&D capabilities [6][9]. - Key products such as TQB2868 (PD-1/TGF-β dual antibody) have shown impressive efficacy in clinical trials, with an overall response rate (ORR) of 63.9% in Phase II trials for pancreatic cancer, significantly higher than traditional chemotherapy [6][9]. - The company is expected to announce multiple important clinical data releases in 2H25, which could further enhance its market position [6][9].

Investment Rating - The report maintains a "Buy" rating for China Biopharmaceutical (1177.HK) and raises the target price to HKD 9.1, indicating a potential upside of 15% from the current price of HKD 7.91 [5][6]. Core Insights - In 1H25, the adjusted net profit significantly exceeded expectations, primarily benefiting from a doubling of dividend income from Sinovac. The total revenue for 1H25 was approximately RMB 17.57 billion, reflecting a year-on-year increase of 10.7% and a quarter-on-quarter increase of 35.3% [2][3]. - The company reiterated its guidance for double-digit revenue and adjusted net profit growth for the full year, with the oncology segment showing the fastest growth rate among all segments at 24.9% year-on-year [2][3]. Summary by Sections Financial Performance - For 1H25, the company achieved total revenue of RMB 17.57 billion, with adjusted net profit reaching RMB 3.09 billion, marking a year-on-year increase of 101.1% and a quarter-on-quarter increase of 60.7%. The profit margin improved, with gross margin at 82.5% and adjusted net profit margin at 17.6% [2][3]. - The revenue from innovative products accounted for 44.4% of total revenue, with expectations to increase to 50% by the end of the year. The innovative product revenue reached RMB 7.8 billion, growing 27.2% year-on-year [3][4]. Product Development and Market Expansion - The company is expected to finalize its first overseas licensing deal soon, with several research pipelines anticipated to yield data releases shortly. Key products include TQC3721 and TQB2102, among others, which are expected to show promising results in upcoming clinical trials [4][5]. - The management has indicated that the innovative drugs are projected to achieve over 30% revenue growth, supported by new product launches in 2023-2024 [3][4]. Valuation and Forecast - The adjusted net profit estimates for 2025, 2026, and 2027 have been raised to RMB 5.3 billion, RMB 5.8 billion, and RMB 6.5 billion, respectively, due to the inclusion of sustainable BD income and slight adjustments in innovative drug revenue growth [5][6]. - The DCF valuation model, with a WACC of 8.2% and a perpetual growth rate of 3%, supports the new target price of HKD 9.1 [5][6].

Investment Rating - The report maintains a "BUY" rating for the company, with a target price raised from HK$4.9 to HK$10.2, indicating a potential upside of 29% [6][17]. Core Insights - The company reported a 10.7% year-on-year increase in revenue for the first half of 2025, reaching Rmb17.58 billion, and a 12.3% increase in net profit to Rmb3.39 billion. Adjusted net profit, excluding one-off gains, surged by 101.1% to Rmb3.09 billion, surpassing expectations [6][13]. - The gross margin improved by 0.4 percentage points to 82.5%, while the selling, general, and administrative expenses ratio decreased by 0.2 percentage points to 42.9% [6][13]. - R&D expenses rose by 23.6% to Rmb3.19 billion, with an R&D expense ratio of 18.1%. The company has a cash reserve of approximately Rmb30.5 billion and net cash of Rmb18.5 billion as of June 2025 [6][13]. Summary by Sections Financial Performance - Revenue for the first half of 2025 was Rmb17.58 billion, a 10.7% increase year-on-year. Net profit reached Rmb3.39 billion, up 12.3% year-on-year. Adjusted net profit, excluding one-off items, was Rmb3.09 billion, reflecting a 101.1% increase [6][13]. - The company’s gross margin increased to 82.5%, and the SG&A ratio decreased to 42.9% [6][13]. Innovative Product Growth - Sales of innovative products grew by 27% year-on-year to Rmb7.80 billion, contributing 44% to total revenue in the first half of 2025, up from 39% in the same period last year [7][14]. - The company launched two innovative products in the first half of 2025 and expects to increase the number of innovative products to 21 by 2025 and over 35 by 2027 [8][15]. Acquisition and Pipeline Expansion - The acquisition of LaNova Medicines for a net consideration of US$500 million is expected to enhance the company’s R&D capabilities and expand its innovative pipeline [9][16]. - LaNova Medicines has eight clinical-stage products and over 20 pre-clinical assets, with collaborations with major pharmaceutical companies [9][16].

LM-302目前正在中国开展Ⅲ期临床试验，用于治疗经二线及以上系统治疗后进展的CLDN18.2阳性局部晚期或转移性胃及胃食管交界部腺癌。此 次纳入突破性治疗药物程序，有望加速LM-302的上市进程，尽早为更多CLDN18.2阳性胃癌患者带来创新治疗选择。 （原标题：中国生物制药(01177)：LM-302"CLDN18.2 ADC"纳入突破性治疗药物程序） 智通财经APP讯，中国生物制药(01177)发布公告，集团全资附属公司礼新医药科技(上海)有限公司(礼新医药)自主研发的创新药LM- 302"CLDN18.2 ADC"已被中国国家药品监督管理局药品审评中心(CDE)纳入突破性治疗药物程序(BTD)，用于联合PD-1单抗一线治疗CLDN18.2阳 性的局部晚期或转移性胃及胃食管交界部腺癌。 LM-302是一款潜在同类首创(first-in-class)的靶向CLDN18.2的抗体偶联药物(ADC)，已在胃癌、胰腺癌和胆道癌患者中观察到临床疗效，且Claudin 18.2低表达和PD-L1低表达的患者也有临床获益。 2025年美国临床肿瘤学会(ASCO)年会上，礼新医药公布了LM-302联合PD-1单抗治疗胃 ...