Core Viewpoint - China National Pharmaceutical Group's subsidiary, Lixin Pharmaceutical Technology, has developed the innovative drug LM-302, which has been included in the Breakthrough Therapy Designation (BTD) program by the CDE for treating CLDN18.2 positive locally advanced or metastatic gastric and gastroesophageal junction adenocarcinoma in combination with PD-1 monoclonal antibody [1][2] Group 1: Drug Development and Clinical Trials - LM-302 is a first-in-class antibody-drug conjugate (ADC) targeting CLDN18.2, showing clinical efficacy in patients with gastric cancer, pancreatic cancer, and biliary tract cancer [1] - The latest research data presented at the 2025 ASCO annual meeting indicates an overall response rate (ORR) of 65.9% and a disease control rate (DCR) of 85.4% in 41 evaluable patients [1] - In patients with CLDN18.2 expression ≥25%, the ORR was 71.9% and the DCR was 96.9%, demonstrating good anti-tumor activity and controllable safety in CLDN18.2 positive patients [1] Group 2: Regulatory and Market Implications - LM-302 is currently undergoing Phase III clinical trials in China for treating CLDN18.2 positive locally advanced or metastatic gastric and gastroesophageal junction adenocarcinoma after progression on second-line or higher systemic therapy [2] - The inclusion in the Breakthrough Therapy Designation program is expected to accelerate the market entry of LM-302, providing innovative treatment options for more CLDN18.2 positive gastric cancer patients [2]

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。 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，本集團全 資附屬公司禮新醫藥科技（上海）有限公司（「禮新醫藥」）自主研發的創新藥LM-302「CLDN18.2 ADC」 已被中國國家藥品監督管理局藥品審評中心(CDE)納入突破性治療藥物程序(BTD)，用於聯合PD-1單 抗一線治療CLDN18.2陽性的局部晚期或轉移性胃及胃食管交界部腺癌。 LM-302是一款潛在同類首創(first-in-class)的靶向CLDN18.2的抗體偶聯藥物(ADC)，已在胃癌、胰腺 癌和膽道癌患者中觀察到臨床療效，且Claudin 18.2低表達和PD-L1低表達的患者也有臨床獲益。 2025年美國臨床腫瘤學會(ASCO)年會上，禮新醫藥公布了LM-302聯合PD-1單抗治療胃癌的最新研 究數據：在41例療效可評估的患者中，ORR為65.9%，DCR為85.4%。CLDN18.2 ...

Group 1 - Citigroup gives a "Buy" rating to China Biologic Products with a target price raised to HKD 10.5, expecting over 19 new products to be approved in the next three years, many with sales potential exceeding HKD 20 billion [1] - CMB International maintains a "Buy" rating for Sea Group, raising the target price to HKD 28, citing significant profit growth and improved profitability due to strong volume and price increases in the first half of the year [4] - CITIC Securities maintains a "Buy" rating for JD Health, highlighting strong sales growth in pharmaceuticals and health products, and the efficiency improvements from AI medical applications [2] Group 2 - CITIC Securities maintains a "Buy" rating for Netease-S, raising the target price to HKD 240, driven by steady growth in gaming revenue and expectations of new game launches boosting future income [3] - CITIC Securities maintains a "Buy" rating for Leap Motor, raising the target price to HKD 89.2, with expectations of accelerated new car cycles leading to sustained sales and profit growth [5] - CITIC Securities maintains a "Buy" rating for Xtep International, noting robust growth driven by e-commerce and double-digit growth in same-store sales for its subsidiary [6] Group 3 - CICC maintains an "Outperform" rating for Standard Chartered Group, with second-quarter results exceeding expectations, particularly in non-interest income and wealth management [7] - Huaxing Securities maintains a "Buy" rating for Tencent Holdings, raising the target price to HKD 685, citing strong performance across all business segments, particularly in AI-driven advertising revenue [8]

Core Viewpoint - The Hong Kong stock market for innovative drugs experienced a notable pullback, with the Hong Kong Innovative Drug ETF (520880) declining by 2.6% on August 19, despite a positive sentiment indicated by a real-time premium rate of 0.28% [1][3]. Group 1: Company Performance - China National Pharmaceutical Group reported a revenue of 17.57 billion yuan and a net profit of 3.39 billion yuan for the first half of the year, reflecting year-on-year growth of 10.7% and 140.2% respectively, marking three consecutive reporting periods of double-digit stable growth [3]. - The strong performance of China National Pharmaceutical Group was attributed to better-than-expected revenue growth from innovative products and dividend income [3]. Group 2: Market Trends - As of August 18, the Hong Kong Innovative Drug ETF (520880) tracked the Hang Seng Hong Kong Innovative Drug Selected Index, which has seen a year-to-date increase of 112.33%, significantly outperforming the Hang Seng Index (23.50%) and the Hang Seng Technology Index (22.05%) by 86.82 and 87.46 percentage points respectively [3]. - The adjustment in the market is viewed as a technical correction following a rapid increase, with long-term support expected from domestic policy and overseas value recognition for Chinese innovative drugs [3][6]. Group 3: Industry Outlook - The innovative drug industry is anticipated to undergo a value reassessment, supported by national policy and a clear trend of industry development and upgrading [5][6]. - The innovative drug sector is entering a 2.0 era, with domestic products gradually transitioning from following to leading innovation, benefiting from a favorable environment including engineer advantages, rich clinical resources, and supportive policies [6]. - The Hong Kong Innovative Drug ETF (520880) is the first ETF to passively track the Hang Seng Hong Kong Innovative Drug Selected Index, focusing on the innovative drug industry chain with a high concentration of leading stocks [6].

Summary of Sino Biopharmaceutical Conference Call Company Overview - **Company**: Sino Biopharmaceutical (1177.HK) - **Industry**: China Healthcare - **Current Stock Price**: HK$7.91 (as of August 18, 2025) - **Market Capitalization**: HK$11,783 million - **Price Target**: HK$8.40, indicating a 6% upside potential [5][68] Key Financial Highlights - **1H25 Revenue**: Rmb17.5 billion, representing a 10.7% year-over-year increase - **Core Profit**: Rmb3.1 billion, a significant increase of 101% year-over-year - **Excluding Dividend Income**: Core profit growth would have been 13.0% year-over-year in 1H25 [7] - **Sales Growth from New Products**: Increased by 27% year-over-year in 1H25, on track to meet full-year guidance of 25% [7] Margin and Efficiency - **Gross Profit Margin (GPM)**: 82.5%, an increase of 0.4 percentage points due to biosimilar production capacity expansion and operational efficiency [2] - **SG&A Ratio**: Decreased by 0.2 percentage points year-over-year, attributed to better per capita output and digitalization tools [2] - **R&D Expense Ratio**: Increased by 1.9 percentage points year-over-year to 18.1%, with only ~4.3% capitalized, indicating strong commitment to pipeline advancement [2] Pipeline and Product Development - **Upcoming Drug Launches**: Five innovative drugs expected to launch in 2026 and over ten in 2027 [3] - **Late-stage Candidates**: Management highlighted additional candidates with estimated peak sales of over Rmb2 billion in China [3] - **Key Pipeline Drugs**: - TQB3616 (CDK2/4/6): Estimated peak sales of Rmb2 billion, targeting 50% of China's breast cancer patient base - Zongertinib (HER2 TKI): Estimated peak sales of Rmb1.5 billion, indicated for HER2+ NSCLC [8] Strategic Focus - **Internationalization Strategy**: Remains a top priority, with management confident in securing out-licensing deals in the near future [7] - **Growth Expectations**: Management anticipates accelerated growth driven by an increasing number of new drugs, which are expected to contribute approximately 60% of revenue by 2027 [7] Risks and Considerations - **Upside Risks**: - Early launches of key pipeline drugs - Smaller-than-expected price cuts from centralized procurement rounds - Potential for accretive M&A activity or positive in-licensing deals [13] - **Downside Risks**: - Delays in the launch of key pipeline drugs - Greater-than-expected price cuts and margin erosion from centralized procurement - Impact from adjuvant drug policies [13] Valuation Methodology - **Discounted Cash Flow (DCF)**: WACC of 9.6% and a perpetual growth rate of 3% - **Sum-of-the-Parts (SOTP) Valuation**: - Generics valued at 10x 2025e P/E - Existing innovative drugs & biosimilars at 2.5x P/peak sale - Pipeline innovative drugs at 2.5x P/peak sale - Implied business development value of Rmb20 billion [11] Conclusion - **Investment Rating**: Overweight, with an attractive industry view [5][68] - **Future Outlook**: Positive growth trajectory anticipated, driven by new product launches and strategic internationalization efforts.

19 August 2025 | 12:19AM HKT Sino Biopharmaceutical (1177.HK): First take: 1H earnings beats on dividend income; Major near-term BD deal re-iterated Strong 2H earnings with dividend income / investment gain; product sales in-line: 1H sales of Rmb17.6bn (+10.7% y/y vs GSe +10.5% y/y) was on par with our estimates, driven by solid growth of innovative products (+27.2% y/y). Excluding profits from discontinued operations, earnings (Rmb3.4bn) achieved strong growth of +140% y/y mainly due to significant dividen ...

Core Viewpoint - China Biologic Products (1177.HK) experienced a significant intraday drop of over 6%, trading at HKD 7.4, with a notable trading volume of nearly HKD 1.3 billion, indicating increased market activity [1] Financial Performance - The company reported a revenue of RMB 17.575 billion for its continuing operations in the first half of the year, representing a year-on-year increase of 10.71% [1] - The gross profit margin stood at 82.5%, reflecting a 0.4 percentage point increase [1] - Shareholder profit reached RMB 3.389 billion, marking a year-on-year growth of 12.31% [1] - Earnings per share were reported at RMB 0.1882, with an interim dividend of HKD 0.05 declared [1] Product Development - In the first half of the year, the company received NMPA approval for two innovative products, Putanling and Anqixin [1] - Revenue from innovative products amounted to RMB 7.8 billion, showing a year-on-year increase of 27.2% [1] - Additionally, five generic drugs received NMPA approval, contributing to positive growth in overall generic drug revenue during the same period [1]

中国生物制药(01177)发布公告，该公司将于2025年9月23日派发中期股息每股0.05港元。 ...

EF001 免責聲明 | 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 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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 中國生物製藥有限公司 | | 股份代號 | 01177 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 二零二五年中期股息 | | 公告日期 | 2025年8月18日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.05 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.05 HKD | | 匯率 | 1 HKD : 1 HKD | | 除淨日 | 20 ...

一份中报，有时只是一份阶段性的成绩单。但有时，它揭示的是一个结构性拐点。 中国生物制药2025年的中报，属于后者。 上半年中生总收入达到175.7亿元人民币，同比增长10.7%。但真正的故事藏在利润表下：剔除一次性因素后，经调整归母净利润达到30.9亿元人 民币，同比增速高达101.1%。利润增速数倍于收入增速，这并非简单的经营杠杆效应。 答案指向一个关键指标：创新产品收入占比。这个数字，在2025年上半年来到了44.4%，离全年50%的目标更近一步。 创新业务，如今已成为驱动公司增长和盈利的核心引擎。未来公司的价值曲线、市场预期乃至行业地位，都将由这个不断攀升的比例重新定义。 一场被市场验证的转型 增长的质量，远比增长的速度重要。 中国生物制药在整体收入10.7%的增长背后，是创新产品收入高达27.2%的更快速增长。高价值、高毛利的创新产品组合，正无可争议地成为拉动 公司价值增长的火车头。 这种增长质量的提升，源于公司内部一场深刻的资源重构。 一方面，是对未来的坚定投入。2025年上半年，公司的研发费用占收入比率提升至18.1%，创下历史新高，其中78%的研发费用被配置于创新产品 的开发。 另一方面，是对当 ...