Core Insights - The company reported a revenue of 31.83 billion yuan for the year 2025, representing a year-on-year growth of 10.3% [1] - Adjusted net profit attributable to shareholders reached 4.54 billion yuan, with a year-on-year increase of 31.4%, marking four consecutive reporting periods of double-digit growth [1] Business Development Activities - In January 2026, the company acquired Hegia, a siRNA company, for 1.2 billion yuan, gaining access to its long-acting siRNA delivery platform [1] - In February 2026, a global collaboration was established with Sanofi for the JAK/ROCK inhibitor Rovasi, setting a record transaction amount in the transplantation field [1] - In July 2025, the company fully acquired Lixin Pharmaceutical for 950 million USD, obtaining its antibody discovery and ADC technology platform, along with several products in critical clinical stages [1] Pipeline Development - The company employs an "internal R&D + external mergers and acquisitions" strategy, with multiple globally promising products in its pipeline [2] - In the oncology sector, LM-302 (Claudin18.2 ADC) has completed enrollment for a Phase III trial in third-line gastric cancer, while a Phase III trial for first-line gastric cancer has been initiated [2] - LM-108 (CCR8 monoclonal antibody) has entered Phase III for second-line gastric cancer [2] - In liver disease and cardiovascular metabolism, Kylo-11 LPA siRNA is in Phase II clinical trials, with Kylo-12 (APOC3 siRNA) expected to start Phase II in the second half of 2026 [2] - The company has several products in the weight loss and muscle gain sector, with HJY-10 (INHBE siRNA) anticipated to enter clinical trials by 2026 [2] - Data from a Phase I trial of a PD-1/VEGF dual antibody, licensed to Merck, is planned to be presented at AACR in 2026 [2]

Group 1 - The company China Biopharmaceutical (01177) announced a change in its English stock abbreviation from "SINO BIOPHARM" to "SBP GROUP," effective from 9:00 AM on March 31, 2026 [1] - The Chinese stock abbreviation will remain unchanged as "中国生物制药" [1] - The announcement was made in the context of trading on the Hong Kong Stock Exchange [1]

Group 1 - The company reported a revenue of RMB 31.834 billion for the year ending December 31, 2025, representing a year-on-year increase of 10.25% [2] - The net profit attributable to the parent company was RMB 2.343 billion, a decrease of 33.04% year-on-year, with basic earnings per share at RMB 0.1302 [2] - The company plans to distribute a final dividend of HKD 0.05 per share [2] Group 2 - The company has entered a period of intensive harvest for innovative products, having received approvals for 16 innovative products over the past three years (2023-2025), including 7 Class 1 innovative drugs [2] - Four innovative products were approved for market launch by NMPA during the reporting period, including Saitanxin, Shenghetu, Putanning, and Anqixin [2] - The revenue from innovative products is expected to reach RMB 15.22 billion in 2025, reflecting a year-on-year growth of 26.2% [2] Group 3 - Research and development (R&D) is the core driving force for the company, which views it as the foundation for sustainable development [3] - The company has established multiple R&D centers in cities such as Shanghai, Nanjing, Beijing, and Guangzhou, and has developed a diversified innovation technology platform [3] - Total R&D investment for the year ending December 31, 2025, was approximately RMB 6.317 billion, accounting for about 19.8% of the company's revenue, with 92.9% of this amount recognized in the profit and loss statement [3]

Investment Rating - The report assigns a rating of "Outperform" for Sino Biopharmaceutical, indicating an expected total return over the next 12-18 months that exceeds the relevant market benchmark by more than 10% [16]. Core Insights - Sino Biopharmaceutical achieved a revenue of RMB 31.8 billion in FY25, representing a year-on-year growth of 10%, with innovative drug revenue reaching RMB 15.2 billion, up 26% [6][1]. - The gross margin stood at 82.1%, an increase of 0.6 percentage points year-on-year, while R&D expenses rose to RMB 5.9 billion, reflecting a 15% increase [6][1]. - The net profit attributable to the parent company from sustainable operations was RMB 2.3 billion, marking a 22% increase year-on-year, and the non-IFRS net profit was RMB 4.5 billion, up 31% [6][1]. Segment Performance - The oncology segment generated revenue of RMB 13.2 billion, a growth of 23%, driven by strong sales of Yilishu (G-CSF), bemesumab (PD-L1), and other biosimilars [7][2]. - Revenue from liver disease and cardio-metabolic segments reached RMB 6.7 billion [10]. - The surgery and analgesia segment reported revenue of RMB 5.0 billion, reflecting a 13% increase [10]. - The respiratory and autoimmune segment generated revenue of RMB 2.8 billion [10]. Pipeline Catalysts - Multiple key data readouts are expected in 2026, including Phase II data for CLDN18.2 ADC in gastric cancer and CCR8 monoclonal antibody in pancreatic cancer [8][3]. - Additional data readouts include Phase III results for PPAR agonist in MASH and various metabolic candidates [8][3].

Core Viewpoint - The company has demonstrated significant growth in revenue and net profit for 2025, with a notable increase in innovative product revenue, indicating a strategic shift towards becoming a platform-based innovative pharmaceutical enterprise [1][3]. Financial Performance - In 2025, the company achieved a total revenue of 31.83 billion yuan, representing a year-on-year growth of 10.3%, and an adjusted net profit of 4.54 billion yuan, up 31.4% year-on-year [1]. - Innovative product revenue surpassed 15.22 billion yuan, accounting for nearly 48% of total revenue, with a year-on-year growth of 26.2% [1]. Product Development - The company expanded its innovative product matrix in 2025, with four new products approved by NMPA, including significant drugs for cancer treatment [2]. - The core product, Anlotinib, received approvals for three new first-line indications, bringing the total to ten, solidifying its market position as a leading anti-angiogenic drug [2]. Research and Development - R&D investment reached 5.87 billion yuan in 2025, a year-on-year increase of over 15%, constituting 18.4% of total revenue [4]. - The company has established ten core technology platforms and a professional R&D team of over 2,900 members, advancing more than 130 clinical studies [4]. Strategic Acquisitions - In early 2026, the company acquired the domestic siRNA innovator Hejia for 1.2 billion yuan, enhancing its capabilities in the small nucleic acid field [4][5]. - The company also entered a global licensing agreement with Sanofi for the innovative drug Roflumilast, valued at over 1.53 billion USD, marking a significant milestone in its international strategy [5]. Market Position and Future Outlook - The company is positioned to leverage its innovative pipeline for future growth, with over 20 innovative drugs or new indications expected to be launched between 2026 and 2028 [9]. - The recent government emphasis on biopharmaceuticals as a pillar industry is expected to enhance the market potential for innovative drugs, with a notable increase in outbound licensing deals [6][7]. Industry Trends - The biopharmaceutical sector is undergoing a structural adjustment, transitioning from capital-driven expansion to a focus on clinical value and quality improvement [7]. - The total value of outbound licensing deals for Chinese innovative drugs reached 135.66 billion USD in 2025, making China the leader in this area [7][8].

Group 1 - The company China Biopharmaceutical (01177.HK) announced a change in its English stock abbreviation from "SINO BIOPHARM" to "SBP GROUP" [1] - The change will take effect on March 31, 2026, at 9:00 AM [1] - The Chinese stock abbreviation will remain unchanged as "中国生物制药" [1]

Group 1 - The company reported a revenue of RMB 31.834 billion for the year ending December 31, 2025, representing a year-on-year increase of 10.25% [1] - The profit attributable to the parent company was RMB 2.343 billion, a decrease of 33.04% year-on-year, with basic earnings per share at RMB 0.1302 [1] - The company plans to distribute a final dividend of HKD 0.05 per share [1] Group 2 - The company has entered a period of intensive harvest of innovative products, having received approvals for 16 innovative products over the past three years (2023-2025), including 7 Class 1 innovative drugs [1] - Four innovative products were approved for market launch by NMPA during the reporting period, including Saitanxin, Shenghetu, Putanning, and Anqixin [1] - The revenue from innovative products is expected to reach RMB 15.22 billion in 2025, reflecting a year-on-year growth of 26.2% [1] Group 3 - Research and development (R&D) is the core driving force for the company, which views it as the foundation for sustainable development [2] - The company has established multiple R&D centers in cities such as Shanghai, Nanjing, Beijing, and Guangzhou, creating a diversified innovation technology platform [2] - Total R&D investment for the year ending December 31, 2025, was approximately RMB 6.317 billion, accounting for about 19.8% of the company's revenue, with 92.9% of this amount recognized in the profit and loss statement [2]

智通财经APP讯，中国生物制药(01177)公布， 于香港联合交易所有限公司买卖公司股份的英文股份简 称将由"SINO BIOPHARM"更改为"SBP GROUP"，由2026年3月31日上午九时正起生效。公司中文股份 简称保持不变，仍为"中国生物制药"。 ...

Core Viewpoint - China Biologic Products Holdings (01177.HK) reported a revenue of approximately RMB 31.83 billion for the fiscal year ending December 31, 2025, representing a year-on-year growth of about 10.3% [1] Financial Performance - The sales revenue from innovative products reached approximately RMB 15.22 billion, marking a year-on-year increase of about 26.2%, and accounting for approximately 47.8% of total revenue [1] - The basic profit attributable to equity holders of the parent company was approximately RMB 4.54 billion, reflecting a significant year-on-year growth of 31.4% [1] - Basic earnings per share were reported at 25.22 cents, with the board recommending a final dividend of 5 Hong Kong cents per share [1] Product Approvals - During the reporting period, the company had four innovative products approved by the NMPA, including Setanxin (Kumosili Capsules), Shenghetu® (Zongaitin Tablets), Putanning (Meloxicam Injection® (II)), and Anqixin (Recombinant Human Coagulation Factor VIIa Injection) [1] - Additionally, three Class 1 innovative drugs received NMPA approval for four new indications, including: - Anlotinib combined with Bemarituzumab for first-line treatment of renal cell carcinoma - Anlotinib combined with Paimu Li for first-line treatment of hepatocellular carcinoma - Anlotinib combined with chemotherapy for first-line treatment of soft tissue sarcoma - Paimu Li combined with chemotherapy for first-line treatment of nasopharyngeal carcinoma [1]

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。 （於開曼群島註冊成立之有限公司） 網站：www.sbpgroup.com （股份編號：1177） 香港，二零二六年三月二十六日 更改公司網站 本公司網站將由「www.sinobiopharm.com」更改為「www.sbpgroup.com」，由二零二六年三月二十六日 起生效，以反映更改股份簡稱。 本公司英文及中文名稱均保持不變，仍分別為「Sino Biopharmaceutical Limited」及「中國生物製藥有 限公司」。 本公司股份編號保持不變，仍為「1177」。 更改股份簡稱將不會影響本公司現有股東的任何權利。 承董事會命 中國生物製藥有限公司 主席 謝其潤 更改英文股份簡稱及公司網站 更改英文股份簡稱 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」）謹此宣佈，於 香港聯合交易所有限公司買賣本公司股份的英文股份簡稱將由「SINO BIOPHARM」更改為「 ...