Core Viewpoint - China Biopharmaceutical reported a 10.7% year-on-year revenue growth in 1H25, reaching 17.57 billion yuan, with adjusted net profit increasing by 101.1% to 3.09 billion yuan [1] Group 1: Financial Performance - 1H25 revenue and adjusted net profit accounted for 54.6% and 79.6% of the full-year forecast, respectively, with revenue proportion consistent with historical ranges [1] - The adjusted profit proportion significantly exceeded historical ranges due to the recognition of 1.35 billion yuan in dividends from Sinovac Biotech; excluding this, adjusted net profit would have grown approximately 13% year-on-year [1] - Revenue from innovative products grew robustly by 27.2% year-on-year to 7.80 billion yuan, representing 44.4% of total revenue, indicating sustained rapid growth in innovative products [1] Group 2: Innovation and R&D Pipeline - China Biopharmaceutical has built a rich innovation pipeline, with several candidates having global Top 3 or Best in Class potential; the acquisition of Lixin Pharmaceutical further strengthens its R&D capabilities [2] - TQB2868 (PD-1/TGF-β dual antibody) shows remarkable efficacy in first-line treatment of pancreatic cancer, with an ORR of 63.9%, significantly higher than first-line chemotherapy at 41.8% [2] - TQB6411 (EGFR/c-Met dual antibody ADC) has entered Phase I clinical trials, targeting the EGFR+ lung cancer market [2] Group 3: Overseas Licensing Potential - The company has multiple products with potential for overseas licensing collaborations, including TQC3721 (PDE3/4), TQB2868 (PD-1/TGF-β dual antibody), and others [3] - The recent acquisition of Verona Pharma by Merck for $10 billion highlights the significant market potential for PDE3/4 inhibitors, with TQC3721 being the second globally in development [3] Group 4: Upcoming Clinical Data - Several important clinical data readouts are expected in 2H25, including TQC3721 (PDE3/4) Phase II data for COPD and TQB2102 (HER2 dual antibody ADC) Phase Ib data for HER2+ breast cancer [4] - The company maintains a buy rating with a target price of 9.40 HKD, expecting revenue growth rates of +19.1% for 2025E and adjusted net profit growth of +81.3% for the same year [4]

本文源自：金融界 中国生物制药有限公司是一家创新研究和研发驱动型的医药集团，其主要业务包括医药研发、智能化生 产以及销售，主要产品包括多种生物药和化学药，特别在肿瘤、肝病、呼吸系统、外科/镇痛四大治疗 领域具有优势。公司自从2000年上市以来，在MSCI全球标准指数、恒生指数等多个指数中成为成分 股，连续六年入选《制药经理人》的"全球制药企业TOP50"，核心企业正大天晴药业集团、北京泰德制 药股份有限公司多年位列中国医药工业企业百强榜，公司产品收入占比逐年提升。 作者：行情君 截至2025年中报，中国生物制药营业总收入175.75亿元、净利润33.89亿元。 8月21日，中国生物制药(01177)盘中上涨2.01%，截至09:58，报7.61元/股，成交3.03亿元。 8月19日，浦银国际证券维持买入评级,目标价9.1港元。 ...

格隆汇8月21日丨根据联交所最新权益披露资料显示，2025年8月20日，中国生物制药(01177.HK)获执行董事谢炘在场内以每股均价7.368港元增持100万股， 涉资约736.8万港元。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日 相關法 | | | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 股份數目 | | (請參閱上述 *註 | 有投票楼股期(日/月/ 份權益 | | | | | | | 8 | 份百分比 年) | | DA20250820E00018 | 謝沂 1101(L) 1,000,000(L) | | | HKD 7.3680 | 359,557,270(L) | 1.92(L)20/08/2025 | 增持后，谢炘最新持股数目为359,557,270股，持股比例由1.91%上升至1.92%。 | 股份代號: | 01177 | | --- | --- | | 上市法國名稱: | 中國生物製藥有限公司 | | 日期 ...

Group 1 - China National Pharmaceutical Group announced that the selective HER2 tyrosine kinase inhibitor "Zongaitini" has received breakthrough therapy designation from the Center for Drug Evaluation (CDE) for the treatment of adult patients with unresectable or metastatic non-small cell lung cancer (NSCLC) carrying HER2 tyrosine kinase domain (TKD) activating mutations [1] - The breakthrough therapy designation is based on data from the Beamion LUNG-1 clinical trial, which is a Phase Ia/Ib open-label trial assessing the safety, maximum tolerated dose (MTD), pharmacokinetics (PK), pharmacodynamics (PD), and preliminary efficacy of Zongaitini in patients with HER2-mutant solid tumors [1] - The five-year survival rate for advanced non-small cell lung cancer patients is less than 30%, with approximately 2-4% of NSCLC driven by HER2 gene mutations, indicating a significant unmet medical need for targeted therapies in this patient population [1] Group 2 - Zongaitini is a covalent, orally administered selective HER2 small molecule inhibitor developed by Boehringer Ingelheim, which covalently binds to both wild-type and mutant HER2 receptors while preserving wild-type EGFR signaling, ensuring efficacy along with good tolerability and safety [2] - Zongaitini has previously received priority review and breakthrough therapy designation from CDE for the indication of previously treated patients with advanced HER2-mutant NSCLC, and it received accelerated approval from the U.S. Food and Drug Administration (FDA) in August [2]

Group 1 - China National Medical Products Administration (NMPA) has granted breakthrough therapy designation to the selective HER2 tyrosine kinase inhibitor, Zongaitini, for first-line treatment of adult patients with unresectable or metastatic non-small cell lung cancer (NSCLC) harboring HER2 tyrosine kinase domain (TKD) activating mutations [1] - The breakthrough designation is based on data from the Beamion LUNG-1 clinical trial, which is an open-label Phase Ia/Ib trial assessing the safety, maximum tolerated dose (MTD), pharmacokinetics (PK), pharmacodynamics (PD), and preliminary efficacy of Zongaitini in patients with HER2-mutant solid tumors [1] - The five-year survival rate for advanced NSCLC patients is less than 30%, with approximately 2-4% of NSCLC driven by HER2 gene mutations, indicating a significant unmet medical need for targeted therapies in this patient population [1] Group 2 - Zongaitini, developed by Boehringer Ingelheim, is a covalent, oral selective HER2 small molecule inhibitor that covalently binds to both wild-type and mutant HER2 receptors while preserving wild-type EGFR signaling, ensuring efficacy along with good tolerability and safety [2] - Zongaitini has previously received priority review and breakthrough therapy designation from the NMPA for the indication of previously treated patients with advanced HER2-mutant NSCLC, and it has also received accelerated approval from the U.S. Food and Drug Administration (FDA) [2] - Boehringer Ingelheim has established a strategic partnership with the group to bring innovative oncology therapies to the mainland China market, leveraging both parties' complementary strengths to provide better treatment options for cancer patients [2]

（於開曼群島註冊成立之有限公司） 網站：www.sinobiopharm.com （股份編號：1177） 自願公告 選擇性HER2 TKI「宗艾替尼」再次獲得CDE突破性治療資格認定 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，選擇性 HER2酪氨酸激酶抑制劑(TKI)「宗艾替尼」再次獲得中國國家藥品監督管理局藥品審評中心(CDE)突破 性治療資格認定，用於治療攜帶HER2酪氨酸激酶結構域(TKD)激活突變的不可切除或轉移性非小細 胞肺癌(NSCLC)成人患者的一線治療。 此次突破性治療資格認定是基於其Beamion LUNG-1臨床試驗數據。這是一項Ia/Ib期首次人體開放 標籤試驗，以確定宗艾替尼在HER2突變實體瘤患者中的安全性、最大耐受劑量(MTD)、藥代動力學 (PK)、藥效學(PD)及初步療效(NCT04886804)。最新數據將於今年晚些時候公布。 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 ...

Group 1 - The Vice President and Executive Director of China Biologic Products Holdings (01177) purchased 1 million shares at a price of 7.368 HKD per share, totaling 7.368 million HKD [1] - After the purchase, the total number of shares held by the executive is approximately 360 million, representing a holding percentage of 1.92% [1]

香港联交所最新资料显示，8月20日，副总裁兼执行董事谢炘增持中国生物制药(01177)100万股，每股 作价7.368港元，总金额为736.8万港元。增持后最新持股数目约为3.6亿股，最新持股比例为1.92%。 ...

Group 1 - The core viewpoint of the report indicates that China Biopharmaceutical's revenue increased by 10.7% year-on-year in the first half of the year, with net profit rising by 12.3% and adjusted net profit soaring by 101.1%, surpassing expectations due to better-than-expected growth in innovative product revenue and dividend income [1] - The firm anticipates that the approval process for innovative products will accelerate over the next three years, potentially driving additional revenue for the company [1] - Due to improvements in operational efficiency and increased dividend income, the firm has raised its adjusted net profit forecasts for the next two years by 16.9% and 17.2%, to 4.47 billion and 4.921 billion yuan respectively [1] Group 2 - The firm maintains an "outperform" rating for the company and has raised the target price by 17.1% to 8.9 HKD [1]

Group 1 - The core viewpoint of the article is that China Biopharmaceutical (01177) reported a 10.7% year-on-year revenue growth in the first half of the year, driven by strong sales of innovative drugs, biosimilars, and a recovery in generic drug sales [1] - The net profit from continuing operations saw a significant year-on-year increase of 140%, supported by dividend income and changes in financial assets [1] - Management maintains a double-digit growth guidance for 2025, with expectations of receiving $300 million in Merck milestone payments and potential BD licensing deals in the second half of the year [1] Group 2 - China International Capital Corporation estimates that the contribution of innovative drugs to China Biopharmaceutical's revenue is expected to rise from 50% in 2025 to 60% by 2027 [1] - The target price for China Biopharmaceutical has been raised from HKD 7.7 to HKD 8.7, while maintaining a "Buy" rating [1]