Core Viewpoint - The company's profit in H1 2025 grew rapidly due to the receipt of upfront payments from BD transactions, with steady progress in collaborative projects. The intermediate and raw material drug business faced pressure from demand, while the formulation segment showed robust growth, particularly the insulin series, which saw a 74.5% year-on-year revenue increase due to overseas expansion. A significant GLP-1 transaction was completed, with a total value of up to $2 billion [1][3][4]. Financial Performance - In H1 2025, the company achieved revenue of 7.519 billion yuan, a year-on-year increase of 4.8%, and a net profit attributable to shareholders of 1.894 billion yuan, up 27% year-on-year. The board proposed an interim dividend of 0.16 yuan per share. In July, the company completed a placement of 156 million shares, raising a total of 2.209 billion Hong Kong dollars [1][2]. Business Segment Analysis Intermediate and Raw Materials - In H1 2025, the company's intermediate sales revenue was 1.011 billion yuan, down 23.1% year-on-year, while raw material sales revenue was 2.530 billion yuan, down 27.0% year-on-year. The decline was attributed to price decreases and reduced market demand. However, the production capacity utilization rates for key products remained high, with 100% for 6-APA and penicillin G potassium salt, and 70.2% for cephalosporins [2][3]. Formulations - The formulation segment's sales revenue (including external authorization) reached 3.979 billion yuan, a 65.9% year-on-year increase. The insulin series revenue was 961 million yuan, up 74.5% year-on-year, benefiting from increased market share in domestic and overseas markets. The animal health business generated 565 million yuan, down 15.9% year-on-year, mainly due to GMP certification issues and changes in customer demand [3][4]. Innovation Pipeline - The company successfully signed a licensing agreement for the GLP-1R/GIPR/GCGR three-target drug UBT251 with Novo Nordisk, which includes an upfront payment of $200 million and potential milestone payments of up to $1.8 billion. UBT251 is currently in clinical trials for multiple metabolic-related indications, with promising results in weight loss and kidney disease [3][4][5]. Future Outlook - The company anticipates continued progress in its GLP-1 pipeline, with the insulin segment expected to accelerate overseas growth. The animal health business is projected to recover as new production capacities come online. The intermediate and raw material drug segment is expected to stabilize in H2 2025, with a new raw material project set to commence production in October 2025 [5][6]. Profitability and Cost Management - In H1 2025, the company's gross margin was 52.2%, up 5.6 percentage points, and the net margin was 25.2%, up 4.4 percentage points, primarily due to increased licensing fees. The company maintained a high level of R&D investment, totaling 550 million yuan, a 14.9% year-on-year increase, supporting its comprehensive R&D system [6][7].
联邦制药(3933.HK)：创新管线持续推进 制剂产品加速出海