交银国际每日晨报-20250820

Group 1: Hansoh Pharmaceutical (3692 HK) - The company is experiencing strong growth driven by innovative drugs and business development (BD) collaborations, with a 14% year-on-year revenue increase to 7.4 billion RMB in 1H25, including 1.7 billion RMB from collaborations [1] - Product sales, excluding collaboration income, grew by 13%, with innovative drug revenue increasing by 22% to 6.1 billion RMB, accounting for 82.7% of total revenue [1] - The company raised its full-year revenue guidance to a high double-digit percentage, maintaining sales targets for Amelot and overall innovative drugs at 6 billion and 10 billion RMB, respectively [1] Group 2: Amelot's Clinical Applications - Amelot's rapid market penetration is primarily driven by its first-line NSCLC indication, with additional approvals for adjuvant and III phase maintenance treatments in the first half of the year [2] - The sales peak forecast for Amelot has been raised to 9.7 billion RMB, with expectations of limited price reductions during the upcoming medical insurance negotiations [2] Group 3: China Biologic Products (1177 HK) - The company reported an 11% year-on-year revenue growth to 17.6 billion RMB in 1H25, driven by innovative product sales and investment income, with adjusted net profit increasing by 101% [3] - Revenue from innovative products grew by 27% to 7.8 billion RMB, contributing 44.4% to total revenue, an increase of 5.8 percentage points year-on-year [3] - The company maintains its guidance for full-year revenue to achieve double-digit growth [3] Group 4: Long-term Growth Drivers - The company is developing a comprehensive pipeline with differentiated self-research products, expecting significant BD opportunities from 2H25 to 2026, focusing on various innovative drug candidates [4][6] - The acquisition of Lixin Pharmaceutical has further expanded the company's oncology pipeline, with management projecting over 35 innovative products by 2027, contributing 60% to revenue [6] Group 5: Tongcheng Travel (780 HK) - The company’s Q2 performance met expectations, with a projected 15% year-on-year revenue growth in core OTA business for Q3, driven by a 10-15% increase in accommodation nights [7] - The full-year core OTA business is expected to grow by 16%, with operating profit margins improving by approximately 2 percentage points due to strategic shifts towards enhancing user ARPU and profitability in new business areas [7]