Western Securities·2025-08-25 10:58Investment Rating - The report maintains a "Buy" rating for China Biopharmaceutical (1177.HK) [6][3] Core Views - The company reported a revenue of 17.57 billion yuan (+10.7%) and a net profit attributable to shareholders of 3.39 billion yuan (+140.2%) for the first half of 2025, exceeding profit growth expectations [1][6] - The innovative product line is driving high growth, with two new innovative products approved by NMPA in the first half of 2025, contributing to an innovative product revenue of 7.8 billion yuan (+27.2%), accounting for 44.4% of total revenue [1][2] - The company expects nearly 20 innovative products to be approved from 2025 to 2027, with over half projected to have peak sales exceeding 2 billion yuan [2] Financial Performance - For 2025, the company forecasts revenues of 32.78 billion yuan, a growth of 13.6%, and a net profit of 4.81 billion yuan, a growth of 37.5% [3][4] - The projected earnings per share (EPS) for 2025 is 0.26 yuan, with a price-to-earnings (P/E) ratio of 29.08 [4][11] - The company anticipates that the proportion of revenue from innovative products will increase to 50% by 2027 [2][3] Business Segments - The oncology segment achieved a revenue of 6.694 billion yuan (+24.9%) in the first half of 2025, while the surgical/pain management segment generated 3.105 billion yuan (+20.2%) [1][2]