Haitong Securities International·2026-03-26 12:32Investment 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].