股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 三生制药（「本公司」） 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 01530 說明 FF301 第 1 頁 共 10 頁 v 1.1.1 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 50,000,000,000 USD 0.00001 USD 500,000 增加 / 減少 (-) USD 本月底結存 50,000,000,000 USD 0.00001 USD 500,000 本月底法定/註冊股本總額： USD 500,000 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市 ...

Group 1 - The core viewpoint of the news highlights the performance of Qianhai Kaiyuan Medical Health A and C funds, which experienced declines of 1.82% and 1.83% respectively in August, while the Shanghai Composite Index rose by 7.97% during the same period [1][2] - Since their inception on January 19, 2018, the cumulative returns for Qianhai Kaiyuan Medical Health A and C funds are 37.51% and 36.47% respectively, with a decline of 10.71% and 10.98% over the past three years [1] - As of June 30, 2025, the total scale of Qianhai Kaiyuan Medical Health A and C funds is 1.011 billion yuan [1] Group 2 - The top ten holdings of Qianhai Kaiyuan Medical Health A/C funds include companies such as Sanofi, Dizh Medical, Innovent Biologics, and others [1] - The fund is currently managed by Fan Jie, who has been with Qianhai Kaiyuan Fund Management Company since 2014 and has held various positions including research analyst and investment manager [1]

Core Viewpoint - In August, the Shenwan Hongyuan Medical Pioneer Stock A/C fund experienced a significant decline, marking it as the only ordinary stock fund with a drop exceeding 9% during the month [1][3]. Fund Performance - The Shenwan Hongyuan Medical Pioneer Stock A/C fund recorded a decline of 9.48% and 9.52% respectively, placing it at the bottom of the performance rankings for ordinary stock funds in August [1]. - Since its inception, the fund has shown a return of -39.90% for A shares and -26.86% for C shares, with cumulative net values of 0.6010 yuan and 0.5925 yuan respectively as of September 1, 2025 [3][4]. - The fund's recent performance includes a 1-month decline of -5.98% for A shares and -6.01% for C shares, while the 1-year performance stands at 27.52% and 26.96% respectively [4]. Fund Holdings - As of the second quarter, the fund's top ten holdings included companies such as Angli Kang, Kangwei Century, and Sinocelltech, among others [1]. - Despite a recovery in the second quarter, the fund's performance in August indicates a significant underperformance compared to its peers, with poor quartile rankings across various time frames [1]. Management - The current fund manager, Yao Hongfu, has been managing the fund since July 19, 2022, and has a background in research and insurance [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 46.32 [7][5]. Core Views - The company is entering a new development phase with stable cash flow from existing products and new growth from innovative drugs. The collaboration with Pfizer for drug 707 is progressing well, enhancing overseas clinical trials [1][3]. - The first payment for drug 707 is expected to be confirmed within the year, which could significantly impact the company's valuation [3]. - The company is increasing its R&D investment, with a focus on approximately 30 projects in various stages of development, indicating strong innovation potential [4]. Summary by Sections Existing Business Performance - In the first half of 2025, the company reported stable revenue performance with total revenue of CNY 43.6 billion, a slight decrease of 1% year-on-year. The breakdown includes: - Teva revenue of CNY 23.7 billion (-4% YoY) with a market share of 63% - EPO revenue of CNY 4.5 billion (-12% YoY) - Mandi revenue of CNY 6.8 billion (+24% YoY) - Sanofi revenue of CNY 6.4 billion (+7.6% YoY) [2]. R&D and Innovation - The company has increased its R&D expense ratio to 12.6% (+1.8 percentage points YoY), with R&D expenses reaching CNY 5.5 billion (+15% YoY). The pipeline includes 30 projects across various therapeutic areas, showcasing significant market potential [4]. Financial Projections - The report forecasts net profits for 2025-2027 to be CNY 10.42 billion, CNY 2.82 billion, and CNY 2.99 billion respectively, with a notable increase of 398% in 2025 [11]. - The company is valued at CNY 101.5 billion using the SOTP method, with existing business valued at CNY 22.7 billion and innovative drugs at CNY 49.6 billion [12][14].

Core Viewpoint - Citi has significantly raised the profit forecasts for Sanofi Pharmaceutical (01530) for 2025 to 2027 by 288%, 44.6%, and 38.4%, respectively, leading to a target price increase from HKD 19.6 to HKD 37.1, maintaining an "outperform" rating [1] Group 1: Financial Projections - Profit forecasts for 2025, 2026, and 2027 are now projected at RMB 9.273 billion, RMB 4.171 billion, and RMB 4.689 billion, respectively [1] - The new target price corresponds to a forecasted price-to-earnings ratio of 18 times [1] Group 2: Performance Analysis - Sanofi Pharmaceutical's performance in the first half of the year showed mixed results, with TPO sales being weak while Mandi sales were strong, driven by increased adoption of Mandi Foam and successful online distribution [1] - The company anticipates that the overseas research progress of SSGJ-707 will be a key catalyst for growth [1] Group 3: Research and Development - According to Pfizer, SSGJ-707 is expected to initiate global Phase III studies for non-small cell lung cancer by the end of 2025, with further exploration into its application in other tumor types, including additional Phase I/II studies in combination with its antibody-drug conjugate portfolio [1]

Core Viewpoint - Citi has significantly raised its profit forecasts for 3SBio (01530) for 2025 to 2027 by 288%, 44.6%, and 38.4%, reaching RMB 9.273 billion, RMB 4.171 billion, and RMB 4.689 billion respectively, while increasing the target price from HKD 19.6 to HKD 37.1, implying a forecasted P/E ratio of 18 times, maintaining an "outperform" rating [1] Financial Performance - 3SBio's performance in the first half of the year showed mixed results, with TPO sales being weak while Mandi sales were strong, driven by increased adoption of Mandi Foam and successful online distribution [1] Key Catalysts - The ongoing overseas research progress of SSGJ-707 is expected to be a key catalyst for the company [1] - According to Pfizer, SSGJ-707 is set to initiate a global Phase III study for non-small cell lung cancer by the end of 2025, while further exploring its applications in other tumor types, including more Phase I/II studies in conjunction with its antibody-drug conjugate product portfolio [1]

Group 1 - The Hong Kong stock market experienced a pullback on September 2, with the technology sector leading the declines. The Hong Kong Stock Connect Technology ETF (513860) fell by 0.50%, with a trading volume exceeding 100 million yuan, and active trading observed during the session. Notably, stocks like MicroPort Scientific Corporation-B rose over 9%, while Alibaba Health, 3SBio, and Xiaomi Group-W also saw gains [1] - The Hong Kong Stock Connect Technology ETF (513860) has seen continuous capital inflow recently, with a net inflow of over 250 million yuan in the last five trading days and over 560 million yuan in the last ten trading days [1] - The ETF closely tracks the CSI Hong Kong Stock Connect Technology Index, which selects 50 large-cap, high R&D investment, and fast-growing revenue technology companies to reflect the overall performance of technology leaders in the Hong Kong Stock Connect [1] Group 2 - According to Jiyin International, the Hong Kong stock market is expected to maintain a positive momentum due to the ongoing liquidity easing both domestically and internationally. The active sentiment in the A-share market is likely to boost trading atmosphere in Hong Kong. There is strong demand for capital inflow into high-growth sectors like technology [2] - The global liquidity environment is becoming marginally looser, which is favorable for capital to flow into emerging markets. Hong Kong, as a significant offshore Chinese asset and AI technology investment target, is likely to benefit from increased foreign capital inflow [2] Group 3 - Dongwu Securities believes that the Hong Kong stock market is in a trend of oscillating upward, with both upward momentum and downward constraints. The market has raised expectations for a rate cut by the Federal Reserve in September, which could promote market rebound [3] - The report suggests that unless significant improvements in employment data and inflation are observed before the September meeting, a rate cut is highly likely. However, investors remain cautious, preferring bottom-up opportunities and waiting for clear signs of improvement in the technology and internet sectors [3] - According to a report from China Merchants Securities (Hong Kong), tactical opportunities should be seized following index pullbacks, as factors constraining the Hong Kong market are showing signs of marginal improvement, including anticipated rate cuts by the Federal Reserve and a recovery in the AH share premium [3]

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of HKD 43.70, based on a current price of HKD 29.96 [2][23]. Core Insights - The company is engaging in discussions with Pfizer regarding the Phase III trial design for SSGJ-707, a PD-1/VEGF antibody, which is a significant development in its pipeline [1][4]. - The company reported a revenue of RMB 4.36 billion for the first half of 2025, reflecting a slight decline of 0.8% year-on-year, with various product sales showing mixed performance [3][15]. - The company is advancing multiple bispecific and trispecific antibody candidates, which are expected to enhance its product offerings and market position [5][18][20]. Financial Performance - Revenue projections for 2025-2027 are RMB 18.63 billion, RMB 10.90 billion, and RMB 12.80 billion, with net profit estimates of RMB 8.92 billion, RMB 2.49 billion, and RMB 3.02 billion respectively [9][23]. - The gross profit margin is expected to remain strong, with estimates of 92.5% in 2025 and around 87% in subsequent years [9][13]. - The company has seen a significant increase in R&D expenses, which rose by 15% to RMB 550 million, indicating a commitment to innovation [3][15]. Product Development and Pipeline - The company has several key products in development, including SSGJ-707, which has received a global licensing agreement with Pfizer, and other bispecific antibodies like 705 and 706, which are in various stages of clinical trials [4][18][19]. - SSS59, a trispecific antibody, is the first of its kind to enter clinical trials, showing promising preclinical results [20]. - Upcoming catalysts include NDA submissions for several products and potential data readouts for bispecific and trispecific candidates [22][23].

Core Viewpoint - The Hong Kong stock market showed volatility on September 2, with the pharmaceutical sector leading gains, particularly the Hong Kong Stock Connect Medical ETF, which reached a new historical high [1] Group 1: Market Performance - The Hong Kong Stock Connect Medical ETF (159506) rose nearly 2%, achieving a new historical high [1] - Key constituent stocks such as BeiGene and 3SBio increased by over 4%, while WuXi AppTec and Kelun-Bio rose by over 2% [1] Group 2: Company Developments - Heng Rui Medicine announced that it received conditional approval from the National Medical Products Administration for its self-developed innovative drug, SHR2554, which is the first EZH2 inhibitor developed in China [2][3] - The drug targets peripheral T-cell lymphoma (PTCL), which accounts for approximately 25%-30% of non-Hodgkin lymphoma patients in China, with a median onset age of 52 years [3] - Heng Rui's total R&D investment for SHR2554 has reached approximately 21.3 million yuan [3] Group 3: Future Outlook - The first half of 2025 is expected to see explosive growth in the export of Chinese innovative drugs, with significant increases in licensing-out transaction amounts [4] - The Chinese pharmaceutical industry is becoming a major source of global innovative drugs, contributing 50% of new drug molecules entering human clinical trials globally [4] - The Hong Kong Stock Connect Medical ETF focuses on capturing investment opportunities in the pharmaceutical sector, including medical devices, drugs, biotechnology, and medical services [4]

Market Overview - In September, the Chinese stock market opened positively, with A-shares rising, led by gold stocks; the Hang Seng Index experienced fluctuations, with Alibaba (9988 HK) surging 18.5% due to strong earnings[3] - European stock markets closed higher, driven by defense and healthcare sectors; US markets were closed for Labor Day[3][9] Currency and Commodities - The USD/CNY exchange rate reached a year-low of 7.126 on August 29, indicating a strong short-term outlook for the RMB, although further catalysts are needed for it to break below 7[5] - Oil traders expect OPEC+ to maintain current production levels in their upcoming meeting, with crude oil futures showing slight fluctuations[3][27] Fixed Income - US financial markets were quiet due to the holiday, with optimistic sentiment regarding a potential Fed rate cut this month; European bond yields rose amid positive economic data[3][30] - Asian bond markets saw light trading, with Chinese investment-grade bond spreads remaining stable[3] Stock Performance - The A-share market saw the Shanghai Composite Index rise 0.46% to 3,875 points, with a total trading volume of CNY 2.78 trillion; gold futures hit historical highs, boosting gold stocks significantly[17] - In the Hong Kong market, the Hang Seng Index increased by 2.15%, with major tech stocks leading the gains[11] Sector Insights - The electronics sector is experiencing robust growth driven by strong AI demand and domestic substitution; key segments include PCB, domestic chip leaders, and IoT[20] - In the US, companies are absorbing tariff costs rather than passing them on to consumers, which may lead to localized price increases in consumer goods later this year[8]