Core Viewpoint - The company demonstrates strong long-term growth potential through innovative value realization, with a significant partnership with Pfizer for the SSGJ-707 drug, which is expected to enhance its market position in oncology treatments [1][2]. Financial Performance - In the first half of 2025, the company reported a net profit of 1.358 billion yuan, reflecting a year-on-year increase of 24.61% - Revenue for the same period was 4.355 billion yuan, showing a slight decline of 0.77% - The gross margin stood at 85.31%, down by 1.20 percentage points, while the net profit margin increased to 31.88%, up by 6.65 percentage points [1]. Research and Development - R&D expenditure reached 548 million yuan, marking a 15% increase - The company generated a net operating cash flow of 970 million yuan and held nearly 8 billion yuan in cash reserves [1]. Strategic Partnerships - The company entered a significant collaboration with Pfizer regarding the SSGJ-707 drug, granting Pfizer global rights while retaining supply rights in mainland China - SSGJ-707 is set to undergo global Phase III clinical trials for treating non-small cell lung cancer (NSCLC) and other tumor types, with promising results from Phase II trials indicating its potential [1]. Product Pipeline - The company has a robust pipeline with 30 projects, including several in oncology and autoimmune diseases - Notable advancements include the approval of PD-1/HER2 and PD-1/PD-L1 dual antibodies for Phase II trials, and the first targeted MUC17/CD3/CD28 tri-antibody entering Phase I trials - In the autoimmune sector, IL-17A and IL-1β monoclonal antibodies have submitted NDA applications, while IL-4Rα monoclonal antibody has reached primary endpoints in Phase III trials [2]. Market Position and Future Outlook - The company is well-positioned in the "next-generation IO+ADC" space, with ongoing validation of SSGJ-707's trial speed and efficacy - The combination of a solid existing portfolio and the anticipated value from upcoming pipelines is expected to enhance the company's valuation [2].

医药生物/生物制品 三生制药（01530.HK） 2025 年 09 月 01 日 投资评级：买入（维持） | 日期 | 2025/9/1 | | --- | --- | | 当前股价(港元) | 29.960 | | 一年最高最低(港元) | 35.300/5.470 | | 总市值(亿港元) | 728.71 | | 流通市值(亿港元) | 728.71 | | 总股本(亿股) | 24.32 | | 流通港股(亿股) | 24.32 | | 近 3 个月换手率(%) | 135.78 | 股价走势图 数据来源：聚源 -160% 0% 160% 320% 480% 640% 2024-09 2025-01 2025-05 三生制药 恒生指数 相关研究报告 《与辉瑞就 SSGJ-707 达成授权，创新 价值弹性兑现—港股公司信息更新报 告》-2025.5.22 《核心品种持续发力，多款创新药进 入收获期—港股公司首次覆盖报告》 -2025.3.27 创新成果价值兑现，长期增长动力强劲 ——港股公司信息更新报告 | 余汝意（分析师） | 余克清（分析师） | 刘艺（联系人） | | --- | --- | - ...