花旗发布研报称，中生制药上半年利润和营收均高于预期，创新产品销售额同比增长27%至78亿人民 币，管理层预期2025财政年度创新产品销售额按年增长25%，并维持2025财政年度收入及净利的双位数 增长指引目标。中生制药管理层预期未来三年将有19种以上的新产品获批，其中许多产品的销售潜力超 过20亿。管理层亦对包括TQC3721(PDE3/4)在内的创新候选制剂的外授权潜力充满信心。 消息面上，中生制药公布截至今年6月底止中期业绩，营业额175.75亿元人民币，同比增长10.7%；纯利 33.89亿元，同比增长12.3%；每股盈利18.82分。派中期息5港仙，上年同期派3港仙。中金表示，公司 上半年业绩超出预期，主要因创新产品收入增速超预期以及股息收入。 中生制药(01177)绩后跌超5%，截至发稿，跌5.31%，报7.49港元，成交额8.03亿港元。 ...

Core Viewpoint - China National Pharmaceutical Group (中生制药) reported a decline of over 5% in stock price following the release of its interim results, despite showing strong revenue and profit growth [1] Financial Performance - The company achieved a revenue of 17.575 billion RMB, representing a year-on-year increase of 10.7% [1] - Net profit reached 3.389 billion RMB, up 12.3% year-on-year [1] - Earnings per share were reported at 0.1882 RMB [1] - A mid-term dividend of 0.05 HKD was declared, compared to 0.03 HKD in the same period last year [1] Market Expectations - CICC noted that the company's performance exceeded expectations, driven by higher-than-expected revenue from innovative products and dividend income [1] - Citigroup's report highlighted that both profit and revenue surpassed forecasts, with innovative product sales increasing by 27% to 7.8 billion RMB [1] - Management anticipates a 25% year-on-year growth in innovative product sales for the fiscal year 2025, maintaining a double-digit growth target for revenue and net profit [1] Product Pipeline - The management expects over 19 new products to be approved in the next three years, many of which have sales potential exceeding 2 billion RMB [1] - There is strong confidence in the out-licensing potential of innovative candidates, including TQC3721 (PDE3/4) [1]