1H25 业绩符合我们预期 公司公布1H25 业绩：收入195.14 亿元，同比下滑4.6%；归母净利润17.09 亿元，同比提升39.0%；扣非 归母净利润9.61 亿元，同比下滑23.4%，符合我们预期。 发展趋势 推出A 股股权激励（草案），展现中长期发展信心。2025 年8 月，公司发布2025 年A 股股票期权激励 计划（草案），合计授予给不超过201 人，合计上限为572.61 万股的A 股期权（股权占比0.21%），激 励目标为1）归母净利润（60%权重）2025-2027 年目标为33.2/39.6/47.7 亿元；2）创新药收入（40%权 重）2025-2027 年目标为93.6/112.3/134.8 亿元。 盈利预测与估值 维持2025/2026 年盈利预测不变。当前A 股股价对应2025/2026 年21.9倍/18.3 倍市盈率。当前H 股股价 对应2025/2026 年14.9 倍/12.3 倍市盈率。A 股维持跑赢行业评级和34.50 元目标价，对应26.4 倍2025 年 市盈率和22.1 倍2026 年市盈率，隐含20.8%上行空间。H 股维持跑赢行业评级，考虑板块估值中枢上 ...

公司基于ADC/siRNA/小分子等八大技术平台深化BD策略，搭建国际化对外授权生态系统，截至目前已 经完成ROR1 ADC(首付款/最高潜在里程碑1500万/12.25亿美元)、伊立替康脂质体(首付款/最高潜在里程 碑1500万/10.50亿美元)、AZ战略合作(首付款/最高潜在里程碑1.1亿/52.20亿美元)以及口服GLP-1(首付 款/最高潜在里程碑1.2亿/19.55亿美元)的对外授权。2025年5月公司公告了包括EGFR ADC在内的三项潜 在对外授权，该行期待后续更多重磅交易在年内落地。 公司公布1H25业绩：收入132.73亿元，同比下降18.5%;归母净利润25.48亿元，同比下滑15.6%，经调整 净利润23.20亿元，同比下滑27.9%，基本符合该行预期。 成药业务持续承压，该行预计2H25环比1H25有所改善 分业务，2Q25成药收入47.47亿元(YoY-20.7%/QoQ-13.7%)，其中神经系统收入18.47亿元(YoY-27.0%)， 该行认为下降主要是由于医保控费以及公司控制渠道库存，该行预计2H25情况有望改善;抗肿瘤收入 4.98亿元(YoY-53.5%)，抗感染收入7 ...

Core Viewpoint - The company's 1H25 performance is in line with expectations, showing a decline in revenue and net profit compared to the previous year, but there are signs of potential improvement in the second half of the year [1] Financial Performance - 1H25 revenue was 13.273 billion yuan, a year-on-year decrease of 18.5% [1] - Net profit attributable to shareholders was 2.548 billion yuan, down 15.6% year-on-year, while adjusted net profit was 2.320 billion yuan, down 27.9% year-on-year [1] - In 2Q25, the revenue from the pharmaceutical business was 4.747 billion yuan, a year-on-year decline of 20.7% and a quarter-on-quarter decline of 13.7% [1] Business Segments - Revenue from the neurology segment was 1.847 billion yuan, down 27.0% year-on-year, attributed to medical insurance cost control and inventory management [1] - Oncology revenue was 0.498 billion yuan, down 53.5% year-on-year, while anti-infection revenue was 0.735 billion yuan, down 23.2% year-on-year [1] - Cardiovascular revenue was 0.457 billion yuan, down 10.2% year-on-year, and respiratory revenue was 0.250 billion yuan, down 13.5% year-on-year [1] - Digestive metabolism revenue was 0.229 billion yuan, down 31.3% year-on-year, while other fields generated 0.374 billion yuan, up 25.1% year-on-year [1] R&D and Innovation - The company has established eight innovative R&D platforms and is expected to continue monetizing external authorizations [2] - As of now, the company has completed several significant external authorizations with potential milestone payments totaling up to 1.225 billion USD [2] - R&D expenses in 2Q25 were 1.380 billion yuan, accounting for 29.1% of pharmaceutical revenue, indicating a year-on-year increase of 6.2 percentage points [3] - The company's key product, SYS6010 (EGFR ADC), has entered Phase III clinical trials, with expectations for a BLA in 2026 [3] Profit Forecast and Valuation - The profit forecast for 2025 and 2026 remains largely unchanged, with the current stock price corresponding to a P/E ratio of 20.5x for 2025 and 17.3x for 2026 [3] - The target price has been raised by 51.2% to 13.00 HKD, reflecting a potential upside of 23.7% from the current stock price [3]

Core Viewpoint - The company is expected to see performance growth driven by authorized income and new product varieties, showcasing its R&D capabilities through eight major platforms [1]. Group 1: Financial Performance - In Q1 2025, the company reported revenue of 7.015 billion yuan, a year-on-year decrease of 21.9%, and a net profit attributable to shareholders of 1.495 billion yuan, down 8.3% year-on-year [1]. - The revenue from the traditional medicine business decreased by 27.3% year-on-year, but new authorized income reached 718 million yuan, significantly alleviating the pressure from centralized procurement and medical insurance policies [1]. Group 2: R&D and Product Pipeline - The company has ten ADC pipelines in clinical stages, with key products SYS6010 (EGFR ADC) showing strong potential for authorization [1]. - SYS6010 started its first Phase III clinical trial in March 2025, targeting EGFR mutation-positive locally advanced or metastatic NSCLC patients who have failed EGFR-TKI treatment [1]. - SYS6010 has received three FDA Fast Track Designations (FTD) for various indications, including metastatic non-small cell lung cancer [1]. Group 3: Expansion into Chronic Disease Management - The company is expanding into chronic disease management, focusing on cardiovascular and endocrine metabolic fields [2]. - The GLP-1 series products, including the new drug TG103, are expected to benefit patients with diabetes and obesity, with clinical trials for both conditions expected to lead to market applications in 2025 and 2026 [2]. - Small RNA drugs such as PCSK9 siRNA, AGT siRNA, and Lp(a) siRNA have entered clinical stages, with early data showing potential in cholesterol reduction and hypertension treatment [2]. Group 4: Profit Forecast and Valuation - The company is positioned as a leading domestic innovative pharmaceutical enterprise, with its eight innovation platforms expected to yield significant value [2]. - Projected revenues for 2025-2027 are 29.794 billion yuan, 30.455 billion yuan, and 31.585 billion yuan, with net profits of 5.575 billion yuan, 5.930 billion yuan, and 6.198 billion yuan respectively [2]. - Based on a 35x PE ratio, the estimated valuation is 195.1 billion yuan, with a target price of 16.94 yuan, equivalent to 18.63 HKD, initiating coverage with a "buy" rating [2].

Core Viewpoint - Out-licensing has become one of the most important driving forces in the domestic biopharmaceutical industry this year, with Innovent Biologics (01801) being identified as the most capable beneficiary among the companies covered by Morgan Stanley [1] Group 1: Company Analysis - Morgan Stanley raised the target price for Innovent Biologics from HKD 90 to HKD 109 and assigned an "Overweight" rating, designating it as an industry favorite [1] - Innovent Biologics has a strong product pipeline covering oncology, cardiovascular, autoimmune, and ophthalmology, creating a diversified portfolio of early and late-stage assets [1] - The firm has increased its forecast for potential licensing revenue as a percentage of total revenue to 5% to 7%, which is expected to enhance gross margin due to favorable sales mix [1] Group 2: Market Outlook - The valuation of early-stage assets has been raised by 43% due to increasing market recognition of the company's R&D capabilities [1]

该行将未来潜在授权收入占总收入的比例预测上调至5%至7%，并料有利的销售占比可推动毛利率扩 张；同时将早期阶段资产估值提升43%，因集团研发能力的市场认可日益提高。该行对其目标价由90港 元上调至109港元，评级"增持"，并列为行业首选。 摩根大通发表研究报告指，对外授权已成为今年内地生物医药行业最重要的推动力之一，并认为信达生 物在该行覆盖的企业中最有能力从中受惠。该行指，信达生物强大的产品管线涵盖肿瘤、心血管、自身 免疫及眼科等领域，形成多元化的早晚期资产组合，有望在未来几年持续达成对外授权交易。 ...

中国生物科技行业正处于历史性拐点。 据追风交易台消息，摩根士丹利在7月31日的报告中表示，中国生物科技行业正从过去的"跟随者"，向全球"1到N"创新的关键贡献者转变，行业估 值已重新获得市场认可。该机构预测，到2030年，创新药销售将占中国制药市场的53%，较2023年的29%大幅提升，年复合增长率达21%。 中国与全球创新差距急剧缩小：从10年到3.7年的跨越 中国生物科技创新能力的核心突破在于与美国创新差距的显著收窄。 根据摩根士丹利分析，基于GBI管线数据库对比2021-2023年期间中国原研资产与相应美国已批准药物类别的开发阶段，中国创新者相对美国的开 发差距已缩短至3.7年。这一差距在2005-2009年期间曾高达约10年，2010-2014年期间仍有显著差距。 IQVIA的独立分析进一步证实了这一趋势：研究显示2020-2024年间在中国上市的新分子实体较全球首次上市的延迟中位数约为3.7年。 分析师认为，这种差距缩小的根本原因在于中国生物科技行业的系统性能力提升。 在2020-2024年期间，共有112个新分子实体在中国上市，约占同期全球上市新分子实体（394个）的四分之一。更重要的是，近四分之 ...

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 84.00 CNY, while the current price is 56.40 CNY [6][28]. Core Insights - The report highlights that Heng Rui Medicine has entered a significant licensing agreement with GSK for the PDE3/4 inhibitor HRS9821 and 11 preclinical projects, marking its entry into the global respiratory competition [2][12]. - The licensing deal includes an upfront payment of 500 million USD and a total milestone payment of 12 billion CNY, indicating strong potential for revenue growth [12][16]. - The report emphasizes the company's robust pipeline, with over 30 projects having potential for external licensing, particularly in the respiratory field [12][18]. Financial Summary - The financial projections for Heng Rui Medicine show a steady increase in revenue and net profit from 2023 to 2027, with expected revenues of 228.2 billion CNY in 2023, growing to 508.3 billion CNY by 2027, representing a compound annual growth rate (CAGR) of approximately 19.8% [4][27]. - The net profit attributable to the parent company is projected to rise from 43.0 billion CNY in 2023 to 137.8 billion CNY in 2027, reflecting a significant growth trajectory [4][27]. - The earnings per share (EPS) are expected to increase from 0.65 CNY in 2023 to 2.09 CNY in 2027, indicating strong profitability [4][27]. Market Position and Competitive Landscape - Heng Rui Medicine's collaboration with GSK enhances its competitive position in the respiratory market, as GSK is a leading player with a significant focus on COPD treatments [18][21]. - The report notes that GSK's respiratory business generated 8.997 billion GBP in 2024, accounting for 29% of its total revenue, showcasing the importance of this segment [19][21]. - The partnership is seen as a validation of Heng Rui Medicine's capabilities and potential in the global market, particularly in the development of innovative therapies [18][19].

Summary of Hansoh Pharmaceutical Conference Call Company Overview - **Company**: Hansoh Pharmaceutical - **Industry**: Pharmaceutical, focusing on oncology and innovative drugs Key Points Industry Impact and Financial Performance - Hansoh Pharmaceutical's revenue from generic drugs has declined from 2021 to 2023 due to centralized procurement policies, but innovative drug revenue has significantly increased since 2023 [2][3] - R&D investment has risen from 1.2 billion CNY in 2020 to an expected 3 billion CNY in 2024, accounting for 22% of revenue [2][3] - Overall revenue decreased from approximately 8.7 billion CNY in 2020 to a low in 2022 but is expected to recover in 2023 [5] Product Development and Pipeline - The oncology segment focuses on lung cancer, gastrointestinal tumors, and gynecological tumors, with Amivantamab (阿美替尼) as a cornerstone product [2][6] - Amivantamab is expected to generate over 6 billion CNY in revenue this year, with peak sales projected at 8 billion CNY [9] - The company has completed four licensing agreements in the past three years, totaling around 2 billion USD, indicating strong external validation of its R&D pipeline [7][19] Innovations and Future Strategies - In the oncology field, Hansoh is developing multiple antibody-drug conjugates (ADCs) and combination therapies to extend the lifecycle of Amivantamab [2][10] - The company is also focusing on non-oncology areas, including metabolic diseases and central nervous system disorders, with key products like CD19 monoclonal antibody and OXRR antagonist for insomnia [4][15][17] - The metabolic segment includes a multi-target dual agonist (GIP GLP-1) and oral GLP-1 agonist, with significant market potential in diabetes and weight loss [18] Clinical Trials and Regulatory Approvals - Amivantamab has received approvals for multiple indications and is undergoing further clinical trials for combination therapies [8][9] - BCH3 ADC and BCH4 ADC are in advanced clinical stages, with promising early data and partnerships with GSK for commercialization [11][13] Market Position and Competitive Landscape - Hansoh's innovative drugs are gaining market share, with Amivantamab's indications expanding and expected to double its revenue from 2021 to 2024 [3][5] - The company is strategically positioned in the ADC space, competing with major players and aiming for significant market penetration [19] Conclusion - Hansoh Pharmaceutical is navigating challenges in the generic drug market while capitalizing on innovative drug development, with a robust pipeline and strategic partnerships that enhance its market position and growth potential [2][3][7][19]

Core Insights - China Biopharmaceutical is set to achieve its first significant out-licensing deal, marking a pivotal moment for the company [1] - The company showcased 12 innovative products with breakthrough data at the American Society of Clinical Oncology (ASCO) annual meeting, indicating substantial progress in its research and development efforts [1] - Out-licensing has become one of the company's primary strategic objectives this year, highlighting its focus on expanding partnerships and collaborations [1]