Core Viewpoint - CICC maintains a target price of HKD 8.9 for China Biologic Products (01177) and a "outperform industry" rating, with adjusted net profit forecasts for 2025 and 2026 remaining at RMB 4.47 billion and RMB 4.92 billion respectively, and introducing a forecast of RMB 5.42 billion for 2027 [1] Group 1 - The company announced a 100% acquisition of Hejia Bio for RMB 1.2 billion [1] - Hejia Bio focuses on the siRNA sector, particularly in the areas of weight loss metabolism, cardiovascular, and neurological diseases, with a core platform that has competitive advantages [1] - The existing therapies in the chronic disease field generally have limitations in efficacy, safety risks, and low patient compliance, indicating a significant unmet clinical need [1] Group 2 - The acquisition is expected to help China Biologic Products build a next-generation cardiovascular treatment innovation pipeline and enhance its layout in the weight loss metabolism field [1] - The company's established R&D system and sales channels are likely to facilitate the efficient clinical advancement and subsequent commercialization of Hejia Bio's products, leading to potential synergistic benefits for both parties [1]

该行认为，慢病领域现有疗法普遍存在疗效局限、安全性风险以及患者依从性低等问题，临床未满足需 求巨大。是次收购有望帮助中生制药构建下一代心血管治疗创新管线，完善减重代谢领域布局；同时， 公司完善的研发体系以及销售渠道，也有望快速推进赫吉亚生物临床高效推进以及后续商业化落地，双 方有望实现协同共赢。该行维持对其目标价为8.9港元及"跑赢行业"评级。 中金发表研究报告指，中国生物制药公告以12亿元对价100%收购赫吉亚生物，后者深耕siRNA赛道， 重点布局减重代谢、心脑血管、神经系统三大慢病领域，其核心平台具备差异性竞争优势。 ...