本文源自：金融界AI电报 中国生物制药(1177.HK)盘中跌超6%，报7.4港元，截至目前成交近13亿港元，成交额明显放大。 消息 面上，公司昨晚公布业绩显示，上半年持续经营业务收入175.75亿元，同比升10.71%。毛利率82.5%， 升0.4个百分点。股东应占盈利33.89亿元，同比增长12.31%；每股盈利18.82分，派中期息5港仙。 上半 年集团共有2个创新产品获NMPA批准上市，分别为普坦宁和安启新。今年上半年，集团创新产品收入 78亿元，同比增长27.2%。除创新产品外，还有5个仿制药获NMPA批准上市，整体仿制药收入在上半年 保持正增长。 ...

转自：大公网 在政策支持与创新驱动的双重动力下，国内医药行业正加速复苏。8月18日，港股龙头药企中国生物制 药(01177.HK)公布2025半年度业绩报告，上半年公司实现营收175.7亿元，归母净利润33.9亿元，同比分 别增长10.7%和140.2%，连续三个报告期实现双位数稳定增长。 报告期内，中国生物制药创新转型成效显著，研发管线已经进入密集收获期。财报显示，继去年全年突 破120亿元大关后，今年上半年，公司创新产品收入再上台阶，仅半年就达到78亿元，同比强劲增长 27.2%;占总收入比例也进一步提升至44.4%，充分显示创新转型已进入深水区。公司表示，对全年实现 双位数增长充满信心，创新产品收入增速全年有望达到25%以上，占收入比有望顺利突破50%。 创新产品收入劲增27.2% 预计年底收入占比过半 作为行业龙头，中国生物制药已连续多年在创新研发上重磅投入，并迎来密集收获期。业绩公告显示， 今年上半年，公司研发费用投入达31.9亿元，较上年同期增加6.1亿元，研发费用占收入比例达到 18.1%，也较上年同期增长1.9个百分点。其中，创新药及生物类似药研发费用占比达到78%。公司创新 产品收入上半年达 ...

Core Insights - The domestic pharmaceutical industry is accelerating its recovery driven by policy support and innovation [1] - China National Pharmaceutical Group (China Biopharma) reported a significant increase in revenue and net profit for the first half of 2025, achieving revenue of 17.57 billion yuan and a net profit of 3.39 billion yuan, representing year-on-year growth of 10.7% and 140.2% respectively [1][2] - The company is entering a dense harvest period for its R&D pipeline, with innovative product revenue reaching 7.8 billion yuan in the first half of the year, a strong year-on-year growth of 27.2% [2][3] Revenue and Profit Growth - The company has achieved double-digit stable growth for three consecutive reporting periods [1] - Innovative products now account for 44.4% of total revenue, with expectations to exceed 50% by the end of the year [1][2] - The company anticipates a full-year growth rate of over 25% for innovative product revenue, contributing more than 3 billion yuan to overall performance [2] R&D Investment and Product Pipeline - R&D expenses for the first half of the year reached 3.19 billion yuan, an increase of 610 million yuan year-on-year, representing 18.1% of total revenue [2] - The company has received approvals for 11 innovative products over the past two years, with several new products approved this year, including the first 24-hour long-acting NSAID injection [2][3] - The company plans to obtain approvals for 19 innovative products from 2025 to 2027, with over half expected to exceed 2 billion yuan in sales potential [3] Therapeutic Areas and Market Position - The company has made significant progress in four key therapeutic areas: oncology, liver disease, respiratory, and surgical/pain management [4][5] - In oncology, the company is advancing multiple products, including a dual-target antibody for non-small cell lung cancer and a CDK2/4/6 inhibitor for breast cancer [4] - The company has a strong pipeline in respiratory diseases, with a focus on multiple dosage forms and a leading position in clinical progress [4] Financial Health and Shareholder Returns - The company has a robust cash reserve of 30.5 billion yuan and plans to distribute dividends of 820 million yuan for the first half of 2025, a year-on-year increase of over 60% [5] - The company's stock price has increased by over 150% this year, reflecting steady long-term returns for shareholders [5]

期内，持续经营业务收入175.75亿元，同比升10.71%。毛利率82.5%，升0.4个百分点。 格隆汇8月18日｜中国生物制药(1177.HK)公布，截至今年6月底止中期股东应占盈利33.89亿元，同比增 长12.31%；每股盈利18.82分，派中期息5港仙。 期内，集团共有2个创新产品获NMPA批准上市，分别为普坦宁和安启新。今年上半年，集团创新产品 收入78亿元，同比增长27.2%。除创新产品外，还有5个仿制药获NMPA批准上市，整体仿制药收入在上 半年保持正增长。 ...

Core Viewpoint - The approval of "Recombinant Human Coagulation Factor VIIa Injection N01" by the National Medical Products Administration of China marks a significant milestone for the company as it is the first domestically approved product of its kind, providing a more economical and high-quality treatment option for patients [1] Group 1 - The product is the company's first recombinant human coagulation factor VIIa injection and the first of its kind in China [1] - The production process of recombinant human coagulation factor VIIa is complex, facing challenges such as degradation, oxidation sites, and various impurities [1] - The company has innovatively developed proprietary processes for cell culture, separation, purification, and formulation, resulting in two original patents [1] Group 2 - The product has successfully undergone multiple batches of commercial-scale production, demonstrating good consistency in quality between batches, which proves the robustness of the production process [1] - As the first domestically approved recombinant human coagulation factor VIIa product, it is expected to provide a more economical and high-quality treatment option for patients [1] - The company plans to offer a combination treatment solution through Anhengji and Anqixin, addressing the full spectrum of needs from routine replacement therapy to inhibitor management, potentially benefiting a broader population of hemophilia patients [1]