Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant growth in both revenue and net profit, driven by innovative products and a solid position in key therapeutic areas [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 17.57 billion (CNY) (+10.7%) and a net profit attributable to shareholders of 3.39 billion (CNY) (+140.2%) [1]. - Adjusted net profit (non-HKFRS) reached 3.09 billion (CNY) (+101.1%), indicating a substantial increase in profitability [1]. Innovation and Product Development - The company launched two innovative products approved by NMPA in H1 2025, contributing to a revenue of 7.8 billion (CNY) from innovative products (+27.2%), which now account for 44.4% of total revenue (+5.8 percentage points) [1]. - The company has a broad pipeline of nearly 20 innovative products expected to be approved between 2025 and 2027, with over half projected to have peak sales exceeding 2 billion (CNY) [2]. Business Segments - The oncology segment generated revenue of 6.694 billion (CNY) (+24.9%), while the surgical/pain management segment achieved revenue of 3.105 billion (CNY) (+20.2%) in H1 2025 [1]. Future Outlook - The company anticipates that the proportion of revenue from innovative products will increase to 50% in 2025, 55% in 2026, and 60% in 2027, positioning innovation as the core driver of revenue growth [2]. - The acquisition of Lixin Pharmaceutical is expected to enhance the company's innovation pipeline and strengthen its core technology capabilities [2]. Profit Forecast - Revenue projections for 2025-2027 are 32.78 billion (CNY), 36.87 billion (CNY), and 41.14 billion (CNY), with year-on-year growth rates of 13.6%, 12.5%, and 11.6% respectively [3]. - Net profit forecasts for the same period are 4.81 billion (CNY), 4.88 billion (CNY), and 5.12 billion (CNY), with growth rates of 37.5%, 1.5%, and 4.8% respectively [3].

事件描述 机构：长江证券 研究员：彭英骐/刘长洪 礼新医药差异化补足技术平台，助力全球FIC/BIC 管线。公司宣布7 月15 日以5 亿美元净对价全资收购 礼新医药科技（上海）有限公司（礼新医药）。礼新医药拥有全球领先的抗体发现与ADC 技术平台， 包括肿瘤微环境特异性抗体开发平台（LM-TMETM）、针对难成药靶点的抗体开发平台（LM- AbsTM）、新一代ADC 药物平台（LM-ADCTM）、以及免疫细胞衔接器平台（LM-TCETM）。公司 将加速推进礼新医药创新管线的转化，包括LM-299（PD-1/VEGF 双抗）、LM-305（GPRC5D ADC）、LM-108（CCR8 单抗）、LM-302（Claudin18.2 ADC）、LM-168（CTLA-4TME 单抗）和LM- 364（Nectin-4 TME ADC）。 盈利预测：预计公司2025-2027 年归母净利润分别为34.54 亿元、39.79 亿元及45.70 亿元，对应EPS 分 别为0.18 元、0.21 元及0.24 元，维持"买入"评级。 风险提示 1、销售不及预期风险； 事件评论 财务增长强劲，创新持续扩容。2025H1 ...

每经记者｜林姿辰 每经编辑｜董兴生 8月18日，中国生物制药（01177.HK）发布2025年半年报，公司上半年实现营业收入175.7亿元，同比增 长10.7%；实现持续经营业务归母净利润33.9亿元，同比增长140.2%；实现经调整归母净利润30.9亿 元，同比增长101.1%。 《每日经济新闻》记者注意到，在港股创新药板块升温的背景下，今年以来中国生物制药股价涨幅接近 150%，总市值重上并站稳千亿港元。截至8月18日收盘，已达到1483.97亿港元。 值得注意的是，今年上半年，公司超过90%的收入仍来自中国内地客户。但中国生物制药表示，从今年 起，对外授权合作有望成为集团（中国生物制药及其附属公司）又一常态化收入来源。 创新产品收入同比增长超27%，已成业绩增长主要动力 中国生物制药的产品包括多种生物药和化学药，涉及肿瘤、肝病/代谢、呼吸系统、外科/镇痛四大治疗 领域。 其中，前者是中国首款一日一次的长效镇痛非甾体抗炎药（NSAIDs）注射液，可用于成人术后疼痛管 理；后者是中国首个国产重组人凝血因子VIIa类生物制品，可用于凝血因子VIII或IX的抑制物>5个 Bethesda单位（BU）的成人及青少 ...