央广网合肥8月1日消息（记者张琳琳 实习记者李甜甜）栽下梧桐树，引得凤凰来。企业的成长壮大，离不开优质 的营商环境。近年来，肥西经开区聚焦企业全生命周期需求，以精准服务破解发展难题，以暖心政策厚植创新沃 土，让企业扎根更安心、发展更顺心。 要素保障"零时差" 精准对接破解难题 在合肥欣竹生物科技有限公司的CIP工序，一排不锈钢清洗罐正在运转，实现对药剂设备内部的清洁。这个总投 资56亿元的生物医药项目，从建设到投产涉及诸多配套需求。 项目落地"加速度" 全流程代办省心省力 "正式电接入原本是个难题，没想到肥西开发区直接带着供电局上门解决。"合肥欣竹项目负责人夏开国说，全方 位的要素保障推动项目加速建设，目前项目1吨多肽原液生产线已经投入使用，共计2款生物类似药已经完成技术 转移并落地欣竹工厂。其中，1款生物类似药进入了临床申报阶段，另1款生物类似药已经获批进入临床阶段，10 吨原液生产线预计明年1季度建成投入使用。 7月29日，在安徽力劲集团压铸机厂房建设现场，工人们正紧张有序地进行高空作业，银白色钢结构厂房已初具规 模。作为新能源汽车产业链的关键一环，该企业的一体化压铸技术将大幅提升整车制造效率。 近年来， ...

Core Viewpoint - CMB International initiates coverage on China Biopharmaceutical with a "Buy" rating and a target price of HKD 9.4 based on a 10-year DCF model, corresponding to a 2026 adjusted P/E ratio of 37 times [1] Group 1: Company Performance - The company is entering a harvest period for innovative drugs, with rapid growth in biosimilars and stable performance in chemical generics [1] - Currently, the company has received approval for 7 biosimilars, with a total market capacity of RMB 24 billion in sample hospitals for 2024 [1] - The mature sales network in China is expected to facilitate rapid sales growth for biosimilars, particularly for the first generic version of Pertuzumab [1] Group 2: Financial Projections - CMB International forecasts revenue growth of 11.4%, 10.5%, and 9.6% for the years 2025, 2026, and 2027, respectively [1] - Adjusted net profit is projected to grow by 12.2%, 11.5%, and 10.5% for the same years [1] - The current forecasts do not account for potential contributions from several significant innovative products that may receive overseas licensing [1]

Group 1 - The core viewpoint of the news is that Dongyangguang Changjiang Pharmaceutical Co., Ltd. is set to complete its last trading day on the Hong Kong Stock Exchange and will officially list as "Dongyangguang Pharmaceutical" on August 7, marking a significant innovation in the capital market with its "H-share absorption merger and introduction listing" model [1] - The company aims to achieve overall listing by merging its Hong Kong-listed subsidiary, Dongyangguang Changjiang Pharmaceutical, into its parent company, Dongyangguang Pharmaceutical, and issuing H-shares to minority shareholders of the subsidiary [1] - This move is seen as a way to break traditional capital operation barriers, reduce financial friction costs associated with acquisitions, and ensure shareholder rights, providing a reference model for industrial integration and international development [1] Group 2 - After listing in Hong Kong, Dongyangguang Pharmaceutical is expected to gain long-term capital support and achieve integrated-driven industrial upgrades, combining its R&D capabilities with the nationwide sales network of Dongyangguang Changjiang Pharmaceutical [2] - The company focuses on drug research, production, and commercialization, specializing in innovative drugs, including improved new drugs, generic drugs, and biosimilars, with a strategic focus on infection, chronic diseases, and oncology [2] - Dongyangguang Pharmaceutical aims to establish a global operational platform and is committed to becoming a first-class international innovative pharmaceutical company [2]

Group 1 - Dongyangguang Pharmaceutical has completed its last trading day and officially launched the first case of "H-share absorption merger privatization + introduction listing" in the Hong Kong market [1] - The company plans to list on the Hong Kong Stock Exchange on August 7 under the name "Dongyangguang Pharmaceutical" (06887), creating a new paradigm for asset securitization in Chinese innovative pharmaceutical companies [1] - The absorption merger allows Dongyangguang Pharmaceutical to issue H-shares to minority shareholders of its subsidiary Dongyangguang Changjiang Pharmaceutical, facilitating overall listing [1] Group 2 - Industry insiders note that this move breaks traditional capital operation time barriers, reduces friction costs in acquisitions, and effectively safeguards shareholder rights [1] - The listing is seen as a response to the national strategy of optimizing capital market structure and provides a reference model for industrial integration and international development [1] - After the listing, Dongyangguang Pharmaceutical is expected to gain long-term capital support and achieve integrated industry upgrades, creating a closed loop of "research and development - production - sales" [1][2] Group 3 - Dongyangguang Pharmaceutical is engaged in drug research, production, and commercialization, focusing on innovative drugs, including modified new drugs, generic drugs, and biosimilars [2] - The company adheres to principles of innovation, internationalization, and sustainability, with a strategic focus on treating infections, chronic diseases, and tumors [2] - Dongyangguang Pharmaceutical aims to become a world-class innovative pharmaceutical company with a mature and well-circulated business model [2]

Group 1 - Dongyangguang Pharmaceutical has completed its last trading day and is set to launch on the Hong Kong Stock Exchange, marking the first instance of "H-share absorption merger privatization + introduction listing" in the market [1] - The company plans to list as "Dongyangguang Pharmaceutical" (stock code: 06887.HK) on August 7, 2023, creating a new paradigm for asset securitization among Chinese innovative pharmaceutical companies [1] - This listing does not involve new share issuance or fundraising; instead, it involves the absorption merger of its Hong Kong-listed subsidiary, Dongyangguang Changjiang Pharmaceutical, allowing small shareholders to exchange their shares for H-shares [1] Group 2 - Industry insiders note that this approach breaks traditional capital operation time barriers, reduces funding friction costs associated with acquisitions, and effectively safeguards shareholder rights [1] - The move is seen as a model for resource integration and capital upgrade, providing a reference for industrial consolidation and international development, aligning with national strategies to optimize capital market structures [1] - After the Hong Kong listing, Dongyangguang Pharmaceutical is expected to gain long-term capital support and achieve integrated industry upgrades, combining its R&D capabilities with the nationwide sales network of Dongyangguang Changjiang Pharmaceutical [1][2]

Investment Rating - The industry rating is optimistic, expecting overall returns to exceed the CSI 300 index by more than 5% in the next six months [8]. Core Insights - Aurobindo Pharma reported Q4 revenue of 83.82 billion INR, a year-on-year increase of 10.6%, while net profit slightly declined by 0.5% to 9.03 billion INR [3][4]. - The Q4 revenue reached a historical high, driven by sales growth, new product launches, and stable market prices, despite one-time operating expenses impacting EBITDA by over 1.05 billion INR [4]. - The U.S. and European markets showed strong growth, with U.S. formulation sales at 40.72 billion INR (up 13.5%) and European formulation sales at 21.47 billion INR (up 17.2%), while emerging markets saw a decline of 7.8% to 7.86 billion INR [5]. - For FY2026, the company anticipates high single-digit revenue growth and stable profit margins, with two biosimilars expected to contribute to revenue starting in FY2026 [5]. Summary by Sections Financial Performance - Q4 revenue was 83.82 billion INR, with a gross margin of 59.1% and EBITDA of 17.92 billion INR, reflecting a 6.2% increase [4]. - Net profit for Q4 was 9.03 billion INR, showing a slight decline of 0.5% year-on-year [4]. Market Analysis - U.S. formulation business accounted for 48.6% of total sales, while European formulation business represented 25.6% [5]. - Emerging markets contributed 9.4% to total sales, indicating a slowdown in growth [5]. Future Outlook - The company expects revenue growth in FY2026 to be in the high single digits, excluding the impact of gRevlimid [5]. - The European formulation business is projected to steadily approach the milestone of 1 billion USD (approximately 85 billion INR) [5].

Core Viewpoint - Recent announcements from global medical device giant Medtronic and pharmaceutical giant Samsung Biologics regarding their new spin-off plans aim to focus on high-growth areas and seek greater recognition from capital markets [1][2]. Group 1: Medtronic's Spin-off - Medtronic announced on May 21 that it will spin off its diabetes business into an independent company, with the stock price dropping over 4% following the announcement [1][2]. - The diabetes business has shown strong performance, maintaining double-digit growth for six consecutive quarters and holding a 70% global market share in insulin pumps as of 2022 [2]. - The diabetes segment accounted for 8% of Medtronic's total revenue and 4% of its operating profit in fiscal year 2025, with over 8,000 employees globally [2]. - The spin-off is expected to immediately enhance profitability and overall profit margins, allowing Medtronic to focus on high-growth areas such as surgical robotics [2][3]. Group 2: Samsung Biologics' Spin-off - Samsung Biologics announced on May 22 that it will spin off its biosimilar drug business to concentrate resources on its contract development and manufacturing organization (CDMO) sector, which has higher technical barriers and more stable profit margins [2][4]. - The CDMO division is projected to contribute approximately 75% of the company's total revenue by 2024, with a market capitalization nearing 80 trillion KRW (approximately $56.8 billion) [4]. - The spin-off aims to mitigate potential conflicts of interest as the CDMO business expands, addressing client concerns about the use of proprietary information in producing biosimilars [4]. Group 3: Industry Trends and Investor Influence - The trend of spin-offs in the medical sector is increasingly driven by activist investors, as seen in the case of Becton Dickinson's recent decision to split its life sciences division, following pressure from hedge fund Starboard Value [5][6]. - Analysts estimate that Becton Dickinson's valuation could increase by up to 30% post-split, highlighting the impact of activist investors on corporate restructuring [5]. - Activist investors are seen as catalysts for change, pushing companies to invest in promising R&D projects or divest unprofitable segments, although they can also introduce chaos into corporate management [5][6].

Group 1 - Medtronic's split strategy is seen as a win-win, allowing the company to focus on high-growth areas and invest in innovation such as surgical robotics [1][2] - Medtronic announced the separation of its diabetes business into an independent company, with the diabetes segment accounting for 8% of total revenue and 4% of operating profit by fiscal year 2025 [1][2] - The diabetes business has shown strong performance, maintaining double-digit growth for six consecutive quarters and employing over 8,000 people globally [1][2] Group 2 - Samsung Biologics plans to split its biosimilar business to concentrate on its contract development and manufacturing organization (CDMO) sector, which is expected to contribute approximately 75% of overall revenue by 2024 [2][3] - The split aims to mitigate potential conflicts of interest as the CDMO business expands, addressing client concerns about proprietary information being used for biosimilar production [3] - The stock price of Samsung Biologics has increased by over 40% in the past year, with a current market capitalization nearing 80 trillion KRW (approximately 56.8 billion USD) [2] Group 3 - The trend of splitting business units in the healthcare sector is partly driven by activist investors seeking to enhance company valuations and focus on core operations [4] - Recent splits, including Becton Dickinson's life sciences division, have been influenced by pressure from aggressive investors, with potential valuation increases of up to 30% post-split [4] - Activist investors are seen as catalysts for change, pushing companies to invest in promising R&D projects or divest underperforming units [4]

Group 1 - The company has a rich pipeline focusing on oncology and chronic diseases, with 16 products in the market or clinical stages, including 3 biosimilars that are rapidly increasing in sales [1] - The Nectin-4 ADC has potential for best-in-class (BIC) status, with ongoing phase III clinical trials for both monotherapy and combination therapy, aiming to establish a competitive barrier in the treatment of urothelial carcinoma [1] - The internationalization process is accelerating, with the expansion of biosimilar markets along the "Belt and Road" initiative, laying the foundation for future innovative products to enter the global market [1] Group 2 - The company has completed an integrated layout for research, production, and sales, with three products already on the market and core ADC pipelines entering the registration clinical stage, indicating promising future revenue [2] - Revenue forecasts for 2025, 2026, and 2027 are projected to be 613 million, 1.03 billion, and 1.80 billion respectively, with a reasonable equity value of 13.447 billion, corresponding to a stock price of 33.65 [2] - The company is preparing for a mainboard listing on the Hong Kong Stock Exchange to further promote its internationalization efforts [1]