先声药业(02096)午前涨超6%，截至发稿，涨6.02%，报14.08港元，成交额2.41亿港元。 中金认为，先声药业上半年业绩超出市场预期，主要是创新药业务带动。1H25公司创新药业务收入达 到27.76亿元，同比提升26.0%，收入占比从2024年74.3%提升3.1ppt至77.4%，科赛拉、先比新舌下片等 创新药快速放量，公司预计科唯可(达利雷生)有望2H25正式上市；同时公司三款产品(苏维西塔单抗、 达利雷生、先比新舌下片)入选近期商保目录，该行认为有望带动创新药收入持续快速提升。 消息面上，先声药业发布中期业绩，上半年营业收入同比增长15.1%至35.85亿元，经调整净利润6.51亿 元，同比增长21.1%。根据报告，公司已上市创新药数量达十款，创新药收入27.76亿元，同比增长 26%，占总收入比例首次超过3/4，达77.4%。2025年上半年2款创新药获批上市、2款候选药物进入NDA 审评阶段，另有2款自研临床阶段产品实现创新出海授权，创新转型成果亮眼。 ...

先声药业(02096)再涨超6%，截至发稿，涨4.4%，报14.72港元，成交额2.1亿港元。 中金认为，先声药业上半年业绩超出市场预期，主要是创新药业务带动。1H25公司创新药业务收入达 到27.76亿元，同比提升26.0%，收入占比从2024年74.3%提升3.1ppt至77.4%，科赛拉、先比新舌下片等 创新药快速放量，公司预计科唯可(达利雷生)有望2H25正式上市；同时公司三款产品(苏维西塔单抗、 达利雷生、先比新舌下片)入选近期商保目录，该行认为有望带动创新药收入持续快速提升。 消息面上，近日，先声药业公布上半年业绩。交银国际指出，先声药业1H25业绩如期实现高增长，收 入和经调整净利润同比分别增长15%/21%，符合该机构的预期，其中创新药相关收入增长26%，占总收 入的比例同比提升6.6ppts至77.4%。该行指出，公司1H25整体研发投入超10亿元，占总收入比例接近 30%，创新研发成果显着，包括：上市达利雷生和苏维西塔单抗；完成两单BD出海交易，分别与艾伯 维和NextCure就GPRC5D/BCMA/CD3三抗和CDH6ADC达成，其中前者有望于2026年完成I期爬坡后迎 来合作伙伴正式 ...

Core Viewpoint - The company reported strong performance in 1H25, exceeding market expectations with significant growth in revenue and net profit driven by its innovative drug business [1][2]. Financial Performance - Revenue for 1H25 reached 3.585 billion yuan, a year-on-year increase of 15.1% [1] - Net profit attributable to shareholders was 604 million yuan, up 32.2% year-on-year, while adjusted net profit was 651 million yuan, reflecting a 21.1% increase [1] - The gross margin improved to 80.7%, an increase of 1.6 percentage points year-on-year [2] - Adjusted net profit margin stood at 18.2%, showing a year-on-year increase of 0.9 percentage points [2] Business Development - The innovative drug business showed strong commercialization progress, with revenue reaching 2.776 billion yuan in 1H25, a 26.0% increase year-on-year, and its revenue share rising from 74.3% in 2024 to 77.4% [1] - Key products such as Koseira and Xianbi sublingual tablets are experiencing rapid growth, with expectations for the launch of Koweike (Daliresheng) in 2H25 [1] - The company’s revenue in the neuroscience segment was 1.249 billion yuan, up 37.3% year-on-year, while oncology revenue reached 874 million yuan, a 41.1% increase [1] Research and Development - The company maintained a research and development investment rate of 28.7%, an increase of 9.0 percentage points year-on-year, indicating a commitment to innovation [2] - Two products were authorized for external licensing, and two products received approval for market launch [2] Profit Forecast and Valuation - The company raised its core net profit forecasts for 2025 and 2026 by 6% and 10% to 1.252 billion yuan and 1.427 billion yuan, respectively [2] - The current stock price corresponds to 23.8 times and 20.0 times the adjusted price-to-earnings ratio for 2025 and 2026 [2] - The target price was increased by 32.8% to 17.00 HKD, implying a potential upside of 33.1% [2]

Group 1 - The core viewpoint of the article emphasizes the solid position of the company as a leading player in the neuro-specialty pharmaceutical sector, with significant growth potential from innovative drugs [1][6][12] - The approval of the sublingual formulation of Xianbixin is expected to enhance treatment adherence among acute stroke patients, potentially making it a key drug for improving stroke prognosis [1][20][22] - The company has successfully launched multiple innovative drugs, with eight already approved and several included in the national medical insurance directory, indicating a strong growth trajectory [9][12][59] Group 2 - The new generation of DORA insomnia drugs is rapidly gaining market traction, with Dalirelix expected to be launched in China soon, following successful approvals in other regions [2][55][51] - The sales of DORA insomnia drugs have shown impressive growth, with Suvorexant achieving sales of $330 million in 2020 and Lemborexant surpassing $260 million in 2023 [2][51] - The company has established a strong research and development framework, with significant investments leading to a rapid increase in innovative drug revenue, which has grown at a CAGR of 33.8% from 2017 to 2023 [12][15][57] Group 3 - The oncology sector is entering a phase of intensive product launches, with several innovative cancer drugs recently approved and included in the national medical insurance directory, indicating potential for significant market expansion [3][32][58] - The company’s innovative drugs in oncology, such as Envidat and Koseira, are expected to drive future revenue growth, with projected revenues of 15.16 billion, 17.84 billion, and 22.06 billion yuan from 2024 to 2026 [58][59] - The company is focusing on differentiated pipeline strategies, particularly in the development of TCE tri-antibodies like SIM0500, which are currently undergoing clinical trials in the US and China [4][40][36] Group 4 - The company has a robust pipeline of innovative drugs, with a focus on collaborative development across various therapeutic areas, including neurology and oncology [33][36] - The company’s R&D investment has significantly increased, with a CAGR of 39.5% from 2017 to 2023, enhancing its capacity for innovation and long-term growth [15][57] - The company’s innovative drug revenue is projected to continue growing, with expectations of reaching 67.76 billion yuan in 2024, reflecting a year-on-year growth of 3% [59][60]