先声药业集团有限公司执行董事唐任宏： 用好自贸港政策，加快出海步伐 科赛拉的商业化进程缩短约1年半，得益于博鳌乐城国际医疗旅游先行区真实世界数据试点工作。 这就是"乐城研用"——可以引进临床急需的已在海外上市但国内尚未注册的创新药械产品，患者经申请 可在乐城先行区申请使用;这些产品在乐城开展真实世界研究，加速在中国的临床开发、注册与上市。 海南日报全媒体记者 曹马志 "我们引入的一款'救命药'，售价从1400美元降到466元人民币，为全国患者带来健康福祉。"10月 17日，参加2025中国产业转移发展对接活动(海南)的先声药业集团有限公司执行董事唐任宏讲述了一个 鼓舞人心的故事。 这款药品叫科赛拉，是一款全球首创的化疗前使用骨髓全系保护创新药，它能够有效保护人体骨髓 干细胞，最大限度降低化疗对患者的副作用。2021年2月，这款药在美国上市，当时价格高达1400多美 元/支，这也意味着，一个疗程需要超20万元人民币。 "我们很想尽快引入国内，但是按照传统的上市流程，科赛拉至少需要3年时间。"让唐任宏没想到 的是，从在乐城先行区开出国内首张处方，再到获批上市，科赛拉仅用了13个月。 在中国上市后，由于产地在国外， ...

Group 1: Core Insights - Hainan's commercial aerospace industry is rapidly growing, evidenced by multiple successful rocket launches in a short period, highlighting the region's development as a key player in China's free trade port initiative [1][6] - The establishment of Hainan Free Trade Port has attracted significant foreign investment, with 8,098 new foreign enterprises set up in the past five years, reflecting a 43.7% annual growth rate [3][5] - The implementation of favorable policies, such as zero tariffs and tax incentives, has significantly reduced operational costs for businesses, encouraging them to expand and innovate [2][3] Group 2: Industry Developments - The chocolate manufacturing company, 加绿巧, has successfully established production lines in Hainan, aiming for a sales increase of 100% this year, showcasing the benefits of the free trade port policies [2] - Hainan's modern industrial system is evolving, focusing on tourism, modern services, high-tech industries, and tropical agriculture, which are expected to drive economic growth [6][9] - The agricultural sector, particularly the "南繁事业" (South Breeding Industry), has transformed into a comprehensive innovation ecosystem, enhancing local agricultural productivity [7] Group 3: Talent and Workforce - Hainan's personal income tax policy has attracted over 93,000 talents to the region, demonstrating the effectiveness of tax incentives in fostering a skilled workforce [5] - The government is actively improving the business environment, providing tailored services to enterprises, which enhances operational efficiency and satisfaction [10][12] Group 4: Regulatory Environment - The introduction of clear regulations regarding administrative inspections aims to reduce unnecessary bureaucratic interference, thereby creating a more favorable business climate [12][13] - Hainan has established a robust legal framework to support the free trade port's development, ensuring that reforms are backed by comprehensive legal protections [13]

Group 1: Commercial Space Industry in Hainan - Hainan's commercial space industry is experiencing rapid growth, highlighted by the successful launch of multiple rockets in a short period [1][6] - The Long March 8 and Long March 12 rockets were launched successfully, marking a new high-density launch model for Hainan [6] - The development of the commercial space sector is a significant aspect of Hainan's Free Trade Port construction, showcasing the region's strategic positioning and policy advantages [1][6] Group 2: Policy Innovations and Economic Growth - Hainan has implemented key policies such as zero tariffs and low tax rates, which have attracted significant foreign investment, with 8,098 new foreign enterprises established in the past five years [3] - The actual use of foreign capital reached 102.5 billion yuan, with an annual growth rate of 14.6% [3] - The personal income tax policy has attracted over 93,000 talents to Hainan, further enhancing the region's economic dynamism [3] Group 3: Industry Upgrades and Local Production - The establishment of local production lines by foreign companies, such as 加绿巧, has led to significant operational efficiencies and product diversification [2] - The integration of local raw materials in production processes is a key strategy for companies to cater to domestic consumer preferences [2] - Hainan's focus on high-quality development is evident in the growth of its four main industries, which now account for 67% of the province's GDP [9] Group 4: Business Environment and Regulatory Framework - Hainan is actively improving its business environment by providing tailored services to enterprises, ensuring a more efficient approval process [10][11] - New regulations are being introduced to clarify the boundaries of administrative inspections, reducing unnecessary bureaucratic interference [13][14] - The establishment of a comprehensive legal framework supports the implementation of various reform initiatives within the Free Trade Port [14]

Core Viewpoint - Xiansheng Pharmaceutical (02096) reported strong mid-year performance, with significant growth in revenue and net profit driven by innovative drug sales [1] Financial Performance - The company achieved a revenue of 3.585 billion yuan, representing a year-on-year increase of 15.1% [1] - Adjusted net profit reached 651 million yuan, up 21.1% year-on-year [1] Innovative Drug Development - Xiansheng Pharmaceutical has launched ten innovative drugs, with innovative drug revenue of 2.776 billion yuan, a 26% increase year-on-year [1] - The proportion of innovative drug revenue in total revenue exceeded 75% for the first time, reaching 77.4% [1] - Two innovative drugs are expected to be approved for market launch in the first half of 2025, and two candidate drugs are in the NDA review stage [1] Market Expectations - CICC believes that the company's mid-year performance exceeded market expectations, primarily driven by the innovative drug business [1] - The revenue from innovative drugs in the first half of 2025 is projected to reach 2.776 billion yuan, a 26% increase, with the revenue share rising from 74.3% in 2024 to 77.4% [1] - The company anticipates that the innovative drug "Kewiko" (Daliresib) may officially launch in the second half of 2025 [1] - Three products (Suvorexant, Daliresib, and the sublingual tablet) have been included in the recent commercial insurance catalog, which is expected to further boost innovative drug revenue [1]

Core Viewpoint - Xiansheng Pharmaceutical (02096) reported strong growth in its first half of 2025, driven by its innovative drug business, with revenue and adjusted net profit increasing by 15% and 21% year-on-year respectively [1][2] Group 1: Financial Performance - For 1H25, Xiansheng Pharmaceutical achieved a revenue of 27.76 billion yuan, reflecting a year-on-year increase of 15% [1][2] - The adjusted net profit for the same period rose by 21%, aligning with market expectations [1] - The innovative drug revenue grew by 26%, contributing to 77.4% of total revenue, an increase of 6.6 percentage points year-on-year [1][2] Group 2: Research and Development - The company invested over 1 billion yuan in R&D during 1H25, accounting for nearly 30% of total revenue [1] - Significant innovative research outcomes include the launch of Daliresp and Suweisita monoclonal antibody [1] - The company completed two business development transactions with AbbVie and NextCure, focusing on GPRC5D/BCMA/CD3 tri-antibody and CDH6ADC, with the former expected to enter Phase I trials in 2026 [1] Group 3: Market Outlook - The rapid growth of innovative drugs such as Kexaira and Xianbi sublingual tablets is anticipated to continue, with Kexaira expected to officially launch in the second half of 2025 [2] - Three products, including Suweisita monoclonal antibody, Daliresp, and Xianbi sublingual tablets, have been included in the recent commercial insurance directory, which is expected to further boost innovative drug revenue [2]

Core Viewpoint - The recent performance of Sihuan Pharmaceutical has exceeded market expectations, driven primarily by its innovative drug business [1][2] Group 1: Financial Performance - Sihuan Pharmaceutical reported a 15% year-on-year increase in revenue and a 21% increase in adjusted net profit for the first half of 2025 [1] - The innovative drug-related revenue grew by 26%, accounting for 77.4% of total revenue, an increase of 6.6 percentage points year-on-year [1][2] - The company's overall R&D investment exceeded 1 billion yuan, representing nearly 30% of total revenue [1] Group 2: Product Development and Market Position - The company has achieved significant milestones in innovative drug development, including the launch of Daliresp and Suvisumab [1] - Three products, including Suvisumab, Daliresp, and the sublingual tablet, have been included in the recent commercial insurance directory, which is expected to further boost innovative drug revenue [2] - The company anticipates that the product Kewico (Daliresp) is likely to be officially launched in the second half of 2025 [2]

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]

Core Viewpoint - Xiansheng Pharmaceutical (02096) reported strong interim results for the six months ending June 30, 2025, with significant revenue growth driven by its innovative drug business Financial Performance - The company achieved a revenue of 3.585 billion RMB, representing a year-on-year increase of 15.1% [1] - Net profit attributable to shareholders reached 604 million RMB, up 32.2% year-on-year [2] - Adjusted net profit attributable to the parent company was 651 million RMB, reflecting a growth of 21.1% [2] Business Segmentation - The innovative drug business contributed 2.776 billion RMB, accounting for 77.4% of total revenue, with a year-on-year increase of 26% [1] - Neuroscience revenue was 1.249 billion RMB, showing a robust growth of 37.3% year-on-year [1] - Oncology revenue reached 874 million RMB, marking a significant increase of 41.1% year-on-year [1] - Autoimmunity revenue remained stable at 878 million RMB, with a growth of 3.3% year-on-year [1] Research and Development - The company increased its R&D investment to 1.028 billion RMB, a substantial rise of 68% year-on-year, representing 28.7% of total revenue [2]

Core Viewpoint - The company reported strong interim results for the six months ending June 30, 2025, with significant growth in revenue and net profit, driven primarily by its innovative drug business [1][2] Financial Performance - The company achieved revenue of 35.85 billion RMB, representing a year-on-year increase of 15.1% [1] - Net profit attributable to shareholders reached 6.04 billion RMB, up 32.2% year-on-year [2] - Adjusted net profit was 6.51 billion RMB, reflecting a growth of 21.1% [2] Business Segments - The innovative drug business contributed 27.76 billion RMB, accounting for 77.4% of total revenue, with a year-on-year increase of 26% [1] - Neuroscience revenue was 12.49 billion RMB, showing a significant increase of 37.3% [1] - Oncology revenue reached 8.74 billion RMB, marking a substantial growth of 41.1% [1] - Autoimmunity revenue remained stable at 8.78 billion RMB, with a year-on-year growth of 3.3% [1] Research and Development - The company increased its R&D investment to 10.28 billion RMB, a year-on-year increase of 68%, which now represents 28.7% of total revenue, up from 19.7% in the same period last year [2]

Group 1 - The company reported a revenue of RMB 3.585 billion for the six months ending June 30, 2025, representing a year-on-year increase of 15.14% [1] - Net profit reached RMB 604 million, showing a year-on-year growth of 32.2% [1] - Basic earnings per share were RMB 0.25, with adjusted profit attributable to equity shareholders amounting to RMB 651 million, a 21.1% increase compared to RMB 538 million in the same period last year [1] Group 2 - The company's portfolio of commercialized innovative drugs has expanded to ten products, including Enzhu, Aidesin, Xianbixin, Envida, Kexaila, Xianuoxin, Enlitai, Xianbixin sublingual tablets, Kewike, and Enzeshu, covering fields such as neuroscience, oncology, autoimmune diseases, and infections [1] - Innovative drug business revenue was RMB 2.776 billion, accounting for 77.4% of total revenue for the six months ending June 30, 2025 [1]