中国生物制药董事会主席谢其润表示："我们很高兴与赛诺菲携手，将公司首创JAK/ROCK抑制剂惠及 全球患者。此次合作是公司全球化布局的重要里程碑，中国生物制药始终致力于成为跨国制药企业的首 选中国合作伙伴。我们坚信，依托赛诺菲在全球研发与商业化优势，公司将进一步提速创新产品落地， 为全球患者带来更多突破性疗法。" 本报讯 （记者金婉霞）3月4日，港股制药龙头中国生物制药有限公司（以下简称"中国生物制药"）与 全球跨国制药巨头赛诺菲联合宣布，双方就全球首创JAK/ROCK双靶点抑制剂罗伐昔替尼达成独家全球 许可协议。根据协议，中国生物制药及子公司正大天晴药业集团股份有限公司（以下简称"正大天晴"） 将授予赛诺菲该产品在全球范围内开发、生产与商业化的独家权利，同时将获得1.35亿美元的首付款以 及最高13.95亿美元的潜在开发、监管及销售里程碑付款，及最高双位数的销售分成。这是中国药企在 移植领域创下的最大规模对外授权交易。 作为正大天晴自主研发的首创新药，罗伐昔替尼是全球首款JAK/ROCK双靶点小分子抑制剂。它通过双 通路协同作用，实现抗炎与抗纤维化双重药理作用，是全球同靶点药物中研发进度领先、临床数据亮眼 ...

3月4日，中国生物制药发布公告称，子公司正大天晴与全球医药巨头赛诺菲就JAK/ROCK抑制剂罗伐 昔替尼签订全球独家授权协议。 集采政策实施以来，中国生物制药便不断加码创新药业务。去年7月将肿瘤创新平台礼新医药收入麾 下；今年1月，又以12亿元全资收购了赫吉亚生物，该公司被视为国内小核酸药物赛道最具潜力的"黑 马"。 协议显示，中国生物制药有权获得最高15.3亿美元的付款。其中包括1.35亿美元的首付款以及最高13.95 亿美元的潜在开发、监管及销售里程碑付款，另外还将获得基于罗伐昔替尼年度净销售额的最高双位数 的阶梯式特许权使用费。 通过外部并购与自主研发管线的提速，中国生物制药的公司业务已涵盖肿瘤、肝病、呼吸、心血管代谢 等多个核域的创新药管线，未来三年还将有19款创新药上市。 本次合作的标的产品罗伐昔替尼，是正大天晴首创的一款first-in-class、全新的口服小分子JAK/ROCK 抑制剂，可以通过双通路协同，同时实现抗炎与抗纤维化作用。这也是近年来中国生物制药与MNC达 成的首个创新药对外授权项目。 业绩层面看，创新转型已进入兑现期。2025年上半年，中国生物医药实现营业收入175.7亿元，同比 ...

（正大天晴药业集团公众号） (编辑：杨燕 林辰) 3月4日，中国生物制药宣布，与赛诺菲就罗伐昔替尼，一款全球首创（First-in-Class）的新型、强效口 服小分子JAK/ROCK抑制剂达成独家授权协议。 根据协议，中国生物制药子公司正大天晴授予赛诺菲在全球范围内开发、生产及商业化罗伐昔替尼的独 家许可。中国生物制药有权获得最高15.3亿美元的付款，其中包括1.35亿美元的首付款以及潜在开发、 监管及销售里程碑付款，另外还将获得基于罗伐昔替尼年度净销售额的最高双位数的阶梯式特许权使用 费。协议的生效以惯常的交割条件为前提，包括取得相关监管部门的批准。 ...

中国生物制药(01177)公布，集团附属公司正大天晴药业集团股份有限公司(正大天晴)已与Sanofi S.A.的 一间全资附属公司(Sanofi)就集团的JAK/ROCK抑制剂罗伐昔替尼在全球的开发、生产及商业化订立独 家授权协议。 根据协议条款，该集团将授予Sanofi在全球范围内开发、生产及商业化罗伐昔替尼的独家许可。集团有 权获得1.35亿美元的首付款、以及最高13.95亿美元的潜在开发、监管及销售里程碑付款，同时还将获得 基于罗伐昔替尼年度净销售额的最高双位数的阶梯式特许权使用费。协议的生效以惯常的交割条件为前 提，包括取得相关监管部门的批准。 2026年2月，罗伐昔替尼(商品名：安煦)已获得中国国家药品监督管理局(NMPA)批准上市，用于中危-2 或高危的塬发性髓纤维化(PMF)、真性红细胞增多症后髓纤维化(PPV-MF)或塬发性血小板增多症后髓纤 维化(PET-MF)成年患者的一线治疗。 此外，罗伐昔替尼在慢性移植物抗宿主病(cGVHD)治疗领域亦展现出突破性潜力：在中国已进入III期临 床试验阶段，并于2025年8月被CDE纳入突破性治疗药物程序;在美国已获准开展II期临床研究。其治疗 cGVH ...

2026年2月，罗伐昔替尼(商品名：安煦® )已获得中国国家药品监督管理局(NMPA)批准上市，用于中 危-2或高危的塬发性⻣髓纤维化 (PMF)、真性红细胞增多症后⻣髓纤维化(PPV-MF) 或塬发性血小板增 多症后⻣髓纤维化 (PET-MF) 成年患者的一线治疗。 此外，罗伐昔替尼在慢性移植物抗宿主病 (cGVHD) 治疗领域亦展现出突破性潜力：在中国已进入 III期 临床试验阶段，并于2025年8月被CDE纳入突破性治疗药物程序;在美国已获准开展II期临床研究。其治 疗cGVHD的Ib/IIa期临床数据已发表于《Blood》期刊，研究显示，与其他已获批疗法相比，罗伐昔替尼 的12个月无失败生存率(FFS)表现更优，且在纤维化主导的器官中展现出更强的治疗应答，并具有克服 芦可替尼耐药的潜力。 据悉，罗伐昔替尼是一款全球首创(First-in-Class)的新型、强效口服小分子JAK/ROCK抑制剂，通过双通 路协同实现抗炎与抗纤维化。一方面，它靶向JAK/STAT通路，直接阻断炎症信号传导，从源头减少髓 系细胞产生的炎症因子;另一方面，它靶向ROCK通路，通过调节STAT3/STAT5磷酸化来下调过度活化 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） 網站：www.sinobiopharm.com （股份編號：1177） 自願公告 與SANOFI就羅伐昔替尼訂立獨家授權協議 中國生物製藥有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董事會」）欣然宣佈， 本集團附屬公司正大天晴藥業集團股份有限公司（「正大天晴」）已與Sanofi S.A.的一間全資附屬公司 （「Sanofi」）就本集團的JAK/ROCK抑制劑羅伐昔替尼在全球的開發、生產及商業化訂立獨家授權協議 （「協議」）。 根據協議條款，本集團將授予Sanofi在全球範圍內開發、生產及商業化羅伐昔替尼的獨家許可。本集 團有權獲得1.35億美元的首付款、以及最高13.95億美元的潛在開發、監管及銷售里程碑付款，同時 還將獲得基於羅伐昔替尼年度淨銷售額的最高雙位數的階梯式特許權使用費。協議的生效以慣常的 交割條件為前提，包括取得相關監管部門的批准。 關於 ...

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical industry [4] Core Viewpoints - The Chinese biopharmaceutical sector is expected to enter a new era of innovative drug exports in 2026, with significant opportunities arising from strategic acquisitions and internal research and development [3][8] - The report emphasizes the importance of selecting strong fundamental innovative drug stocks that have undergone sufficient adjustments, as well as actively monitoring new medical technologies and companies poised for recovery in 2026 [4][41] Summary by Sections Industry Performance - From January 26 to January 30, the pharmaceutical index fell by 3.31%, underperforming the CSI 300 index by 3.39%. Notably, the market has seen a significant adjustment in the innovative drug sector since August 2025, with the lowest holdings in active funds since 2021 [5][21] - The report highlights that 58 stocks rose while 407 stocks fell during the week, with notable gainers including Cap Bio (+26.49%) and Hualan Biological (+12.80%) [5][22] Company Insights - China Biopharmaceutical is enhancing its core competitiveness through strategic acquisitions and self-research, which is expected to lead to more opportunities for international expansion. The acquisition of Hegia in January 2026 and Lixin Pharmaceutical in July 2025 are key moves to strengthen its pipeline in chronic diseases and oncology [8][13] - The report identifies Hegia's siRNA delivery technology as a significant advancement, allowing for long-lasting treatment options in chronic diseases, while Lixin's unique LM-TME platform is expected to enhance the company's capabilities in oncology [9][11][14] Investment Recommendations - The report suggests focusing on innovative drug companies such as Heng Rui Medicine, Xin Li Tai, and China Biopharmaceutical, as well as companies involved in new medical technologies like AI healthcare and brain-computer interfaces [41][43] - It also highlights the potential for recovery in the medical device and pharmaceutical manufacturing sectors in 2026, recommending stocks that are currently undervalued [41][42] Market Trends - The report notes that the Chinese pharmaceutical industry has completed a transition from generic to innovative drugs, with companies like Heng Rui Medicine and China Biopharmaceutical leading the way in innovation [41][42] - The aging population and increasing healthcare demands are expected to drive growth in the sector, supported by a stable increase in medical insurance revenues and the development of a multi-tiered payment system [41][42]

Core Viewpoint - The company has made significant progress in its innovative transformation, focusing on drug development in oncology, liver disease/metabolism, respiratory, and surgical/pain management, with multiple pipelines showing potential for overseas licensing [1][2][3] Group 1: Innovation and R&D Investment - The company has increased its R&D investment to 17.6% of revenue in 2024, up from 9.9% in 2019 [2] - By the end of 2024, the company has received approval for 17 innovative drugs, with innovative product revenue accounting for 42% of total revenue, compared to 11% in 2015 [2] - The company has averaged over 3 License in transactions per year from 2019 to 2024, enhancing the richness of its innovative drug pipeline [2] Group 2: Product Pipeline and Market Potential - The oncology pipeline includes key products such as Anlotinib, which has received approval for 9 indications and has 4 additional indications submitted for NDA [3] - The company is advancing several promising products, including TQB2102 (HER2 dual antibody ADC) and TQC3721 (PDE3/4 inhibitor), which have significant potential for overseas licensing [3] - The company’s biosimilar drugs have a combined market capacity of 240 billion yuan in 2024, indicating strong growth potential [3][4] Group 3: Financial Projections and Valuation - The company expects revenue growth of 11.4%/10.5%/9.6% for 2025E/26E/27E, with adjusted net profit growth of 12.2%/11.5%/10.5% [4] - The target price is set at 9.40 HKD based on a 10-year DCF model, corresponding to a 37x adjusted PE for 2026 [4]

Core Viewpoint - 招银国际 initiates coverage on China Biopharmaceutical (01177) with a "Buy" rating, setting a target price of HKD 9.40 based on a 10-year DCF model with a WACC of 9.3% and a perpetual growth rate of 2.0% [1] Group 1: Innovation and R&D - The company is undergoing a comprehensive transformation towards innovation, with R&D expenditure expected to account for 17.6% of revenue in 2024, up from 9.9% in 2019 [2] - By the end of 2024, the company will have received approval for 17 innovative drugs, with innovative product revenue contributing 42% of total revenue, compared to 11% in 2015 [2] - The company has increased its focus on License in transactions, averaging over 3 deals per year from 2019 to 2024, enhancing its innovative drug pipeline [2] Group 2: Product Pipeline and Market Potential - The company’s innovative R&D focuses on four key areas: oncology, liver disease/metabolism, respiratory, and surgical/pain management, resulting in a rich pipeline [3] - Anlotinib has become a cornerstone product in oncology, with 9 approved indications and 4 NDA submissions as of July 2025, and is expected to expand into first-line treatment through combination with immunotherapy [3] - The company has several products with potential for overseas licensing, including TQC3721, Rovafatinib, TQB2102, and others, indicating strong prospects for international collaboration [2][3] Group 3: Biosimilars and Generic Drugs - The company has received approval for 7 biosimilars, with a total market capacity of RMB 24 billion in 2024, and is expected to see rapid sales growth, particularly for the first biosimilar of Pertuzumab [4] - The chemical generic drug business has shown resilience during recent policy adjustments, with a projected revenue growth of 3.1% YoY in 2024 [4] - The impact of generic drug procurement policies has largely dissipated, with the tenth batch of procurement accounting for only 1% of the company’s total revenue in 2024 [4]

Group 1 - The core viewpoint of the articles highlights the promising clinical results of Rovadicitinib for treating acute graft-versus-host disease (aGVHD), showing an overall response rate (ORR) of 84.6% over 28 days and a 12-month overall survival rate of 92.3% [1][2] - Rovadicitinib is the first dual-pathway JAK/ROCK inhibitor globally, representing a significant breakthrough in the treatment of graft-versus-host disease (GVHD) [2] - The drug targets multiple pathways involved in aGVHD, potentially offering better treatment options for patients who are steroid-resistant [1] Group 2 - Clinical data indicates a median response time of only 4 days and an 80% intestinal response rate, demonstrating rapid efficacy and sustained relief [1] - Within 56 days, 38.5% of patients were able to completely discontinue steroid use, significantly reducing the long-term side effects associated with immunosuppression [1] - The company has initiated a Phase III clinical trial for Rovadicitinib in treating chronic graft-versus-host disease (cGVHD), currently in the subject enrollment phase [2]