我们看好公司生物类似药业务驱动全年业绩改善，维持"买入"评级。 H1 业绩受原料药拖累，Q2 负面因素影响减轻 1Q/2Q25 公司归母净利润分别为0.85/2.02 亿元（-52.19/-11.53%yoy），毛利率分别为34/40%（1Q/2Q24 38/42%），我们估测利润表现主因肝素原料药业务承压。1H25，公司原料药业务实现收入2.91 亿元 （-45%yoy），收入占比下滑至15%（1H24 25%）。我们预计25 年全年肝素原料药收入占比将进一步 降至~10%，后续对公司整体影响有限。 公司发布2025 年半年报：1H25 营收/归母净利润/扣非净利润分别为19.80/2.86/2.60 亿元 （-7.60/-29.32/-29.46%yoy），其中2Q25 营收/归母净利润/扣非净利润分别为10.95/2.02/1.85 亿元 （-3.84/-11.53/-6.36%yoy），环比明显改善（2Q25 营收/归母净利润/扣非净利润+24/138/145%qoq）。 生物类似药：阿达木、利拉、白紫已获批，内外兼修构建产品矩阵生物类似药正在逐渐成为公司增长引 擎：1）6M24 购入阿达木单抗生物类 ...

Group 1 - Goldman Sachs has lowered the sales forecast for China National Pharmaceutical Group (03933) for the years 2023 to 2027 by 17.7% to 17.8% [1] - The earnings forecast has been reduced by 28.4% to 35.6% [1] - The firm expects a weak price cycle for antibiotic active pharmaceutical ingredients over the next two years [1] Group 2 - The sales of the company in the first half of the year increased by 5% year-on-year to 7.5 billion RMB [1] - Core business revenue decreased by 15% year-on-year to 6.1 billion RMB, which was below the firm's expectation of 6.5 billion RMB [1] - Profit increased by 27% year-on-year to 1.9 billion RMB, but core profit declined and was below the firm's expectations [1] Group 3 - The firm has raised the target price for the stock from 15.29 HKD to 16.07 HKD, maintaining a "neutral" rating [1] - The sales forecast for high-margin insulin products has been increased by 27% to 30%, benefiting from incremental sales due to exports [1] - The company's gross margin for intermediates and bulk pharmaceuticals has been eroded, and increased administrative expenses due to business expansion consulting fees have been noted [1]

Core Viewpoint - Goldman Sachs has downgraded the sales forecast for China National Pharmaceutical Group (03933) for the years 2023 to 2027 by 17.7% to 17.8%, and the earnings forecast has been reduced by 28.4% to 35.6% due to expected weak pricing cycles for antibiotic active pharmaceutical ingredients [1] Group 1: Sales and Earnings Forecast - The sales forecast for the company has been reduced significantly, reflecting a challenging market environment for its products [1] - The earnings forecast has been adjusted downward, indicating a more pessimistic outlook for profitability in the coming years [1] Group 2: Product Performance - The company is expected to see a 27% to 30% increase in sales of high-margin insulin products, benefiting from incremental sales driven by exports [1] - The sales revenue for the first half of the year increased by 5% year-on-year to 7.5 billion RMB, but core business revenue fell by 15% year-on-year to 6.1 billion RMB, which was below Goldman Sachs' expectation of 6.5 billion RMB [1] Group 3: Profitability and Costs - The company's profit increased by 27% year-on-year to 1.9 billion RMB, but core profit declined and fell short of expectations [1] - The gross margin for intermediates and bulk pharmaceuticals has been eroded, and increased administrative expenses due to business expansion consulting fees have impacted profitability [1] Group 4: Stock Target and Rating - Goldman Sachs has raised the target price for the stock from 15.29 HKD to 16.07 HKD, maintaining a "Neutral" rating [1]

Core Insights - The company reported a revenue of 7.519 billion RMB for the first half of the year, representing a year-on-year increase of 4.8% [1] - The profit attributable to shareholders was 1.894 billion RMB, a year-on-year increase of 27%, with a basic earnings per share of 1.0426 RMB [1] - The company plans to distribute an interim dividend of 0.16 RMB per share, with a payout ratio of 15.3% [1] Group 1: Strategic Developments - The company made significant progress in globalizing its innovative drug portfolio, particularly through a licensing agreement with Novo Nordisk for UBT251, a triple agonist for GLP-1, GIP, and GCG receptors [1] - The agreement includes a 200 million USD upfront payment, potential milestone payments of up to 1.8 billion USD, and tiered sales royalties based on annual net sales in the region [1] - This collaboration marks a key milestone in the company's strategic shift towards innovation and global expansion [1] Group 2: Product Development and R&D - The company has secured procurement contracts for its insulin products with the Brazilian Ministry of Health, achieving record export volumes for similar products from China [2] - The company invested 551 million RMB in drug research and development, with R&D expenses increasing by 14.9% year-on-year [2] - A total of 43 new human drug products are in development, including 22 first-class new drugs focusing on endocrine, metabolism, autoimmune, ophthalmology, and anti-infection areas [2] Group 3: Clinical Trials and Approvals - The company received implied permission from the National Medical Products Administration for the Phase II clinical trial application of UBT251 for chronic kidney disease [3] - The company’s semaglutide injection registration application was accepted by the National Medical Products Administration, and polyethylene glycol eye drops passed the approval process [3] - The company’s liraglutide injection was approved for market release, targeting adult patients with type 2 diabetes [3] Group 4: Future Outlook - The company aims to adhere to an innovation-driven development strategy, enhancing R&D and technological upgrades [4] - Plans include consolidating and expanding core industry advantages through vertical integration and improving operational efficiency [4] - The company will accelerate overseas product registrations and continue to expand its global business footprint while fostering innovation and sustainable development [4]

Core Points - The company has reported its fundraising management and usage situation for the first half of 2025, ensuring compliance with relevant regulations and confirming the accuracy of the report [2][11][24] Group 1: Fundraising Overview - The company raised a total of RMB 2,545,464,000 through the issuance of 40,200,000 shares at a price of RMB 63.32 per share, with a net amount of RMB 2,441,134,463.77 after deducting issuance costs [2][3] - As of June 30, 2025, the company has utilized RMB 2,081,956,363.27 of the raised funds, with RMB 264,416,471.27 remaining in the fundraising account [3][7] Group 2: Fundraising Management - The company has established a fundraising management system in accordance with relevant laws and regulations, ensuring that funds are stored in a dedicated account and managed under a three-party supervision agreement [4][5] - The company has not used idle funds for temporary working capital during the reporting period [8] Group 3: Investment Projects - The company has approved the use of RMB 1,521,624,608.07 of the raised funds to replace self-raised funds previously invested in fundraising projects [7][11] - The insulin industrialization project has achieved significant financial results, with a cumulative profit of RMB 1,120,138.69 million and a net profit of RMB 952,117.89 million as of June 30, 2025 [12]

Group 1 - Trump issued a "last ultimatum" to 17 major pharmaceutical companies, demanding written commitments for price reductions within 60 days, or the government would take necessary actions to protect American families from high drug prices [1][2] - Pharmaceutical companies responded cautiously, with Pfizer emphasizing its patient assistance programs but not committing to broad price cuts, while Merck avoided discussing price reductions for established drugs [2][3] - The average price of prescription drugs in the U.S. is approximately 2.56 times higher than in other OECD countries, with some innovative drugs being up to 10 times more expensive [5] Group 2 - The U.S. pharmaceutical market is characterized by high drug prices, with median launch prices increasing from $2,115 in 2008 to $180,007 in 2021, a nearly 90-fold increase [4] - The complexity of the reimbursement system, including the roles of Pharmacy Benefit Managers (PBMs) and insurance companies, is cited as a significant factor driving up patient costs [5][6] - Trump's actions reflect ongoing tensions in the U.S. healthcare system, where the balance between incentivizing pharmaceutical innovation and ensuring patient access remains a critical challenge [6][7] Group 3 - The potential for a "drug price reduction wave" could significantly impact large multinational pharmaceutical companies, altering the pricing logic for innovative drugs and those under patent protection [3][8] - The pharmaceutical industry faces immense political and public pressure, which may lead to limited price reductions for specific drugs, but systemic reforms are necessary for lasting change [6][9] - A 10% decrease in drug prices could result in a 17% reduction in R&D spending by companies, indicating that price control measures may negatively affect future drug development [9][10]

Core Viewpoint - Sanofi showcases its commitment to the Chinese market and patients by presenting its advancements in high-quality manufacturing, supply chain, immunology innovations, and patient health empowerment at the 3rd China International Supply Chain Promotion Expo [1] Group 1: Company Commitment and Achievements - Sanofi has been operating in China for over 40 years, establishing a comprehensive ecological value chain that includes local R&D, manufacturing, and patient services [1] - The year 2023 marks the 30th anniversary of Sanofi's localized manufacturing in China, highlighting its long-term commitment to the market [1] - Sanofi plans to invest €1 billion in a new production base in Beijing by December 2024, focusing on end-to-end localized production capabilities for insulin products to meet the growing demand from diabetes patients in China [1] Group 2: Supply Chain and Manufacturing Innovations - At the expo, Sanofi presented a model demonstrating the entire process of flu vaccine production, from France to local manufacturing in Shenzhen, showcasing its supply chain and manufacturing advantages [2] - The Shenzhen factory represents a significant upgrade from "manufacturing" to "intelligent manufacturing," with all key steps of flu vaccine production being localized [2] - Sanofi employs a comprehensive quality management system that ensures traceability throughout the vaccine storage and transportation process, reinforcing vaccine safety [2]