机构：中银国际 研究员：Sharon SHI 1H25 results were soft with revenue declining by 0.8% YoY to RMB4.36bn and adjusted net profits to shareholder increasing by 2.1% YoY to RMB1.36bn, missing our expectations. Legacy products like TPIAO, EPO, and Yisaipu recorded declines, while Mandi gained sales momentum with the launch of new SKUs. Later this year, we will monitor Pfizer's development plan for 707, as well as 707's Phase II data in CRC at the ESMO conference. Post results, we raised our TP for 3SBio to RMB 38.20, pri ...

证券研究报告 港股通 三生制药 (1530 HK) 加码研发，推进创新 1H25 公司研发费率 12.6%（+1.8pct yoy），研发费用 5.5 亿元（+15% yoy）, 公司有序推进约 30 个在研项目（5 个 NDA&ANDA，9 个临床 III 期，6 个 临床 II 期，10 个临床 I 期&IND），涵盖血液肿瘤、肾科、自免、消费医疗 领 域 ， 其 中 705 （ PD-1/HER-2 ） /706 （ PD-1/PD-L1 ） /SSS59 （MUC17/CD3/CD28）/SPGL008（B7H3/IL-15）等肿瘤在研、626（BDCA2） /627（TL1A）等自免在研兼具靶点新、进度前、竞争好的优势，具备较大 的市场潜力。我们认为随着 707 顺利 BD，公司创新能力获得验证，后线潜 力管线有望依次崭露头角。 存量业务平稳，创新药拾级而上 2025 年 9 月 02 日│中国香港 化学制药 公司公告 1H25 收入、归母净利、经营性归母 43.6、13.6、11.4 亿元（-1%、 +25%、+2% yoy）。我们认为公司正在迈入发展新阶段，存量产品贡献稳 定现金流，创新药陆续上 ...

Investment Rating - The report maintains an investment rating of "Leading the Market-B" for the biopharmaceutical industry, indicating an expected price increase exceeding the benchmark index by over 10% [10]. Core Insights - The PD-1(L1)/VEGF dual antibody is highlighted as a potential cornerstone drug for tumor immunotherapy, showing significant efficacy in various cancers, including non-small cell lung cancer (NSCLC) and colorectal cancer [3][4]. - Multiple phase III clinical trials for PD-1(L1)/VEGF dual antibodies have achieved progression-free survival (PFS) endpoints, demonstrating clear benefits in first-line treatments for several tumor types [3][4]. - The report emphasizes the promising survival benefits of IBI363 in NSCLC, colorectal cancer, and melanoma, marking it as a breakthrough in clinical outcomes [3]. Summary by Sections Market Performance - The biopharmaceutical industry has shown strong market performance over the past year, with significant advancements in innovative drug development [1]. Drug Evaluation - The report discusses the efficacy of various drugs, including: - Ivoxi in first-line PD-L1 positive NSCLC achieving an overall response rate (ORR) of 50.0% and a disease control rate (DCR) of 89.9% [4]. - Ivoxi combined with chemotherapy in squamous NSCLC showing an ORR of 71.4% and a DCR of 90.5% [4]. - PM8002 demonstrating an ORR of 78.6% in first-line triple-negative breast cancer (TNBC) [6]. Clinical Trial Results - Ivoxi's combination therapies in various cancers have shown promising results: - In MSS colorectal cancer, the combination with FOLFOXIRI achieved an ORR of 81.8% [5]. - In head and neck squamous cell carcinoma, Ivoxi alone had an ORR of 30% [5]. - PM8002 in second-line small cell lung cancer (SCLC) showed a median overall survival (mOS) of 14.3 months [6]. Future Outlook - The report suggests that the ongoing clinical trials and the development of PD-1/VEGF dual antibodies could lead to significant advancements in cancer treatment, positioning the industry for continued growth [3][4].

Investment Rating - The report assigns an investment rating of "Recommended" for the pharmaceutical and biotechnology industry [3][33]. Core Insights - The "AI + Healthcare/Pharmaceutical" theme continues to gain traction, with short-term momentum expected to persist. The report highlights significant stock performance in the sector, with the pharmaceutical and biotechnology sector (SW) rising by 2.71%, outperforming the CSI 300 index, and all sub-sectors showing positive growth, particularly in medical services [3][4]. - In the U.S., Tempus AI, a representative company in medical AI, saw a weekly increase of approximately 30% and over 160% year-to-date, driving the momentum of the medical AI concept. In China, companies like KingMed Diagnostics and Dian Diagnostics announced collaborations with DeepSeek, indicating a shift towards the commercialization of AI applications in healthcare [4][3]. - The report emphasizes investment opportunities in sub-sectors such as "AI + Medical Imaging," "AI + Diagnostic Services," and "AI + Drug Development," recommending key companies including United Imaging, Mindray, BGI Genomics, and WuXi AppTec [3][4]. Industry Performance Tracking - The pharmaceutical and biotechnology sector (SW) rose by 2.71% in the week of February 10-14, ranking 5th among 31 Shenwan primary industries. The CSI 300 index increased by 1.19% during the same period [5][6]. - All sub-sectors experienced growth, with medical services leading at +6.51%, followed by medical devices at +4.81%, and pharmaceutical commerce at +4.18% [5][6]. - Notable individual stock performances included Dian Diagnostics (+46.29%), Mian Health (+31.58%), and United Imaging (+27.33%) [6]. Industry Dynamics and Key Company Tracking - The National Healthcare Security Administration released a list of key tasks for 2025, focusing on efficient medical insurance processes and direct settlements for collected drugs and consumables [7]. - The retail terminal drug sales scale in China is projected to reach 574 billion yuan in 2024, with a growth rate of 3.7%, indicating a slowdown in growth due to demographic and economic factors [8]. - The report also notes significant collaborations, such as Baiyang Pharmaceutical's agreement with Roche for the exclusive marketing rights of a targeted cancer drug in mainland China [9][11]. Industry Data Tracking - The report tracks various industry metrics, including the basic medical insurance fund income, which reached 28,507.29 billion yuan in 2024, showing a year-on-year growth of 5% [15][16]. - The domestic pharmaceutical manufacturing industry achieved a total revenue of 25,298.50 billion yuan in 2024, with profit totals declining by 1.1% year-on-year [17].