交银国际研究 财务模型更新 | 医药 | 收盘价 | | 目标价 | | 潜在涨幅 | 2026 年 4 月 1 日 | | --- | --- | --- | --- | --- | --- | --- | | 港元 | | 22.64 | 港元 | 32.40↓ | +43.1% | | | 三生制药 (1530 HK) | | | | | | | 2025 年 BD 收入推动高增长， 商业化和 707 迎密集催化剂；维持买入 我们对于公司 2026 年展望如下：1）多个新产品和新适应症获批上市，有望 驱动产品销售收入重新回到较快增长轨道；2）707 海外快速推进注册临床， 并持续产生里程碑收入；3）股东回报有望强化。维持买入。 1 年股价表现 0% 50% 100% 150% 200% 250% 1530 HK 恒生指数 股份资料 | 52周高位 (港元) | 35.90 | | --- | --- | | 52周低位 (港元) | 10.12 | | 市值 (百万港元) | 56,546.80 | | 日均成交量 (百万) | 62.36 | | 年初至今变化 (%) | (6.37) | | 200 ...

交银国际研究 财务模型更新 | 医药 | 收盘价 | | 目标价 | | 潜在涨幅 | 2026 年 4 月 1 日 | | --- | --- | --- | --- | --- | --- | --- | | 港元 | | 22.64 | 港元 | 32.40↓ | +43.1% | | | 三生制药 (1530 HK) | | | | | | | 2025 年 BD 收入推动高增长， 商业化和 707 迎密集催化剂；维持买入 我们对于公司 2026 年展望如下：1）多个新产品和新适应症获批上市，有望 驱动产品销售收入重新回到较快增长轨道；2）707 海外快速推进注册临床， 并持续产生里程碑收入；3）股东回报有望强化。维持买入。 1 年股价表现 0% 50% 100% 150% 200% 250% 1530 HK 恒生指数 股份资料 | 52周高位 (港元) | 35.90 | | --- | --- | | 52周低位 (港元) | 10.12 | | 市值 (百万港元) | 56,546.80 | | 日均成交量 (百万) | 62.36 | | 年初至今变化 (%) | (6.37) | | 200 ...

1 Apr 2026 CMB International Global Markets | Equity Research | Company Update 3SBio (1530 HK) 3SBio (1530 HK) - Short-term Short-term pressure on product sales; ASCO 2026 in focus 3SBio reported revenue of RMB17.7bn (+94.3% YoY) in 2025, driven by the RMB9.4bn out-licensing income from Pfizer for 707. However, product sales declined by 10.3% YoY to RMB8.0bn amid China's VBP and reimbursement control headwinds. Excluding the licensing income, R&D and administrative expense ratios rose ~4ppts and ~2ppts, res ...

Core Viewpoint - RemeGen has entered a licensing agreement with AbbVie for RC148, which includes significant upfront and milestone payments, indicating strong market expectations for the drug's potential [1] Company Summary - RemeGen will receive an upfront payment of US$650 million and milestone payments of up to US$4.95 billion from AbbVie for the rights to develop, manufacture, and commercialize RC148 outside Greater China [1] - The licensing agreement is expected to alleviate RemeGen's cash position, which was RMB1.45 billion as of September 30, 2025 [2] Clinical Data Summary - RC148 demonstrated an overall response rate (ORR) of 61.9% and a disease control rate (DCR) of 100% in first-line PD-L1-positive NSCLC patients [2] - In combination with docetaxel for second/third-line NSCLC, RC148 showed an ORR of 66.7% and a median progression-free survival (mPFS) of 8.3 months [2] - The safety profile of RC148 is considered manageable, with clinical benefits observed across all subgroups [2] Industry Insights - The licensing-out activity in the China healthcare industry is expected to remain robust in 2026, particularly in the area of immuno-oncology (IO) [2] - The transaction reflects overseas recognition of RemeGen's R&D capabilities and highlights the competitive landscape of the PD-(L)1/VEGF market, with other companies like Pfizer also advancing their products [2]

Core Viewpoint - Guosen Securities maintains an "outperform" rating for 3SBio (01530), highlighting the rapid global clinical development of its core products and robust performance growth, particularly following the successful licensing of 707 [1] Group 1: Clinical Development - 3SBio presented Phase 2 clinical data for 707 in combination with chemotherapy for 1L NSCLC at the STIC conference, showing good efficacy and safety in both sqNSCLC and nsqNSCLC, supporting further Phase 3 studies [1] - Pfizer discussed the global clinical strategy for 707, focusing on two key Phase 3 trials for NSCLC 1L and mCRC 1L, with plans to initiate five additional studies soon [1] Group 2: Financial Projections - Guosen Securities raised its profit forecast for 3SBio, expecting net profit attributable to shareholders to reach 9.955 billion, 2.875 billion, and 3.212 billion yuan for 2025-2027, up from previous estimates of 2.38 billion, 2.71 billion, and 3.07 billion yuan [1] Group 3: Future Development Plans - Pfizer's second wave of development plans aims to add 10 new indications and over 10 novel combination therapies by the end of 2026, targeting to replace existing standard treatments with 707 [1] - The strategy includes exploring combinations with ADCs and developing non-chemotherapy options, expanding applications to early treatment scenarios [1]

Core Viewpoint - Guosen Securities maintains an "outperform" rating for 3SBio (01530), highlighting the rapid global clinical development of its core products and robust performance growth, particularly following the successful licensing of 707. The profit forecast for 2025-2027 has been raised, with expected net profits of 9.955 billion, 2.875 billion, and 3.212 billion yuan respectively, up from previous estimates of 2.38 billion, 2.71 billion, and 3.07 billion yuan [1]. Group 1 - 3SBio presented clinical phase II data for 707 in combination with chemotherapy for 1L NSCLC at the STIC conference, demonstrating good efficacy and safety in both sqNSCLC and nsqNSCLC, supporting the continuation of phase III trials [1]. - Pfizer discussed the global clinical strategy for 707, focusing on two key phase III trials for NSCLC1L and mCRC1L, with plans to initiate five additional studies soon, including phase 2/3 for ES-SCLC1L and phase 1/2 for various other indications [1]. - Pfizer's second wave of development plans aims to add 10 new indications and over 10 novel combination regimens by the end of 2026, targeting the replacement of existing standard treatments with 707 as a new cornerstone therapy [1].

Core Viewpoint - Guosen Securities reports that 3SBio (01530) is rapidly advancing its innovative drug clinical trials and has completed a significant external licensing deal, maintaining steady growth in performance [1] Group 1: Financial Performance - Guosen Securities has raised its profit forecast for 3SBio, expecting the company's net profit attributable to shareholders to reach 9.955 billion, 2.875 billion, and 3.212 billion yuan for 2025-2027, up from previous estimates of 2.38 billion, 2.71 billion, and 3.07 billion yuan [1][1][1] Group 2: Clinical Development - 3SBio presented data on the Phase 2 clinical trial of 707 in combination with chemotherapy for 1L NSCLC at the STIC conference, showing good efficacy and safety in both sqNSCLC and nsqNSCLC, supporting the continuation of Phase 3 trials [1][1][1] - Pfizer announced a global clinical strategy for 707, focusing on two key Phase 3 trials (NSCLC 1L; mCRC 1L) and planning to initiate five additional studies soon, including Phase 2/3 for ES-SCLC 1L and Phase 1/2 for mHCC, mUC, and mRCC [1][1][1] - Pfizer's second wave of development plans aims to add 10 new indications and over 10 novel combination therapies by the end of 2026, targeting the replacement of existing standard treatments with 707 as a new cornerstone therapy [1][1][1]

Core Viewpoint - Guosen Securities reports that 3SBio (01530) is rapidly advancing its innovative drug clinical trials and has completed a significant licensing deal, maintaining steady growth in performance. The firm has raised its profit forecast, expecting the company's net profit attributable to shareholders to be 9.955 billion, 2.875 billion, and 3.212 billion yuan for 2025-2027, respectively, up from previous estimates of 2.38 billion, 2.71 billion, and 3.07 billion yuan [1][1][1] Group 1 - 3SBio's core product is progressing rapidly in global clinical development, and the company maintains an "outperform" rating [1][1][1] - Recent data from the STIC conference shows that the clinical phase II study of 707 in combination with chemotherapy for 1L NSCLC demonstrates good efficacy and safety in both sqNSCLC and nsqNSCLC, supporting the continuation of clinical phase III studies [1][1][1] Group 2 - Pfizer has announced a global clinical strategy for 707, with the first wave of recent clinical trials focusing on two key phase III studies (NSCLC 1L; mCRC 1L) and plans to initiate five additional studies soon [1][1][1] - The second wave of development plans by Pfizer is expected to add 10 new indications and over 10 novel combination regimens by the end of 2026, aiming to replace existing standard treatments such as PD-(L)1 inhibitors and VEGF inhibitors with 707 as a new cornerstone therapy [1][1][1]

Core Viewpoint - Sanofi Pharmaceutical (01530) shares rose over 6%, currently up 6.26% at HKD 32.58, with a trading volume of HKD 413 million [1] Group 1: Clinical Development - Sanofi Pharmaceutical announced Phase 2 clinical study data for 707 combination chemotherapy for 1L NSCLC at the 2025 STIC conference [1] - Pfizer has outlined a global clinical strategy for 707, actively advancing its clinical development after reaching an agreement with Sanofi Pharmaceutical [1] - Pfizer's second wave development plan is expected to add 10 new indications and over 10 novel combination schemes by the end of 2026 [1] Group 2: Financial Performance - Guosen Securities reported that the company is rapidly advancing its innovative drug clinical trials and has completed significant external licensing transactions, maintaining steady growth [1] - Following the successful licensing of 707, the profit forecast has been raised, with expected net profits for 2025-2027 at CNY 9.955 billion, CNY 2.875 billion, and CNY 3.212 billion respectively [1] - The core products of Sanofi Pharmaceutical are progressing rapidly in global clinical development, maintaining an "outperform the market" rating [1]

Core Viewpoint - Sangfor Pharmaceuticals (01530) shares rose over 6%, currently at HKD 32.58, with a trading volume of HKD 413 million [1] Group 1: Clinical Development - Sangfor Pharmaceuticals announced Phase 2 clinical research data for 707 combination chemotherapy for 1L NSCLC at the 2025 STIC conference [1] - Pfizer has revealed a global clinical strategy for 707, actively advancing its clinical development following an agreement with Sangfor [1] - Pfizer has submitted five new clinical applications for 707, with plans to add ten new indications and over ten novel combination schemes by the end of 2026 [1] Group 2: Financial Performance - Guosen Securities reported that Sangfor's innovative drug clinical progress is rapid, with significant external licensing transactions completed, leading to steady growth in performance [1] - Following the successful licensing of 707, profit forecasts have been raised, with expected net profits for 2025-2027 at CNY 9.955 billion, 2.875 billion, and 3.212 billion respectively [1] - Sangfor's core products are advancing rapidly in global clinical development, maintaining an "outperform the market" rating [1]