宝济药业聚焦的大容量皮下注射技术，正成为生物制药领域的重要变革方向。静脉给药(包括注射及输 注)仍是全球最广泛使用的给药方式之一。然而，其在安全性方面存在一定的缺点。相比之下，重组人 透明质酸酶在辅助抗体药物进行大容量皮下给药时，能降低注射相关不良事件的发生率，并将给药时长 从原本的30至180分钟大幅缩减至2至5分钟，从而提升安全性与治疗效果。 从行业格局来看，Halozyme作为全球透明质酸酶皮下注射技术的龙头公司，其技术已经成功应用于多 款重磅抗体药物，包括强生的CD38抗体，罗氏的HER2抗体、PD-L1抗体、CD20抗体，BMS的PD- 1/LAG-3复方抗体，Argenx的Efgartigimod等。不仅仅是自免抗体药物，越来越多的肿瘤药也开始密集开 发皮下注射版替代，默沙东Keytruda前不久在国内递交皮下版上市申请，第一三共DS-8201今年6月启动 皮下版一期临床试验。默沙东、第一三共引进的均为韩国Alteogen的透明质酸酶技术。 依托在透明质酸酶技术及核心管线领域的深厚积累，宝济药业有望成为中国版"Halozyme"，不仅为自身 管线产品的商业化赋能，更将通过技术合作助力更多国内抗体新 ...

Core Viewpoint - The company reported a revenue of 499 million yuan and a net profit of -79 million yuan for the first half of 2025, with promising developments in its core product, IL-4R monoclonal antibody, and ongoing clinical trials for multiple early-stage pipelines [1][2]. Group 1: Financial Performance - The company achieved a revenue of 499 million yuan in the first half of 2025 [1]. - The net profit for the same period was -79 million yuan [1]. Group 2: Product Development - The IL-4R monoclonal antibody, Siponimod, has successfully advanced in commercialization, generating sales of 170 million yuan in the first half of 2025 [1]. - The product has been approved for three indications: moderate to severe atopic dermatitis, chronic rhinosinusitis with nasal polyps, and seasonal allergic rhinitis [1]. - The product has passed the review for inclusion in the 2025 medical insurance drug list, with future negotiations expected to enhance market sales [1]. Group 3: Clinical Pipeline - The company is advancing multiple differentiated early-stage pipelines, including: - TSLP×IL-13 bispecific antibody CM512 in Phase 2 clinical trials for moderate to severe atopic dermatitis and chronic rhinosinusitis with nasal polyps [2]. - CDH17 ADC CM518D1 in Phase 1/2 clinical trials for advanced solid tumors [2]. - BCMA×CD3 bispecific antibody CM336 in Phase 1/2 clinical trials for relapsed or refractory multiple myeloma [2]. - CD38 antibody in Phase 2 clinical trials for primary immune thrombocytopenia and IgA nephropathy [2]. - Aβ protofibril antibody CM383 in Phase 1b clinical trials for mild cognitive impairment and mild Alzheimer's disease [2]. Group 4: Investment Outlook - The company is projected to generate revenues of 750 million yuan, 1.11 billion yuan, and 2.08 billion yuan for the years 2025, 2026, and 2027, respectively [2]. - Expected net profits for the same years are -440 million yuan, -410 million yuan, and 80 million yuan [2]. - Given the potential for product volume growth and a rich clinical development pipeline, the company has a favorable outlook, with an initial investment rating of Buy-A and a target price of 78.83 HKD based on the DCF model [2].

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a 6-month target price of 78.83 HKD [5][3]. Core Insights - The company reported a revenue of 499 million CNY and a net profit of -79 million CNY for the first half of 2025. The core product, IL-4R monoclonal antibody Siponimod, is progressing well in commercialization, achieving sales of 170 million CNY in the first half of 2025. The product has been approved for three indications and is expected to enter negotiations for inclusion in the medical insurance directory, which could accelerate sales growth in the domestic market [1][3]. - The company has a diverse early-stage pipeline, with several products in various stages of clinical trials, including CM512 for moderate to severe atopic dermatitis and chronic rhinosinusitis with nasal polyps, and CM336 for relapsed or refractory multiple myeloma [2][3]. Financial Projections - Revenue projections for the company are estimated at 750 million CNY in 2025, 1.11 billion CNY in 2026, and 2.08 billion CNY in 2027. Net profits are expected to be -440 million CNY in 2025, -410 million CNY in 2026, and a positive 80 million CNY in 2027 [3][9]. - The company is expected to achieve a gross margin of 92% and a net margin of 3.6% by 2027, indicating a significant improvement in profitability as revenues grow [11][15]. Market Performance - The company's stock price was 66.50 HKD as of August 28, 2025, with a 12-month price range of 27.85 to 74.75 HKD. The stock has shown a relative return of 49.1% over the past three months and 68.5% over the past year [5][6]. Clinical Pipeline - The company has multiple products in its early pipeline, including CM512, CM518D1, CM336, and CM383, which are in various phases of clinical trials targeting conditions such as asthma, chronic obstructive pulmonary disease, and Alzheimer's disease [2][3].