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 ...

三生制药 20250903 摘要 三生制药传统业务稳健，特比澳受益于适应症拓展，预计 2025 年销售 额超 50 亿人民币。EPO 产品具领先优势，并布局长效二代产品应对集 采风险。Remage 等新兴品类进入医保放量，口服紫杉醇等新产品贡献 增量。 三生制药积极转型创新药，通过自研和外部引进，创新药管线取得显著 进展。PDUV 双抗与辉瑞达成 60 亿美元 BD 协议，验证其潜力，该产品 在一二期临床试验中针对非小细胞肺癌和肠癌等适应症数据表现良好。 三生制药在消费医疗领域全面布局，涵盖脱发、肥胖及皮肤疾病等。蔓 迪品牌在脱发治疗市场占据领先地位，2024 年销售额达数十亿元。引 进维莱瓦治疗痤疮，合作开发口服减肥药思美。 三生制药在肿瘤创新领域取得进展，PD-1 单抗授权海外 MNC，与辉瑞 合作推进肺癌和急性肠癌适应症临床，并探索卵巢癌等适应症，提升产 品价值。 三生制药在自免领域依托三生国健布局，开发新型自免疫疗法，如 BD e d c two 靶向系统性红斑狼疮，TRY one 单抗靶向溃疡性结肠炎，具有 商业化潜力。 Q&A 三生制药的基本面和历史背景如何？ 三生制药是一家有着 30 余年历史的 ...

Investment Ratings - China Merchants Bank: BUY with a target price of HK$54.42 [5][6] - Agricultural Bank of China: BUY with a target price of HK$6.09 [7][8] - Postal Savings Bank of China: BUY with a target price of HK$6.35 [10][12] - Industrial and Commercial Bank of China: BUY with a target price of HK$7.15 [13][14] - China Construction Bank: BUY with a target price of HK$8.95 [15][16] - China Everbright Bank: BUY with a target price of HK$3.98 [18][19] - 3SBio Inc: BUY with a target price of HK$38.20 [20][21] - Longfor Group: HOLD with a target price of HK$9.52 [23][24][25] Core Insights - China Merchants Bank's attributable net profit increased by 2.7% YoY in 2Q25, recovering from a 2.1% decline in 1Q25, with outstanding asset quality but a drop in NIM [5][6] - Agricultural Bank of China's attributable net profit rose by 3.2% YoY in 2Q25, maintaining stable asset quality despite a slight decline in NIM [7][8] - Postal Savings Bank of China's net profit increased by 4.8% YoY in 2Q25, with strong asset quality and an attractive valuation [10][12] - Industrial and Commercial Bank of China's net profit grew by 1.4% YoY in 2Q25, showing improvement in asset quality and attractive valuation [13][14] - China Construction Bank's net profit increased by 1.6% YoY in 2Q25, with a decline in net interest income but solid asset quality [15][16] - China Everbright Bank's net profit rose by 0.8% YoY in 2Q25, with expectations of maintaining solid asset quality despite a declining NIM [18][19] - 3SBio Inc's revenue declined by 0.8% YoY in 1H25, but adjusted net profits increased by 2.1% YoY, with new product launches driving sales [20][21] - Longfor Group's revenue grew by 25.4% YoY in 1H25, but gross margin narrowed significantly, leading to a substantial decline in core net profit [23][24][25] Summary by Company China Merchants Bank - Attributable net profit increased 2.7% YoY in 2Q25 after a decline in 1Q25 [5][6] - Asset quality remains outstanding, but NIM dropped in 1H25 [5][6] - Target price revised to HK$54.42, maintaining BUY rating [5][6] Agricultural Bank of China - Attributable net profit increased 3.2% YoY in 2Q25 [7][8] - NIM was 1.32% in 1H25, down from 2024 [7][8] - Target price raised to HK$6.09, maintaining BUY rating [7][8] Postal Savings Bank of China - Attributable net profit increased 4.8% YoY in 2Q25 [10][12] - NIM reached 1.70% at end-June 2025 [10][12] - Target price revised to HK$6.35, maintaining BUY rating [10][12] Industrial and Commercial Bank of China - Attributable net profit increased 1.4% YoY in 2Q25 [13][14] - NIM reached 1.30% in 1H25 [13][14] - Target price raised to HK$7.15, maintaining BUY rating [13][14] China Construction Bank - Attributable net profit increased 1.6% YoY in 2Q25 [15][16] - Net interest income dropped 1.1% YoY in 2Q25 [15][16] - Target price raised to HK$8.95, maintaining BUY rating [15][16] China Everbright Bank - Attributable net profit increased 0.8% YoY in 2Q25 [18][19] - NIM expected to decline in 2025 [18][19] - Target price raised to HK$3.98, maintaining BUY rating [18][19] 3SBio Inc - Revenue declined by 0.8% YoY in 1H25 [20][21] - Adjusted net profits increased by 2.1% YoY [20][21] - Target price lifted to HK$38.20, reiterating BUY rating [20][21] Longfor Group - Revenue grew by 25.4% YoY in 1H25 [23][24][25] - Gross margin narrowed significantly, leading to a decline in core net profit [23][24][25] - Target price cut to HK$9.52, maintaining HOLD rating [23][24][25]

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 ...

研究报告 Research Report [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$29.96 目标价 HK$43.70 HTI ESG 3.0-5.0-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$72.87bn / US$9.35bn 日交易额 (3 个月均值) US$174.17mn 发行股票数目 2,432mn 自由流通股 (%) 74% 1 年股价最高最低值 HK$33.55-HK$5.52 注：现价 HK$29.96 为 2025 年 09 月 01 日收盘价 资料来源： Factset 1mth 3mth 12mth 绝对值 -10.7% 52.9% 400.2% 绝对值（美元） -10.1% 53.8% 400.2% 相对 MSCI China -16.7% 39.9% 355.9% [Table_Profit] Rmb mn Dec-24A ...

Group 1 - The core concept of the article revolves around the emergence of a new sports event called the Enhanced Games, which encourages the use of performance-enhancing drugs, contrasting sharply with traditional sports that prohibit such substances [2][4][12] - The founder of the Enhanced Games, Aaron DeSosa, claims that the event will "redefine human limits" by allowing athletes to use standardized drug regimens, including testosterone, steroids, and growth hormones, which has led to the event being dubbed the "Doped Olympics" [4][6][12] - The Enhanced Games offers substantial financial incentives, with individual champions receiving $250,000 and an additional $1 million for breaking world records, attracting over 900 athletes, including retired competitors [6][8][10] Group 2 - The event has faced significant backlash from the International Olympic Committee and anti-doping agencies, which have condemned it as a betrayal of sports integrity, leading to a unified stance against the event from various sports federations [12][13][15] - The Chinese Anti-Doping Center has also expressed strong opposition, calling for a global consensus against the Enhanced Games, while the International Swimming Federation has implemented strict penalties for anyone associated with the event [13][15] - DeSosa's provocative stance includes a challenge to the existing anti-doping framework, arguing for the right of individuals to choose substances to enhance their performance, which he believes is a response to the failure of current regulations [17][18] Group 3 - The financial backing of the Enhanced Games is linked to significant figures in the biotech and pharmaceutical industries, including Peter Thiel, who has invested heavily in companies focused on life extension and performance enhancement [20][22] - The event is seen as a marketing opportunity for performance-enhancing drugs, with plans to offer drug guidance services and potentially sell these substances directly to consumers, tapping into a growing market for human enhancement [24][30] - The acceptance of performance-enhancing drugs among the general public, particularly in the U.S., is increasing, with a notable percentage of individuals using such substances for cognitive and physical enhancement, indicating a potential market for these products beyond professional sports [26][30]