中国生物制药 该行指，中生制药去年经调整净利润显著增长31.4%。2026年新上市的CDK2/4/6、宗艾替尼和新进医保 的KRAS有望贡献重要业绩增量，该行预计2026年至2027年公司产品销售收入将保持双位数增长。 分时图 日K线 周K线 月K线 5.89 0.04 0.68% 2.91% 1.88% 1.03% 0.00% 1.03% 1.88% 2.91% 5.68 5.74 5.79 5.85 5.91 5.96 6.02 09:30 10:30 12:00/13:00 14:00 16:10 0 368万 736万 1104万 交银国际发布研报称，中国生物制药(01177)2025年持续经营业务收入同比增长10.3%，符合公司早前指 引。创新产品收入同比增长26%，对总收入贡献进一步提升至48%。该行下调中生制药2026年至2027年 经调整净利润预测，其目标价下调至7.7港元，维持其评级为"买入"。 ...

机构：交银国际 本土MNC 初具雏形：2026-28 年，公司预计将有近20 款新品/新适应症获批，到2028 年的新产品数量将 突破40 个，包括有同类首创潜质的CLDN18.2 ADC、AT2R，及有同类最佳潜质的CD3/EpCAM 双抗、 HER2 双抗ADC、PDE3/4、TSLP 等。新收购的礼新和赫吉亚对公司管线迭代带来快速支撑，2026 年将 迎来多项单/双抗、ADC 和小核酸药物的PoC 或I 期数据读出，有望对股价形成较大催化。在创新研发 以外，公司开放创新生态体系，在对外授权/引进、公司收购/孵化、战略合作/投资等方面高歌猛进，逐 步从本土新药研发/商业化企业进化为全球综合性医药创新平台。 研究员：丁政宁/诸葛乐懿 下调目标价：我们基于2025 年业绩表现下调公司2026-27 年经调整净利润预测，以反映我们对于BD 合 作收入确认节奏及存量仿制药收入更审慎的预期，下调DCF 目标价至7.7 港元，对应36 倍/1.1 倍2026 年 市盈率/PEG（基于主业利润），维持买入评级。 2025 年录得强劲利润增速后，我们预计公司2026 年：1）在中国内地首屈一指的商业化能力下，肿瘤线 新品 ...

交银国际研究 财务模型更新 个股评级 买入 1 年股价表现 0% 20% 40% 60% 80% 100% 120% 140% 160% 1177 HK 恒生指数 股份资料 | 52周高位 (港元) | 9.01 | | --- | --- | | 52周低位 (港元) | 3.34 | | 市值 (百万港元) | 105,346.83 | | 日均成交量 (百万) | 126.58 | | 年初至今变化 (%) | (4.69) | | 200天平均价 (港元) | 6.92 | | 资料来源： FactSet | | 丁政宁 Ethan.Ding@bocomgroup.com (852) 3766 1834 | 医药 收盘价 | | 目标价 | | 潜在涨幅 | 2026 年 3 月 30 日 | | --- | --- | --- | --- | --- | --- | | 港元 | 5.89 | 港元 | 7.70↓ | +30.8% | | | 中国生物制药 (1177 HK) | | | | | | 新品种强势表现驱动持续高增长，国际化全方位快速推进，维持买入 2025 年录得强劲利润增速后，我们 ...

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 3 月 30 日 | | --- | --- | --- | --- | --- | --- | | 港元 | 5.89 | 港元 | 7.70↓ | +30.8% | | | 中国生物制药 (1177 HK) | | | | | | | 52周高位 (港元) | 9.01 | | --- | --- | | 52周低位 (港元) | 3.34 | | 市值 (百万港元) | 105,346.83 | | 日均成交量 (百万) | 126.58 | | 年初至今变化 (%) | (4.69) | | 200天平均价 (港元) | 6.92 | | 资料来源： FactSet | | 丁政宁 Ethan.Ding@bocomgroup.com (852) 3766 1834 诸葛乐懿 Gloria.Zhuge@bocomgroup.com (852) 3766 1845 盈利预测变动 新品种强势表现驱动持续高增长，国际化全方位快速推进，维持买入 2025 年录得强劲利润增速后，我们预计公司 2026 年：1）在中国 ...

交银国际发布研报称，中国生物制药(01177)2025年持续经营业务收入同比增长10.3%，符合公司早前指 引。创新产品收入同比增长26%，对总收入贡献进一步提升至48%。该行下调中生制药2026年至2027年 经调整净利润预测，其目标价下调至7.7港元，维持其评级为"买入"。 该行指，中生制药去年经调整净利润显著增长31.4%。2026年新上市的CDK2/4/6、宗艾替尼和新进医保 的KRAS有望贡献重要业绩增量，该行预计2026年至2027年公司产品销售收入将保持双位数增长。 ...

Group 1 - The core viewpoint of the report highlights the rapid growth of the gene testing research service market in China, projected to reach 9.08 billion RMB by 2024, with a compound annual growth rate (CAGR) of 14.2% from 2019 to 2024 [2][26][28] - The gene industry is characterized by technological iterations, with next-generation sequencing (NGS) being the mainstream platform, while the market is expected to expand significantly, reaching 17.43 billion RMB by 2030 [2][26][32] - The report identifies key players in the gene technology sector listed on the Beijing Stock Exchange, including Northland, Sanyuan Gene, and Kanglwei, as well as several companies on the New Third Board such as Lianchuan Biology and Jima Gene [2][35][36] Group 2 - The report outlines the development stages of sequencing technology, categorizing them into three generations: Sanger sequencing, NGS, and single-molecule sequencing, each with distinct characteristics and applications [11][18][22] - The gene testing market is driven by advancements in molecular biology, genetics, and bioinformatics, which have led to a significant reduction in sequencing costs and increased accessibility of gene testing services [10][11][29] - The report emphasizes the competitive landscape of the gene testing industry, noting that upstream suppliers of sequencing instruments and reagents, such as Illumina and Thermo Fisher, hold a strong competitive advantage due to high technical barriers [29][30]

Core Insights - China National Pharmaceutical Group reported a revenue of 17.57 billion yuan and a net profit of 3.39 billion yuan for the first half of 2025, representing year-on-year growth of 10.7% and 140.2% respectively [2] - The company invested 3.19 billion yuan in R&D during the first half of 2025, an increase of 610 million yuan from the previous year, with R&D expenses accounting for 18.1% of revenue, up 1.9 percentage points year-on-year [2] - Revenue from innovative products reached 7.8 billion yuan in the first half of 2025, showing a year-on-year increase of 27.2% [2] Financial Performance - The company plans to distribute dividends of 820 million yuan for the first half of 2025, which is an increase of over 60% compared to the same period last year [2] - The total cash reserves of the company reached 30.5 billion yuan [2] Product Development - Over the past two years, the company has received approval for 11 innovative products [2] - For the full year of 2025, the company expects revenue growth from innovative products to exceed 25%, contributing more than 3 billion yuan to overall performance [2] - Key products driving performance this year include third-generation white blood cell enhancers, PD-L1, KRAS, and Pertuzumab [2] Future Outlook - The company anticipates that 19 innovative products will be approved between 2025 and 2027, with more than half expected to achieve peak sales exceeding 2 billion yuan [2][3]