证券研究报告 | 2025年09月05日 三生制药（01530.HK） 优于大市 收入保持稳定，707 与辉瑞达成重磅合作 公司收入保持稳定，财务结构进一步优化。三生制药 2025 上半年实现营收 43.6 亿元（-0.8%），毛利 37.2 亿元（-2.1%），毛利率小幅下降至 85.3% （-1.2pct）；公司实现归母净利润 13.6 亿元（+24.6%），经调整的经 营性归母净利润 11.4 亿元（+2.1%）。上半年公司的研发费用为 5.48 亿元（+15.0%），研发费用率为 12.6%（+1.8pct）；销售费用为 16.2 亿元（+1.4%），销售费用率 37.1%（+0.8pct）；管理费用为 2.83 亿元 （+40.9%），管理费用率 6.5%（+1.9pct）。截至 6 月底，公司的有息 负债及债券大幅下降，杠杆比率从上年末的 19.7%下降至 9.9%。 核心观点 公司研究·海外公司财报点评 医药生物·生物制品 | | | 生物制药板块小幅下滑，蔓迪保持快速增长。公司现有的商业化品种中， 特比澳上半年销售 23.7 亿元（-4.2%），EPO（益比奥&赛博尔）销售 4.55 亿元（- ...

Core Insights - The 2025 ASCO Annual Meeting will showcase significant research results from domestic innovative drugs, highlighting their potential in oncology treatments [1] Group 1: Clinical Data and Drug Performance - The TROP2 ADC SKB264 from Kelun-Biotech reported a 59.3% overall response rate (ORR) and a 91.4% disease control rate (DCR) in a Phase II trial for non-small cell lung cancer (NSCLC) [2] - The median progression-free survival (mPFS) for the same patient group was 15.0 months, with ORR varying by PD-L1 expression levels: 47.1% for TPS<1%, 68.1% for TPS≥1%, and 77.8% for TPS≥50% [2] - Compared to previous data, the ORR decreased from 72.7% to 59.3% in a larger sample size [2] - SKB264 demonstrated superior efficacy over other PD-1/VEGF dual antibodies, with ORR of 54.5% for SSGJ-707 and 47% for Ivosidenib [3] Group 2: Safety and Adverse Effects - The incidence of grade 3 or higher adverse reactions for SKB264 was 40%, higher than SSGJ-707's 24.1% and Ivosidenib's 29% [3] - However, the discontinuation rate due to adverse effects for SKB264 was 0%, lower than Ivosidenib's 2% and SSGJ-707's 6% [3] Group 3: Comparative Efficacy in EGFR Mutant NSCLC - In a separate study for EGFR mutant NSCLC, SKB264 showed a 45.1% ORR and mPFS of 6.9 months, statistically significant compared to Docetaxel [4] - Despite a decrease in ORR and mPFS in larger sample sizes, SKB264 still outperformed Dato-DXd (43%) and HER3-DXd (35.2%) in efficacy [4] - Other domestic competitors also showed promising results, with Ivosidenib achieving an ORR of 50.6% and BL-B01D1 reaching 52.5% in their respective trials [4][5]