Investment Rating - The report maintains a "BUY" rating for the company, with a target price raised from HK$4.9 to HK$10.2, indicating a potential upside of 29% [6][17]. Core Insights - The company reported a 10.7% year-on-year increase in revenue for the first half of 2025, reaching Rmb17.58 billion, and a 12.3% increase in net profit to Rmb3.39 billion. Adjusted net profit, excluding one-off gains, surged by 101.1% to Rmb3.09 billion, surpassing expectations [6][13]. - The gross margin improved by 0.4 percentage points to 82.5%, while the selling, general, and administrative expenses ratio decreased by 0.2 percentage points to 42.9% [6][13]. - R&D expenses rose by 23.6% to Rmb3.19 billion, with an R&D expense ratio of 18.1%. The company has a cash reserve of approximately Rmb30.5 billion and net cash of Rmb18.5 billion as of June 2025 [6][13]. Summary by Sections Financial Performance - Revenue for the first half of 2025 was Rmb17.58 billion, a 10.7% increase year-on-year. Net profit reached Rmb3.39 billion, up 12.3% year-on-year. Adjusted net profit, excluding one-off items, was Rmb3.09 billion, reflecting a 101.1% increase [6][13]. - The company’s gross margin increased to 82.5%, and the SG&A ratio decreased to 42.9% [6][13]. Innovative Product Growth - Sales of innovative products grew by 27% year-on-year to Rmb7.80 billion, contributing 44% to total revenue in the first half of 2025, up from 39% in the same period last year [7][14]. - The company launched two innovative products in the first half of 2025 and expects to increase the number of innovative products to 21 by 2025 and over 35 by 2027 [8][15]. Acquisition and Pipeline Expansion - The acquisition of LaNova Medicines for a net consideration of US$500 million is expected to enhance the company’s R&D capabilities and expand its innovative pipeline [9][16]. - LaNova Medicines has eight clinical-stage products and over 20 pre-clinical assets, with collaborations with major pharmaceutical companies [9][16].

每经记者｜林姿辰 每经编辑｜董兴生 8月18日，中国生物制药（01177.HK）发布2025年半年报，公司上半年实现营业收入175.7亿元，同比增 长10.7%；实现持续经营业务归母净利润33.9亿元，同比增长140.2%；实现经调整归母净利润30.9亿 元，同比增长101.1%。 《每日经济新闻》记者注意到，在港股创新药板块升温的背景下，今年以来中国生物制药股价涨幅接近 150%，总市值重上并站稳千亿港元。截至8月18日收盘，已达到1483.97亿港元。 值得注意的是，今年上半年，公司超过90%的收入仍来自中国内地客户。但中国生物制药表示，从今年 起，对外授权合作有望成为集团（中国生物制药及其附属公司）又一常态化收入来源。 创新产品收入同比增长超27%，已成业绩增长主要动力 中国生物制药的产品包括多种生物药和化学药，涉及肿瘤、肝病/代谢、呼吸系统、外科/镇痛四大治疗 领域。 其中，前者是中国首款一日一次的长效镇痛非甾体抗炎药（NSAIDs）注射液，可用于成人术后疼痛管 理；后者是中国首个国产重组人凝血因子VIIa类生物制品，可用于凝血因子VIII或IX的抑制物>5个 Bethesda单位（BU）的成人及青少 ...

Core Viewpoint - The announcement highlights the progress of China's biopharmaceutical company in the development of innovative drugs, particularly the completion of the first dosing of TQB6411, an EGFR/c-MET dual antibody ADC [1] Group 1: Drug Development Progress - The first subject has been dosed with TQB6411, an innovative drug targeting EGFR and c-MET [1] - In addition to TQB6411, the company has several other ADC projects in various clinical stages: TQB2102 (HER2 dual antibody ADC) is in Phase III, LM-302 (CLDN18.2 ADC) is also in Phase III, and LM-305 (GPRC5D ADC) is in Phase I/II [1] - TQB2101 (ROR1 ADC) is currently in Phase I, and numerous ADC projects are in preclinical development, expected to enter clinical stages in the next 1-2 years [1]