公司点评 | 中国生物制药 创新管线步入收获期，驱动业绩高速增长 中国生物制药（1177.HK）2025 年半年报点评 摘要内容：公司发布 2025 年半年报，2025 年上半年公司实现收入 175.7 亿 元（+10.7%），实现归母净利润 33.9 亿元（+140.2%），经调整 non-HKFRS 归母净利润 30.9 亿元（+101.1%），利润端增速超预期。 创新品种驱动高增长，四大治疗领域优势地位巩固。2025H1 公司 2 款创新 产品获 NMPA 批准上市，分别为普坦宁®（美洛昔康注射液(II)）、安启新®（注 射用重组人凝血因子 VIIa N01）。2025H1 公司创新产品收入达 78 亿元 （+27.2%），创新产品收入占比提升至 44.4%（+5.8pct）。除创新产品外， 2025H1 公司 5 款仿制药获 NMPA 批准上市，整体仿制药收入在 2025 年上 半年保持正增长。分业务来看，2025H1 肿瘤板块实现收入 66.94 亿元 （+24.9%）；外科/镇痛板块实现收入 31.05 亿元（+20.2%）。 创新管线广泛布局，未来三年创新业务将进入密集收获期。2025-2027 ...

Core Viewpoint - The company reported a 10.7% year-on-year revenue growth in the first half of 2025, reaching 17.58 billion yuan, with a net profit attributable to shareholders increasing by 12.3% to 3.39 billion yuan, indicating strong operational performance and growth potential in innovative products [1][2]. Financial Performance - The adjusted net profit, excluding one-time gains, grew by 101.1% year-on-year to 3.09 billion yuan, surpassing expectations [1]. - The comprehensive gross margin improved by 0.4 percentage points to 82.5%, while the sales and management expense ratio decreased by 0.2 percentage points to 42.9% [1]. - Research and development expenses rose by 23.6% to 3.19 billion yuan, with an R&D expense ratio of 18.1% [1]. Innovation and Product Pipeline - Revenue from innovative products surged by 27% year-on-year to 7.8 billion yuan, contributing 44% to total revenue, up from 39% in the first half of 2024 [1][2]. - The company expects the number of innovative products to increase to 21 by 2025 and over 35 by 2027, with sales contribution projected to rise from 50% in 2025 to 60% in 2027 [2]. Strategic Acquisitions - The company announced the acquisition of Lixin Pharmaceutical for a net price of 500 million USD, which includes eight clinical-stage products and over 20 preclinical assets, enhancing its ADC and bispecific antibody pipeline [3]. - The acquisition is expected to strengthen the company's R&D capabilities and enrich its innovative pipeline [3]. Earnings Forecast and Target Price - The adjusted diluted earnings per share forecast for 2025 was raised from 0.20 yuan to 0.23 yuan, with subsequent increases for 2026 and 2027 [1][3]. - The target price was increased from 4.9 HKD to 10.2 HKD, reflecting a potential upside of 29%, while maintaining a buy rating [1][3].