瑞银发布研报称，中国生物制药(01177)管理层表示，今年对外授权(BD)业务发展指引需要更多时间才 能确定。预计今年公布的数据结果，包括TQB3702在血癌中的一期临床数据、TQA3334的二期临床数 据，以及lanifibranor针对代谢相关脂肪性肝炎的三期临床数据。该行现予公司"买入"评级，目标价12.2 港元。 至于2025年国家医保药品目录谈判结果，管理层对VIIa的入选前景感到乐观，因只有3间企业获选纳 入。同时，penpulimab首次成功进入医保目录;anlotinib获准扩展至软组织肉瘤一线治疗且未有任何降 价，而Yilishu因报销范围扩大而受益。 ...

智通财经APP获悉，瑞银发布研报称，中国生物制药(01177)管理层表示，今年对外授权(BD)业务发展 指引需要更多时间才能确定。预计今年公布的数据结果，包括TQB3702在血癌中的一期临床数据、 TQA3334的二期临床数据，以及lanifibranor针对代谢相关脂肪性肝炎的三期临床数据。该行现予公 司"买入"评级，目标价12.2港元。 至于2025年国家医保药品目录谈判结果，管理层对VIIa的入选前景感到乐观，因只有3间企业获选纳 入。同时，penpulimab首次成功进入医保目录; anlotinib获准扩展至软组织肉瘤一线治疗且未有任何降 价，而Yilishu 因报销范围扩大而受益。 ...

Core Viewpoint - China Biologic Products (01177) has seen a stock increase of over 4%, currently trading at 7.09 HKD with a transaction volume of 431 million HKD, as reported by UBS [1] Group 1: Business Development - The management of China Biologic Products indicated that more time is needed to finalize the guidance for its out-licensing (BD) business for this year [1] - Key data results expected this year include Phase I clinical data for TQB3702 in blood cancer, Phase II clinical data for TQA3334, and Phase III clinical data for lanifibranor targeting metabolic-associated fatty liver disease [1] Group 2: Market Outlook - The management is optimistic about the inclusion prospects of VIIa in the 2025 National Medical Insurance Drug List negotiations, as only three companies are selected for inclusion [1] - Penpulimab has successfully entered the medical insurance list for the first time, while anlotinib has been approved for expansion to first-line treatment of soft tissue sarcoma without any price reduction [1] - Yilishu benefits from an expanded reimbursement scope [1] Group 3: Product Information - The VIIa product is the recombinant human coagulation factor VIIa N01 (brand name: Anqixin) developed by China Biologic Products' subsidiary, which received NMPA approval for market entry on July 3, 2025 [1] - This product is the first domestically produced recombinant human coagulation factor VIIa biological product, breaking the long-standing monopoly of imported products, improving drug accessibility for hemophilia patients, and reducing treatment costs [1]

瑞银发布研报称，中国生物制药管理层表示，今年对外授权(BD)业务发展指引需要更多时间才能确 定。预计今年公布的数据结果，包括TQB3702在血癌中的一期临床数据、TQA3334的二期临床数据， 以及lanifibranor针对代谢相关脂肪性肝炎的三期临床数据。至于2025年国家医保药品目录谈判结果，管 理层对VIIa的入选前景感到乐观，因只有3间企业获选纳入。同时，penpulimab首次成功进入医保目 录；anlotinib获准扩展至软组织肉瘤一线治疗且未有任何降价，而Yilishu因报销范围扩大而受益。 中国生物制药(01177)涨超4%，截至发稿，涨3.5%，报7.09港元，成交额4.31亿港元。 公开资料显示，中国生物制药的VIIa品种是旗下正大天晴开发的注射用重组人凝血因子VIIa N01(商品 名：安启新)，2025年7月3日获NMPA批准上市。作为国内首个国产重组人凝血因子VIIa类生物制品，打 破了进口产品长期垄断的局面，提高了抑制物阳性血友病患者的用药可及性，降低了患者治疗成本。 ...