机构：招银国际 研究员：武煜/黄本晨 中国生物制药在1H25 收入同比增长10.7%至175.7 亿元，经调整净利润同比增长101.1%至30.9 亿元。 1H25 收入和经调整净利润分别占我们全年预测的54.6%和79.6%，收入占比与历史区间 (50%-55%) 基本 一致，而经调整利润占比显著超过历史区间 (50%-60%)，主要由于公司在1H25 确认了13.5 亿元的科兴 中维分红。若剔除该项分红影响，1H25 经调整净利润将同比增长约13%。公司的创新产品收入在1H25 同比强劲增长27.2%至78.0亿元，占总收入的44.4%(1H24/2H24:38.6%/45.6%)，表明创新产品持续快速 放量。基于创新产品的快速增长及仿制药业务的稳健预期，管理层维持全年内生双位数增长的业绩指 引。 丰厚的创新研发管线。中国生物制药构建了丰富的创新管线，其中多个管线具备全球Top3 或者BIC 潜 力,收购礼新医药则进一步夯实了公司的创新研发实力。TQB2868 (PD-1/TGF-β 双抗) 在一线治疗胰腺癌 上展现了惊人的疗效，II 期临床的ORR达到63.9%，显著高于一线化疗的41.8%，并在mPF ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 9.40, representing a potential upside of 27.2% from the current price of HKD 7.39 [3][6]. Core Insights - The company reported a revenue growth of 10.7% year-on-year to RMB 17.57 billion in 1H25, with adjusted net profit increasing by 101.1% to RMB 3.09 billion. The revenue and adjusted net profit for 1H25 accounted for 54.6% and 79.6% of the full-year forecasts, respectively [1][6]. - The revenue from innovative products grew strongly by 27.2% year-on-year to RMB 7.80 billion, representing 44.4% of total revenue, indicating sustained rapid growth in innovative products [1][6]. - The management maintains a full-year guidance for double-digit organic growth based on the rapid growth of innovative products and stable expectations for generic drug business [1][6]. Financial Summary - For FY25E, the company is projected to achieve sales revenue of RMB 34.38 billion, reflecting a year-on-year growth of 19.1% [2][7]. - Adjusted net profit for FY25E is expected to reach RMB 6.27 billion, with a significant growth rate of 81.3% compared to the previous year [2][7]. - The adjusted earnings per share (EPS) for FY25E is forecasted at RMB 0.33, with an adjusted price-to-earnings (P/E) ratio of 20.5 times [2][7]. Pipeline and Market Potential - The company has a rich and differentiated pipeline, with several products showing potential for global top-tier status. The acquisition of Lixin Pharmaceutical has further strengthened its R&D capabilities [6][9]. - Key products such as TQB2868 (PD-1/TGF-β dual antibody) have shown impressive efficacy in clinical trials, with an overall response rate (ORR) of 63.9% in Phase II trials for pancreatic cancer, significantly higher than traditional chemotherapy [6][9]. - The company is expected to announce multiple important clinical data releases in 2H25, which could further enhance its market position [6][9].