Market Position and Product Development - As of June 30, 2024, the company holds a 66.2% market share in the platelet reduction treatment market in mainland China for its product Tevaziv, according to IQVIA[2]. - The company has a total of 28 products under development, with 25 being innovative drugs in mainland China, including 12 hematology/oncology products[2]. - The company achieved a 42.7% market share in the rhEPO market in mainland China during the first half of 2024[2]. - The company has established a national distribution network that sells products to over 9,700 hospitals and medical institutions across mainland China[3]. - The company aims to expand its product marketing to developed countries and is collaborating with international partners on its pipeline products[3]. - The company introduced Semaglutide injection in the first half of 2024, targeting the domestic weight loss market[2]. - The approval of the Minoxidil foam (5% formulation) for treating androgenetic alopecia and alopecia areata marks a significant product launch for the company[7]. - The new indication for Tevizo (TPO) for treating persistent or chronic primary immune thrombocytopenia (ITP) in children was approved on April 2, 2024[8]. - Tevizo holds a 34.5% market share by volume and 66.2% by sales in the treatment of thrombocytopenia in mainland China as of the first half of 2024[10]. - The company has submitted a new drug application for Tevizo to treat chronic liver disease-related thrombocytopenia, which has been accepted by the National Medical Products Administration[10]. - The company is expanding its market presence in Asia and Africa for Tevizo, which is currently undergoing registration in multiple countries[10]. Financial Performance - Revenue for the six months ended June 30, 2023, increased by RMB 605.6 million or 16.0% to RMB 4,389.4 million[6]. - Gross profit for the same period rose by RMB 595.8 million or 18.6% to RMB 3,797.4 million, with a gross margin increase from 84.6% to 86.5%[6]. - Net profit attributable to equity holders increased by RMB 109.3 million or 11.1% to RMB 1,089.9 million, while adjusted operating profit rose by RMB 16.7 million or 1.5% to RMB 1,112.4 million[6]. - EBITDA for the six months increased by RMB 311.0 million or 23.4% to RMB 1,641.5 million, with adjusted operating EBITDA rising by RMB 241.6 million or 17.0% to RMB 1,663.9 million[6]. - The group’s revenue for the reporting period was approximately RMB 4,389.4 million, an increase of about RMB 605.6 million or approximately 16.0% compared to RMB 3,783.8 million for the six months ended June 30, 2023[31]. - Sales of Teva increased to approximately RMB 2,475.9 million, up about RMB 456.8 million or approximately 22.6% from RMB 2,019.1 million for the six months ended June 30, 2023, accounting for about 56.4% of total revenue[31]. - Sales in the hair loss sector rose to approximately RMB 557.2 million, an increase of about RMB 48.4 million or approximately 9.5% compared to RMB 508.8 million for the six months ended June 30, 2023, representing about 12.7% of total revenue[32]. Research and Development - The company is focusing on research and development to provide innovative therapies for patients in mainland China and globally[3]. - The company has a research team of nearly 700 experienced scientists focused on accelerating clinical development and seeking breakthrough therapies[24]. - The company is actively developing 28 products, with 25 of them being innovative drugs in mainland China[22]. - Among the 28 products, there are 15 antibody products, 7 other biological products, and 6 small molecule drugs[22]. - The company has completed Phase III clinical trials for SSS06 (NuPIAO), a second-generation rhEPO product for treating anemia, and submitted a new drug application (NDA) in July 2024[24]. - The Phase III clinical trial for the anti-IL-17A antibody (608) has successfully met all efficacy endpoints, with BLA submission expected in Q4 2024[24]. - The company has 12 products in the hematology/oncology pipeline and 10 targeting autoimmune diseases, including rheumatoid arthritis and other conditions[22]. - The company plans to complete patient enrollment for the Phase III trial of anti-IL-1ß antibody (613) for acute gouty arthritis by the end of 2024[25]. - The company is conducting a Phase III clinical trial for TRK820, aimed at improving pruritus in chronic liver disease patients, with NDA submission expected in 2024[24]. Market Strategy and Expansion - The company is actively pursuing investment and acquisition strategies to identify high-value assets while maintaining a dual-track approach of independent research and external collaboration[30]. - The company is focusing on key therapeutic areas such as nephrology, autoimmune diseases, hair and skin, hematology, and oncology, with an emphasis on accelerating the development of autoimmune products[30]. - Mandi plans to invest in market education and digital marketing to increase brand recognition and sales scale across various e-commerce platforms[14]. - The company aims to enhance its academic recognition and brand awareness through targeted marketing and promotion among medical experts[28]. Corporate Governance and Shareholder Matters - The board of directors has not recommended any interim dividend for the reporting period[57]. - The company repurchased a total of 43,346,500 shares at a total cash consideration of HKD 266,284,340 during the reporting period, with 22,119,500 shares cancelled and 21,227,000 shares held as treasury shares[59]. - The audit committee reviewed the unaudited interim financial information and found all accounting treatments adopted to be satisfactory[58]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules, ensuring compliance with applicable governance standards[54]. - Changes in the board include the resignation of Dr. Liu Jing as a director and general manager, and the appointment of Ms. Zhang Jiao'e as a non-executive director, effective June 25, 2024[57]. Employee and Workforce Management - The company employs 5,607 staff across its operational facilities in Shenyang, Shanghai, Hangzhou, Shenzhen, and Como, Italy[3]. - Employee costs for the reporting period amounted to approximately RMB 721.9 million, up from RMB 604.4 million in the same period last year, reflecting a year-over-year increase of about 19.4%[53]. - The company has implemented various incentive plans, including a stock option plan and a share award plan, to reward eligible participants contributing to business success[53]. Financial Position and Cash Flow - Current assets net value as of June 30, 2024, was approximately RMB 3,847.5 million, down from approximately RMB 5,465.1 million as of December 31, 2023[45]. - Total interest-bearing bank borrowings as of June 30, 2024, were approximately RMB 2,966.5 million, a decrease from approximately RMB 3,574.3 million as of December 31, 2023[46]. - The leverage ratio decreased from approximately 29.3% as of December 31, 2023, to approximately 25.0% as of June 30, 2024[47]. - The company estimates total capital expenditures for the next three years will range from RMB 1,000 million to RMB 1,100 million, primarily for maintaining existing facilities and expanding capacity[52]. - The company’s operating cash flow for the six months ended June 30, 2024, was RMB 1,092,711 thousand, compared to RMB 1,184,485 thousand for the same period in 2023, reflecting a decrease of approximately 7.7%[93]. Shareholder Equity and Dividends - The company declared a final dividend of RMB (551,834) thousand for the year 2023, indicating a commitment to returning value to shareholders[91]. - The total equity attributable to the parent company as of June 30, 2024, was RMB 15,964,423 thousand, showing growth from RMB 15,400,450 thousand as of December 31, 2022[92]. - The company proposed a final dividend of HKD 0.25 per share for the year ended December 31, 2023, amounting to RMB 551,834,000, which was not paid during the reporting period[112].

Investment Rating - The report maintains a "Buy" rating for 3SBio (01530) [1] Core Views - 3SBio's 2024H1 performance met expectations, with robust growth in key products and a rich pipeline of innovative drugs [4] - The company's revenue for 2024H1 reached RMB 4.389 billion, a YoY increase of 16.01%, and net profit attributable to shareholders was RMB 1.090 billion, up 11.15% YoY [4] - Key products such as TPIAO, EPO, Yisaipu, and Cyramza showed strong sales growth, with TPIAO sales reaching RMB 2.48 billion, up 22.6% YoY [4] - The company's gross margin improved to 86.51%, up 1.9 percentage points, with effective cost control across sales, management, and R&D expenses [4] - 3SBio is advancing its R&D projects, with multiple products nearing commercialization, including SSS06 for CKD anemia and TPIAO for CLDT, expected to file NDAs in 2024H2 [4] - The company has entered into a cooperation agreement with Hansoh Pharma for the weight-loss indication of semaglutide injection, tapping into the vast weight-loss treatment market [4] - 3SBio has demonstrated strong shareholder returns, distributing dividends and repurchasing shares totaling HKD 860 million in 2024H1, representing over 40% of 2023 operating profit [4] Financial Projections - Revenue for 2024-2026 is projected to be RMB 8.744 billion, RMB 9.535 billion, and RMB 10.269 billion, with YoY growth rates of 12%, 9%, and 8%, respectively [6] - Net profit attributable to shareholders is expected to be RMB 2.013 billion, RMB 2.244 billion, and RMB 2.508 billion for 2024-2026, with YoY growth rates of 30%, 12%, and 12%, respectively [6] - The company's P/E ratios for 2024-2026 are estimated at 7X, 6X, and 6X, respectively [4] Product Performance - TPIAO sales reached RMB 2.48 billion in 2024H1, up 22.6% YoY [4] - EPO sales were RMB 520 million, up 11.3% YoY [4] - Yisaipu sales were RMB 330 million, up 9.5% YoY [4] - Cyramza sales were RMB 160 million, up 48.9% YoY [4] - Mandi sales were RMB 550 million, up 10.0% YoY [4] R&D Progress - SSS06 for CKD anemia has had its NDA accepted [4] - TPIAO for CLDT and 608 (IL-17A antibody) for moderate-to-severe psoriasis are expected to file NDAs in 2024H2 [4] - Winlevi's Phase III bridging clinical trial began enrollment in 2024H1, with an NDA expected in 2025 [4] Shareholder Returns - In 2024H1, 3SBio distributed dividends and repurchased shares totaling HKD 860 million, representing over 40% of 2023 operating profit [4] - Dividend payout was HKD 600 million, with a dividend yield of 4.1% based on the closing price on the ex-dividend date [4] - Share repurchases amounted to HKD 270 million [4]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 的 全 部 或 任 何 部 份 內 容 所 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1530） 截至二零二四年六月三十日止六個月 中期業績公告 | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of HKD 9.56, which corresponds to an 11x P/E ratio for 2024 [4][25]. Core Insights - The company is a pioneer in China's biopharmaceutical industry, with core products such as recombinant human thrombopoietin Tevaz (特比澳) and the OTC hair loss treatment product Mandi (蔓迪). The growth of Tevaz is expected to be steady due to expanded indications and increased penetration in the oncology field [1][15]. - The hair loss and acne treatment markets present significant demand, with Mandi and the investigational acne treatment expected to continue driving growth for the company [2][15]. - The company's innovative pipeline is approaching a harvest period, with multiple blockbuster products expected to be approved between 2025 and 2027 [2][21]. Financial Overview - The company achieved revenue of RMB 7.816 billion in 2023, representing a year-on-year growth of 13.8%. The revenue compound annual growth rate (CAGR) from 2019 to 2023 was 10.1% [3][15]. - The net profit for 2023 was RMB 1.586 billion, showing a decline of 16.9% year-on-year, primarily due to the impact of zero-coupon convertible bonds and changes in fair value of financial assets [3][18]. - The company maintains a robust gross margin above 80%, reaching 85% in 2023, while the adjusted net profit margin was 25% [17][18]. Product and Market Analysis - Tevaz has a dominant position in the Chinese thrombocytopenia treatment market, with a market share of 65% in 2023. The sales revenue for Tevaz grew by 23.8% year-on-year to RMB 4.2 billion [1][16]. - Mandi leads the domestic minoxidil market with a 72.6% market share, achieving sales revenue of RMB 1.12 billion in 2023, reflecting a year-on-year growth of 25.8% [2][15][29]. - The company has a diverse product matrix around the Mandi brand, including various formulations and delivery systems, which are expected to enhance brand value and market penetration [30]. Research and Development Pipeline - The company has a rich R&D pipeline with 29 products under development, of which 15 are in late-stage clinical trials. Key upcoming products include long-acting EPO SSS06 and several monoclonal antibodies targeting various conditions [21][22][24]. - The company is focusing on expanding its presence in the hematology/oncology, nephrology, and dermatology sectors, with several products expected to be launched in the coming years [21][22][23]. Market Potential - The hair loss treatment market in China is substantial, with over 250 million individuals affected. The market for hair loss treatment and care products is projected to grow from RMB 106.9 billion in 2021 to RMB 203.5 billion by 2030, with a CAGR exceeding 7% [27][30]. - The company is well-positioned to capitalize on the growing demand for hair loss treatments, particularly with the increasing acceptance of minoxidil products among consumers [2][27].

Investment Rating - The report initiates coverage with a "Buy" rating for the company, with a target price of HKD 9.56, representing a potential upside of 53.4% from the current price of HKD 6.23 [1][3][24]. Core Insights - The company is a pioneer in China's biopharmaceutical industry, with robust growth in core products such as recombinant human thrombopoietin Tevaz (特比澳) and the OTC hair loss treatment product Mandi (蔓迪) [1][14]. - Tevaz is expected to maintain steady revenue growth due to expanded insurance reimbursement coverage and ongoing indication expansions, with a 23.8% year-on-year sales increase in 2023 [1][15]. - The hair loss treatment market is significant, with Mandi capturing a 72.6% market share in the minoxidil market, and the company is expanding its product matrix to include various hair loss treatment options [1][14][29]. - The innovation pipeline is entering a harvest phase, with multiple blockbuster products expected to be approved between 2025 and 2027, including long-acting EPO SSS06 and various monoclonal antibodies [1][20][24]. Financial Summary - The company achieved a revenue of RMB 7.816 billion in FY23, reflecting a 13.8% year-on-year growth, with projections for continued growth in the coming years [2][14]. - The net profit for FY23 was RMB 1.586 billion, a decrease of 16.9% year-on-year, primarily due to specific financial impacts, but adjusted operating net profit showed a 17.7% increase [2][17]. - The company expects a revenue compound annual growth rate (CAGR) of 10.9% and a net profit CAGR of 13.4% from 2023 to 2026 [1][24]. Market Position - Tevaz holds a dominant position in the Chinese thrombocytopenia treatment market, with a 65.0% market share, and is expanding its indications to include treatment for chronic liver disease-related thrombocytopenia [1][15][30]. - Mandi leads the OTC hair loss treatment market, with a strong brand recognition and a significant growth trajectory, supported by a diverse sales strategy across online and offline channels [1][14][29]. Innovation Pipeline - The company has a rich pipeline focusing on various therapeutic areas, with 29 products in development, including 15 in late-stage clinical trials [20][23]. - Key products in the pipeline include Tevaz for new indications, long-acting EPO SSS06, and several monoclonal antibodies targeting autoimmune diseases [20][21][23].

更新报告 买入 蔓迪、特比澳持续高增长，研发管线丰富 三生制药（1530.HK） 2023-07-31 星期三 | --- | --- | |----------|-----------| | 目标价： | 9.03 港元 | | 现 价： | 5.94 港元 | | 预计升幅 | : 52% | 重要数据 | --- | --- | |-------------------|-----------| | 日期 2024-7-30 | | | 收盘价（港元） | 5.94 | | 总股本（亿股） | 24.17 | | 总市值（亿港元） | 143.56 | | 净资产（亿元） | 153.62 | | 总资产（亿元） | 258.65 | | 52 周高低（港元） | 9.10/4.58 | | 每股净资产（元） | 6.3 | 数据来源：Wind、国元证券经纪(香港)整理 主要股东 TMF (Cayman) Ltd.（23.66%） Decade Sunshine Limited (19.55%) BlackRock, Inc.（6.1%） 相关报告 深度报告：三生制药-20200924 更新报告：三生制 ...

2024年05月29日 公 司点评 公 买入 / 维持 司 三生制药(01530) 研 究 目标价: 昨收盘:6.37 医药 减重领域合作达成，与翰宇药业发挥协同效应 事件：2024年5月28日，公司的全资附属公司三生蔓迪翰宇药业签 ◼ 走势比较 署《司美格鲁肽注射液合作协议》。协议约定，翰宇药业与三生蔓迪共同 合作开发、独家供应/采购、销售分成司美格鲁肽注射液(减重适应症)。 10% 三生蔓迪将根据协议约定向翰宇药业支付最高 2.7 亿元里程碑付款，其 太 0% 中包含4500万元的临床前技术成果对价款；此外，三生蔓迪还将向翰宇 平 (10%)92/5/32 01/8/32 22/01/32 3/1/42 61/3/42 82/5/42 药业支付独家采购价以及销售提成。 点评： 洋 (20%) 与翰宇药业深度合作，布局减重市场。本次合作三生制药将取得翰宇 证 (30%) 药业的司美格鲁肽开发权，规格与原研在中国大陆地区获批规格一致。合 券 (40%) 作区域包括：1）中国；2）墨西哥、巴西、埃及、巴基斯坦；3）海湾阿 股 拉伯国家合作委员会成员国及印度尼西亚。三生制药需要支付的费用包 份 三生制药 恒生指数 ...

Welcome investors to the Summer Event Strategy Meeting held by Huayan Medical Co., Ltd. and Lu Yuandong. The host of this meeting is Mr. Tao Tanguo, the chief of Huayan Medical Co., Ltd. This is a three-way communication between the listed companies. We are honored to invite Mr. Zhao, the head of the company, to communicate with us today. Today's communication is mainly divided into two parts, the company introduction and Q&A part. First of all, let's welcome the company's leader, Mr. Zhao, to give an overv ...

Welcome to the Summer Online Strategy Meeting held by Huayan Pharmaceutical and Lu Yandong. The host of this meeting is Mr. Tang Guochao, the chief of Huayan Pharmaceutical's team. This is a three-way communication between the listed companies. We are honored to invite Mr. Zhao, the company's leader, to communicate with us today. Today's communication is mainly divided into two parts, the company introduction and Q&A part. First of all, let's welcome our company's leader, Mr. Zhao, to give an overview of th ...

S (於開曼群島註冊成立的有限公司) 股份代號：1530 PATIELE H 年 告 報 度 light | --- | --- | --- | --- | --- | --- | |----------|-----------------------------|-------|-------|-------|-------| | | | | | | | | | 目錄 | | | | | | 2 | 公司概覽 | | | | | | 3 | 公司資料 | | | | | | 5 | 財務摘要 | | | | | | 6 | 主席報告 | | | | | | 9 | 管理層討論及分析 | | | | | | 36 | 董事及高級管理層 | | | | | | 42 | 董事會報告 | | | | | | 64 | 企業管治報告 | | | | | | 83 | 獨立核數師報告 | | | | | | | | | | | | | | 綜合財務報表 | | | | | | 91 | 綜合損益表 | | | | | | 92 | 綜合全面收益表 | | | | | | 93 | 綜合財務狀況表 | | | | | ...