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主要按基本因素選股,但有時也會參考圖表、技術分析。除股票外,亦經常研究期權 。歡迎來電賜教或交流心得。
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中國生物製藥(01177.HK)

Wednesday, November 26, 2025 Views226

中國生物製藥(01177.HK
從仿製藥企業向創新藥企戰略轉型的關鍵階段


1. 公司概覽

中國生物製藥是一家領先的創新驅動型醫藥集團,業務涵蓋藥品研發、生產和銷售全流程。公司正處於從仿製藥企業向創新藥企戰略轉型的關鍵階段,其研發管線豐富,尤其在腫瘤、肝病、呼吸系統等治療領域佈局深入。隨著多款創新藥陸續上市並貢獻收入,創新已成為公司增長的核心引擎。

2. 公司業績

· 營收與盈利:根據最新數據,公司業績表現強勁。以2025年上半年度為例,營收達175.7億元人民幣,同比增長10.7%;歸母淨利潤大幅增長至33.9億元人民幣,同比飆升140.2%,顯示出強大的盈利改善能力。
· 創新驅動:創新產品已成為增長主要動力。期內創新藥收入達78.0億元人民幣,佔總收入比重攀升至44.4%。此一趨勢印證了公司轉型策略的成功。
· 研發進展:公司的研發管線已進入收穫期。2025年上半年有2款創新藥獲批上市,且市場預計在2025至2027年間,公司將有近20款創新藥上市,其中過半數品種的峰值銷售額有望突破20億元,為未來持續增長奠定堅實基礎。

3. 股價表現



· 市場定位:股價表現反映了市場對公司創新轉型成果的逐步認可。隨著創新藥收入占比不斷提升,公司估值邏輯正從傳統仿製藥企向創新藥企切換。
· 影響因素:短期股價可能受到業績發佈、新藥獲批進展、以及行業政策(如醫藥集採)等消息面影響。中長期走勢則將與創新藥的商業化放量速度和盈利能力高度相關。
· 投資者情緒:穩健的業績增長和清晰的研發管線通常是支撐投資者信心和股價的關鍵。

4. 投資建議

 

綜合多家機構觀點,目前市場對中國生物製藥的主流看法偏積極。

· 機構評級:以招銀國際為例,其報告維持對公司的「買入」評級。


· 目標價:給出的目標價為9.4港元。此目標價的設定基於對公司創新藥銷售持續高增長以及未來重磅產品管線的預期。
 

4. 風險
  · 行業政策:國家級藥品集採等政策可能對舊有仿製藥業務造成持續壓力。
  · 研發不確定性:新藥研發週期長、投入大,存在臨床試驗失敗或進度不及預期的風險。
  · 市場競爭:熱門治療領域的競爭日益激烈,可能影響新藥的定價和市場份額。

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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