中国生物制药二零二五年中期报告

1177 中 期 報 告2025 1177 www.sinobiopharm.com 中國生物製藥有限公司1 14109 1 1 43 1045 239 Suntera (Cayman) LimitedSuite 3204, Unit 2A, Block 3, Building DP.O. Box 1586, Gardenia Court, Camana BayGrand Cayman KY1-1100Cayman Islands 721118 1617 97927 Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DriveP.O. Box 2681Grand CaymanKY1-1111Cayman Islands 1812401 1 2HKFRS 3 20002013MSCI201820205025TOP5050 E(II)VIIaN01 NMPAGMPPVCGMP invoX PharmaLimitedinvoX GMP MSCI 50 50 Top 50 http://www.sinobiopharm.com 2025GDP66.15.3%202512,2751.2%1,7672.8% 202472025630 2021129.1%2025172025 (MNC)20254561181,30450%30% 20256955075 2NMPA(II)VIIa N0120257827.2%5NMPA2025 318,75618.1%95.7% 9≥3III2025(ASCO)IIIPD-L1 2023-20245142025 37211III7II17I13821I2BE2025-2027610 TQB3616CDK2/4/620247CDEHRHER2HR+/HER2-20257TQB3616CDEHR+/HER2TQB3616HR+/HER2IIITQB3616CDK2/4/6TQB3616CDK2CDK4CDK4/6TQB3616TQB3616 TQ05105JAK/ROCK20247CDEJAK/ROCKTQ05105IIIII2024ASHTQ05105IbIb/IIaITQ05105 LM-302Claudin 18.2 ADCClaudin 18.2(ADC)IIILM-302CDEClaudin 18.2FDAINDLM-302Claudin 18.2PD-L1 LM-108CCR8ADCCCCR8PD-1PD-1/PD-L1MSI-H/dMMR20252LM-108CDEMSI-H/dMMR20256LM-108CDECCR8LM-108CDECCR8LM-108TTregTregLM-108 M701CD3/EpCAMCD3/EpCAMIIIM701EpCAMTCD3TTM701 TQB2868 (PD-1/TGF-PD-1/TGF-IIITQB2868PD-1/PD-L1TGF-2025ASCOTQB2868ORR63.9%DCR100%(PFS)6PFS86%(OS)1PD-1/TGF-TQB2868 TQB2102 (HER2ADC)HER2ECD2ECD4ADCIIIHER2HER2HER2HER2HER220257TQB2102CDEHER22025ASCOTQB2102TQB2102(ILD) TQB2922 (EGFR/cMetEGFR/c-MetIITQB2922EGFRc-MetTQB2922c-Metc-MetcMETEGFREGFR TQB6411 (EGFR/cMet ADC)EGFR/c-MetADCITQB6411EGFR/c-Met IgG1IDDDxdEGFRc-Met(TKI) 399.9%20232024APASLEASL 71III6II6411I2025-202715 PPARMASHIIIF1F3MASHIIb(NEJM)PPARPPAR/PPARPPAR20237CDEIIIMASH TQA2225FGF21-FcFGF21MASHIITQA2225FGF21FGF21MASHTQA2225FGF21 133III4II6I12821I1BE2025-2027410 TQC3721PDE3/4PDE3/4IIIPDE3PDE4TQC3721TQC3721PDE3/4PDE3/4TQC3721COPDTQC3721IIII TQC2731TSLPTSLPIIITSLPTSLPTSLPTQC2731 TDI01ROCK2ROCK2IIITDI01ROCK2TDI01 TCR1672P2X3RP2X3Ib/II2021TCR1672FDAINDP2X3TCR1672P2X3P2X2/3P2X3TCR1672P2X3 TQH2722IL-4RIL-4RIIITQH2722IL-4IL-1322 (II)20255NMPAFDANSAIDsIII18-24NSAIDsNSAIDsNSAIDs 611III2II2I6422025-202736 PL-5202412CDEPL-5PL-5 TRD205AT2RAT2RTRD205IIFDAINDTRD205AT2RTRD205<15%TRD205 TRD303IITRD303TRD30372TRD303TRD303 1,757,47810.7%338,859140.2%18.82145.7%308,765101.1%1,110,4401,009,800928,5983,048,838 5 7 779,85744.4%27.2% 669,42338.1%24.9% 310,50617.7%20.2% HKFRSHKFRSHKFRSHKFRSHKFRS101.1% HKFRSHKFRS 2. 3. 15.03%15.03%51,500338,777902,100957,90012.0%14.6%135,27067,635 1)1,019,8271,091,15324,1997,686 504,019443,911867,691495,083135,002127,000124,00084,76068,62160,00051,741867,69160,90722,06439,41021,497928,59812.4% 14.225%14 1,611 2024 400 1,110,440956,9581,009,800936,581 885,219758,583299,944199,6751,62410,42811,173433394318300 44,99545,939 7,489,4416,540,8072,911,6692,263,40038.9%34.6%1,853,2471,439,631 23,056242,490251,470 61,200536,305,243338,690,000 ESG ESGESG ESGESG4ESGESGESGESG ESGESGESG ESG2024ESG3000ISAE 3000 RevisedESG 2021-2025 520%2025 DEIESG DAYDEI600 Pharmaceutical Supply Chain Initiative, PSCIESG100% FTSE4Good Index Series2024-2025ESG100ESG30 ESGESG DAYESGESG (first-in-class)(best-in-class)202541 BD20257ADCLM-TME™LM-Abs™LM-ADC™LM-TCE™ (2025-20272020best-in-classTQB3616 (CDK2/4/6TQB2102 (HER2ADC)COPDTQC3721 (PDE3/4MASHLanifibranorPPAR20273560% 1. 1.1 20256303420241231 1.2 20241231 21 2. (a)(b)(c) 2. 2. 2. (a) 90% (b) 10% 3. 4. 5. 6. 16.5%16.5% 25%25% 25%25% 6. 20081125% 15% 10%5%10% 1,955,0006,554,000 GloBE15% 7. 181,972170,96093%26% 7. 7. 531617 9. 3,388,591,0003,017,162,00018,003,635,57418,408,301,709 2024 9. 9. 10. 2025630270,849,00020246 30407,495,000 202563043,784,00020246 3010,227,0001,019,00020246301,846,000 11. 12. 13. 14. 15. 16. (a) (i) 132,513,000131,705,000 293,504,000285,301,000 (b) TEDA Cold Chain Logistics6.50%10,388,00010,309,000 17. 17. 17. 17. 17. (a) (b) 17. (b) (c) P/E 17. (c) 18. Ying Qin Zang95.09%4.91% 9.5092 19. 223,848,000 571XV78352C3 (1)Validated Profits Limited1,459,785,124(2)True Merit Global Limited2,081,643,374675,000,000(3)Thousand Eagles LimitedRemarkable Industries Limited2,362,500,0001,687,500,000(4)Sure Smart Enterprises Limited183,310,270 XVXV78352 XV23336 (1)Thousand Eagles LimitedRemarkable Industries Limited(2)True Merit Global Limited(3)Validated Profits Limited XV23336 10 (i)(ii)(a)(b) 10%1% 121%17.03D(2) 120.1%17.04(4) 211.00 1 (i)(ii)5(iii) 3%3%3%5%5%10 (1)(i)(ii)0.1%(2)(3) 536,305,243 1010338,690,00030% 10 (1)(i)(ii)0.1% (2)40%30%30% 338,690,000 750,000,000 C1C.1 C3 3.103.10(A) 30,500,00092,624,000 24,269,0008,000,000