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三生制药2025 中期报告

2025-09-30 港股财报冷水河

公司概况与财务数据

公司是一家专注于生物制药领域的公司，拥有多个处于不同研发阶段的创新药物项目，涵盖HER2 ADC、VEGF/PD-1707、PD-L1、NSCLC等多个治疗领域。公司财务表现稳健，2022年营收为4,355.5百万美元，同比增长3.9%；EBITDA为1,832.5百万美元，同比增长11.6%。2023年营收预计为4,389.4百万美元，同比增长1.3%；EBITDA预计为1,610.1百万美元，同比增长3.2%。

研发管线

公司拥有丰富的研发管线，包括多个处于临床阶段的创新药物：

HER2 ADC：项目代号DB-1303，已进入IND阶段。
VEGF/PD-1707：针对VEGF/PD-1/PD-L1联合治疗，已进入IND FDA阶段。
PD-L1：针对NSCLC治疗，已进入IND FDA阶段。
其他项目：包括IL-17A、IL-1、VEGF、PD-1/HER2、PD-1/PD-L1、Pegsiticase、BDCA2、TL1A、PD-1/TGF-、MUC17/CD3/CD28、B7H3IL15R-等，部分已进入临床阶段或IND FDA阶段。

CDMO合作

公司与Sirton Pharmaceuticals S.p.A.合作，提供CDMO服务，合作收入预计为770.8百万美元，占公司营收比重较高。

财务预测

公司2025年营收预计为3,142.5百万美元，EBITDA预计为25.2百万美元。未来几年营收和EBITDA预计将保持稳定增长。

股权结构

公司股权结构复杂，涉及Conyers Trust Company (Cayman) Limited、Lambda International Limited、TMF (Cayman) Ltd.等多家机构，其中Lambda International Limited持股35.65%。

关键数据

2022年营收：4,355.5百万美元
2022年EBITDA：1,832.5百万美元
2023年营收预测：4,389.4百万美元
2023年EBITDA预测：1,610.1百万美元
2025年营收预测：3,142.5百万美元
2025年EBITDA预测：25.2百万美元
CDMO合作收入：770.8百万美元

结论

公司拥有丰富的创新药物管线，财务表现稳健，CDMO合作收入占比高，未来发展潜力较大。

23562637394041434547 rhEPOrhTPOIQVIA1263.0%rhEPOrhEPO41.5%TNF 302718661410BRVO321 20INDFDAVEGF1PD-1707 6,26810,000 Cricket Square, Hutchins DrivePO Box 2681Grand Cayman, KY1-1111Cayman Islands 13 33191918 Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DrivePO Box 2681Grand Cayman, KY1-1111Cayman Islands 183171712–1716 3 97927 •97914 77334 01530 www.3sbio.com Conyers Dill & Pearman8129 77 * •33.90.8%4,355.5•81.62.1%3,715.886.5%85.3%•268.324.6%1,358.2323.42.1%1,135.8•EBITDA191.011.6%1,832.5EBITDA453.83.2%1,610.1* HER2 ADC ADCHER2 ADCDB-1303HER2 ADCDB-1303 707 VEGF/PD-1707PD-L1NSCLC 707CLF2VEGF/PD-1PD-L1NSCLCCDEIII707NSCLCII707INDFDA CDENDA 707 PD-1/VEGF707707 707 1,2504,800 707707150707 31,142,5000.0000131,142,50025.205530.4017.09%29.8215.47%(i)1.30%(ii)1.28%311.425 785.0785.025.2055(i)628.080%(ii)157.020% (i)(ii) rhTPOCITITPITPCITITP CITITP(CSCO)20245rhTPOI20216rhTPO20207rhTPOITPITPITP20198rhTPOCITrhTPO (i)IL(ii)(iii)30.1%63.0%III CKDCIArhEPOrhEPOrhEPO IITNFRAASRAASTNFTNFRATNFRATNFEULAR2022(GRAPPA)20219 FcHER2HER2(CSCO)20242024HER2HER2HER2 OTCAGAFDA(i)(ii)(iii)AGA20225%(FAGA) (i)(ii)(iii) CDMO CDMOSirton Pharmaceuticals S.p.A.Sirton500CDMOGCT 800 302718661410BRVO321 (1)(2)ANDA(3) NuPIAOrhEPOSSS06SSS06IIINDASSS06(CIA)II IL-17A(608)608IIINDA608IIIIIII IL-1(613)613(AG)IIINDA(PFG)II III VEGF(601A)601ABRVOIII (WS204)WS204III IL-4R(611)611III(CRSwNP)III611IIIII611ADIIIIIADIbII IL-5(610)610IIIII IIICDE44 II HIF-117(SSS17)SSS17IIIIIIISSS17(POA)IICDESSS17HIFHIFSSS17rhEPO NGF(SSS40)(NGF)SSS40II PD-1/HER2(705)PD-1/HER2PD-1/PD-L1HER2705HER-2II705INDFDA PD-1/PD-L1(706)PD-1/PD-L1PD-1PD-L1706II IIND (SSS39)SSS39 I Pegsiticase (SSS11)SSS11IbSwedish Orphan Biovitrum ABSOBISobiSEL-212IIISobiFDA(BLA)SEL-212pegsiticasepegadricase BDCA2(626)2 (BDCA2)626(SLE)(CLE)IaPK/PDIND TL1A(627)TNF1A (TL1A)627(UC)IUCINDFDA PD-1/TGF-(708)PD-1TGF-708I MUC17/CD3/CD28(SSS59)17(MUC17)3(CD3)28(CD28)SSS59I B7H3IL15R-IL15(SPGL008)B7H3IL15R-IL15SPGL008I 3,0543,0007,00020 2025 6082024SSGJ-7076012.5 ®® 4,355.54,389.433.90.8% 2,371.22,475.9104.74.2%54.4% 455.4515.760.311.7%345.6393.147.512.1%109.8122.612.810.4%10.5% 689.9557.2132.723.8%681.5549.8131.724.0%15.8% CDMO100.957.343.676.1%CDMO (i)(ii)770.8805.034.24.2% 592.1639.714.7% 3,715.83,797.481.62.1%86.5%85.3% 408.386.1322.2 1,615.91,594.021.91.4%36.3%37.1% 283.4201.282.240.9%6.5%4.6% 547.5476.271.315%12.6%10.8% 25.540.715.2 53.0104.451.449.2% 233.1314.381.225.8%14.4%22.1% EBITDA EBITDA1,832.51,641.5191.011.6%EBITDAEBITDAEBITDA1,610.11,663.953.83.2% 1,358.21,089.9268.324.6%1,135.81,112.423.42.1% 0.570.4526.7% 969.61,092.7123.111.3%4,368.8 5,627.23,883.42.31.71,200,000,000 1,836.62,281.42,602.02,100.0 1,226.118 19.7%9.9% 876.1901.9 (i) Sirton(ii)58.61.3%Sirton(i)205.71,472.4(ii)70.264.0(iii)20.7174.2 (i)724.2(ii)3,096.95.0% 8001,000 6,2685,577809.8721.9 C1 C.2.1 C3 13.51B(1) • 1)Mandi Inc.2)3)Mibio Pte. Ltd. • • 13.51B(1) 2410 10 5.225,953,8570 121%1.00 1% 20 0 20 (1)3710,000,00020(2)10,000,0005,000,0002,250,000(3)(4)(5)26734,107,6885,000,000650,000600,00020 XVXV78352C3 (i) (1)4.08% (2)0.036%0.032% XVXV78352 336 (L)(1)2,399,586,412(2)DSLCSLCSLDSL476,774,553Lambda International LimitedCSL42.52%35.65%476,774,553(3)(4)TMF (Cayman) Ltd.476,774,55351,156,89515,551,50031,424,980TMF (Cayman) Ltd. 336 3980343434 2410 34 1. CricketSquare, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, Cayman Islands 2. 2.1 34 2.2 21 21 3. (a) 10% 4. 5. 6. 7. 8. 25% Sirton Pharmaceuticals S.p.A.Sirton27.9% 8. 15% 10% 9. 25 10. 1,358,204,0001,089,942,0002,397,136,7432,429,790,687 10. 11. 11. 2,938,0002,631,000 9,511,00038,316,000 2,938,0002,631,00033,143,00030,584,00017 12. 13. 14. 134,230,000178,568,000 15. 16. 18. 1,200,000,0001004.20% 19. 19. 20. The Empire TrustTMF (Cayman) Ltd.TMF20,000,0009.10 20,000,00020,000,00020,000,000TMF7.627.307.62 12,473,5000.52% 20. 27040,357,688 (%)3.00%(%)52.18-54.78(%)2.53-2.694.005.64 51,497,000 20. 3710,000,0009,885,44832 (%)(%)(%) –44.830.8610.005.12 9,885,448 20. 10,000,00010,000,00084,400,0002,750,0000.11% 11.95925,174,50011.83431,157,000 20. (%)1.50 (%)(%) 4.00 17.86 (%)1.50(%)48.37-54.46(%)1.37-1.413.0054.50 8,359,000 20. 4.002,670,6002,243,500427,10013933 21. 131.4131.1401.02 22. 23. Medical Recovery LimitedMedical Recovery 23. (a) 23. (b) (i)10,000,0004.35%1.50%140,000155,000 (ii)30,000,0003.48%4,391,00030,000,000 55,000,0003.15%5,203,00055,000,000 1,100,0002.00%141,000 (iii)Medical Recovery30,000,0004.00%Medical Recovery4,329,0003,085,000Medical RecoveryThe Sun Shine TrustThe Sun Shine TrustMedical Recovery (iv)32,700,00027,200,0004.50%5,500,0003.29%577,00085,000 2,380,0003.29%37,000 (v)10,000,0002.50%125,000 2,500,0002.50%6,000 23. (c) 24. 24. EBITDAEV/EBITDA 24. 24. 24. 24. 25. 31,142,50025.2055 20,353,9310.033 26.

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