Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Sino Biopharmaceutical / Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/sino-biopharmaceutical" target="_blank" data-smartkarma-citation="entities:230:1" rel="noopener">Sino Biopharmaceutical (1177 HK)</a> announced 11% YoY revenue growth in 1H25, driven by 27% YoY growth in innovative products. Contribution of innovative drugs to total revenue increased to 44.4%.</li>
<li>With the increasing contribution of innovative drugs to total revenue, gross profit margin expanded 40bps to 82.5%. With expanding margin and cost efficiency, net profit has more than doubled.</li>
<li>The company expects to have more than 35 marketed innovative products by 2027, with revenue from innovative products accounting for over 60% of total revenue.</li>
</ul>



Sino Biopharmaceutical (1177 HK) announced 11% YoY revenue growth in 1H25, driven by 27% YoY growth in innovative products. Contribution of innovative drugs to total revenue increased to 44.4%.
With the increasing contribution of innovative drugs to total revenue, gross profit margin expanded 40bps to 82.5%. With expanding margin and cost efficiency, net profit has more than doubled.
The company expects to have more than 35 marketed innovative products by 2027, with revenue from innovative products accounting for over 60% of total revenue.


Sino Biopharmaceutical (1177 HK): Innovative Drugs Drive 1H Performance; Pipeline Lends Visibility

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

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<li>Mandi’s valuation logic is drifting away from the main line of 3SBio.Mandi is "good asset but not core asset" within 3SBio system, so it’s difficult to drive up overall valuation. </li>
<li>Innovative drug R&amp;D will be the main driver for future valuation growth in "post-Mandi era". The Placing can be regarded as the continuous development of 3SBio after Mandi spin-off .</li>
<li>3SBio is undervalued. Valuation would be higher than Sino Biopharm and may also surpass Akeso, Hengrui in the future if its SSGJ-707 can deliver good clinical data in future trials.</li>
</ul>


Mandi’s valuation logic is drifting away from the main line of 3SBio.Mandi is "good asset but not core asset" within 3SBio system, so it’s difficult to drive up overall valuation. 
Innovative drug R&amp;D will be the main driver for future valuation growth in "post-Mandi era". The Placing can be regarded as the continuous development of 3SBio after Mandi spin-off .
3SBio is undervalued. Valuation would be higher than Sino Biopharm and may also surpass Akeso, Hengrui in the future if its SSGJ-707 can deliver good clinical data in future trials.


3SBio Inc (1530 HK) Placement - The Placing Price Indicates Decent Upside Potential in Valuation

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<a href="https://www.smartkarma.com/entities/sino-biopharmaceutical" target="_blank" data-smartkarma-citation="entities:230:1" rel="noopener">Sino Biopharmaceutical (1177 HK)</a> is acquiring the balance 95% equity interests in LaNova Medicines for net consideration of $500M to be funded by internal resources and bank borrowings.</li>
<li>With focus on oncology and differentiated capability spanning monoclonal antibodies, bispecific antibody, and ADC drug, LaNova is a strategic fit for Sino Biopharma.</li>
<li>The acquisition will enhance Sino Biopharma’s reputation and image in the global pharmaceutical industry, and promote the conclusion of potential international transactions in the future.</li>
</ul>



Sino Biopharmaceutical (1177 HK) is acquiring the balance 95% equity interests in LaNova Medicines for net consideration of $500M to be funded by internal resources and bank borrowings.
With focus on oncology and differentiated capability spanning monoclonal antibodies, bispecific antibody, and ADC drug, LaNova is a strategic fit for Sino Biopharma.
The acquisition will enhance Sino Biopharma’s reputation and image in the global pharmaceutical industry, and promote the conclusion of potential international transactions in the future.


Sino Biopharmaceutical (1177 HK): Acquisition To Enrich Pipeline and Enhance International Influence

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<li>
<a href="https://www.smartkarma.com/entities/sino-biopharmaceutical" target="_blank" data-smartkarma-citation="entities:230:1" rel="noopener">Sino Biopharmaceutical (1177 HK)</a> presented encouraging data readouts from three lung cancer trials for its innovative drug benmelstobart at the 2025 American Society of Clinical Oncology Annual Meeting last week.</li>
<li>Although China’s PD-1 space is already overcrowded, superior clinical efficacy of benmelstobart as depicted by head-on-head trial with key approved drugs (Keytruda, Tevimra) enhance conviction on its market uptake potential.</li>
<li>The company expects to have more than 30 marketed innovative products by 2027, with revenue from innovative products accounting for over 55% of total revenue.</li>
</ul>



Sino Biopharmaceutical (1177 HK) presented encouraging data readouts from three lung cancer trials for its innovative drug benmelstobart at the 2025 American Society of Clinical Oncology Annual Meeting last week.
Although China’s PD-1 space is already overcrowded, superior clinical efficacy of benmelstobart as depicted by head-on-head trial with key approved drugs (Keytruda, Tevimra) enhance conviction on its market uptake potential.
The company expects to have more than 30 marketed innovative products by 2027, with revenue from innovative products accounting for over 55% of total revenue.


Sino Biopharmaceutical (1177 HK): Trial Result To Pave Label Expansion in Larger Patient Population

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<li>
<a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a> announced the placement of 105.2M shares for subscription at HK$29.62 per share.</li>
<li>The company intends to use 80% of the net proceeds for R&amp;D-related expenditures on innovative drug candidates and the rest 20% for working capital and other general corporate purpose.</li>
<li>The placement provides an indirect way of subscribing to Mandi shares. We reiterate our bullish stance on 3SBio with a 25-30% upside scope in the near term.</li>
</ul>



3SBio Inc (1530 HK) announced the placement of 105.2M shares for subscription at HK$29.62 per share.
The company intends to use 80% of the net proceeds for R&amp;D-related expenditures on innovative drug candidates and the rest 20% for working capital and other general corporate purpose.
The placement provides an indirect way of subscribing to Mandi shares. We reiterate our bullish stance on 3SBio with a 25-30% upside scope in the near term.


3SBio (1530 HK) Placement: 3SBio’s Pipeline Strength, An Indirect Stake in Mandi Makes It Attractive

Hong Kong

Sino Biopharmaceutical Limited, through its subsidiaries, researches, develops, produces, and sells biopharmaceutical products for the medical treatment of ophthalmia, as well as modernized Chinese medicine and chemical medicine for the treatment of hepatitis.

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Sino Biopharmaceutical (1177 HK)