China Securities Journal, cs.com.cn (Reporter: Meng Peijia) - The 2025 semi-annual results report disclosed by Sino Biopharm on August 18 shows that the company achieved revenue of RMB 17.57 billion and net profit attributable to owners of the parent of RMB 3.39 billion in the first half of the year, representing year-on-year increases of 10.7% and 140.2%, respectively, achieving double-digit performance growth. The company proposes to distribute a dividend of RMB 820 million for the first half of 2025, an increase of over 60% compared to the same period last year.

During the reporting period, Sino Biopharm's innovation-driven transformation yielded significant results, with its R&D pipeline entering a period of intensive harvest. The financial report shows that the company's innovative product revenue reached a new level in the first half of this year, amounting to RMB 7.8 billion, representing a year-on-year increase of 27.2%, with its proportion of total revenue further increasing to 44.4%. The company expressed confidence in achieving double-digit growth for the full year, with the annual growth rate of innovative product revenue expected to exceed 25% and its proportion of total revenue likely to surpass 50%.

Innovative Product Revenue Grows 27.2%

Sino Biopharm has made substantial investments in innovative R&D for many consecutive years and is now entering a period of intensive harvest. The financial report shows that in the first half of this year, the company's R&D expenses reached RMB 3.19 billion, an increase of RMB 610 million from the same period last year; the ratio of R&D expenses to revenue reached 18.1%, a 1.9 percentage point increase from the same period last year. Of this, R&D expenses for innovative drugs and biosimilars accounted for 78%. Sino Biopharm's innovative product revenue reached RMB 7.8 billion in the first half of the year, representing a year-on-year increase of 27.2%.

In the past two years, Sino Biopharm has received approval for 11 innovative products. Since the beginning of this year, several of the company's innovative products have been approved, including Putanning, the first domestic 24-hour long-acting analgesic NSAID injection, and Anqixin, the first domestically produced recombinant human coagulation factor VII, etc. Anlotinib has been newly approved for two indications, bringing its total number of indications to nine.

The company anticipates a strong likelihood that innovative products will account for over 50% of total revenue for the full year. The annual growth rate of innovative product revenue is projected to exceed 25%, contributing over RMB 3 billion in incremental revenue. From 2025 to 2027, the company expects to receive approval for 19 innovative products, more than half of which are blockbuster products with potential peak sales exceeding RMB 2 billion.

Continuously Delivering Innovation Value

At the results presentation, Sino Biopharm revealed that the company has made outstanding progress in the four key therapeutic areas of oncology, liver diseases, respiratory, and surgery/analgesic, with promising R&D progress for multiple global FIC/BIC products.

In the oncology field, the company has a comprehensive layout in non-small cell lung cancer, covering a full line of treatments for various subtypes. Among them, the EGFR/cMet bispecific antibody TQB2922 is about to initiate a Phase III clinical trial, and the Phase I clinical trial for the EGFR/cMet bispecific ADC TQB6411 is currently enrolling patients. The clinical data for LM-108 (a CCR8 monoclonal antibody) and TQB2868 (a PD-1/TGF-β bifunctional fusion protein) have shown great potential.

In the respiratory field, Sino Biopharm has achieved full-spectrum coverage of respiratory disorders, with a comprehensive layout of multiple dosage forms covering nebulizers, dry powder inhalers, and soft mist inhalers. Among them, the progress of its PDE3/4 is ranked second globally, and the target has great potential. In the liver/metabolic diseases field, the company has a layout of both oral and injectable dosage forms, and its clinical progress currently ranks among the top in China.

In the first half of 2025, Tulobuterol Patches and Loxoprofen Sodium Cataplasms were approved. The cumulative number of patch products expected to be launched by 2026 will reach seven. Over the past decade, the company's patch product revenue has had a compound annual growth rate of nearly 40%. It is expected that a portfolio of more than ten products will be formed by 2030, becoming a key driver of performance growth.