<p>这家中国制药公司因与辉瑞达成一项开发新癌症药物的丰厚交易，盈利大幅增长，但其老产品面临压力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/09040824/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_9-4-2026_12740_thebambooworks.com_-1024x675.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/09040824/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_9-4-2026_12740_thebambooworks.com_-1024x675.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>三生制药的收入在 2025 年激增 94%，达到 25.8 亿美元，得益于来自辉瑞超过 10 亿美元的预付款。</li>
<li>然而，核心销售和服务的收入下降了 9.3%，使投资者在乐观和悲观反应之间感到困惑。</li>
</ul>
<p>对于许多在香港上市的制药公司而言，来自国际许可交易的预付款可以为其财务注入强心剂，提升盈利。</p>
<p>但这些高调合作带来的收益有时可能是短暂的。公司的财务健康状况的真正考验可能在于其产品的基础增长，正如 <strong>3SBio Inc.</strong>（1530.HK）最新的 年度业绩 所示。</p>
<p>在辉瑞（PFE.US）与这家制药巨头达成的重磅权利交易推动下，令人印象深刻的头条数字背后，三生制药的基础销售却有所回落，使投资者对如何反应感到犹豫。</p>
<p>三生制药的收入在 2025 年同比激增 94.3%，达到 176.9 亿元人民币（25.8 亿美元），净利润则四倍增长至 84.8 亿元人民币，这主要得益于辉瑞购买一款正在开发的癌症药物国际权利的约 94.3 亿元人民币的费用。随着该交易还有高达 48 亿美元的额外里程碑付款尚未实现，前景似乎光明。但目前，如果将许可的意外收入排除在 2025 年盈利之外，产品和服务的收入下降了 9.3%，约为 82.7 亿元人民币。</p>
<p>在这一核心数字背后，三生制药的成熟产品面临日益增长的竞争挑战，包括用于抵消化疗效果的疗法，以及市场份额的侵蚀。</p>
<p>关键的收入支柱，一种用于治疗血小板减少症患者的注射剂，正受到已纳入中国集中采购的口服替代品的压力，导致价格大幅下调。三生制药的注射药物 TPIAO 在中国大陆的市场份额去年下降了 6.2 个百分点，降至 60.4%。</p>
<p>与此同时，三生制药的子公司专注于开发新药的阳光国健，其自主产品的销售也出现下滑。年收入降至 9.12 亿元，仅占总收入的 21.71%。</p>
<p>更具体地说，其用于治疗自身免疫疾病的旗舰产品也在下滑。该药物 Yisaipu 在 TNF 抑制剂市场的份额降至 23.35%，落后于基于阿达木单抗的抗炎药物，后者占有 48.83% 的市场份额。乳腺癌药物 Cipterbin（HER2 单克隆抗体）的销售在 2025 年也有所下降，主要是由于 HER2 抗体药物偶联物（ADCs）的崛起。与此同时，该公司在 2025 年 1 月与 <strong>Duality Biotherapeutics</strong>（9606.HK）合作开发 HER2 ADC，表明其将 Cipterbin 视为即将被淘汰的传统药物。</p>
<p>投资者对三生制药的态度在乐观和悲观之间摇摆，导致股价波动。在业绩发布前，乐观情绪占据主导，导致股价在 3 月 27 日上涨 10.41%。在 3 月 30 日业绩公布后，股价在下一个交易日下跌 6.75%。波动仍在继续，4 月 1 日反弹 11.84%。该公司的市值目前约为 644 亿港元，反映出对其中长期前景的乐观和悲观看法。</p>
<h4><strong>现金缓冲</strong></h4>
<p>与辉瑞的合作增强了三生制药的财务状况。到去年年底，该公司持有现金储备 121.8 亿元，利息负债比率仅为 9.8%。当时，这家制药公司有超过 20 个药物研发项目，年研发支出达到 15.2 亿元，同比增长 14.6%。三种新治疗药物——envafolimab、eltrombopag 和 roxadustat——去年获得市场上市批准，旨在治疗血小板疾病、癌症和贫血。此外，针对痛风、特应性皮炎和黄斑疾病的候选治疗的新药申请也已提交，随着时间的推移，这些可能会补充公司的收入。</p>
<p>与此同时，与辉瑞的合作正在逐步转化为更可预测的里程碑收入。今年 1 月，辉瑞启动了 PD-1/VEGF 双特异性抗体作为结直肠癌治疗的全球三期临床试验，并招募了第一位患者。在一年内，它还计划在多个适应症上启动全球三期临床试验，包括非小细胞肺癌、子宫内膜癌和尿路上皮癌。三生制药作为该药物的发源公司，潜在的总里程碑付款可能达到 48 亿美元。</p>
<p>与此同时，除了核心业务外，另外两个部门已成为三生制药的重要收入来源。</p>
<p>一家专注于脱发和肥胖治疗的子公司 Mandi International 在 2025 年上半年带来了 7.43 亿元的收入，得益于其在脱发治疗药物米诺地尔的 71% 市场份额。该单位正在进行分拆上市，继续产生稳定的现金流。</p>
<p>此外，合同药物开发和制造服务去年带来了 2.63 亿元的收入，同比增长 46.3%。</p>
<p>三生制药的市盈率约为 7 倍，而另一家向创新药物转型的成熟制药公司 <strong>CSPC Pharmaceutical Group</strong>（1093.HK）的市盈率约为 26 倍。投资者可能尚未完全考虑到与辉瑞的合作所带来的潜在好处，包括后期试验和相关的付款里程碑。三生制药估值的任何上升都将取决于核心产品销售的恢复、候选疗法的进展，以及与辉瑞的药物合作的临床试验。</p>
<p><em>要订阅 Bamboo Works 每周的免费通讯，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>

三生制药

标普生物技术 3 倍做空 - Direxion

美国制药 ETF - iShares

<p>三生制药的利润因与辉瑞达成重大许可协议而激增，2025 年的收入增长了 94%，达到 25.8 亿美元。然而，核心销售下降了 9.3%，引发了投资者的担忧。公司面临着对其成熟产品的竞争压力，导致市场份额的侵蚀。尽管辉瑞带来了财务上的提升，但核心收入的下降突显了维持增长的挑战。三生制药的现金储备为 121.8 亿元，正在进行持续的研发工作和新药审批，但投资者情绪依然复杂，这在股价波动中得以体现</p>

<p><em>The Chinese drugmaker delivered sharply higher earnings, thanks to a bumper deal with Pfizer to develop a new cancer drug, but its older products came under pressure</em></p>
<div class="lb-trans"><p>这家中国制药公司因与辉瑞达成一项开发新癌症药物的丰厚交易，盈利大幅增长，但其老产品面临压力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/09040824/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_9-4-2026_12740_thebambooworks.com_-1024x675.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/09040824/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_9-4-2026_12740_thebambooworks.com_-1024x675.jpeg"/></p>
<p><em>image credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>3SBio's revenues jumped 94% to $2.58 billion in 2025, boosted by more than $1 billion in early payments from Pfizer</li>
<li>However, income from core sales and services slipped 9.3%, leaving investors torn between bullish and bearish reactions</li>
</ul>
<div class="lb-trans"><ul>
<li>三生制药的收入在 2025 年激增 94%，达到 25.8 亿美元，得益于来自辉瑞超过 10 亿美元的预付款。</li>
<li>然而，核心销售和服务的收入下降了 9.3%，使投资者在乐观和悲观反应之间感到困惑。</li>
</ul>
</div><p>For many Hong Kong-listed drugmakers, upfront payments from international licensing deals can deliver a financial shot in the arm, boosting earnings.</p>
<div class="lb-trans"><p>对于许多在香港上市的制药公司而言，来自国际许可交易的预付款可以为其财务注入强心剂，提升盈利。</p>
</div><p>But the gains from these high-profile partnerships can sometimes be short-lived. A truer test of a company's financial health may lie in the underlying growth of its products, as illustrated by the latest annual results from <strong>3SBio Inc.</strong> (1530.HK).</p>
<div class="lb-trans"><p>但这些高调合作带来的收益有时可能是短暂的。公司的财务健康状况的真正考验可能在于其产品的基础增长，正如 <strong>3SBio Inc.</strong>（1530.HK）最新的 年度业绩 所示。</p>
</div><p>Beneath the impressive headline figures, which were lifted by a blockbuster rights deal with pharmaceutical giant <strong>Pfizer</strong>(PFE.US), the Chinese drugmaker's baseline sales slipped back, leaving investors in two minds about how to react.</p>
<div class="lb-trans"><p>在辉瑞（PFE.US）与这家制药巨头达成的重磅权利交易推动下，令人印象深刻的头条数字背后，三生制药的基础销售却有所回落，使投资者对如何反应感到犹豫。</p>
</div><p>3SBio's revenues surged 94.3% to 17.69 billion yuan ($2.58 billion) in 2025 from the prior year, while net profit quadrupled to 8.48 billion yuan, driven by about 9.43 billion yuan in fees related to Pfizer's purchase of international rights to a cancer drug under development. With up to $4.8 billion in additional milestone payments yet to be realized from that deal, the outlook seems bright. But for now, if the licensing windfall is excluded from 2025 earnings, income from products and services fell 9.3% to about 8.27 billion yuan.</p>
<div class="lb-trans"><p>三生制药的收入在 2025 年同比激增 94.3%，达到 176.9 亿元人民币（25.8 亿美元），净利润则四倍增长至 84.8 亿元人民币，这主要得益于辉瑞购买一款正在开发的癌症药物国际权利的约 94.3 亿元人民币的费用。随着该交易还有高达 48 亿美元的额外里程碑付款尚未实现，前景似乎光明。但目前，如果将许可的意外收入排除在 2025 年盈利之外，产品和服务的收入下降了 9.3%，约为 82.7 亿元人民币。</p>
</div><p>Behind that core figure is a growing competitive challenge for 3SBio's established products, including a therapy to offset the effects of chemotherapy, and an erosion of market share.</p>
<div class="lb-trans"><p>在这一核心数字背后，三生制药的成熟产品面临日益增长的竞争挑战，包括用于抵消化疗效果的疗法，以及市场份额的侵蚀。</p>
</div><p>The key revenue pillar, an injection to treat low platelet counts in patients with thrombocytopenia, is under pressure from oral alternatives that have been included in China's centralized drug procurement, triggering deep price cuts. The market share in mainland China for TPIAO, 3SBio's injectable drug, fell 6.2 percentage points last year to 60.4%.</p>
<div class="lb-trans"><p>关键的收入支柱，一种用于治疗血小板减少症患者的注射剂，正受到已纳入中国集中采购的口服替代品的压力，导致价格大幅下调。三生制药的注射药物 TPIAO 在中国大陆的市场份额去年下降了 6.2 个百分点，降至 60.4%。</p>
</div><p>Meanwhile, 3SBio's subsidiary focused on developing novel drugs, Sunshine Guojian, has also seen sales of its proprietary products drop. Annual revenues fell to 912 million yuan, making up just 21.71% of total revenue.</p>
<div class="lb-trans"><p>与此同时，三生制药的子公司专注于开发新药的阳光国健，其自主产品的销售也出现下滑。年收入降至 9.12 亿元，仅占总收入的 21.71%。</p>
</div><p>More specifically, its flagship product used to treat autoimmune disorders is also slipping. The drug, Yisaipu, has fallen to 23.35% of the TNF inhibitor market, trailing behind anti-inflammatory drugs based on adalimumab that command a 48.83% share. Sales of the breast cancer drug Cipterbin, an HER2 monoclonal antibody, also fell in 2025, mainly due to the rise of HER2 antibody-drug conjugates (ADCs). Meanwhile, the company partnered with <strong>Duality Biotherapeutics</strong>(9606.HK) in January 2025 to develop an HER2 ADC, suggesting it regards Cipterbin as a legacy drug that is on its way out.</p>
<div class="lb-trans"><p>更具体地说，其用于治疗自身免疫疾病的旗舰产品也在下滑。该药物 Yisaipu 在 TNF 抑制剂市场的份额降至 23.35%，落后于基于阿达木单抗的抗炎药物，后者占有 48.83% 的市场份额。乳腺癌药物 Cipterbin（HER2 单克隆抗体）的销售在 2025 年也有所下降，主要是由于 HER2 抗体药物偶联物（ADCs）的崛起。与此同时，该公司在 2025 年 1 月与 <strong>Duality Biotherapeutics</strong>（9606.HK）合作开发 HER2 ADC，表明其将 Cipterbin 视为即将被淘汰的传统药物。</p>
</div><p>Investor attitudes toward 3SBio have swung between up- and downbeat, driving share-price volatility. Ahead of the results, optimism prevailed, sending the stock 10.41% higher on March 27. After the earnings came out on March 30, the price fell 6.75% in the next session. The swings continued, with an 11.84% rebound on April 1. The company's market value currently stands at around HK$64.4 billion, reflecting bullish and bearish views on its medium- to long-term outlook.</p>
<div class="lb-trans"><p>投资者对三生制药的态度在乐观和悲观之间摇摆，导致股价波动。在业绩发布前，乐观情绪占据主导，导致股价在 3 月 27 日上涨 10.41%。在 3 月 30 日业绩公布后，股价在下一个交易日下跌 6.75%。波动仍在继续，4 月 1 日反弹 11.84%。该公司的市值目前约为 644 亿港元，反映出对其中长期前景的乐观和悲观看法。</p>
</div><h4><strong>Cash buffer</strong></h4>
<div class="lb-trans"><h4><strong>现金缓冲</strong></h4>
</div><p>The partnership with Pfizer has beefed up 3SBio's finances. The company held cash reserves of 12.18 billion yuan at the end of last year, with an interest-bearing debt ratio of just 9.8%. At that point, the drugmaker had more than 20 drug pipelines on the go, with annual R&amp;D spending reaching 1.52 billion yuan, a year-on-year rise of 14.6%. Three new therapeutic agents – envafolimab, eltrombopag and roxadustat – were approved for market launch last year, aimed at platelet disorders, cancer and anemia. In addition, new drug applications have been filed for candidate treatments for gout, atopic dermatitis and macular disorders, which could over time supplement the company's earnings.</p>
<div class="lb-trans"><p>与辉瑞的合作增强了三生制药的财务状况。到去年年底，该公司持有现金储备 121.8 亿元，利息负债比率仅为 9.8%。当时，这家制药公司有超过 20 个药物研发项目，年研发支出达到 15.2 亿元，同比增长 14.6%。三种新治疗药物——envafolimab、eltrombopag 和 roxadustat——去年获得市场上市批准，旨在治疗血小板疾病、癌症和贫血。此外，针对痛风、特应性皮炎和黄斑疾病的候选治疗的新药申请也已提交，随着时间的推移，这些可能会补充公司的收入。</p>
</div><p>Meanwhile, the collaboration with Pfizer is gradually translating into more predictable milestone income. In January, Pfizer initiated global Phase Three trials of the PD-1/VEGF bispecific antibody as a treatment for colorectal cancer and enrolled the first patient. Within the year, it also plans to launch global Phase Three trials across multiple indications, including non-small cell lung cancer, endometrial cancer and urothelial carcinoma. The total potential milestone payments for 3SBio, which originated the drug, could reach $4.8 billion.</p>
<div class="lb-trans"><p>与此同时，与辉瑞的合作正在逐步转化为更可预测的里程碑收入。今年 1 月，辉瑞启动了 PD-1/VEGF 双特异性抗体作为结直肠癌治疗的全球三期临床试验，并招募了第一位患者。在一年内，它还计划在多个适应症上启动全球三期临床试验，包括非小细胞肺癌、子宫内膜癌和尿路上皮癌。三生制药作为该药物的发源公司，潜在的总里程碑付款可能达到 48 亿美元。</p>
</div><p>Meanwhile, two other segments have become important revenue streams for 3SBio beyond its core business.</p>
<div class="lb-trans"><p>与此同时，除了核心业务外，另外两个部门已成为三生制药的重要收入来源。</p>
</div><p>A subsidiary specializing in hair-loss and obesity treatments, Mandi International, brought in 743 million yuan in the first half of 2025, supported by its 71% market share for the alopecia treatment minoxidil. The unit, which is in the process of a spin-off listing, continues to generate stable cash flow.</p>
<div class="lb-trans"><p>一家专注于脱发和肥胖治疗的子公司 Mandi International 在 2025 年上半年带来了 7.43 亿元的收入，得益于其在脱发治疗药物米诺地尔的 71% 市场份额。该单位正在进行分拆上市，继续产生稳定的现金流。</p>
</div><p>In addition, contract drug development and manufacturing services delivered 263 million yuan of revenues last year, up 46.3%.</p>
<div class="lb-trans"><p>此外，合同药物开发和制造服务去年带来了 2.63 亿元的收入，同比增长 46.3%。</p>
</div><p>3SBio is trading at a price-to-earnings ratio of about 7 times, compared with around 26 times for <strong>CSPC Pharmaceutical Grou</strong> p (1093.HK), another established drugmaker pivoting toward innovative medicines. Investors may not yet have fully factored in the potential benefits of the Pfizer partnership, with the late-stage trials and associated payment milestones. Any upside in 3SBio's valuation will depend on a recovery in core product sales and the progress of its candidate therapies, as well as the clinical trials for its drug collaboration with Pfizer.</p>
<div class="lb-trans"><p>三生制药的市盈率约为 7 倍，而另一家向创新药物转型的成熟制药公司 <strong>CSPC Pharmaceutical Group</strong>（1093.HK）的市盈率约为 26 倍。投资者可能尚未完全考虑到与辉瑞的合作所带来的潜在好处，包括后期试验和相关的付款里程碑。三生制药估值的任何上升都将取决于核心产品销售的恢复、候选疗法的进展，以及与辉瑞的药物合作的临床试验。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>
</div>

Mega Licensing Deal Boosts 3SBio Profits But Core Sales Slip

- 3SBio 2025 年收入达 258 亿元，同比增长 94%，受益于辉瑞的巨额预付款。  
- 核心产品销售下降 9.3%，市场份额受到竞争压力影响。  
- 投资者对公司前景看法不一，股价波动明显。

大型授权协议提升了 3SBIO 的利润，但核心销售额有所下滑