Sino Biopharmaceutical (1177.HK): China Healthcare Corporate Day 2026 Takeaways — Re-iterated double-digit growth guidance with

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Sino Biopharmaceutical (1177.HK): China Healthcare Corporate Day 2026 Takeaways — Re-iterated double-digit growth guidance with

Equity Research

26 June 2026 | 1:08AM HKT

Sino Biopharmaceutical (1177.HK): China Healthcare Corporate Day

2026 Takeaways — Re-iterated double-digit growth guidance with

Ziyi Chen

+852-2978-0526 | ziyi.chen@gs.com

Goldman Sachs (Asia) L.L.C.

Honglin Yan

+852-2978-6666 | honglin.yan@gs.com

Presenters: Melody Tang - IR Senior Manager

Bottom line: Company noted limited near-term policy impacts and re-iterated

double-digit core sales/earnings growth for 1H and full year. The majority of

US$135mn upfront payments from Sanofi deal will be booked in 1H.

Key Takeaways

Resilient commercial execution with limited near-term policy disruptions:

Company highlighted that high internal compliance standards have enabled

sustained collaboration with global pharma and mitigated recent anti-corruption

impact, although short-term disruptions were observed (e.g., lower physician

willingness for sales rep engagement and conference participation). The impact is

more pronounced for undifferentiated generics and non-VBP products, while

innovative portfolio remains resilient. Overall, the company expects to deliver

double-digit growth in both revenue and profit in 1H, with limited impact so far,

although visibility could improve post interim results.

Innovation-led growth with neutral VBP impacts for biosimilars expected: The

company will maintain a balanced mix (~50/50) of generics and innovative drugs,

with future growth increasingly driven by innovation. Key assets include PD-L1

(c.Rmb1bn sales without reimbursement coverage), CDK2/4/6i, long-acting G-CSF,

and novel biologics (e.g., CD3/EpCAM bispecific), with ~20 innovative products