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1 迅嘉机构内参 V w x stephen.wang@kgi.com.tw V (Coordinator) w % (238.SZ, Rmb29.7, )

2 2812 : 28KGI

4 1 238.SZ, Rmb29.7, 5 2 6

5 Novo Nordisk Rmb Menet Menet 8

6 迅嘉机构内参 H7-1H878 IL G-CSF 12 2,3 1,863 1, EPO 24 Menet Menet Biogenerics Indications Manufacturers IFNa-1b Hepatitis B,Hepatitis C Shenzhen Kexing,Shanghai Institute of Biological Pruducts,Beijing Tri-prime IFNa-1b(eye drop) Viral keratitis Changchun Institute of Biological Products IFNa-2a Hepatitis B,Hepatitis C Changchun Institute of Biological Products,Changsheng Gene Pharma,Sunshine Pharma,Sundiro Pharma,Liaoning Satellite IFNa-2b Hepatitis B,Hepatitis C Anke,Hansheng,Huaxin,Dingli,Yuance,Hualida,Neptunus interlong,reahar,changchun Institute of Biological Products IFNa-2b(gel) Herpes Hefei Zhaofeng IFNg Rheumatoid Shanghai Institute of Biological products,clone,zhuhai Lizon Pharma Interleukin-2(IL-2) Adjunctive therapy for cancer Four ring,huaxin,changchun Institute for Cancer Biological Products,Sunshine Pharma,Changsheng,Gene-Science,Ruide,Jinsli,Kangli 125Ala IL-2 Adjunctive therapy for cancer Beijing SL Pharma 125Ser IL-2 Adjunctive therapy for cancer Shandong Quangang,Liaoning Staelite G-CSF GM-CSF Leukopenia Leukopenia Hangzhou Jiuyuan,Beijing SL,Changchun GeneScience,SuZhou Zhongkai,Shanghai Sunway,BeihaiFangzhou,Amoytop,Shandong Kexing,Xinpeng,Gene Leuk,Lilu,Chengdu Rongsheng Xiamen Amoytop,North China Pharma,Hainan Huakang,Gene-Science,Shanghai Huaxin,Liaoning Satellite. Erythropoietin(EPO) Renal anemia Sunshine Pharma,Huaxin,Shandong Kexing,Shanghai Clone,Chengdu Diao,Shandong Ahua,Four-rings Biologicals,North China Pharma Hepatitis B vaccine Hepatitis B Shenzhen kangtai,beijing Institute of Biological Products 1

7 % Global biotech salesus$ bn Global biotech growth IMS Health Top 1 Therapy Classes Sales (US$mn) IMS Health Market Share 27 Growth (%) (%) Const US CAGR 2-6 (%) Global Biotech Market 75, Erythropoietins 12, Oncologics 11, Antidiabetics 1, Autoimmune agents 8, Interferons 6, Immunostim Ag Ex Intfron 6, Immunosuppressive Agents 4, Growth Hormones 2, Blood Coagulation 2, Pure Vaccines 2, Total top 1 67, (mn) (%) (%) Enbrel Amgen 5, Aranesp Amgen 4, (12.9) Remicade Centocor 4, Rituxan Genetech 3, Neulasta Amgen 3, Herceptin Genetech 3, Procrit Ortho Biotech 3, (12.4) Epogen Amgen 2, (5.2) Avastin Genetech 2, Humira Abbott Labs 2, , , Datamonitor 12

8 -CAGR35 2 CAGR35 Rmb 2,5 2, 1,5 NovoLilly Eli Lilly 3G [1] Aventis 3G TDP 3G Gan & Lee 3G [.8] 3 Novo 3G 6 9 1, 5 Eli Lilly 2G 1 MAT-1H3 MAT-1H4 MAT-1H5 MAT-1H6 MAT-1H7 MAT-1H8 Gan & Lee 3G Eli Lilly 3G TDP 3G Aventis 3G Novo 2G Eli Lilly 2G Nove 2G 68 Novo 2G IMS Health IMS Health 13 2 IL-2 CAGR1 IL-2 CAGR1 IL-2Rmb IL [1] [1] MAT ~ 6/24 MAT ~ 6/25 MAT ~ 6/26 MAT ~ 6/27 MAT ~ 6/ IMS Health IMS Health 14

9 G-CSF/GM-CSF4CAGR13.25 迅嘉机构内参 H7-1H89.43 Rmb 73% 1, MAT6/24 MAT6/25 MAT6/26 MAT6/27 MAT6/ IMS Health IMS Health CAGR H7-1H Rmb -2a42% 2, 1, b [.7] PEG -2b 5 7 [.4] 1, 3 2-2b a 5 1 MAT6/24 MAT6/25 MAT6/26 MAT6/27 MAT6/28 PEG -2a 24 IMS Health IMS Health 16

10 - 迅嘉机构内参

11 迅嘉机构内参 RocheAvastin 7(Rmb) (%) Avastin Bevacizumab Herceptin Trastuzumab MabThera Rituximab Tarceva Erlotinib Xeloda Capecitabine Roche 19 3 DNA DNA DNA RNA S-Fu DNA DNA SLS8 DNA

12 25 3 1/ ( )[1.8] [2.6] [2.6] [3.2] [1.4] [.8] [.6] 24.4 [.1] Data Monitor DataMonitor 21 3 G-CSF G-CSF IL-11 IL-11 22

13 23 3 SLS23 SLZ22 24 WHO 迅嘉机构内参 -

14 迅嘉机构内参 % 72% Rmb MAT6/24 MAT6/25 MAT6/26 MAT6/27 MAT6/28 IMS Health 25 3 Rmb Dec-4 Dec-5 Dec-6 Dec-7 GSK GSK/ BMS Novatis / / 3mg 1mg.5mg 6mg 3mg 1mg.5mg 6mg 17/ 14-21/ 39/ 24/ IMS Health 26

15 3 8 9 () () () () ( ()

16 迅嘉机构内参 Rmb MAT ~ 6/24 MAT ~ 6/25 MAT ~ 6/26 MAT ~ 6/27 MAT ~ 6/28 IMS Health 7-8 () (%) UCB IMS Health 29 3 ROE27.57%: 5.92% 56.76% ROE Bloomberg ROE 3

17 迅嘉机构内参 , ,326 1,481 (%) , (%) SZ, Rmb29.7, 32

18 (238.SZ, Rmb29.7, ) %8-1 19%89.6% 9743% %61% 46.8 ( F 29F 21F :k %8-1 3%56% 33 (238.SZ, Rmb29.7, ) 3 8-1EPS PE EBITDA () () () () () () 27A F F F EV/Sales EV/EBIT EV/EBITDA EV/Inv. C (X) (X) (X) (X) (X) (%) 27A F F F (/): () 36.3 (/): 7.4 / 1,25 / (%) 22.2 (): 248 (percentile, %) 54 () /8 (%).3 (): N.A. -12/8() ():.9-12/8(x) 8.2 %(3, 6, 12) 1.4; -1.7; /8(%) %(3, 6, 12) 23.4; 88.7; 53.3 :k 34

19 Company Name Biogeneric CBNC rhifn a-2a,il-2,transfer Factor,Human Leucocyte Interferon,Thymosin,Histaglobuin,rh IFN 1-b Beijing Tiantan Biological Products btbp.com.cn Human albumin,human immunoglobulin,human immunoglobulin for venous injection Chengdu Rongsheng Pharmaceuticals affiliated to CNBC Human albumin,human immunoglobulin,human immunoglobulin for intravenous injection Shanghai Institute of Biological Pruducts Blood products,vaccines,genetically-engineered pruducts,diagnostic kits Changchun Institute of Biological Products rhifn 2-a,rhIFN a-1b,riifn a-2b,rhifn a-2a,rh GM-CSF Shengyang Sunshine Pharma rhifn a-2a,rhil-2,rhepo Anhui Anke Biotechnology rhgrowth Hormone,rhIFN a-2b Beijing Tri-Prime Genetic Engineering rhifn a-1b Changchun Changsheng Gene Pharmaceutical; rhifna-2a,rhifna-1b,rhil2,b FGF Shenzhen Kexin Biotech; IFNa-1b,Insulin,IL-2,Growth Hormone Sinovac Biotech; Vaccines(Hepatitis A,A+B,Influenza and SARS Tianjin Hulida Biotechnology; rhifna-2b Injection and Spray Xiamen Amoytop Biotech; rhg-csf,rhil-11 Beijing Shuanglu Pharma; rhg-csf,rhil-11,alsil-2,rh-bfgf Hangzhou Jiuyuan Gene Engineering; rhg-csf,lmwh,rhil-11 Hualan Biological Engineering; Human albumin,immunoglobulin,tetanus immunoglobulin,hepatitis B Immunoglobulin NCPC GeneTech Biotechnology; rhgm-csf,rhg-csf,rhepo 36

20 迅嘉机构内参 R&D 25 67R&D R&D Pfizer Sanofei- Aventis GSK Novartis J&J Astra Zeneca Merck Bayer Eli Lilly BMS Wyeth Sche ring- Plough R&D Adv ertising Genetech Gilead Biogen Idec Vertex Celgene Genzyme Alnylam Mannkind Regenron Amylin 26 R&D 27 R&D Data Monitor DataMonitor 37 4 Global Biotech Leading Corps. Rank MAT Dec 27 (US$mn) Market Share 27 (%) MAT Dec 27 (US$mn) CAGR 2-6 (%) Global Biotech Market 75, Amgen 15, (.5) 27. Roche/Genetech 15, J&J 6, (3.4) 3. Novo Nordisk 5, Lilly 3, Sanofei-Aventis 3, Abbott 3, Merck KGaA 2, Schering-Plough 2, Wyeth 2, Top 1 61,

21 39

生物制药之生长激素

生物制药之生长激素生物制药之生长激素医药医疗产业链框架生长激素分泌缺乏就可能会患矮小症 ; 生长激素过多就可能会患巨人症生长激素是什么? 人生长激素 (Human Growth Hormone, 简称 HGH) 是由人脑垂体前叶分泌的能促进身体生长的一种激素,