中国生物制药拟44.8亿元向执行董事兼主要股东谢承润收购正大天晴5%股权，持股升至65%

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no responsibility for the contents of this announcement, make no representation as to its accuracy or
completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in
reliance upon the whole or any part of the contents of this announcement.

(Incorporated in the Cayman Islands with limited liability)
Website: www.sbpgroup.com
(Stock code: 1177)

CONNECTED TRANSACTION
ACQUISITION OF 5% EQUITY INTEREST IN CT TIANQING THROUGH THE
ACQUISITION OF EQUITY INTERESTS IN THE TARGET COMPANY
SOMERLEY CAPITAL LIMITED

The Board is pleased to announce that the Company (through the Purchaser) proposed to acquire a
5% equity interest in CT Tianqing through the acquisition of equity interests in the Target Company.
On 11 September 2026, the Purchaser (a direct wholly-owned subsidiary of the Company) and
the Vendor entered into the Sale and Purchase Agreement for the sale and purchase of the Target
Equity Interests, pursuant to which the Purchaser conditionally agreed to acquire, and the Vendor
conditionally agreed to sell, the Target Equity Interests (representing 100% of all the issued shares of
the Target Company) for a consideration of RMB4,480,000,000, equivalent to the acquisition of 5%
equity interest in CT Tianqing at approximately 19 times LTM P/E.
CT Tianqing is a subsidiary of the Company, and upon Completion, the Company’s indirect equity
interest in CT Tianqing will increase from 60% to 65%. The Group’s adjusted net profit attributable
to owners of the parent would have increased by 7.4% (i.e. approximately RMB350 million), based
on the LTM adjusted net profit attributable to owners of the parent of CT Tianqing as at the end of
June 2026.
The Vendor is an executive Director and a substantial shareholder of the Company, and is therefore
a connected person of the Company. Pursuant to Chapter 14A of the Listing Rules, the Acquisition
constitutes a connected transaction of the Company. As the highest applicable percentage ratio
of the Acquisition exceeds 0.1% but is below 5%, the Acquisition is subject to the reporting and
announcement requirements, and is exempt from the independent Shareholders’ approval requirement
under Chapter 14A of the Listing Rules.

1

REASONS FOR AND BENEFITS OF THE ACQUISITION
The acquisition of a 5% equity interest in CT Tianqing would have increased the Group’s underlying
profit attributable to owners of the parent (adjusted net profit attributable to owners of the parent)
by approximately RMB350 million, based on the LTM adjusted net profit attributable to owners of
the parent of CT Tianqing as at the end of June 2026. At the same time, it gives the Group greater
exposure to the growth upside from CT Tianqing’s innovation and globalization efforts, offering both
immediate returns and long-term strategic value. The acquisition valuation represents a significant
discount compared to industry peers and will effectively enhance returns for all Shareholders. The
Acquisition represents a key milestone in the Group’s efforts to raise its controlling stake in core assets,
which will help accelerate the implementation of four major strategies and enhance the Group’s overall
competitiveness. The specific benefits are as follows:

I.

Direct Increase in Net Profit Attributable to Owners of the Parent
Based on the LTM adjusted net profit attributable to owners of the parent of CT Tianqing as at the
end of June 2026, the acquisition of a 5% equity interest in CT Tianqing would have increased the
Group’s adjusted net profit attributable to owners of the parent by approximately RMB350 million
or approximately 7.4%.

II. Strong Potential for Performance Growth
CT Tianqing (i) is expected to have nearly 25 innovative drugs approved [1] between 2026 and 2030,
with a combined domestic peak sales exceeding RMB40 billion, which will continue to support
the rapid growth of the innovative drug sector; (ii) entered into two out-licensing agreements with
Sanofi and AstraZeneca during the year, with upfront payments totaling US$335 million and total
deal value exceeding US$3.4 billion; multiple products in development possess potential First-inClass (FIC) or Best-in-Class (BIC) differentiated characteristics and hold broad prospects for global
development; and (iii) continues to expand strategic collaborations with multinational corporations
(MNCs), opening up a second growth curve. Following the collaboration with Boehringer Ingelheim
in the field of oncology, this year it has entered into a strategic collaboration with GlaxoSmithKline
in the fields of respiratory and liver diseases, introducing products such as Trelegy Ellipta ® and
Bepirovirsen. The five announced collaborative products are expected to generate combined peak
domestic sales exceeding RMB10 billion. The Acquisition is expected to deliver significant longterm growth value to Shareholders.

III. Enhancing Returns for All Shareholders
CT Tianqing reported operating revenue of RMB16.4 billion in the first half of 2026, a
year-on-year increase of 14.5%; revenue from innovative drugs rose by 38.3% year-on-year, serving
as the core driver of performance; adjusted net profit attributable to owners of the parent reached
RMB5.26 billion, up 88.5% year-on-year, significantly outperforming comparable companies in
the industry. Currently, the price-to-earnings (P/E) ratios of Hong Kong-listed pharmaceutical
companies with innovation capabilities comparable to those of CT Tianqing range from
approximately 18 times to approximately 46 times, with a median of approximately 26 times (please
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see the section headed “VALUATION” below for details). The Group is acquiring a 5% equity
interest in CT Tianqing, a subsidiary with outstanding performance and significant growth potential,
at a price equivalent to approximately 19 times LTM P/E. After taking into account a liquidity
discount, there is still a significant valuation discount relative to the industry, which effectively
enhances returns for all Shareholders.

IV. Accelerating the Implementation of the Four Major Strategies to Enhance the Group’s Overall
Competitiveness
CT Tianqing serves as the core driver of the Group’s four major strategies: comprehensive
innovation, globalization, digitalization, and organizational integration.
(1) Comprehensive Innovation
CT Tianqing consistently ranks among the top three in China in terms of research and
development capabilities. It has established cutting-edge technology platforms for small
molecules, antibodies, antibody-drug conjugates (ADC), T-cell engagers (TCE), orally
available protein degraders (OAPD), and inhalable formulations. With 15 innovative drugs
already marketed and more than 40 in clinical development, CT Tianqing submits over 10
Investigational New Drug (IND) applications annually, serving as the core pillar of the Group’s
innovative development.
(2) Globalization
Achieving breakthroughs through multiple expansion models overseas. During the year, in
addition to securing major overseas out-licensing agreements with Sanofi and AstraZeneca, CT
Tianqing also concluded two regional overseas out-licensing deals for TQB2102 (HER2/HER2
ADC), continuously expanding its global market presence while sharing expertise and resources
with the Group’s member companies.
(3) Digitalization
Since 2021, CT Tianqing has taken the lead in implementing end-to-end AI empowerment
across the four core areas of research and development, manufacturing, sales and marketing,
and management. The economic benefits of these initiatives began to materialize in the first
half of 2026; mature models are being systematically rolled out to the Group’s subsidiaries,
driving improvements in overall operational efficiency.
(4) Organizational Integration
As the Group’s strategic platform for its three core functions of clinical development,
manufacturing, sales and marketing, CT Tianqing has a clinical team of nearly 700 people
and a biologics production capacity of 126,000 liters [2]. Combined with a leading domestic
commercialization network, it serves as a dual hub for meeting the Group’s internal needs and
fostering strategic partnerships with MNCs. The Acquisition will strengthen control over core
assets, release deeper synergistic value, and promote the advancement of the Group’s strategies.
3

V. Key Milestones in Increasing the Controlling Stake in Core Assets
Upon completion of the Acquisition, the Group’s equity interests in CT Tianqing will increase
from 60% to 65%, further consolidating its controlling position. The higher stake will align the
interests of the Company and CT Tianqing more closely, thereby enhancing governance efficiency.
Going forward, the Group will continue to advance the consolidation of equity in its core assets,
continuously enhancing its overall strength and long-term value in the capital markets.
[1]

These consist primarily of in-house developed products, but also include products resulting from strategic partnerships
with MNCs and in-licensed products.

[2]

86,000 liters have been completed, and 40,000 liters are under construction.

SALE AND PURCHASE AGREEMENT
The principal terms of the Sale and Purchase Agreement are set out below:
DATE
11 September 2026
PARTIES
(a) the Purchaser (a direct wholly-owned subsidiary of the Company)
(b) the Vendor
SUBJECT MATTER
Pursuant to the Sale and Purchase Agreement, the Purchaser conditionally agreed to acquire, and the
Vendor conditionally agreed to sell, the Target Equity Interests (representing 100% of all the issued
shares of the Target Company). Upon Completion, the Target Company will become an indirect whollyowned subsidiary of the Company.
As at the date of the Sale and Purchase Agreement, the Target Company is a company incorporated
in the British Virgin Islands and is principally engaged in investment holding. The Target Company
indirectly holds a 5% equity interest in CT Tianqing. CT Tianqing focuses on pharmaceutical innovation
and the research, development, production, and commercialization of high-quality medicines, and is
committed to continuously providing patients with safe, effective and affordable treatment options.
CONSIDERATION
The consideration for the Acquisition is RMB4,480,000,000, payable in cash by the Purchaser to the
Vendor upon Completion.

4

The consideration was determined after arm’s length’s negotiation between the Purchaser and the
Vendor after taking into account, among other things, (i) the valuation of the Target Company as at 31
July 2026 by the Valuer in the amount of RMB5,003,000,000; and (ii) the reasons for and benefits of the
Acquisition.
The consideration payable in cash for the Acquisition will be funded from internal resources of the
Group.
VALUATION
(1) Valuation approach
There are three generally accepted approaches to appraise the fair value of the total equity value
of the Target Company and CT Tianqing, namely income approach, cost approach and market
approach.
(a) The income approach provides an indication of value based on the principle that an informed
buyer would pay no more than the present value of anticipated future economic benefits
generated by the subject asset.
(b) The cost approach considers the cost to reproduce or replace in new condition the assets
appraised in accordance with current market prices for similar assets, with allowance for
accrued depreciation arising from condition, utility, age, wear and tear, or obsolescence
(physical, functional or economical) present, taking into consideration past and present
maintenance policy and rebuilding history. The cost approach is also commonly considered
appropriate for an entity with no substantive operating business, such as a shell company or an
investment holding vehicle, where its value is primarily represented by its underlying assets and
liabilities rather than future operating cash flows.
(c) The market approach provides an indication of value by comparing the subject asset to similar
assets that have been sold in the market, with appropriate adjustments for the differences
between the subject asset and the assets that are considered to be comparable to the subject
asset.
Under the market approach, the comparable companies method computes a price multiple for
publicly listed companies that are considered to be comparable to the target group and then
applies the result to a base of the target group. The comparable transaction method computes a
price multiple using recent sales and purchase transactions of assets that are considered to be
comparable to the target group and then applies the result to a base of the target group.
In this valuation regarding the fair value of the total equity value of the Target Company, (i) the
Valuer first applied the market approach to assess CT Tianqing, in which the Target Company
holds a 5% equity interest, and (ii) the Valuer then applied the cost approach to assess the Target
Company, for the following reasons:

5

(a) Fair value derived from the market approach reflects the market expectations over the
corresponding industry as the price multiples of the comparable companies are derived from
market consensus. As there are a sufficient number of publicly listed companies similar in
nature and business to CT Tianqing, their market capitalizations serve as reliable indicators of
the market capitalization of CT Tianqing within its industry. Accordingly, the market approach
has been adopted in this valuation to derive the total equity value of CT Tianqing, from which
the value of the 5% equity interest held by the Target Company is derived on a pro-rata basis.
As the Target Company is a shell company with no operating business, the market approach has
not been adopted for the Target Company.
(b) The cost approach is appropriate in deriving the total equity value of the Target Company,
because the Target Company has no substantive operating business and functions primarily
as a shell company holding a 5% equity interest in CT Tianqing. As the value of the Target
Company is mainly represented by its identifiable assets and liabilities rather than by
independent operating cash flows, the cost approach is adopted to assess the fair value of the
Target Company in this valuation. By contrast, as CT Tianqing has a substantive operating
business, the cost approach is not considered appropriate for CT Tianqing.
(c) The income approach is considered inappropriate as the financial projections of the Target
Company and CT Tianqing would involve numerous assumptions which may not adequately
reflect the uncertainties inherent in the Target Company’s and CT Tianqing’s future
performance. As inappropriate assumptions would have a significant impact on the fair value,
the income approach has not been adopted in this valuation.
(2) Valuation assumptions
The assumptions adopted in this valuation include:
(a) There will be no material changes in the existing political, legal, technological, fiscal or
economic conditions, which might adversely affect the business of the Target Company and CT
Tianqing;
(b) There are no material changes in the financial positions of the Target Company, CT Tianqing
and the comparable companies between the respective financial reporting dates and the
Valuation Date;
(c) The Target Company and CT Tianqing will not be constrained by the availability of finance;
(d) The Target Company and CT Tianqing will retain competent management, key personnel and
technical staff to support their ongoing operations; and
(e) There are no hidden or unexpected conditions associated with the business entity valued that
might adversely affect the reported value.

6

(3) Selected comparables under the market approach
Under the market approach, comparable companies method was selected as the primary method
for the valuation of the total equity value of CT Tianqing. In applying the comparable companies
method, the Valuer selected the comparable public companies based on the following selection
criteria:
(a) The industry of the company is classified as biotechnology;
(b) The company is engaged in research, development and manufacturing of oncology medicines
related business mainly in Chinese Mainland and/or Hong Kong;
(c) The company is listed on the stock exchanges of Chinese Mainland and Hong Kong;
(d) The net profit has been positive for the last two financial years;
(e) The market capitalization of the company is above RMB50 billion as at the Valuation Date;
(f) The financial information of the companies is available to the public.
The Valuer identified an exhaustive list of six comparable companies that engaged in research,
development and manufacturing of oncology medicines related business. The Valuer considered
that the selected companies are fair and representative comparable companies to CT Tianqing.
As each selected company derives a portion of its total revenue from research, development and
manufacturing of oncology medicines related business, these selected companies, together with CT
Tianqing, are considered to be similarly subject to fluctuations in the economy and performance of
the biotechnology industry, among other factors. Accordingly, the Valuer considered that they are
subject to similar industry risks and rewards.

7

Details of the selected comparable companies are set out as follows:

#

Company Name

Stock Code Listing Location

Business Description

1

CSPC Pharmaceutical
Group Limited

2

Hansoh
Pharmaceutical
Group Company
Limited

3

Jiangsu Hengrui
Pharmaceuticals
Co., Ltd

4

Shanghai Allist
Pharmaceuticals
Co., Ltd.

SEHK:1093 Hong Kong Stock A leading innovative pharmaceutical
Exchange
group in China engaged in the
research, development, manufacturing
and marketing of chemical drugs,
biologics and active pharmaceutical
ingredients (APIs). The company
focuses on multiple therapeutic areas
including oncology, central nervous
system, anti-infectives metabolic
diseases and autoimmune disorders.
SEHK:3692 Hong Kong Stock A fully integrated pharmaceutical
Exchange
company primarily focused on the
research and development of novel
drugs. The company operates across
multiple major therapeutic areas
including oncology, central nervous
system (CNS), anti-infectives,
metabolic diseases and autoimmune
disorders.
SHSE:600276 Shanghai Stock
A leading innovative pharmaceutical
Exchange
company in China engaged in the
research, development, manufacturing
and sales of pharmaceutical products.
The company covers a wide range of
therapeutic areas, with a strong focus
on oncology, surgical medications,
and ophthalmic treatments.
SHSE:688578 Shanghai Stock
A research-driven pharmaceutical
Exchange
company specializing in the
development and commercialization
of innovative oncology drugs. The
company is dedicated to addressing
significant unmet medical needs in
lung cancer and other solid tumors
through proprietary small molecule
therapeutics.
8

LTM Adjusted
Net Profit
Attributable to
Market Owners of the
capitalisation as
Parent
at the Valuation
Company
(Note)
(Note)
Date
(RMB Million) (RMB Million)

P/E
Multiple

85,575

2,965

28.86x

168,915

5,555

30.41x

357,738

7,723

46.32x

50,040

2,258

22.16x

#

Company Name

Stock Code Listing Location

5

Shanghai Fosun
Pharmaceutical
(Group) Co., Ltd.

SHSE:600196 Shanghai Stock
Exchange

6

Sino
Biopharmaceutical
Limited

Business Description

A global healthcare conglomerate with
a diversified business encompassing
pharmaceuticals, medical devices,
hospital operations and healthcare
services. The company adopts a
hybrid model integrating independent
R&D, in-licensing and out-licensing
to build its innovative drug pipeline.
SEHK:1177 Hong Kong Stock An integrated pharmaceutical enterprise
Exchange
engaged in the research, development,
manufacturing and distribution
of pharmaceutical products. The
company has a broad portfolio
covering multiple therapeutic areas
including oncology, liver disease, pain
management and respiratory system.

LTM Adjusted
Net Profit
Attributable to
Market Owners of the
capitalisation as
Parent
at the Valuation
Company
(Note)
Date (Note)
(RMB Million) (RMB Million)

P/E
Multiple

57,057

2,430

23.48x

81,344

4,541

17.91x

Maximum
Minimum
Median
Average

46.32x
17.91x
26.17x
28.19x

Notes:
1)

Amounts originally denominated in currencies other than RMB have been translated into RMB at the following
mid-rate:0.8656 RMB/HKD sourced from the People’s Bank of China as at 31 July 2026.

2)

The equity value of the comparable companies is computed based on the market capitalization of the companies as
at 31 July 2026 sourced from Wind Financial Terminal. The adjusted net profit attributable to owners of the parent
company is based on the latest financial report available for the last twelve-month profit attributable to owners of
the parent (excluding non-recurring items) of the comparable companies that could be obtained as of the Valuation
Date.

9

(4) Key parameters under the market approach

(a) Valuation multiple
In respect of the appropriate valuation multiples for the valuation of CT Tianqing, the Valuer
considered the following:
(i) Price-to-book (“P/B”) multiple: is considered not appropriate for the valuation of CT
Tianqing because book value captures only the tangible assets of a company. Where a
company creates added market value (as reflected by a P/B multiple greater than one),
that additional value arises from its own intangible competencies and advantages. These
intangible company-specific competencies and advantages are not captured in the P/B
multiple and so in general, the equity’s book value has little bearing on its fair value. Thus,
the P/B multiple is not a good measurement of the fair value of a company.
(ii) Enterprise value/sales (“EV/S”) multiple: is commonly used in the valuation of start-up
enterprises. However, it ignores the cost structure of a company and hence the profitability
of a company, which is critical in reflecting the fair value. Hence, the Valuer is of the view
that it is not appropriate to adopt the EV/S multiple to assess the fair value of CT Tianqing.
(iii) Enterprise value/earnings before interests, taxes, depreciation and amortization
(“EV/EBITDA”) multiple: measures the performance of the subject entity’s core
operation by removing the impact of cost of capital, tax effects on earnings, depreciation
and amortisation, which eliminates the difference in capital structure among companies.
Enterprise value (“EV”) is generally derived based on the market capitalization of a
company, plus net debt (total debt minus cash and cash equivalents), preferred shares
and minority interest. However, in practice it is often difficult to clearly distinguish
whether certain income or expense items are operating or non-operating in nature. Such
classification involves a degree of judgment and may reduce the comparability and
reliability of the EBITDA figures across the selected comparable companies. Thus, the
EV/EBITDA multiple has not been adopted in this valuation.
(iv) Price-to-earnings (“P/E”) multiple: The P/E multiple is considered the most appropriate
indicator of the fair value of CT Tianqing. It measures value directly at the equity level,
which is consistent with the interest being appraised, and it is meaningful in the present
case because CT Tianqing’s net profit attributable to owners of the parent has been positive
in recent years.
The P/E multiples of comparable companies are set out in the table above. The median
was selected as it is more representative for this sample of six comparable companies with
variability because it resists distortion from extreme values, providing a more stable measure of
the center than the mean. By focusing on the middle value rather than all data points, it better
represents typical observations in skewed or outlier-prone datasets.

10

(b) Discount for Lack of Marketability
Discount for Lack of Marketability (“DLOM”) reflects the fact that there is no ready market for
shares in a closely held company. Ownership interests in closely held companies are typically
not readily marketable compared to similar interests in publicly listed companies. Therefore, a
share of stock in a privately held company is usually worth less than an otherwise comparable
share in a publicly listed company.
The P/E multiples adopted in the valuation were calculated from publicly listed companies,
which represent marketable ownership interest. Fair values calculated using such P/E multiples,
therefore, represent the marketable interest. Thus, DLOM was adopted to adjust the fair value
of such marketable interest to the fair value of non-marketable interest.
The report “Stout Restricted Stock Study Companion Guide (2025 edition)” by Stout Risius
Ross, LLC, a reputable research company, suggested an average marketability discount of
20.40% which is based on 783 private placement transactions of unregistered ordinary shares
issued by publicly listed companies from July 1980 through March 2025. A marketability
discount of 20.40% is considered appropriate and suitable for the valuation of CT Tianqing as
CT Tianqing is a privately held company.
(5) Valuation results

(a) Market approach
RMB million
LTM Adjusted Net Profit Attributable to Owners of the Parent Company of CT
Tianqing (Note)
Adopted P/E Multiple
Total Equity Value of CT Tianqing (Marketable Basis)
Less: Lack of Marketability Discount (20.40% x Total Equity Value of CT
Tianqing (Marketable Basis))
Total Equity Value of CT Tianqing (Non-Marketable Basis)
5% Equity Value of CT Tianqing (Non-Marketable Basis)

7,092
26.17x
185,569
(37,856)
147,713
7,386

Note:
Based on the financial information provided by the management, the LTM adjusted net profit attributable to
owners of the parent company of CT Tianqing is calculated as below:

11

RMB million
LTM Net Profit Attributable to Owners of the Parent Company
Add: Net Fair Value (Gains)/Losses on Current Equity Investments (After Tax)
Add: Share-based Compensation Expenses (After Related Non-Controlling Interests) (After Tax)
LTM Adjusted Net Profit Attributable to Owners of the Parent Company

6,814
217
61
7,092

(b) Cost approach
RMB million
2026/7/31
Fair Value(3)

Cash and Cash Equivalents
Other Receivables
Total Current Assets
Other Equity Instrument Investments(1)
Total Non-Current Assets
Total Assets
Interest Payable
Other Payables
Total Current Liabilities
Long-term Borrowings
Total Non-Current Liabilities
Total Liabilities
Total Shareholders’ Equity(2)
Total Equity and Liabilities

34
0
34
7,386
7,386
7,420
(2)
(0)
(2)
(2,415)
(2,415)
(2,417)
(5,003)
(7,420)

Notes:
(1)

This represents the investment in CT Tianqing, and its fair value is derived by the market approach.

(2)

The fair value of the total equity value of the Target Company is RMB5,003 million under the cost approach.

(3)

The financial statements of CT Tianqing and the Target Company as of 30 June 2026 are the latest available
financial information provided by the management. (a) The fair values of cash and cash equivalents, interest
payable and long-term borrowings are considered to approximate their respective carrying amounts as
at 30 June 2026. This is on the basis that: (i) cash and cash equivalents are highly liquid and subject to
insignificant risk of changes in value; (ii) interest payable is short-term in nature and the effect of discounting
is immaterial; and (iii) the interest rates on the interest-bearing borrowings approximate the prevailing market
rates for similar instruments with comparable credit risk and remaining maturity. (b) Considering there is no
material difference in the financial position of CT Tianqing between July 2026 and June 2026, it is reasonable
to make fair value adjustments to calculate fair value as of 31 July 2026 based on the financial information as
of 30 June 2026.

12

(6) Valuer’s qualifications and experience
The Valuer was Mr. Vincent C B Pang, Managing Partner of AVISTA Valuation Advisory Limited.
Mr. Vincent C B Pang is a member of Royal Institution of Chartered Surveyors (RICS) and a
registered valuer of RICS. He holds CFA, FCPA(HK), FCPA (Aus.), MRICS, RICS Registered
Valuer. He has over 25 years’ experience in valuation advisory, M&A advisory, business consulting
and corporate investment, advising clients in a range of industries, including TMT, financial
services, pharmaceutical, energy etc., thereby leading these companies to achieve breakthroughs in
these areas.
(7) The Board’s assessment
The Board (including the independent non-executive Directors) has reviewed the valuation,
including the valuation approaches and methods, the assumptions and the key parameters adopted by
the Valuer, and has discussed the same with the Valuer. In assessing whether the valuation provides
a fair and reasonable basis for determining the consideration, the Board has taken into account the
following:
(a) the qualifications and relevant experience of the Valuer (details of which are set out above), and
the fact that the Valuer is a third party independent of the Company and its connected persons;
(b) the appropriateness of the two-step approach adopted by the Valuer. The Board concurs with
the Valuer that, as the Target Company is an investment holding vehicle whose only substantive
asset is its 5% equity interest in CT Tianqing and which generates no independent operating
cash flows, the cost approach is the appropriate approach for the Target Company; and that, as
CT Tianqing carries on a substantive operating business, the market approach is the appropriate
approach for determining the fair value of that 5% equity interest;
(c) the appropriateness of the P/E multiple as the valuation multiple. The Board concurs with the
Valuer that, as CT Tianqing has recorded positive net profit attributable to owners of the parent,
an earnings-based multiple is a more meaningful indicator of value than the P/B multiple (which
does not capture intangible assets, which are significant to a business of CT Tianqing’s nature),
the EV/S multiple (which does not capture cost structure or profitability) or the EV/EBITDA
multiple (which is affected by judgement in the classification of operating and non-operating
items);
(d) the basis on which the comparable companies were selected. The Board has reviewed the
selection criteria and noted that they were applied on a cumulative basis, each selected company
derives a portion of its total revenue from the research, development and manufacturing of
oncology medicines, and that the list of six comparable companies is exhaustive, no company
satisfying the criteria having been excluded. The Board accordingly considers the selected
companies to be a fair and representative sample of comparable companies for the purposes of
valuing CT Tianqing;

13

(e) the range of the P/E multiples of the six comparable companies for which a P/E multiple is
meaningful, being from 17.91 times to 46.32 times. The Board considers that a range of this
width is not unusual and is to be expected, as it reflects company-specific factors such as
differences in scale of operations, product and pipeline mix, stage of development, profitability,
growth profile, market sentiment and trading liquidity. The Board is of the view that a range
of this nature does not, of itself, render any individual comparable company unsuitable for
inclusion or undermine the reliability of the comparable companies taken as a whole. Rather
than adopting the highest or the lowest multiple, which may be distorted by company-specific
or one-off factors, the Valuer adopted the median multiple of 26.17 times. The Board considers
the median to be a fair, balanced and commonly adopted measure which mitigates the effect of
the two comparable companies at both the upper and lower end of the range without excluding
any comparable company on a subjective basis. By focusing on the middle value rather than all
data points, it better represents typical observations in skewed or outlier-prone datasets; and
(f) appropriate adjustments through the liquidity discount rate have been made by the Valuer to
account for the differences between CT Tianqing and the comparable companies (taking into
account the fact that the comparable companies are listed whereas CT Tianqing is not), such
that the differences between CT Tianqing and the comparable companies have been reasonably
taken into account in arriving at the valuation of CT Tianqing. In addition, the Board noted
that the discount for lack of marketability of 20.40% is derived from an empirical study of 783
private placement transactions published by an independent research firm, which is a commonly
adopted source of valuations of this nature.
Having considered the above, the Board (including the independent non-executive Directors) is of
the view that the valuation provides a fair and reasonable basis for determining the consideration.
The consideration of RMB4,480,000,000 represents a discount of approximately 10.5% to the
appraised fair value of the total equity value of the Target Company of approximately RMB5,003
million as at the Valuation Date. Having considered the above, and having also taken into account
the reasons for and benefits of the Acquisition described in the section headed “Reasons for and
Benefits of the Acquisition” in this announcement, including that the Acquisition will increase
the Group’s attributable interest in the earnings of CT Tianqing, an existing subsidiary of the
Company, at a discount to the appraised fair value of the Target Company, the Board (including the
independent non-executive Directors) is of the view that the consideration is fair and reasonable and
in the interests of the Company and its shareholders as a whole.
CONDITIONS PRECEDENT
Completion shall be conditional upon the satisfaction (or waiver by the Purchaser) of the following
conditions precedent:
(a) the representations, warranties, and undertakings made by the Vendor pursuant to the Sale and
Purchase Agreement are true, accurate and not misleading in all material respects, as at the date of
the Sale and Purchase Agreement and the date of Completion;

14

(b) the Vendor has complied with and fulfilled its obligations under the Sale and Purchase Agreement
that were due to be complied with and fulfilled on or before the date of Completion; and
(c) no events have occurred since the date of the Sale and Purchase Agreement that have had a material
adverse effect on the financial position or operations of any Target Group Company.
If any condition precedent is not satisfied (or waived by the Purchaser) on or before 10 October 2026
(which may be extended by the parties in mutual agreement), the Purchaser may terminate the Sale and
Purchase Agreement by notice in writing to the Vendor. Upon termination of the Sale and Purchase
Agreement, neither party shall be liable for any liabilities nor seek to enforce any obligations under the
Sale and Purchase Agreement, except for liabilities and obligations incurred prior to termination and any
surviving provisions.
COMPLETION
Subject to the satisfaction (or waiver by the Purchaser) of the above conditions precedent, Completion
shall take place on 16 September 2026 or such other date as may be agreed by the parties.
As at the date of this announcement, the Target Company is 100% owned by the Vendor.
After Completion, the Target Company will be 100% owned by the Purchaser. The Company’s equity
interests in CT Tianqing will increase from 60% to 65%. The Target Company and its subsidiaries
will become subsidiaries of the Company, and their results will be consolidated into the results of the
Company.
FINANCIAL INFORMATION ON THE TARGET GROUP
The Target Company and its subsidiaries are all investment holding companies. Apart from holding
interests in subsidiaries, a 5% equity interest in CT Tianqing and cash, as at the date of the Sale and
Purchase Agreement, the Target Company and its subsidiaries did not hold any corporate interests or
assets.
The following sets forth the Target Company’s unaudited consolidated financial information for the two
financial years ended 31 December 2024 and 31 December 2025:

Net loss before taxation
Net loss after taxation

15

For the year ended
31 December 2024
(RMB’000)
(Unaudited)

For the year ended
31 December 2025
(RMB’000)
(Unaudited)

(10)
(10)

(11)
(11)

The following sets forth certain consolidated financial information of CT Tianqing for the two years
ended 31 December 2024 and 2025 (audited) and the six months ended 30 June 2026 (unaudited),
prepared in accordance with the PRC Generally Accepted Accounting Principles:

Net profit before taxation
Net profit after taxation

For the
year ended
31 December 2024
(RMB’000)
(Audited)

For the
year ended
31 December 2025
(RMB’000)
(Audited)

For the
six months ended
30 June 2026
(RMB’000)
(Unaudited)

6,156,544
5,598,138

6,837,009
5,820,711

6,065,422
5,287,158

The unaudited consolidated net assets of the Target Company was approximately RMB1,067,510,000 as
at 30 June 2026.
INFORMATION ON THE PARTIES
The Purchaser
The Purchaser is a company incorporated in Hong Kong with limited liability and a direct wholly-owned
subsidiary of the Company as at the date of this announcement. It is principally engaged in investment
holding.
The Company is primarily engaged in the pharmaceutical business with a focus on the research and
development, manufacturing, and selling of biopharmaceutical and chemical medicines.
The Vendor
As at the date of the Sale and Purchase Agreement, the Vendor is an executive Director and substantial
shareholder of the Company. The Vendor, either directly or through companies controlled by him, holds
4,055,000,000 shares of the Company, representing approximately 21.70% of the issued share capital of
the Company.
As the Target Company was incorporated by the Vendor and was not acquired from a third party,
there is no original acquisition cost in respect of the Target Equity Interests. As at the date of this
announcement, the issued share capital of the Target Company is US$1.
OPINION OF THE INDEPENDENT FINANCIAL ADVISER
The Independent Financial Adviser has considered the terms of the Acquisition (including the
determination of the consideration for the Target Equity Interests), the valuation report from the Valuer,
and the reasons for and benefits of the Acquisition. The Independent Financial Adviser is of the opinion
that the terms of the Sale and Purchase Agreement and the Acquisition are fair and reasonable and
the entering into of the Sale and Purchase Agreement and the Acquisition are conducted on normal
commercial terms, and in the interests of the Company and the Shareholders as a whole.
16

OPINION OF THE BOARD
The Company is principally engaged in the pharmaceutical business with a focus on the research and
development, manufacturing, and selling of biopharmaceutical and chemical medicines. The subsidiaries
of the Group are located in Beijing, Shanghai, Nanjing, Lianyungang among others with multiple
manufacturing sites. Since its inception, the Group has continued to boast outstanding achievements and
robust growth.
As at the date of this announcement, the Company holds a 60% equity interest in CT Tianqing, one of
the core member companies of the Group. CT Tianqing focuses on pharmaceutical innovation and the
research, development, production, and commercialization of high-quality medicines, and is committed
to continuously providing patients with safe, effective and affordable treatment options. Rooted in
China and oriented toward the global market, CT Tianqing has developed into a renowned innovative
pharmaceutical group in the fields of oncology, hepatology and respiratory diseases. As a national
key high-tech enterprise and a core backbone enterprise of the Lianyungang new pharmaceutical
industry base under the National Torch Program, CT Tianqing ranks the 9th on the “List of Top 100
Pharmaceutical Industrial Enterprises in China” and was the “Best Industrial Enterprise for Chinese
Pharmaceutical R&D Product Lines”, demonstrating its leading strength across the industry.
As at the date of the Sale and Purchase Agreement, the Target Company indirectly held a 5% equity
interest in CT Tianqing. Upon Completion, the Target Company will become an indirect wholly-owned
subsidiary of the Company, and the Company’s indirect equity interest in CT Tianqing will increase
from 60% to 65%.
The Directors believe that the Acquisition is in line with the Company’s long-term development
strategy of focusing on its core pharmaceutical business. By further increasing its equity interest in CT
Tianqing, the Company will be able to, among other things: (i) increase the Group’s equity interest in
CT Tianqing, thereby correspondingly increasing the Group’s share of future profits of CT Tianqing; (ii)
consolidate the Company’s control and strategic leadership over such core member company, thereby
strengthening internal business synergies within the Group; and (iii) capitalize on the growth potential
of CT Tianqing in the research, development, commercialization and internationalization of innovative
drugs, and to further promote the comprehensive implementation of the Group’s four major strategies,
thereby creating long-term value for the Company and the Shareholders. The Directors believe that
the Acquisition aligns with the strategic plan of the Group and is expected to bring a positive financial
contribution to the Company.
The Board (including the independent non-executive Directors), having considered the advice of the
Independent Financial Adviser, the reasons for and benefits of the Acquisition, and the above factors,
is of the view that the terms of the Sale and Purchase Agreement (including the consideration and the
basis of its determination, as detailed in the section headed “Consideration” in this announcement)
and the Acquisition are fair and reasonable; that the entering into of the Sale and Purchase Agreement
and the Acquisition were conducted on normal commercial terms, and in the interests of the Company
and the Shareholders as a whole. In light of Mr. Tse, Eric S Y’s interest as the Vendor and as one of
good corporate governance measures, Mr. Tse, Eric S Y, together with Ms. Tse, Theresa Y Y, Mr. Tse
Ping, Ms. Cheng Cheung Ling and Mr. Tse Hsin, have abstained from voting on the relevant Board
17

resolutions. Apart from the aforementioned Directors, no Director has any material interest in the
Acquisition or has abstained from voting on the resolutions relating to the Acquisition.
LISTING RULES IMPLICATIONS
The Vendor is an executive Director and a substantial shareholder of the Company, and is therefore
a connected person of the Company. Pursuant to Chapter 14A of the Listing Rules, the Acquisition
constitutes a connected transaction of the Company. As the highest applicable percentage ratio of the
Acquisition exceeds 0.1% but is below 5%, the Acquisition is subject to the reporting and announcement
requirements, and is exempt from the independent Shareholders’ approval requirement under Chapter
14A of the Listing Rules.
DEFINITIONS
Unless otherwise specified, the following terms have the following meanings in this announcement:
“Acquisition”

the acquisition of the Target Equity Interests by the Purchaser subject
to and upon with the terms and conditions of the Sale and Purchase
Agreement

“Board”

the board of Directors

“Company”

Sino Biopharmaceutical Limited, a company incorporated in the
Cayman Islands with limited liability, the shares of which are listed on
the Main Board of the Stock Exchange (Stock Code: 1177)

“Completion”

completion of the sale and purchase of the Target Equity Interests in
accordance with the Sale and Purchase Agreement

“connected person”

has the meaning ascribed thereto under the Listing Rules

“CT Tianqing”

Chia Tai Tianqing Pharmaceutical Group Co. Ltd. (正大天晴藥業集
團股份有限公司), a company incorporated in the PRC with limited
liability

“Director(s)”

the director(s) of the Company

“Group”

the Company and its subsidiaries

“Hong Kong”

Hong Kong Special Administrative Region of the PRC

18

“Independent Financial
Adviser”

Somerley Capital Limited, a corporation licensed to carry out Type
1 (dealing in securities) and Type 6 (advising on corporate finance)
regulated activities as defined under the SFO, acting as the Independent
Financial Adviser of the Company in connection with the Sale and
Purchase Agreement and the transactions contemplated thereunder

“Listing Rules”

the Rules Governing the Listing of Securities on the Stock Exchange

“LTM”

last twelve months

“PRC”

the People’s Republic of China, which for the purposes of this
announcement, excludes Hong Kong, the Macau Special Administrative
Region and Taiwan

“Purchaser”

Chia Tai Pharmaceutical (Lianyungang) Company Limited, a company
incorporated in Hong Kong with limited liability and a direct whollyowned subsidiary of the Company

“RMB”

Renminbi, the lawful currency of the PRC

“Sale and Purchase Agreement” the Sale and Purchase Agreement dated 11 September 2026 entered into
by the Purchaser and the Vendor regarding the sale and purchase of the
Target Equity Interests
“Shareholder(s)”

shareholder(s) of the Company

“Stock Exchange”

The Stock Exchange of Hong Kong Limited

“substantial shareholder(s)”

has the meaning ascribed thereto under the Listing Rules

“Target Company”

Sino Harmony Ventures Limited, a company incorporated in the British
Virgin Islands with limited liability

“Target Group”

the Target Company and its subsidiaries, and “Target Group Company”
should be construed accordingly

“Valuation Date”

31 July 2026

“Valuer”

AVISTA Valuation Advisory Limited, an independent qualified valuer

19

“Vendor”

Mr. Tse, Eric S Y, an executive Director and a substantial shareholder
of the Company

“Target Equity Interests”

one (1) share of the Target Company, representing 100% of the issued
shares of the Target Company
By order of the Board
Sino Biopharmaceutical Limited
Tse, Theresa Y Y
Chairwoman

Hong Kong, 11 September 2026

As at the date of this announcement, the Board of the Company comprises five executive Directors,
namely Ms. Tse, Theresa Y Y, Mr. Tse Ping, Ms. Cheng Cheung Ling, Mr. Tse, Eric S Y and Mr. Tse
Hsin and six independent non-executive Directors, namely Mr. Lu Zhengfei, Ms. Lu Hong, Mr. Zhang
Lu Fu, Dr. Li Kwok Tung Donald, Dr. Chen Lieping and Dr. Lu Bai.

20

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完
整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容
而引致的任何損失承擔任何責任。

（於開曼群島註冊成立之有限公司）
網站：www.sbpgroup.com
（股份編號：1177）

關連交易
通過收購目標公司的股權收購正大天晴5%股權

董事會欣然宣佈，本公司（透過買方）擬通過收購目標公司的股權，收購正大天晴5%股權。於二
零二六年九月十一日，買方（本公司直接全資附屬公司）與賣方就買賣目標股權訂立買賣協議，據
此，買方有條件同意收購，而賣方有條件同意出售目標股權（相當於目標公司全部已發行股份的
100%），代價為人民幣4,480,000,000元，相當於約19倍LTM PE收購正大天晴5%股權。
正大天晴為本公司的附屬公司，於交割時，本公司間接持有正大天晴的股權將由60%增加至
65%。以2026年6月底正大天晴LTM經調整歸母淨利潤計，可增厚本集團經調整歸母淨利潤約
7.4%（即約3.5億人民幣）。
賣方為本公司的執行董事及主要股東，故賣方為本公司的關連人士。根據上市規則第14A章，收
購事項構成本公司的關連交易。由於收購事項的最高適用百分比率超過0.1%但低於5%，故根據
上市規則第14A章，收購事項須遵守申報及公告規定，且獲豁免遵守獨立股東批准規定。

1

進行收購事項的理由及裨益
本次收購正大天晴5%股權，以2026年6月底正大天晴LTM歸屬於母公司持有者之基本溢利（經調整歸
母淨利潤）計，可為本集團增厚經調整歸母淨利潤約3.5億元人民幣，同時更大比例分享正大天晴創新
與國際化的增長紅利，兼具即期回報與長期戰略價值。收購估值較同業存在顯著折價，將切實提升
全體股東回報。收購事項是本集團提高核心資產控股比例的關鍵階段性進展，有利於加速四大戰略
落地，提升本集團整體競爭力。具體裨益如下：

一、 直接增厚歸母淨利潤
以2026年6月底正大天晴LTM經調整歸母淨利潤測算，本次收購正大天晴5%股權，可增厚本集
團經調整歸母淨利潤約3.5億元人民幣或約7.4%。

二、 強勁的業績增長潛力
正大天晴（一）2026–2030年預計有近25款創新藥獲批 [1]，國內銷售峰值合計超400億元人民幣，
將持續支撐創新藥板塊快速增長。（二）年內與賽諾菲、阿斯利康達成兩項重磅授權，首付款合
計3.35億美元，總金額超34億美元；多款在研產品具備潛在同類首創(FIC)╱同類最優(BIC)差
異化特質，擁有廣闊全球化開發前景；及（三）跨國公司(MNC)戰略合作持續拓展，打開第二增
長曲線。繼勃林格殷格翰腫瘤領域合作後，今年又與葛蘭素史克在呼吸、肝病領域達成戰略合
作，引進全再樂®、貝普若韋生等品種，5款已公布的合作產品國內峰值銷售合計有望超100億元
人民幣。收購事項有望為股東帶來巨大的長期增長價值。

三、 提升全體股東回報
正大天晴2026年上半年實現營業收入164億元人民幣，同比增長14.5%；創新藥收入同比增長
38.3%，是業績核心驅動力；經調整歸母淨利潤52.6億元人民幣，同比增長88.5%，業績表現顯

2

著優於可比同行。當前，港股創新實力與正大天晴相當的藥企的PE的範圍在約18倍到約46倍，
中位數約26倍（詳情請見下文「估值」一節）。本集團以相當於約19倍LTM PE收購業績表現優異
且潛力巨大的子公司正大天晴5%股權，在考慮流動性折扣後，仍較同業存在顯著估值折價，切
實提升全體股東回報。

四、 加速四大戰略落地，提升集團整體競爭力
正大天晴是本集團全面創新、國際化、數字化與組織整合四大戰略的核心引擎。
（一）全面創新
正大天晴研發實力穩居國內前三，已建立小分子、抗體、抗體偶聯藥物(ADC)、T細胞接
合劑(TCE)、口服蛋白降解劑(OAPD)及吸入藥械等前沿技術平台，創新藥已有15款上市、
40餘款臨床在研，年新增新藥臨床試驗申請(IND)10餘款，是本集團創新發展的核心支
撐。
（二）國際化
出海實現多模式突破。年內除了與賽諾菲、阿斯利康達成重磅海外授權，還就
TQB2102(HER2/HER2 ADC)達成兩筆海外區域授權，持續拓展全球市場空間，並為成員
企業輸出經驗與資源。
（三）數字化
正大天晴自2021年率先佈局AI全鏈條賦能，覆蓋研發、生產、銷售、管理四大核心環節，
2026年上半年經濟效益已進入兌現期；成熟模型正向集團子公司系統性輸出，驅動整體運
營效率提升。
（四）組織整合
作為本集團臨床、生產、銷售三大核心職能的戰略承載平台，正大天晴有近700人臨床團
隊、12.6萬升生物藥產能 [2]，疊加國內領先的商業化網絡，為本集團內部需求承接與外部
MNC戰略合作的雙重樞紐。收購事項將強化對核心資產的控制權，釋放更深層次的協同
價值，推動集團戰略縱深推進。

3

五、 提高核心資產控股比例的關鍵階段性進展
收購事項完成後，本集團對正大天晴的持股比例將由60%提升至65%，進一步鞏固控股地位。
更高的持股比例使本公司與正大天晴利益更趨一致，治理效率將隨之提升。未來，本集團將繼
續推進核心資產股權集中，持續提升整體實力與資本市場長期價值。
[1]

主要為自研產品，亦包含MNC戰略合作以及引進產品。

[2]

8.6萬升已建成，4萬升在建。

買賣協議
買賣協議的主要條款載列如下：

日期
二零二六年九月十一日

訂約方
(a)

買方（本公司直接全資附屬公司）

(b)

賣方

標的事宜
根據買賣協議，買方有條件同意收購，而賣方有條件同意出售目標股權（相當於目標公司全部已發行
股份的100%）。於交割時，目標公司將成為本公司的間接全資附屬公司。
於買賣協議日期，目標公司為一家於英屬維爾京群島註冊成立的有限公司，其主要從事投資控股。
目標公司間接持有正大天晴5%股權。正大天晴專注於醫藥創新與高質量藥品的研發、生產及商業
化，致力於為患者持續提供安全、有效、可負擔的治療方案。

代價
收購事項的代價為人民幣4,480,000,000元，將由買方於交割時以現金向賣方支付。

4

代價乃買方與賣方經參考（其中包括）(i)估值師對目標公司截至二零二六年七月三十一日的評估價值
為人民幣5,003百萬元及(ii)進行收購事項的理由及裨益而公平磋商釐定。
就收購事項須以現金支付的代價將由本集團內部資源撥資。

評估
(1)

估值方法
評估目標公司及正大天晴全部股權價值的公允價值有三種公認方法，即收益法、成本法及市場
法。
(a)

收益法乃根據以下原則提供價值指標：知情買家所支付的金額不超過標的資產所產生的預
期未來經濟利益的現值。

(b)

成本法根據類似資產之現行市價考慮重造或重置評估資產至全新狀況之成本，並就因狀
況、使用情況、年限、損耗或存在的過時（實體、功能或經濟）而引致的累計折舊計提撥
備，並經考慮過去及現時的保養政策及改造記錄作出調減。成本法通常亦被認為適用於沒
有實質營運業務的實體，例如空殼公司或投資控股工具，其價值主要體現在其相關資產和
負債上，而非未來營運現金流量。

(c)

市場法乃通過比較標的資產及已於市場上出售之類似資產提供價值指標，並就標的資產及
被認為可與標的資產相比的資產之間的差異進行適當調整。
在市場法下，可資比較公司法是通過計算與目標集團具有可比性的上市公司的價值乘數，
然後將其應用於目標集團估值的方法。可資比較交易法是通過計算近期被視為與目標集團
具有可比性的資產買賣交易中的價值乘數，然後將其應用於目標集團估值的方法。

在針對目標公司全部股權價值公允價值的本次估值中，(i)估值師首先採用市場法評估正大天晴
（目標公司持有其5%股權），及(ii)估值師隨後採用成本法評估目標公司，理由如下：

5

(2)

(a)

透過市場法得出的公允價值反映市場對相關行業的預期，因為可資比較公司的價格倍數是
基於市場共識得出。由於有足夠多上市公司與正大天晴性質及業務相似，其市值可作為正
大天晴於所屬行業內市值的可靠指標。因此，本次估值採用市場法來推算正大天晴的全部
股權價值，並按比例推算目標公司所持5%股權的價值。由於目標公司為一家沒有營運業
務的空殼公司，故未對目標公司採用市場法。

(b)

成本法適用於得出目標公司的全部股權價值，原因為目標公司並無實質營運業務，主要作
為持有正大天晴5%股權的空殼公司運作。鑒於目標公司的價值主要體現於其可識別資產
及負債，而非獨立營運現金流，故本次估值採用成本法來評估目標公司的公允價值。相比
之下，由於正大天晴擁有一個實質的營運業務，成本法被認為並不適用於正大天晴。

(c)

收益法被認為不適用，因為目標公司及正大天晴的財務預測將涉及若干假設，且該等假設
可能不足以反映目標公司及正大天晴未來表現中固有的不確定性。由於不當的假設將對公
允價值造成重大影響，於本次估值中並未採用收益法。

估值假設
本次估值所採用的假設包括：
(a)

現有的政治、法律、技術、財政或經濟狀況不會出現可能對目標公司及正大天晴的業務造
成不利影響之重大變動；

(b)

目標公司及正大天晴的財務狀況及可資比較公司於各財務報告日期及估值日期之間並無重
大變動；

(c)

目標公司及正大天晴的營運不會受限於資金可得性；

(d)

目標公司及正大天晴將挽留稱職的管理層、關鍵人員及技術人員，以支持其持續營運；及

(e)

所評估的業務實體並無任何可能對報告價值造成不利影響的隱藏或意外狀況。

6

(3)

市場法下的所選定可資比較公司
根據市場法，可資比較公司方法選定為評估正大天晴全部股權價值的主要方法。透過採用可資
比較公司法，估值師乃基於以下篩選準則篩選可資比較上市公司：
(a)

該公司所屬行業歸類為生物技術；

(b)

該公司主要在中國內地及╱或香港從事腫瘤藥物研究、開發及製造相關業務；

(c)

該公司於中國內地及香港證券交易所上市；

(d)

過去兩個財政年度的淨利潤均為正數；

(e)

截至估值日期，該公司的市值高於人民幣500億元；

(f)

該等公司的財務資料可供公眾查閱。

估值師已識別出一份詳盡清單，包含六家從事腫瘤藥物研究、開發及製造相關業務的可資比較
公司。估值師認為，所選定公司均為正大天晴之公平且具代表性的可資比較公司。由於所選定
公司有部分收入源自腫瘤藥物研究、開發及製造相關業務，該等公司與正大天晴同受經濟波動
及生物科技產業表現等因素影響。因此，估值師認為其面臨的行業風險及回報相似。

7

所選定可資比較公司的詳情載列如下：

#

公司名稱

股票代碼

上市地點

1

石藥集團有限公司

聯交所：1093 香港聯交所

2

翰森製藥集團有限公
司

聯交所：3692 香港聯交所

3

江蘇恒瑞醫藥股份有
限公司

上交所：
600276

上海證券交易所

4

上海艾力斯醫藥科技
股份有限公司

上交所：
688578

上海證券交易所

過去十二個月
經調整歸屬於
於估值日期之 母公司持有者
市值（附註） 的淨利潤（附註）
（人民幣百萬） （人民幣百萬）

業務描述
中國領先的創新製藥集團，從事化學藥
物、生物藥品及活性藥物成分(API)
的研究、開發、生產及營銷。該公司
專注於多個治療領域，包括腫瘤、中
樞神經系統(CNS)、抗感染，代謝疾
病及自體免疫疾病。
一家全面整合的製藥公司，主要專注於
新藥的研究和開發。該公司業務涵蓋
多個主要治療領域，包括腫瘤、中樞
神經系統、抗感染、代謝及自身免疫
等領域。
中國領先的創新製藥公司，從事藥品研
究、開發、生產及銷售。該公司的治
療領域廣泛，並高度專注於腫瘤、外
科藥物及眼科治療。
一家以研發為導向的製藥公司，專注於
開發及商業化創新抗腫瘤藥物。該公
司致力於利用其專利小分子藥物，應
對肺癌及其他實體腫瘤等尚未滿足的
重大醫療需求。

8

P/E倍數

85,575

2,965

28.86倍

168,915

5,555

30.41倍

357,738

7,723

46.32倍

50,040

2,258

22.16倍

#

公司名稱

股票代碼

5

上海復星醫藥（集團） 上交所：
股份有限公司
600196

6

中國生物製藥有限公
司

過去十二個月
經調整歸屬於
於估值日期之 母公司持有者
市值（附註） 的淨利潤（附註）
（人民幣百萬） （人民幣百萬）

上市地點

業務描述

上海證券交易所

一家業務多元化的全球醫療保健集團，
涵蓋製藥、醫療器材、醫院營運及醫
療保健服務。該公司採用結合自主研
發、引進授權及授權外銷的混合模
式，以建立其創新藥物管線。
一家從事藥品研究、開發、生產及分銷
的綜合製藥企業。該公司擁有廣泛的
產品組合，涵蓋多個治療領域，包括
腫瘤、肝病、疼痛管理及呼吸系統。

聯交所：1177 香港聯交所

P/E倍數

57,057

2,430

23.48倍

81,344

4,541

17.91倍

最高
最低
中位數
平均

46.32倍
17.91倍
26.17倍
28.19倍

附註：
1)

原以人民幣以外貨幣列值之金額已按下列匯率換算為人民幣。中間匯率：人民幣0.8656元╱港元。資料來
源：二零二六年七月三十一日中國人民銀行。

2)

可資比較公司的股權價值是根據Wind金融終端提供的截至二零二六年七月三十一日的該等公司市值計算得
出。歸屬於母公司持有者的經調整淨利潤則是根據於估值日期可取得的可資比較公司最近十二個月最新財務
報告中的歸屬於母公司持有者的利潤（不包括非經常性項目）計算得出。

9

(4)

市場法下的關鍵參數

(a)

估值倍數
就對正大天晴進行估值所採用的適當估值倍數而言，估值師考慮了以下因素：
(i)

市淨率（「P/B」）倍數：被認為不適用於對正大天晴進行估值，因為賬面值僅反映公司
的有形資產。若公司創造額外的市場價值（反映P/B倍數大於1），則該等額外價值則
源自其自身的無形能力及優勢。公司特有的這些無形能力及優勢並未反映在P/B倍數
中，因此一般而言，股權的賬面值與其公允價值關係不大。因此，P/B倍數並非衡量
企業公允價值的良好指標。

(ii)

企業價值╱銷售額（「EV/S」）倍數：通常用於新創企業的估值。然而，其忽略公司的
成本結構，進而忽略公司的盈利能力，而盈利能力正是反映公允價值的關鍵因素。
因此，估值師認為，採用EV/S倍數來評估正大天晴的公允價值並不適當。

(iii) 企業價值╱利息、稅項、折舊及攤銷前盈利（「EV/EBITDA」）倍數：透過剔除資本成
本、稅務對盈利的影響，折舊及攤銷的影響，衡量標的實體核心營運的表現，從而
消除各公司之間資本結構的差異。企業價值（「EV」）通常是根據公司的市值，加上淨
債務（總債務減現金及現金等值）、優先股及少數股東權益而得出。然而，在實務上，
往往難以明確區分若干收入或支出項目屬營運性質或非營運性質。該分類涉及一定
程度的判斷，可能會降低所選定可資比較公司間EBITDA數字的可比性及可靠性。因
此，於本次估值中並未採用EV/EBITDA倍數。
(iv) 市盈率（「P/E」）倍數：P/E倍數被視為衡量正大天晴公允價值最適當的指標。該指標
直接從權益層面衡量價值，與被評估的權益一致。而且由於正大天晴近年來歸屬於
母公司持有者的淨利潤均為正數，此指標在本次估值中具有實質意義。
可資比較公司的P/E倍數載於上表。由於中位數不易被極端數值扭曲，相較於平均數更能
穩定地衡量存在差異的數據的中心，因此被選為此六家可資比較公司樣本的代表性指標。
中位數通過聚焦於中間值而非所有數據點，更能在數據分佈偏斜或易出現異常值的資料集
中，準確反映出具有代表性的觀測值。

10

(b)

缺乏市場流通性折讓
缺乏市場流通性折讓（「DLOM」）反映非上市公司股份沒有現成市場的事實。與上市公司中
的類似權益相比，非上市公司的所有權權益通常不易銷售。因此，非上市公司的股份價值
一般低於其他方面可資比較的上市公司股份。
於本次估值中採用的P/E倍數根據上市公司計算得出，而上市公司代表可流通的所有權
權益。因此，使用該P/E倍數計算出的公允價值，代表的是可流通的權益。因此，採用
DLOM將此類可流通權益的公允價值調整為不可流通權益的公允價值。
知名研究公司S tout R isius R oss, LLC所刊發的報告《Stout Re str ic te d Sto c k Stu d y
Companion Guide（Stout限制性股票研究指南（2025年版）
》指出，根據一九八零年七月至二
零二五年三月期間，上市公司發行未註冊普通股的783筆私募交易數據，建議採用20.40%
的平均市場流通性折讓率。鑑於正大天晴為一家私人持股公司，20.40%的流通性折讓率被
視為對正大天晴進行估值時屬適當及適合。

(5)

估值結果

(a)

市場法
人民幣百萬
歸屬於正大天晴母公司持有者之過往十二個月經調整淨利潤（附註）
採用的P/E倍數
正大天晴全部股權價值（具備流通性基準）
減：缺乏流通性折讓（20.40% ×正大天晴全部股權價值（具備流通性基準）
）
正大天晴全部股權價值（非流通性基準）
正大天晴之5%股權價值（非流通性基礎）

7,092
26.17倍
185,569
(37,856)
147,713
7,386

附註：
根據管理層提供的財務資料，正大天晴過去十二個月歸屬於母公司持有者的經調整淨利潤計算如下：

11

人民幣百萬
過去十二個月歸屬於母公司持有者的淨利潤
加：流動股權投資的淨公允價值（收益）╱虧損（扣除稅項後）
加：以股份為基礎之薪酬費用（扣除相關非控制性權益後）
（扣除稅項後）
過去十二個月歸屬於母公司持有者的經調整淨利潤

(b)

6,814
217
61
7,092

成本法
人民幣百萬
2026年7月31日
公允價值(3)

現金及現金等值
其他應收賬款
流動資產總值
其他權益工具投資(1)
非流動資產總值
總資產
應付利息
其他應付賬款
流動負債總額
長期借款
非流動負債總額
負債總額
股東權益總額(2)
權益與負債總額

34
0
34
7,386
7,386
7,420
(2)
(0)
(2)
(2,415)
(2,415)
(2,417)
(5,003)
(7,420)

附註：
(1)

此系對正大天晴的投資，其公允價值依據市場法計算得出。

(2)

根據成本法，目標公司全部股權價值的公允價值為人民幣5,003百萬元。

(3)

正大天晴及目標公司截至二零二六年六月三十日的財務報表是管理層提供的最新可獲得財務資料。(a)
現金及現金等值、應付利息及長期借款的公允價值被視為與其於二零二六年六月三十日各自的賬面值
相若。此結論基於以下基準：(i)現金及現金等值流動性極高，且價值變動風險微乎其微；(ii)應付利
息屬短期性質，折現影響甚微；及(iii)計息借款的利率與信用風險及剩餘期限可比對的同類工具之現
行市場利率相若。(b)鑒於正大天晴在二零二六年七月與二零二六年六月之間的財務狀況並無重大差
異，因此計算截至二零二六年七月三十一日的公允價值的合理做法是基於截至二零二六年六月三十日
的財務資料，調整其公允價值以計算公允價值。

12

(6)

估值師的資歷及經驗
估值師為AVISTA Valuation Advisory Limited的管理合夥人彭頌邦先生。彭頌邦先生為英國皇
家特許測量師學會(RICS)會員及RICS註冊估值師。彼持有CFA、FCPA（香港）、FCPA（澳洲）及
MRICS資格，並為RICS註冊估值師。彼於估值諮詢、併購諮詢、商業諮詢及企業投資領域擁有
超過25年的經驗，曾為科技、媒體與電信、金融服務、製藥、能源等各行業的客戶提供諮詢服
務，故帶領此等公司於這些領域取得顯著成果。

(7)

董事會的評估
董事會（包括獨立非執行董事）已審閱估值，包括估值師採用的估值方法、假設及關鍵參數，並
已就此與估值師進行討論。於評估估值是否為釐定代價提供公平及合理的基準時，董事會已考
慮以下因素：
(a)

估值師的資歷及相關經驗（詳情載於上文），以及估值師為獨立於本公司及其關連人士的第
三方；

(b)

估值師採用的兩步法適當性。董事會贊同估值師的觀點，即鑒於目標公司為一家投資控股
工具，其惟一實質資產為其於正大天晴的5%股權，且並無產生獨立的營運現金流，故成
本法乃適用於目標公司的適當方法；且鑒於正大天晴從事實質營運業務，故市場法乃釐定
該5%股權公允價值的適當方法；

(c)

P/E倍數作為估值倍數的適當性。董事會贊同估值師的觀點，鑒於正大天晴錄得歸屬於母
公司持有者的正向的淨利潤，認為以盈利為基礎的倍數相較於P/B倍數（該倍數未能反映對
正大天晴此類業務性質至關重要的無形資產），EV/S倍數（該倍數未能反映成本結構或盈利
能力），或EV/EBITDA倍數（該倍數會受到營運項目與非營運項目分類判斷）更適用；

(d)

篩選可資比較公司的基準。董事會已審閱篩選標準，並注意到該等標準以累積基準使用，
每家獲篩選公司的總收入中有部分歸屬於腫瘤藥物的研發及製造，且該六家可資比較公司
名單是詳盡的，未排除任何符合標準的公司。因此，董事會認為，就對正大天晴進行估值
而言，所篩選公司乃公平且具代表性的可資比較公司樣本；

13

(e)

就六家P/E倍數具有意義的可資比較公司的P/E倍數而言，其P/E倍數範圍介於17.91倍至
46.32倍之間。董事會認為，此般幅度的範圍並不罕見且屬預期之內，因其反映了公司特
有因素，例如營運規模、產品及研發管線組合、開發階段、盈利能力、增長概況、市場情
緒及交易流動性等方面的差異。董事會認為，此性質的區間本身並不會導致任何個別可資
比較公司不適宜納入，亦不會削弱可資比較公司整體的可靠性。估值師並未採用可能受公
司特定因素或一次性因素扭曲的最高或最低倍數，而是採用了中位數倍數26.17倍。董事
會認為，中位數是一種公平、平衡且普遍採用的衡量標準，既能減輕區間上限及下限兩家
可資比較公司所產生的影響，亦不會基於主觀因素而排除任何可資比較公司。中位數通過
聚焦於中間值而非所有數據點，更能在數據分佈偏斜或易出現異常值的資料集中，準確反
映出具有代表性的觀測值；及

(f)

估值師已透過流動性折讓率作出適當調整，以反映正大天晴與可資比較公司之間的差異
（考慮到可資比較公司已上市而正大天晴尚未上市），從而確保於釐定正大天晴的估值時
已合理地將正大天晴與可資比較公司之間的差異納入考慮之中。此外，董事會注意到，
20.40%的缺乏市場流通性折讓乃源自一家獨立研究機構發表的783宗私募交易實證研究，
該研究是此性質估值普遍採用的來源。

經考慮上述因素後，董事會（包括獨立非執行董事）認為，估值為釐定代價提供了公平及合理的
基準。
代價為人民幣4,480,000,000元，較目標公司於估值日期約人民幣5,003百萬元的全部股權價值
經評估公允價值折讓約10.5%。經考慮上述事項，並亦計及本公告中「進行收購事項的理由及裨
益」一節所述之進行收購事項的理由及裨益（包括收購事項將以低於目標公司經評估公允價值之
價格，增加歸屬於本集團於本公司現有附屬公司正大天晴之盈利權益），董事會（包括獨立非執
行董事）認為，代價屬公平合理，並符合本公司及其股東之整體利益。

先決條件
交割須待以下先決條件獲達成或獲買方豁免後方可作實：
(a)

賣方根據買賣協議作出的陳述、保證和承諾，截至買賣協議日期及交割日，在所有重大方面均
真實、準確且不具誤導性；

14

(b)

賣方已遵守及履行其在買賣協議下應於交割日或之前遵守及履行的義務；及

(c)

自買賣協議日期以來概無發生對任何目標集團公司之財務狀況及運營有重大不利影響之事宜。

如任何先決條件未能於二零二六年十月十日（可由雙方相互協議予以延長）或之前獲達成或買方豁
免，則買方可書面通知賣方終止買賣協議。買賣協議終止後，雙方俱不承擔亦不能追究於買賣協議
下任何責任，惟於終止前已產生的責任及繼續有效條款除外。

交割
在以上先決條件獲達成或獲買方豁免的前提下，交割將於二零二六年九月十六日或訂約方可能協定
的有關其他日期發生。
於本公告日期，目標公司由賣方持有100%權益。
於交割後，目標公司將由買方持有100%權益。本公司於正大天晴的股權將由60%增至65%。目標公
司及其附屬公司將成為本公司的附屬公司，及其業績將於本公司業績中併表入賬。

有關目標集團的財務資料
目標公司及其附屬公司皆為投資控股公司，除了持有附屬公司權益、正大天晴5%股權及現金外，截
至買賣協議日期，目標公司及其附屬公司沒持有任何公司權益或資產。
下文載列目標公司截至二零二四年十二月三十一日及二零二五年十二月三十一日止兩個財政年度的
未經審核的綜合財務資料：

除稅前淨虧損
除稅後淨虧損

15

截至二零二四年
十二月三十一日
止年度
（人民幣千元）
（未經審核）

截至二零二五年
十二月三十一日
止年度
（人民幣千元）
（未經審核）

(10)
(10)

(11)
(11)

下文載列正大天晴根據中國會計準則所編製截至二零二四年十二月三十一日止年度、截至二零二五
年十二月三十一日止年度的若干經審核及截至二零二六年六月三十日止六個月的若干未經審核合併
財務資料：

除稅前淨利潤
除稅後淨利潤

截至二零二四年
十二月三十一日
止年度
（人民幣千元）
（經審核）

截至二零二五年
十二月三十一日
止年度
（人民幣千元）
（經審核）

截至二零二六年
六月三十日
止六個月
（人民幣千元）
（未經審核）

6,156,544
5,598,138

6,837,009
5,820,711

6,065,422
5,287,158

目標公司於二零二六年六月三十日的未經審核資產淨值為約人民幣1,067,510,000元。

有關訂約方的資料
買方
買方為一家於香港註冊成立的有限公司，於本公告日期為本公司的直接全資附屬公司。其主要從事
投資控股。
本公司主要從事製藥業務，重點研發、生產及銷售生物藥及化學藥。
賣方
於買賣協議日期，賣方為本公司的執行董事及主要股東。賣方直接或通過其控制的公司持有本公司
4,055,000,000股股份，佔本公司已發行股本的約21.70%。
由於目標公司由賣方成立，並非從第三方收購所得，因此目標股權沒有原始收購成本。於本公告日
期，目標公司的已發行股本為1美元。

獨立財務顧問的意見
獨立財務顧問已考慮收購事項的條款（包括目標股權的代價的釐定），估值師的估值報告及進行收購
事項的理由及裨益。獨立財務顧問認為，買賣協議的條款及收購事項屬公平合理，買賣協議的訂立
及收購事項乃按一般商業條款進行，並符合本公司及股東的整體利益。

16

董事會的意見
本公司主要從事製藥業務，重點研發、生產及銷售生物藥及化學藥。本集團旗下企業分佈於北京、
上海、南京、連雲港等地，擁有多個藥品生產基地。本集團成立至今，持續取得卓越成就和穩健發
展。
於本公告日期，本公司持有正大天晴60%股權，正大天晴為本集團的核心成員企業之一。正大天晴
專注於醫藥創新與高質量藥品的研發、生產及商業化，致力於為患者持續提供安全、有效、可負擔
的治療方案。正大天晴立足中國、面向全球，已發展成為在腫瘤、肝病、呼吸等治療領域知名的創
新型醫藥集團。作為國家重點高新技術企業、國家火炬計劃連雲港新醫藥產業基地重點骨幹企業，
正大天晴位列「中國醫藥工業百強榜」第9位，為「中國醫藥研發產品線最佳工業企業」，彰顯行業領先
實力。
於買賣協議日期，目標公司間接持有正大天晴5%股權。於交割時，目標公司將成為本公司的間接全
資附屬公司，及本公司間接持有正大天晴的股權將由60%增加至65%。
董事認為，收購事項符合本公司聚焦醫藥核心業務的長遠發展策略。透過進一步增持正大天晴的股
權，本公司可（其中包括）：(i)提升本集團於正大天晴的權益比例，相應增加本集團應佔正大天晴未
來溢利的份額；(ii)鞏固本公司對此核心成員企業的控制權及戰略主導地位，加強本集團內部的業務
協同；及(iii)把握正大天晴在創新藥研發及商業化及國際化方面的增長潛力，進一步推進本集團四大
戰略的全面落地，為本公司及股東創造長遠價值。董事認為收購事項符合本集團的戰略佈局，並預
期為本公司帶來正面的財務貢獻。
董事會（包括獨立非執行董事）經考慮獨立財務顧問意見、進行收購事項的理由及裨益及以上因素後
認為，買賣協議的條款（包括代價及其釐定的因素（詳情載於本公告「代價」一節中）及收購事項屬公平
合理，買賣協議的訂立及收購事項乃按一般商業條款進行，並符合本公司及股東的整體利益。考慮

17

到謝承潤先生作為賣方之權益及作為良好企業管治措施之一，謝承潤先生連同謝其潤女士、謝炳先
生、鄭翔玲女士及謝炘先生已就相關董事會決議案放棄投票。除了前述董事，概無董事於收購事項
中擁有任何重大權益或已就有關收購事項的決議案放棄投票。

上市規則的涵義
賣方為本公司的執行董事及主要股東，故賣方為本公司的關連人士。根據上市規則第14A章，收購事
項構成本公司的關連交易。由於收購事項的最高適用百分比率超過0.1%但低於5%，故根據上市規則
第14A章，收購事項須遵守申報及公告規定，且獲豁免遵守獨立股東批准規定。

釋義
在本公告中，除文義另有所指外，下列詞彙具有以下涵義：
「收購事項」

指

買方遵從及按照買賣協議的條款及條件收購目標股權

「董事會」

指

董事會

「本公司」

指

中國生物製藥有限公司，一家於開曼群島註冊成立的有限公
司，其股份於聯交所主板上市（股份代號：1177）

「交割」

指

根據買賣協議完成買賣目標股權

「關連人士」

指

具有上市規則賦予的涵義

「正大天晴」

指

正大天晴藥業集團股份有限公司，一家於中國註冊成立的有限
公司

「董事」

指

本公司董事

「本集團」

指

本公司及其附屬公司

「香港」

指

中國香港特別行政區

18

「獨立財務顧問」

指

新百利融資有限公司，一家獲許可從事證券及期貨條例項下所
界定之第1類（證券交易）及第6類（就機構融資提供意見）受規管
活動的法團，為就買賣協議及其項下擬進行之交易而擔任本公
司的獨立財務顧問

「上市規則」

指

聯交所證券上市規則

「LTM」

指

過去十二個月

「中國」

指

中華人民共和國，就本公告而言，不包括香港、澳門特別行政
區及台灣

「買方」

指

Chia Tai Pharmaceutical (Lianyungang) Company Limited正大
醫藥（連雲港）有限公司，於香港註冊成立的有限公司，並為本
公司的直接全資附屬公司

「人民幣」

指

中國法定貨幣人民幣

「買賣協議」

指

買方及賣方就買賣目標股權於二零二六年九月十一日訂立的買
賣協議

「股東」

指

本公司的股東

「聯交所」

指

香港聯合交易所有限公司

「主要股東」

指

具有上市規則賦予該詞的涵義

「目標公司」

指

Sino Harmony Ventures Limited雍華創投有限公司，一家於英
屬維爾京群島註冊成立的有限公司

「目標集團」

指

目標公司及其附屬公司，「目標集團公司」應相應解釋

「估值日期」

指

二零二六年七月三十一日

「估值師」

指

艾華迪評估諮詢有限公司，一家獨立合資格估值師

19

「賣方」

指

本公司執行董事及主要股東謝承潤先生

「目標股權」

指

1股目標公司股份，代表目標公司已發行股份的100%

承董事會命
中國生物製藥有限公司
主席
謝其潤
香港，二零二六年九月十一日

於本公告日期，本公司董事會包括五位執行董事，即謝其潤女士、謝炳先生、鄭翔玲女士、謝承潤
先生及謝炘先生，以及六位獨立非執行董事，即陸正飛先生、魯紅女士、張魯夫先生、李國棟醫
生、陳列平博士及魯白博士。

20