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之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對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之任何損失承擔任何責任。 CSPC PHARMACEUTICAL GROUP LIMITED 關於安尼妥單抗注射液（KN 026） 安尼妥單抗注射液是一款HER2雙特異性抗體，其適用於二線及以上治療HER2陽性晚期胃 癌的新 藥上市申請 (NDA) 已於2025 年9 月得到國家 藥品監督管 理局(NMPA) 受理。目 前，安 尼妥單抗針對一線HER2陽性胃癌╱胃—食管結合部癌、一線HER2陽性乳腺癌、HER2陽性 乳腺癌新輔助及輔助治療等適應症的多項註冊臨床研究正在進行中。安尼妥單抗已獲得美 國 食 品 藥 品 監 督 管 理 局 (FDA) 授 予 的 孤 兒 藥 資 格 ， 適 用 於 治 療 HER2 陽 性 或 HER2 低 表 達 胃 癌；其亦已獲得國家藥品監督管理局(NMPA)授予突破性療法認定，適用於一線標準治療失 敗的HER2陽性胃癌（ 包括胃-食管結合部癌 ）。 2021年8月，津曼特生物與康寧杰瑞達成授權合 ...

记者丨季媛媛 编辑丨包芳鸣 今年一季度，中国创新药行业交出了一份亮眼的成绩单。 国家药监局最新发布的数据显示， 今年前三个月，我国创新药对外授权（BD）交易总额突破 600亿美元，已接近2025年全年1357亿美元总额的一半。截至3月27日，2026年已批准10款创 新药，其中国产创新药占据8款 。 这组数据不仅刷新了同期历史纪录，更向市场传递出一个清晰信号： 从当前情况来看，跨国 药企与海外PE机构对中国资产的关注度持续提升，合作意愿明显增强，说明中国创新药的国 际认可度和供给质量都在提升。中国创新药已站在全球舞台的中央 。 摩根大通亚太区医疗健康投资银行副主席、中国投资银行联席主管刘伯伟此前在接受21世纪 经济报道记者采访时也坦言，对于引进早期创新管线，跨国药企的"中国采购"倾向愈发明 显。 刘伯伟分享了一个极具说服力的案例：一家大型MNC（跨国药企）的CFO曾坦言，如果在中 国采购同一管线的成本仅为美国的30%～40%，且可能获得更优的效果，他们必然选择中 国。"成本与效果的极致平衡，正成为跨国药企将中国视为核心研发管线来源地的关键逻 辑。"据摩根大通团队观察，当前除了持续火热的ADC、GLP-1等领域 ...

Market Performance - The Hong Kong stock market indices collectively rose on March 27, with the Hang Seng Index increasing by 0.38% to close at 24,951.88 points, the Hang Seng Tech Index up by 0.35%, and the National Enterprises Index rising by 0.76% [1] Sector Performance - Technology stocks showed mixed results, with Kuaishou and Xiaomi both rising over 1%, while Bilibili fell by more than 1% [1] - Innovative pharmaceutical stocks surged, with CSPC Pharmaceutical Group increasing by over 13% [1] - The lithium battery sector performed well, with Ganfeng Lithium rising by over 9% [1] - The commercial aerospace sector faced declines, with Junda Co., Ltd. dropping by over 9% [1] Stock Highlights - Xiaomi Group saw a price increase of 1.726%, closing at HKD 33.00 with a trading volume of 4.727 billion [2] - Ganfeng Lithium reported a price increase of 9.265%, closing at HKD 74.30 with a trading volume of 2.66 billion [2] - CSPC Pharmaceutical Group experienced a significant rise of 13.848%, closing at HKD 9.29 with a trading volume of 1.734 billion [2] Investor Sentiment - Goldman Sachs indicated that international investor interest in Chinese stocks has likely reached a near-high point, with only about 10% of surveyed clients considering the Chinese stock market "non-investable," a significant improvement from approximately 40% two years ago [4] - Haitong International's Chief Economist Zhang Yidong believes that the recent market fluctuations do not alter the long-term trend, with both A-shares and H-shares expected to reach new highs in the second half of the year [4]

Core Viewpoint - The article discusses the mixed performance of major stock indices in the Asia-Pacific region, highlighting significant gains in the A-share and Hong Kong markets, particularly in sectors such as lithium battery materials and innovative pharmaceuticals [1][6]. Group 1: Stock Market Performance - On March 27, major stock indices in the Asia-Pacific region showed mixed results, with Japanese and South Korean markets declining while A-shares and Hong Kong indices rose [1]. - The Shanghai Composite Index closed at approximately 3913.72, up by 24.64 points or 0.63%, while the Shenzhen Component Index increased by 153.93 points or 1.13% [2]. Group 2: Sector Performance - Lithium battery materials stocks experienced a surge, with multiple companies hitting the daily limit up, including Haike New Source and Ganfeng Lithium, with Tianhua New Energy rising over 10% [6]. - The innovative pharmaceutical sector saw a collective increase of 5%, with companies like Meinuohua achieving a daily limit up and others like Shutaishen and Ketaobiotech also hitting the limit [6]. - The semiconductor sector rebounded, with Dinglong Co. reaching the daily limit up and several other companies gaining over 8% [6]. - Optical fiber and computing hardware stocks continued to recover, with Guangku Technology rising over 10% [7]. - The chemical sector was active, with companies like Suli Co. and Lubei Chemical hitting the daily limit up [7]. Group 3: Hong Kong Market Highlights - In the Hong Kong market, the Hang Seng Index rose over 0.5%, and the Hang Seng Technology Index increased by over 0.8% [7]. - Innovative pharmaceutical and lithium battery stocks in Hong Kong also saw significant gains, with companies like InSilico Medicine and CSPC Pharmaceutical rising over 10% [7].

Investment Rating - The report maintains a positive outlook on the company, indicating that the performance is bottoming out and organic revenue growth is expected to accelerate in the future [2][3]. Core Insights - The company's FY2025 performance met market expectations, with a revenue decline of 10.4% to 26 billion yuan and a net profit drop of 10.3% to 3.9 billion yuan. However, organic revenue showed signs of stabilization with a slight increase of 1.3% in Q4 [3]. - The impact of volume-based procurement on existing products has been fully absorbed by FY2025, paving the way for organic profit growth to accelerate [2][4]. - The management has provided positive guidance for organic business growth in FY2026 and plans to implement an employee stock ownership plan (ESOP) to enhance execution discipline and visibility of long-term growth [3]. Summary by Relevant Sections Financial Performance - FY2025 revenue decreased by 10.4% to 26 billion yuan, while net profit fell by 10.3% to 3.9 billion yuan. The company confirmed 1.8 billion yuan in authorized revenue for FY2025, with approximately 250 million USD pending confirmation for FY2026 [3]. Clinical Development - The collaboration with AstraZeneca is seen as a key driver for mid-term profit growth. The company is optimizing global dose exploration studies for the SYS2082 project and planning critical global trials for the EGFR ADC project [4][5]. - Potential blockbuster products for FY2026 include KN026 (HER2/HER2 bispecific antibody), TG103 (GLP-1 receptor agonist), and albumin-bound paclitaxel II generation [4]. Market Position - The company ranks among the top ten in China's pharmaceutical industry by revenue and has achieved a compound annual growth rate of 3.1% in profitability from 2019 to 2023 [8]. - The revenue breakdown shows that 81.5% comes from finished drugs, with a significant market presence in Asia (91.8% of revenue) [9]. Stock Information - As of March 26, 2026, the stock price was 8.16 HKD, with a market capitalization of 12.5 billion USD. The consensus target price is set at 11.00 HKD [10].

Core Viewpoint - The innovative drug sector is experiencing significant growth, with multiple companies seeing substantial stock price increases, indicating a bullish trend in the market [1]. Group 1: Stock Performance - Shuyatain's stock price increased by 14.66%, reaching 26.52 [2] - Other notable performers include Dizhe Pharmaceutical with a 10.70% increase, Baili Tianheng at 10.63%, and Huana Pharmaceutical at 10.33% [2] - In the Hong Kong market, Keystone Pharmaceuticals surged over 18%, while CSPC Pharmaceutical and Xiansheng Pharmaceutical rose by over 12% and 8%, respectively [3] Group 2: Market Trends - The overall trend in the innovative drug sector shows a strong upward movement, with several companies hitting their daily price limits [1] - The performance of stocks in both mainland and Hong Kong markets reflects a growing investor confidence in the pharmaceutical industry [3]

ile 77 ock Code : 1093) 2025 Results Presentation Mar. 2026 INNOVAT 2025 Updates Regulatory Updates New drugs approved (including new indications): Breakthrough Therapy Designations: Major Clinical Trial Progress IND approvals : North America (18) China (58) New pivotal clinical trials: From 2025 to the present, ■ BD transactions have been completed, with a billion US dollars. total amount of In 2025, the Licence fee income of billion vuan was booked in. 2 HD Envitan · Duoenvi - 1L Pancreatic cancer • Shanz ...

Investment Rating - The report maintains an "OUTPERFORM" rating for CSPC Pharmaceutical Group with a target price of HKD 13.19, while the current price is HKD 8.49 [2]. Core Insights - CSPC achieved a revenue of RMB 26.0 billion in FY25, reflecting a year-on-year decrease of 10%. Finished drug revenue was RMB 20.6 billion (down 13%), API revenue was RMB 3.7 billion (up 2%), and functional food & other businesses contributed RMB 1.8 billion (up 4%). The gross margin was 63.1%, down 6.9 percentage points [14][15]. - The company’s R&D expenses increased by 12% to RMB 5.8 billion, while selling expenses decreased by 25% to RMB 6.5 billion. The attributable net profit was RMB 3.9 billion, a decline of 10% [14][15]. - The report highlights a rich pipeline of catalysts, particularly in the long-acting peptide platform, which is expected to drive future growth [4][7]. Financial Performance Summary - For FY25, CSPC's revenue was RMB 26.0 billion, with a net profit of RMB 3.9 billion. The revenue is projected to grow to RMB 28.8 billion in FY26 and RMB 30.6 billion in FY27, with net profits expected to reach RMB 4.8 billion and RMB 5.3 billion respectively [8][12]. - The gross profit margin is expected to improve to 68.0% in FY26 and 70.5% in FY27, indicating a recovery in profitability [12]. Pipeline and Catalysts - The report emphasizes the potential of multiple assets, including SYS6010 and SYS6043, with key clinical data readouts expected within the year. SYS6010 is anticipated to provide Phase 3 data for non-small cell lung cancer, while SYS6043 has shown promising results in nasopharyngeal carcinoma [5][18]. - The long-acting peptide platform, particularly the SYH2069 product, is positioned to target the global metabolic market, with clinical development supported by AstraZeneca [7][20][22]. Valuation - The valuation is based on a DCF model with a WACC of 7.9% and a perpetual growth rate of 2.5%, leading to a target price of HKD 13.19. The revenue and net profit forecasts have been slightly adjusted to reflect the timing of revenue recognition from out-licensing deals [8][24].

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之內容概不負責，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之任何損失承擔任何責任。 CSPC PHARMACEUTICAL GROUP LIMITED （股份代號：1093） （於香港註冊成立之有限公司） 自願公告 採納2026年股份獎勵計劃 茲提述本公司日期為2018年8月20日之公告，內容有關採納2018年股份獎勵計劃，其條款 其後如本公司日期為2024年5月21日之自願公告所披露進行修訂。 由於根據2018年股份獎勵計劃之條款及條件在市場上購買之股份總數已接近相關計劃限 額（ 即不超過本公司於2018年8月20日已發行股份總數之2 % ），董事會欣然宣佈，於2026 年3月25日已決議採納2026年股份獎勵計劃。 於2024年5月21日修訂2018年股份獎勵計劃的條款後，董事會僅可指示受託人於市場上購 買現有股份，以滿足根據2018年股份獎勵計劃授予之股份獎勵。自2018年採納2018年股 份獎勵計劃起，尚未透過發行或配發新股份的方式滿足根據該計劃授予之股份獎勵。 石 藥 集 團 ...

Group 1 - The core viewpoint of the news highlights the positive performance of the Hong Kong pharmaceutical sector, particularly the Hong Kong Stock Connect Innovation Drug ETF (159570), which has seen significant inflows and a rise in trading volume [1][4] - The strategic partnership between Innovent Biologics and Eli Lilly has officially commenced, aimed at advancing new drug development in oncology and immunology, clarifying that it is not an acquisition [3] - The annual performance report from CSPC Pharmaceutical Group indicates a profit attributable to shareholders of RMB 3.882 billion for the year ending December 31, 2025, with a projected increase to RMB 4.328 billion for 2024 [3] Group 2 - The Hong Kong Stock Connect Innovation Drug ETF (159570) has a leading scale of over RMB 22.1 billion, with a net inflow of RMB 22 million over the past three days [1] - The majority of stocks in the ETF's underlying index have shown positive performance, with CSPC Pharmaceutical rising nearly 4% and other companies like Innovent Biologics and Kintor Pharmaceutical also experiencing gains [4] - The biopharmaceutical sector in Hong Kong and A-shares has raised approximately RMB 70 billion from 2024 to March 21, 2026, supporting innovation drug pipeline investments [6] Group 3 - The business development (BD) income has become a significant source of funding for innovative drug research and development, with a total of USD 57.1 billion in BD contracts signed by 2026, representing 41% of the total for the year [8] - The financial health of the pharmaceutical sector is robust, with most companies maintaining over a year of funding coverage for R&D expenses, ensuring sustainability for clinical trials and pipeline expansion [11] - The upcoming AACR conference in April 2026 will feature over 250 innovative drugs from 104 Chinese pharmaceutical companies, showcasing advancements in various therapeutic areas [13]