证券时报•数据宝统计，石药集团在港交所公告显示，1月2日以每股4.610港元至4.710港元的价格回购 630.00万股，回购金额达2942.59万港元。 该股当日收盘价4.630港元，下跌3.14%，全天成交额2.44亿港元。 （数据宝） 石药集团回购明细 ...

证 券 研 究 报 告 石药集团（1093.HK） 2024-12-27 星期五 | --- | --- | |------------|-------------| | | | | 目标价： | 8.35 港元 | | 现 价： | 4.80 港元 | | 预计升幅 : | 73% | | --- | --- | --- | |--------------------------------|---------------|-------| | 重要数据 | | 报近 | | 日期 | 2024-12-24 | | | 收盘价（港元） | 4.80 | | | 总股本（亿股） | 116 | | | 总市值（亿港元） | 559 | | | 净资产（亿元） | 350 | ➢ | | 总资产（亿元） | 463 | 2024 | | 52 周高低（港元） | 7.62/4.33 | | | 每股净资产（元） | 2.79 | | | 数据来源： Wind 、国元证券经纪 | ( 香港 ) 整理 | | 主要股东 鼎大集团有限公司（10.25%） 联诚控股有限公司（7.97%） 共成国际有限公司（6.13%） ...

证券时报•数据宝统计，石药集团在港交所公告显示，12月18日以每股4.670港元至4.750港元的价格回购 620.00万股，回购金额达2927.00万港元。该股当日收盘价4.750港元，上涨2.59%，全天成交额2.89亿港 元。 自12月13日以来公司已连续4日进行回购，合计回购2500.00万股，累计回购金额1.18亿港元。 其间该股 累计下跌5.19%。 今年以来该股累计进行41次回购，合计回购3.09亿股，累计回购金额15.74亿港元。（数据宝） 石药集团回购明细 ...

石药集团（1093） 更新报告 医药环境压力和主动降低库存导致业绩下滑 2024 年前 3 季度调整后归母利润-15.2%：2024 年前 3 季度公司营收 226.9 亿元， 同比-4.9%；毛利 159.9 亿元，毛利率 70.5%，同比+0.1pp。销售费用、行政费用分 别为 66.2 亿元（-5.8%）、8.8 亿元（+2.9%），销售费率（占成药收入比）和行政 费率（占收入比）同比下降 0.9 和+0.3 个百分点至 35.5%和 3.9%。研发费用同比增 长 5.5%至 38.8 亿元，其中占成药收入比同比上升 1.8 个百分点至 20.8%。归母净利 润、扣非后归母净利润分别为 38.8 亿元（-15.9%）和 40.0 亿元（-15.2%），扣非 后归母净利率 17.6%（-2.2pp）。分板块看，成药板块收入 186.7 亿元（-3.5%）， 原料药板块中的维 C、抗生素及其他收入分别为 14.6 亿元（-3.4%）、12.6 亿元（- 7.2%），功能食品板块收入 12.9 亿元（-21.9%）。成药溢利率为 22.7%（-2.9 个百 分点），维 C 溢利率同比上升 4.2 个百分点至 ...

石药集团（1093 HK） | 2024 年 11 月 18 日 香港股市 | 医药 石药集团（1093 HK） 预计短期内业绩仍将承压 成药板块第三季度收入下降，导致公司前三季度业绩同比下滑 石药集团前三季度收入同比下跌 4.9%至 226.86 亿元（人民币，下同），股东应占溢利 同比下跌 15.9%至 37.8 亿元，其中第三季度收入与股东净利润分别同比下滑 17.8%与 51.5%，总体情况大致符合公司的盈利预告。第三季度业绩转差的原因包括：1）主营 业务成药收入较第二季度环比下降 14.5%：该板块中神经系统核心产品恩必普第三季度 受医保控费影响收入下降，肿瘤药板块中津优力与多美素集采降价后销量并未显著增 加，心血管板块主要产品玄宁的同类产品集采降价后竞争力加强，导致玄宁的销售受 影响，因此成药业务收入环比大幅下滑。2）成药板块为公司业务中毛利率最高的板 块，该板块收入的下滑导致第三季度毛利率环比下降 3.1 个百分点。3）公司加大研发 投入，导致研发费用率环比上升 2.1 个百分点。 短期内成药业务面对挑战，原料药与功能食品等收入短期内难以大幅回升 我们对公司的成药业务收入维持原先预测，即 202 ...

交银国际研究 | --- | --- | --- | --- | --- | |--------------|-------------|--------------|----------|-------------------------------| | 财务模型更新 | | | | | | | | | | | | 医药 | 收盘价 | 目标价 | 潜在涨幅 | 2024 年 11 月 18 日 | | | 港元 5.13 | 港元 5.80↓ | +13.0% | | | 石药集团 | (1093 HK) | | | | 3Q24 承压，创新管线 BD 潜力大但短期业绩不确定性仍高，下调目标价 3Q24 各业务板块承压严重，2025 指引正增长：公司3Q24 收入和净利润分 别下滑 17.8%和 50.4%，多个业务板块承受较大压力：1）成药业务收入下 滑 20%，主因：a）肿瘤板块收入-31%，多美素和津优力在省级联盟集采 中面临较大压力，同时公司主动调整渠道库存水平以应对集采降价；b） 神经板块收入-16%，恩必普受 DRG/DIP 控费、医保报销审查力度加重影响 较大，后续公司将持续依据指南推广针 ...

证券时报网讯，中金发布的报告指出，石药集团在2023年前三季度的业绩表现不佳，收入同比下降 4.9%；净利润和核心净利润同比下降15.9%和15.2%。 由于集采和医保控费对成药业务的影响，以及原料药需求和单价下降，第三季度的业绩低于预期。 报告预计，考虑到抗肿瘤等业务的持续压力，下调石药今明年的核心净利润预测，维持"跑赢行业"评 级，但目标价下调19%至6.8港元。 校对：杨舒欣 ...

18 Nov 2024 CMB International Global Markets | Equity Research | Company Update CSPC Pharmaceutical (1093 HK) Product sales under pressure 3Q24 results missed. In 9M24, CSPC's total revenue decreased by 3.5% YoY to RMB22.69bn and attributable net profit fell by 15.9% YoY to RMB3.78bn, accounting for 71% and 64% of our previous full-year estimates, respectively. In 3Q24, total revenue was RMB6.40bn (-17.8% YoY) and attributable net profit was RMB758mn (-50.4% YoY). GP margin decreased to 67.7% in 3Q24 (vs 70 ...

Revenue and Profit Performance - Revenue for the first nine months of 2024 decreased by 4.9% year-on-year to RMB 22.686 billion, primarily due to a decline in pharmaceutical business revenue[3] - Shareholders' basic profit decreased by 15.2% year-on-year to RMB 3.998 billion, while reported profit decreased by 15.9% to RMB 3.778 billion[3] - Revenue for the nine months ended September 30, 2024, was RMB 22,686.151 million, a decrease of 4.9% compared to RMB 23,865.076 million in the same period in 2023[57] - Gross profit for the nine months ended September 30, 2024, was RMB 15,985.244 million, a decrease of 4.8% compared to RMB 16,792.100 million in the same period in 2023[57] - Net profit attributable to the company's owners for the nine months ended September 30, 2024, was RMB 3,778.039 million, a decrease of 15.9% compared to RMB 4,494.641 million in the same period in 2023[57] - Profit before tax for the nine months ended September 30, 2024, was RMB 4,745.513 million, a decrease of 15.4% compared to RMB 5,609.759 million in the same period in 2023[57] - Earnings per share (basic) for the nine months ended September 30, 2024, was RMB 32.03, a decrease of 15.4% compared to RMB 37.84 in the same period in 2023[57] Pharmaceutical Business Performance - Pharmaceutical business revenue decreased by 3.5% to RMB 18.670 billion, with notable growth in the nervous system (+4.5%) and digestive metabolism (+30.7%) therapeutic areas[4] - Anti-tumor therapeutic area revenue decreased by 17.6%, driven by price reductions of key products due to centralized procurement policies[5] - Cardiovascular therapeutic area revenue decreased by 11.1%, impacted by the failure of Xuanning® to win in the 2023 national centralized procurement[6] - Respiratory system therapeutic area revenue decreased by 18.8%, with significant declines in Qixiao® sales due to reduced market demand[7] - Digestive metabolism therapeutic area revenue increased by 30.7%, driven by strong sales growth of Oubetuo® and Debixin®[7] - Revenue from the pharmaceutical segment for the nine months ended September 30, 2024, was RMB 18,670.189 million, a decrease of 3.3% compared to RMB 19,303.355 million in the same period in 2023[60][61] Raw Materials and Functional Foods Performance - Revenue from raw material products decreased by 5.2% to RMB 2.726 billion, with vitamin C product sales down 3.4% to RMB 1.462 billion and antibiotic product revenue down 7.2% to RMB 1.264 billion[8] - Functional food and other business revenue decreased by 21.9% to RMB 1.290 billion, with caffeine product prices stable but significantly lower compared to the same period last year[8] - Revenue from the raw materials segment (Vitamin C) for the nine months ended September 30, 2024, was RMB 1,461.726 million, a decrease of 3.4% compared to RMB 1,512.917 million in the same period in 2023[60][61] - Revenue from the raw materials segment (antibiotics) for the nine months ended September 30, 2024, was RMB 1,264.396 million, a decrease of 7.2% compared to RMB 1,362.316 million in the same period in 2023[60][61] - Revenue from the functional foods and other segment for the nine months ended September 30, 2024, was RMB 1,289.840 million, a decrease of 21.9% compared to RMB 1,651.788 million in the same period in 2023[60][61] R&D and Innovation - R&D expenses increased by 5.5% to RMB 3.880 billion, accounting for 20.8% of pharmaceutical business revenue, with over 60 key drugs in clinical or application stages[9] - 6 drugs have submitted marketing applications, and 24 products (30 indications) are in the registration clinical stage[9] - 2 innovative drugs (new indications), 1 biosimilar, and 1 special formulation were approved for marketing in China, with 34 clinical trial approvals and 7 generic drug registrations[10] - 3 innovative drugs in North America received clinical trial approvals, with 1 fast-track designation[10] - Mingfule® (rhTNK-tPA) was approved in China for acute ischemic stroke, marking the first approval for this indication in the country[10] - Ensuxin® (anti-PD-1 monoclonal antibody) received conditional approval for PD-L1-positive recurrent or metastatic cervical cancer[11] - Amphotericin B liposome injection was approved for systemic fungal infections, neutropenic fever, and visceral leishmaniasis[11] - Enyitan® (omalizumab injection) was approved as the first biosimilar in China for chronic spontaneous urticaria[11] - R&D expenses for the nine months ended September 30, 2024, were RMB 3,879.728 million, an increase of 5.5% compared to RMB 3,677.949 million in the same period in 2023[57] Clinical Trials and Drug Development - SYSA1801 injection is being developed for the treatment of Claudin18.2-positive gastric cancer in combination with CAPOX and SG001 or irinotecan hydrochloride liposome injection[14] - JMT101 injection is being developed for the treatment of EGFR-positive lung squamous cell carcinoma in combination with docetaxel albumin[14] - DP303c injection has initiated a Phase III clinical trial in China for the treatment of HER2-positive advanced breast cancer, currently in the enrollment phase[16] - SYS6020 injection (CAR-T) is being developed for the treatment of systemic lupus erythematosus and myasthenia gravis[15] - SYH2039 tablet (MAT2A inhibitor) received US clinical trial approval in April 2024[16] - CPO301 (EGFR-ADC) received Fast Track designation from the FDA for the treatment of EGFR-overexpressing recurrent or metastatic squamous non-small cell lung cancer[16] - TG103 injection (GLP-1 receptor agonist) completed enrollment for its Phase III clinical trial in China for the treatment of overweight and obesity in January 2024[20] - Semaglutide injection completed enrollment for its Phase III clinical trial in China for the treatment of type 2 diabetes in August 2024[18] - JMT103 (narlumab injection) initiated a Phase III clinical trial in China for the treatment of bone metastases in malignant solid tumors in March 2024[18] - SYHX2011 (albumin-bound paclitaxel injection) completed enrollment for its Phase III clinical trial in China for the treatment of advanced breast cancer in March 2024[19] - JMT101 combined with osimertinib initiated Phase III clinical trial in China for NSCLC patients with EGFR exon 20 insertion mutations, currently in the enrollment phase[21] - SYSA1902 achieved primary endpoints in Phase III clinical trial for moderate to severe plaque psoriasis in China[21] - SYS6002 demonstrated clear efficacy signals and good tolerability in Phase I clinical study for advanced solid tumors, presented at ASCO-GU 2024[21] - DBPR108 showed significant glucose-lowering efficacy and safety comparable to placebo and sitagliptin in Phase III clinical study for diabetes[23] - First-generation COVID-19 mRNA vaccine demonstrated good protective efficacy, immunogenicity, and safety against XBB variant[24] - TG103 significantly reduced body weight compared to placebo in Phase Ib clinical study for overweight or obese patients without type 2 diabetes[25] - SG001 showed promising efficacy and safety in Phase Ib clinical study for recurrent or metastatic cervical cancer[25] - JMT103 demonstrated low immunogenicity and good safety in Phase Ib clinical study for bone metastases in solid tumors[28] - DP303c exhibited good efficacy in HER2-expressing advanced solid tumors, particularly in breast cancer, in Phase I clinical study[30] - KN026 combined therapy showed outstanding efficacy and good safety in Phase II clinical study for HER2-positive advanced gastric cancer[32] - CM310 significantly improved lung function and reduced asthma exacerbations, especially in the 150 mg dose group, with low TEAE incidence mainly being respiratory infections[34] - NBL-012 demonstrated good safety and tolerability in healthy Chinese subjects, showing linear pharmacokinetics within the 20 mg to 400 mg dose range[35] - SYHX1901 achieved significantly higher PASI75 rates compared to placebo at 12 weeks in moderate to severe plaque psoriasis, with good overall safety and tolerability[36] Marketing Applications and Approvals - DBPR108 (Prucalopride Tablets) has submitted a marketing application for type 2 diabetes[37] - Meloxicam Nanocrystal Injection has submitted a marketing application for moderate to severe pain in adults[37] - Amphotericin B Liposome for Injection has submitted a marketing application in the US for invasive fungal infections[37] - Irinotecan Hydrochloride Liposome Injection has submitted a marketing application in the US for pancreatic cancer[37] - Clevidipine Butyrate Injection Emulsion has submitted a marketing application for hypertension[37] - Batoclimab (HBM9161) has submitted a marketing application for myasthenia gravis[38] - JMT101 Injection is in key clinical trials for non-small cell lung cancer and lung squamous carcinoma[40] Intellectual Property and Licensing Agreements - The company submitted 36 PCT international applications and filed 229 patents (127 domestic and 102 foreign) since early 2024, with 60 patents granted (31 domestic and 29 foreign)[50] - As of September 30, 2024, the company has submitted a total of 198 PCT international applications, filed 2,023 patents (1,311 domestic and 712 foreign), and obtained 959 patent grants (636 domestic and 323 foreign)[50] - In September 2024, the company entered into an exclusive licensing agreement with Jiangsu Alphamab to develop, sell, and commercialize JSKN003, a HER2-targeting bispecific antibody-drug conjugate (ADC), in mainland China for tumor-related indications[52] - In October 2024, the company signed an exclusive global licensing agreement with AstraZeneca for the development, manufacturing, and commercialization of its Lp(a) inhibitor YS2302018, receiving an upfront payment of $100 million and potential milestone payments of up to $3.7 billion for development and $15.5 billion for sales, plus tiered royalties[53] Financial Reporting and Governance - The company reported a shareholder's reported profit of RMB 3,778,039 thousand and a basic profit of RMB 3,998,789 thousand, adjusted for fair value losses on financial assets and share-based employee compensation expenses[55] - Financial data for the nine months ended September 30, 2024, was prepared based on the company's internal records and management accounts, reviewed by the audit committee but not audited by external auditors[63] - The board of directors includes executive directors such as Cai Dongchen, Zhang Cuilong, Wang Zhenguo, Pan Weidong, Wang Huaiyu, Li Chunlei, Jiang Hao, Yao Bing, and Cai Xin, as well as independent non-executive directors like Wang Bo, Chen Chuan, Wang Hongguang, Ou Zhenguo, Luo Zhuojian, and Li Quan[64]

石药集团（1093 HK） | 2024 年 11 月 2 日 香港股市 | 医药 更新报告 石药集团（1093 HK） 三季度成药板块显著放缓，短期内业绩承压 公司预计 2024 年前三季度利润将同比倒退 公司发布盈利预警，由于第三季度主营业务成药业务收入显著低于二季度，公司前三 季度股东净利润将同比下滑 16%至约 38 亿元。成药业务收入下降的主因：1）三季度肿 瘤药业务收入跌幅扩大：2024 年第三季度肿瘤药板块津优力与多美素受集采影响销售 跌幅扩大，导致前三季度肿瘤药板块收入的同比跌幅从上半年 的 10%扩大至 18%。2） 神经系统与心脑血管核心产品表现不佳：神经系统药物收入虽然上半年同比增加15%， 但下半年以来核心产品恩必普受医保控费影响明显加剧，第三季度单季收入同比转 跌，导致该板块前三季度的收入增速将从上半年的 15%大幅缩小至 4%。此外，由于部 分竞争对手在带量采购中标降价后市场竞争加剧，心血管领域的核心药物玄宁销售表 现也欠佳。综合以上原因，公司前三季度业绩将显著低于市场预期。 短期内肿瘤药仍面对挑战，神经系统与心血管领域核心产品销售难以快速回升 按照前三季度情况，肿瘤药领域津优力与 ...