JMT101是一种具有全新分子结构的重组人源化抗表皮生长因子受体（EGFR）IgG1亚型单克隆抗体注射 液，具备抗体依赖的细胞介导的细胞毒作用(ADCC)和补体依赖的细胞毒作用(CDC)。JMT101具有明显 高于同类产品的靶点亲和力，并能显著降低免疫原性和输液反应。JMT101联合伊立替康在二线标准治 疗失败的晚期结直肠癌的随机、对照、开放标签、Ⅱ期研究结果显示，JMT101联合伊立替康组的 ORR、疾病控制率(DCR)和mPFS均明显优于对照组。其中，JMT101联合伊立替康组的mPFS为7.4个 月，远高于对照组的2.9个月。JMT101联合伊立替康在既往EGFR经治和未经治人群中均观察到良好的 获益。该研究结果在2025年美国临床肿瘤学(ASCO)年会上以口头报告形式披露。 JMT101联合伊立替康在该适应症的临床研究已初步显示出突破性疗效，且安全性良好，与现有治疗手 段相比展现出显著的临床优势，未来有望成为结直肠癌后线的标准治疗方案。目前，集团已推进 JMT101联合伊立替康在该适应症的关键III期临床试验。此外，JMT101亦正在中国开展用于治疗一线和 二线及以上肺癌、鼻咽癌、头颈鳞癌等实体瘤的多 ...

港股石药集团跌超5%，创三周最大下跌。此前Jefferies下调股票评级至落后大盘，并称公司所有利好均 已反映在股价中，且关键产品销售持续面临阻力。 ...

与这份"双降业绩"形成巨大反差的是，石药集团股价当日午后迅速拉升，半小时内股价涨幅达到14.08%，最终收盘价7.62%，收涨11.73%;5月30日，石药股 价继续大涨，盘中最高价触及8.56港元，两天内股价最高拉升幅度达25.5%，并创下自2023年3月以来股价新高。 此次市场异动的根源在于，石药集团给出预期指引：三个总金额超过50亿美元的BD落地在即。 5月30日，石药集团发布公告给出了具体信息：集团目前正与若干独立第三方就三项潜在交易进行磋商。对于每项潜在交易，可能应付予集团的潜在首付 款、潜在开发里程碑付款及潜在商业化里程碑付款，合计可能达到约50亿美元。 三生制药拿下辉瑞60亿美元BD后，近期整个市场都在"疯狂"挖掘下一个重磅BD，而近日石药集团(01093)显然感受到了这份市场的狂热。 智通财经APP观察到，5月29日中午，石药集团公布其今年第一季度业绩：当期收入约70.15亿元，同比减少21.9%。公司股东应占溢利约14.78亿元，同比减 少8.4%。这是自2022年以来，石药Q1营收首次跌破80亿元。 而另一方面，石药一款心血管治疗领域的核心品种玄宁在2023年第八批集采中未中标，却因部分院 ...

Q 集采+医保控费，1Q25 各板块全面承压：剔除BD 收入后，公司1Q25 收入同比降30%，其中成药业务 板块下降37%，各核心治疗领域均呈现下滑态势：1）CNS 同比降30%，主因院端医保控费叠加医保谈 判降价13%，恩必普针剂院内销售下滑严重；2）肿瘤线核心品种持续遭受集采和渠道补差价的冲击， 1Q25 销售额同比降66%；3）抗感染、呼吸、心血管等领域在集采、1Q24 高基数等因素的影响下，出 现不同程度的下滑。1Q25，公司录得7.2 亿元（人民币，下同）的授权费收入，主要来自公司与阿斯利 康（Lp(a)降脂药）和百济（MAT2A 抑制剂）的合作首付款。原料药产品收入同比增15%，主要得益于 VC 市场需求及产品价格回升，但功能食品及其他业务收入同比降9%，主因咖啡因市场需求及价格下跌 影响。在高利润率授权费收入和降本控费努力下，1Q25 净利率提升3.1ppts 至21.1%。 随着恩必普院外患者推广力度加大、多美素集采和渠道去库存影响企稳、明复乐等新产品医保准入后快 速放量、以及更多BD 收入确认（公司预计今年还将确认10 亿元收入），2Q25 起公司业绩有望逐步环 比改善。 Q 多项重磅BD ...

机构：华泰证券 研究员：代雯/沈卢庆/孙茗馨 公司公告，1Q25 实现收入70.15 亿元(-21.9%yoy,+11%qoq)，归母净利润14.8 亿元 （1Q25 销售费用率24% vs 1Q24 33%）。展望全年，考虑肿瘤药/NBP 走出去库存周期，而铭复乐等新 品持续高速放量，我们预计2Q25-4Q25 公司内生业绩逐季度改善，全年主业利润保守估测约40 亿元。 EGFR ADC：AACR 数据读出亮眼，看好年内出海潜力我们看好EGFR ADC 年内国内+海外合计开展5 个左右三期临床：1）国内临床进展：AACR 上披露肺癌ORR 数字和全人群安全性数据均亮眼，突变三 线PFS 7.6 个月国内第一梯队：2）海外临床进展：NSCLC 经典突变三线及野生型2L+为重点，看好6 月 跟FDA 进行野生型2L+关键性临床思路沟通及后续突破性疗法沟通。综上，我们看好EGFR ADC 年内 出海潜力。 研发：25 年对外BD 进展顺利，多技术平台共同展现创新/出海潜力公司管线重磅包含：1）乳腺癌治疗 公司聚焦HER2：HER2 双抗目前开展+多西他赛乳腺癌1L 及新辅助治疗，HER2 双抗ADC 后续瞄准 H ...

Investment Rating - The report assigns a "Buy" rating for CSPC Pharma with a 12-month price target of HK$8.74, indicating an upside potential of 14.7% from the current price of HK$7.62 [13][14]. Core Insights - The report highlights that CSPC Pharma experienced a revenue decline of 22% in Q1, primarily due to a high base in Q1 2024, ongoing pressure from volume-based procurement (VBP), and a 12.5% price cut for NBP injection [1]. - Despite the revenue miss, earnings showed resilience, supported by out-licensing income and significant expense cuts, particularly in selling expenses [1]. - Management has revised its guidance for 2025, focusing on sequential improvement rather than positive sales growth, and plans to pursue three more business development (BD) deals with a potential total deal size exceeding US$5 billion [2][8]. Summary by Sections Revenue and Earnings Performance - CSPC Pharma's sales in Q1 declined by 22% year-on-year, with finished drug sales down 27% year-on-year [1]. - Earnings for Q1 were reported at Rmb1.5 billion, an 8% decrease year-on-year, but were bolstered by Rmb718 million from out-licensing [1]. - Core earnings, excluding BD income, are estimated to have declined by approximately 45% year-on-year [1]. Business Development and Licensing - The company is actively negotiating three potential BD deals, with one expected to close in June, focusing on SYS6010 (EGFR ADC) and other technology collaborations [2]. - In Q1, CSPC Pharma booked US$40 million from the AZ deal and US$60 million from the BeOne deal, with expectations of over Rmb1 billion in additional income from new deals throughout the year [2]. Clinical Development and Pipeline - SYS6010 is prioritized for clinical development, with ongoing phase 3 studies for NSCLC and plans for further trials in various solid tumors [3][7]. - The company is preparing for pivotal studies outside China and aims to apply for breakthrough designation for certain assets [7]. Shareholder Returns and Incentives - CSPC Pharma plans to utilize operational cash flow for R&D and higher dividends, with a share buyback target of up to HK$5 billion over the next 24 months [8]. - A share-based incentive program is set to cover 200-300 key staff, with additional coverage planned for the second half of 2025 [8]. Financial Projections - Earnings estimates have been revised down by 7.7% for 2025 due to lower-than-expected finished drug sales, but the price target has increased from HK$7.84 to HK$8.74 [9]. - Revenue projections for 2025 are set at Rmb30.1 billion, with expectations of gradual recovery in subsequent years [14].

Market Overview - The Hong Kong stock market experienced a gap down of 1.2% due to unexpected developments in the trade war, despite initial optimism about tariff negotiations [1] - The U.S. Court of Appeals temporarily suspended a lower court's ruling that prohibited the enforcement of several tariff orders from the Trump administration, providing a temporary reprieve for the administration [1][2] Trade Policy Developments - The Trump administration is considering a two-step strategy to ensure the continuation of its tariff policies, potentially utilizing a rarely invoked clause from the Trade Act of 1974 to impose tariffs of up to 15% for 150 days [2] - U.S. Treasury Secretary indicated that trade negotiations between the U.S. and China are currently stalled, requiring direct involvement from both countries' leaders to reach an agreement [2] Industry Responses - In response to the U.S. trade actions, China announced export controls on seven categories of rare earth materials, which are critical for various industries including automotive and aerospace [3] - The Chinese rare earth sector is expected to see movements in related stocks, such as China Rare Earth (00769) and Jinhui Rare Earth (06680) [3] Pharmaceutical Sector Highlights - The pharmaceutical company CSPC Pharmaceutical Group (01093) announced three potential BD collaborations with a total transaction value nearing $5 billion, with one deal expected to be signed next month [4] - The stock of CSPC Pharmaceutical rose over 6%, reaching a new high for the year, reflecting the growing competitiveness of Chinese innovative drug companies in the global market [4] Shipbuilding Industry Performance - The Chinese shipbuilding industry demonstrated strong resilience, with completion and new order volumes for the first four months of the year reaching 15.32 million deadweight tons and 30.69 million deadweight tons, respectively, maintaining a global market share of 49.9% and 67.6% [8] - Many shipbuilding companies report full order books, with some orders extending to 2029, indicating a sustained positive outlook for the industry [8] Individual Company Insights - China Shipbuilding Defense (00317) reported a significant increase in revenue and net profit for Q1, with net profit growing by 1099.85% year-on-year, driven by increased ship product revenue and improved production efficiency [10] - The company has a robust order backlog, with new orders in Q1 amounting to RMB 12.502 billion, which is 71.64% of its annual target, indicating strong future cash flow and operational performance [10]

Core Viewpoint - The company is in discussions with multiple independent third parties regarding three potential licensing collaborations, particularly focusing on the development, production, and commercialization rights of its core product, EGFR-ADC, which has led to a significant market response with a stock price increase of over 12% following the announcement [1][5]. Group 1: Business Development and Market Response - The potential total payments from the three licensing deals could reach approximately $5 billion, with one deal already in advanced stages expected to conclude by June 2025 [1][4]. - There is a division in market sentiment; some investors believe the value of the ADC platform has been underestimated and that the business development (BD) could act as a catalyst for market capitalization re-evaluation, while others are concerned about the impact of centralized procurement on traditional generic drug business [1][4][6]. - The company’s proactive disclosure of BD progress may be a response to increasing investor inquiries and market concerns, rather than merely a strategy to alleviate performance pressure [2][3]. Group 2: Financial Performance and Challenges - In Q1 2025, the company reported a 21.9% year-on-year decline in total revenue to 7.015 billion yuan, with a significant drop of 65.7% in its oncology business [6][7]. - The revenue from the finished drug segment fell by 27.3%, while the raw material drug segment saw a 14.6% increase, indicating a mixed performance across different business lines [6][7]. - The company’s R&D expenses reached 1.302 billion yuan in Q1 2025, representing an 11.4% increase year-on-year, highlighting its commitment to innovation despite current financial pressures [7]. Group 3: Future Outlook and Market Sentiment - Analysts maintain a cautiously optimistic outlook, predicting that the company’s performance may begin to recover in Q2 2025, with expectations for more significant BD transactions throughout the year [8][9]. - The ongoing negotiations and updates on clinical data are anticipated to clarify the effectiveness of the company's transformation strategy in the coming months [9].

Group 1 - The core point of the news is the significant rise in the stock price of CSPC Pharmaceutical Group, driven by potential high-value licensing deals, indicating a surge in the value of Chinese innovative drugs [3][5]. - CSPC Pharmaceutical is in deep discussions with multiple independent third parties regarding three potential licensing collaborations, which could yield up to $5 billion in total payments, making it one of the highest licensing amounts for Chinese innovative drugs in 2025 [5][6]. - The market is particularly focused on CSPC's EGFR-ADC drug SYS6010, which has shown promising clinical trial results, including a 39.2% objective response rate and a 93.1% disease control rate in patients with EGFR mutation non-small cell lung cancer [6]. Group 2 - The potential buyers for the licensing deals are expected to be large multinational pharmaceutical companies, with Johnson & Johnson identified as a strong competitor due to its lack of an EGFR-targeting ADC drug [8]. - CSPC's innovative drug business is positioned as a growth driver despite a 21.9% year-on-year decline in traditional drug revenue in Q1 2025, with expected upfront payments from business expansions totaling approximately $2.1 million [8][9]. - The industry is experiencing a record wave of innovative drug licensing deals, with 24 transactions completed in the first five months of 2025, and total amounts exceeding $15.5 billion [9].

Investment Rating - The report assigns a "Neutral" rating to the company with a target price of HKD 7.20, indicating a potential downside of 5.5% from the current closing price of HKD 7.62 [6][10]. Core Insights - The company's performance in Q1 2025 continues to be under pressure from centralized procurement and healthcare cost control, but is expected to improve gradually starting from Q2 2025. The management anticipates achieving three significant business development (BD) licensing deals, each exceeding USD 5 billion in 2025 [2][6]. - The report highlights that excluding BD revenue, the company's Q1 2025 revenue declined by 30% year-on-year, with the traditional medicine segment experiencing a 37% drop. Key therapeutic areas showed declines due to various factors, including price negotiations and centralized procurement impacts [6][11]. - The report projects revenue growth for the company, with estimates for 2025E at RMB 30,040 million, increasing to RMB 35,830 million by 2027E, reflecting a compound annual growth rate [5][11]. Financial Forecast Changes - Revenue estimates for 2025-2027 have been adjusted upwards by 1.5% to 7.5%, while net profit forecasts have been increased by 8% to 13% due to more optimistic expectations regarding BD revenue and operational cost rates [6][7]. - The report indicates a projected net profit of RMB 5,137 million for 2025, with a net profit margin of 17.1%, which is an improvement from previous estimates [5][11]. Market Performance - The company’s stock has shown a year-to-date increase of 59.41%, with a 52-week high of HKD 7.62 and a low of HKD 4.34, indicating significant volatility and potential for future growth [4][10]. - The report notes that the current stock price reflects the anticipated pressures on 2025 performance and future BD transactions, suggesting that the valuation multiples are reasonable with limited upside potential [6][10].