Investment Rating - The report maintains a "Buy" rating for CSPC Pharmaceutical Group with a target price of HK$13.93, up from the previous target of HK$11.05, indicating a potential upside of 45.1% from the current price of HK$9.60 [6][9]. Core Insights - A significant licensing agreement valued at over US$18.5 billion has been established with AstraZeneca, focusing on eight weight management and type II diabetes projects, which is expected to drive long-term growth for CSPC [3]. - CSPC has demonstrated a strong track record in business development, signing six licensing agreements since the end of 2024, which validates its drug discovery capabilities and suggests sustainable revenue streams in the medium to long term [4]. - The company reported total revenue of RMB 19.9 billion for the first nine months of 2025, with a core revenue decline of 19% year-on-year, although a recovery was noted in Q3 2025 with a 4.2% quarter-on-quarter increase in core revenue [5]. Financial Summary - For FY25E, CSPC's revenue is projected to be RMB 26.949 billion, reflecting a year-on-year decline of 7.1%, with a net profit of RMB 4.945 billion, which is expected to grow by 14.0% in FY26E [8][19]. - The company’s R&D expenses increased by 7.9% year-on-year to RMB 4.2 billion for the first nine months of 2025, representing a R&D expense ratio of 21.0% [5]. - The sales expense ratio decreased significantly from 29.2% in the first nine months of 2024 to 24.1% in the same period of 2025, indicating improved cost management [5]. Valuation Metrics - The report projects an increase in earnings forecasts due to the AstraZeneca deal, adjusting the DCF-based target price to HK$13.93, with a WACC of 9.34% and a terminal growth rate of 3.0% [6][16]. - The estimated EPS for FY25E is RMB 0.43, with a PE ratio of 20.1, which is expected to decrease to 14.9 by FY26E [8][19].

Core Viewpoint - On January 30, 2023, the company signed a strategic research and development cooperation and licensing agreement with AstraZeneca, leveraging its sustained-release drug delivery technology platform and peptide drug AI discovery platform to develop innovative long-acting peptide drugs, with a total potential transaction value of up to $18.5 billion, including $1.2 billion in upfront payments, up to $3.5 billion in research milestones, and up to $13.8 billion in sales milestones along with double-digit sales royalties, showcasing the company's global leading position in long-acting peptide and AI drug development [1][2] Event - The company announced the signing of a strategic R&D cooperation and licensing agreement with AstraZeneca to utilize its proprietary sustained-release drug delivery technology platform and peptide drug AI discovery platform to develop innovative long-acting peptide drugs, including a clinical-ready project SYH2082 (long-acting GLP1R/GIPR agonist) currently advancing to Phase I clinical trials, along with three preclinical projects with different mechanisms of action [1][2] Product Development - SYH2082 is a long-acting GLP1R/GIPR dual receptor agonist, designed for monthly administration, utilizing the sustained-release drug delivery technology platform and peptide drug AI discovery platform to achieve weight loss and metabolic improvement for obesity and weight management indications [2] - The company's sustained-release drug delivery technology platform (LiquidGel long-acting sustained-release system) employs innovative gel matrix and microsphere preparation technology to achieve stable sustained release of peptide drugs, significantly improving safety and tolerability [2] Pipeline and Collaboration - The company continues to advance its innovative drug pipeline, with multiple clinical products showing significant potential for external licensing, supported by diversified technology platforms and global strategic layout [2] - In 2025, the company successfully licensed several core products and innovative technology platforms, including ROR1 ADC (SYS6005) licensed to Radiance Biopharma with an upfront payment of $15 million and potential development, regulatory, and sales milestone amounts totaling up to $1.225 billion, and the oral small molecule GLP-1 receptor agonist SYH2086 licensed globally to Madrigal Pharmaceuticals with an upfront payment of $120 million and potential total collaboration value of up to $2.075 billion [2] Financial Forecast - The company forecasts revenues of 27.335 billion yuan, 28.333 billion yuan, and 30.047 billion yuan for 2025-2027, with net profits attributable to the parent company of 4.924 billion yuan, 5.086 billion yuan, and 5.416 billion yuan, corresponding to PE ratios of 25, 24, and 23, maintaining a "buy" rating [3]

Major Events - Singularity Guofeng (01280) sold all shares of China Silver Ray (Hong Kong) Investment Holdings Limited at zero cost [1] - ZTE Corporation (00763) plans to invest 117 million yuan to subscribe to Jianxing Zhanlu Fund shares [1] - Cloud Factory (02512) subsidiary won the bid for the second phase of the artificial intelligence industry base project [1] - CSPC Pharmaceutical Group (01093) received drug registration approval for Chlorpheniramine Lactate Injection [1] - Derin Holdings (01709) reported a Bitcoin balance of 84.555 BTC as of January 31 [1] - Baiguoyuan Group (02411) diluted its stake in Baiguoyuan Commercial Management to 51.02%, with core management investing to enhance new business layout [1] Operating Performance - XPeng Motors-W (09868) delivered 20,011 new vehicles in January [1] - Ruipulan Jun (00666) issued a profit warning, expecting a net profit of approximately 630 million to 730 million yuan in 2025, turning from loss to profit [1] - China Merchants Jinling (00978) projected a total contract sales amount of approximately 32.308 billion yuan in 2025, a year-on-year decrease of 23.91% [1] - China National Building Material (03323) issued a profit warning, expecting a shareholder loss of approximately 2.3 billion to 4 billion yuan in 2025, turning from profit to loss [1]

Group 1 - The Hong Kong Dividend ETF (ICBC, 159691) closed down 3.71% on February 2, with a trading volume of 472 million yuan [1] - The fund was established on March 30, 2023, with an annual management fee of 0.45% and a custody fee of 0.07% [1] - As of January 30, 2024, the fund's latest share count was 6.306 billion, with a total size of 8.691 billion yuan, reflecting a 3.43% decrease in shares and a 3.03% increase in size since December 31, 2025 [1] Group 2 - The current fund managers are Liu Weilin and He Shun, with Liu managing since March 30, 2023, achieving a return of 39.18%, while He is set to manage from May 30, 2024, with a return of 16.38% [2] - The fund's top holdings include China National Offshore Oil Corporation (14.55%), China Shenhua Energy (9.65%), and China Pacific Insurance (8.90%), among others [2][3]

Core Viewpoint - The announcement highlights that CSPC Pharmaceutical Group has received drug registration approval from the National Medical Products Administration of China for its Lercanidipine injection, which is a rapid-acting intravenous antihypertensive medication designed for patients who cannot take oral medications effectively [1] Group 1: Product Details - The Lercanidipine injection is classified as a dihydropyridine calcium channel blocker and is intended for the treatment of hypertension [1] - The product is available in two formulations: 25mg in a 50ml vial and 50mg in a 100ml vial [1] Group 2: Advantages - The product offers significant advantages over commonly used medications, including faster onset of action and the ability to achieve rapid, real-time, and precise blood pressure control [1] - It is particularly suitable for patients with liver and kidney dysfunction, as dosage adjustments are not required during treatment [1] - The formulation does not require dilution, which can significantly benefit patients at risk of fluid overload [1] Group 3: Market Impact - The approval of this product will enhance CSPC's product pipeline in the cardiovascular disease treatment sector, increasing its competitiveness in this field [1] - The product is expected to address the clinical demand gap for emergency hypertension medications [1]

Core Viewpoint - The approval of Chloride Dihydropyridine Injection by the National Medical Products Administration of China represents a significant advancement for the company in the cardiovascular treatment sector, addressing an unmet clinical need for emergency hypertension medications [1] Company Summary - The product is a dihydropyridine calcium channel blocker, classified as a rapid-acting intravenous antihypertensive drug, suitable for patients who cannot take oral medications or have poor expected responses to oral treatments [1] - The injection comes in two formulations: 50ml with 25mg and 100ml with 50mg [1] - The approval enhances the company's product pipeline in the cardiovascular disease treatment area, increasing its competitiveness in this field [1] Product Advantages - The product offers significant advantages over commonly used clinical medications, including faster onset of action, allowing for rapid, real-time, and precise blood pressure control [1] - It is particularly suitable for patients with liver and kidney dysfunction, as dosage adjustments are not required during treatment [1] - The product does not require dilution or preparation, which can significantly benefit patients at risk of fluid overload [1] Market Implications - The approval is expected to fill a clinical demand gap for emergency hypertension medications, thereby potentially increasing market share and revenue for the company in the cardiovascular sector [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年1月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 石藥集團有限公司 | | | | 呈交日期: | 2026年2月2日 | | | | I. 法定/註冊股本變動 不適用 | | | | FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 01093 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 11,522,451,732 0 11,522,451,732 增加 / 減少 (-) 0 0 本月底結存 11,522,451,732 0 11,522,451,732 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第 ...

Core Viewpoint - The approval of Chloride Dihydropyridine Injection by the National Medical Products Administration of China represents a significant advancement for the company in the treatment of hypertension, particularly for patients who cannot take oral medications [1] Group 1: Product Details - The product is a dihydropyridine calcium channel blocker, classified as a rapid-acting intravenous antihypertensive drug [1] - It is specifically designed for patients who are unsuitable for oral medication or have poor expected outcomes from oral treatments [1] Group 2: Advantages - The injection has notable advantages over commonly used clinical medications, including faster onset of action and the ability to achieve rapid, real-time, and precise blood pressure control [1] - It is particularly suitable for patients with liver and kidney dysfunction, as dosage adjustments are not required during treatment [1] - The product does not require dilution or preparation, which significantly benefits patients at risk of fluid overload [1] Group 3: Market Impact - The approval will enhance the company's product pipeline in the cardiovascular disease treatment sector, increasing its competitiveness in this field [1] - It is expected to address the clinical demand gap for emergency hypertension medications [1]

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。 （股份代號：1093） （於香港註冊成立之有限公司） 自願公告 氯維地平乳狀注射液獲藥品註冊批件 石 藥 集 團 有 限 公 司（「 本 公 司 」， 連 同 其 附 屬 公 司 統 稱「 本 集 團 」）董 事 會（「 董 事 會 」）欣 然 宣 佈，本集團開發的氯維地平乳狀注射液(50ml: 25 mg、100ml: 50mg)（「該產品」）已獲得中華人 民共和國國家藥品監督管理局頒發的藥品註冊批件。 該產品是二氫吡啶類鈣通道阻滯拮抗劑，屬於速效靜脈降壓藥，適用於治療不適宜口服或 預期口服藥物治療效果不佳的高血壓患者。與臨床常用的治療藥物相比，該產品具有以下 顯 著 優 勢 ： 起 效 更 快 ， 可 實 現 血 壓 的 快 速 、 實 時 、 精 準 調 控 ； 更 適 用 於 肝 腎 功 能 異 常 患 者 ， 其 用 藥 期 間 無 需 調 整 劑 量 ； 使 用 時 無 需 稀 釋 配 製 ...

Core Insights - On February 2, 2026, Alibaba-W (09988), Tencent Holdings (00700), and China Mobile (00941) were the top three companies by trading volume in the Southbound Stock Connect, with transaction amounts of 6.121 billion, 4.166 billion, and 3.225 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and SMIC (00981) also led the trading volume, with transaction amounts of 3.730 billion, 2.511 billion, and 2.012 billion respectively [1] Southbound Stock Connect Top Active Companies - Alibaba-W (09988) had a trading amount of 6.121 billion with a net buy of -0.816 billion [2] - Tencent Holdings (00700) recorded a trading amount of 4.166 billion with a net buy of +0.880 billion [2] - China Mobile (00941) had a trading amount of 3.225 billion with a net buy of -0.134 billion [2] - SMIC (00981) had a trading amount of 2.965 billion with a net buy of -29.8693 million [2] - Other notable companies included Xiaomi Group-W (01810) with a trading amount of 2.096 billion and a net buy of +0.391 billion [2] Shenzhen-Hong Kong Stock Connect Top Active Companies - Alibaba-W (09988) had a trading amount of 3.730 billion with a net buy of +0.488 billion [2] - Tencent Holdings (00700) recorded a trading amount of 2.511 billion with a net buy of +0.424 billion [2] - SMIC (00981) had a trading amount of 2.012 billion with a net buy of -1.32 billion [2] - Other significant companies included China Mobile (00941) with a trading amount of 1.401 billion and a net buy of +0.0651447 billion [2]