Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.12 HKD [8][9]. Core Views - The company reported a significant quarter-on-quarter improvement in 1Q25, with revenue of 7.015 billion RMB (-21.9% year-on-year, +11% quarter-on-quarter) and a net profit of 1.48 billion RMB (-8.4% year-on-year, +169% quarter-on-quarter) [1]. - Key drivers for the positive performance include the stabilization of core business and the recognition of upfront payments from Lp(a) and MAT2A small molecule BD transactions [2]. - The company is expected to see a gradual improvement in revenue and profit throughout the year, driven by the inventory cycle and new product launches [2]. - The EGFR ADC clinical trials are progressing rapidly, with promising data expected to enhance the company's international potential [3]. - The company is focusing on innovative pipelines, including HER2-targeted therapies and GLP-1 analogs, with expected market entries in the coming years [4]. Financial Projections - The company forecasts EPS of 0.49, 0.50, and 0.57 RMB for 2025, 2026, and 2027 respectively, with a target price based on a 19x PE ratio for 2025 [5]. - Revenue projections for 2025 are estimated at 31.101 billion RMB, with a conservative estimate of approximately 4 billion RMB in net profit for the year [2][19]. - The report anticipates a steady increase in revenue and profit margins, with a projected net profit margin of 18.31% for 2025 [19].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 10.12 [8][9]. Core Views - The company reported a significant quarter-on-quarter improvement in 1Q25, with revenue of RMB 7.015 billion (-21.9% year-on-year, +11% quarter-on-quarter) and a net profit of RMB 1.48 billion (-8.4% year-on-year, +169% quarter-on-quarter) [1]. - The improvement is attributed to stable core business performance and the recognition of upfront payments from Lp(a) and MAT2A small molecule BD transactions [2]. - The company is expected to see quarterly revenue and profit growth throughout the year, with a conservative estimate of approximately RMB 4 billion in annual core profits [2]. - The EGFR ADC clinical trials are progressing rapidly both domestically and internationally, indicating strong potential for overseas expansion [3]. - The company has a robust pipeline with significant BD progress and innovative platforms, enhancing its potential for international collaboration [4]. Financial Forecast and Valuation - The company’s EPS is projected to be RMB 0.49, 0.50, and 0.57 for the years 2025, 2026, and 2027 respectively, with a target PE of 19 times for 2025 [5]. - The estimated revenue for 2025 is RMB 31.101 billion, with a net profit of RMB 5.694 billion [19]. - The report highlights a significant reduction in sales expense ratio from 33% in 1Q24 to 24% in 1Q25, indicating improved cost management [2]. Key Metrics - The company’s market capitalization is approximately HKD 87.769 billion, with a closing price of HKD 7.62 as of May 29 [9]. - The projected revenue growth rates for the upcoming years are 7.21%, 8.35%, and 8.10% for 2025, 2026, and 2027 respectively [20].

Core Viewpoint - The Hong Kong stock market is undergoing significant changes, with a focus on the AI industry and the influx of quality companies, which is expected to drive future growth and investment opportunities [2][4]. Group 1: Market Performance - The Hang Seng Index opened down 0.99%, while the Hang Seng Tech Index fell by 1.26% [1]. - The influx of capital from mainland China is strengthening pricing power in the Hong Kong market, with expectations of continued inflows [2]. Group 2: Investment Opportunities - The AI industry is anticipated to lead the Hong Kong stock market upward, benefiting from high capital expenditure and the accumulation of scarce assets [2]. - Quality Chinese assets are seen as a fundamental basis for the sustainable growth of the Hong Kong stock market [3]. - The valuation of Hong Kong stocks is recovering, with the Hang Seng Index's PE ratio rising from approximately 7.5 times to 10.5 times, indicating room for further appreciation compared to historical highs [3]. Group 3: IPO Trends - The Hong Kong IPO market is expected to see a significant revival in 2025, providing a crucial window for domestic companies to raise foreign capital [3]. - The trend of A-share companies listing in Hong Kong is driven by strategic overseas expansion, regulatory advantages, and improved liquidity in the Hong Kong market [4]. Group 4: Government Policies - The Hong Kong government has implemented several supportive policies for the stock market, including lowering stamp duties and optimizing trading mechanisms to enhance market liquidity and attractiveness [5].

Core Viewpoint - CICC maintains the earnings forecast for CSPC Pharmaceutical Group (01093) for 2025 and 2026, with a target price increase of 26.5% to HKD 8.60, indicating a potential upside of 12.9% from the current stock price [1] Financial Performance - The company reported Q1 2025 results: revenue of CNY 7.015 billion (including BD revenue of CNY 718 million), down 21.9% YoY, but up 10.9% QoQ; net profit attributable to shareholders was CNY 1.478 billion (down 8.4% YoY, up 168.7% QoQ), and core net profit was CNY 1.411 billion (down 18.2% YoY, up 106.2% QoQ), aligning with CICC's expectations [2] Business Segment Analysis - Q1 2025 finished drug business faced pressure, with revenue of CNY 5.500 billion (down 27.3% YoY); specific segments included: CNS revenue CNY 1.908 billion (down 29.5% YoY), oncology CNY 552 million (down 65.7% YoY), anti-infection CNY 922 million (down 31.8% YoY), cardiovascular CNY 411 million (down 42.9% YoY), respiratory CNY 326 million (down 30.3% YoY), digestive metabolism CNY 299 million (down 4.7% YoY), and other finished drug products CNY 364 million (down 6.8% YoY); raw material drug revenue for Vitamin C was CNY 608 million (up 25.0% YoY) [3] Cost and Profitability Metrics - The company achieved a gross margin of 67.1% in Q1 2025 (down 5.2 percentage points YoY); the sales expense ratio improved to 23.7% (down 9.3 percentage points YoY), while the management expense ratio was 3.3% (down 0.4 percentage points YoY); R&D expense ratio was 23.7% (up 8.2 percentage points YoY), with expectations for annual R&D expenses to exceed CNY 5.5 billion [4] Innovation and Future Prospects - The company is optimistic about the clinical data readouts for key innovative products and the successful execution of BD transactions; SYS6010 (EGFR ADC) is under exploration with multiple clinical trials ongoing, and the company anticipates more significant BD transactions this year to enhance shareholder returns [5]

港股医药股走强 石药集团涨近8% 智通财经5月30日电，截至发稿，石药集团(01093.HK)涨7.61%、康哲药业(00867.HK)涨5.85%、信达生 物(01801.HK)涨3.86%、凯莱英(06821.HK)涨2.33%。 ...

Group 1 - The stock price of CSPC Pharmaceutical Group Limited (01093.HK) closed at HKD 7.620 on May 29, marking an increase of 11.73% from the previous trading day, with an intraday high of HKD 7.800, reaching a nearly one-year high [1] - The net capital inflow for the day was HKD 40,423.60 million, with a total inflow of HKD 167,151.474 million and outflow of HKD 126,727.872 million [1] - CSPC Pharmaceutical is a well-known pharmaceutical company listed in Hong Kong, established in 1994, and became a constituent of the Hang Seng Index in 2018, being the first pharmaceutical stock in the index [1] Group 2 - CSPC Pharmaceutical operates in two main business segments: finished drugs and active pharmaceutical ingredients, with a core development strategy focused on innovative drugs [1] - The company has a strong product portfolio in therapeutic areas such as neurological diseases, oncology, anti-infection, and cardiovascular diseases, with popular innovative products including 'Enbipu', 'Domis', 'Jin You Li', 'Ke Ai Li', and 'Xuan Ning' [1] - The active pharmaceutical ingredients include Vitamin C, antibiotics, and caffeine series, with the main production base located in Shijiazhuang, Hebei Province, China [1] Group 3 - CSPC Pharmaceutical has an international R&D team with research bases in Shijiazhuang, Shanghai, Beijing, and the United States, focusing on small molecule targeted drugs, nano drugs, monoclonal antibodies, bispecific antibodies, antibody-drug conjugates, and immunobiological drugs [2] - The "CSPC" brand has been recognized as one of the "Top 500 Most Valuable Brands in China" by the World Brand Lab for over ten consecutive years since 2004 [2] - The company actively participates in social responsibility initiatives, supporting various charitable activities during significant events such as SARS, the Indonesian tsunami, and major earthquakes, demonstrating a commitment to giving back to society [2]

• 10+ Production bases for pharmaceutical products • Nano formulation production capacity of 20M doses/year; Biologics fermentation capacity of 250,000L • Chemical drugs production capacity of OSD ~30B tablets/year, production capacity of injection ~3B doses/year 5 • mRNA vaccine commercial production workshop has been built； siRNA commercial production line is under construction Commercialisation Capabilities • 10,000+ professional sales personnel • 35,000+ medical institutions, and 350,000+ drug stores • ...

石药集团公告，截至2025年3月31日止三个月，收入为70.15亿元，同比下降21.9%。股东应占溢利为 14.78亿元，同比下降8.4%。基本每股盈利为人民币12.91分，同比下降5.1%。 ...

石药集团第一季度营收70.1亿元人民币，预估86.7亿元人民币。 销售及分销开支16.6亿元人民币。 研发支出13.0亿元人民币。 ...

智通财经5月29日电，石药集团在港交所公告称，第一季度营收70.1亿元，第一季度研发支出13亿元。 ...