Core Viewpoint - The announcement highlights that the pharmaceutical company, Shiyao Group, has received approval from the National Medical Products Administration of China to conduct clinical trials for its novel Class 1 chemical drug, SYH2056, a selective 5-HT2A receptor agonist aimed at treating depression [1] Group 1: Product Details - SYH2056 is a selective 5-HT2A receptor agonist that improves the condition of patients with depressive disorders by activating the receptor, showing rapid onset of action and prolonged efficacy without causing hallucinogenic risks [1] - The approved clinical indication for SYH2056 is for the treatment of depression, with preclinical studies demonstrating its effectiveness in promoting the generation of dendrites and dendritic spines in central nervous neurons, indicating a potential for neuroplasticity [1] - In various animal models of depression, SYH2056 exhibited excellent antidepressant activity while significantly reducing the potential hallucinogenic risks associated with the target, along with favorable pharmacokinetic (PK) properties and safety, positioning it as a potential best-in-class antidepressant [1] Group 2: Market Potential - Given the numerous clinical treatment inadequacies of traditional antidepressants and the lack of new mechanism drug therapies for depressive disorders, SYH2056 has a broad clinical demand and high clinical development value [1]

石药集团(01093)公布，屈志勇先生已获委任为公司的执行董事，自2025年11月21日起生效。 ...

智通财经APP讯，石药集团(01093)公布，屈志勇先生已获委任为公司的执行董事，自2025年11月21日起 生效。 ...

格隆汇11月21日丨石药集团(01093.HK)宣布，屈志勇已获委任为公司之执行董事，自2025年11月21日起 生效。 ...

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的內容概不負責，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的任何損失承擔任何責任。 選擇性5 -HT2A受體激動劑（SYH2056片） 在中國獲臨床試驗批准 該產品為一種選擇性5 -HT2A受體激動劑，通過激活該受體改善抑鬱障礙患者的疾病狀態， 單次給藥即可快速起效，藥效持久，且不產生致幻風險。本次獲批的臨床適應症為用於治 療抑鬱症。臨床前研究顯示，該產品可有效促進中樞神經元的樹突與樹突棘生成，具有促 進神經重塑作用。在多種抑鬱動物模型中，該產品表現出優異的抗抑鬱活性，並且極大地 降低了該靶點可能存在的致幻風險，同時具有良好的藥代動力學(PK)特性和安全性，使其 具備成為一款同類最優(best-in-class)抗抑鬱藥物的潛力。目前，本集團已在國內外提交了該 產品的多項專利申請。 – 1 – CSPC PHARMACEUTICAL GROUP LIMITED 石 藥 集 團 有 限 公 司 鑒於傳統抗抑鬱藥物存在較多無法克服的臨床治療不足，且抑鬱障礙缺乏新機制的藥物治 療，該產品的臨 ...

（於香港註冊成立之有限公司） （股份代號：1093） 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 石 藥 集 團 有 限 公 司 本公司已與屈先生訂立為期三年之服務合約，並根據本公司之組織章程細則，彼須於本公 司之股 東週年大 會上輪值告 退及重選 。屈先生 有權收取每 月薪金人 民幣60,000 元及 其服務 合約訂 明之董事 袍金每年港 幣63,000 元。 此外，彼亦 有權收取 由董事會釐 定之按表 現酌情 發放之花紅。彼之酬金乃由董事會根據薪酬委員會之建議，並參考其經驗、於本公司之職 責、當前之市場慣例及本公司之薪酬政策而釐定。 – 1 – 承董事會命 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」）宣佈屈志 勇先生（「屈先生」）已獲委任為本公司之執行董事，自2025年11月21日起生效。 屈先生之履歷詳情載列如下： 屈先生，44歲，於20 ...

蔡東晨先生 （ 主席 ） 張翠龍先生 （ 副主席及行政總裁 ） 王振國先生 王懷玉先生 李春雷博士 姚兵博士 蔡鑫先生 陳衛平先生 屈志勇先生 下表提供董事會成員在董事委員會中所擔任的職位： 獨立非執行董事： 王波先生 CHEN Chuan先生 王宏廣教授 歐振國先生 羅卓堅先生 李泉女士 CSPC PHARMACEUTICAL GROUP LIMITED | 董事委員會 董事 | 審核委員會 | 提名委員會 | 薪酬委員會 | | --- | --- | --- | --- | | 蔡東晨先生 | | C | | | 王波先生 | M | M | M | | CHEN Chuan先生 | M | M | M | | 歐振國先生 | C | | C | | 李泉女士 | | M | | 石 藥 集 團 有 限 公 司 （股份代號：1093） （於香港註冊成立之有限公司） 董事名單與其角色和職能 石藥集團有限公司董事會（「董事會」）成員載列如下： 執行董事： 附註： C 有關董事委員會的主席 M 有關董事委員會的成員 香港，2025年11月21日 ...

Investment Rating - The report maintains an investment rating of "Buy" for the company with a target price of HKD 12.75 [7]. Core Views - The company achieved a revenue of RMB 19.89 billion for the first three quarters of 2025, representing a year-over-year decline of 12.3%, but a growth of 3.4% year-over-year in Q3 [1]. - The net profit attributable to the parent company for the first three quarters was RMB 3.51 billion, down 7.1% year-over-year, with Q3 profit showing a significant increase of 27% year-over-year [1]. - The revenue growth in Q3 is attributed to the narrowing decline in the prescription drug business and the gradual dissipation of the impact from centralized procurement [1][2]. - The company is optimistic about the continued market expansion of new products such as Omaguzumab and Mingfule under the backdrop of ongoing market development [1][2]. Summary by Sections Revenue and Profitability - The company reported a revenue of RMB 19.89 billion for 1-3Q25, with Q3 revenue showing a 3.4% year-over-year increase and a 5.7% quarter-over-quarter increase [1]. - The net profit for 1-3Q25 was RMB 3.51 billion, with Q3 profit at RMB 960 million, indicating a strong recovery in profitability [1]. Product Pipeline and Business Development - The report highlights the potential of the EGFR ADC pipeline, with ongoing clinical trials both domestically and internationally, indicating strong competitive advantages [3]. - The company confirmed BD revenue of RMB 1.54 billion in 1-3Q25, with expectations for continued BD opportunities in 2026 [4]. Future Outlook - The company anticipates a return to positive growth in prescription drug revenue by 2026, driven by new product launches and the absence of major products in the latest round of centralized procurement [2]. - The projected net profits for 2025-2027 are RMB 4.55 billion, RMB 4.63 billion, and RMB 5.03 billion respectively, with corresponding EPS estimates of RMB 0.40, RMB 0.40, and RMB 0.44 [5][10].

考虑研发投入加大，中金分别下调集团今明两年净利润12%、15%至47.6亿元、53.53亿元；维持"跑赢 行业"评级，下调目标价15%至11港元，分别对应今明两年24.4倍、21.4倍市盈率。 中金发表研报指，石药集团首三季收入198.91亿元，按年跌12.3%；归母净利润35.11亿元，按年跌 7.1%；经调净利润30.79亿元，按年跌23%，符合预期。第三季度收入66.18亿元，按年增长3.4%，按季 度增加5.7%，实现小幅正增长，业绩企稳。 ...

Core Viewpoint - Zhongyin International reports that CSPC Pharmaceutical Group (01093) experienced a 6% quarter-on-quarter revenue growth in Q3 2025, reaching 6.6 billion RMB, primarily due to the absorption of negative impacts on traditional oncology products. However, net profit decreased by 10% to 964 million RMB due to a significant increase in operating expenses. The target price is adjusted to HKD 8.5, maintaining a "Hold" rating, which corresponds to a 20x P/E ratio for 2026 [1]. Revenue and Profit Analysis - Q3 2025 revenue reached 6.6 billion RMB, reflecting a 6% quarter-on-quarter increase [1] - Net profit for Q3 2025 decreased by 10% to 964 million RMB, attributed to rising operating expenses [1] Management Guidance - Management maintains guidance for a mid-single-digit recovery in H2 2025 compared to H1 2025, despite uncertainties from the upcoming national centralized procurement renewal and strict control of medical insurance fund expenditures [1] - Anticipated product launches in H1 2026 include innovative products (e.g., Bai Zi II, KN026) and biosimilars (e.g., Omadubmab, Pertuzumab), although management remains cautious about the domestic market outlook for 2026 [1] Strategic Focus - To address domestic uncertainties, internationalization is emphasized as a key strategic priority [1] - R&D expenses are expected to increase by 15% to 20% year-on-year in 2026 [1] Revenue Forecast Adjustments - Zhongyin International maintains its 2025 revenue forecasts due to Q3 performance meeting expectations, but lowers revenue forecasts for 2026 and 2027 by 5.8% and 8.5%, respectively, due to uncertainties from national centralized procurement and potentially slower new product sales growth [1]