智通财经APP获悉，海通国际发布研报称，维持石药集团(01093)"优于大市"评级与目标价11.34港元， 前三季度营收同比有所下滑，但第三季度单季业绩已显现回暖迹象，成药收入环比增长10%，归母净利 润同比增长27%，公司通过加大研发投入并优化销售费用，积极推动创新药放量及资产出海(如SYS6010 等)，管理层对2026年成药业务恢复正增长及未来BD成果持乐观态度。 海通国际主要观点如下： 业绩表现 -呼吸系统收入3.2亿元(同比+73%，环比+28%) -消化代谢收入2.5亿元(同比+14%，环比+8%) 9M25石药集团实现收入199亿元(同比-12%)，其中成药收入155亿元(同比-17%)，原料药收入30亿元(同 比+10%)，功能食品及其他业务14亿元(同比+11%)。公司实现毛利率65.6%(同比下滑4.9ppts)；研发费用 42亿元(同比+8%)，研发费用率21.0%(同比提高3.9ppts)；销售费用率24.1%(同比减少5.1ppts)。前三季度 石药集团实现归母净利润35亿元(同比-7%)。管理层预计2026年成药销售有望恢复正增长，但同时也表 示仿制药集采续约规则目前仍有不确定性。 ...

每经AI快讯，石药集团(01093.HK)涨超6%，截至发稿，涨6.56%，报8.27港元，成交额3.14亿港元。 ...

港股医药生物板块走强，荣昌生物、石药集团、三生制药涨超6%，复宏汉霖、基石药业、中国生物制 药涨幅居前。 ...

Core Viewpoint - The approval of the clinical trial application for ActRIIA/B antibody JMT206 by the company marks a significant advancement in obesity treatment, contributing to a notable increase in stock price [1] Group 1: Company Developments - The stock price of the company increased by 6.56%, reaching HKD 8.27, with a trading volume of HKD 314 million [1] - The clinical trial application for JMT206 was approved on November 25, aimed at treating obesity [1] Group 2: Product Details - JMT206 is a potent ActRIIA/B antibody with an IC50 in the pM range for blocking Actvin A, GDF8, and GDF11-induced ActRIIA/B activation [1] - The preclinical research data for JMT206 was disclosed at ObesityWeek in November, showing cross-species activity in humans, monkeys, rabbits, rats, and mice [1] - In a three-week treatment on mice, weight gain ranged from 8.12% to 22.12%, with weight gain associated with muscle increase [1] - When combined with semaglutide, JMT206 increased fat loss and reduced muscle loss, with a subcutaneous bioavailability of 65% in monkeys [1]

Core Viewpoint - The stock price of CSPC Pharmaceutical Group (01093) has increased by over 6%, reaching HKD 8.27, following the approval of its clinical trial application for the JMT206 injection for obesity treatment [1] Group 1: Clinical Trial Approval - On November 25, CSPC Pharmaceutical Group received approval for the clinical trial application of its ActRIIA/B antibody JMT206, aimed at treating obesity [1] - The company presented preclinical research data for JMT206 at ObesityWeek in November, highlighting its effectiveness as a potent ActRIIA/B antibody [1] Group 2: Mechanism and Efficacy - JMT206 has an IC50 in the pM range for blocking Actvin A, GDF8, and GDF11-induced ActRIIA/B activation, demonstrating cross-species activity across humans, monkeys, rabbits, rats, and mice [1] - In a three-week treatment on mice, JMT206 resulted in a weight increase of 8.12% to 22.12%, with weight gain associated with muscle increase [1] - When combined with semaglutide, JMT206 enhances fat loss while reducing muscle loss, and the subcutaneous bioavailability in monkeys is reported to be 65% [1]

| 股票名称 | 机构名称 | 性质 | 变动前持股 | 变动后持股 | 持股比 | | --- | --- | --- | --- | --- | --- | | 石四药集团 | 曲继广 | 好仓 | 12.22 亿股 | 12.24 亿股 | 41.46%(最新) | | (02005) | | | | | 41.39%(前次) | | 石药集团(01093) | 蔡东晨 | 好仓 | 28.87 亿股 | 28.97 亿股 | 25.14%(最新) | | | | | | | 25.06%(前次) | 智通财经APP获悉，石四药集团(02005)、石药集团(01093)于2025年11月26日进行了最新股东权益披 露。 备注：持股数变动有可能因供股、合股、拆股等情况引起，请注意对照实际情况进行辨别。 ...

格隆汇11月26日丨根据联交所最新权益披露资料显示，2025年11月25日，石药集团(01093.HK)获执行董事兼主席蔡东晨在场内以每股均价7.7935港元增持 1030万股，涉资约8027.31万港元。 增持后，蔡东晨最新持股数目为2,897,284,670股，持股比例由25.06%上升至25.14%。 | 股份代號: | 01093 | | --- | --- | | 上市法國名稱: | 石藥集國有限公司 | | 日期 (日 / 月 / 年): | 26/10/2025 - 26/11/2025 | | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | | --- | --- | --- | --- | --- | --- | --- | | | 種 | 原因 | 股份數目 | | （請參閱上述 * 註 | | | | | | | | 产品 份百分比 | | | | | | | | (%) | | | DA20251125E00183 | 10,300,000(L 蔡東晨 | 1101(L ...

研究报告 Research Report 25 Nov 2025 石药集团 CSPC Pharmaceutical Group (1093 HK) 9M25 业绩回顾：成药各板块收入环比改善；关注管线对外授权机会 9M25 Results Review: Sales from All Finished Drug Segments Improved Q-Q; Eyes on Out-Licensing Opportunities 评级 优于大市 OUTPERFORM 现价 HK$7.77 目标价 HK$11.34 HTI ESG 3.0-2.5-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$89.53bn / US$11.51bn 日交易额 (3 个月均值) US$174.59mn 发行股票数目 11,522mn 自由流通股 (%) 68% 1 年股价最高最低值 HK$11.48-HK$4.34 注：现价 HK$7.77 为 2025 年 11 月 25 日收盘价 资料来源： Factset 1mth 3mth 12m ...

智通财经APP获悉，香港联交所最新资料显示，11月25日，主席兼执行董事蔡东晨增持石药集团 (01093)1030万股，每股作价7.7935港元，总金额约为8027.31万港元。增持后最新持股数目约为28.97亿 股，最新持股比例为25.14%。 ...

Group 1 - Recent collaboration between Anbiping (688393.SH) and CSPC Pharmaceutical Group (1093.HK) focuses on the development of C-MET companion diagnostics [1] - Anbiping will be responsible for the development of immunohistochemistry companion diagnostic products and the commercialization of IVD/CDx kits, enhancing clinical applications for cancer patients [2] - CSPC Pharmaceutical Group, established in 1997, has maintained double-digit growth in key operational metrics and is recognized for its innovative development in the pharmaceutical industry [3] Group 2 - CSPC has two national key laboratories and over 60 products with annual sales exceeding 100 million, covering APIs, chemical drugs, biological drugs, and functional foods [3] - Anbiping, founded in 2005, is the first listed company in China focusing on pathology diagnostics, with over 200 self-developed immunohistochemistry antibodies and advanced digital + AI-assisted diagnostic products [4] - Anbiping serves over 3,000 medical institutions nationwide through its comprehensive business model that includes tumor screening, pathology diagnosis, smart pathology, and pathology services [4]