Group 1 - The core viewpoint of the article highlights the performance and strategic focus of CSPC Pharmaceutical Group Limited, emphasizing its strong product portfolio in various therapeutic areas and its innovative drug development strategy [1][2][3] Group 2 - As of the first quarter of 2025, CSPC Pharmaceutical Group reported total revenue of 7.015 billion yuan and a net profit of 1.478 billion yuan [2] - The company’s stock price increased by 2.07% to 9.86 yuan per share, with a trading volume of 0.852 billion yuan as of 11:40 AM on August 5 [1]

Summary of CSPC Pharmaceutical Group Conference Call Company and Industry Overview - **Company**: CSPC Pharmaceutical Group (Ticker: 1093.HK) - **Industry**: China Healthcare Key Points and Arguments - **Licensing Agreement**: CSPC has signed a licensing agreement with Madrigal for exclusive development and commercial rights to SYH2086, an oral GLP-1 in preclinical stage. The deal includes an upfront fee of **US$120 million**, potential total milestones of up to **US$1.955 billion**, and a double-digit share of sales royalties [1][6] - **Madrigal's Asset**: Madrigal's lead asset, Rezdiffra (resmetirom), is a once-daily oral THR-beta agonist approved for F2-F3 MASH by the US FDA in March 2024 and is currently undergoing Phase 3 trials for F4c MASH [1] - **Financial Position of Madrigal**: As of March 2025, Madrigal holds **US$848 million** in cash and has a **US$500 million** secured credit facility [1] - **Out-licensing Deals**: This marks CSPC's sixth out-licensing deal in the last 10 months, indicating the company's strong drug discovery platforms and commitment to globalization. The deal is viewed as a positive surprise and is not part of the anticipated **~US$5 billion** in out-licensing deals expected to be completed in 2025 [6] - **Future Expectations**: CSPC is expected to announce two more major out-licensing deals, specifically for SYS6010 (EGFR ADC) and another technology platform [6] Financial Metrics and Valuation - **Stock Rating**: Overweight - **Price Target**: HK$9.60 - **Current Stock Price**: HK$10.10 (as of July 30, 2025) - **Market Capitalization**: HK$120,751 million - **Revenue Projections**: - 2025: **Rmb 29,036 million** - 2026: **Rmb 30,513 million** - 2027: **Rmb 30,978 million** [4] - **Earnings Per Share (EPS)**: - 2025: **Rmb 0.45** - 2026: **Rmb 0.46** - 2027: **Rmb 0.44** [4] - **Valuation Methodology**: Discounted cash flow methodology with a cost of equity of **10.1%** and a perpetual growth assumption of **4%** [7] Risks Identified - **Upside Risks**: - Stronger-than-expected sales ramp-up for innovative drugs - Better-than-expected margin improvement - Pipeline advancement - Increasing business development [9] - **Downside Risks**: - API price fluctuations - Pipeline failures or delays - Rising operating costs - Government price cuts or reimbursement controls [9] Additional Insights - **Analyst Certification**: Analysts involved have certified that their views are accurately expressed and have not received compensation for specific recommendations [14] - **Market Activity**: CSPC is actively involved in the market, with Morgan Stanley acting as a liquidity provider for its securities [57] This summary encapsulates the critical aspects of CSPC Pharmaceutical Group's recent developments, financial outlook, and market positioning, providing a comprehensive overview for potential investors and stakeholders.

信达证券表示，创新药行情持续火热，我们认为得益于多个重要BD项目陆续落地：1）7月28日，恒瑞 医药将自主研发的PDE3/4抑制剂创新药HRS-9821的海外权益授权给GSK，此外双方将共同开发其他11 个项目，GSK拥有独家选择权以及某些项目替换权，恒瑞医药将获得首付款5亿美元，里程碑付款潜在 总金额约120亿美元，分梯度的销售提成。 2）7月30日，石药集团将口服小分子GLP-1受体激动剂SYH2086的海外权益授权给Madrigal，石药集团 将获得总包金额20.75亿美元，包括预付款1.2亿美元、最高潜在里程碑付款19.55亿美元。 3）8月1日，乐普生物将两款临床前T细胞衔接器（TCE）项目的海外权益授权给Excalipoint，其中 CTM012已获IND批准，另一款为CTM013，乐普生物将获得首付款1,000万美元，Excalipoint股份10%， 最高潜在里程碑付款8.475亿美元，低位数至中位数百分比阶梯式特许权使用费。 相关ETF方面，港股创新药精选ETF（520690）高开，盘中涨近2%，成交额近1500万，持续溢价，买盘 强烈。成分股中近全数上涨，亚盛医药-B涨近5%；诺诚健华、信 ...

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (74.76%), Gree Power (70.14%), and China Shenhua (67.05%) [1] - The largest increases in holdings over the last five trading days were seen in the following companies: Yingfu Fund (+2.967 billion), Li Auto-W (+2.821 billion), and Hang Seng China Enterprises (+2.531 billion) [1] - The largest decreases in holdings over the last five trading days were recorded for Pop Mart (-807 million), China Mobile (-777 million), and Geely Automobile (-630 million) [2] Group 1: Hong Kong Stock Connect Holding Ratios - China Telecom (00728) holds 10.377 billion shares with a holding ratio of 74.76% [1] - Gree Power (01330) has 284 million shares and a holding ratio of 70.14% [1] - China Shenhua (01088) possesses 2.265 billion shares with a holding ratio of 67.05% [1] Group 2: Recent Increases in Holdings - Yingfu Fund (02800) saw an increase of +2.967 billion with a change of +11.772 million shares [1] - Li Auto-W (02015) increased by +2.821 billion with a change of +2.787 million shares [1] - Hang Seng China Enterprises (02828) rose by +2.531 billion with a change of +2.782 million shares [1] Group 3: Recent Decreases in Holdings - Pop Mart (09992) experienced a decrease of -807 million with a change of -321.66 thousand shares [2] - China Mobile (00941) saw a reduction of -777 million with a change of -908.28 thousand shares [2] - Geely Automobile (00175) decreased by -630 million with a change of -3,480.90 thousand shares [2]

Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical and biotechnology industry, indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [31]. Core Insights - The pharmaceutical and biotechnology sector has shown strong performance, with an overall increase of 2.95% in the last week, outperforming the CSI 300 index by 4.70 percentage points. Year-to-date, the sector has risen by 22.31%, ranking second among 31 industries [3][12]. - The current PE valuation for the pharmaceutical and biotechnology sector stands at 30.88 times, which is at the historical median level, with a valuation premium of 148% compared to the CSI 300 index [17]. - Notable stock performances include Nanjing New Pharmaceutical with a 78.01% increase, followed by Lide Medical and Chenxin Pharmaceutical with increases of 46.45% and 40.88%, respectively [23][24]. Market Performance - The pharmaceutical and biotechnology sector ranked first among 31 industries last week, with a 2.95% increase, while the top three sub-sectors were chemical pharmaceuticals, traditional Chinese medicine II, and biological products, with increases of 5.01%, 3.12%, and 2.69%, respectively [11]. - Year-to-date, the top-performing sub-sectors include chemical pharmaceuticals, medical services, and biological products, with increases of 40.97%, 35.89%, and 16.54%, respectively [12]. Industry News - Heng Rui Medicine has entered into an agreement with GSK for the global exclusive rights to the PDE3/4 inhibitor HRS-9821, with an upfront payment of $500 million and potential milestone payments totaling approximately $12 billion [4][25]. - CSPC Pharmaceutical has signed an exclusive licensing agreement with Madrigal for the oral small molecule GLP-1 receptor agonist SYH2086, with a total potential value of up to $2.075 billion [4][26]. - Borui Pharmaceutical is collaborating with China Resources Sanjiu to further develop the BGM0504 injection, a dual agonist for GLP-1 and GIP receptors, which is currently in the critical phase of clinical trials [4][27]. Investment Recommendations - The report suggests that the innovative drug sector remains a core investment theme for the second half of the year, with a focus on GLP-1 dual-target new drugs and various sub-sectors such as CXO, medical devices, traditional Chinese medicine, chain pharmacies, and medical services [5][28]. - Recommended stocks include Betta Pharmaceuticals, Teva Biopharmaceuticals, Kaili Medical, Haier Biomedical, Huaxia Eye Hospital, and Lao Bai Xing [5][28].

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: | 2025年7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: | 2025年8月4日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | 11,518,751,732 | | 0 | | 11,518,751,732 | | 增加 / 減少 (-) | | | 3,2 ...

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of August 4, 2025 [1] Core Insights - The innovation environment in the pharmaceutical industry continues to improve, with significant growth in global pharmaceutical transactions, particularly involving Chinese companies, which contributed nearly 50% of the total transaction value [2] - The report emphasizes the importance of weight loss direction in authorized collaborations, highlighting recent partnerships and clinical advancements in GLP-1 dual receptor agonists [3] - The CXO sector is expected to gradually recover following a supply-side cleansing, with an increase in license-out transactions and a notable rise in biotech funding [4] - TCE technology is being continuously updated, with promising clinical data emerging from various trials, indicating a strong market potential for TCE-based therapies [5] - The report highlights the growing trend of business development (BD) in the autoimmune sector, with significant clinical data supporting new treatments [6] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical sector outperformed the CSI 300 index by 4.70 percentage points in the last week, with a 2.95% increase in the pharmaceutical and biotechnology index [19] - Over the past month, the pharmaceutical sector outperformed the CSI 300 index by 10.20 percentage points, with a 13.02% increase [22] 2. Pharmaceutical Sector Trends and Valuation - The current PE (TTM) for the pharmaceutical and biotechnology industry index is 39.10 times, above the 5-year historical average of 31.99 times [41] 3. Recent Research Achievements - The report lists various recent research achievements by the Huaxin pharmaceutical team, including deep reports on the growth trends in the blood products industry and the impact of policies on inhalation formulations [46] 4. Recent Industry Policies and News - The report discusses recent policies aimed at supporting the high-quality development of innovative drugs, including measures to enhance the entry of innovative drugs into basic medical insurance [48]

Investment Rating - The report indicates a positive outlook for the pharmaceutical and biotechnology sector, with a focus on innovative drug licensing collaborations [1]. Core Insights - The pharmaceutical and biotechnology sector experienced a weekly increase of 2.08%, outperforming the Wind All A index (-1.09%) and the CSI 300 index (-1.75%) during the week of July 28 to August 1 [2][7]. - Significant collaborations in innovative drug licensing were highlighted, including a $500 million upfront payment from Hengrui Medicine to GlaxoSmithKline for the licensing of HRS-9821 and 11 other projects [2][12]. - The report notes a shift in the focus of innovative drug assets from oncology to a broader range of therapeutic areas, including respiratory, metabolic, and immune diseases, indicating an increase in global competitiveness of domestic innovative drugs [2][12]. Weekly Market Review - The chemical preparations sector led the gains with a 5.48% increase, followed by other biological products (5.36%) and medical research outsourcing (4.07%). In contrast, medical devices (-1.43%), blood products (-0.7%), and hospitals (-0.69%) saw declines [2][10]. - Notable individual stock performances included Nanjing New Drug Co. (78%), Lide Man (46.4%), and Chenxin Pharmaceutical (40.9%) as top gainers, while *ST Suwu (-15.1%), Sanofi Biologics (-10.1%), and Botao Biologics (-9.5%) were the biggest losers [2][11]. Industry News and Key Company Announcements - The report mentions that Anhui Province has initiated the collection of information on biosimilar drugs, with plans to start centralized procurement for monoclonal antibodies in early 2025 [2]. - Key events included the announcement of a strategic investment by GSK in Hengrui Medicine, and a licensing agreement between CSPC and Madrigal for the oral GLP-1 receptor agonist SYH2086, which could yield up to $20.75 billion in potential revenue [2][12][13]. - The report also highlights the approval of various drugs and clinical trials, including the positive preliminary data for IMM2510 in treating non-small cell lung cancer [12][13][14].

证券研究报告 2025 年 8 月 3 日 湘财证券研究所 行业研究 创新药行业周报 国内医药龙头公司在研创新管线价值开启密集兑现 ——创新药行业周报（7.28-8.3） 相关研究： 注：相对收益与沪深 300 相比 分析师：张德燕 证书编号：S0500521120003 Tel：(8621) 50295326 Email：zhangdy @xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 市场分析与展望 ❑ 投资建议 2025 年国内创新药产业有望迎来拐点，产业运行趋势由资本驱动转向盈 利驱动，板块有望迎来业绩与估值双重修复投资机会。 基本面边际变化持续支撑二级市场回暖。 1、盈利元年：创新产品陆续商业化，头部创新药企业开启盈利周期。 | 1.《国内创新药资产持续得到国内 | | --- | | 外产业资本认可，产业拐点来临》 | | 2025.7.20 | | 2.《COPD落地重磅交易，关注呼吸 | | 赛道创新驱动机遇》 2025.7.12 | 行业评级：买入（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 10.2 17.0 34.1 绝对收益 1 ...

Investment Rating - The report maintains a strong confidence in the pharmaceutical sector for a reversal trend in 2025, emphasizing innovation drugs as the main investment theme [4]. Core Views - The report highlights significant BD collaborations by leading domestic pharmaceutical companies, indicating a rich pipeline of innovative drugs entering the monetization phase [1][39]. - It suggests focusing on innovative drugs addressing unmet clinical needs, particularly in chronic diseases and cancer [2][4]. - The report notes the ongoing normalization of centralized procurement in medical devices, which is expected to enhance market share for quality domestic companies [41][42]. Summary by Sections Pharmaceutical Sector - Recent collaborations include Heng Rui Medicine's partnership with GSK for 12 innovative projects, with an upfront payment of $500 million and potential milestone payments of $12 billion [1][39]. - The report indicates that the innovative drug sector is experiencing upward momentum, with the China Innovation Drug Index rising by approximately 0.52% [21]. - The report emphasizes the importance of leading pharmaceutical companies' internationalization and resource integration capabilities [2][39]. Medical Devices - The centralized procurement process is advancing, with a focus on drug-coated balloon and urological intervention medical consumables [41][42]. - The report anticipates that quality domestic enterprises will gain higher market shares due to successful bids in procurement [42]. Biopharmaceuticals - Sanofi reported a 10.1% increase in global sales for Q2 2025, driven by the sales of Dupixent, which grew by 21.1% year-on-year [47][48]. - Dupixent has been approved for COPD treatment in 13 countries, with further approvals expected [50]. Medical Services and Consumer Healthcare - The implementation of a childcare subsidy policy is expected to release pent-up demand for IVF services and enhance industry penetration [56][57]. Key Investment Targets - The report identifies key investment targets including Kelun-Botai, Renfu Pharmaceutical, Huadong Medicine, and others [5].