Core Viewpoint - The report from Open Source Securities highlights that CSPC Pharmaceutical Group (01093) is intensifying its focus on innovation, establishing eight major technology platforms, and has over 130 projects in its pipeline, indicating a period of concentrated value realization for its innovations [1] Financial Projections - The firm forecasts the net profit attributable to the parent company for 2025-2027 to be 4.915 billion, 5.272 billion, and 5.714 billion yuan respectively, with EPS projected at 0.4, 0.5, and 0.5 yuan, corresponding to PE ratios of 21.4, 20.0, and 18.4 times [1] Innovation and Collaborations - CSPC has achieved multiple external licensing agreements for several innovative products in recent years, including Lp(a), MAT2A, ROR1ADC, and irinotecan liposome, with expected revenue recognition from these licenses in 2025 [1] - The company is currently in discussions with international pharmaceutical firms regarding various innovative drug projects, including a collaboration with AstraZeneca in June to co-develop a new oral small molecule candidate using an AI-driven drug discovery platform [1] - In July, CSPC announced the global licensing of its small molecule GLP-1 receptor agonist SYH2086 to Madrigal Pharmaceuticals, which includes a $120 million upfront payment [1] R&D Platform and Growth Potential - The company's R&D platform is entering a realization phase, and the achievement of multiple licensing agreements is expected to become its second growth curve [1]

Core Viewpoint - The report from Kaiyuan Securities highlights that CSPC Pharmaceutical Group (01093) is intensifying its focus on innovation, establishing eight major technology platforms, and has over 130 projects in its pipeline, indicating that the value of its innovations is entering a concentrated realization phase [1] Financial Projections - The company is expected to achieve net profit attributable to shareholders of 4.915 billion, 5.272 billion, and 5.714 billion yuan for the years 2025 to 2027, respectively [1] - Earnings per share (EPS) are projected to be 0.4, 0.5, and 0.5 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 21.4, 20.0, and 18.4 times [1] Innovation and Collaborations - CSPC has recently entered into multiple external licensing agreements for several innovative products, including Lp(a), MAT2A, ROR1 ADC, and irinotecan liposome, with expected revenue recognition from these licenses in 2025 [1] - The company is actively negotiating licensing agreements for various innovative drug projects with international pharmaceutical companies, including a collaboration with AstraZeneca in June to develop a new oral small molecule candidate driven by AI [1] - In July, CSPC announced the global licensing of its small molecule GLP-1 receptor agonist SYH2086 to Madrigal Pharmaceuticals, which includes a $120 million upfront payment [1] - The realization of revenue from multiple pipelines is anticipated to become a second growth curve for the company [1]

Key Points - The article highlights the net inflow and outflow of funds for various companies in the Hong Kong market, with Alibaba-W leading the inflow [1][2] - It provides detailed statistics on the top companies with the highest net inflows and outflows, indicating market trends [2][3] Group 1: Net Inflows - Alibaba-W (09988) recorded a net inflow of 5.042 billion, representing a 20.09% increase in its closing price to 161.600 [2] - Meituan-W (03690) saw a net inflow of 2.098 billion, with a 14.37% increase in its closing price to 105.200 [2] - Changfei Optical Fiber (06869) had a net inflow of 0.989 billion, with an 18.51% increase in its closing price to 54.150 [2] Group 2: Net Outflows - Xiaomi Group-W (01810) experienced the highest net outflow of -0.644 billion, with a -6.48% change in its closing price to 57.850 [2] - China Mobile (00941) had a net outflow of -0.514 billion, reflecting a -25.37% decrease in its closing price to 86.600 [2] - Stone Pharmaceutical Group (01093) faced a net outflow of -0.415 billion, with an -18.51% change in its closing price to 10.010 [2] Group 3: Net Inflow Ratios - The top net inflow ratio was recorded by Standard Chartered Hong Kong 100 (02825) at 100.00%, with a net inflow of 0.0187 million [3] - Datang New Energy (01798) had a net inflow ratio of 53.77%, with a net inflow of 0.03897 million [3] - Jiangsu Ninghu Highway (00177) reported a net inflow ratio of 53.56%, with a net inflow of 0.02301 million [3] Group 4: Net Outflow Ratios - China National Heavy Duty Truck Group (03808) had the highest net outflow ratio at -66.74%, with a net outflow of -0.06031 billion [3] - Q Technology (01478) recorded a net outflow ratio of -51.13%, with a net outflow of -0.03931 billion [3] - China State Construction International (03311) faced a net outflow ratio of -44.37%, with a net outflow of -0.05668 billion [3]

Core Viewpoint - The Hong Kong Innovative Drug ETF (159567) has shown significant growth in both share volume and fund size since its inception, indicating strong investor interest in the innovative drug sector [1][2]. Fund Performance - As of September 18, 2024, the fund's share volume reached 8.17 billion shares, with a total size of 7.839 billion yuan, reflecting an increase of 1966.38% in share volume and 1974.81% in size compared to its initial figures on December 31, 2023 [1]. - The fund manager, Ma Jun, has achieved a return of 90.14% since taking over management on January 3, 2024 [2]. Trading Activity - The ETF recorded a trading volume of 12.58 billion yuan on September 19, 2024, with an average daily trading amount of 18.71 billion yuan over the last 20 trading days [1]. - Year-to-date, the ETF has accumulated a total trading amount of 206.404 billion yuan over 176 trading days, averaging 11.73 billion yuan per day [1]. Top Holdings - The ETF's major holdings include: - Innovent Biologics (9.52% holding, 263 million yuan market value) - WuXi Biologics (9.47% holding, 258 million yuan market value) - BeiGene (8.73% holding, 238 million yuan market value) - CanSino Biologics (7.62% holding, 208 million yuan market value) - China National Pharmaceutical Group (7.17% holding, 196 million yuan market value) [2].

Core Viewpoint - The company, 石药集团 (Stone Group), announced the grant of 9 million restricted shares to an employee under its restricted share award plan, pending acceptance by the recipient [1] Group 1 - The grant involves a total of 9 million restricted shares [1] - The recipient of the shares is an employee who is not a director, CEO, or a major shareholder, nor connected to any of these individuals [1] - The grant will only be effective upon acceptance by the recipient [1]

Group 1 - The company, CSPC Pharmaceutical Group (stock code: 01093), announced the grant of 9 million restricted shares to an employee under its restricted share award plan, pending acceptance by the grantee [1]

Group 1 - The company, Stone Pharmaceutical Group (01093.HK), announced the issuance of 9 million restricted shares as part of its restricted share award plan to an employee who is not a director, CEO, or a major shareholder [1] - The award is contingent upon the acceptance by the designated employee [1] - The announcement was made on September 19, 2025 [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份內容而產 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 （股份代號：1093） （於香港註冊成立之有限公司） 自願公告 根據本公司股份獎勵計劃授出股份獎勵 謹此 提述 石藥 集團 有限 公司（「本 公司」）於 2018 年8 月 20 日 刊發 有關 採納 本公 司限 制性 股份 獎勵計劃（「該計劃」）之公告（「該公告」）。誠如本公司日期為2024年5月21日之自願公告所披 露，該計劃之條款其後已作出修訂。除本公告另有界定外，本公告所用詞彙與該公告所界 定者具有相同涵義。 根據該計劃授出股份獎勵 董事會宣佈，於2025年9月19日，本公司根據該計劃向本集團的一名僱員（「承授人」）（ 其並 非 本 公 司 董 事 、 行 政 總 裁 或 主 要 股東 或 彼 等 任 何 人 士 之 聯 繫 人 士（ 定 義見 上 市 規 則 ））無 償 授 出 涉 及 合 共 ...

Core Viewpoint - The company has announced a share buyback plan totaling up to HKD 10 billion, in addition to a completed buyback of HKD 3.87 billion, indicating a strong commitment to returning value to shareholders [1] Group 1: Share Buyback Details - The company completed a share buyback of HKD 3.87 billion in the first half of 2024 [1] - The board has approved an additional share buyback plan of up to HKD 10 billion [1] - As of September 19, approximately HKD 7.73 billion has been utilized to repurchase a total of about 164 million shares [1] Group 2: Future Buyback Plans - Starting from September 19, the company plans to repurchase up to HKD 50 billion in shares over the next 24 months, excluding the previously mentioned HKD 10 billion [1] - The repurchased shares will be canceled [1]

CSPC PHARMACEUTICAL GROUP LIMITED 石藥集團有限公司 （根據公司條例在香港註冊成立） (Stock Code: 1093) （股份代號：1093） NOTIFICATION LETTER 通知信函 Dear Non-registered holder (Note) , CSPC Pharmaceutical Group Limited (the "Company") — Notice of Publication of 2025 Interim Report (the "Current Corporate Communications") The English and Chinese versions of the Current Corporate Communications are available on the Company's website at www.cspc.com.hk and the website of The Stock Exchange of Hong Kong Limited at www.hkexnews.hk. If you would ...