Core Viewpoint - The company reported a significant improvement in revenue and profit in Q1 2025, driven by stable core business performance and the recognition of upfront payments from Lp(a) and MAT2A small molecule BD transactions [1][2]. Group 1: Financial Performance - Q1 2025 revenue reached 7.015 billion yuan, representing a year-on-year decline of 21.9% but a quarter-on-quarter increase of 11% [1]. - Net profit attributable to the parent company was 1.48 billion yuan, down 8.4% year-on-year but up 169% quarter-on-quarter [1]. - The improvement in revenue and profit was attributed to the confirmation of upfront payments from BD transactions and a stabilization in core business revenue [2]. Group 2: Business Development and Pipeline - The company is optimistic about the EGFR ADC clinical trials, with five Phase III trials expected to be conducted domestically and internationally this year [2]. - Positive data from AACR regarding lung cancer overall response rate (ORR) and safety profiles were highlighted, indicating strong potential for market entry [2]. - The company is focusing on HER2-targeted therapies and anticipates the launch of GLP-1 products by 2026 [3]. Group 3: Cost Management and Future Outlook - The company has significantly reduced sales expenses, with a sales expense ratio of 24% in Q1 2025 compared to 33% in Q1 2024 [2]. - The company expects a gradual improvement in revenue and profit throughout 2025, with a conservative estimate of approximately 4 billion yuan in core business profit for the year [2]. - The target price for the company's stock is set at 10.12 HKD, based on a 19x PE ratio for 2025 [3].
石药集团(1093.HK)：1Q环比改善亮眼 多平台现出海潜力