Core Viewpoint - The stock performance of CSPC Pharmaceutical Group (01093) is weak due to market panic over the National Healthcare Security Administration's announcement of the 11th round of volume-based procurement (VBP) policies, particularly the requirement that each medical institution's annual demand for each product must not be less than 80% of the average usage for the 2023-2024 fiscal year [1] Group 1 - The VBP requirements remain unchanged compared to previous years, but there are expectations that the requirements will become more lenient as optimization measures for the VBP policy are introduced [1] - CSPC Pharmaceutical Group was not included in any products in the 11th round of VBP, indicating a stable fundamental outlook for the company [1] - The business development progress of CSPC Pharmaceutical Group is in line with expectations, suggesting a positive long-term outlook despite short-term market reactions [1]
里昂：石药集团(01093)股价疲软 惟基本面良好 业务发展进度符预期