Core Viewpoint - CICC maintains the earnings forecast for CSPC Pharmaceutical Group (01093) for 2025 and 2026, with a target price increase of 51.2% to HKD 13.00, indicating a potential upside of 23.7% from the current stock price [1] Financial Performance - The company's 1H25 performance is in line with expectations, reporting revenue of CNY 13.273 billion, a year-on-year decline of 18.5%, and a net profit attributable to shareholders of CNY 2.548 billion, down 15.6% [2] Business Segment Analysis - The traditional pharmaceutical business continues to face pressure, with 2Q25 revenue of CNY 4.747 billion, a year-on-year decrease of 20.7% and a quarter-on-quarter decline of 13.7%. The decline is attributed to medical insurance cost control and inventory management [3] - Specific revenue breakdown includes: - Neurology: CNY 1.847 billion (YoY -27.0%) - Oncology: CNY 0.498 billion (YoY -53.5%) - Anti-infection: CNY 0.735 billion (YoY -23.2%) - Cardiovascular: CNY 0.457 billion (YoY -10.2%) - Respiratory: CNY 0.250 billion (YoY -13.5%) - Metabolism: CNY 0.229 billion (YoY -31.3%) - Other: CNY 0.374 billion (YoY +25.1%) - Licensing revenue: CNY 0.357 billion [3] Innovation and R&D - The company has established eight innovative R&D platforms and is expected to continue monetizing external licensing agreements. Notable agreements include ROR1 ADC and irinotecan liposome, with potential milestone payments totaling up to USD 1.225 billion [4] - R&D expenditure in 2Q25 reached CNY 1.38 billion, accounting for 29.1% of traditional pharmaceutical revenue, indicating a year-on-year increase of 6.2 percentage points. The company anticipates continued innovation output [5] - The clinical progress of the key product SYS6010 (EGFR ADC) is on track, with multiple clinical trials ongoing and a BLA expected in 2026 [5]
中金：维持石药集团(01093)跑赢行业评级 升目标价至13港元