石药集团：Resilient BD momentum offsets sales pressure-20250401

1 Apr 2025 CMB International Global Markets | Equity Research | Company Update CSPC Pharmaceutical (1093 HK) Resilient BD momentum offsets sales pressure Earnings Summary | (YE 31 Dec) | FY23A | FY24A | FY25E | FY26E | FY27E | | --- | --- | --- | --- | --- | --- | | Revenue (RMB mn) | 31,450 | 29,009 | 29,473 | 29,636 | 30,525 | | YoY growth (%) | 1.7 | (7.8) | 1.6 | 0.6 | 3.0 | | Net profit (RMB mn) | 6,072.7 | 4,338.8 | 4,490.2 | 4,736.0 | 4,885.9 | | YoY growth (%) | (2.6) | (28.6) | 3.5 | 5.5 | 3.2 | | ...