Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has successfully promoted its products through external channels and accelerated its R&D progress [7] - The company has established a differentiated product portfolio in the hypertension field, enhancing its brand influence in chronic disease management [7] - The company is expected to achieve revenue of 44.54 billion, 53.44 billion, and 62.53 billion yuan, and net profit of 6.28 billion, 6.90 billion, and 7.96 billion yuan from 2025 to 2027, with corresponding PE ratios of 89.6, 81.6, and 70.8 [7] Financial Performance - In the first half of 2025, the company achieved revenue of 2.131 billion yuan, a year-on-year increase of 4.32%, and a net profit of 365 million yuan, a year-on-year increase of 6.10% [7] - The company’s R&D investment in the first half of 2025 was 542 million yuan, accounting for 25.43% of revenue [7] - The company’s revenue projections for 2025E, 2026E, and 2027E are 44.54 billion, 53.44 billion, and 62.53 billion yuan respectively, with net profit projections of 6.28 billion, 6.90 billion, and 7.96 billion yuan [6][7] Market Performance - The company’s stock performance over the last 12 months shows a range of fluctuations, with a maximum increase of 101% compared to the benchmark index [4]

Group 1 - AstraZeneca announced that its experimental hypertension drug Baxdrostat effectively lowers blood pressure in patients with resistant or poorly controlled hypertension, enhancing the drug's development prospects [1] - In a late-stage clinical trial, patients taking Baxdrostat showed significant and clinically meaningful reductions in systolic blood pressure after 12 weeks compared to those on a placebo [1] - Following the announcement, AstraZeneca's stock rose by 2.1% in early trading on the London Stock Exchange, although the stock price has remained flat year-to-date [1] Group 2 - Baxdrostat was acquired by AstraZeneca in 2023 as part of its $18 billion purchase of CinCor Pharma Inc., with the company projecting annual sales could exceed $5 billion [1] - Barclays Bank estimates that the annual sales for Baxdrostat as a monotherapy could be around $2 billion [1] - Approximately 50% of hypertension patients in the U.S. receiving multiple treatments still cannot effectively control their blood pressure, indicating a significant market opportunity for Baxdrostat [1] Group 3 - Under CEO Pascal Soriot's leadership, AstraZeneca has become a giant in the oncology drug sector, while also having a rich pipeline in other disease areas, particularly cardiovascular, renal, and metabolic diseases, which are seen as core growth areas for the future [2]