机构：申万宏源研究 研究员：周文远/胡梦婷 石药集团2025 年前三季度收入同比下降12.3%，达到198.9 亿元，归属于股东的净利润同比下降7.1%至 35.1 亿元，其中第三季度收入同比增长3.4%，达到66.2 亿元，归属于股东的净利润同比增长27.2%至 9.64 亿元，符合我们的预期。2025 年前三季度，公司综合毛利率同比下降4.9 个百分点至65.6%，成药 板块销售贡献从去年前三季度的82.3%下降至77.7%。前三季度，销售费用率同比下降5.1 个百分点至 24.1%。 三季度成药板块销售额重回增长。2025 年前三季度，公司成药板块销售额同比下降17.3%至154.5 亿 元，包含授权费收入15.4 亿元，其中第三季度成药销售额恢复正增长，达到52.0 亿元（同比增长 1.6%、环比增长9.6%）。2025 年初至今，公司已达成四项对外授权协议，首付款合计2.60 亿美元，以 及里程碑付款合计94.5 亿美元。考虑到集采影响，前三季度肿瘤产品销售额同比下降56.8%至16.5 亿 元，占成药板块销售收入的比例为从去年前三季度的20.4%下降至10.7%。此外，由于恩必普受DIP 影 响， ...

2025 年 11 月 24 日 市公司 医药生物 (01093) 三季度业绩改善,创新管线布局丰富 报告原因:有业绩公布需要点评 ali (维持) | 市场数据: | 2025 年 11 月 21 日 | | --- | --- | | 收盘价 (港币) | 7.38 | | 恒生中国企业指数 | 8919.78 | | 52 周最高/最低（港币) | 11.63/4.27 | | H 股市值（亿港币） | 850.36 | | 流通 H 股 (百万股) | 11.522.45 | | 汇率（港币/人民币） | 0.9106 | 一年内股价与基准指数对比走势: 134% 84% 资料来源：Bloomberg 相关研究 《石药集团 (01093) 点评：上半年业绩基 本符合预期，创新管线持续投入》 2025/08/28 证券分析师 周文远 A0230518110003 zhouwy@swsresearch.com 研究支持 胡梦婷 A0230524060004 humt@swsresearch.com 联系人 胡梦婷 A0230524060004 humt@swsresearch.com 申万宏源研究微信服务 ...

2025 年 11 月 24 日 石药集团 (01093) ——三季度业绩改善，创新管线布局丰富 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 11 月 21 日 | | --- | --- | | 收盘价（港币） | 7.38 | | 恒生中国企业指数 | 8919.78 | | 52 周最高/最低（港币） | 11.63/4.27 | | H 股市值（亿港币） | 850.36 | | 流通 H 股（百万股） | 11,522.45 | | 汇率（港币/人民币） | 0.9106 | 上 市 公 司 医药生物 一年内股价与基准指数对比走势： -16% 34% 84% 134% HSCEI 石药集团 资料来源：Bloomberg 相关研究 《石药集团（01093）点评：上半年业绩基 本 符 合 预 期 ， 创 新 管 线 持 续 投 入 》 2025/08/28 证券分析师 周文远 A0230518110003 zhouwy@swsresearch.com 研究支持 胡梦婷 A0230524060004 humt@swsresearch.com 联系人 胡梦婷 A023052 ...

2025年11月，石药集团执行董事潘卫东因内幕交易行为被中国证监会处以500万元罚款，这一事件引发 市场对这家千亿市值药企治理结构的广泛关注。 本报（chinatimes.net.cn）记者张斯文 于娜 北京报道 据证监会披露的行政处罚决定书，潘卫东在2023年12月期间，利用其作为石药集团执行董事、新诺威制 药董事长及重大资产重组项目牵头人的职务便利，在知悉新诺威拟收购石药百克的重大资产重组信息 后，于敏感期内通过石药集团全资附属公司恩必普的证券账户，累计买入新诺威股票274.258万股，交 易金额高达9998.88万元。 值得注意的是，潘卫东在此次交易中最终以亏损告终。 不仅如此，调查还显示，潘卫东在监管执法过程中存在不配合询问的情形。与潘卫东同期因同一重组事 件受罚的还包括另外三名"石药系"原董事及高管，这一情况引发市场对石药集团内部控制的普遍担忧。 事发后，《华夏时报》记者就"公司是否建立了内幕信息知情人登记制度？事件后将采取哪些措施强化 内控？"等一系列问题对公司进行采访，但一直未收到答复。 业务转型遭遇挑战 潘卫东内幕交易事件发生之际，正值石药集团面临严峻的业务转型压力。 据公司2025年中期报告 ...

Core Insights - The pharmaceutical industry is experiencing a structural change driven by the growth cycles of major products, with significant opportunities emerging in innovative drugs, medical devices, and consumer healthcare [3][6][31] - The demand for pharmaceuticals is expected to improve in 2026, supported by policies encouraging innovation and a recovery in domestic consumption [3][7] - The supply side of the pharmaceutical industry is characterized by high entry barriers due to patent protections and government regulations, which helps maintain a stable competitive environment [4][5] Group 1: Industry Trends - The aging population, urbanization, and changing disease patterns are making the pharmaceutical industry a perpetual growth sector [3] - The global pharmaceutical market has seen rapid expansion from 2009 to 2019, followed by a surge in demand due to COVID-19, and is now entering a phase of recovery and growth [3][6] - The Chinese pharmaceutical industry is expected to gradually produce world-class companies, with increasing recognition of Chinese innovative drug assets by multinational corporations (MNCs) [4][5] Group 2: Investment Opportunities - Opportunities in innovative drugs are highlighted, particularly in oncology, metabolic diseases, and autoimmune diseases, with a focus on next-generation therapies and precision medicine [6][31] - The demand for innovative drugs is expected to remain strong, with policies improving medical insurance payments and the upcoming launch of commercial insurance drug catalogs [7][31] - The medical device sector is anticipated to recover, with a focus on domestic demand and international expansion, particularly in areas with low domestic production rates [7][8] Group 3: Company Performance - Major pharmaceutical companies like Eli Lilly, AbbVie, and AstraZeneca are experiencing significant growth driven by key products, with Eli Lilly's Tirzepatide generating $24.8 billion in sales [12][15] - The report identifies specific companies such as Hengrui Medicine, Hansoh Pharmaceutical, and BeiGene as outperformers in the market, with strong pipelines and global competitiveness [7][8] - The report emphasizes the importance of mergers and acquisitions (M&A) and business development (BD) strategies for MNCs, with China becoming a significant source of projects for top global pharmaceutical companies [22][24]

Investment Rating - The report maintains a "Buy" rating for CSPC Pharmaceutical Group [3][9][16] Core Insights - CSPC Pharmaceutical Group's revenue for the first half of 2025 decreased by 18.5% year-on-year to RMB 13.27 billion, and net profit fell by 15.6% to RMB 2.55 billion, which is in line with expectations [5][12] - The decline in performance is primarily due to the impact of centralized procurement on key oncology products, leading to a 60.8% drop in oncology product sales [6][13] - The company has made significant progress in business development (BD) collaborations, achieving four license-out agreements since February 2025, with total upfront payments of USD 260 million and milestone payments of USD 9.45 billion [7][14] Financial Performance - The finished drug sector saw a 24.4% decline in sales to RMB 10.25 billion, with oncology products contributing only 10.3% of total finished drug sales [6][13] - The gross margin decreased by 6.0 percentage points to 65.6%, while the selling expense ratio improved, decreasing by 6.4 percentage points to 23.0% [5][12] - R&D expenses increased by 5.5% year-on-year to RMB 2.68 billion, with a focus on innovative pipelines, including 27 key products in pivotal clinical trials [8][15] Earnings Forecast - The earnings per share (EPS) forecast for 2025 has been raised from RMB 0.44 to RMB 0.46, with further increases projected for 2026 and 2027 [9][16] - The target price has been adjusted from HKD 10.2 to HKD 12.7, indicating a potential upside of 31% [9][16]

Investment Rating - The report assigns a "Neutral" rating to the company with a target price of HKD 9.30, indicating a potential downside of 11.6% from the current closing price of HKD 10.51 [2][11]. Core Insights - The company is expected to face continued pressure in Q2 2025 due to centralized procurement and hospital-level medical insurance cost control, but there are optimistic prospects for a recovery in the second half of 2025 and in 2026-2027 as these pressures are expected to ease [2][7]. - The report highlights the company's ongoing research and business development (BD) efforts, which are anticipated to contribute positively to performance, alongside a rebound in the raw materials and functional foods business [2][7]. - The target price has been adjusted upwards to reflect the anticipated recovery and the reasonable current valuation, with positive catalysts and risks already factored into the stock price [2][7]. Financial Forecast Changes - Revenue forecasts for 2025 have been revised down by 1.3% to RMB 29,649 million, with further reductions for 2026 and 2027 [6][14]. - The gross profit for 2025 is projected at RMB 20,161 million, reflecting a slight decrease from previous estimates [6][14]. - The net profit attributable to shareholders for 2025 is now expected to be RMB 5,568 million, an increase of 8.4% from prior forecasts [6][14]. Business Segment Performance - In Q2 2025, the company's pharmaceutical business continued to face challenges, with a 24% year-on-year decline in revenue across almost all therapeutic areas [7]. - The raw materials and functional foods segments showed resilience, with revenues increasing by 12% and 8% year-on-year, respectively [7]. - Management anticipates a revenue growth of over 5% in the second half of 2025 compared to the first half, driven by market expansion and new product launches [7]. Long-term Growth Drivers - The company is focusing on innovative products, particularly in the oncology space, with several key trials expected to progress by the end of the year [7]. - The report emphasizes the importance of BD transactions, with two significant deals expected to close by year-end, which could enhance revenue streams [7]. - The company is actively exploring opportunities in various high-potential areas, including peptide long-acting formulations and mRNA vaccines, which are expected to contribute to future revenue and cash flow [7].

Core Viewpoint - The company is expected to see performance growth driven by authorized income and new product varieties, showcasing its R&D capabilities through eight major platforms [1]. Group 1: Financial Performance - In Q1 2025, the company reported revenue of 7.015 billion yuan, a year-on-year decrease of 21.9%, and a net profit attributable to shareholders of 1.495 billion yuan, down 8.3% year-on-year [1]. - The revenue from the traditional medicine business decreased by 27.3% year-on-year, but new authorized income reached 718 million yuan, significantly alleviating the pressure from centralized procurement and medical insurance policies [1]. Group 2: R&D and Product Pipeline - The company has ten ADC pipelines in clinical stages, with key products SYS6010 (EGFR ADC) showing strong potential for authorization [1]. - SYS6010 started its first Phase III clinical trial in March 2025, targeting EGFR mutation-positive locally advanced or metastatic NSCLC patients who have failed EGFR-TKI treatment [1]. - SYS6010 has received three FDA Fast Track Designations (FTD) for various indications, including metastatic non-small cell lung cancer [1]. Group 3: Expansion into Chronic Disease Management - The company is expanding into chronic disease management, focusing on cardiovascular and endocrine metabolic fields [2]. - The GLP-1 series products, including the new drug TG103, are expected to benefit patients with diabetes and obesity, with clinical trials for both conditions expected to lead to market applications in 2025 and 2026 [2]. - Small RNA drugs such as PCSK9 siRNA, AGT siRNA, and Lp(a) siRNA have entered clinical stages, with early data showing potential in cholesterol reduction and hypertension treatment [2]. Group 4: Profit Forecast and Valuation - The company is positioned as a leading domestic innovative pharmaceutical enterprise, with its eight innovation platforms expected to yield significant value [2]. - Projected revenues for 2025-2027 are 29.794 billion yuan, 30.455 billion yuan, and 31.585 billion yuan, with net profits of 5.575 billion yuan, 5.930 billion yuan, and 6.198 billion yuan respectively [2]. - Based on a 35x PE ratio, the estimated valuation is 195.1 billion yuan, with a target price of 16.94 yuan, equivalent to 18.63 HKD, initiating coverage with a "buy" rating [2].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 18.63 HKD, based on a current price of 10.36 HKD [6]. Core Insights - The company is positioned as a leading innovative pharmaceutical enterprise in China, with a strong focus on research and development, and a robust commercialization capability [14][19]. - The recent performance has been impacted by price adjustments and centralized procurement policies, but new licensing revenues and additional product launches are expected to drive growth [19][20]. - The company has established eight major technology platforms, showcasing its research capabilities and potential for future growth through international licensing agreements [4][29]. Summary by Sections Company Overview - The company integrates research, production, and sales, focusing on innovative drugs as its core strategy, supported by a large international R&D team and a comprehensive marketing network [14][15]. Financial Performance - In Q1 2025, the company reported revenues of 70.15 billion CNY, a year-on-year decline of 21.9%, with a net profit of 14.95 billion CNY, down 8.3% [20][22]. - The traditional pharmaceutical business, which contributes approximately 80% of total sales, has faced pressure due to centralized procurement and price adjustments [19][22]. Product Pipeline and Innovation - The company has a diverse pipeline with over 200 innovative drugs and formulations, including 10 ADC products in clinical stages, highlighting its strong R&D capabilities [33][39]. - Key products like SYS6010 (EGFR ADC) have entered critical clinical phases, with significant potential for licensing and market impact [2][45]. Market Expansion and Licensing - The company has successfully executed multiple international licensing agreements, enhancing its global presence and generating substantial licensing revenue [35][36]. - Recent collaborations with major pharmaceutical companies, such as AstraZeneca, indicate a growing recognition of the company's innovative capabilities [37][38].

Core Insights - The article highlights the strategic advancements of Shijiazhuang Pharmaceutical Group, particularly its focus on innovation and international collaboration in drug development [1][4][10] Group 1: Innovation and Research - Shijiazhuang Pharmaceutical has achieved significant milestones in innovation, including 11 licensed-out projects and a strategic partnership with AstraZeneca worth $5.33 billion [3][4] - The company has established eight major research and development platforms, with over 200 innovative drug projects currently in progress [8] - The R&D investment is projected to reach 5.7 billion yuan in 2024, maintaining a high growth rate over the past decade [8] Group 2: Globalization and Collaboration - The company emphasizes the importance of international collaboration, viewing licensing as a means to leverage mature markets and advanced research systems [4][10] - Shijiazhuang Pharmaceutical has set up five global R&D centers and has received over 30 overseas clinical approvals, including 16 FDA fast-track or orphan drug designations [4][8] Group 3: Local Ecosystem Support - The local government of Shijiazhuang has actively supported the pharmaceutical industry, providing 290 million yuan in rewards since 2021, with 79.25 million yuan allocated to Shijiazhuang Pharmaceutical [9][10] - The city aims to create a conducive environment for the pharmaceutical sector, with plans to double the company's revenue within five years [9][10]