炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源 | 野马财经 作者 | 孙梦圆 2024年开始，石药集团的业绩便出现营利"双降"。 千亿药企石药集团（1093.HK）近期动作不断。 12月22日，石药集团通过旗下石药创新与关联方中奇制药共同出资4.5亿元设立合资公司"石药集团润石 生物科技"，重点布局GLP-1靶点相关的降糖、减重代谢疾病药物研发与商业化。 就在几天前，19日，石药集团核心管理层刚刚进行了一场"大换血"。 公告显示，张翠龙因工作调动不再担任董事会副主席、首席执行官及授权代表，但仍将继续担任执行董 事。蔡磊获委任为副主席、执行董事、首席执行官及授权代表。魏青杰获委任为副主席、执行董事及首 席运营官。 值得一提的是，现年45岁的蔡磊，是石药集团董事会主席和主要股东蔡东晨之子，以及执行董事蔡鑫之 胞兄。此次他的上任，无疑为这场人事变动增添了更多家族企业的色彩与看点。 图源：罐头图库 科方得智库研究负责人张新原表示，石药集团采用的兄弟分工"组合接班"模式，其好处主要体现在以下 几个方面：一是能够发挥各自专长，形成互补优势，提升决策与执行效率；二是分散经营风险，避免权 力 ...

21世纪经济报道记者 闫硕 12月19日，石药集团（01093.HK）发布公告披露多个核心岗位人事调整，引发行业广泛关注。 公告显示，张翠龙因工作调动不再担任董事会副主席、首席执行官及授权代表，但仍将继续担任执行董 事。蔡磊获委任为副主席、执行董事、首席执行官及授权代表。魏青杰获委任为副主席、执行董事及首 席运营官。 石药集团于1994年在港交所上市，其母公司石药控股集团有限公司组建于1997年，产品涉及成药、原料 药、功能食品等三大板块。其中，成药板块聚焦肿瘤、精神神经、心血管、免疫和呼吸、代谢及抗感染 六大领域，在研创新药项目有200余个。 近些年受集采等因素影响，石药集团业绩持续承压。2025年前三季度，公司营收、净利延续去年的下滑 趋势。其中，营收实现198.91亿元，同比下降12.32%；扣非归母净利润为35.11亿元，同比下降7.06%。 值得注意的是，石药集团旗下石药创新（A股股票名称：新诺威）已于12月10日向港交所递交招股书。 在业绩承压与深度转型的关键节点，此次CEO换帅被业内视为公司应对行业变化、加速转型的重要举 措。 业绩持续下滑 对于业绩的下降，石药集团多次提及受集采等因素的影响。摩 ...

Group 1: Investment Ratings - The report maintains a "Buy" rating for both Ctrip and Tongcheng Travel, indicating a positive outlook on their performance in the online travel industry [1][2][5][6]. Group 2: Core Insights - Ctrip's Q3 2025 revenue increased by 16% year-on-year to 18.4 billion yuan, with non-GAAP operating profit reaching 6.1 billion yuan, exceeding expectations due to lower marketing expenses [1][5]. - Tongcheng Travel reported a 10% year-on-year revenue growth to 5.5 billion yuan in Q3 2025, with adjusted net profit rising 17% to 1.06 billion yuan, driven by better-than-expected accommodation business performance [2][6]. - Ctrip's accommodation booking revenue grew by 18%, transportation revenue by 12%, and international OTA platform bookings increased by over 60% year-on-year [1][5]. - Tongcheng Travel's core OTA business revenue grew by 15%, with accommodation booking revenue also up by 15%, benefiting from increased hotel average prices and record daily room nights [2][6]. - Ctrip's international hotel and flight bookings have increased by 140% compared to 2019, while Tongcheng Travel expects outbound travel business to grow rapidly, contributing 10-15% to overall revenue by 2027 [1][2][5][6]. Group 3: Summary by Sections Section 1: Overseas Social Services - Ctrip's Q3 2025 performance shows strong growth across various segments, with significant increases in international bookings and a solid market position in China [1][5]. - Tongcheng Travel's performance reflects a robust growth trajectory, particularly in accommodation and outbound travel, with a strong user base [2][6]. Section 2: Overseas Pharmaceuticals - CSPC Pharmaceutical Group reported a 12.3% year-on-year decline in revenue for the first three quarters of 2025, totaling 19.89 billion yuan, but showed a 3.4% revenue growth in Q3 [3][10]. - The company's net profit for Q3 2025 increased by 27.2% to 964 million yuan, aligning with expectations despite a decline in overall revenue for the year [3][10]. Section 3: Overseas Education - The education index saw a 2% increase, with a year-to-date growth of 7.3%, indicating a recovery in the sector [4][16]. - The report suggests a positive outlook for private higher education companies, with expectations of improved profitability and growth potential [4][18].

Investment Rating - The report maintains a "Buy" rating for both Ctrip and Tongcheng Travel, indicating a positive outlook for their performance in the online travel industry [2][3]. Core Insights - Ctrip's 3Q25 revenue increased by 16% year-on-year to 18.4 billion yuan, with a non-GAAP operating profit of 6.1 billion yuan, exceeding expectations due to lower marketing expenses [2][7]. - Tongcheng Travel's 3Q25 revenue grew by 10% year-on-year to 5.5 billion yuan, with adjusted net profit rising 17% to 1.06 billion yuan, driven by better-than-expected accommodation business performance [3][8]. - Both companies are expected to benefit from the recovery in outbound tourism, with Ctrip's international OTA platform bookings increasing over 60% year-on-year and inbound tourism bookings more than doubling [2][7]. - The report highlights the stability of the online travel industry and the potential for market share growth for both companies, particularly in international markets [2][3]. Summary by Sections 1. Overseas Social Services: Ctrip and Tongcheng Travel 3Q25 Performance - Ctrip's accommodation booking revenue rose by 18%, transportation revenue by 12%, and business travel management revenue by 15% [2][7]. - Tongcheng Travel's core OTA business revenue increased by 15%, with accommodation booking revenue also up by 15% [3][8]. - Both companies are positioned well for future growth, particularly in outbound travel, with expectations for international flight and hotel contributions to increase significantly by 2027 [3][8]. 2. Overseas Pharmaceuticals: CSPC Pharmaceutical Group - CSPC's revenue for the first three quarters of 2025 decreased by 12.3% to 19.89 billion yuan, but third-quarter revenue grew by 3.4% to 6.62 billion yuan, aligning with expectations [4][13]. - The report notes a decline in gross margin and a decrease in the contribution of the prescription drug segment to total sales [4][13]. 3. Overseas Education: Profitability Management Conditions Mature - The education index rose by 2% this week, with a year-to-date increase of 7.3% [19]. - The report suggests focusing on Hong Kong higher education companies, anticipating a recovery in profitability and expansion potential [21][29].

Core Viewpoint - The stock price of CSPC Pharmaceutical Group (01093) dropped over 6% following the release of its third-quarter results, reflecting market concerns over declining revenue and profit margins [1] Financial Performance - For the first three quarters, the company reported revenue of 19.891 billion RMB, a year-on-year decrease of 12.32% [1] - The profit attributable to the company's owners was 3.511 billion RMB, down 7.06% compared to the previous year [1] Business Segment Analysis - The prescription drug business generated revenue of 15.450 billion RMB, representing a year-on-year decline of 17.2% [1] - The decline in revenue is primarily attributed to the ongoing impact of centralized drug procurement and price adjustments in the national medical insurance drug list [1]

Core Viewpoint - The stock price of CSPC Pharmaceutical Group (01093) dropped over 6% following the release of its Q3 earnings report, reflecting ongoing challenges in the pharmaceutical industry due to policy impacts on drug pricing and procurement [1] Financial Performance - For the first three quarters, the company reported a revenue of 19.891 billion RMB, a year-on-year decrease of 12.32% [1] - The profit attributable to shareholders was 3.511 billion RMB, down 7.06% compared to the previous year [1] - The revenue from the prescription drug business was 15.450 billion RMB, which represents a year-on-year decline of 17.2% [1] Industry Impact - The decline in revenue is primarily attributed to the ongoing effects of centralized drug procurement and adjustments in the National Medical Insurance drug list pricing policies [1]

Core Insights - The company reported a revenue of RMB 19.891 billion for the nine months ending September 30, 2025, representing a year-on-year decrease of 12.32% [1] - Profit attributable to shareholders was RMB 3.511 billion, down 7.06% year-on-year, with earnings per share at RMB 0.3072 [1] Group 1: Pharmaceutical Business - The pharmaceutical segment generated revenue of RMB 15.450 billion, including licensing fee income of RMB 1.540 billion, a decrease of 17.2% compared to the same period last year [1] - The decline in revenue is primarily attributed to the ongoing impact of centralized procurement and price adjustments of drugs listed in the national medical insurance drug catalog [1] Group 2: Innovation and Internationalization Strategy - The company emphasizes innovation and has increased its investment in research and development to enhance its long-term competitive advantage [1] - The company is advancing its internationalization strategy through diverse models such as licensing, self-development, and research collaborations [1] Group 3: Raw Material Products - The raw material products segment achieved sales revenue of RMB 3.006 billion, an increase of 10.3% year-on-year [1] - Sales revenue from Vitamin C products reached RMB 1.788 billion, up 22.3% year-on-year, driven by significant demand growth in overseas markets [1] - The company plans to focus on product quality and expand its overseas sales network to further increase market share [1]

Group 1 - The company reported a sales revenue of approximately 1.976 billion RMB for the first half of 2025, representing a year-on-year decline of about 35% [1] - In HKD terms, the sales revenue for the first half of this year was approximately 2.147 billion HKD, also reflecting a year-on-year decrease of about 36% [1] - The net profit for the company was approximately 284 million HKD, which is a year-on-year decline of 58.7% [1] Group 2 - The total gross profit recorded by the group was 890 million HKD, down from 1.843 billion HKD in the same period last year [1] - The overall gross margin decreased by 13.7 percentage points from 55.2% in the previous year to 41.5% [1] - The decline in average selling prices of existing intravenous and ampoule injection products, along with a higher proportion of revenue from centralized procurement sales, contributed to the changes in gross profit and margin [1]

Core Viewpoint - The report from CMB International raises the target price for CSPC Pharmaceutical Group (01093) to HKD 9.3 while maintaining a "Neutral" rating, reflecting adjustments in revenue forecasts due to sales pressures on core products [1] Financial Performance - The revenue forecasts for 2025-2026 have been lowered to account for ongoing sales pressures on core products, although the increase in high-margin BD revenue and continuous cost reduction efforts are expected to improve the expense ratio [1] - The company announced an interim dividend of HKD 0.14 per share, with an expected full-year dividend of no less than HKD 0.28 per share, compared to HKD 0.26 per share last year [1] Market Outlook - The company’s prescription drug business faced continued pressure in Q2, but there may be opportunities for sequential improvement in the second half of the year [1] - Despite ongoing challenges from centralized procurement and hospital-end medical insurance fees, there is optimism for a recovery in performance in the second half of 2026-2027, driven by the resolution of these pressures and the positive impact of significant BD upfront payments [1]

Group 1 - The core business of the company is the production of finished drugs and raw materials, with a focus on innovative drugs targeting various therapeutic areas such as neurological diseases, oncology, infections, and cardiovascular diseases [1] - As of mid-2025, the company reported total revenue of 13.273 billion and a net profit of 2.548 billion [1] - The company has an international R&D team dedicated to the discovery, research, and development of small molecule targeted drugs, nanomedicines, monoclonal antibodies, bispecific antibodies, antibody-drug conjugates, and biopharmaceuticals in the immunology field [1] Group 2 - On August 25, Zhuhai International maintained a buy rating for the company, raising the target price to 12.11 HKD [2]