（原标题：招银国际：料石药集团(01093)持续从药物授权产生收益 上调目标价至12.11港元） 该行指，公司自去年底已取得6项对外授权协议，管理层预期下半年将再有2项大规模授权，每项价值料超过50亿美元。公司除拥有小份子平台， 亦建立广泛专有技术平台，涵盖纳米粒子制剂、抗体药物偶联物、siRNA及抗体与融合蛋白。管理层称有40至50项资产具对外授权潜力，该行预 计公司中至长期可持续产生对外授权收益。 智通财经APP获悉，招银国际发布研报称，石药集团(01093)扣除药物授权贡献，中期核心收益同比跌25%至122亿元人民币，为该行原来预计全年 的44%并符合预期。其中第二季核心收益同比跌22%，基本受持续疲软的丁苯(酉太)(NBP)销售拖累，受医院处方管制收紧及多美素与津优力集采 影响。管理层预计下半年核心收益较上半年改善，产品销售增长最少5%。该行上调对石药目标价，由10.08港元上调至12.11港元，维持"买入"评 级。 ...

该行指，公司自去年底已取得6项对外授权协议，管理层预期下半年将再有2项大规模授权，每项价值料 超过50亿美元。公司除拥有小份子平台，亦建立广泛专有技术平台，涵盖纳米粒子制剂、抗体药物偶联 物、siRNA及抗体与融合蛋白。管理层称有40至50项资产具对外授权潜力，该行预计公司中至长期可持 续产生对外授权收益。 招银国际发布研报称，石药集团(01093)扣除药物授权贡献，中期核心收益同比跌25%至122亿元人民 币，为该行原来预计全年的44%并符合预期。其中第二季核心收益同比跌22%，基本受持续疲软的丁苯 (酉太)(NBP)销售拖累，受医院处方管制收紧及多美素与津优力集采影响。管理层预计下半年核心收益 较上半年改善，产品销售增长最少5%。该行上调对石药目标价，由10.08港元上调至12.11港元，维 持"买入"评级。 ...

记者丨韩璐 斩获多张出海大单，石家庄医药巨头飙升。 8月22日，蔡东晨实控的石药集团收报10.51港元，市值超1200亿港元，较年初增长超过600亿港元。 股价飙升，公司却处于新老交替的转型期。1-6月，营收132.73亿元，净利润25.48亿元，均同比下滑一成多。 | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | | | 2025年 | 2024年 | 變動 | | 按 業 務 劃 分 之 收 入 : | | | | | 成 ূ | 10,247,652 | 13.549.079 | -24.4% | | 原料產品 | 2,074,708 | 1.854.794 | +11.9% | | 功能食品及其它 | 951,056 | 880.409 | +8.0% | | 收入總額 | 13,273,416 | 16,284,282 | -18.5% | | 本公司股東應佔溢利 | | | | | 呈 救 | 2,547,851 | 3.020.374 | -15.6% | | 基本(附註) | 2,319,521 | 3,216,870 | -27.9% | 受集采 ...

Core Viewpoint - The company reported a significant decline in revenue and profit for the first half of 2025, primarily due to the inclusion of key products in centralized procurement, but it remains optimistic about future growth through innovation and international collaboration [1][2][3]. Financial Performance - Total revenue for the first half of 2025 was 13.273 billion RMB, a decrease of 18.5% year-on-year - Profit attributable to shareholders was 2.548 billion RMB, down 15.64% year-on-year - Basic earnings per share were 0.2229 RMB, with an interim dividend proposed at 0.14 HKD per share [1]. Research and Development - R&D expenses increased by 5.5% year-on-year to 2.683 billion RMB, accounting for 26.2% of the revenue from the pharmaceutical business - The company has nearly 90 products in various stages of clinical trials, with 12 submitted for market approval and over 30 key products in the registration clinical phase [1][4]. Strategic Initiatives - The company is focusing on a "dual-driven" strategy of "innovation + internationalization," enhancing partnerships with global pharmaceutical firms through diverse models such as licensing and collaborative R&D - In the first half of 2025, licensing revenue reached 1.075 billion RMB, indicating strong recognition of the company's innovative pipeline in the international pharmaceutical industry [2][3]. Global Expansion - The company is advancing its global strategy by establishing a comprehensive pharmaceutical value ecosystem and conducting multiple multi-center clinical trials in Europe and the U.S. - It has completed four licensing projects this year, with a cumulative contract amount of 9.71 billion USD, and has entered a strategic R&D collaboration with AstraZeneca [3][4]. Innovation Pipeline - The company has been recognized as one of the top 25 pharmaceutical companies globally by Citeline for three consecutive years, ranking 19th this year, an improvement of five places from the previous year - It has over 200 innovative drugs and formulations in development, with more than 160 clinical trials ongoing, including nearly 60 in Phase III [4].

Group 1 - The establishment of the "Precision Diagnosis and Treatment Center for Airway Diseases" in Shandong Province is a significant milestone for Yantai Yuhuangding Hospital, showcasing its research strength and innovation capabilities in the field of airway disease treatment [1][4] - The center is a collaboration between Yantai Yuhuangding Hospital, Shijiazhuang Pharmaceutical Group Baike (Shandong) Biopharmaceutical Co., Ltd., and Hangzhou Deepwise Technology Co., Ltd., leveraging the strengths of each partner in clinical resources, drug development, and medical AI technology [2][3] - The center aims to focus on common airway diseases such as rhinitis, asthma, chronic obstructive pulmonary disease (COPD), and lung cancer, utilizing advanced technologies to enhance diagnostic efficiency and treatment outcomes [3][4] Group 2 - The center has assembled a core team of over 130 high-level researchers, led by top experts from both domestic and international backgrounds, ensuring a robust talent pool for innovation [3] - It implements a governance structure that includes a council and various departments to facilitate effective management and operational efficiency [3] - The center is expected to significantly enhance Shandong Province's research capabilities and clinical standards in airway diseases, accelerate the development of domestic innovative drugs, and contribute to the growth of the regional biopharmaceutical industry [4]

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]

Investment Rating - The report assigns a "Neutral" rating to the company with a target price raised to HKD 7.40 from HKD 6.30 [4][6]. Core Insights - The company's total revenue for Q1 2025 decreased by 21.9% year-on-year to RMB 7.01 billion, while net profit attributable to shareholders fell by 8.4% to RMB 1.48 billion. Excluding RMB 718 million in licensing fee income, product sales revenue was approximately 4.6% lower than expected, primarily due to a slowdown in the sales of established drugs [1][4]. - The report anticipates a gradual recovery in product sales revenue starting from Q2 2025, as the impact of centralized procurement for certain oncology drugs has already been reflected, and sales are expected to increase after the inclusion of new drugs in the medical insurance list by the end of 2024 [2][4]. - The company is expected to achieve multiple significant overseas licensing agreements, with Q1 licensing fee income of RMB 718 million primarily from agreements with BeiGene and AstraZeneca. These agreements involve upfront payments totaling USD 250 million (approximately RMB 1.8 billion) and potential milestone payments of up to USD 3.56 billion (approximately RMB 25.6 billion) [3][4]. Financial Summary - The company's projected total revenue for 2025 is RMB 29.89 billion, reflecting a 3.0% growth rate, while net profit is expected to be RMB 4.77 billion, a 10.2% increase. The earnings per share (EPS) is projected at RMB 0.41, with a price-to-earnings (P/E) ratio of 17.4 [5][13]. - The financial data indicates a decline in established drug sales, with revenue from the core product Enbrel decreasing by 29.5% year-on-year, and oncology drug sales dropping by 65.7% due to centralized procurement impacts [1][5]. - The report includes a detailed financial forecast, showing total revenue growth rates of 1.7% in 2023, a decline of 7.8% in 2024, and subsequent growth rates of 3.0%, 12.8%, and 12.6% for 2025, 2026, and 2027 respectively [5][13].

Market Overview - The Hong Kong stock market rebounded on June 3, with the Hang Seng Index rising by 1.5% to close at 23,512 and the Hang Seng Tech Index increasing by 1.1% to 5,189, indicating a significant recovery in market sentiment [1] - The trading volume reached HKD 203.7 billion, showing a notable increase compared to previous days, although the net inflow from the Stock Connect was only HKD 3.9 billion [1] - Major financial stocks, including CITIC Bank, Industrial and Commercial Bank of China, and Agricultural Bank of China, hit historical highs, reflecting continued investment in high-dividend defensive assets [1] Industry Dynamics - The automotive sector saw a rebound, with Xiaomi's automotive business losses decreasing and expectations for profitability in Q3 or Q4 of this year, driven by the upcoming launch of the YU7 model [3] - The healthcare sector also performed well, with the Hang Seng Healthcare Index rising by 2.5%. Notable gains were seen in companies reporting positive clinical data at the American Society of Clinical Oncology (ASCO) [3] - The renewable energy and utilities sectors experienced widespread gains, with Goldwind Technology rising by 13.3% due to share buyback plans and the establishment of an AI-related subsidiary [4] Company-Specific Insights - The report on CSPC Pharmaceutical Group indicated a 21.9% year-on-year decline in total revenue for Q1 2025, amounting to RMB 7.01 billion, primarily due to a slowdown in the sales of its core products [5] - The company expects a gradual recovery in product sales starting from Q2 2025, as the impact of centralized procurement has already been reflected in Q1 results [6] - CSPC has secured multiple overseas licensing agreements, with expected upfront payments totaling approximately RMB 1 billion and potential milestone payments exceeding RMB 25.6 billion, indicating strong future revenue prospects [7][8] Real Estate Sector Analysis - The report on the Chinese real estate market highlighted a 12.0% year-on-year decline in new home transaction volume across 30 major cities, with first-tier cities showing resilience [9] - First-tier cities like Shanghai and Shenzhen reported increases in cumulative transaction volumes, with Shanghai up by 9.5% and Shenzhen by 45.8% year-on-year [10] - The land transaction volume in 100 major cities fell by 46.9% year-on-year, indicating ongoing challenges in the real estate sector [12]

Core Viewpoint - The recent surge in the stock price of CSPC Pharmaceutical Group is driven by the anticipation of significant business development (BD) deals, despite a decline in its Q1 2023 financial performance [1][2]. Financial Performance - In Q1 2023, CSPC reported revenues of approximately 7.015 billion yuan, a year-on-year decrease of 21.9%, marking the first time since 2022 that quarterly revenue fell below 8 billion yuan [1]. - The net profit attributable to shareholders was about 1.478 billion yuan, down 8.4% year-on-year [1]. - The decline in revenue was primarily due to the performance of the finished drug business, which generated approximately 5.5 billion yuan, a decrease of 27.3% year-on-year [5]. Market Reaction - Following the earnings report, CSPC's stock price surged, increasing by 14.08% within half an hour and closing at 7.62, a rise of 11.73% [1]. - The stock continued to rise on May 30, reaching a peak of 8.56 HKD, with a total increase of 25.5% over two days, marking a new high since March 2023 [1]. Business Development Opportunities - CSPC is currently in discussions regarding three potential BD transactions, with a total potential value exceeding 5 billion USD [2]. - The company has been actively pursuing BD agreements to enhance its innovation capabilities, having completed multiple significant deals in recent years [9]. Challenges and Strategic Shift - The decline in revenue and profit is attributed to the impact of centralized procurement policies, which have significantly reduced prices for key products [6][7]. - CSPC's transition from generic to innovative drugs has faced challenges, necessitating a focus on innovation to overcome market recognition barriers [9]. Innovation and R&D Investment - CSPC has increased its R&D expenditures, with 2023 and 2024 figures reaching 4.830 billion yuan and 5.191 billion yuan, respectively, reflecting year-on-year growth of 21% and 7.5% [8]. - The company has expanded its pipeline in various therapeutic areas, including oncology and cardiovascular diseases, and is developing advanced drug delivery systems [8]. Product Pipeline and Market Potential - CSPC's ADC asset, SYS6010, has shown promising results in early-phase studies, with a potential peak sales forecast of over 2.5 billion USD in China and 1.5-2 billion USD in international markets [12]. - The positive clinical data for SYS6010 positions it as a strong candidate for future BD opportunities, enhancing CSPC's market competitiveness [10][12].

Core Viewpoint - The termination of the merger between New Nuo Wei and Shiyao Baike Bio marks a significant setback for New Nuo Wei's innovative drug strategy, leading to a financial crisis due to high R&D costs and declining cash flow [2][10]. Financial Performance - New Nuo Wei's net profit for 2024 was 53.73 million yuan, a decrease of 87.63% year-on-year, and in Q1 2025, the net profit loss was 26.90 million yuan, a decline of 134.03% [10]. - The company's operating cash flow for 2024 was -1.235 billion yuan, marking its first instance of cash flow loss, with Q1 2025 still showing a negative cash flow of -86.80 million yuan [10][11]. - The total revenue for New Nuo Wei in Q1 2025 was 472 million yuan, a year-on-year decrease of 9.94%, while the total revenue for 2024 was 1.981 billion yuan, down 21.98% [15]. Product Performance - The core product "Jin You Li" (long-acting G-CSF drug) saw a dramatic revenue decline, with projected 2024 revenue of 922 million yuan, down from 2.316 billion yuan in 2023 [3][4]. - The average selling price of "Jin You Li" dropped from 1,349.22 yuan per unit in 2022 to 1,053.12 yuan per unit by mid-2024 [4][5]. - Sales volume for "Jin You Li" in the first half of 2024 was 87.39 million units, compared to 203.52 million units in 2023 [5]. Market Competition - The market for long-acting G-CSF drugs has intensified, with New Nuo Wei's "Jin You Li" facing competition from multiple new entrants, increasing the competitive landscape from six to nine major players [4][6]. - The reliance on a single product for revenue generation poses a significant risk, as "Jin You Li" accounted for over 97% of Shiyao Baike's income [3][6]. Strategic Implications - The failed merger was intended to provide stable income and cash flow to support New Nuo Wei's R&D investments in its subsidiary, Jushi Bio, which is currently under financial strain [10]. - The ongoing high R&D expenditures have significantly impacted New Nuo Wei's profitability, with a gross margin of 41.97% in 2024, down 3.36 percentage points year-on-year [15].