Market Overview - The Hong Kong stock market opened lower, with the Hang Seng Index down 0.77% at 25,322.1 points, the Hang Seng Tech Index down 1.2% at 5,509.09 points, and the National Enterprises Index down 0.81% at 9,054.94 points [1] - Technology stocks collectively declined, with Alibaba down 2.05%, Tencent down 0.51%, JD Group down 2%, Xiaomi down 1.13%, NetEase down 2.6%, Meituan down 2.01%, Kuaishou down 1.33%, and Bilibili down 1.06% [1] - Biotechnology stocks saw some gains, with Yinuo Pharmaceutical opening over 285% higher on its first trading day [1] - Cryptocurrency-related stocks fell, with OKLink down over 7% [1] - Chinese brokerage stocks corrected, with Guolian Minsheng down over 1% [1] Company News - China Telecom reported a revenue of 271.5 billion yuan for the first half of the year, a year-on-year increase of 1.3%, and a net profit of 23 billion yuan, up 5.5% [2] - CK Hutchison Holdings recorded a revenue of 240.663 billion HKD for the first half, a 3.45% increase, but a net profit of 0.852 billion HKD, down 91.65% [2] - Longfor Group reported a revenue of 25.386 billion HKD, a 15.3% increase, but a net profit of 6.302 billion HKD, down 26.7% [2] - JD Group's second-quarter revenue was 356.7 billion yuan, a 22.4% increase, but net profit fell approximately 50.8% to 6.2 billion yuan [2] - JD Logistics reported a revenue of 98.532 billion yuan for the first half, a 14.11% increase, and a net profit of 2.58 billion yuan, up 13.93% [3] - JD Health reported a revenue of 35.29 billion yuan, a 24.5% increase, and a net profit of 2.596 billion yuan, up 27.45% [4] - NetEase reported a revenue of 56.72 billion yuan, an 8.37% increase, and a net profit of 18.902 billion yuan, up 31.33% [5] - NetEase Cloud Music reported a revenue of 3.827 billion yuan, a 6% decrease, but a net profit of 1.946 billion yuan, up 121% [6] - China National Pharmaceutical Group reported a revenue of 36.797 billion yuan, a 2.62% decrease, and a net profit of 0.666 billion yuan, down 10.43% [6] - MTR Corporation reported a revenue of 27.36 billion HKD, a 6.5% decrease, but a net profit of 7.709 billion HKD, up 27.5% [6] - Weibo reported a revenue of approximately 842 million USD, a 0.99% increase, and a net profit of approximately 233 million USD, up 44.17% [7] - Geely Automobile's Zeekr Group reported a second-quarter automotive sales revenue of 22.916 billion yuan, a 2.2% increase [8] Industry Insights - According to China Merchants Securities, the current market is characterized by liquidity-driven dynamics, with market sentiment cooling regarding domestic policy expectations [13] - Guotai Junan Securities suggests focusing on high-barrier industries such as public utilities and rare earths, as well as sectors benefiting from product exclusivity and AI advancements [13] - The steel industry is expected to gradually recover from losses, with market-driven supply adjustments beginning to take effect [14]

重大事项： 银诺医药-B(02591)：香港公开发售获5341.66倍认购 石四药集团(02005)：阿齐沙坦已获国家药监局批准登记成为在上市制剂使用的原料药 荣昌生物(09995)：泰它西普(商品名：泰爱)用于治疗原发性干燥综合征的中国III期临床研究达到主要终 点 经营业绩： 网易-S(09999)公布中期业绩 归母净利为189.02亿元 同比增长31.33% 联想集团(00992)创有史以来最高第一季度收入 收入同比上升22%至188亿美元 网易云音乐(09899)发布中期业绩，股东应占利润18.85亿元，同比增加132.83% 中国电信(00728)发布中期业绩，股东应占利润230.17亿元 同比增加5.52% 中国电信(00728)第二季度5G网络用户数约2.82亿户 净增1581万户 京东集团-SW(09618)二季度取得收入3567亿元 同比增加22.4% 持续布局新增长领域 京东健康(06618)发布中期业绩，收入同比增长24.5%至352.9亿元 京东物流(02618)发布上半年业绩，非国际财务报告准则利润达33亿元 同比增长7.1% 吉利汽车(00175)发布中期业绩 毛利247.19亿元 ...

Core Viewpoint - The approval of Azilsartan by the National Medical Products Administration of China marks a significant milestone for the company, as it can now be used as an active pharmaceutical ingredient in marketed formulations [1] Company Summary - The company, Stone Four Pharmaceutical Group, has received regulatory approval for Azilsartan, an angiotensin II receptor blocker (ARB) [1] - Azilsartan is primarily used for the treatment of hypertension by blocking the effects of angiotensin II to lower blood pressure [1]

智通财经APP讯，石四药集团(02005)发布公告，集团的阿齐沙坦已获中国国家药品监督管理局批准登记 成为在上市制剂使用的原料药。阿齐沙坦是一种血管紧张素II受体拮抗剂(ARB)，通过阻断血管紧张素 II的作用而降低血压，主要用于治疗高血压。 ...

自願公告 產品開發的最新進展 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不會就因本公告全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 本公告為本公司自願發佈，目的是使股東及潛在投資者瞭解本集團最新業務發展情況。 承董事局命 執行董事兼公司秘書 周興揚 香港，二零二五年八月十四日 於本公告日期，董事局成員包括執行董事曲繼廣先生、蘇學軍先生、孟國先生、周興揚先生及 曲婉蓉女士，非執行董事劉文軍先生，以及獨立非執行董事王亦兵先生、周國偉先生及姜廣策 先生。 石四藥集團有限公司（「本公司」，連同其附屬公司，「本集團」）董事局（「董事局」）欣然公告， 本集團的阿齊沙坦已獲中國國家藥品監督管理局批准登記成為在上市製劑使用的原料藥。阿齊 沙坦是一種血管緊張素 II 受體拮抗劑（ARB），通過阻斷血管緊張素 II 的作用而降低血壓，主 要用於治療高血壓。 ...

Group 1: Impact of Tariffs and Sales Distribution - The company's direct exports to the U.S. are low, so the impact of U.S. tariffs on raw material exports is minimal [1] - Domestic sales account for nearly 20% of total revenue; high-end markets contribute approximately 60% to overseas sales, while emerging markets account for around 20% [1] Group 2: Future Product Potential and Profit Margins - High-potential new products include Rivaroxaban, Apixaban, Empagliflozin, Canagliflozin, Vildagliptin, Febuxostat, and Azilsartan [2] - An improvement in gross margin is expected in the upcoming quarters compared to Q1 [2] Group 3: Depreciation and Raw Material Sales - Two new workshops in the second phase of the second plant will start depreciation after process validation in 2026, with an estimated annual depreciation of around 10 million [2] - Raw materials typically account for about 10% of the sales revenue from generic drug formulations [2] Group 4: Supplier Selection and Competitive Advantage - Generic drug companies usually start looking for qualified raw material suppliers 6-7 years before patent expiration; the company often initiates projects 10 years in advance [2] - The company has established a strong reputation and competitive edge through rigorous quality management and successful audits in high-end markets [2] Group 5: Pricing Trends and Investment - More than half of mature product prices have stabilized, with some still declining but at a reduced rate; raw material capacity is being cleared, preventing long-term price drops [3] - The investment in Boya Biotech focuses on developing high-difficulty specialty formulations, which have high industry entry barriers [3]

Group 1: Sales and Revenue Projections - The projected revenue for the new pharmaceutical raw materials market in 2024 is 180 million, with expectations for 2025 being similarly optimistic [1] - The total sales revenue for the company in 2025 is estimated to be around 850 million, with a growth rate of approximately 10% expected due to new capacity being released [3] - The revenue from old products may see a slight decline in 2025, but overall income is expected to grow in 2026 after the expansion of Celecoxib [2] Group 2: Production Capacity and Utilization - The production capacity for Celecoxib is set to increase from 170 tons to 500-600 tons by the end of this year [1] - The utilization rate for the first phase of the second plant is expected to be around 60-70% in 2025, with one workshop having completed expansion in May [2] - Two workshops in the second phase of the second plant are expected to begin trial production in the second half of this year, with full capacity release anticipated in 2026 [2] Group 3: Market and Competitive Landscape - The company faces competition from Indian firms, with varying cost advantages across different products; however, the company excels in synthesis process maturity and R&D speed [3] - The company anticipates strong sales performance for new products such as Rivaroxaban, Apixaban, and others in the future [3] Group 4: Research and Development - The company plans to maintain a high level of R&D investment, projected to be over 7% of revenue in 2025 and beyond [2] - The new R&D building is expected to be operational this year, leading to an increase in personnel and corresponding R&D expenditure [2]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [4][22]. Core Views - The company is entering a growth cycle driven by new product launches, despite facing profit pressure in 2024. The revenue for 2024 is projected at 759 million yuan, a 5.09% increase, with a net profit of 107 million yuan, reflecting a 0.57% growth [1][2]. - In Q1 2025, the company reported a revenue of 187 million yuan, down 9.47%, and a net profit of 21 million yuan, down 52.30% [1][2]. - The non-contract custom business saw a robust growth of 17.27% in 2024, reaching 676 million yuan, while the contract custom business declined by 43% due to early contract terminations by some clients [2][3]. Financial Summary - The total revenue for 2024 is 759 million yuan, with a projected growth rate of 5.1% for the following years, reaching 850 million yuan in 2025 and 982 million yuan in 2026 [3][9]. - The net profit for 2024 is 107 million yuan, with expected growth rates of 14.8% in 2025 and 21.2% in 2026, leading to 122 million yuan and 148 million yuan respectively [3][9]. - Earnings per share (EPS) is projected to increase from 0.25 yuan in 2024 to 0.29 yuan in 2025 and 0.35 yuan in 2026 [3][9]. - The target price for the stock is set at 10.55 yuan, with the current price at 7.09 yuan, indicating a potential upside [3][4].