CSPC Pharma (1093.HK): Earnings Review: 2Q likely the earnings trough; Mgmt maintained BD guidance 2Q missed; Expect sequential improvement in 2H: 2Q revenue (Rmb6.3bn, -14% y/y) with finished drug sales (Rmb4.4bn, -27% y/y vs GSe Rmb5.4bn) was below our expectations. CNS drug sales declined by -27% y/y due to stricter regulator monitoring of NBP in hospitals, especially capsules, and company plans to mitigate the impacts by more efforts in retail sales expansion. Oncology (-54% y/y) continued to see VBP im ...

August 22, 2025 12:16 PM GMT CSPC Pharmaceutical Group | Asia Pacific 2025 Guidance Recalibrated after Soft 2Q; BD Targets and Sustainability Reiterated Key Takeaways Target 5% HoH growth in 2H25 and double-digit (%) growth from 202e:6: Mingfule is on track to hit Rmb1bn in sales in 2025. NBP soft capsule sales were hurt by tightened hospital budget control in 1H. CSPC plans to strengthen its out-of- pocket retail channel to sustain Rmb2bn sales after patent expiry. EGFR ADC updates ( Exhibit 1 ): Global Ph ...