海通国际发布研报称，维持石药集团(01093)"优于大市"评级与目标价11.34港元，前三季度营收同比有 所下滑，但第三季度单季业绩已显现回暖迹象，成药收入环比增长10%，归母净利润同比增长27%，公 司通过加大研发投入并优化销售费用，积极推动创新药放量及资产出海(如SYS6010等)，管理层对2026 年成药业务恢复正增长及未来BD成果持乐观态度。 海通国际主要观点如下： 业绩表现 -神经系统收入19.1亿元(同比-4%，环比+4%) -抗肿瘤收入5.9亿元(同比-47%，环比+19%) -抗感染收入8.3亿元(同比-9%，环比+12%) 9M25石药集团实现收入199亿元(同比-12%)，其中成药收入155亿元(同比-17%)，原料药收入30亿元(同 比+10%)，功能食品及其他业务14亿元(同比+11%)。公司实现毛利率65.6%(同比下滑4.9ppts)；研发费用 42亿元(同比+8%)，研发费用率21.0%(同比提高3.9ppts)；销售费用率24.1%(同比减少5.1ppts)。前三季度 石药集团实现归母净利润35亿元(同比-7%)。管理层预计2026年成药销售有望恢复正增长，但同时也表 示仿制药 ...

智通财经APP获悉，海通国际发布研报称，维持石药集团(01093)"优于大市"评级与目标价11.34港元， 前三季度营收同比有所下滑，但第三季度单季业绩已显现回暖迹象，成药收入环比增长10%，归母净利 润同比增长27%，公司通过加大研发投入并优化销售费用，积极推动创新药放量及资产出海(如SYS6010 等)，管理层对2026年成药业务恢复正增长及未来BD成果持乐观态度。 海通国际主要观点如下： 业绩表现 -呼吸系统收入3.2亿元(同比+73%，环比+28%) -消化代谢收入2.5亿元(同比+14%，环比+8%) 9M25石药集团实现收入199亿元(同比-12%)，其中成药收入155亿元(同比-17%)，原料药收入30亿元(同 比+10%)，功能食品及其他业务14亿元(同比+11%)。公司实现毛利率65.6%(同比下滑4.9ppts)；研发费用 42亿元(同比+8%)，研发费用率21.0%(同比提高3.9ppts)；销售费用率24.1%(同比减少5.1ppts)。前三季度 石药集团实现归母净利润35亿元(同比-7%)。管理层预计2026年成药销售有望恢复正增长，但同时也表 示仿制药集采续约规则目前仍有不确定性。 ...

8 R&D platforms 5 R&D centers located in China & the U.S. 2000+ R&D professionals ~200 Innovative drugs and new formulations • 10+ Production bases for pharmaceutical products • Nano formulation production capacity of 20M doses/year; Biologics fermentation capacity of 250,000L • Chemical drugs production capacity of OSD ~30B tablets/year, production capacity of injection ~3B doses/year • mRNA vaccine commercial production workshop has been built； siRNA commercial production line is under construction Manufa ...

Core Viewpoint - The company XinNuoWei announced the progress of its SYS6010 product development, highlighting advancements in clinical research and ongoing studies in various cancer types [2] Group 1: Clinical Research Progress - The Phase 3 clinical study for EGFR mutation TKI-resistant non-small cell lung cancer officially started in March this year in China and is currently enrolling participants [2] - Overseas research progress is advancing smoothly [2] - The company is exploring multiple combination therapy studies covering esophageal squamous cell carcinoma, small cell lung cancer, and both EGFR mutation and wild-type non-small cell lung cancer in first-line patients [2] Group 2: Future Data Release Plans - There are no data release plans for the second half of this year, with expectations for data updates next year [2]

Core Viewpoint - The company is actively involved in the development of SYS6010 and has made significant progress in clinical trials, while also addressing the decline in revenue from its functional raw materials business due to fluctuating caffeine prices [1] Group 1: Product Development - The company currently does not have any GLP-1 related products [1] - The clinical study for SYS6010 targeting EGFR mutation TKI-resistant non-small cell lung cancer has officially started in March this year and is currently enrolling participants [1] - The company is exploring multiple combination therapy studies covering esophageal squamous cell carcinoma, small cell lung cancer, and both EGFR mutant and wild-type non-small cell lung cancer frontline patients [1] - There are no data release plans for H2 this year, with updates expected next year [1] Group 2: Commercialization and Clinical Trials - The company's Enlansumab has been included in the medical insurance, and commercialization is proceeding normally [1] - Key clinical trials for first-line recurrent or metastatic cervical cancer are currently underway [1] - A II/III phase clinical trial for small cell lung cancer post-chemotherapy consolidation treatment is set to begin in June 2025 in China, with the first subject already enrolled [1] - The company is also exploring trials related to the combination of PD-1 and SYS6010 (EGFR-ADC) products [1] Group 3: Revenue and Market Conditions - Revenue from the functional raw materials business has declined primarily due to the drop in caffeine prices compared to the highs of 2022 and 2023 [1] - Currently, caffeine prices have stabilized, and this business segment continues to maintain a high level of profitability [1]

Core Viewpoint - The stock price of CSPC Pharmaceutical Group (01093) fell over 7% towards the end of trading, reflecting market concerns following the release of disappointing interim results, with a significant decline in revenue and profit [1] Financial Performance - CSPC Pharmaceutical reported total revenue of 13.273 billion RMB for the first half of the year, a year-on-year decrease of 18.5% [1] - The profit attributable to the company's owners was 2.548 billion RMB, down 15.64% year-on-year [1] Market Reaction - The stock price dropped by 6.45% to 9.7 HKD, with a trading volume of 2.213 billion HKD [1] - The market has reacted negatively to the company's second-quarter performance, which fell short of expectations, particularly in the oncology and neurology business lines [1] Analyst Insights - According to a report from CMB International, the company's revenue and net profit in Q2 were below expectations, indicating structural declines in key business areas [1] - The firm downgraded its sales and net profit forecasts for 2025 to 2026 due to weak core business performance and overly optimistic business development expectations [1] - The rating was adjusted to "Neutral," with the target price reduced from 12.9 HKD to 9.3 HKD [1] Future Outlook - The future prospects of CSPC Pharmaceutical are seen as dependent on its commercial collaboration strategy and the commercialization of its pipeline [1] - Market attention is focused on its key asset, SYS6010, but past performance in the development of Class 1 innovative drugs suggests that the company is lagging behind other large pharmaceutical and biotech firms in China [1]

Core Viewpoint - The stock price of CSPC Pharmaceutical Group (01093) fell over 7% towards the end of trading, reflecting market concerns following the release of disappointing interim results for the first half of the year [1] Financial Performance - Total revenue for the first half of the year was 13.273 billion RMB, a year-on-year decrease of 18.5% [1] - Profit attributable to shareholders was 2.548 billion RMB, down 15.64% year-on-year [1] Market Reaction - The stock price dropped by 6.45% to 9.7 HKD, with a trading volume of 2.213 billion HKD [1] - The decline in stock price indicates that the market has reacted negatively to the company's financial performance and outlook [1] Analyst Insights - According to a report from CMB International, the second quarter revenue and net profit of CSPC Pharmaceutical did not meet expectations, indicating structural declines in the oncology and neurology business lines [1] - The management reiterated that the EGFR ADC product could be a potential catalyst for business development, but the market has already priced in these expectations [1] - CMB International has lowered its sales and net profit forecasts for 2025 to 2026 due to weak core business performance and overly optimistic business development expectations [1] Future Outlook - The future prospects of CSPC Pharmaceutical depend on its commercial cooperation strategy and the commercialization of its pipeline [1] - Market attention is focused on its key asset SYS6010, but the company has lagged behind other large pharmaceutical and biotech companies in clinical progress for Class 1 innovative drugs [1]

Core Viewpoint - Shijiazhuang Pharmaceutical Group, led by Cai Dongchen, has seen a significant increase in market capitalization, exceeding HKD 120 billion, despite experiencing a decline in revenue and net profit in the first half of the year due to the impact of drug price reductions from centralized procurement [2][3]. Financial Performance - For the first half of the year, the company reported revenue of CNY 13.273 billion, a decrease of 18.5% year-on-year, and a net profit of CNY 2.548 billion, down 15.6% year-on-year [3][4]. - The traditional business faced challenges, with a revenue drop of over 20% in the pharmaceutical segment, attributed to significant price cuts on core products [3][20]. Business Development and Innovation - The company has made substantial progress in business development, securing contracts totaling nearly USD 10 billion in the past six months, with a focus on innovative drugs [4][6]. - Notable partnerships include agreements with LigaChem for antibody drug conjugates and AstraZeneca for new oral drug development, with potential total transaction values exceeding USD 53 billion [4][6]. Research and Development - The company has invested over CNY 23 billion in R&D from 2020 to mid-2025, developing a product matrix across six major therapeutic areas [7][9]. - The pipeline includes over 200 innovative drugs and formulations, with nearly 60 in Phase III clinical trials, and expectations to submit over 50 new drugs or indications for approval by the end of 2028 [23][25]. Market Position and Future Outlook - Shijiazhuang Pharmaceutical Group ranks 19th globally in pipeline scale and 3rd among Chinese pharmaceutical companies, indicating a strong position in the market [25]. - The company is transitioning from generic to innovative drugs, with a focus on leveraging AI to enhance R&D efficiency, which has reportedly improved early discovery timelines by over 30% [16][18].

Core Viewpoint - The company has entered into a global exclusive licensing agreement with Madrigal Pharmaceuticals, Inc. for SYH2086, which includes development, production, and commercialization rights, while retaining rights to develop and sell other oral small molecule GLP-1 receptor agonists in China [4][5]. Group 1: Licensing Agreement and Financials - The agreement with Madrigal Pharmaceuticals could yield up to $2.075 billion, including an upfront payment of $120 million and milestone payments based on development, regulatory, and commercial achievements [4]. - The company anticipates potential upfront and milestone payments from ongoing negotiations for three other projects, including SYS6010 (EGFR-ADC), totaling approximately $5 billion [5]. Group 2: Research and Development - The company is increasing its R&D investment, with expenses projected to reach 5.191 billion yuan in 2024, a year-over-year increase of 7.5%, representing 21.9% of the revenue from prescription drugs, which is above industry standards [6]. - As of the end of Q1 2025, the company has 24 projects in critical II/III clinical phases and 9 projects under review for market approval [6][7].

Summary of Key Points from the Conference Call on China Healthcare Industry Overview - The conference focused on the **China Healthcare** sector, particularly the pharmaceutical and biotech industries, highlighting the attractive investment landscape in the Asia Pacific region [2][5][6]. Core Insights and Arguments - **Growth Projections**: The global pharmaceutical market is expected to grow at a **CAGR of 5.7%** from 2023 to 2028, while the Chinese pharmaceutical market is projected to grow at a **CAGR of 7.7%** during the same period [9][12]. - **Market Dynamics**: The Chinese pharmaceutical market is characterized by a significant reliance on imported products, particularly in the albumin segment, where **60-70%** of the market is composed of imports [34]. - **Out-licensing Trends**: There has been a notable increase in out-licensing activities, with over **$50 billion** in deals recorded in 2024, driven by narrowing innovation gaps and emerging complex modalities [41][42]. - **Regulatory Environment**: The plasma industry in China faces high entry barriers, with only **<30 plasma fractionators** currently operating, leading to a market consolidation trend [33][34]. Important Developments - **Upcoming Events**: Key sector events include the **CSCO 2025** and **WCLC 2025** conferences, which are expected to influence stock performance in the pharmaceutical and biotech sectors [6][8]. - **Pipeline Assets**: Several companies, including Hengrui and CSPC, have significant pipeline assets with upcoming drug approvals and trial progress expected in **2H25** [32][27]. Potential Risks and Challenges - **Supply Constraints**: The Chinese plasma market is underdeveloped compared to global standards, with a limited variety of plasma derivatives available [34]. - **Market Competition**: The top five plasma companies dominate approximately **60%** of the market, indicating a highly consolidated competitive landscape [33]. Additional Insights - **Investment Sentiment**: The overall sentiment towards the China healthcare sector remains positive, with analysts highlighting the potential for significant returns driven by innovation and market expansion [2][41]. - **Technological Advancements**: The introduction of recombinant human albumin (rHSA) is expected to disrupt the albumin market, potentially capturing **~10%** of the total market share [35]. This summary encapsulates the key points discussed during the conference call, providing a comprehensive overview of the current state and future outlook of the China healthcare sector.