Group 1: Financial Performance - CSPC reported total revenue of RMB19.9 billion for 9M25, with core revenue (excluding business development income) at RMB18.4 billion, down 19% YoY, representing 73.4% of the prior FY25 forecast [1] - Core revenue returned to sequential growth in 3Q25, increasing 4.2% QoQ, with modest growth observed across key therapeutic areas including neurology, oncology, anti-infectives, and cardiovascular products [1] - Attributable net profit for 9M25 was RMB3.5 billion, reflecting a 7.1% YoY decline [1] Group 2: Business Development and Licensing - CSPC has signed six out-licensing agreements since late 2024, covering a diverse portfolio of assets, indicating a sustainable out-licensing income stream [2] - The company anticipates further out-licensing of its EGFR ADC and a technology platform, although the timing of these deals remains uncertain [2] - CSPC is positioned to generate a sustainable and recurring stream of business development income over the medium to long term due to its diverse pipeline [2] Group 3: Pipeline and Clinical Development - Data readouts for the EGFR ADC (SYS6010) are expected in 1H26, with multiple pivotal trials underway in both China and the US [3] - Early data for SYS6010 monotherapy have shown promising activity in heavily pretreated patients, indicating high potential for out-licensing as data matures [3] - CSPC is preparing to launch two global Phase 3 trials targeting specific NSCLC patient populations, further enhancing its clinical development strategy [3] Group 4: Investment Outlook - CSPC's business development deals are seen as a key sustainable driver of earnings growth, leading to a revision of the target price from HK$12.11 to HK$11.05 [4] - The uncertain drug sales outlook for 2026 is a consideration in the revised target price [4]