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2025-05-30 15:26:27 CSPC PHARMA (01093.HK) delivered soft results for 1Q25, with revenue sinking by 22% YoY and net profit falling by 8.4%, BOCI released a research report noting. Although collaboration revenue for 1Q reached RMB718 million, the high base from the same period last year, coupled with the negative impact of centralized procurement and price cuts on key products, led to a 27% YoY drop in finished drug revenue. The group's GPM also eroded by 5 ppts YoY or 1 ppt QoQ. Excluding collaboration revenue, its pharmaceutical GPM actually plunged by 8 ppts YoY or 5 ppts QoQ. BOCI lifted its target price for CSPC PHARMA from the previous HKD5.5 to HKD6.6, mainly due to the clinical progress of pipeline drugs such as SYS6010 (EGFR-ADC), KN026 (HER2/HER2), and the GLP-1 product portfolio, while maintaining the Hold rating unchanged. ~ AAStocks Financial News Web Site: www.aastocks.com | |