External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

CSPC Pharmaceutical Group / Equity Bottom-Up

<ul><li>9M23 results in line with expectation. CSPC reported 9M23 revenue of RMB23.87bn (+1.6% YoY) and attributable net profit of RMB4.49bn (+0.6% YoY), representing 75% and 74% of our previous FY estimates, respectively.</li><li>The adjusted attributable net profit (excl. impact from fair value change of financial assets and share-based compensation) in 9M23 increased 2.0% YoY to RMB4.72bn.</li><li>Due to the price erosion of Keaili and vitamin C, the GP margin in 9M23 decreased to 70.4% (vs 72.7% in 9M22), while in 3Q23, the GP margin was consistent as 2Q23. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

9M23 results in line with expectation. CSPC reported 9M23 revenue of RMB23.87bn (+1.6% YoY) and attributable net profit of RMB4.49bn (+0.6% YoY), representing 75% and 74% of our previous FY estimates, respectively.The adjusted attributable net profit (excl. impact from fair value change of financial assets and share-based compensation) in 9M23 increased 2.0% YoY to RMB4.72bn.Due to the price erosion of Keaili and vitamin C, the GP margin in 9M23 decreased to 70.4% (vs 72.7% in 9M22), while in 3Q23, the GP margin was consistent as 2Q23. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CSPC Pharmaceutical (1093 HK) – New Products to Drive Sales Recovery

<ul><li>Sales of legacy products to remain stable. CSPC has nurtured marketleading products in nervous system, oncology, anti-infective and cardiovascular disease, etc. NBP, Duomeisu, Jinyouli, Keaili, and Xuanning contribute to most of the Company’s product sales.</li><li>NBP recorded sales growth of 10.8% YoY in 1Q23, while pressures remain on the future sales of NBP upon the launch of generics and NBP’s inclusion in centralized procurement, which we think will take time.</li><li>We expect the sales of NBP to remain stable over the next two years. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sales of legacy products to remain stable. CSPC has nurtured marketleading products in nervous system, oncology, anti-infective and cardiovascular disease, etc. NBP, Duomeisu, Jinyouli, Keaili, and Xuanning contribute to most of the Company’s product sales.NBP recorded sales growth of 10.8% YoY in 1Q23, while pressures remain on the future sales of NBP upon the launch of generics and NBP’s inclusion in centralized procurement, which we think will take time.We expect the sales of NBP to remain stable over the next two years. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CSPC Pharmaceutical (1093 HK) – Innovative Platforms to Drive Future Growth

<ul><li>CSPC reported 1H23 revenue of RMB16.08bn (+3.0% YoY) and attributable net profit of RMB2.97bn (flattish YoY).</li><li>The adjusted attributable net profit (excl. impact from fair value change of financial assets and share-based compensation) in 1H23 increased 3.0% YoY to RMB3.16bn.</li><li>The 1H23 sales of finished drugs increased 5.2% YoY to RMB12.93bn, with the nervous system disease products recording +17.5% YoY sales growth to RMB4.55bn, mainly driven by the strong sales growth of NBP. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CSPC reported 1H23 revenue of RMB16.08bn (+3.0% YoY) and attributable net profit of RMB2.97bn (flattish YoY).The adjusted attributable net profit (excl. impact from fair value change of financial assets and share-based compensation) in 1H23 increased 3.0% YoY to RMB3.16bn.The 1H23 sales of finished drugs increased 5.2% YoY to RMB12.93bn, with the nervous system disease products recording +17.5% YoY sales growth to RMB4.55bn, mainly driven by the strong sales growth of NBP. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CSPC Pharmaceutical (1093 HK) – Steady Finished Drug Sales

<ul><li>CSPC reported 1Q23 revenue of RMB8.05bn (+2.3% YoY) and attributable net profit of RMB1.43bn (+1.7% YoY).</li><li>The 1Q23 sales of finished drugs increased 1.9% YoY to RMB6.42bn, with the nervous system disease products recording +9.8% YoY sales growth, driven by the sales of NBP.</li><li>Affected by COVID-19 and the lowered price of Keaili due to centralised procurement renewal, sales of oncology product weakened in 1Q23 (-33.1% YoY). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CSPC reported 1Q23 revenue of RMB8.05bn (+2.3% YoY) and attributable net profit of RMB1.43bn (+1.7% YoY).The 1Q23 sales of finished drugs increased 1.9% YoY to RMB6.42bn, with the nervous system disease products recording +9.8% YoY sales growth, driven by the sales of NBP.Affected by COVID-19 and the lowered price of Keaili due to centralised procurement renewal, sales of oncology product weakened in 1Q23 (-33.1% YoY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CSPC Pharmaceutical (1093 HK) – To further expand mRNA and ADC pipelines

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CX Daily: Chinese Pharma Turns to Global Deals to Cure Capital Crunch 

China

CSPC Pharmaceutical Group Limited, through its subsidiaries, manufactures and sells pharmaceutical products.  The Company's products include vitamin C, antibiotics and common generic drugs. The Company is also engages in the development of innovative drugs and antibiotics.

CSPC Pharmaceutical Group (1093 HK)

CSPC Pharmaceutical (1093 HK) – New Products to Drive Sales Recovery

CSPC reported 9M23 revenue of RMB23.87bn (+1.6% YoY) and attributable net profit of RMB4.49bn (+0.6% YoY), representing 75% and 74% of our previous...

CMB International

CSPC Pharmaceutical (1093 HK) – Innovative Platforms to Drive Future Growth

NBP recorded sales growth of 10.8% YoY in 1Q23, while pressures remain on the future sales of NBP upon the launch of generics and NBP’s inclusion...

CMB International

CSPC Pharmaceutical (1093 HK) – Steady Finished Drug Sales

The adjusted attributable net profit (excl. impact from fair value change of financial assets and share-based compensation) in 1H23 increased 3.0%...

CMB International

CSPC Pharmaceutical (1093 HK) – To further expand mRNA and ADC pipelines

The 1Q23 sales of finished drugs increased 1.9% YoY to RMB6.42bn, with the nervous system disease products recording +9.8% YoY sales growth, driven...

CMB International

CX Daily: Chinese Pharma Turns to Global Deals to Cure Capital Crunch

Biotech / Cover story: Chinese pharma turns to global deals to cure capital crunch After enduring the chill of a prolonged capital winter, China’s...

Caixin Global