快评：石药集团2026年第二季度销售和授权收入稳健超预期；mRNA战略备受关注

研报英文原文证据摘录

20 August 2026

Rebecca Liang, Ph.D.

China Pharma and Biotech

CSPC Pharmaceutical Group Ltd

Ellie Li

Rating

Market-Perform

Price Target

1093.HK

10.70 HKD

Quick Take: CSPC 2Q26 a solid beat on sales and licensing; mRNA

strategy under the spotlight

CSPC’s 2Q26 results materially beat, with total revenue up 94% YoY to CNY12.1

Bn, 48% above cons. Core operating profit reached CNY6.4 Bn, up 370% YoY, beating

cons by 68%. Net income was CNY5.6 Bn, growing 416% YoY. The strong topline and

earnings growth was primarily driven by BD income, reflecting part of the $1.2 Bn

upfront payment ($840 Mn) booked from AstraZeneca under the deal signed in Jan 2026.

Operating leverage remained healthy despite continued investment in innovation, with R&D

expenses accounting for 25% of product revenue versus 23% in 2Q25 and 22% in 1Q26.

Consequently, core operating margin expanded sharply to 53%, compared to 22% in 2Q25

and 18% in 1Q26

Excluding BD income, product revenue grew 8% YoY to CNY6.4 Bn, while finished drug

sales increased 16% YoY, at the upper end of growth among large-cap China pharma peers.

Nervous system franchise remained the key growth driver, with momentum continuing from

1Q26, supported by strong growth in NBP and robust growth from Mingfule. This was

partly offset by a 12% YoY decline in oncology sales, primarily reflecting weaker Duoenyi

sales following the NRDL price cut.

Close Date

20 Aug 2026

1093.HK Close Price (HKD)

9.52

Price Target (HKD)

10.70

Upside/(Downside)

12%

52-Week Range

11.63/6.53

ASIAX

1,922.63

FYE

Dec

Div Yield

3.5%

Market Cap (HKD) (M)

109,694

EV (HKD) (M)

78,018

Performance

YTD

1M

6M

Absolute (%)

12.9

12.0

(9.5)

12M

(8.0)

ASIAX (%)

17.6

3.0

7.5

29.1

Relative (%)

(4.6)

9.0

(17.0)

(37.1)

Source: Bloomberg, Bernstein estimates and analysis.

Following the positive Ph3 data from Merck and Moderna's (covered by Courtney Breen)

mRNA cancer vaccine, investor attention has increasingly turned toward the broader mRNA

oncology field. CSPC's mRNA strategy, however, is based on a different approach.

Instead of individualized therapies, their vaccines (e.g. SYS6026, HPV mRNA vaccine for

…