Company Coverage
CSPC Innovation Pharmaceutical Co (300765 CH): 1H26: Achieves Breakeven; Smooth BD And R&D Progress Bolster Long-Term Prospects
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Rmb44.40
Rmb57.00
28.4%
Rmb41.00
Analyst
Analyst
Highlights
- CSPC Innovation reported a revenue increase of 208.7% yoy and an adjusted net profit of Rmb1,225.9m in 1H26 (vs 1H25: -Rmb41.1m),
supported by the recognition of 70% of AstraZeneca’s US$420m upfront payment.
- Robust out-licensing income and biopharma sales will drive revenue and earnings for 2026. With steady R&D progress, we expect a growing pipeline of innovative product launches to support sustainable earnings growth from 2028 onward.
- Maintain BUY and raise target price to Rmb57.00.
Analysis
- 1H26 revenue surged 208.7% yoy as the AstraZeneca upfront payment was recognised. CSPC Innovation Pharmaceutical’s (CSPC Innovation)
1H26 revenue rose 208.7% yoy to Rmb3,240.2m and net profit was Rmb1,261.2m, vs a net loss of Rmb2.7m in 1H25; adjusted net profit was
Rmb1,225.9m, vs an adjusted net loss of Rmb41.1m. The results beat market estimates.
Highlights
- CSPC Innovation reported a revenue increase of 208.7% yoy and an adjusted net profit of Rmb1,225.9m in 1H26 (vs 1H25: -Rmb41.1m),
supported by the recognition of 70% of AstraZeneca’s US$420m upfront payment.
- Robust out-licensing income and biopharma sales will drive revenue and earnings for 2026. With steady R&D progress, we expect a growing pipeline of innovative product launches to support sustainable earnings growth from 2028 onward.
- Maintain BUY and raise target price to Rmb57.00.
Analysis
- 1H26 revenue surged 208.7% yoy as the AstraZeneca upfront payment was recognised. CSPC Innovation Pharmaceutical’s (CSPC Innovation)
1H26 revenue rose 208.7% yoy to Rmb3,240.2m and net profit was Rmb1,261.2m, vs a net loss of Rmb2.7m in 1H25; adjusted net profit was
Rmb1,225.9m, vs an adjusted net loss of Rmb41.1m. The results beat market estimates.
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Rmb44.40
Rmb57.00
28.4%
Rmb41.00
Analyst
Analyst
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
