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🇭🇰 港交所CSPC PHARMACodex · 实盘不做把握 6/10
北京时间·🕒 发布 17:50:00时区推断·⟳ 抓取 17:54:05·⚡ 决策 08-05 21:59:00 +4h04m·82.7 天前

石药集团收到阿斯利康合作项下1000万美元里程碑付款

本次1000万美元付款确认阿斯利康已对一个PCC项目行使许可选择权,说明2025年6月AI小分子研发合作按计划推进。

📄 原文CSPC PHARMA↗ 原文
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the con…
不做 石药集团(01093.HK)
本次1000万美元里程碑对石药集团收入和市值占比太小,且底层阿斯利康合作已充分披露;属于正面确认性进展但短线无足够edge,不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)

研究档案

🔎 新鲜度:最早出现 2026-08-05 · 扩散 low · price-in 风险 medium ↗ ↗

消息传播链

  1. 2026-08-05 17:50 HK官方确认/否认HKEX一手源原文 ↗
    石药集团在港交所盘后公告收到阿斯利康1000万美元里程碑付款,触发点为一个PCC项目许可选择权行使。
    市场反应:公告发生在港股收盘后,01093.HK当日收报8.375港元、跌1.30%,不是公告后连续交易反应。

关键理由

  • 本次1000万美元付款确认阿斯利康已对一个PCC项目行使许可选择权,说明2025年6月AI小分子研发合作按计划推进。
  • 但1000万美元约合7800万港元/7200万元人民币,仅约为石药集团2025年260.06亿元人民币收入的0.28%、当前约965亿港元市值的0.08%,短线财务增量太小。
  • 原始合作条款、1.10亿美元首付款及最高52.2亿美元潜在里程碑早在2025年6月已披露,本次只是早期研发合作中的小额阶段兑现。

主要风险

  • 后续开发、生产和商业化仍存在不确定性,当前只到临床前候选项目许可选择权阶段,未形成可量化销售预期。
  • 石药近期已有多条阿斯利康合作和管线进展被市场讨论,本次金额小,容易被视为确认性进展而非重新定价催化。

反向证据

  • 做多前查反向 · 来源 kb_search · 日期 2025-06-13 · 影响 weakens
    内部库显示底层合作及大额条款早在2025年6月已有券商和公告覆盖,本次只是小额阶段进展。
    检索:石药集团 阿斯利康 strategic research collaboration 2025 upfront milestone total value oral small molecule candidates revenue exposure 原文 ↗
  • 做多前查反向 · 来源 web · 日期 2026-03-25 · 影响 weakens
    2025年收入260.06亿元人民币,1000万美元里程碑对收入和市值均不足以构成短线重大重估。
    检索:CSPC Pharmaceutical 2025 annual revenue 2025 HKD revenue net profit 原文 ↗
工具调用 · 历史记录,结果未知(3 种)
  • search_processed_events · 结果未知
  • stock_quote · 结果未知
  • kb_search · 结果未知

原文全文

展开原文 · 2,715 字
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

# CSPC PHARMACEUTICAL GROUP LIMITED

## 石 藥 集 團 有 限 公 司

(Incorporated in Hong Kong with limited liability)

(Stock Code: 1093)

VOLUNTARY ANNOUNCEMENT

RECEIPT OF US$10 MILLION MILESTONE PAYMENT UNDER THE STRATEGIC RESEARCH COLLABORATION AGREEMENT WITH ASTRAZENECA

Reference is made to the announcement of CSPC Pharmaceutical Group Limited (the ‘‘Company’’, together with its subsidiaries, the ‘‘Group’’) dated 13 June 2025, in relation to the entering into of a strategic research collaboration agreement (the ‘‘Agreement’’) between the Group and AstraZeneca (the ‘‘Announcement’’) for the discovery and development of novel oral small molecule candidates. Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as defined in the Announcement.

As disclosed in the Announcement, the Group agreed to discover pre-clinical candidates (‘‘PCC’’) for multiple targets as selected by AstraZeneca with potential to treat diseases across indications, including a pre-clinical small molecule oral therapy for immunological diseases.

The Board is pleased to announce that the Group has received a milestone payment of US$10 million from AstraZeneca on 5 August 2026 in relation to the exercise of license option for one of the PCC programs under the terms of the Agreement, indicating that the relevant research and development work under the Agreement is progressing steadily as planned.

The development, manufacturing and commercialisation of the relevant licensed products are subject to uncertainties. Shareholders and potential investors of the Company are advised to exercise caution when dealing in the securities of the Company. The Company will make further announcement(s) as and when appropriate to disclose material developments in relation to the Agreement.

By Order of the Board CSPC Pharmaceutical Group Limited CAI Dong Chen Chairman Hong Kong, 5 August 2026

As at the date of this announcement, the Board comprises Mr. CAI Dong Chen, Dr. CAI Lei, Mr. WEI Qingjie, Mr. ZHANG Cuilong, Mr. WANG Zhenguo, Dr. LI Chunlei, Dr. YAO Bing, Mr. CAI Xin, Mr. CHEN Weiping, Mr. QU Zhiyong and Mr. ZHANG Yiwei as Executive Directors; and Mr. WANG Bo, Mr. CHEN Chuan, Prof. WANG Hongguang, Mr. AU Chun Kwok Alan, Mr. LAW Cheuk Kin Stephen and Ms. LI Quan as Independent Non-executive Directors.

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