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
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