CSPC PHARMA (01093): CSPC Pharma expects a net loss attributable to shareholders of 170 million to 255 million yuan in 2025.

CSPC PHARMA (01093) announced that its subsidiary, CSPC Innovation Pharmaceutical Co., Ltd. (CSPC Innovation), is expected to report a net loss attributable to the shareholders of the listed company of between 170 million and 255 million yuan for the year 2025, compared to a profit of 53.7263 million yuan in the same period last year. It is expected to report a net loss, excluding non-recurring gains and losses, of between 210 million and 315 million yuan, compared to a profit of 42.3419 million yuan in the same period last year. During the reporting period, CSPC Innovation accelerated the advancement of its innovative pipeline and continued to increase its research and development investment. Several products in development made significant progress: in 2025, CSPC Innovation obtained clinical trial approvals for 4 antibody drugs, 6 ADC products, and 1 mRNA vaccine for the first time; 1 monoclonal antibody product (omalizumab injection) received approval for a new indication; 1 monoclonal antibody product (trastuzumab injection) had its market application accepted; and 2 ADC products entered Phase III clinical trials. With the increase in research and development activities, annual R&D expenses increased to approximately 1 billion yuan, showing a significant year-on-year growth and becoming an important factor affecting current profits. During the reporting period, CSPC Innovation completed the acquisition of a 29% minority stake in its subsidiary Giant Stone Biotech in early November 2025, raising its ownership stake to 80%. Currently, Giant Stone Biotech has not yet turned a profit due to its substantial investment in its pipeline. As the ownership stake increases, the impact of its financial performance on the net profit attributable to the shareholders of the listed company in the consolidated financial statements will also expand accordingly. Additionally, CSPC Innovation actively consolidated its position in the functional raw materials business, increased sales of caffeine-related products, but due to market factors, the gross profit margin and profit level of the caffeine-related products slightly decreased compared to the same period last year, leading to a decline in the profits of the functional raw materials business.