UBS: Upgrades Stone Pharmaceutical Group's rating to "Buy", with multiple catalysts in the future.

UBS published a research report stating that Stone Pharmaceutical Group is a pioneer in AI drug research and development among leading pharmaceutical companies, and is also the largest AIDD platform licensor globally in terms of total transaction value. The bank believes that Stone Pharmaceutical's leading position in cutting-edge technologies such as AI has not been fully reflected in its valuation. With a series of outbound licensing transactions landing, the downward risk of its traditional business has been largely reflected, and the company is expected to see organic revenue growth of 3.8% in 2026, recovering from a 16.5% drop last year. UBS upgraded Stone Pharmaceutical from "Neutral" to "Buy" and maintained a target price of 10.9 Hong Kong dollars. UBS pointed out that Stone Pharmaceutical has already reached 4 licensing or collaboration agreements related to the AIDD platform, with a total transaction value of 27.7 billion US dollars, making it the world's largest AIDD platform licensor. Among them, the cooperation with AstraZeneca is the most significant, validating the value of its AIDD platform. The bank expects the company to have multiple catalysts in the future, including the first quarter performance for 2026 to be announced on May 27, as well as the disclosure of clinical trial data for key research assets such as SYS6010 and KN026.