CMBI published a research report covering CSPC PHARMA (01093.HK) +0.090 (+0.936%) Short selling $314.42M; Ratio 92.374% , which logged a 10.4% YoY decline in total revenue to RMB26 billion in 2025, under impact of volume-based procurement (VBP) and prescription controls. However, core domestic sales are bottoming out and are expected to stabilize in 2026. Meanwhile, the company has transformed into a global innovative pharmaceutical enterprise, continuously achieving out-licensing deals, which could become a sustainable revenue growth engine. On the back of a differentiated pipeline, the broker expected recurring business development income to juice long-term growth.CMBI forecast CSPC's net profits for 2026-28 to be RMB5.706 billion/ RMB5.62 billion/ RMB6.97 billion, respectively, compared to RMB3.876 billion in 2025. (HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.)
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