Research Speed Bulletin | China Pharma Holdings Innovation Pharma Receives 40+ Institutions Including CITIC Securities; ADC Pipeline Advancing on Multiple Fronts; R&D Investment to Increase Continuously in 2026

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On March 17, CSPC Pharmaceutical Group Limited (hereinafter referred to as “CSPC Innovation Pharma”) hosted a research session with over 40 institutional investors including CITIC Securities, CITIC Lyon, Huatai Securities, Gao Yi Asset Management, and others via an online conference call. Company Chairman Yao Bing, Director and General Manager Dai Long, Secretary to the Board Xu Wen, and other management provided detailed responses to market concerns regarding 2025 performance overview, core pipeline progress, R&D investment plans, and more.

Basic Information of Investor Activities

Performance Overview and Core Pipeline Progress

At the meeting, Chairman Yao Bing first provided a brief overview of the company’s 2025 performance. It was disclosed that R&D expenses in 2025 reached 1.036 billion yuan, with significant growth in the biopharmaceutical business during the first full year of sales for Enshuxin[®] and Enyetan[®]. For 2026, the company stated it will continue to increase R&D investment to ensure pipeline advancement and achievement conversion.

Regarding core pipelines, the ADC (antibody-drug conjugate) platform became a focus of investigation. The company revealed that SYS6010 (EGFR ADC) has entered Phase 3 clinical trials. The Phase 3 trial for EGFR wild-type lung cancer 2L indication is being initiated, and the Phase 3 trial for EGFR mutation-positive lung cancer (2L) has completed enrollment and is under follow-up. Additionally, indications such as esophageal squamous cell carcinoma and breast cancer are actively progressing. SYS6002 (Nectin-4 ADC) is currently conducting Phase 3 clinical trials for cervical cancer. SYS6043 (B7H3 ADC) and SYS6040 (DLL3 ADC) are in Phase 1 trials, with SYS6043 planning to present data on nasopharyngeal carcinoma and gynecological tumors at major academic conferences in the first half of 2026. Updated Phase 1 data for SYS6002 will also be submitted concurrently.

Furthermore, the company’s PD1/IL15 bispecific antibody product SYS6090 is in domestic clinical dose-escalation and expansion phases, mainly focusing on gastrointestinal tumors such as liver and colorectal cancers, as well as advanced lung cancers, with plans to conduct combination trials later. Overseas Phase 1 trials have just started, with no data readouts planned yet.

Responses to Investor Inquiries

Regarding key concerns from investors, the company responded as follows:

Caffeine Business: The company stated that caffeine prices have stabilized since 2026 and will continue to monitor price trends.

mRNA Vaccine Platform: The company clarified that current development is focused on universal vaccines, with no plans for personalized vaccines.

Progress of Collaboration with AstraZeneca: The partnership involves an innovative peptide molecule and related technology aimed at providing longer-lasting treatments for obesity and weight-related populations. It is currently in preclinical research, with specific progress to be disclosed via announcements.

Biopharmaceutical Business Outlook: The company is optimistic about 2026, expecting further growth in biopharmaceutical revenue as sales teams expand and market promotion intensifies. Regarding fluctuations in 2025 gross profit margin, the company explained that initial product launch factors mainly caused the variation; as sales normalize, gross margin is expected to align with industry averages.

Xinnuo Wei Hong Kong Listing Project and Other Business Developments: The company stated that it will disclose updates in accordance with information disclosure requirements.

This research indicates that institutional investors are highly focused on CSPC Innovation Pharma’s pipeline layout and R&D progress in frontier areas such as ADC. The company also clarified its strategic direction to continue increasing R&D investment and promote core product commercialization in 2026.

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