CSPC Pharmaceutical Group

What CSPC Pharmaceutical Group does

CSPC Pharmaceutical Group is a Hong Kong-listed (HKEX: 01093) Chinese pharmaceutical manufacturer and developer, headquartered in Shijiazhuang, Hebei Province, with approximately 18,000 employees. The company operates two principal business segments: Finished Drugs, comprising branded products across neurology (NBP butylphthalide), oncology, cardiovascular, and anti-infectives, and Bulk Drugs, where it manufactures commodity pharmaceutical ingredients including antibiotics, Vitamin C, and caffeine. Beyond its legacy generics and API businesses, CSPC has built an innovation pipeline through subsidiary CSPC Innovation Pharmaceutical, focusing on metabolic disease therapeutics (GLP-1/GIP receptor agonists), antibody-drug conjugates (JSKN003, anbenitamab), bispecific antibodies, mRNA technology, and AI-driven drug discovery platforms, including a proprietary AI peptide discovery engine and LiquidGel sustained-release technology enabling once-monthly injectable dosing.

Revenue is generated through three streams: domestic finished drug sales (tendered through China's centralized medicines procurement and sold via direct hospital sales and a regional distributor network), API/bulk drug sales to pharmaceutical manufacturers, and increasingly significant licensing and milestone payments from out-licensing innovative drug candidates to global pharmaceutical partners such as AstraZeneca, Madrigal Pharmaceuticals, BeiGene, and Novartis. Domestically, CSPC serves healthcare providers and institutions including hospitals, clinics, and pharmacies; internationally, it serves global pharma partners seeking pipeline replenishment assets, particularly ahead of the looming GLP-1 patent cliff. The company's GTM combines traditional medical representative detailing in China with a licensing/royalty model for ex-China commercialization of innovative candidates.

The company is undergoing a strategic pivot from a legacy generics/API manufacturer toward an innovation-driven biopharmaceutical company, evidenced by the landmark $18.5 billion potential-value collaboration with AstraZeneca (January 2026) for obesity/weight management programs, the proposed H-share listing of CSPC Innovation Pharmaceutical (December 2025), multiple FDA and NMPA regulatory approvals, and a CEO transition with new global R&D leadership appointment. However, near-term financials show pressure, with FY2024 revenue of RMB 29.0 billion declining from RMB 31.5 billion in FY2023, and Q1 2026 revenue down 7.8% YoY with reported profit down 41.8%.

Name

CSPC Pharmaceutical Group

Legal name

CSPC Pharmaceutical Group Limited

Website

https://cspc.com.hk

Company type

Public

Founded year

1998

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

CSPC Pharmaceutical Group is a Hong Kong-listed Chinese pharmaceutical company that manufactures and sells branded finished drugs (neurology, oncology, cardiovascular) and bulk APIs, while increasingly out-licensing innovative drug candidates—particularly in metabolic disease and ADCs—to global pharma partners including AstraZeneca.

Ownership category

akta.pro rank

Product category

Pharmaceuticals

NAICS

Pharmaceutical Preparation Manufacturing (325412), Biological Product (except Diagnostic) Manufacturing (325414), Pharmaceutical and Medicine Manufacturing (3254)

SIC

Pharmaceutical Preparations (2834), Biological Products, (No Disgnostic Substances) (2836)

akta.pro primary industry

Specialty Care Pharmaceuticals (HLAIAAAB)

akta.pro secondary industries

Neurology & CNS Specialty Pharmaceuticals (HLAIACAC), Cardiometabolic Pharmaceuticals (Cardiovascular/Diabetes/Obesity) (HLAIAAAE), Infectious Disease Specialty Pharmaceuticals (Non-vaccine) (HLAIACAM)

Keywords

• Generic pharmaceuticals
• Finished drug manufacturing
• Active pharmaceutical ingredients
• Innovative drug development
• Antibody-drug conjugates

Headquarters

HQ city

Shijiazhuang

HQ country

China

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Supply Chain, Infrastructure

Revenue model

1. Finished Drugs: Revenue from sale of finished pharmaceutical products including NBP (butylphthalide), antibiotics, cardiovascular drugs, and oncology medications to hospitals, pharmacies, and distributors.
2. Bulk/Active Pharmaceutical Ingredients (API): Revenue from manufacture and sale of bulk drugs including antibiotics, vitamin C, and caffeine to pharmaceutical companies domestically and internationally.
3. Licensing and milestone payments: Revenue from out-licensing agreements including upfront payments, development and regulatory milestones, and sales-based royalties from global partners like AstraZeneca.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

CSPC Pharmaceutical Group manufactures and sells branded finished pharmaceutical products (including NBP butylphthalide, Oulaining oxiracetam, Duomeisu doxorubicin, Mingfule TNK tissue plasminogen activator, Enlituo anbenitamab, and SYS6006 mRNA COVID-19 vaccine) and bulk active pharmaceutical ingredients (antibiotics, vitamin C, caffeine). The company distributes these through direct hospital sales, regional distributors, and national centralized procurement in China, while generating additional revenue from out-licensing innovative drug candidates (GLP-1/GIP receptor agonists, HER2-targeting ADCs, Lp(a) disruptors) to global pharmaceutical partners such as AstraZeneca, Madrigal, BeiGene, and Alphamab Oncology.

Product overview

CSPC Pharmaceutical Group is a Hong Kong-listed (HKEX: 01093) pharmaceutical company that manufactures and sells pharmaceutical products across two main segments: Finished Drugs and Bulk Drugs. The Finished Drugs portfolio includes branded pharmaceutical products such as NBP (soft capsules and injections), Oulaining (capsules and lyophilised powder for injections), Enxi, Duomeisu, Jinyouli, Keaili, Shuluoke, Nuomoling, Weihong, Xinweihong, Xuanning, Encun, Qixiao, Linmeixin, Shuanglexin, Gubang, Gubangjia, Gaoshunsong, Debixin, and Qimaite. The Bulk Drugs segment comprises commodity pharmaceutical ingredients including Antibiotics, Vitamin C, and Caffeine. The company is also actively developing innovative drug candidates through its subsidiary CSPC Innovation Pharmaceutical, with focus areas including metabolic disorders (GLP-1/GIP receptor dual-biased agonists), oncology (antibody-drug conjugates), and cardiovascular diseases, with multiple clinical candidates progressing through development stages.

Differentiator

Problem solved

Functional benefit

Brands

• NBP (soft capsules): Finished drug product - butylphthalide soft capsules for cerebrovascular treatment
• NBP (injections)
• Oulaining
• Duomeisu
• Jinyouli
• Keaili
• Mingfule
• Enlituo (Anbenitamab Injection)
• SYS6006

Products and services

• NBP (butylphthalide) Soft Capsules Butylphthalide soft capsule formulation for the treatment of cerebral ischemia and related neurological conditions, sold as a branded finished drug.
• NBP (butylphthalide) Injections Butylphthalide injectable formulation for the treatment of cerebral ischemia and related neurological conditions.
• Oulaining (oxiracetam) Capsules Oxiracetam capsule formulation marketed as a finished pharmaceutical product.
• Oulaining (oxiracetam) Lyophilised Powder for Injections Oxiracetam lyophilised powder for injectable administration marketed as a finished pharmaceutical product.
• Duomeisu (Doxorubicin Hydrochloride Liposome Injection) Doxorubicin hydrochloride liposome injection marketed as an oncology finished drug product.
• Enxi Branded pharmaceutical finished drug product in CSPC's finished drug portfolio.
• Jinyouli Branded pharmaceutical finished drug product in CSPC's finished drug portfolio.
• Keaili Branded pharmaceutical finished drug product in CSPC's finished drug portfolio.
• Shuluoke Branded pharmaceutical finished drug product in CSPC's finished drug portfolio.
• Nuomoling Branded pharmaceutical finished drug product in CSPC's finished drug portfolio.
• Weihong Branded pharmaceutical finished drug product in CSPC's finished drug portfolio.
• Xinweihong Branded pharmaceutical finished drug product in CSPC's finished drug portfolio.
• Xuanning Branded pharmaceutical finished drug product in CSPC's finished drug portfolio.
• Encun Branded pharmaceutical finished drug product in CSPC's finished drug portfolio.
• Qixiao Branded pharmaceutical finished drug product in CSPC's finished drug portfolio.
• Linmeixin Branded pharmaceutical finished drug product in CSPC's finished drug portfolio.
• Shuanglexin Branded pharmaceutical finished drug product in CSPC's finished drug portfolio.
• Gubang Branded pharmaceutical finished drug product in CSPC's finished drug portfolio.
• Gubangjia Branded pharmaceutical finished drug product in CSPC's finished drug portfolio.
• Gaoshunsong Branded pharmaceutical finished drug product in CSPC's finished drug portfolio.
• Debixin Branded pharmaceutical finished drug product in CSPC's finished drug portfolio.
• Qimaite Branded pharmaceutical finished drug product in CSPC's finished drug portfolio.
• Bulk Antibiotics (API) Bulk antibiotic active pharmaceutical ingredients manufactured and supplied to pharmaceutical companies for formulation into finished dosage forms.
• Bulk Vitamin C (API) Bulk Vitamin C active pharmaceutical ingredient manufactured by CSPC and sold to pharmaceutical companies domestically and internationally.
• Bulk Caffeine (API) Bulk caffeine active pharmaceutical ingredient manufactured by CSPC and sold to pharmaceutical companies domestically and internationally.
• Mingfule (Recombinant Human TNK Tissue-Type Plasminogen Activator for Injection) Recombinant human TNK tissue-type plasminogen activator injection indicated for the treatment of acute ischemic stroke.
• Enlituo (Anbenitamab Injection) HER2 bispecific antibody (anbenitamab) injection approved by NMPA in May 2026 for HER2-positive cancer treatment.
• SYS6006 (COVID-19 mRNA Vaccine) mRNA COVID-19 vaccine included for emergency use in China.

Quantifiable outcome

• Secured $18.5 billion potential deal value with AstraZeneca for weight management portfolio
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Ten partnerships are on record, tiered core, flagship and minor.

• Multiple Global Pharma PartnerscoreStrategic or Co-development Partner · 1 June 2026CSPC has established multiple licensing and collaboration agreements with Western pharmaceutical companies including AstraZeneca, representing China's emerging role in global biotech innovation.
• JMT-Bio Technology (Subsidiary)coreStrategic or Co-development Partner · 24 March 2026Co-development arrangement for HER2 bispecific antibody anbenitamab (KN026) with Alphamab Oncology, where CSPC's wholly-owned subsidiary JMT-Bio Technology is the development partner.
• AstraZenecaflagshipStrategic or Co-development Partner · 30 January 2026AstraZeneca collaboration for eight next-generation weight management and obesity therapy programs, including clinical-ready GLP-1/GIP receptor agonist SYH2082 and three preclinical candidates. CSPC receives $1.2B upfront plus up to $3.5B in development milestones and $13.8B in sales milestones, with double-digit royalties. AstraZeneca receives ex-China rights while CSPC retains China rights.
• Alphamab OncologycoreStrategic or Co-development Partner · 20 October 2025Co-development partnership for JSKN003, a biparatopic HER2-targeting antibody-drug conjugate. Alphamab and CSPC subsidiary JMT-Bio Technology jointly developed the drug, with CSPC holding commercialization rights in China and Alphamab leading international development.
• Madrigal PharmaceuticalscoreStrategic or Co-development Partner · 30 July 2025Exclusive license agreement for CSPC's oral GLP-1 receptor agonist SYH2086 for development of combination therapies for MASH (Metabolic-associated steatohepatitis). Madrigal in-licensed the preclinical asset for $60M upfront plus up to $4.4B in milestones.
• AstraZenecacoreTechnology or Integration · 13 June 2025Strategic research collaboration in artificial intelligence for innovative drug research and development, focused on AI-driven binding pattern analysis for chronic disease drug candidates.
• NovartisminorStrategic or Co-development Partner · 13 May 2025AI-driven drug discovery collaboration as part of broader industry trend, with CSPC participating in multi-party partnerships with major global pharmaceutical companies.
• BeiGeneminorStrategic or Co-development Partner · 30 January 2025Exclusive license agreement for SYH2039, a highly selective MAT2A inhibitor, with BeiGene for global development and commercialization.
• Harbour BioMedminorStrategic or Co-development Partner · 8 January 2025License agreement for Batoclimab (HBM9161), an anti-FcRn monoclonal antibody for autoimmune diseases, for development and commercialization in China.
• AstraZenecacoreStrategic or Co-development Partner · 7 October 2024Exclusive license agreement for pre-clinical oral Lipoprotein(a) disruptor YS2302018 targeting cardiovascular disease. CSPC receives $100M upfront plus up to $1.92B in development and commercialization milestones plus tiered royalties.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Shanghai Pharmaceuticals Holding: Major Chinese pharmaceutical group with both finished drug and API businesses, listed in Hong Kong and Shanghai. Comparable scale, similar business mix of innovative drugs and generics, and similar distribution model through Chinese hospitals and centralized procurement.
• Sino Biopharmaceutical Limited: Hong Kong-listed Chinese pharmaceutical group with a comparable diversified portfolio spanning oncology, cardiovascular, respiratory, and infectious disease therapeutics. Directly competes in the same China hospital channel and shares exposure to VBP pricing dynamics.
• Jiangsu Hengrui Pharmaceuticals: Largest Chinese innovative pharmaceutical company and the most direct comparator to CSPC. Hengrui operates in oncology, anesthetics, contrast media, and cardiovascular drugs, with a comparable pipeline of innovative small molecules and biologics and similar global out-licensing ambitions (e.g., Merck KGaA deal).
• Fosun Pharma: Chinese pharmaceutical group with diversified portfolio across innovative drugs, generic drugs, diagnostics, and devices. Operates similar distribution channels in China and pursues comparable international licensing strategies, making it a relevant Chinese pharma peer.

Broad incumbents

• AstraZeneca: CSPC's largest licensing partner and a global leader in cardiometabolic and oncology therapeutics. AstraZeneca is a comparable for global commercialization of metabolic and oncology assets and represents both a strategic partner and competitive benchmark in obesity/diabetes.
• Eli Lilly: Global pharmaceutical leader in obesity/diabetes (tirzepatide/Mounjaro/Zepbound) and oncology. Most relevant global comparator for CSPC's GLP-1/GIP pipeline and broader metabolic disease strategy.
• WuXi Biologics: Global leader in biologics contract development and manufacturing with deep China roots. While a CDMO rather than product company, it provides the manufacturing backbone for many Chinese biologics innovators and is a relevant comparable for ADC and bispecific antibody development capabilities.

Emerging players

• BeiGene: Chinese-founded global oncology-focused biotech that licenses assets in/out of China. CSPC has an active out-licensing relationship with BeiGene (SYH2039 MAT2A inhibitor) and operates in adjacent oncology and hematology spaces.
• Innovent Biologics: Hong Kong-listed Chinese biotech focused on innovative biologics including oncology antibodies (PD-1, etc.) and metabolic therapies (GLP-1). Competes directly in China's innovative oncology and obesity spaces where CSPC is also building presence.
• Hansoh Pharmaceutical: Hong Kong-listed Chinese pharmaceutical company with strong CNS, oncology, and infectious disease portfolios. Comparable business model as a domestic-focused innovative and generic pharma group with growing pipeline of NMPA-approved innovative drugs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/cspc-pharmaceutical-group-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments5 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CSPC Pharmaceutical Group