CSPC

What CSPC does

CSPC Pharmaceutical Group Limited (石药集团, HKEX: 01093.HK) is a national-level innovative pharmaceutical enterprise headquartered in Shijiazhuang, Hebei Province, China, with reported total assets of 41 billion yuan and a workforce of approximately 27,000 employees. The group's parent entity is listed on the Hong Kong Stock Exchange, and its subsidiary XinNuowei (300765.SZ) is listed on Shenzhen's ChiNext board, creating a "Red Chip + A" financing structure.

The company operates eight core technology platforms — including nanoparticle/liposomal formulations, mRNA, antibody-drug conjugates (ADC), and cell therapy — supporting more than 200 innovative drug and formulation projects. Its commercial portfolio spans (a) NMPA-approved innovative drugs such as Mitoxantrone Liposome (Lipo-MIT, approved January 2022 for hematologic tumors) and Irinotecan Hydrochloride Liposome (多恩益®, for metastatic pancreatic cancer); (b) clinical-stage assets including Daratumumab biosimilar, the anti-EGFR antibody JMT101, albumin-bound Docetaxel (HB1801 — the first formulation of its kind to receive clinical approval in both China and the US), and the MET inhibitor Gumaritinib (海益坦®); and (c) Traditional Chinese Medicine (TCM) oral solutions, syrups, and APIs via its Jiangxi Jinfurong subsidiary. The group also performs proprietary process R&D, with an FTIR-based online ammonolysis monitoring system for oligonucleotide manufacturing published in ACS Org. Process Res. Dev.

CSPC generates revenue through diversified streams: domestic prescription and OTC drug sales via medical representatives and pharmacy distribution; B2B API/TCM extract supply to major Chinese pharma companies (e.g., 华润三九, 葵花药业, 片仔癀, 羚锐制药); and high-value international licensing transactions, exemplified by a recently announced obesity drug licensing deal worth up to $18.5 billion. The group also functions as a strategic capital partner to biotech innovators, co-investing in rounds such as Degron Therapeutics' $40 million Series A extension (targeting molecular glue degraders). Geographic operations span China (primary), Singapore, the United States, and the United Kingdom, with established collaboration with AstraZeneca within its $15 billion China investment program.

Name

CSPC

Legal name

CSPC Pharmaceutical Group Limited

Website

https://jxjfr.cn

Company type

Public

Founded year

1938

Operating status

Operating

Headcount range

101–250 employees

Short description

CSPC Pharmaceutical Group (石药集团, 01093.HK) is a major Chinese innovative drug manufacturer with 27,000+ employees, eight R&D technology platforms, and 200+ pipeline projects spanning oncology, metabolic disease, and TCM, generating revenue through domestic drug sales, API supply, and international licensing deals.

Ownership category

akta.pro rank

Product category

Innovative and Generic Pharmaceuticals Manufacturing

NAICS

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

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

G-CSF / GM-CSF Biosimilars (HLAIAFAD)

akta.pro secondary industry

Clinical Trials Authorization & Oversight (GCP) (HLAJADAF)

Keywords

• Innovative drug development
• Liposomal pharmaceutical formulations
• Traditional Chinese medicine
• Active pharmaceutical ingredients
• Monoclonal antibody therapeutics

Headquarters

HQ city

Jiujiang

HQ country

China

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Drug Licensing: Major licensing deals for innovative drugs, such as the $18.5 billion obesity drug licensing agreement, generating substantial upfront and milestone payments plus royalties
2. Pharmaceutical Manufacturing and Sales: Traditional pharmaceutical product sales including prescription drugs, OTC medications, and active pharmaceutical ingredients (API)

Distribution channels3 records

Marketing channels2 records

Core offering

CSPC is a Chinese pharmaceutical group that develops, manufactures, and commercializes innovative drugs (liposomal chemotherapeutics, monoclonal antibodies, small-molecule kinase inhibitors, biosimilars), generic medicines, traditional Chinese medicine preparations, and plant-derived active pharmaceutical ingredients (APIs). Its portfolio spans eight technology platforms supporting more than 200 innovative drug projects, with commercially approved products in oncology, hematology, and TCM categories distributed through hospitals, retail pharmacies, and licensing partners.

Product overview

CSPC (石药集团/CSPC Pharmaceutical Group, 01093.HK) is a large-scale innovative pharmaceutical enterprise based in Shijiazhuang, China, with total assets of 41 billion yuan and 27,000 employees. The company operates a diversified portfolio of pharmaceutical products spanning innovative drugs, generic medicines, traditional Chinese medicine preparations, and active pharmaceutical ingredients (APIs). The core technology platform includes eight major technology platforms: nanoparticle formulations, mRNA, ADC (antibody-drug conjugates), cell therapy, and others, supporting over 200 innovative drug and formulation projects in development. The commercial portfolio consists of: (1) Innovative drugs including the NMPA-approved Mitoxantrone Liposome (Lipo-MIT) for hematologic tumors and Irinotecan Hydrochloride Liposome (多恩益®) for pancreatic cancer; (2) Biosimilars and novel drugs in pipeline including Daratumumab Injection (CD38-targeting for multiple myeloma), JMT101 (anti-EGFR antibody), HB1801 (albumin-bound docetaxel - world first中美临床批件), and Gumaritinib/海益坦® (MET inhibitor for NSCLC); (3) Traditional Chinese medicine preparations including OTC formulations (藿香正气合剂, 健儿清解液, 蛇胆川贝液, 治咳枇杷合剂, 强力枇杷露) and TCM extracts (甘草流浸膏, 颠茄流浸膏, 桔梗流浸膏, 益母草流浸膏, 汉防己甲素). The subsidiary 江西金芙蓉药业 operates as a specialized TCM manufacturer under CSPC, producing oral solutions, mixtures, syrups, and liquid extracts.

Differentiator

Problem solved

Functional benefit

Brands

• 石药集团江西金芙蓉药业: Subsidiary brand for TCM products including oral solutions, tinctures, syrups, and extracts
• CSPC Jinfurong
• JMT101
• 海益坦 (Gumartin)
• 多恩益 (Duonei)
• Lipo-MIT (米托蒽醌脂质体)
• 多诺特 (Duonote)

Products and services

• Mitoxantrone Liposome Injection (米托蒽醌脂质体 / Lipo-MIT) A self-developed Category 2 new liposomal formulation of the anthracenedione antineoplastic agent mitoxantrone, indicated for the treatment of hematologic tumors including lymphoma and leukemia.
• Irinotecan Hydrochloride Liposome Injection (盐酸伊立替康脂质体注射液 / 多恩益®) A liposomal formulation of irinotecan approved by NMPA for metastatic pancreatic cancer, used as part of combination regimens for first- and second-line treatment.
• Gumaritinib (谷美替尼 / 海益坦®) An orally administered potent and selective small-molecule MET receptor tyrosine kinase inhibitor, conditionally approved by NMPA for NSCLC with MET exon 14 skipping mutations.
• JMT101 (重组人源化抗EGFR单克隆抗体) A recombinant humanized anti-EGFR monoclonal antibody with approximately 7-fold higher in vitro affinity for human EGFR compared to cetuximab, with similar ADCC and CDC effects.
• HB1801 Albumin-bound Docetaxel Injection (白蛋白结合型注射用多西他赛) An improved docetaxel albumin formulation that uses human serum albumin encapsulation without Tween-80 and ethanol, offering reduced toxicity and improved safety over conventional docetaxel formulations.
• Daratumumab Injection (达雷妥尤单抗注射液) A Category 3.3 biosimilar of daratumumab, a recombinant fully human IgG1 anti-CD38 monoclonal antibody, approved for clinical trials in adult multiple myeloma.
• Tetrandrine API (汉防己甲素) An alkaloid extracted from Stephania tetrandra roots, used as an anti-rheumatic and anti-tumor auxiliary drug, supplied as a high-purity API to TCM manufacturers.
• Huoxiang Zhengqi Mixture (藿香正气合剂) A traditional Chinese medicine preparation containing pinellia, agastache, perilla leaf, angelica, atractylodes, tangerine peel, magnolia bark, poria, platycodon, licorice, galangal fruit, jujube and ginger, indicated for summer-heat dampness, headache, heaviness, chest oppression, nausea, vomiting and diarrhea. The alcohol-free formulation is a recognized differentiator.
• Jian'er Qingjie Solution (健儿清解液) Pediatric TCM formulation containing honeysuckle, chrysanthemum, forsythia, hawthorn, bitter apricot kernel and tangerine peel, indicated for clearing heat and detoxifying, relieving cough and sore throat, and improving appetite in children.
• Snake Gall and Chuanbei Solution (蛇胆川贝液) TCM preparation containing snake gall bile and fritillaria, for dispelling wind and relieving cough, resolving phlegm and dispersing lumps, indicated for wind-heat cough with excessive phlegm.
• Qiangli Pipalu Oral Solution (强力枇杷露口服剂) TCM formulation containing loquat leaf, poppy shell, stemona, cynanchum, mulberry bark and platycodon, indicated for nourishing yin, astringing the lung and relieving bronchitis cough.
• Zhike Pipalu Mixture (治咳枇杷合剂) TCM formulation for clearing lung heat, relieving cough and resolving phlegm, indicated for wind-heat invading the lung causing dry mouth, excessive phlegm and cough.
• Licorice Extract (甘草流浸膏) TCM extract used as a demulcent, commonly combined with expectorant cough medicines to reduce pharyngeal mucosal irritation and relieve gastrointestinal smooth muscle spasms.
• Belladonna Extract (颠茄流浸膏) Anti-cholinergic agent for relieving smooth muscle spasms and inhibiting glandular secretions, used for gastric and duodenal ulcers, gastrointestinal, kidney and biliary colic.
• Platycodon Extract (桔梗流浸膏) TCM extract used for respiratory indications and commonly combined with other cough formulations.
• Leonurus Herb Extract (益母草流浸膏) Traditional Chinese medicine extract for promoting blood circulation and regulating menstruation, used for scanty menstruation and postpartum abdominal pain.

Quantifiable outcome

• 125.72 billion yuan output value in Hebei biopharma cluster
• +1 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered flagship and minor.

• AstraZenecaflagshipStrategic or Co-development Partner · 1 January 2024AstraZeneca announced a $15 billion investment in China including partnerships with CSPC. This represents a major strategic collaboration between the global pharmaceutical giant and CSPC, potentially involving co-development, co-commercialization, or technology licensing arrangements.
• Shell (via CNOOC joint venture)minorStrategic or Co-development Partner · 1 January 2024Shell's joint venture with CNOOC (which includes CSPC operations) is closing a steam cracker in Huizhou. This represents a non-pharmaceutical operational partnership in the petrochemical sector, indicating diversified business interests.

Scale indicators4 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• BeiGene: China-headquartered global oncology-focused biotech with approved assets (e.g., Brukinsa, tislelizumab) and dual listing. Comparable as a Chinese-origin innovative biologics player pursuing global markets.
• Hutchmed (China) Limited: Hong Kong/Nasdaq-listed Chinese innovative pharma with approved targeted oncology drugs (e.g., surufatinib, savolitinib) and global partnerships. Comparable as a China-originated innovative oncology company.
• Innovent Biologics: Leading Chinese biotech with multiple approved innovative biologics (PD-1, biosimilars) and major partnerships with global pharma (e.g., Lilly). Comparable as a Chinese biologic innovator with licensing-driven growth model.
• Hansoh Pharmaceutical: Hong Kong-listed Chinese innovative pharma focused on oncology, CNS, and infectious disease. Comparable as a China-based specialty innovative drug company with similar therapeutic area concentration.
• Sino Biopharmaceutical: Hong Kong-listed major Chinese pharmaceutical group with diversified innovative drugs, biologics, and TCM. Comparable in scale, HKEX listing profile, and mixed innovative/generic/TCM revenue mix.
• Jiangsu Hengrui Medicine: China's largest innovative pharmaceutical company with a broad pipeline of innovative biologics and small molecules. Closest direct comparable in scale, R&D intensity, and ambition to compete globally from a China base.

Others

• WuXi Biologics: Global leading CRO/CDMO for biologics. Comparable ecosystem participant rather than direct competitor; relevant because CSPC's biologics manufacturing and outsourcing decisions interact with WuXi's capacity and pricing.

Broad incumbents

• Fosun Pharma: Diversified Chinese pharma conglomerate spanning innovative drugs, biosimilars, APIs, and medical devices with global footprint. Comparable as a large diversified Chinese pharma, though broader in scope than CSPC.

Regional players

• China Resources Sanjiu Medical & Pharmaceutical: Major Chinese OTC and TCM company, identified as a long-term buyer of CSPC subsidiary's TCM APIs. Comparable as a domestic Chinese TCM/OTC player at scale, and a customer/partner to CSPC's TCM extract business.

Emerging players

• Akeso (Akeso Biomedical): Chinese biotech specializing in bispecific antibodies (e.g., ivonescimab) with significant commercial momentum. Comparable as a Chinese biologic innovator, though smaller and more focused on immuno-oncology bispecifics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors

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

M&A

Investments

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

Frequently asked questions about CSPC