<p><em>在几个月的传闻推高其股价后，这家中国制药公司公布了一项创纪录的与阿斯利康的许可交易，却看到其股价暴跌</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/12024515/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_12-2-2026_102220_thebambooworks.com_-1024x689.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/12024515/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_12-2-2026_102220_thebambooworks.com_-1024x689.jpeg"/></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>在达成交易之前，CSPC 的收益受到压力，因为其核心药品业务受到中国集中采购政策的影响</li>
<li>在新任领导蔡雷的带领下，公司正在加速向全球市场推出新药，蔡雷曾在美国研究部门工作，是公司创始人的儿子</li>
</ul>
<p>过去几个月，中国药物发现行业的公司一直受到一种奇怪现象的困扰。在宣布大型且有利可图的许可交易后，它们的股价屡次暴跌。</p>
<p>这种反直觉的反应自去年下半年以来表现得尤为明显，以至于被称为中国创新制药行业商业发展合作伙伴关系的诅咒。</p>
<p>而现在 <strong>CSPC 制药集团有限公司</strong>（1093.HK）也遭遇了同样的挫折。这家中国生物制药公司在 1 月底揭示了一项备受期待的与跨国制药公司 <strong>阿斯利康</strong> 的 交易，其价值高达 185 亿美元，却遭遇了剧烈的股价抛售。</p>
<p>在某种程度上，这可能是一个简单的 “买传闻，卖事实” 的案例，市场提前对预期事件进行了定价。但深入挖掘，可能还有其他因素在起作用。</p>
<p>合作协议赋予阿斯利康开发 CSPC 正在研发的抗肥胖药物的权利，因为在全球新型更便捷的减肥治疗的竞争中愈发激烈。</p>
<p>双方将共同开发基于 CSPC 技术的长效肽药物，以实现持续的药物释放和其基于人工智能的发现平台。阿斯利康获得了 CSPC 的注射式体重管理药物的全球独占权，包括一款长效 GLP-1R/GIPR 激动剂，序列号为 SYH2082，正在进入第一阶段临床试验，以及三个临床前项目。</p>
<p>合作伙伴还将共同开发四个额外的新项目，CSPC 在中国大陆、香港、澳门和台湾保留这些产品的权利。</p>
<p>GLP-1 减肥药物已经进入新的开发阶段，现在重点是多靶点激动剂和口服制剂，导致制药品牌之间的竞争愈发激烈。</p>
<p>但 SYH2082，CSPC 与阿斯利康合作的核心资产，已经落后于进度。未来，开发者必须证明该产品有效，同时加快其研究和临床试验的进展。该合作关系使 CSPC 能够利用阿斯利康的全球研发和商业化网络来管理这些风险并提高成功的机会。</p>
<p>根据协议，CSPC 获得 12 亿美元的预付款，仅次于 <strong>3SBio</strong>（1530.HK）与海外合作伙伴和中国制药公司之间的许可交易所获得的定金。CSPC 还可能获得高达 35 亿美元的发展里程碑和高达 138 亿美元与销售目标相关的款项，以及可能达到两位数百分比的产品销售版税。</p>
<p>该交易潜在价值 185 亿美元创下了中国药物开发者海外许可交易的纪录。但尽管规模庞大，投资者在消息公布时似乎感到失望。CSPC 的股价在开盘时暴跌，一度下跌超过 12%，最终以 10.20% 的跌幅收于 9.60 港元。该集团的药物平台子公司 <strong>CSPC Innovation</strong>（300765.SZ）也遭受重创，盘中下跌近 18%，最终收盘下跌 15.72%。</p>
<p>为什么这项创纪录的交易未能引起兴奋？自去年 12 月 CSPC 与阿斯利康之间的重大合作传闻开始流传以来，高期望已经被定价，推动股价上涨约 38%。因此，许多上涨空间已经被吸收。当预期最终实现时，短期投资者纷纷撤离，导致回调。</p>
<p>但更深层的市场担忧可能也源于 CSPC 在公司治理方面的记录，此前涉及执行董事潘伟东和其他知名人士的内幕交易案件。2025 年 11 月，潘因在 2023 年利用关于计划集团重组的内部信息进行股票交易，被中国证券监管机构罚款最高 500 万元（72 万美元）。</p>
<p>在得知 CSPC Innovation 计划收购 CSPC Baike 的消息后，潘通过 NBPR（全资子公司）持有的证券账户购买了 274 万股 CSPC Innovation，金额近 1 亿元。该案件还牵涉到三名其他前 CSPC 相关高管，他们因相关交易受到处罚。</p>
<p>多位人士的参与对公司的内部控制和治理标准提出了严重质疑。</p>
<h4><strong>高管变动</strong></h4>
<p>CSPC 的重磅许可交易发生在一个关键时刻，因为其核心成品药业务的收入受到中国药品集中采购过程的严重挤压，该过程限制了价格。</p>
<p>在 2025 年前三个季度，CSPC 的收入同比下降 12.32%，降至 198.9 亿元，而净利润下降 7.1%，降至 35.1 亿元。此轮下滑紧随 2024 年业绩疲软之后，当年全年营业额下降 7.8%，净利润暴跌 26.31%。</p>
<p>作为回应，该公司在去年十二月进行了领导层调整，以更专注于创新药物，由公司创始人的儿子领导。蔡磊，45 岁，2014 年加入华夏恒生，曾在该公司美国研发部门的领导团队中任职，负责研究、药物开发和销售。他现在担任其父亲创办的公司的副董事长和首席执行官。</p>
<p>这一任命表明公司希望加快进入新药市场的步伐，并扩大公司的全球影响力。近年来，该集团已建立多个许可合作伙伴关系，到 2025 年底，其境外交易的总合同价值已超过 166 亿美元。华夏恒生已在全球获得 30 多个海外临床批准，16 种产品获得了美国监管机构的快速通道或孤儿药资格。</p>
<p>华夏恒生目前的市盈率约为 25 倍，而 <strong>恒瑞医药</strong>（1276.HK；600276.SH）的市盈率为 56 倍，后者也正在从传统药物转向创新药物。这笔 185 亿美元的商业交易标志着华夏恒生药物发现之旅的一个重要里程碑，但投资者的信心最终将取决于公司交付这些新产品和执行其国际战略的能力。</p>
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<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>

华夏恒生生物科技ETF(QDII)

阿斯利康制药

阿斯利康

<p>石药集团宣布与阿斯利康达成创纪录的 185 亿美元许可协议，但在消息公布后，其股价急剧下跌超过 10%。该协议包括石药的抗肥胖药物的权利，原本预计将提升石药在全球市场的影响力。然而，投资者的失望源于之前传闻所设定的高期望，导致了抛售。由于内部交易案件，市场对石药的公司治理问题表示担忧，这可能进一步影响了投资者的信心。随着中国采购政策对其核心药物业务带来挑战，公司面临压力</p>

<p><em>After months of rumors drove up its share price, the Chinese drug company has unveiled a record licensing deal with AstraZeneca, only to see its stock tumble</em></p>
<div class="lb-trans"><p><em>在几个月的传闻推高其股价后，这家中国制药公司公布了一项创纪录的与阿斯利康的许可交易，却看到其股价暴跌</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/12024515/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_12-2-2026_102220_thebambooworks.com_-1024x689.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/12024515/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_12-2-2026_102220_thebambooworks.com_-1024x689.jpeg"/></p>
<h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Going into the deal, CSPC's earnings have been under pressure after its core drug business was hit by China's centralized procurement policies</li>
<li>The company is accelerating its push into novel drugs for the global market under the new leadership of Cai Lei, who served in the U.S. research division and is the son of the firm's founder</li>
</ul>
<div class="lb-trans"><ul>
<li>在达成交易之前，CSPC 的收益受到压力，因为其核心药品业务受到中国集中采购政策的影响</li>
<li>在新任领导蔡雷的带领下，公司正在加速向全球市场推出新药，蔡雷曾在美国研究部门工作，是公司创始人的儿子</li>
</ul>
</div><p>Chinese companies in the drug discovery business have been haunted by a strange phenomenon for the past few months. After announcing large and lucrative licensing deals, their share prices have repeatedly plunged.</p>
<div class="lb-trans"><p>过去几个月，中国药物发现行业的公司一直受到一种奇怪现象的困扰。在宣布大型且有利可图的许可交易后，它们的股价屡次暴跌。</p>
</div><p>The counterintuitive reaction has been so pronounced since the second half of last year that it has been dubbed a curse on business development partnerships in China's innovative pharma sector.</p>
<div class="lb-trans"><p>这种反直觉的反应自去年下半年以来表现得尤为明显，以至于被称为中国创新制药行业商业发展合作伙伴关系的诅咒。</p>
</div><p>And now <strong>CSPC Pharmaceutical Group Ltd.</strong> (1093.HK) has suffered the same setback. The Chinese biopharma revealed a much-anticipated deal with the multinational drugmaker <strong>AstraZeneca</strong> (NYSE: AZN) at the end of January, carrying an eye-popping value of up to $18.5 billion, only to be hit with a sharp stock selloff.</p>
<div class="lb-trans"><p>而现在 <strong>CSPC 制药集团有限公司</strong>（1093.HK）也遭遇了同样的挫折。这家中国生物制药公司在 1 月底揭示了一项备受期待的与跨国制药公司 <strong>阿斯利康</strong> 的 交易，其价值高达 185 亿美元，却遭遇了剧烈的股价抛售。</p>
</div><p>To some extent, this may be a straightforward case of &#34;buy the rumor, sell the fact&#34;, in which the market prices in an anticipated event ahead of time. But digging a bit deeper, there could be other factors at play.</p>
<div class="lb-trans"><p>在某种程度上，这可能是一个简单的 “买传闻，卖事实” 的案例，市场提前对预期事件进行了定价。但深入挖掘，可能还有其他因素在起作用。</p>
</div><p>The cooperation pact gives AstraZeneca rights to CSPC's portfolio of anti-obesity drugs under development, as competition heats up in the global race for new and more convenient weight-loss treatments.</p>
<div class="lb-trans"><p>合作协议赋予阿斯利康开发 CSPC 正在研发的抗肥胖药物的权利，因为在全球新型更便捷的减肥治疗的竞争中愈发激烈。</p>
</div><p>The two sides will jointly develop long-acting peptide drugs based on CSPC's technology for sustained drug release and its AI-driven discovery platform. AstraZeneca gets exclusive global rights outside Greater China to CSPC's injectable weight-management drugs, including one long-acting GLP-1R/GIPR agonist, with the serial number SYH2082, which is advancing into Phase One trials, as well as three preclinical programs.</p>
<div class="lb-trans"><p>双方将共同开发基于 CSPC 技术的长效肽药物，以实现持续的药物释放和其基于人工智能的发现平台。阿斯利康获得了 CSPC 的注射式体重管理药物的全球独占权，包括一款长效 GLP-1R/GIPR 激动剂，序列号为 SYH2082，正在进入第一阶段临床试验，以及三个临床前项目。</p>
</div><p>The partners will also collaborate on four additional new programs, with CSPC retaining rights to these products in mainland China, Hong Kong, Macao and Taiwan.</p>
<div class="lb-trans"><p>合作伙伴还将共同开发四个额外的新项目，CSPC 在中国大陆、香港、澳门和台湾保留这些产品的权利。</p>
</div><p>GLP-1 weight-loss drugs have entered a new phase of development, with the emphasis now on multi-target agonists and oral formulations, stoking intensifying rivalry among pharmaceutical brands.</p>
<div class="lb-trans"><p>GLP-1 减肥药物已经进入新的开发阶段，现在重点是多靶点激动剂和口服制剂，导致制药品牌之间的竞争愈发激烈。</p>
</div><p>But SYH2082, the core asset in the CSPC-AstraZeneca collaboration, is already off the pace. Going forward, the developers must show that the product is effective while also speeding its progress through research and clinical trials. The partnership allows CSPC to tap into AstraZeneca's global R&amp;D and commercialization network to manage those risks and boost the chances of success.</p>
<div class="lb-trans"><p>但 SYH2082，CSPC 与阿斯利康合作的核心资产，已经落后于进度。未来，开发者必须证明该产品有效，同时加快其研究和临床试验的进展。该合作关系使 CSPC 能够利用阿斯利康的全球研发和商业化网络来管理这些风险并提高成功的机会。</p>
</div><p>Under the deal, CSPC gets an upfront sum of $1.2 billion, second only to the downpayment secured by <strong>3SBio</strong>(1530.HK) for a licensing deal between an overseas partner and a Chinese drugmaker. CSPC could also receive up to $3.5 billion in development milestones and up to $13.8 billion linked to sales targets, along with royalties on product sales that could reach double-digit percentages.</p>
<div class="lb-trans"><p>根据协议，CSPC 获得 12 亿美元的预付款，仅次于 <strong>3SBio</strong>（1530.HK）与海外合作伙伴和中国制药公司之间的许可交易所获得的定金。CSPC 还可能获得高达 35 亿美元的发展里程碑和高达 138 亿美元与销售目标相关的款项，以及可能达到两位数百分比的产品销售版税。</p>
</div><p>The deal's potential value of $18.5 billion sets a record for overseas licensing transactions by China's drug developers. But investors were seemingly disappointed when the news broke, despite the scale. CSPC shares plunged at the open, at one point falling more than 12%, before closing with a loss of 10.20% at HK$9.60. The group's drug platform subsidiary, <strong>CSPC Innovation</strong>(300765.SZ), also took a beating, sliding nearly 18% intraday and ending the session 15.72% lower.</p>
<div class="lb-trans"><p>该交易潜在价值 185 亿美元创下了中国药物开发者海外许可交易的纪录。但尽管规模庞大，投资者在消息公布时似乎感到失望。CSPC 的股价在开盘时暴跌，一度下跌超过 12%，最终以 10.20% 的跌幅收于 9.60 港元。该集团的药物平台子公司 <strong>CSPC Innovation</strong>（300765.SZ）也遭受重创，盘中下跌近 18%，最终收盘下跌 15.72%。</p>
</div><p>Why did this record-setting deal fail to excite? High expectations have been priced in since last December when rumors of a major partnership between CSPC and AstraZeneca began swirling, driving the stock up about 38%. Therefore, much of the upside had already been absorbed. When the expectation was finally realized, short-term investors ran for the exits, triggering a pullback.</p>
<div class="lb-trans"><p>为什么这项创纪录的交易未能引起兴奋？自去年 12 月 CSPC 与阿斯利康之间的重大合作传闻开始流传以来，高期望已经被定价，推动股价上涨约 38%。因此，许多上涨空间已经被吸收。当预期最终实现时，短期投资者纷纷撤离，导致回调。</p>
</div><p>But deeper market concerns may also stem from CSPC's track record in corporate governance after an insider trading case involving executive director Pan Weidong and other prominent figures. In November 2025, Pan was fined the maximum 5 million yuan ($720,000) by China's securities regulator for share dealings in 2023 using privileged information about a planned group restructuring.</p>
<div class="lb-trans"><p>但更深层的市场担忧可能也源于 CSPC 在公司治理方面的记录，此前涉及执行董事潘伟东和其他知名人士的内幕交易案件。2025 年 11 月，潘因在 2023 年利用关于计划集团重组的内部信息进行股票交易，被中国证券监管机构罚款最高 500 万元（72 万美元）。</p>
</div><p>After learning about plans for CSPC Innovation to acquire CSPC Baike, Pan bought 2.74 million shares in CSPC Innovation for nearly 100 million yuan through a securities account held by NBPR, a wholly owned group subsidiary. The case also implicated three other former CSPC-affiliated executives, all of whom were penalized for related trades.</p>
<div class="lb-trans"><p>在得知 CSPC Innovation 计划收购 CSPC Baike 的消息后，潘通过 NBPR（全资子公司）持有的证券账户购买了 274 万股 CSPC Innovation，金额近 1 亿元。该案件还牵涉到三名其他前 CSPC 相关高管，他们因相关交易受到处罚。</p>
</div><p>The involvement of multiple figures posed serious questions about the company's internal controls and governance standards.</p>
<div class="lb-trans"><p>多位人士的参与对公司的内部控制和治理标准提出了严重质疑。</p>
</div><h4><strong>Executive changes</strong></h4>
<div class="lb-trans"><h4><strong>高管变动</strong></h4>
</div><p>CSPC's blockbuster licensing deal comes at a critical juncture, as revenue from its core finished-drug business has been severely squeezed by China's centralized procurement process for medicines, which is capping prices.</p>
<div class="lb-trans"><p>CSPC 的重磅许可交易发生在一个关键时刻，因为其核心成品药业务的收入受到中国药品集中采购过程的严重挤压，该过程限制了价格。</p>
</div><p>In the first three quarters of 2025, CSPC revenue fell 12.32% to 19.89 billion yuan from the same period a year earlier, while net profit slipped 7.1% to 3.51 billion yuan. The downturn followed a weak performance in 2024, when full-year turnover slipped 7.8% and net profit plunged 26.31%.</p>
<div class="lb-trans"><p>在 2025 年前三个季度，CSPC 的收入同比下降 12.32%，降至 198.9 亿元，而净利润下降 7.1%，降至 35.1 亿元。此轮下滑紧随 2024 年业绩疲软之后，当年全年营业额下降 7.8%，净利润暴跌 26.31%。</p>
</div><p>In response, the company shuffled its leadership last December to promote a sharper focus on innovative drugs, led by the son of the company's founder. Cai Lei, 45, joined CSPC in 2014 and previously served on the leadership team of the firm's U.S. R&amp;D division, overseeing research, drug development and sales. He has now taken on the roles of vice chairman and chief executive officer at the firm founded by his father, Cai Dongchen.</p>
<div class="lb-trans"><p>作为回应，该公司在去年十二月进行了领导层调整，以更专注于创新药物，由公司创始人的儿子领导。蔡磊，45 岁，2014 年加入华夏恒生，曾在该公司美国研发部门的领导团队中任职，负责研究、药物开发和销售。他现在担任其父亲创办的公司的副董事长和首席执行官。</p>
</div><p>The appointment signals a desire to accelerate the push into novel drugs and expand the firm's global reach. In recent years, the group has forged multiple licensing partnerships, with the total contract value of its outbound deals already exceeding $16.6 billion by the end of 2025. CSPC has secured more than 30 overseas clinical approvals worldwide, and 16 products have received fast-track or orphan-drug designations from U.S. regulators.</p>
<div class="lb-trans"><p>这一任命表明公司希望加快进入新药市场的步伐，并扩大公司的全球影响力。近年来，该集团已建立多个许可合作伙伴关系，到 2025 年底，其境外交易的总合同价值已超过 166 亿美元。华夏恒生已在全球获得 30 多个海外临床批准，16 种产品获得了美国监管机构的快速通道或孤儿药资格。</p>
</div><p>CSPC currently trades at about 25 times earnings, compared with a multiple of 56 for <strong>Hengrui Pharma</strong>(1276.HK; 600276.SH), which is also shifting from legacy medicines to innovative drugs. The $18.5 billion business deal marks a major milestone on CSPC's drug-discovery journey, but investor confidence will ultimately hinge on the company's ability to deliver those novel products and execute its international strategy.</p>
<div class="lb-trans"><p>华夏恒生目前的市盈率约为 25 倍，而 <strong>恒瑞医药</strong>（1276.HK；600276.SH）的市盈率为 56 倍，后者也正在从传统药物转向创新药物。这笔 185 亿美元的商业交易标志着华夏恒生药物发现之旅的一个重要里程碑，但投资者的信心最终将取决于公司交付这些新产品和执行其国际战略的能力。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>
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Big Deal, Bigger Doubts: CSPC Slides After $18.5B Pact With AstraZeneca

benzinga_article

华宝中证制药ETF

易方达中证生物科技主题ETF

华夏中证生物科技主题ETF

华夏上证科创板生物医药ETF

新诺威

汇添富国证港股通创新药ETF

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易方达恒生港股通创新药ETF

国泰中证生物医药ETF

石药集团

创新药

华夏医药ETF

生物科技ETF基金

香港医药

博时恒生港股通创新药精选ETF

易方达沪深300医药ETF

富国恒生港股通创新药及医疗保健ETF

广发中证香港创新药(QDII-ETF)

博时恒生医疗保健(QDII-ETF)

招商中证生物科技主题ETF

恒生新药

大交易，更大的疑虑：石药集团在与阿斯利康达成 185 亿美元协议后股价下跌