CSPC PHARMA (01093) rose more than 3%, and as of the latest update, the stock was up 2.69% to HK$9.92, with a turnover of HK$378 million. In terms of news, HSBC Research issued a report stating that CSPC PHARMA's share price has increased by approximately 9% year-to-date, and had risen 14% prior to the announcement of its collaboration with AstraZeneca on January 30. The firm currently views its valuation as still attractive and anticipates more out-licensing opportunities in the future for its EGFR ADC and research and development platform. Factoring in upfront payments and expectations of a slight improvement in sales last quarter, HSBC raised its revenue forecasts for 2025 to 2027 by 3% to 11%. The bank also increased its net profit forecasts for CSPC PHARMA from 2025 to 2027 by 7% to 18%, believing that growth in out-licensing revenue can offset the negative impact of volume-based drug procurement policies. CLSA noted that it expects the business development (BD) transactions already completed by CSPC PHARMA to translate into recurring revenue starting this year. The institution highlighted that the four major BD deals reached by CSPC PHARMA with AstraZeneca and Madrigal Pharmaceuticals are projected to bring in approximately US$10.2 billion in near-term upfront and research milestone payments, thereby driving significant profit growth to 6.3 billion, 10.2 billion, and 10.9 billion yuan for 2025 to 2027, respectively.