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尚未盈利的德镁医药拟赴港IPO 康哲药业持股超9成
Mei Ri Jing Ji Xin Wen· 2025-04-26 00:54
Group 1 - The core point of the article is that Kangzheng Pharmaceutical is planning to spin off its subsidiary, Demai Pharmaceutical, which holds 90.8% of its shares, to list on the Hong Kong Stock Exchange, aiming to enhance both companies' market positions and attract investors [1][4] - Demai Pharmaceutical, established in 2020, focuses on skin prescription drugs and dermatological skincare products, providing comprehensive solutions for skin health [2][5] - The company has a product pipeline that includes three marketed products and several candidates in various stages of development, targeting common skin diseases such as psoriasis and acne [2][3] Group 2 - Demai Pharmaceutical reported revenues of approximately 1.5 billion yuan over the past three years, with a net loss of 160 million yuan, indicating a trend of increasing revenue but persistent losses [2][3] - The revenue growth is attributed to increased sales of skin prescription drugs and dermatological skincare products, alongside high promotional and R&D expenses [5][6] - The spin-off is expected to provide Demai Pharmaceutical with greater autonomy in resource allocation and strategic decision-making, potentially leading to improved operational efficiency and market opportunities in the skin health sector [6][7]
市值两百亿药企分拆!“皮肤”业务将上市……
IPO日报· 2025-04-25 10:22
星标 ★ IPO日报 精彩文章第一时间推送 近日,康哲药业(00867.HK)发布公告,建议将旗下皮肤业务附属公司德镁医药股份分拆并在港交所主板独立上市。 同时,德镁医药有限公司(下称"德镁医药")向港交所提交了上市申请,独家保荐人为华泰国际。 需要指出的是,康哲药业此次分拆将以实物方式向其股东分派其持有的所有德镁医药股份,而德镁医药以介绍方式在香港主板上市。 制图:佘诗婕 分拆 资料显示,康哲药业是一家开曼群岛注册的有限公司,在2010年9月登陆港交所主板,聚焦于心脑血管、中枢神经、消化及眼科等专科 业务,以及港、澳、台及东南亚市场的皮肤健康业务。创新药方面,公司已累计有5款创新药进入商业化,包括莱芙兰、美泰彤、维福 瑞、益路取和维图可,重磅单品芦可替尼有望2025年内实现销售。 康哲药业目前市值约208亿港元(约合人民币195.31亿元),自从4月22日发布分拆消息后,股价连续上涨三个交易日。 据最新披露,康哲药业2024年实现营业收入74.7亿元,同比下降6.8%;年度溢利16.1亿元,同比下滑32.3%,经调整后净利润为17.1亿 元,同比下降36.7%。 按照全药品销售收入口径来看,2024年,公司 ...
康哲药业(00867):德镁健康分拆上市,皮肤线高增走出自身价值体系
Huaan Securities· 2025-04-25 08:32
Investment Rating - The report maintains a "Buy" rating for 康哲药业 (0867.HK) [10] Core Views - 康哲药业 plans to spin off its subsidiary 德镁医药有限公司 for independent listing on the Hong Kong Stock Exchange, aiming to enhance the growth potential of its skin health business [6] - The spin-off will allow 康哲药业 shareholders to directly hold shares in 德镁医药, benefiting from its independent valuation and market position [6][7] - The skin health business has shown significant growth, with 康哲美丽 achieving a revenue of RMB 673 million in 2024, an 18.2% increase year-on-year [8] - The company is expected to see revenue growth from 2025 to 2027, with projected revenues of RMB 83.20 billion, RMB 94.54 billion, and RMB 110.43 billion, representing year-on-year growth rates of 11%, 14%, and 17% respectively [10] Financial Summary - For 2024, 康哲药业 reported a revenue of RMB 7,469 million, with a projected net profit of RMB 1,620 million [12] - The company anticipates a net profit of RMB 1,628 million in 2025, with further increases to RMB 1,895 million in 2026 and RMB 2,255 million in 2027 [12] - The gross margin is expected to improve from 72.60% in 2024 to 74.50% by 2027 [12] - The report highlights a stable return on equity (ROE) projected to rise from 9.93% in 2024 to 10.20% in 2027 [12]
康哲药业20250424
2025-04-25 02:44
Summary of the Conference Call for 康哲药业 (Kangzhe Pharmaceutical) Company Overview - 康哲药业 is undergoing a strategic transformation from pursuing sustainable growth to focusing on depth and breadth development, including establishing R&D institutions, investing in product centers, and introducing new products [2][3][4] Key Industry Insights - The company is prioritizing internationalization, targeting Southeast Asia and the Middle East markets, while also focusing on dermatology and ophthalmology in China [2][4] - 德美医药 (Demei Pharmaceutical), a subsidiary, is positioned as a leading innovative pharmaceutical company in skin health, with a projected revenue of 618 million yuan in 2024 and a compound annual growth rate (CAGR) of over 50% expected in the next five years [2][9] Core Points and Arguments - The decision to spin off 德美医药 aims to showcase 康哲's transformation achievements and to allow 德美 to operate independently, enhancing shareholder value without diluting existing equity [3][8] - 德美医药 has developed a rich product line from a single product, with several products achieving annual sales of hundreds of millions, and is expected to become profitable by 2026 [5][32] - 康哲's original business is expected to maintain a growth rate of over 10% post-spin-off, driven by exclusive products and new market contributions [3][26] Financial Performance and Projections - 德美医药's revenue for the past three years was 384 million (2022), 473 million (2023), and is projected to reach 618 million (2024) [9] - The skin disease treatment and care market in China is valued at 76.4 billion yuan, with a projected CAGR of over 10% until 2035 [9] Product Development and Market Strategy - 德美医药 has established a skin health research institute and plans to launch at least two new products annually, focusing on unmet clinical needs in skin diseases [11][16] - The company has a diverse product matrix, including treatments for psoriasis and atopic dermatitis, with significant market potential [12][14] R&D and Commercialization - 德美医药's R&D budget is set at no less than 200 million yuan annually, with a commitment to increasing investment by over 30% CAGR [30] - The company has over 650 sales personnel covering more than 10,000 pharmacies and hospitals, enhancing its market reach [37] Future Outlook - 德美医药 aims for a 50% CAGR in revenue over the next five years, driven by new product launches and enhanced market penetration [28][32] - The spin-off is expected to be completed with an IPO planned for 2025, with sufficient capital to support growth and profitability [36] Additional Considerations - The impact of the centralized procurement policy on profit margins and the strategic response to maintain competitive advantages in exclusive innovative drugs [17][23] - The potential for collaboration with other pharmaceutical companies to expand product offerings and market presence [22][31]
康哲药业(00867) - 关於在二零二五年四月二十四日举行的股东週年大会的投票结果公告
2025-04-24 12:34
香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責,對其 準確性或完整性亦不發表任何聲明,並表明概不就因本公告全部或任何部分內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 關於在二零二五年四月二十四日舉行的股東週年大會的投票結果公告 於二零二五年四月二十四日舉行的China Medical System Holdings Limited(「本公司」) 股東週年大會(「股東週年大會」)上,載於日期為二零二五年四月二日的股東週年大會 通告內的所有提呈決議案均以投票表決方式獲正式通過。 如日期為二零二五年四月二日的股東週年大會通函(「通函」)所述,本公司於通函最後 實際可行日期之已發行股份總數為2,439,528,512股。有關股東週年大會上提呈的所有決 議案,賦予持有人出席股東大會並於會上就決議案投贊成或反對票權利的本公司股份合 共2,439,528,512股。股東於股東週年大會提呈之所有決議案進行投票並無任何限制。概 無本公司股份根據香港聯合交易所有限公司證券上市規則(「上市規則」)第13.40條賦予 股東權利出席股東週年大會並須就會上提呈的任何決議案放棄投贊成票。概無任何股東 ...
康哲药业(00867)拟分拆德镁医药上市,业务聚焦推动估值提升
智通财经网· 2025-04-24 01:49
Core Viewpoint - 康哲药业 plans to spin off its skin health subsidiary, 德镁医药, for independent listing on the Hong Kong Stock Exchange, allowing shareholders to receive shares through a distribution method without new stock issuance [1][5] Company Overview - 德镁医药 focuses on skin health, offering comprehensive solutions for skin diseases such as psoriasis, vitiligo, atopic dermatitis, and acne, with a strong competitive edge in addressing unmet clinical needs [2][3] - 康哲药业 will concentrate on its core areas, including cardiovascular, central nervous system, digestive, and ophthalmic specialties, optimizing its asset structure post-spin-off [4][5] Market Potential - The skin disease treatment and care market in China is projected to reach RMB 764 billion in 2023, with a compound annual growth rate of 10.6% from 2023 to 2035, indicating significant growth potential for 德镁医药 [3] - 德镁医药's product pipeline includes competitive offerings such as JAK1/2 topical cream and IL-23 monoclonal antibody injection, supported by a commercial team of over 650 professionals [3] Strategic Benefits - The spin-off is expected to enhance both 康哲药业 and 德镁医药's market positions, allowing for independent fundraising and improved operational efficiency [1][4] - The separation will enable 德镁医药 to establish its own valuation system, potentially unlocking greater growth opportunities and attracting investors [5]
中金:维持康哲药业(00867)“跑赢行业”评级 目标价11.00港元
智通财经网· 2025-04-23 01:50
智通财经APP获悉,中金发布研报称,维持康哲药业(00867)盈利预测不变,公司股价当前交易于10.8 倍/9.7倍2025/2026年经调整市盈率,维持跑赢行业评级和11.00港元目标价不变,对应14.6倍/13.1倍 2025/2026年经调整市盈率。4月22日晚,公司公告建议分拆子公司德镁医药于港交所主板独立上市,分 拆建议仍需取决于相关部门批准、公司董事会以及德镁医药董事会批准。 德镁医药聚焦皮肤健康,产品管线丰富 德镁医药的产品主要是皮肤处方药和皮肤学护肤品,已上市产品包括替瑞奇珠单抗(IL-23,银屑病)、安 束喜(静脉曲张)、喜辽妥(浅表性静脉炎、挫伤),在研重磅产品包括芦可替尼乳膏(JAK1/2,公司预计今 年上市)、IL4单抗(临床3期)、JAK1抑制剂(IND阶段)、TYK2抑制剂(临床1期)等。2024年德镁医药实现 收入6.18亿元(YoY+30.7%)。 新融资平台上市有望为股东带来更高潜在回报 该行认为,分拆完成后,1)德镁医药有望独立进行融资活动,有望进一步改善公司运营和财务业绩,并 更加集中发展其自身核心业务;2)提升德镁医药业务地位和市场形象,同时德镁医药已设立两份股权激 励 ...
康哲药业(00867) - 建议分拆德镁医药有限公司并於香港联合交易所有限公司主板独立上市
2025-04-22 13:32
香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責,對其準確性或完整性亦不發表任 何聲明,並表明概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考,並不構成或屬於任何招股章程一部分、收購、購買或認購任何證券的邀請或要約,其或其任何部 分概不構成任何合約或承諾的基礎或依據。具體而言,本公告並不構成亦非在香港或其他地方出售證券的要約或要 約購買證券的招攬。 CHINA MEDICAL SYSTEM HOLDINGS LIMITED 康哲藥業控股有限公司* (於開曼群島註冊成立的有限公司) (股份代號:867) 建議分拆德鎂醫藥有限公司並於 香港聯合交易所有限公司主板獨立上市 本公司建議將本公司附屬公司德鎂醫藥股份分拆並於聯交所主板獨立上市。建議分拆(倘進行)預計將 透過由本公司以實物方式向股東分派其持有的所有德鎂醫藥股份的方式實施,分派比例將按截至董事會 為確定股東權利而釐定的記錄日期當日彼等各自於本公司的持股比例計算。 根據上市規則第 15 項應用指引,德鎂醫藥股份於聯交所獨立上市,構成本公司對德鎂醫藥的分拆。聯交 所已確認本公司可進行建議分 ...
康哲药业(00867) - 建议修订现行组织章程大纲及细则及採纳新订组织章程大纲及细则
2025-04-17 12:07
香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責,對其 準確性或完整性亦不發表任何聲明,並表明概不就因本公告全部或任何部分內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 建議修訂現行組織章程大綱及細則 及採納新訂組織章程大綱及細則 鑒於建議的變更數量較多,董事會提議採納并整合上述建議修訂,通過採納整合了建議 修訂內容的第五次經修訂及重述的組織章程大綱及細則(「新組織章程大綱及細則」) *僅供識別 1 (a) 說明本公司回購的任何股份可予註銷或作為庫存股持有; (b) 規定以電子方式提交代表委任表格的相關安排; (c) 允許就使用電子方式進行投票作出安排; (d) 取消股份轉讓文書必須以手寫簽名簽立的規定; (e) 使本公司能夠通過在本公司網站及聯交所網站發佈公告的方式發出通知; (f) 允許以銀行轉賬及電子方式支付現金股息; (g) 取消以非現金資產形式分派股息時須獲得股東批准的規定; (h) 允許董事通過電子確認方式通過書面決議;以及 (i) 對本公司章程細則所作的其他輔助性及內部管理方面的修訂。 的方式,以取代並解除現有組織章程大綱及細則。 建議修訂及採納新組織章程大綱及 ...
康哲药业:2024年业绩释放压力,创新转型持续推进-20250407
海通国际· 2025-04-07 12:23
Investment Rating - The report maintains an "Outperform" rating for the company [2][16]. Core Views - The company reported a total revenue of RMB 7.47 billion for 2024, a decrease of 6.8% year-on-year, with pharmaceutical sales revenue at RMB 8.62 billion, down 9.0% [12][3]. - The impact of volume-based procurement (VBP) on existing products has largely been digested, with significant sales declines in certain product lines, while innovative products are showing growth [13][4]. - The company has made substantial progress in its innovative drug pipeline, with five products already commercialized and additional assets submitted for NDA approval [14][5]. Financial Performance - Revenue for 2024 was RMB 7.47 billion, down 6.8%, with a gross margin of 72.6%, a decline of 3.6 percentage points due to price cuts from VBP [12][3]. - R&D expenditure increased by 8.9% to RMB 890 million, accounting for 11.9% of total revenue, while selling expenses rose by 6.0% to RMB 2.66 billion [12][3]. - The annual profit was RMB 1.61 billion, down 32.3%, with adjusted net profit at RMB 1.71 billion, down 36.7% year-on-year [12][3]. Sales Breakdown - Cardiovascular and cerebrovascular product line sales were RMB 4.09 billion, down 18.8%, while dermatology and ophthalmology segments showed strong growth [13][4]. - Revenue from three VBP products was RMB 2.69 billion, down 28.8%, indicating that the short-term impact of centralized procurement has largely played out [13][4]. Earnings Forecast and Valuation - Revenue forecasts for 2025 and 2026 have been adjusted to RMB 8.37 billion and RMB 9.44 billion, respectively, reflecting year-on-year growth of 11.5% and 13.3% [15][8]. - The target price is maintained at HKD 9.96 per share, corresponding to a 14x PE for 2025 [16][8].