Core Viewpoint - Hunan Maijibio Technology Co., Ltd. has submitted an application for a main board listing on the Hong Kong Stock Exchange, focusing on innovative biopharmaceuticals for allergic and autoimmune diseases, but faces significant challenges including zero commercialization of products, ongoing substantial losses, high debt ratios, patent disputes, and intense competition in its sector [1][2][4]. Company Overview - Established in 2016, Maijibio specializes in developing innovative therapies for allergic and autoimmune diseases through bioreagent technology, with a pipeline of 8 candidate products, including MG-K10, which is in phase III clinical trials [2][3]. - The company reported negligible revenues of 8.72 million yuan, 24,000 yuan, and 0 yuan for 2023, 2024, and Q1 2025 respectively, all from early-stage R&D service collaborations, with no products approved for market sale [2][3]. Financial Performance - Maijibio has incurred net losses of 253 million yuan, 178 million yuan, and 27.27 million yuan for the years 2023, 2024, and Q1 2025, respectively, with cumulative losses exceeding 800 million yuan by March 2025 [2][3]. - The company's debt ratio has been over 100% for an extended period, peaking at nearly 700% at the end of 2023, and still standing at 166.83% by March 2025, indicating severe financial distress [2][3]. R&D and Market Potential - The R&D expenditures for 2023 and 2024 are projected to be 166 million yuan and 150 million yuan, respectively, with the company relying heavily on external financing due to a lack of self-sustaining revenue [3]. - The IL-4Rα targeted therapy market is projected to reach 4.08 billion USD in China by 2030, attracting numerous competitors, including domestic players who have already launched products [6][7]. Competitive Landscape - Maijibio's MG-K10 is a latecomer in a crowded market, facing competition from over 10 companies, including those with products already in late-stage clinical trials [7]. - The company has partnered with Kangzhe Pharmaceutical for the joint development and exclusive commercialization of MG-K10, which provides financial support but also raises concerns about potential internal competition due to overlapping product lines [7][8]. Legal and Governance Issues - The core product MG-K10 has been embroiled in a patent ownership dispute, which raises questions about the originality and independence of its technology [4]. - The founder's salary has seen a dramatic increase from 5.469 million yuan in 2023 to 18.08 million yuan in 2024, contrasting sharply with the company's financial struggles [5]. Investment and Financing - Maijibio has completed seven rounds of financing, raising approximately 730 million yuan, with significant investments from notable institutions [8]. - The company has entered into strict agreements with investors, allowing them to demand share buybacks if the company fails to go public by the end of 2025, with potential repercussions extending to 2027 [9].

Major Events - Sihuan Pharmaceutical Holdings Group Ltd. successfully administered the first human dose of the new radiopharmaceutical conjugate drug 3D1015 [1] - Shenzhen International's joint venture Shenzhen Airlines plans to raise a total of 16 billion yuan in a phased capital increase [1] - Kangzheng Pharmaceutical received clinical trial approval for its innovative oral small molecule JAK1 inhibitor Povorcitinib for indications of vitiligo and suppurative hidradenitis [1] - Ruihe Digital signed a framework agreement with Tielin Superlight Technology to jointly advance the business of real-world asset tokenization [1] - Zhongxu Future will operate and launch a new mobile game "Miracle MU" titled "New Moon Continent" [1] Financial Performance - Noah Holdings reported a net profit attributable to shareholders of 179 million yuan for Q2, a year-on-year increase of 79% driven by strong growth in investment product distribution [1] - Trip.com Group reported a net profit of 4.846 billion yuan for Q2, an increase of 26.43% year-on-year [1] - Shijiazhuang Pharmaceutical Group announced a mid-year profit attributable to equity holders of approximately 283.5 million HKD, a year-on-year decrease of about 58.7% [1] - Zhongsheng Holdings reported a mid-year profit attributable to shareholders of 1.011 billion yuan, a decrease of 36% year-on-year [1] - SF Express City reported an adjusted net profit of approximately 160 million yuan, a year-on-year increase of 139% [1] - Baidu's subsidiary reported a mid-year profit attributable to shareholders of 47.999 million yuan, returning to profitability [1] - Li Auto reported a net profit of 1.093 billion yuan for Q2, a decrease of 0.91% year-on-year [1] - Shanghai Industrial Holdings reported a mid-year profit attributable to shareholders of 1.042 billion HKD, with an interim dividend of 0.42 HKD per share [1] - Beijing Holdings reported a mid-year profit attributable to shareholders of 3.404 billion yuan, an increase of 8.07% year-on-year [1] - Qingdao Port reported a net profit of 2.842 billion yuan, a year-on-year increase of 7.58% [1] - New China Life Insurance reported a net profit of 14.799 billion yuan, a year-on-year increase of 33.5% [1] - China Galaxy Securities reported a net profit of 6.488 billion yuan, a year-on-year increase of 47.86% [1] - China Taiping reported a 12.2% increase in shareholder profit, with a nearly 23% high growth in life insurance new business value [1] - China Resources Gas reported a mid-year profit attributable to shareholders of 2.403 billion HKD, a year-on-year decrease of 30.5% [1] - SF Holding reported a net profit of 5.738 billion yuan, a year-on-year increase of 19.37%, with volume growth exceeding the overall express delivery industry [1] - SMIC reported a net profit of approximately 320 million USD, a year-on-year increase of 35.6% [1] - SenseTime reported a revenue growth of 35.6% year-on-year, reaching 2.358 billion yuan [1] - BeiGene reported a net profit of 95.59 million USD, returning to profitability [1] - Fubo Group reported a mid-year net profit exceeding 100 million, driven by AI [1] - CITIC Securities reported a net profit of 13.719 billion yuan, a year-on-year increase of 29.79% [1] - Huadian International Power reported a net profit of 3.904 billion yuan, a year-on-year increase of 13.15% [1] Additional Financial Performance - Zhou Hei Ya reported a mid-year profit attributable to shareholders of 108 million yuan, a year-on-year increase of 228% [2] - Haitian Flavoring reported a net profit of 3.91 billion yuan, a year-on-year increase of 13.3% [2] - Dasheng Holdings reported a mid-year adjusted net profit growth of 79.6% driven by store expansion and membership growth [2] - CITIC Securities reported a net profit of 4.509 billion yuan, a year-on-year increase of 57.77% [2] - Huitongda reported a mid-year profit attributable to shareholders of 13.9 million yuan, a year-on-year increase of 10.81% [2] - Yunfeng Financial reported a mid-year profit attributable to shareholders of 486 million HKD, a year-on-year increase of 142.04% [2] - Jiufang Zhitu reported a mid-year profit attributable to shareholders of 865 million yuan, returning to profitability [2] - Air China reported a net loss of approximately 1.806 billion yuan, a year-on-year narrowing of 35.11% [2] - ZTE reported a net profit of approximately 5.058 billion yuan, a year-on-year decrease of 11.77% [2] - China Merchants Securities reported a net profit of 5.186 billion yuan, a year-on-year increase of 9.23% [2] - Datang Power reported a net profit of approximately 4.874 billion yuan, a year-on-year increase of 50.3% [2] - China Pacific Insurance reported a net profit of 27.885 billion yuan, a year-on-year increase of 11% [2] - Beijing Capital International Airport reported a post-tax loss of 164 million yuan, a year-on-year narrowing of 56.48% [2] - Dongguan Rural Commercial Bank reported a mid-year net profit of 2.629 billion yuan [2] - Shenzhen Holdings reported a mid-year loss attributable to shareholders of 2.618 billion HKD, a year-on-year increase of 137.76% [2] - China Southern Airlines reported a net loss of 1.534 billion yuan, a year-on-year increase of 45.54% [2] - COSCO Shipping Holdings reported a profit attributable to shareholders of 17.528 billion yuan, a year-on-year increase of 3.9% [2] - Guofu Hydrogen Energy reported revenue of 10.9 million yuan, actively expanding overseas cooperation and business layout [2] - Kangsheng Global reported a mid-year gross profit of 197 million yuan, with stable progress across all businesses [2] - Dongfang Electric reported a net profit of 1.91 billion yuan, a year-on-year increase of 12.91%, maintaining the industry's leading market share in nuclear and gas power [2] - Eagle Eye Technology reported a profit of 443,000 yuan, returning to profitability [2] - Haier Smart Home reported a profit attributable to shareholders of 12.033 billion yuan, a year-on-year increase of 15.6% [2] - EDA Group Holdings reached a partnership agreement with UTCPAY to collaborate in digital asset trading, Web3 technology, and blockchain applications [2] - Gilead Sciences reported that ASC30 oral tablets showed good and differentiated pharmacokinetic characteristics in the U.S. Phase Ib multi-dose escalation study [2]

Core Viewpoint - 康哲药业's subsidiary 德镁医药 is seeking independent listing on the Hong Kong Stock Exchange and has received clinical trial approval for povorcitinib from the NMPA for treating non-segmental vitiligo and moderate to severe hidradenitis suppurativa [1] Group 1 - 德镁医药 has been granted a drug clinical trial approval notice by the NMPA on August 28, 2025, for povorcitinib [1] - Povorcitinib is a selective oral small molecule JAK1 inhibitor with substance and use patents in specific countries/regions [1] - The drug is currently undergoing phase 3 clinical trials for non-segmental vitiligo, hidradenitis suppurativa, and nodular prurigo in several overseas countries, along with phase 2 trials for asthma and chronic spontaneous urticaria [1]

Core Viewpoint - 康哲药业's subsidiary 德镁医药 is seeking independent listing on the Hong Kong Stock Exchange and has received approval for clinical trials of povorcitinib for specific skin conditions [1] Group 1: Company Developments - 德镁医药 has been granted a clinical trial approval notice by the National Medical Products Administration (NMPA) of China on August 27, 2025, for povorcitinib [1] - The clinical trials will focus on the treatment of non-segmental vitiligo and moderate to severe hidradenitis suppurativa (HS) [1] Group 2: Product Information - Povorcitinib is a selective oral small molecule JAK1 inhibitor, with substance and use patents in specific countries/regions [1] - The drug is currently undergoing Phase 3 clinical trials for non-segmental vitiligo, HS, and nodular prurigo in several overseas countries, along with Phase 2 trials for asthma and chronic spontaneous urticaria [1]

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。 *僅供識別 自願性及業務進展公告 創新藥口服小分子JAK1抑制劑Povorcitinib 獲得白癜風、化膿性汗腺炎適應症藥物臨床試驗批准通知書 China Medical System Holdings Limited（「本公司」，連同其附屬公司統稱為「本集團」） 欣然宣佈，旗下德鎂醫藥有限公司（「德鎂醫藥」，專業聚焦皮膚健康的創新型醫藥企 業，正申請於香港聯合交易所有限公司主板獨立上市，詳見本公司日期為二零二五年四 月二十二日發佈的公告）連同其附屬公司於二零二五年八月二十七日獲中國國家藥品監 督管理局（NMPA）簽發的藥物臨床試驗批准通知書，於八月二十八日收到藥物臨床試 驗批准通知書。NMPA同意開展povorcitinib（擬定中文通用名：磷酸泊沃昔替尼片） （「povorcitinib」或「產品」）用於非節段型白癜風和中重度化膿性汗腺炎（HS）的臨 床試驗。 Povorcitinib 是一種選擇性口服小 ...

Core Viewpoint - The company reported a stable revenue growth in the first half of 2025, driven by the recovery from previous negative impacts and the strong performance of innovative products Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 4.002 billion yuan, representing a year-on-year increase of 10.8% [1] - The net profit attributable to shareholders was 941 million yuan, reflecting a growth of 3.38% [1] Group 2: Product Development and Innovation - The sales of exclusive/brand and innovative products increased by 20.6% year-on-year, accounting for 62.1% of total revenue, up from 56.1% in the same period last year [2] - The company is advancing its innovative drug pipeline, with several products in various stages of clinical trials, including NDA reviews and Phase III trials [2] - The company has recently acquired rights for new products targeting Alzheimer's disease and asthma, enhancing its product matrix in cardiovascular, central nervous system, digestive, and renal fields [2] Group 3: Segment Performance - The dermatology segment (Demey Pharmaceutical) showed significant growth, with revenue reaching 498 million yuan, a remarkable increase of 104.3% [3] - Demey Pharmaceutical has a strong pipeline with three marketed products and four in clinical stages, indicating potential for continued high growth [3] - The company plans to spin off Demey Pharmaceutical for independent listing, which is expected to help in the revaluation of its dermatology products and pipeline [3] Group 4: Revenue and Profit Forecast - Revenue projections for 2025 to 2027 are 8.053 billion yuan, 9.439 billion yuan, and 11.651 billion yuan, with year-on-year growth rates of 7.8%, 17.2%, and 23.4% respectively [4] - Net profit forecasts for the same period are 1.685 billion yuan, 1.956 billion yuan, and 2.465 billion yuan, with growth rates of 4.0%, 16.1%, and 26.1% respectively [4] - The company is rated with a "buy" recommendation based on its projected PE ratios of 17.7, 15.3, and 12.1 for the years 2025, 2026, and 2027 respectively [4]

Core Viewpoint - 康哲药业 reported a revenue of 40.02 billion yuan for the first half of 2025, representing a year-on-year increase of 10.83%, and a net profit of 9.41 billion yuan, up 3.38% year-on-year, indicating positive growth in both revenue and profit [1] Financial Performance - The company's expense ratio was 56.75%, an increase of 1.52 percentage points year-on-year; gross margin was 72.26%, down 2.41 percentage points year-on-year; R&D expenses reached 2.02 billion yuan, up 91.79% year-on-year, with an R&D expense ratio of 5.06%, up 2.14 percentage points year-on-year [1] - Sales expense ratio was 35.59%, down 3.19 percentage points year-on-year; management expense ratio was 15.82%, up 2.89 percentage points year-on-year; financial expense ratio was 0.28%, down 0.32 percentage points year-on-year [1] Business Segments - Traditional business in cerebrovascular disease generated sales of 22.16 billion yuan, up 0.6% year-on-year, accounting for 47.5% of total sales; sales from digestive and autoimmune disease lines were 14.11 billion yuan, up 4.9% year-on-year, accounting for 30.2% [1] - New business in dermatology and aesthetics (德镁医药) achieved sales of 4.98 billion yuan, up 104.3% year-on-year, accounting for 10.7%; ophthalmology sales were 3.58 billion yuan, up 17.7% year-on-year, accounting for 7.7% [1] - The company has five innovative drugs commercialized, including 莱芙兰, 美泰彤, 维福瑞, 益路取, and 维图可, with rapid commercialization progress [1] Product Development - Three products are currently under NDA review: 德昔度司他片 for anemia treatment in CKD patients, 芦可替尼乳膏 for vitiligo, and ZUNVEYL for Alzheimer's disease [2] - Two self-developed innovative drugs have received IND approval and are set to begin clinical trials: CMS-D001片 for psoriasis and CMS-D003胶囊 for obstructive hypertrophic cardiomyopathy [2] International Expansion - The company is in the process of splitting 德镁健康 for independent listing on the Hong Kong Stock Exchange, enhancing its position in the dermatology sector [3] - 康哲药业 is advancing its international commercial system, with a focus on Singapore as a regional hub, and has submitted product registration applications in several Southeast Asian countries [3] Investment Outlook - Revenue projections for 康哲药业 from 2025 to 2027 are 83.20 billion yuan, 94.54 billion yuan, and 110.43 billion yuan, with year-on-year growth rates of 11%, 14%, and 17% respectively; net profit estimates are 16.28 billion yuan, 18.92 billion yuan, and 22.52 billion yuan, with growth rates of 0%, 16%, and 19% respectively [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 4.002 billion HKD for the first half of 2025, representing a year-on-year increase of 10.83%, and a net profit attributable to shareholders of 941 million HKD, up 3.38% year-on-year, indicating a recovery in profits after two years of stagnation [4][10] - The sales of exclusive/brand and innovative products continued to grow, accounting for 62.1% of total revenue, up from 56.1% in the same period last year [4] Summary by Sections Financial Performance - The company’s total revenue for the reporting period was 4.002 billion HKD, with a year-on-year growth of 10.83% - The net profit attributable to shareholders was 941 million HKD, reflecting a year-on-year increase of 3.38% - The gross profit margin was 72.26%, down 2.41 percentage points year-on-year, primarily due to changes in product mix and increased investment in R&D [5][10] R&D and Innovation - R&D expenses increased significantly by 91.79% to 202 million HKD, with an R&D expense ratio of 5.06%, up 2.14 percentage points year-on-year [5] - The company has five innovative drugs that have entered commercialization, with rapid progress in their commercialization [6] Business Segments - Traditional business lines, such as cerebrovascular disease, generated sales of 2.216 billion HKD, up 0.6%, while the digestive and autoimmune disease lines saw sales of 1.411 billion HKD, up 4.9% [6] - New business segments, particularly the dermatology and aesthetic line (De Mei Health), reported sales of 498 million HKD, a remarkable increase of 104.3% [6] Future Catalysts - Several products are in the NDA/IND review stage, with two self-developed innovative drugs having received IND approval and set to begin clinical trials [7][8] - The company is in the process of splitting De Mei Health for independent listing, which is expected to enhance its market position [9] Financial Projections - Revenue projections for 2025-2027 are 8.32 billion HKD, 9.454 billion HKD, and 11.043 billion HKD, with expected year-on-year growth rates of 11%, 14%, and 17% respectively [10] - Net profit projections for the same period are 1.628 billion HKD, 1.892 billion HKD, and 2.252 billion HKD, with expected growth rates of 0%, 16%, and 19% respectively [10]

Group 1 - The company approved an investment in a joint venture, PharmaGend Global Medical Services Pte. Ltd., located in Singapore, with partners CMS Medical Venture Pte. Ltd., Rxilient Health Pte. Ltd., and Healthy Goal Limited [1][4] - The joint venture aims to raise $30 million through the issuance of 30 million Class A preferred shares, primarily for infrastructure and operational expenses [3][8] - The company plans to invest $10.5 million, corresponding to its 35% ownership in the joint venture, as part of the additional investment [2][8] Group 2 - The ownership structure of the joint venture post-investment will be as follows: the company will hold 32.38%, CMS Medical Venture will hold 31.27%, Rxilient Health will hold 10.36%, and Healthy Goal Limited will hold 18.50% [3][7] - The joint venture's financial data indicates total assets of $98.48 million and total liabilities of $40.32 million as of the latest reporting period [7][8] - The investment is expected to enhance the joint venture's capabilities in the Southeast Asian CDMO service market, contributing to the company's global and sustainable development [10][12] Group 3 - The investment transaction is classified as a related party transaction, with necessary approvals obtained from the board, excluding related directors from voting [4][10] - The company emphasizes that the additional investment will not alter its control over the joint venture or significantly impact its financial results [10][12] - The independent directors have reviewed the transaction and concluded that it will not harm the interests of the company or its shareholders, particularly minority shareholders [12]

另外，该行重申对翰森制药"跑赢大市"评级，目标价由27.8港元升至43.1港元，上调2025至27年收入预 测19%至29%，净利润预测10%至29%，基于创新药增长有机会好过预期，以及较高BD业务收入。 同时，该行重申对康哲药业"跑赢大市"评级，目标价由10港元升至15.6港元，上调2025至27年收入预测 0%至2%，净利润预测3%至6%，因今年上半年业绩胜预期。 里昂发布研报称，3间内地药企包括中国生物制药(01177)、翰森制药(03692)及康哲药业(00867)，上半年 均录得稳健业绩，2024年下半年及2025年上半年均实现双位数收入增长。该行预期势头将于2025年下半 年延续，推动因素包括更多创新药物上市及新产品销售增加、内地医疗保险支出环境更有利、以及潜在 的商业拓展(BD)收入。 股份方面，该行重申对中生制药"跑赢大市"评级，目标价维持9.2港元，料公司收入增长加速，2025至 27年分别升12%、15%及16%;基于创新药收入贡献增加，预期利润率亦有增长。 ...