Core Insights - The company, Kangzheng Pharmaceutical, has signed a distribution agreement with Novartis Pharma Services AG for the exclusive import, distribution, sales, and promotion rights of two ophthalmic products in mainland China [1][2] - The collaboration is expected to enhance the competitiveness of Kangzheng Weisheng in the ophthalmology sector, which already covers various eye diseases [2] Group 1 - The agreement grants Kangzheng exclusive rights for the products Ranibizumab Injection (trade name: 诺适得) and Brolucizumab Injection (trade name: 倍优适) for a period of five years [1] - Novartis will continue to be responsible for the production and supply of these products [1] - Novartis is a globally recognized pharmaceutical company focusing on four core therapeutic areas and five key technology platforms [1] Group 2 - The addition of these products is expected to create synergies with existing offerings, enhancing academic brand competitiveness in the ophthalmology field [2] - Kangzheng Weisheng's professional ophthalmology team will integrate market channels and academic resources to improve overall team efficiency [2] - The anticipated outcome of this collaboration is a positive impact on the company's performance and a broader range of treatment options for patients with eye diseases [2]

Core Viewpoint - 康哲药业 has signed a distribution agreement with Novartis Pharma Services AG for the exclusive import, distribution, sales, and promotion rights of two ophthalmic products in mainland China, enhancing its competitive position in the ophthalmology sector [1][2] Group 1: Agreement Details - The agreement grants 康哲药业 exclusive rights for 雷珠单抗注射液 (诺适得®) and 布西珠单抗注射液 (倍优适®) in mainland China, excluding Hong Kong, Macau, and Taiwan [1] - The collaboration will last for five years from the effective date of the agreement [1] Group 2: Strategic Impact - The partnership is expected to enhance 康哲维盛's overall competitiveness in the ophthalmology field, which already covers diseases such as retinal diseases, visual fatigue, and glaucoma [2] - The introduction of 诺适得® and 倍优适® will synergize with existing products, including the exclusive drug 施图伦滴眼液 and the EyeOP1 glaucoma treatment device, improving academic brand competitiveness and providing diverse treatment options for patients [2] - 康哲维盛's specialized ophthalmology team will integrate market channels and academic resources, leading to improved overall team efficiency and a positive impact on the company's performance [2]

Group 1 - The company, Kangzheng Pharmaceutical, has signed a distribution agreement with Novartis Pharma Services AG for the exclusive import, distribution, sales, and promotion rights of two injectable products in mainland China [1][2] - The agreement covers the products Lezhu Single Antibody Injection (brand name: Noshide) and Busizhu Single Antibody Injection (brand name: Beiyoushi), with Novartis responsible for production and supply [1] - The collaboration is set to last for five years from the effective date of the agreement [1] Group 2 - This partnership is expected to enhance the competitiveness of Kangzheng Weisheng in the ophthalmology sector, which already covers diseases such as retinal diseases, visual fatigue, and glaucoma [2] - The addition of Noshide and Beiyoushi will synergize with existing products, including the exclusive eye drop medication and glaucoma treatment device, improving academic brand competitiveness in the ophthalmology field [2] - The professional ophthalmology team at Kangzheng Weisheng will integrate market channels and academic resources, leading to improved overall team efficiency and a positive impact on the company's performance [2]

Group 1 - The company, Kangzheng Pharmaceutical, has signed a distribution agreement with Novartis Pharma Services AG for the exclusive import, distribution, sales, and promotion rights of two ophthalmic products in mainland China [1][2] - The agreement covers the products Ranibizumab Injection (trade name: 诺适得®) and Brolucizumab Injection (trade name: 倍优适®) for a duration of five years [1] - Novartis will continue to be responsible for the production and supply of these products [1] Group 2 - This collaboration is expected to enhance the competitiveness of Kangzheng Weisheng, the company's ophthalmology division, in the field of eye diseases [2] - The addition of these products will synergize with existing offerings, including the exclusive drug and medical device currently available, thereby strengthening the academic brand competitiveness in ophthalmology [2] - The professional ophthalmology team at Kangzheng Weisheng will integrate market channels and academic resources, which is anticipated to have a positive impact on the company's overall performance [2]

自願性及業務進展公告 簽訂眼科藥物諾適得®與倍優適®經銷協議 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，於二零二五年十月二十七日，本集團通過本公司附屬公司與 Novartis Pharma Services AG （「諾華」）就雷珠單抗注射液（商品名：諾適得）（「諾 適得®」）、布西珠單抗注射液（商品名：倍優適）（「倍優適®」）簽訂經銷協議（「協議」）。 根據協議，本集團獲得產品在中華人民共和國（為協議之目的，不含香港特別行政區、 澳門特別行政區、台灣）（「區域」）的協議所約定之獨家進口、經銷、銷售、推廣權利； 諾華继续负责生產、供應產品。合作期限為协议约定的生效日起五年。 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。 諾適得® 諾適得®是重組抗血管內皮生長因子（VEGF）人源化單克隆抗體Fab片段，靶向抑制人血 管內皮生長因子A（VEGF-A），以抑制血管內皮細胞 ...

Core Insights - Novartis has signed a strategic cooperation agreement with Kangzhe Weisheng, a wholly-owned subsidiary of Kangzhe Pharmaceutical, for the exclusive import, commercial promotion, and distribution rights of two ophthalmic products in China starting from November 1, 2025 [1] - The agreement is set for a duration of five years, indicating a long-term partnership between the companies [1] - This strategic agreement aligns with Novartis' global "focus" strategy, concentrating on four core therapeutic areas: cardiovascular, renal and metabolic, oncology, and immunology and neuroscience [1] Company Summary - Novartis will transfer the rights for its ophthalmic products, Nofiz (Ranibizumab injection) and Beiyoushi (Brolucizumab injection), to Kangzhe Weisheng [1] - The partnership aims to enhance resource integration and provide innovative drugs with high clinical value to patients [1]

Core Viewpoint - The company plans to spin off Dermagene Pharmaceuticals, which will enhance its focus on the skin health sector and unlock significant value from its innovative pipeline [1] Group 1: Business Strategy - The spin-off of Dermagene Pharmaceuticals signifies a systematic layout in the skin health field, with its innovative pipeline covering all indications in skin health, potentially leading to high growth and independent value [1] - The company has five innovative drugs commercialized in China, with three more in the NDA stage, driving growth through a dual strategy of collaboration and self-research [1][2] Group 2: Financial Performance - The company reported a revenue of 4.002 billion yuan in the first half of 2025, a year-on-year increase of 10.83%, and a net profit of 941 million yuan, up 3.38% year-on-year, indicating a potential turning point in performance [1] - The impact of centralized procurement on the company's main products is expected to be fully absorbed by 2024, leading to a stabilization in revenue and a potential performance turnaround [2] Group 3: Future Projections - Revenue projections for the company from 2025 to 2027 are estimated at 8.166 billion yuan, 9.628 billion yuan, and 12.069 billion yuan, with growth rates of 9.3%, 17.9%, and 25.4% respectively [3] - The estimated market value for the company in 2026 is projected to be 67.7 billion HKD, based on a combination of existing and incremental values from both the company and Dermagene Pharmaceuticals [3]

Core Insights - 康哲药业's high-end regenerative injection brand, Lijinran, has entered into a strategic partnership with Meituan Medical Health to integrate technology, products, and platform advantages for exclusive traffic support and cost-effective aesthetic medical services for consumers, aiming for a win-win situation among brands, platforms, institutions, and consumers [1][3] Group 1: Strategic Collaboration - The collaboration with Meituan allows 康哲药业 to gain traffic support through brand positioning, content marketing, and operational tools, establishing a customer lifecycle management system [3] - Meituan's platform connects millions of users, enabling brands to reach potential customers quickly, with a reported increase of over 110% in the number of upstream cooperative brands and nearly 150% growth in transaction volume during the 618 shopping festival [3][4] Group 2: Consumer Safety and Product Verification - Meituan's "放心美" initiative provides technology-driven product verification services, addressing over 60% of medical accidents related to counterfeit injection products, with more than 700 million verification services provided across 100 cities [7][8] - The partnership will incorporate Lijinran into the "放心美" system, offering dual verification through "扫码验真" and platform certification to ensure a safe aesthetic experience for consumers [7][8] Group 3: Market Trends and Growth Potential - The regenerative medical product market is projected to grow significantly, with the domestic "童颜针" market expected to rise from 100 million yuan in 2021 to 3 billion yuan by 2024, and potentially exceed 10 billion yuan in the next five years [10] - The collaboration aims to establish a new standard in regenerative aesthetic medicine by combining 康哲药业's product and training capabilities with Meituan's traffic and operational support, transitioning the industry from "wild growth" to "quality cultivation" [10][12] Group 4: Digital Transformation in Services - The initial core institutions will launch a fully digital service process, allowing consumers to complete initial screenings and appointments online, with procedures performed by certified 康哲医药 physicians and post-operative tracking through a cloud system [12] - This model transforms treatment outcomes from subjective experiences to quantifiable tracking, representing a shift in the aesthetic medical industry from "experience-driven" to "evidence-based" practices [12]

Core Insights - 康哲药业's high-end regenerative injection brand, 丽真然, has entered into a strategic partnership with 美团医药健康 to leverage their combined strengths for mutual benefits in the medical aesthetics sector [1][2] Group 1: Partnership Details - The collaboration aims to integrate technology, products, and platform advantages to provide exclusive traffic support for institutions and cost-effective quality medical aesthetic services for consumers, achieving a win-win situation for brands, platforms, institutions, and consumers [1] - 美团 has previously partnered with brands like 飞顿, 半岛医疗, and 华熙生物 to explore cooperative models between platforms and upstream supply chains, moving beyond traditional sales approaches [1][2] Group 2: Marketing and Customer Engagement - 美团's marketing strategy includes utilizing in-platform advertising, trending topics, and co-branded packages to create a massive exposure matrix, effectively reaching the core anti-aging demographic aged 30 to 55 [2] - 康哲药业 focuses on customer conversion and repurchase through membership systems, community engagement, and customized discounts, establishing a continuous revenue stream [2] Group 3: Performance Metrics - During the 618 shopping festival, the number of upstream cooperative brands on 美团's platform increased by over 110%, with transaction volume growing nearly 150%, and more than 10 core brands achieving doubled transaction volumes through platform collaboration [2] Group 4: Educational Initiatives - To address the high cognitive barrier in regenerative aesthetics, 丽真然 and 美团 will jointly create a "丽真然再生课堂" content matrix, simplifying complex concepts into relatable terms, thereby shortening the user decision-making cycle by 40% [3] - The partnership is expected to facilitate a shift in the medical aesthetics industry from "appearance consumption" to "health anti-aging" awareness, aligning with industry trends towards value-driven approaches [3]

Investment Rating - The report gives an initial investment rating of "Buy" for the company 康哲药业 (00867.HK) [4][8]. Core Views - The company is positioned as a leading innovative platform in the pharmaceutical industry, with a focus on commercializing its innovative pipeline and expanding its market presence [4][7]. - The planned spin-off of 德镁医药 is expected to unlock additional value in the skin health segment, which has a comprehensive pipeline covering all indications in this area [7][8]. - The company has shown signs of a performance turnaround, with a 10.83% year-on-year increase in revenue for the first half of 2025, indicating a potential inflection point in its financial performance [7][17]. Summary by Sections Financial Performance - The company reported a total revenue of 8,013 million RMB in 2023, with a projected revenue of 8,166 million RMB in 2025, reflecting a growth rate of 9.3% [6][8]. - The net profit attributable to shareholders is expected to increase from 1,620 million RMB in 2024 to 1,681 million RMB in 2025, with a growth rate of 3.8% [6][8]. - The company’s earnings per share (EPS) is projected to be 0.69 RMB in 2025, with a return on equity (ROE) of 9.3% [6][8]. Business Strategy - 康哲药业 has undergone multiple transformations over its 30-year history, evolving from a sales agent to a company that controls product rights and now focuses on innovative product development [13][14]. - The company has diversified its business into three main segments: cardiovascular/digestive, skin health, and ophthalmology, aiming to create specialized teams for each area [21][24]. - The internationalization strategy has been accelerated with the recent listing on the Singapore Exchange, marking a significant milestone in its global expansion efforts [24][25]. Innovation and Pipeline - The company has five innovative drugs that have been commercialized in China, with several others in the NDA stage, indicating a robust pipeline for future growth [7][8]. - Key innovative products include 德昔度司他片 for chronic kidney disease anemia and ABP-671 for gout, both of which are expected to contribute significantly to future revenues [43][45]. - The company is leveraging a dual approach of collaboration and self-research to drive innovation, aiming to meet unmet clinical needs and enhance its product offerings [40][41].