康哲药业公告，公司附属公司与中国生物制药企业智翔金泰签订合作协议，获得了唯康度塔单抗注射液 和斯乐韦米单抗注射液在中国大陆的独家商业化权，以及亚太地区和中东、北非的独家许可权。唯康度 塔单抗注射液用于破伤风治疗，斯乐韦米单抗注射液用于狂犬病治疗。 ...

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。 自願性及業務進展公告 就1類創新型治療用生物製品 重組人源化抗破傷風毒素單克隆抗體唯康度塔單抗注射液 及重組全人源抗狂犬病病毒雙特異性抗體斯樂韋米單抗注射液 簽訂合作協議 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，於二零二五年九月二十二日，本集團通過本公司附屬公司與重慶智 翔金泰生物製藥股份有限公司（「智翔金泰」）就用於破傷風的被動免疫適應症的1類 治療用生物製品唯康度塔單抗（GR2001）注射液（「唯康度塔單抗注射液」）及用於疑 似狂犬病病毒暴露後的被動免疫適應症的1類治療用生物製品斯樂韋米單抗（GR1801） 注射液（「斯樂韋米單抗注射液」）分別簽訂獨家合作協議（「協議」）。 根據協議，本集團獲得了唯康度塔單抗注射液及斯樂韋米單抗注射液在中國大陸的獨家 商業化權與除中國大陸之外的亞太地區及中東、北非的獨家許可權。合作 ...

根据《GR1801注射液独家合作协议》，西藏康哲将获得斯乐韦米单抗注射液在中国大陆的独家商业化 权，RXILIENT将获得斯乐韦米单抗注射液除中国大陆之外的亚太地区及中东、北非的独家许可权，智 翔金泰将获得首付款、里程碑付款至高约2.5亿元人民币、中国大陆区域销售收入以及除中国大陆之外 的亚太地区及中东、北非区域基于净销售额调整的供货收入。同时，公司将根据协议约定就中国大陆区 域的销售收入向西藏康哲支付推广服务费。 智翔金泰(688443.SH)发布公告，近日，公司与康哲药业控股有限公司(简称"康哲药业")之附属公司西藏 康哲药业发展有限公司(简称"西藏康哲")和RXILIENT MEDICAL PTE.LTD.(简称"RXILIENT")就唯康度 塔单抗注射液(GR2001注射液)以及斯乐韦米单抗注射液(GR1801注射液)分别签订独家合作协议。根据 协议，公司将获得首付款、里程碑付款并获得其商业化推广等服务，西藏康哲将获得上述两款产品在中 国大陆的独家商业化权，RXILIENT将获得上述两款产品除中国大陆之外的亚太地区及中东、北非的独 家许可权。 根据《GR2001注射液独家合作协议》，西藏康哲将获得唯康 ...

南方财经9月22日电，智翔金泰(688443.SH)公告称，与康哲药业附属公司西藏康哲和RXILIENT就唯康 度塔单抗注射液（GR2001注射液）以及斯乐韦米单抗注射液（GR1801注射液）分别签订独家合作协 议。西藏康哲将获得两款产品在中国大陆的独家商业化权，RXILIENT将获得除中国大陆之外的亚太地 区及中东、北非的独家许可权。智翔金泰将获得首付款、里程碑付款约5.1亿元人民币等权益。该合作 对公司业绩提升及长期发展有积极影响，但存在药品注册进程及商业化不确定性风险。 ...

唯康度塔单抗注射液是一款公司自主研发的重组人源化抗破伤风毒素（TetanusNeurotoxin, TeNT）的单 克隆抗体，注册分类为治疗用生物制品1 类，作用靶点为TeNT 的重链 C 端（TeNT-Hc）。该产品可通 过特异性结合TeNT-Hc，阻断其进入神经元细胞，起到被动免疫作用。 格隆汇9月22日丨智翔金泰(688443.SH)公布，公司与康哲药业控股有限公司（简称"康哲药业"）之附属 公司西藏康哲药业发展有限公司（简称"西藏康哲"）和 RXILIENT MEDICAL PTE. LTD.（简 称"RXILIENT"）就唯康度塔单抗注射液（GR2001 注射液）以及斯乐韦米单抗注射液（GR1801 注射 液）分别签订独家合作协议（简称"协议"）。根据协议，公司将获得首付款、里程碑付款并获得其商业 化推广等服务，西藏康哲将获得上述两款产品在中国大陆的独家商业化权，RXILIENT 将获得上述两款 产品除中国大陆之外的亚太地区及中东、北非的独家许可权。 根据《GR1801 注射液独家合作协议》，西藏康哲将获得斯乐韦米单抗注射液在中国大陆的独家商业化 权，RXILIENT 将获得斯乐韦米单抗注射液除中国 ...

智翔金泰公告，近日公司与康哲药业之附属公司西藏康哲药业发展有限公司和 RXILIENT MEDICAL PTE. LTD.就唯康度塔单抗注射液（GR2001 注射液）以及斯乐韦米单抗注射液（GR1801 注射液）分别 签订独家合作协议。根据协议，公司将获得首付款、里程碑付款并获得其商业化推广等服务。西藏康哲 将获得上述两款产品在中国大陆的独家商业化权，RXILIENT 将获得上述两款产品除中国大陆之外的亚 太地区及中东、北非的独家许可权。 ...

2025年上半年业绩稳增，符合预期 智通财经APP获悉，兴证国际发布研报称，调整盈利预测，预计康哲药业(00867)2025-2027年归母净利 润为16.61亿元、19.17亿元、22.72亿元，同比增长2.54%、15.39%、18.57%，对应2025年9月11日收盘 价，PE为20.06、17.39、14.66倍，维持"买入"评级。 兴证国际主要观点如下： 创新成果持续落地，重磅产品上市在即 2025年以来，公司创新布局加速发展，5款已获批创新药(益路取、维福瑞、美泰彤、维图可、莱芙兰) 加速释放商业化价值;3款创新药((德昔度司他片、磷酸芦可替尼乳膏-白癜风适应症、ZUNVEYL)处于中 国NDA审评中;2项自研产品(CMS-D001片、CMS-D003胶囊)IND申请获批;新增2款合作开发创新产品 ((ZUNVEYL、MG-K10);1款注射用聚左旋乳酸微球填充剂((丽真然)2025年7月于中国获批。 皮肤健康业务拟分拆上市，充分释放高速发展的独立价值 公司建议通过介绍上市及实物分派的方式分拆子公司德镁医药于联交所主板独立上市，至2025年上半 年，德镁医药已布局三款已上市产品(益路取、喜辽妥、安 ...

Core Viewpoint - The report from Xingzheng International adjusts the profit forecast for Kangzhe Pharmaceutical (00867), expecting net profit attributable to shareholders to reach 1.661 billion yuan, 1.917 billion yuan, and 2.272 billion yuan for 2025-2027, with corresponding growth rates of 2.54%, 15.39%, and 18.57% respectively, maintaining a "buy" rating [1] Group 1 - In the first half of 2025, the company's revenue was 4.002 billion yuan, a year-on-year increase of 10.8%, with a profit attributable to shareholders of 941 million yuan, up 3.4% [2] - The gross margin for drug sales was 61.7%, with a sales expense ratio of 30.3%, down 2.1 percentage points, and a management expense ratio of 9.2%, up 0.8 percentage points [2] - The company declared an interim dividend of 0.1555 yuan per share, totaling 376 million yuan, which accounts for approximately 39.99% of the net profit attributable to shareholders for the first half of 2025 [2] Group 2 - The negative impact of national procurement on operating performance has passed, with major exclusive and innovative products driving sales growth, accounting for 62.1% of total revenue, an increase of 6.0 percentage points year-on-year [3] - Revenue from cardiovascular-related products was 2.216 billion yuan, up 0.6%; revenue from digestive/immunology-related products was 1.411 billion yuan, up 4.9%; revenue from skin health products was 498 million yuan, up 104.3%; and revenue from ophthalmology products was 358 million yuan, up 17.7% [3] Group 3 - The company has accelerated its innovation efforts in 2025, with five approved innovative drugs expected to release commercial value, and three innovative drugs currently under NDA review in China [4] - Two self-developed products have received IND approval, and two new collaborative innovative products have been added [4] - A new injectable product has been approved in China as of July 2025 [4] Group 4 - The company plans to spin off its skin health business, Dermy Pharmaceutical, for independent listing on the Hong Kong Stock Exchange, which has three marketed products and four in clinical stages as of the first half of 2025 [5] - Dermy Pharmaceutical has also launched two skincare product lines aimed at preventing and treating skin diseases [5]

Core Insights - The article highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential market movements [1][2][3] Short Selling Ratios - The top three stocks with the highest short-selling ratios are New World Development-R (80016) and Li Ning-R (82331) at 100.00%, followed by AIA Group-R (81299) at 92.90% [1][2] - Other notable stocks include BYD Company-R (81211) at 91.45% and China National Offshore Oil Corporation-R (80883) at 71.40% [2] Short Selling Amounts - Alibaba-SW (09988) leads in short-selling amount with 5.602 billion, followed by Tencent Holdings (00700) at 2.725 billion and Baidu Group-SW (09888) at 2.062 billion [3] - Other significant amounts include Meituan-W (03690) at 1.088 billion and Pop Mart International (09992) at 879 million [3] Deviation Values - Li Ning-R (82331) has the highest deviation value at 35.57%, followed by AIA Group-R (81299) at 28.24% and China National Offshore Oil Corporation-R (80883) at 27.47% [1][3] - Other notable deviation values include BYD Company-R (81211) at 25.22% and New World Development-R (80016) at 24.06% [3]

Core Viewpoint - Haitong International slightly adjusted the revenue forecast for Kangzheng Pharmaceutical (00867) for 2025-26E to 8.33/9.30 billion HKD, representing a year-on-year increase of +11.5%/+11.6% [1] - The net profit forecast for the same period was also adjusted to 1.67/1.88 billion HKD, with year-on-year growth of +3.4%/+12.9% [1] - The valuation model was changed to a discounted cash flow (DCF) model to better reflect the long-term value of the pipeline cash flow from Demy Pharmaceutical, with a target price of 18.38 HKD (+85%) [1] Financial Performance - Kangzheng Pharmaceutical achieved a revenue of 4 billion HKD in the first half of the year, a year-on-year increase of +11% [2] - Revenue from exclusive/brand products and innovative products reached 2.9 billion HKD, up +21% year-on-year, which is the core driver of the company's performance recovery [2] - The gross profit margin was 72%, with R&D expenses of 570 million HKD (down -8% year-on-year) and a net profit of 940 million HKD (up +3% year-on-year) [2] Business Growth - The recovery in revenue is attributed to the clearance of the impact from existing centralized procurement products and the steady growth of core products such as Weifurui and Meitai Tong [3] - Exclusive/brand and innovative product sales accounted for 62.1% of total revenue, up from 56.1% in the same period last year [3] - Revenue by segment includes: cardiovascular segment 2.2 billion HKD (+0.6% YoY), digestive/immunity segment 1.4 billion HKD (+4.9% YoY), skin health segment 500 million HKD (+104% YoY), and ophthalmology segment 360 million HKD (+18% YoY) [3] Innovation and Pipeline - The company has three New Drug Applications (NDA) under review, including Dexamethasone and Luracitinib [4] - Approximately ten clinical trials are progressing in China, including treatments for ischemic stroke and specific dermatitis [4] - Other potential products include Povorcitinib and CMS-D001, which are in various stages of clinical trials [4] Spin-off Plans - Kangzheng Pharmaceutical plans to spin off Demy Pharmaceutical for independent listing on the Hong Kong Stock Exchange by April 2025 [5] - The spin-off will be executed through a distribution method, allowing shareholders to directly hold shares in Demy Pharmaceutical [5] - Demy Pharmaceutical's pipeline addresses significant unmet clinical needs in skin diseases, supported by over 650 sales professionals covering more than 10,000 hospitals [5]