Core Viewpoint - The collaboration between 康哲药业 and Novartis Pharma Services AG aims to enhance the competitive edge of 康哲维盛 in the ophthalmology sector through exclusive rights for the import, distribution, and promotion of two key products in mainland China [1][2] Group 1: Agreement Details - 康哲药业 has signed a distribution agreement with Novartis for 雷珠单抗注射液 (诺适得) and 布西珠单抗注射液 (倍优适) [1] - The agreement grants 康哲药业 exclusive rights for import, distribution, sales, and promotion in mainland China, while Novartis will continue to handle production and supply [1] - The duration of the collaboration is set for five years from the effective date of the agreement [1] Group 2: Impact on Business - The partnership is expected to enhance 康哲维盛's overall competitiveness in the ophthalmology field, which already covers conditions such as retinal diseases, visual fatigue, and glaucoma [2] - The introduction of 诺适得 and 倍优适 will synergize with existing products like the exclusive drug 施图伦滴眼液 and the EyeOP1 glaucoma treatment device, improving academic brand competitiveness [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]

Core Insights - 康哲药业 has signed a distribution agreement with Novartis for the exclusive import, distribution, sales, and promotion rights of two ophthalmic products in mainland China, which is expected to enhance its competitiveness in the ophthalmology sector and positively impact its performance [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 China for a duration of five years, while Novartis will continue to handle production and supply [1] - Both products are already approved for sale in China, with "诺适得" being the first anti-VEGF drug approved for ophthalmology in the country and "倍优适" being the smallest molecular weight anti-VEGF drug [1][2] Group 2: Market Context - "诺适得" is approved for multiple retinal neovascular diseases, including wet age-related macular degeneration (nAMD) and diabetic macular edema (DME), and was included in the National Basic Medical Insurance Drug List in 2017 [2] - "倍优适" is expected to be approved for DME by May 2025, with an estimated 7.89 million DME patients in China by that year, indicating a strong demand for effective treatment options [2] - The collaboration is anticipated to create synergies with existing products in 康哲维盛's portfolio, enhancing its market presence in various ophthalmic conditions [2]

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]