Core Viewpoint - CICC maintains the profit forecast for Kangzheng Pharmaceutical (00867) for 2025 and 2026, with a target price increase of 40% to HKD 15.40, indicating a potential upside of 14.9% from the current stock price [1] Financial Performance - The company reported 1H25 revenue of CNY 4.002 billion, a year-on-year increase of 10.8%, with total pharmaceutical sales revenue of CNY 4.670 billion, up 8.9%, and net profit attributable to shareholders of CNY 941 million, up 3.4%, slightly exceeding market expectations [2] - The sales revenue breakdown for 1H25 shows cardiovascular and related diseases line revenue of CNY 2.216 billion (YoY +0.6%), digestive/immunological diseases line revenue of CNY 1.411 billion (YoY +4.9%), dermatology line (Demei Pharmaceuticals) revenue of CNY 498 million (YoY +104.3%), ophthalmology line revenue of CNY 358 million (YoY +17.7%), and other products revenue of CNY 187 million (YoY -2.3%) [3] Product Innovation and Pipeline - The company is driving product innovation through overseas licensing, domestic partnerships, and independent R&D, with significant products like Tongyan Needle (Lizhenran) approved in July 2025, and expected approvals for Lucofenib Cream (for vitiligo) in 2H25 and Dexamethasone Tablets (for renal anemia) by year-end [4] - The company has submitted a listing application for ZUNVEYL (AD) and completed Phase III clinical trials for Y-3 (stroke), with ABP-671 (gout) and IL-4Rα monoclonal antibody (asthma) in ongoing clinical phases [4] Strategic Developments - The company announced plans to spin off Demei Pharmaceuticals for independent listing, which is expected to unlock the value of its rapidly growing dermatology business [5] - In July 2025, the company achieved a secondary listing on the Singapore Stock Exchange, which is anticipated to capture growth opportunities in emerging markets [5]
中金：维持康哲药业(00867)跑赢行业评级 升目标价至15.40港元