Core Viewpoint - 康臣药业 demonstrated strong performance in the first half of 2025, with revenue reaching 1.569 billion RMB, a year-on-year increase of 23.7% [1] Financial Performance - Group revenue for the first half of 2025 was 1.569 billion RMB, up 23.7% year-on-year [1] - Gross profit increased by approximately 27.6% to 1.209 billion RMB, with a gross margin of 77.1%, an increase of 2.4 percentage points compared to the same period in 2024 [1] - Shareholder profit attributable to the company was approximately 498 million RMB, a year-on-year increase of 24.6% [1] - The board proposed an interim dividend of 0.33 HKD per share, with a payout ratio exceeding 51% [1] Business Segments - Sales revenue from nephrology drugs was approximately 1.131 billion RMB, a growth of about 28.0% compared to 2024 [1] - Sales revenue from pediatric and women's drugs was approximately 172 million RMB, up about 17.5% year-on-year [1] - Sales revenue from medical imaging contrast agents was approximately 95 million RMB, a year-on-year increase of about 22.0% [1] - The company has launched new CT contrast agents and has a rich pipeline of products under development [1] Market Position - 尿毒清颗粒 is the flagship product of 康臣药业, maintaining a leading position in the chronic kidney disease (CKD) market [1] - The product is the first Chinese traditional medicine to complete evidence-based medical research for CKD, with a significant target market due to the high prevalence of CKD in China [1] - Despite the expiration of its patent in 2024, the complexity of its formulation and strict drug approval processes are expected to maintain its market barrier [1] Investment Outlook - The target price is set at 25.20 HKD, reflecting a 59.50% upside potential based on a 19x P/E ratio for 2025 [1] - The company is expected to continue its stable growth, supported by high dividends and share buybacks, showcasing value and confidence [1]
康臣药业(1681.HK)：肾科中药龙头 业绩稳健上涨 高派息高回购