Core Viewpoint - The report from Xingzheng International adjusts the profit forecast for Kangzhe Pharmaceutical (00867), expecting net profit for 2025-2027 to be CNY 1.661 billion, CNY 1.917 billion, and CNY 2.272 billion, representing year-on-year growth of 2.54%, 15.39%, and 18.57% respectively, maintaining a "Buy" rating [1] Group 1: Financial Performance - In the first half of 2025, the company's revenue reached CNY 4.002 billion, a year-on-year increase of 10.8%, with pharmaceutical sales contributing CNY 4.670 billion, up 8.9% [2] - The net profit attributable to shareholders was CNY 941 million, reflecting a 3.4% year-on-year growth, with a gross margin of 61.7% and a sales expense ratio of 30.3%, down 2.1 percentage points [2] - The company declared an interim dividend of CNY 0.1555 per share, totaling CNY 376 million, which accounts for approximately 39.99% of the net profit for the first half of 2025 [2] Group 2: Growth Drivers - The negative impact of national procurement on operating performance has diminished, with major exclusive, branded, and innovative products continuing to drive sales growth, accounting for 62.1% of total revenue, an increase of 6.0 percentage points year-on-year [3] - Revenue from the cardiovascular disease segment was CNY 2.216 billion, up 0.6%, while the digestive and autoimmune disease segment generated CNY 1.411 billion, a 4.9% increase; the skin health segment (Demei Pharmaceutical) saw revenue of CNY 498 million, up 104.3% [3] Group 3: Innovation and Product Development - The company has accelerated its innovation strategy since 2025, with five approved innovative drugs (Yiluqu, Weifurui, Meitai Tong, Weituo Ke, Laifulan) set to release commercial value [4] - Three innovative drugs are under NDA review in China, and two self-developed products have received IND approval, alongside two newly developed collaborative innovative products [4] - A new injectable product (Lizhenran) was approved in China in July 2025 [4] Group 4: Strategic Initiatives - The company plans to spin off its skin health business, Demei Pharmaceutical, for independent listing on the Hong Kong Stock Exchange, which has three marketed products and four in clinical stages, covering major skin disease treatments [5] - Additionally, two skincare products aimed at disease prevention and care have been launched [5]
兴证国际：维持康哲药业(00867)“买入”评级 独家产品及创新产品成为增长新驱动