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]
兴证国际：维持康哲药业“买入”评级 独家产品及创新产品成为增长新驱动