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康哲药业(00867):1H25业绩回顾:创新产品快速放量,芦可替尼获批后未来可期

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of HK$18.38, representing an upside of 85% from the current price of HK$14.35 [2][7]. Core Insights - The company reported a net sales increase of CNY4 billion in 1H25, reflecting an 11% year-on-year growth, driven by strong sales of exclusive and innovative products, which accounted for CNY2.9 billion, a 21% increase year-on-year [3][13]. - The gross margin for the period was 72%, down 2.4 percentage points year-on-year, while net profit attributable to shareholders was CNY940 million, up 3% year-on-year [3][13]. - The recovery in main business growth is attributed to the sustained increase in sales of exclusive/branded and innovative products, with these products making up 62.1% of total revenue, up from 56.1% in 1H24 [4][15]. Financial Performance - Revenue projections for FY2025 and FY2026 are adjusted to CNY8.33 billion and CNY9.30 billion, respectively, indicating year-on-year growth of 11.5% and 11.6% [7][17]. - The net profit forecasts for FY2025 and FY2026 are revised to CNY1.67 billion and CNY1.88 billion, representing year-on-year growth of 3.4% and 12.9% [7][17]. - The company’s R&D expenses totaled CNY570 million, a decrease of 8% year-on-year, with an R&D expense ratio of 5.1% [3][13]. Product Pipeline and Developments - The company has three New Drug Applications (NDAs) under review, including Desidustat Tablets and Ruxolitinib Cream, with approximately ten clinical trials ongoing in China [5][15]. - The spin-off and independent listing of Dermavon Pharma is expected to be completed within the year, which will allow shareholders to directly hold shares in the new entity [5][16]. Segment Performance - Revenue by segment includes CNY2.2 billion from cardiovascular products (up 0.6% year-on-year), CNY1.4 billion from digestive/autoimmune products (up 4.9% year-on-year), and CNY500 million from skin health products (up 104% year-on-year) [19][14].