2026年1月初，科创板上市的化学药企悦康药业集团股份有限公司(688658.SH)，已正式向港交所递交了H股上市申请。 港股医药板块即将迎来一位处境微妙的"老朋友"。2026年1月初，科创板上市的化学药企悦康药业集团股份有限公司(688658.SH)，已正式向港交所递交了 H股上市申请。这标志着其筹划多时的"A+H"双平台上市战略进入实质性阶段。公司董事会早在2025年12月初就通过了相关议案，并确定了上市方案的大 体框架。 此番南下，由中信证券等机构保驾护航，其目标不仅是搭建一个国际化的融资平台。对于正处于核心产品价格体系重塑、业绩连续下滑的悦康药业而言， 此次港股IPO更具现实意义——它被视为一场为"研发创新"与"补充营运资金"的关键"输血"。然而，在投资者眼中，这份"A+H"的故事背后，承载的更多 是公司寻求渡过眼前困境的迫切需求。 | [編纂]的[編纂]數目 : [編纂]股Ｈ股(視乎[編纂] | | | --- | --- | | 行使與否而定) | | | . . 「編纂]股H股(可予重新分配) | [編纂]數目 | | . . 「編纂」股H股(可予重新分配及 | [編纂]數目 | | 視乎[编纂 ...

港股医药板块即将迎来一位处境微妙的"老朋友"。2026年1月初，科创板上市的化学药企悦康药业集团股份有限公司(688658.SH)，已正式向港交所递交了 H股上市申请。这标志着其筹划多时的"A+H"双平台上市战略进入实质性阶段。公司董事会早在2025年12月初就通过了相关议案，并确定了上市方案的大 体框架。 此番南下，由中信证券等机构保驾护航，其目标不仅是搭建一个国际化的融资平台。对于正处于核心产品价格体系重塑、业绩连续下滑的悦康药业而言， 此次港股IPO更具现实意义——它被视为一场为"研发创新"与"补充营运资金"的关键"输血"。然而，在投资者眼中，这份"A+H"的故事背后，承载的更多 是公司寻求渡过眼前困境的迫切需求。 基本面：增长失速、盈利触底与挥之不去的阴影 悦康药业的基本面，清晰地刻画了一家传统仿制药企业在转型阵痛期所面临的全面挑战。 业绩层面的"失速"与"触底"是直观的信号。 公司营收已连续三年下滑，从2022年的45.42亿元降至2024年的37.81亿元。盈利能力的下滑更为剧烈，归母净 利润从2022年的3.35亿元锐减至2024年的1.24亿元，三年内缩水超过六成。进入2025年第一季度，情况 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profit performance slightly exceeded expectations, with notable growth in the industrial and industrial microbiology segments [7] - In 2024, the company achieved total revenue of 41.906 billion yuan, representing a year-on-year growth of 3.16%, and a net profit attributable to shareholders of 3.512 billion yuan, up 23.72% year-on-year [7] - The industrial segment saw rapid growth, with core subsidiary China Medical East achieving sales revenue of 13.811 billion yuan, a 13.05% increase, and a net profit of 2.876 billion yuan, up 29.04% [7] - The industrial microbiology segment reported a significant revenue increase of 43.12%, with various sub-segments showing strong growth [7] - The aesthetic medicine segment experienced a decline in overseas revenue but maintained growth in domestic revenue, with total revenue of 2.326 billion yuan, down 4.94% year-on-year [7] - The company has a rich pipeline of products under development, focusing on oncology, endocrinology, and autoimmune diseases, with over 80 innovative drug candidates [7] - The profit forecast for 2025-2026 has been adjusted, with expected net profits of 4.014 billion yuan and 4.539 billion yuan, respectively, corresponding to a P/E ratio of 17 and 15 [7] Financial Summary - Total revenue for 2023 is projected at 40.624 billion yuan, with a year-on-year growth of 7.71% [1] - The net profit attributable to shareholders for 2023 is estimated at 2.839 billion yuan, reflecting a year-on-year increase of 13.59% [1] - The latest diluted EPS for 2023 is expected to be 1.62 yuan per share, with a P/E ratio of 24.30 [1] - The company’s total assets are projected to reach 37.879 billion yuan by 2024, with total liabilities of 14.315 billion yuan [8] - The cash flow from operating activities for 2024 is expected to be 3.749 billion yuan [8]