香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部分內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 二零二五年八月，德鎂醫藥獲NMPA簽發的藥物臨床試驗批准通知書，同意開展 povorcitinib用於治療非節段型白癜風等適應症的臨床試驗。德鎂醫藥已啓動產品在中國 的臨床開發工作，並考慮擇機在中國推動其治療HS和結節性癢疹等皮膚相關疾病的臨 *僅供識別 1 CHINA MEDICAL SYSTEM HOLDINGS LIMITED 康哲藥業控股有限公司* （於開曼群島註冊成立的有限公司） （香港股份代號：867） （新加坡股份代號：8A8） 自願性及業務進展公告 創新藥口服小分子JAK1抑制劑Povorcitinib 納入突破性治療品種名單 China Medical System Holdings Limited（「本公司」，連同其附屬公司統稱為「本集團」） 欣然宣佈，旗下德鎂醫藥有限公司（「德鎂醫藥」，專業聚焦皮膚健康的創新型醫藥企 業，正申請於香港聯合交易所有限公司主板獨立上市，詳見本公司日期為二零二 ...

（排名不分先後） 重要提示 重要提示： 閣下如對本招股章程的任何內容有任何疑問，應徵詢獨立專業意見。 四川百利天恒藥業股份有限公司 Sichuan Biokin Pharmaceutical Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） 股份代號：2615 全球發售 聯席保薦人、整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 SDICS International Securities Sichuan Biokin Pharmaceutical Co., Ltd. 四川百利天恒藥業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 聯席保薦人、整體協調人、聯席全球協調人、 聯席賬簿管理人及聯席牽頭經辦人 （排名不分先後） 聯席賬簿管理人及聯席牽頭經辦人 SDICS International Securities 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本招股章程的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示概不就因本招股章程全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 21.9, representing a potential upside of 62.2% from the current price of HKD 13.52 [2][5]. Core Insights - The company is experiencing a resurgence, driven by three key receptor agonists that have shown promising results in clinical trials. The collaboration with Novo Nordisk for the drug UBT251 is expected to enhance revenue and profit in the coming years [5][6]. - The company has a strong position in the antibiotic market, with a comprehensive supply chain and a focus on high-barrier environmental compliance, ensuring long-term stability [5][21]. - The insulin segment is also expanding, with the company successfully participating in national procurement and increasing its market share in the face of rising domestic demand for insulin products [5][39]. Financial Summary - Revenue projections for the fiscal years ending December 31 are as follows: 2023A: CNY 13.74 billion, 2024A: CNY 13.76 billion, 2025E: CNY 14.40 billion, 2026E: CNY 13.00 billion, and 2027E: CNY 13.39 billion, reflecting a growth rate of 21.2% in 2023, followed by modest growth and a decline in 2026 [3][19]. - Net profit estimates are: 2023A: CNY 2.72 billion, 2024A: CNY 2.69 billion, 2025E: CNY 3.08 billion, 2026E: CNY 2.22 billion, and 2027E: CNY 2.41 billion, with a significant increase of 71.1% in 2023, followed by fluctuations in subsequent years [3][19]. - The company’s earnings per share (EPS) are projected to be CNY 1.49 for 2023, decreasing slightly to CNY 1.46 in 2024, and then increasing to CNY 1.68 in 2025 [3][19]. Business Analysis - The company’s operations are divided into three main segments: intermediates, active pharmaceutical ingredients (APIs), and formulations. In 2024, the sales breakdown is expected to be 19.3% from intermediates, 46.3% from APIs, and 34.4% from formulations [19]. - The antibiotic segment remains a significant revenue driver, with a focus on high-demand products such as 6-APA and amoxicillin, where the company holds a substantial market share [5][21]. - The insulin and GLP-1 segment is also growing, with the company participating in national procurement and achieving significant sales growth in its insulin products [5][39]. Production Capacity - The company has established seven production bases and is constructing five additional ones, which are expected to contribute over CNY 5 billion in annual output once operational [14][15]. - The production capacity for 6-APA and penicillin G potassium is currently at 20,500 tons, with a utilization rate of 93.5% for amoxicillin, indicating a strong production capability [34][35]. Management Team - The management team is stable and experienced, with key members having over 20 years in the pharmaceutical industry, ensuring effective oversight and strategic direction [16][18].