国内专科商业化领军企业，创新转型开启新一轮成长周期康哲药业创立于1992 年，是国内领先的开放 式医药平台企业，以药品代理业务起步，历经三十余年发展，成功转型为创新型综合性医药企业。自国 家集采政策实施以来，公司原成熟产品如黛力新、波依定、优思弗一度承压，2023-2024 年收入下滑， 集采负面影响在2025 年上半年基本消化，公司营收与归母净利润增速均由负转正，心脑血管、消化等 基石业务企稳，皮肤健康、眼科等新兴业务快速增长。 机构：信达证券 研究员：唐爱金 报告内容摘要: 盈利预测与投资评级：我们预计2025-2027 年公司营业收入分别为82.16亿元、98.59 亿元、120.28 亿 元，同比增速分别为10%、20%、22%；归母净利润分别为16.15 亿元、18.50 亿元、22.38 亿元，同比增 速分别为0%、15%、21%。我们看好公司中长期成长性，首次覆盖给予"买入"评级。 风险提示：药品集中采购政策风险；创新产品研发与上市不及预期风险；创新产品商业化风险；国际化 经营风险。 国内商业化能力卓越，海外东南亚市场研产销布局完备公司具备卓越的、覆盖全链路的商业化能力，拥 有约4700 人的专 ...

Core Viewpoint - 康哲药业 plans to spin off its skin health subsidiary, 德镁医药, for independent listing on the Hong Kong Stock Exchange, allowing shareholders to receive shares through a distribution method without new stock issuance [1][5] Company Overview - 德镁医药 focuses on skin health, offering comprehensive solutions for skin diseases such as psoriasis, vitiligo, atopic dermatitis, and acne, with a strong competitive edge in addressing unmet clinical needs [2][3] - 康哲药业 will concentrate on its core areas, including cardiovascular, central nervous system, digestive, and ophthalmic specialties, optimizing its asset structure post-spin-off [4][5] Market Potential - The skin disease treatment and care market in China is projected to reach RMB 764 billion in 2023, with a compound annual growth rate of 10.6% from 2023 to 2035, indicating significant growth potential for 德镁医药 [3] - 德镁医药's product pipeline includes competitive offerings such as JAK1/2 topical cream and IL-23 monoclonal antibody injection, supported by a commercial team of over 650 professionals [3] Strategic Benefits - The spin-off is expected to enhance both 康哲药业 and 德镁医药's market positions, allowing for independent fundraising and improved operational efficiency [1][4] - The separation will enable 德镁医药 to establish its own valuation system, potentially unlocking greater growth opportunities and attracting investors [5]