康哲药业 20250630 摘要 康哲药业正经历从原研药向创新药的战略转型，通过合作开发和自主研 发双轮驱动，已获批 5 款创新药共 6 个适应症，并积极进行国际化拓展， 包括在新加坡二次上市，但不涉及融资或股权稀释。 公司四大业务板块中，心脑血管和消化业务受 VBP 影响后已趋于稳定， 眼科业务盈利能力强劲，皮肤健康业务德美医药即将分拆上市，国际化 业务以东南亚为核心，未来将贡献新的增长点。 受国家带量采购影响，公司核心品种收入有所下滑，2024 年三个核心 品种收入 26 亿元，但集采影响已基本出清，随着创新药陆续获批，预 计业绩将进入高速增长阶段。 公司重点产品组合包括存量国采品种（如波依定、黛力新和优思弗， 2024 年合计贡献 26 亿元）、独家存量和品牌药以及创新药，确保在不 同领域具备竞争优势和持续增长潜力，预计独家存量和品牌药维持 10% 左右增速。 2024 年商业化的美泰彤、依洛曲和维图可四个品种，预计 2025 年收 入至少翻倍增长。拟上市创新产品包括卢可替尼乳膏、德西度司他片和 童颜针，有望在今年获批。 Q&A 截至去年（2024 年），三个核心品种贡献收入 26 亿元，相较之前减少了 ...

Core Viewpoint - Kangzheng Pharmaceutical (00867.HK) plans to spin off its skin health business, Demy Pharmaceutical, for a "listing by introduction" on the Hong Kong Stock Exchange, marking it as the first "zero fundraising" IPO case in 2025 [2][5][18] Company Overview - Kangzheng Pharmaceutical has faced declining performance, with revenue dropping from 91.5 billion RMB in 2022 to 80.13 billion RMB in 2023, and further down to 74.69 billion RMB in 2024, representing a year-on-year decline of 12.4% and 6.7% respectively [6][7] - The company experienced a significant drop in net profit, from 23.84 billion RMB in 2023 to 16.13 billion RMB in 2024, a decrease of 27.2% [7] - The decline in performance is attributed to the failure of key products to win bids in national procurement, leading to a loss of market share and revenue [7][8] Demy Pharmaceutical Financials - Demy Pharmaceutical's revenue grew from 384 million RMB in 2022 to 618 million RMB in 2024, but it also reported increasing losses, from 55.17 million RMB in 2022 to 105.63 million RMB in 2024 [8][9] - The company's cost structure is heavily skewed towards sales expenses, which consumed 99% of its gross profit in 2024, leading to a net loss of 106 million RMB [10][12] - Demy Pharmaceutical's research and development expenditure remains low compared to its sales expenses, with a research expenditure rate of only 4% [10][12] Strategic Implications - The spin-off is seen as a strategic move to alleviate financial pressure on Kangzheng Pharmaceutical while allowing Demy Pharmaceutical to seek independent funding and partnerships [18] - The choice of "listing by introduction" allows for a quicker and less costly process, avoiding the dilution of shares and the complexities of traditional IPOs [17][18] - However, Demy Pharmaceutical will still face scrutiny regarding its ongoing losses and the sustainability of its business model post-spin-off [13][15] Market Context - The move reflects a broader trend among Chinese pharmaceutical companies seeking to adapt to the pressures of national procurement policies and increasing competition in the industry [17] - Since 2020, over 20 pharmaceutical companies have pursued similar spin-offs to focus on high-growth areas like medical aesthetics and consumer healthcare [17]

Core Viewpoint - Kangzheng Pharmaceutical is planning to spin off its subsidiary, Demai Pharmaceutical, which focuses on skin health, for independent listing on the Hong Kong Stock Exchange. This move raises questions about whether it is a strategic decision or an attempt to offload a loss-making entity [1][4]. Group 1: Spin-off Details - The spin-off will involve a distribution of 90.8% of Demai's shares to existing shareholders, with no new stock issuance for financing. This allows shareholders to directly hold shares of Demai and benefit from independent valuation premiums [1][2]. - Demai Pharmaceutical has shown revenue growth from 384 million yuan in 2022 to 618 million yuan in 2024, but its losses have also increased from 55.17 million yuan to 106 million yuan during the same period [2][3]. Group 2: Financial Performance - Demai's gross margin for prescription drugs is projected to decline from 76.6% in 2023 to 61.7% in 2024, contributing to an overall gross margin drop from 76.9% to 63.5% [2][3]. - The company's sales expense ratio has risen from 57.7% to 62.9%, with sales expenses reaching 388 million yuan in 2024, nearly matching its gross profit [2][3]. Group 3: Strategic Context - Kangzheng Pharmaceutical is facing significant performance pressure, with a revenue decline of 6.8% to 7.469 billion yuan and a net profit drop of 32.3% to 1.613 billion yuan in 2024. The decline is attributed to the impact of national procurement policies on key products [4][5]. - The spin-off aims to achieve three objectives: shedding the loss-making skin business, allowing Demai to raise capital independently, and enhancing the overall market valuation of the group by focusing on higher-margin areas [4][5]. Group 4: Market Landscape - The skin health market is projected to grow significantly, with an estimated market size of 254.9 billion yuan by 2035 and a compound annual growth rate exceeding 15% [4]. - However, Demai faces intense competition from stronger players in the skin health sector, and its reliance on generic products and high sales expenses raises concerns about sustainability [5].