[Table_Rank] 评级： 增持 王斌 首席分析师 SAC 执证编号：S0110522030002 wangbin3@sczq.com.cn 电话：010-81152644 [市场指数走势（最近 Table_Chart] 1 年） 资料来源： wind -0.2 0.0 0.2 0.4 0.6 0.8 1.0 1.2 24-08 24-09 24-10 24-11 24-12 25-01 25-02 25-03 25-04 25-05 25-06 25-07 25-08 康哲药业 恒生指数 [Table_BaseData] 公司基本数据 [Table_Title] 创新产品持续增长，皮肤健康线表现突出 [Table_ReportDate] 康哲药业(0876.HK)公司简评报告 | 2025.08.25 核心观点 请务必仔细阅读本报告最后部分的重要法律声明 [Table_Authors] [Table_OtherReport] [Table_Summary] 最新收盘价（港元） 13.44 一年内最高/最低价（港元） 14.16/6.71 市盈率（当前） 18.12 市净率（当前） 1.76 总股本（亿 ...

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]