商业化能力卓越，创新转型迎业绩长周期增长 [Table_CoverStock] —康哲药业(0867.HK)公司首次覆盖报告 [Table_ReportDate] 2026 年 2 月 24 日 [Table_CoverAuthor] 唐爱金 医药行业首席分析师 S1500523080002 tangaijin@cindasc.com 证券研究报告 公司研究 [Table_ReportType] 公司首次覆盖报告 [Table_StockAndRank] 康哲药业(0867.HK) 投资评级 买入 上次评级 [Table_Chart] -40% -20% 0% 20% 40% 60% 80% 100% 康哲药业 恒生综合指数 资料来源：iFinD，信达证券研发中心 [Table_BaseData] 公司主要数据 | 收盘价（港元） | 15.44 | | --- | --- | | 52 周内股价波动区间(港元) | 7.15-15.45 | | 最近一月涨跌幅(％) | 13.03% | | 总股本(亿股) | 24.40 | | 流通股比例(％) | 100% | | 总市值(亿港元) | 376.66 ...

证券日报网2月9日讯，西藏药业（600211）在接受调研者提问时表示，资本运作：为实现公司的战略目 标，公司充足的现金流为持续性的并购投资提供了直接、灵活的资金保障；其次，战略层面高度重视， 公司已将资本运作及并购成果纳入高管团队的关键绩效考核指标。公司将通过"内源性增长+外源性增 长"的策略，稳固基本盘与开拓新空间并举。一是核心产品新活素在广阔且远未饱和的心衰市场中将继 续提供稳定的现金流和利润贡献，同时，公司其他自有品种的加速放量，将进一步夯实多元化的收入基 础，增强整体抗风险能力；二是创新的增长曲线，公司正积极推进对外并购与创新项目布局，构建短 期、中期、长期相结合的产品管线组合，旨在打破对单一产品的依赖，为公司注入持续的成长动能。 ...

Core Viewpoint - Xizang Pharmaceutical's new drug, Xinhuasu, is positioned favorably in the domestic heart failure treatment market, facing limited competition as most rivals are still in clinical stages [2] Group 1: Market Position and Competition - Xinhuasu is currently the only approved biological drug for heart failure treatment in China, with Suzhou Landin's related products being the only competition that has been approved for market [2] - The company aims to consolidate and expand its market advantage through a three-pronged strategy: channel deepening, academic enhancement, and diversified product pipeline [2] Group 2: Strategic Initiatives - Channel Deepening and Terminal Coverage: Xinhuasu has entered nearly 7,000 hospital terminals, ensuring a broad coverage and stable foundation. The company plans to collaborate with commercial partners to integrate channel resources and expand into secondary hospitals and grassroots medical markets, thereby increasing terminal penetration [2] - Strengthening Evidence-Based Medical Support: The company has initiated exploratory research on evidence-based medicine for Xinhuasu, aiming to bolster the product's academic standing with robust clinical data and promote its application in more clinical scenarios [2] - Building a Diversified Product Pipeline: To reduce reliance on a single product, the company is actively pursuing strategic transformation by accelerating the market layout of its proprietary traditional Chinese medicine products and seeking new growth points through external collaborations and investments [2] Group 3: Market Potential - According to the 2023 Journal of Clinical Cardiovascular Diseases, there are approximately 12.1 million heart failure patients over the age of 25 in China, with about 3 million new cases each year. The current penetration rate of Xinhuasu remains low, indicating significant market potential amid an aging population and ongoing clinical demand [2]

Group 1 - The core point of the article is that Tibet Pharmaceutical (600211.SH) announced a share buyback plan, intending to repurchase shares worth 170 million to 200 million yuan at a price not exceeding 55 yuan per share, aimed at employee stock ownership plans and equity incentives, marking the first buyback since 2018, reflecting management's confidence in the company's stable growth and business expansion [2][4] - Tibet Pharmaceutical is a leading player in China's Tibetan medicine industry, with its product, recombinant human brain natriuretic peptide "Xinhua Su," being the first gene-engineered Class I new drug for acute heart failure treatment in China, showcasing strong technical accumulation and market strength [2] - The company has shown consistent profit growth over the past three years, with net profits of 370 million, 801 million, and 1.051 billion yuan, and a projected sales net profit margin of 34.74% in 2024, indicating robust profitability [2] Group 2 - Supported by stable revenue, Tibet Pharmaceutical emphasizes the synergistic development of diversified businesses, leveraging healthy cash flow reserves to expand its business through mergers and acquisitions, injecting vitality into long-term development [3] - In August 2025, the company, in collaboration with its controlling shareholder Kangzhe Pharmaceutical, completed the actual control of Ruizheng Gene, a leading enterprise in the field of in vivo gene editing drug development, focusing on genetic diseases, rare diseases, and difficult-to-treat common diseases [3] - The acquisition of Ruizheng Gene will transform the company's ample cash reserves and deep clinical experience into a solid research foundation for innovative drugs, enhancing long-term development potential [3] Group 3 - The share buyback is a tangible expression of the management's commitment to steady strategic planning and long-term growth expectations, signaling an active effort to optimize capital structure and improve corporate governance [4] - The employee stock ownership plan and equity incentive mechanism will align the interests of the core team with the long-term development prospects, stimulating the company's internal motivation for innovative development [4] - This dual-driven model of "stable core business + breakthrough in innovative business" aims to create higher value for shareholders [4]

证券日报网12月9日讯西藏药业在11月1日至11月30日回答调研者提问时表示，新活素医保最终结果请关 注医保局通知及公司后续公告。 （文章来源：证券日报） ...

（编辑 王雪儿） 证券日报网12月9日讯 西藏药业在11月1日至11月30日回答调研者提问时表示，医药行业属于典型的政 策性驱动行业，且产品销售会受到宏观环境、行业政策、市场环境变化多种因素影响。目前新活素已覆 盖医疗机构近7000家，公司将进一步加强与商业公司合作，利用商业公司资源去开发新医院，扩大新活 素覆盖机构数，持续做好学术推广工作；此外，公司已启动新活素循证医学探索性研究，进一步拓展销 售。通过一系列措施保持新活素销量稳健。 ...

Core Viewpoint - Tibet Pharmaceutical (600211) has seen a positive market response following the announcement that its subsidiary's product, Xinhuasuan, has been included in the National Medical Insurance Drug List for 2025, which is expected to enhance future sales and operational development [1][2]. Group 1: Company Performance - As of December 8, 2025, Tibet Pharmaceutical's stock closed at 41.97 CNY, up 0.65% from the previous trading day, with a total market capitalization of 13.528 billion CNY [1]. - The stock opened at 41.78 CNY, reached a high of 42.19 CNY, and recorded a low of 41.78 CNY, with a trading volume of 96.8223 million CNY and a turnover rate of 0.71% [1]. Group 2: Product and Market Impact - The product Xinhuasuan, a recombinant human brain natriuretic peptide injection, is primarily used for the short-term treatment of acute decompensated heart failure and is limited to use in secondary and higher medical institutions [1]. - In 2024, Xinhuasuan is projected to generate sales revenue of 2.433 billion CNY, accounting for 86.89% of the company's main business revenue; in the first half of 2025, it is expected to generate 1.456 billion CNY, representing 88.36% of the revenue [1]. - The inclusion of Xinhuasuan in the regular drug list is anticipated to have a positive impact on the company's future sales and operational growth [1].

Core Viewpoint - The announcement regarding the inclusion of the drug Xinhuasuan in the national medical insurance drug list indicates a significant shift for the company, as it transitions from a negotiable agreement drug to a stable inclusion in the regular catalog, enhancing long-term revenue predictability [1][2]. Group 1: Product and Market Impact - Xinhuasuan, developed by the company's subsidiary Chengdu Nuodikan Biopharmaceutical Co., Ltd., is a new biological product for treating acute heart failure, which improves patient symptoms and reduces hospitalization costs [1]. - The sales volume for Xinhuasuan is projected to reach 7.0083 million units in 2024, generating revenue of 2.433 billion yuan, with 4.1672 million units and 1.456 billion yuan expected in the first half of 2025 [2]. - The drug's penetration in the large heart failure market remains low, indicating substantial growth potential following its transition to the regular catalog, which will stabilize pricing and support long-term performance growth [2]. Group 2: Additional Developments - The company’s associate, Chentai Pharmaceutical, has also seen its drug Zorifertinib included in the medical insurance catalog, with a negotiation agreement effective from January 1, 2026, to December 31, 2027 [2]. - Zorifertinib is recognized as the first drug targeting advanced non-small cell lung cancer with central nervous system metastasis, which is expected to accelerate its commercial value realization after being included in the insurance catalog [2].

Group 1 - Cambridge Technology plans to invest 400 million yuan to establish a fund focused on optical devices and chips, aiming to invest in early-stage and growth-stage companies in the hard technology sector [1] - Tunnel Corporation's consortium won a bid for a highway project in Henan with a total investment of 6.49 billion yuan, using a BOT model for a 33.25-year cooperation period [2] - Hongrun Construction won a bid for a project worth 230 million yuan, which represents 3.88% of the company's projected revenue for 2024 [3] Group 2 - Tongrentang's product, Canling Baizhu Powder, received product registration approval from Health Canada, aimed at treating symptoms related to spleen and stomach weakness [4] - Hunan Baiyin announced a scheduled annual maintenance from December 9, 2025, to January 5, 2026, for equipment and facilities [5] - Changchun Gaoxin's subsidiary had two drugs included in the national medical insurance catalog for 2025 [6] Group 3 - Dongfang Securities' chairman resigned due to work relocation [7] - Xuantai Pharmaceutical's product, Sitagliptin Metformin Sustained-Release Tablets, was renewed for inclusion in the national medical insurance catalog [8] - ST Weihai was pre-selected for a smart agriculture EPC project with a bid of 652 million yuan, accounting for 26.27% of the company's projected revenue for 2024 [9] Group 4 - Guoxin Technology successfully tested an anti-quantum password financial POS chip, supporting both traditional and quantum-resistant algorithms [10] - Huaren Health's subsidiary received acceptance for a drug registration application for Lactulose Oral Solution, a common laxative [11] - Ankai Bus reported a 57.71% year-on-year increase in sales for the first 11 months of the year [12] Group 5 - Zhongyan Dadi's subsidiary won a bid for a project worth 73.86 million yuan [13] - Zhejiang Rongtai plans to invest 77 million USD in a factory in Thailand, focusing on mica paper and robot components production [14] - Optoelectronics plans to use up to 450 million yuan of idle funds for cash management [15] Group 6 - Tianyu Biological reported a 45.15% year-on-year decline in sales revenue from pig sales in November [16] - Daqin Railway's cargo transport volume increased by 1.75% year-on-year in November [17] - Yabo Co. won a bid for a heavy truck charging station project worth 3.616 million yuan [18] Group 7 - Hongri Pharmaceutical's product continues to be included in the national medical insurance catalog [19] - Jinggong Steel Structure signed a contract for steel structure installation worth approximately 470 million yuan for an overseas project [20] - Xizang Pharmaceutical's product, Xinhuasuan, continues to be included in the national medical insurance catalog [21] Group 8 - Guangdong Electric Power A announced the successful commissioning of a 1000MW unit at the Maoming Boge Power Plant [22] - Fuan Pharmaceutical's product, Palivizumab Injection, was newly included in the national medical insurance catalog [23] - Lizhu Group reported that 194 products were included in the 2025 national medical insurance catalog [24] Group 9 - Haisan Pharmaceutical's injection of Lantanol was included in the national medical insurance catalog [25] - Zhongtong Bus reported a 39.53% year-on-year increase in sales volume in November [26] - Shaanxi Coal Industry reported a 6.03% year-on-year increase in coal production in November [27] Group 10 - Haooubo's subsidiary received a medical device registration certificate for an IgG4 testing kit [28] - Yaopi Glass plans to invest 690 million yuan in new automotive glass production lines [30] - Huadian International completed the issuance of 2 billion yuan in medium-term notes [31] Group 11 - Zhongzai Zihuan's subsidiary won a bid for a green recycling project worth 205 million yuan [32] - Dabeinong reported a 25.26% year-on-year decline in sales revenue from pig sales in November [33] - Xiangjia Co. reported a 3.77% year-on-year increase in live poultry sales revenue in November [34] Group 12 - Huanxu Electronics reported a consolidated revenue of 5.198 billion yuan in November, a decrease of 3.34% year-on-year [35] - Aonong Biological reported a 72.21% year-on-year increase in pig sales volume in November [36] - Samsung Medical's subsidiary was pre-selected for a procurement project worth approximately 108 million yuan [37]

公告显示，新活素为国家生物制品一类新药，适用于患有休息或轻微活动时呼吸困难的急性失代偿心力 衰竭患者的静脉治疗。作为治疗急性心衰的基因工程药物，能快速改善心衰患者的心衰症状和体征，提 高患者的生存质量，并降低患者的心衰住院治疗费用和缩短住院时间。 北京商报讯（记者 王寅浩 宋雨盈）12月8日，西藏药业发布公告称，公司全资子公司成都诺迪康生物制 药有限公司生产的注射用重组人脑利钠肽（商品名：新活素）持续被纳入医保目录，并被调整至常规目 录。 ...