德镁医药收入快速增长，分拆上市有助于价值重估。分产品来看，皮肤健康线（德镁医药）表现突出， 2025 年上半年实现收入4.98 亿元（+104.3%）。德镁医药深度布局不同作用机理及治疗方式的皮肤疾病 处方药，目前已有3 款已上市产品（益路取、喜辽妥、安束喜），4 款处于临床阶段的管线产品（芦可 替尼乳膏、MG-K10、povorcitinib、CMSD001），其中芦可替尼乳膏白癜风适应症的NDA 处于审评阶 段。德镁医药拥有完善的皮肤专科销售及学术推广团队，覆盖主流院内、院外渠道，我们认为随着芦可 替尼乳膏等重磅品种陆续获批，德镁医药的业绩有望持续保持高速增长。公司拟通过介绍上市及实物分 派的方式分拆德镁医药于联交所主板独立上市，有助于其皮肤科产品/管线价值重估。 盈利预测和估值。我们预计2025 年至2027 年公司营业收入分别为80.53亿元、94.39 亿元和116.51 亿 元，同比增速分别为7.8%、17.2%和23.4%；归属于上市公司股东的净利润分别为16.85 亿元、19.56 亿 元和24.65 亿元，同比增速分别为4.0%、16.1%和26.1%，以8 月22 日收盘价计算，对应PE ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown continuous growth in innovative products, with a notable performance in the skin health line [4] - The company reported a revenue of 4.002 billion yuan in the first half of 2025, representing a year-on-year increase of 10.8%, and a net profit attributable to shareholders of 941 million yuan, up 3.38% [5] - The sales of exclusive/brand and innovative products increased by 20.6% year-on-year, accounting for 62.1% of total revenue [5] - The company is advancing its innovative drug pipeline, with several products in various stages of clinical trials [5] - The skin health line (Demeg Pharmaceuticals) achieved a revenue of 498 million yuan, a significant increase of 104.3% [5] - The company plans to spin off Demeg Pharmaceuticals for independent listing, which is expected to help in the revaluation of its skin care product line [5] - Revenue forecasts for 2025 to 2027 are 8.053 billion yuan, 9.439 billion yuan, and 11.651 billion yuan, with corresponding net profits of 1.685 billion yuan, 1.956 billion yuan, and 2.465 billion yuan [6] Summary by Sections Company Overview - The company is focused on innovative pharmaceuticals, particularly in cardiovascular, central nervous system, digestive, and renal fields [5] Financial Performance - The company’s current P/E ratio is 18.12, with a market capitalization of 32.787 billion HKD [5] - The projected revenue growth rates for 2025, 2026, and 2027 are 7.8%, 17.2%, and 23.4% respectively [6] Product Pipeline - The company has a robust pipeline with several innovative drugs under development, including those for chronic kidney disease and asthma [5] Market Position - The company has established a strong market presence with a comprehensive product matrix and experienced commercialization capabilities [5]

机构：华安证券 研究员：谭国超/任婉莹 报告期内，传统业务中心脑血管相关疾病线销售额为22.16 亿元，同比+0.6%，占比47.5%；消化/自免 相关疾病线销售额为14.11 亿元，同比+4.9%，占比30.2%，存量业务已然企稳且出现回升趋势；新业务 方面，皮肤/医美线（德镁医药）销售额为4.98 亿元，同比+104.3%，占比10.7%；眼科疾病线销售额为 3.58 亿元，同比+17.7%，占比7.7%，新业务占比逐步增长；其他产品销售额为1.87 亿元，同比-2.3%， 占比3.9%。创新药方面，公司已累计有5 款创新药进入商业化，包括莱芙兰、美泰彤、维福瑞、益路取 和维图可，商业化进程迅速。 多款产品NDA/IND 审评阶段，下半年催化密集公司共三款产品正在NDA 审评待获批阶段—— 德昔度司他片（口服HIF-PHI），用于非透析的成人CKD 患者的贫血治疗，中国NDA 处于审评中； 芦可替尼乳膏（JAK 抑制剂），美国FDA 及欧洲EMA 批准的首个且唯一局部JAK 抑制剂非节段型白癜 风复色产品，其白癜风适应症的中国NDA 处于审评； ZUNVEYL 近十年来美国FDA 批准的第二个阿尔茨海默病 ...

康哲药业（ [Table_StockNameRptType] 0867.HK） 港股点评 蛰伏两年利润企稳转正，静待下半年密集催化 [Table_Rank] 投资评级：买入（维持） 报告日期： 2025-8-24 | [Table_BaseData] 收盘价（港元） | 13.44 | | --- | --- | | 近 12 个月最高/最低（港元） 14.16/6.58 | | | 总股本（百万股） | 2440 | | 流通股本（百万股） | 2440 | | 流通股比例（%） | 100% | | 总市值（亿港元） | 328 | | 流通市值（亿港元） | 328 | [Table_Chart] 公司价格与恒生指数走势比较 -20.00% 0.00% 20.00% 40.00% 60.00% 80.00% 康哲药业 恒生指数 3. 【华安医药】公司点评康哲药业 （0867.HK）：德镁健康分拆上市，皮 肤线高增走出自身价值体系 2025-8- 20 主要观点： [Table_Summary] ⚫ 事件 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tan ...

2025年上半年，康哲药业经营业绩重回持续上升轨道，一方面国采产品对经营业绩的重大负面影响已经 过去，另一方面主要独家/品牌及创新产品销售持续增长，且占总营业额(全按药品销售收入计算)的比例 达 62.1%(上年同期占 56.1%)。2025年以来，"新康哲 新崛起"以多点突破之势稳健疾驰：(1)创新成果持 续落地：5 款已获批创新药加速释放商业化价值，3 项NDA 处于审评中，2项自研产品IND 申请获批，1 款消费医疗产品获批，新增 2 款合作开发创新产品，约20 项自主研发项目顺利推进。(2)聚焦专科，新 零售、新媒体、消费医疗等多元探索初见成效。在具消费属性的皮肤健康赛道，"德镁医药"已成长为中 国领先的专注于皮肤健康的创新制药公司，并于2025年4月建议以介绍上市、实物分派方式于香港联交 所主板独立上市。(3)产业国际化战略迎来重要里程碑，2025年7月集团以介绍方式于新交所二次上市， 将提升在东南亚及国际市场的品牌影响力，助力集团以新加坡为国际化枢纽，"研-产-销"全生态链发 展，把握新兴市场增量红利，打造多区域增长新格局。 截至报告期末，集团已布局约 40 款差异化创新管线产品，其中 5 款创新 ...

截至报告期末，集团已布局约 40 款差异化创新管线产品，其中 5 款创新药(益路取、维福瑞、美泰彤、 维图可、莱芙兰)已在中国获批并开启商业化进程;2 款创新药(德昔度司他片、磷酸芦可替尼乳膏("芦可 替尼乳膏")-白癜风适应症)处于中国 NDA 审评中;约10 个项目即将开展/正在推进以注册性随机对照试验 (RCT)为主的临床试验;约 20 项自主研发项目正在稳步推进中，其中5项已进入临床开发阶段。 2025年上半年，康哲药业经营业绩重回持续上升轨道，一方面国采产品对经营业绩的重大负面影响已经 过去，另一方面主要独家/品牌及创新产品销售持续增长，且占总营业额(全按药品销售收入计算)的比例 达 62.1%(上年同期占 56.1%)。2025年以来，"新康哲 新崛起"以多点突破之势稳健疾驰：(1)创新成果持 续落地：5 款已获批创新药加速释放商业化价值，3 项NDA 处于审评中，2项自研产品IND 申请获批，1 款消费医疗产品获批，新增 2 款合作开发创新产品，约20 项自主研发项目顺利推进。(2)聚焦专科，新 零售、新媒体、消费医疗等多元探索初见成效。在具消费属性的皮肤健康赛道，"德镁医药"已成长为中 国领先 ...

Company Overview - 德镁医药 is an innovative pharmaceutical company focused on skin health, operating under 康哲药业. It specializes in prescription drugs and dermatological skincare products, with three products already on the market and several candidates in various clinical stages [1] Financial Performance - Revenue for 2023 reached RMB 472.56 million, a year-on-year increase of 23.2%, driven by a robust growth in prescription drugs and a significant surge in skincare products [2][3] - Prescription drug revenue was RMB 424.82 million in 2023, up 13.6% from RMB 374.04 million in 2022, accounting for 89.9% of total revenue [2] - Skincare product revenue skyrocketed by 404.4% to RMB 47.74 million in 2023, primarily due to successful e-commerce promotions [3] Profitability and Margins - The overall gross margin improved to 76.9% in 2023, up 6.8 percentage points from the previous year, with a significant reduction in net loss to RMB 5 million [5] - The gross margin for prescription drugs was 76.6%, while skincare products achieved a gross margin of 79.0% [5] - However, the gross margin is expected to decline to 63.5% in 2024 due to increased costs and pricing pressures from insurance adjustments [7][8] Debt Structure and Cash Levels - A debt-to-equity conversion in 2024 significantly improved the company's balance sheet, reducing liabilities from RMB 15.75 billion to RMB 1.54 billion [10] - Despite the reduction in debt, cash reserves remain tight, with only RMB 2.82 billion available at the end of 2024 [10] Competitive Advantages - 德镁医药 has the broadest coverage of skin disease indications in China, with nine conditions addressed, surpassing competitors [11] - Key products like 益路取 for psoriasis and 喜辽妥 for scar treatment have unique advantages, including insurance coverage and lack of direct competition [12][14] - The company benefits from a strong distribution network, leveraging 康哲药业's existing relationships with over 10,000 hospitals and 100,000 pharmacies [13] Industry Context - The Chinese skin treatment and care market was valued at RMB 76.4 billion in 2023, with a projected CAGR of 10.6% through 2035, driven by the high prevalence of chronic skin diseases [20] - The demand for dermatological skincare products is also increasing, with significant growth in e-commerce channels [20]

星标 ★ IPO日报 精彩文章第一时间推送 近日，康哲药业(00867.HK)发布公告，建议将旗下皮肤业务附属公司德镁医药股份分拆并在港交所主板独立上市。 同时，德镁医药有限公司（下称"德镁医药"）向港交所提交了上市申请，独家保荐人为华泰国际。 需要指出的是，康哲药业此次分拆将以实物方式向其股东分派其持有的所有德镁医药股份，而德镁医药以介绍方式在香港主板上市。 制图：佘诗婕 分拆 资料显示，康哲药业是一家开曼群岛注册的有限公司，在2010年9月登陆港交所主板，聚焦于心脑血管、中枢神经、消化及眼科等专科 业务，以及港、澳、台及东南亚市场的皮肤健康业务。创新药方面，公司已累计有5款创新药进入商业化，包括莱芙兰、美泰彤、维福 瑞、益路取和维图可，重磅单品芦可替尼有望2025年内实现销售。 康哲药业目前市值约208亿港元（约合人民币195.31亿元），自从4月22日发布分拆消息后，股价连续上涨三个交易日。 据最新披露，康哲药业2024年实现营业收入74.7亿元，同比下降6.8%；年度溢利16.1亿元，同比下滑32.3%，经调整后净利润为17.1亿 元，同比下降36.7%。 按照全药品销售收入口径来看，2024年，公司 ...