研究报告 Research Report 17 Mar 2026 康哲药业 China Medical System Holdings (867 HK) 2025 年业绩回顾：基本面出清有望提速；看好芦可替尼市场前景 FY25 results review: Stable Fundamentals with Acceleration Potential; Bullish on Ruxolitinib Sales Ramp-up [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$12.96 目标价 HK$18.63 HTI ESG 2.0-2.5-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$31.62bn / US$4.04bn 日交易额 (3 个月均值) US$6.99mn 发行股票数目 2,440mn 自由流通股 (%) 49% 1 年股价最高最低值 HK$1 ...