Company Updates - The company announced that its subsidiary, Dermira, has received NMPA approval for the launch of ruxolitinib cream on January 30, 2026, for the treatment of non-segmental vitiligo in patients aged 12 and above with facial involvement [1] - Ruxolitinib cream is the first and only targeted drug approved for vitiligo treatment in China, indicating significant clinical potential [1] Clinical Efficacy - In overseas Phase III clinical trials (TRuE-V1 and TRuE-V2), after 24 weeks of treatment, the proportion of patients achieving F-VASI75 was 29.9%, significantly higher than the placebo group at 7.5% and 12.9%, with sustained repigmentation effects observed at 52 weeks [1] - The Boao Super Hospital has prescribed the drug to over 7,000 patients with non-segmental vitiligo, and more than 20 hospitals in cities like Guangzhou and Shenzhen are providing prescription services for this medication [1] Revenue Potential - The company believes that ruxolitinib can synergize with its other dermatology products, including the innovative drug, Ilaris (canakinumab), and the exclusive drug, Hyaluronic Acid (multi-sulfated glycosaminoglycan cream), to enhance revenue [2] - The company is actively advancing the NDA application for the AD indication of ruxolitinib, which has shown positive results in domestic Phase III trials [2] - Dermira has licensed the rights for ruxolitinib in Hong Kong, Macau, Taiwan, and 11 Southeast Asian countries, which is expected to further contribute to revenue and profit growth [2] Profit Forecast and Valuation - The company maintains a profit forecast of 1.735 billion yuan for 2025 and has adjusted the 2026 profit forecast upward by 5% to 1.984 billion yuan due to the revenue increase from new product launches [2] - The introduction of the 2027 profit forecast is set at 2.418 billion yuan, with current prices corresponding to P/E ratios of 15.6 and 12.4 for 2026 and 2027, respectively [2] - The target price has been raised by 7% to 16.50 HKD, implying a potential upside of 17.6% based on P/E ratios of 18.3 and 14.6 for 2026 and 2027 [2]

Core Viewpoint - CICC maintains a "outperform" rating for Kangzheng Pharmaceutical (00867) and raises the target price by 7% to HKD 16.50, considering the upward adjustment of the sector's central tendency [1] Group 1: Financial Projections - The company maintains a 2025 profit forecast of CNY 1.735 billion and raises the 2026 profit forecast by 5% to CNY 1.984 billion due to revenue growth from new product launches, while introducing a 2027 profit forecast of CNY 2.418 billion [1] Group 2: Product Approval and Market Potential - The phosphoric acid ruxolitinib cream developed by Demy Pharmaceutical has been approved by NMPA for the treatment of non-segmental vitiligo in patients aged 12 and above, marking it as the first and only targeted drug for vitiligo treatment in China, indicating significant clinical potential [1] - Approximately 10.3 million people in China suffer from vitiligo, with 8.2 million having non-segmental vitiligo, and existing treatments have clinical deficiencies, suggesting that ruxolitinib cream could fill a gap in targeted treatment [1] Group 3: Clinical Efficacy and Commercialization - In overseas Phase III clinical trials (TRuE-V1 and TRuE-V2), the proportion of patients achieving F-VASI75 after 24 weeks of treatment was 29.9%, significantly higher than the placebo group [2] - Over 7,000 prescriptions for non-segmental vitiligo patients have been issued at the Boao Super Hospital, with over 20 hospitals in cities like Guangzhou and Shenzhen providing prescription services for this drug [2] Group 4: Product Portfolio and Revenue Contribution - The company believes that ruxolitinib can synergize with its other innovative skin treatment products, such as Yiluqi (trilaciclib) and the exclusive drug Xiliao (multi-sulfated glycosaminoglycan cream), to enhance revenue elasticity [3] - The company is actively advancing the NDA application for the AD indication of ruxolitinib, which has shown positive results in domestic Phase III trials [3] - Demy Pharmaceutical has authorized the company to hold rights for ruxolitinib in Hong Kong, Macau, Taiwan, and 11 Southeast Asian countries, which is expected to further contribute to revenue and profit growth [3]

Group 1 - The core viewpoint is that CICC maintains a "outperforming the industry" rating for Kangzheng Pharmaceutical (00867) and raises the target price by 7% to HKD 16.50, considering the upward adjustment of the sector's central tendency [1] - The company maintains a profit forecast of RMB 1.735 billion for 2025 and adjusts the 2026 profit forecast upward by 5% to RMB 1.984 billion due to revenue increments from new product launches, while introducing a profit forecast of RMB 2.418 billion for 2027 [1] Group 2 - The approval of the first and only targeted drug for vitiligo treatment by NMPA has significant clinical potential, with the drug being a JAK1/JAK2 inhibitor developed by Incyte and the first approved drug for non-segmental vitiligo [2] - The company estimates that approximately 10.3 million people in China suffer from vitiligo, with 8.2 million having non-segmental vitiligo, and existing treatments have clinical deficiencies, indicating that the new drug may fill a gap in targeted treatment [2] Group 3 - Clinical efficacy is notable, with preliminary commercial potential shown in Hainan's pilot application, where the drug achieved a 29.9% patient response rate after 24 weeks, significantly higher than the placebo group [3] - Over 7,000 prescriptions have been issued for non-segmental vitiligo patients at the Boao Super Hospital, with over 20 hospitals in cities like Guangzhou and Shenzhen providing prescription services for the drug [3] Group 4 - The product matrix for dermatological treatments at Demy Pharmaceutical is further enriched, with the potential for increased revenue elasticity from the new drug, which is expected to synergize with other innovative drugs in the commercialization phase [4] - The company is actively advancing the NDA application for the AD indication, which has shown positive results in domestic Phase III trials, and has licensed rights for the drug in Hong Kong, Macau, Taiwan, and 11 Southeast Asian countries, which may further contribute to revenue and profit growth [4]