Core Viewpoint - Kangzheng Pharmaceutical announced that its subsidiary, Demai Pharmaceutical Co., Ltd., has received acceptance from the National Medical Products Administration of China for the new drug application of phosphor-lucotini cream for the treatment of mild to moderate atopic dermatitis [1] Group 1 - The product is intended for the local short-term treatment of mild to moderate atopic dermatitis in children aged 2 years and older, as well as adults [1] - The drug has been granted priority review status due to its compliance with pediatric medication requirements, which is expected to expedite the approval process [1] - Phosphor-lucotini cream was approved in China in January 2026 as a targeted therapy for vitiligo [1]

2026年2月25日星期三 ➢ 特朗普国情咨文；中国春节旅游创新高。 A股春节后首个交易日早盘急跌后反弹， 午后弱势。上证指数收涨0.87%报4117.41 点，深证成指涨1.36%，创业板指涨0.99%。 油服掀涨停潮、油气股全面领涨。港股 下挫。恒生指数收跌1.82%，报26590.32 点；恒生科技指数跌2.13%，恒生中国企 业指数下挫2.06%。石油板块涨幅居前， 贵金属涨幅居前。大市成交额2509.921亿 港元。外盘方面，欧洲三大股指收盘涨 跌不一，美国三大股指全线收涨，道指 涨0.76%报49174.5点，标普500指数涨 0.77%报6890.07点，纳指涨1.04%。特朗普 即将发表国情咨文，料针对国内经济宣 布若干新政策。中国春节假期国内出游 总花费和出游人次均创纪录。 资料来源：彭博 | 26590.32 | -1.82 | 3.74 | | --- | --- | --- | | 9007.86 | -2.06 | 1.06 | | 5270.70 | -2.13 | -4.45 | | 116.99 | 2.91 | -5.24 | | 4117.41 | 0.87 | 3.74 ...

Market Performance - A-shares experienced a rebound after an initial drop, with the Shanghai Composite Index closing up 0.87% at 4117.41 points, and the Shenzhen Component Index rising 1.36%[1] - The Hang Seng Index fell 1.82% to 26590.32 points, while the Hang Seng Technology Index and the Hang Seng China Enterprises Index dropped 2.13% and 2.06%, respectively[1] - The total market turnover in Hong Kong was 2509.921 million HKD[1] Economic Indicators - The U.S. stock indices all closed higher, with the Dow Jones up 0.76% at 49174.5 points, the S&P 500 rising 0.77% to 6890.07 points, and the Nasdaq increasing by 1.04%[1] - The Chinese Spring Festival saw record domestic travel spending of 8034.83 billion CNY, an increase of 1264.81 billion CNY compared to the previous year, with 596 million domestic trips taken[12] - The average daily spending by inbound foreign tourists increased by 22% compared to the previous year during the Spring Festival[8] Corporate Developments - RedotPay, a Hong Kong stablecoin payment company, is reportedly planning an IPO in the U.S. with a fundraising target exceeding 1 billion USD[10] - The industrial robot manufacturer Estun reported a revenue of 3.804 billion CNY for the first nine months of the previous year, a year-on-year increase of 12.86%[10] - The company plans to use the proceeds from its IPO to expand global production capacity and invest in R&D for next-generation industrial robot technology[10]

Core Viewpoint - Kangzheng Pharmaceutical (00867) has seen a stock price increase of over 3%, currently trading at 15.41 HKD, with a transaction volume of 28.85 million HKD, following the announcement of a new drug application for a topical treatment for atopic dermatitis [1] Group 1: Company Developments - On February 24, 2026, Kangzheng Pharmaceutical announced that its subsidiary, Demy Pharmaceutical Co., Ltd., has received acceptance from the National Medical Products Administration (NMPA) for the New Drug Application (NDA) of phosphor-aluconidine cream for the treatment of mild to moderate atopic dermatitis (AD) [1] - The product is intended for short-term and non-continuous chronic treatment of mild to moderate atopic dermatitis in children aged 2 years and older and adults, particularly when other topical medications are poorly controlled or not recommended [1] - The NDA has been included in the priority review list by the NMPA due to its compliance with the physiological characteristics of pediatric medications, which is expected to expedite the review process for the AD indication [1] Group 2: Product Milestones - Phosphor-aluconidine cream was approved by the NMPA in January 2026, becoming the first and only targeted drug approved in China for the treatment of vitiligo [1] - The acceptance of the NDA for the AD indication marks a significant milestone for the product, expanding its therapeutic applications into multiple treatment areas [1]

Core Viewpoint - The company, Kangzhe Pharmaceutical, is transitioning into a new growth cycle through innovation and transformation, despite facing revenue declines due to national procurement policies. The negative impacts are expected to be largely mitigated by mid-2025, with a return to positive growth in revenue and net profit [1][4]. Group 1: Business Performance - Kangzhe Pharmaceutical has established itself as a leading open pharmaceutical platform in China, with a comprehensive commercial capability covering over 50,000 hospitals and 300,000 retail pharmacies [1]. - The company’s four main business segments are performing collaboratively: 1. Cardiovascular diseases account for approximately 48% of revenue, with the impact of procurement policies nearly cleared [2]. 2. The digestive and autoimmune segment contributes about 30% of revenue, supported by exclusive products [2]. 3. The skin health segment, operated by a subsidiary, has significant potential with new products and plans for a separate listing [2]. 4. The ophthalmology segment, making up about 8% of revenue, has introduced competitive products to enhance growth [2]. Group 2: Innovation Pipeline - The company has developed nearly 40 innovative products, with six already commercialized. Key products in the NDA stage include treatments for stroke, chronic kidney disease, rabies exposure, tetanus, Alzheimer's disease, and atopic dermatitis, with peak sales potential exceeding 10 billion [3]. - Multiple self-developed innovative drugs are entering clinical stages, indicating a robust pipeline of diverse innovations [3]. Group 3: Financial Forecast - Revenue projections for 2025-2027 are estimated at 8.216 billion, 9.859 billion, and 12.028 billion, with year-on-year growth rates of 10%, 20%, and 22% respectively. Net profit forecasts are 1.615 billion, 1.850 billion, and 2.238 billion, with growth rates of 0%, 15%, and 21% [4]. - The company is viewed positively for its long-term growth potential, receiving a "buy" rating for investment [4].

Group 1 - The core viewpoint of the articles highlights the continued high demand for Chinese innovative drugs in global markets, with significant business development (BD) transactions occurring in early 2026, indicating a strong growth trajectory for the industry [1][2]. - As of February 15, 2026, there have been 39 license-out transactions for Chinese innovative drugs, with an upfront payment of approximately $2.953 billion and a total value exceeding $49 billion, surpassing one-third of the total amount for 2025 [1]. - Morgan Stanley's report emphasizes a positive long-term outlook for the Chinese pharmaceutical industry, identifying "catalysts" as a key theme, with expectations for numerous catalysts in 2026 that will enhance the global value of domestic pharmaceutical assets [2]. Group 2 - Morgan Stanley specifically mentions that 2025 saw a total BD transaction amount of $135.7 billion for Chinese innovative drugs, surpassing the U.S. for the first time, with 2026 showing even stronger growth as the first 49 days of transactions exceeded any single quarter in 2025 [2]. - The report highlights Hengrui Medicine as a preferred investment target, predicting accelerated sales growth in 2026 and a positive trend in new cooperative transactions, which are crucial for realizing milestone payments [2]. - The transformation of Kangzhe Pharmaceutical towards innovative drugs is noted, with the approval of a targeted drug for vitiligo, indicating a significant step in the company's transition and growth strategy [3]. Group 3 - Despite the ongoing BD transaction boom, the innovative drug sector is experiencing a market downturn, with the Hong Kong innovative drug ETF dropping 0.78% after the Spring Festival, indicating a disconnect between market sentiment and fundamentals [4]. - The focus of BD transactions in 2026 is shifting towards early-stage research projects, with over 50% of the 39 transactions being in preclinical stages, reflecting a strategic pivot in the industry [5]. - Companies like Kangfang Biotech are optimistic about the global impact of Chinese innovative drugs, aiming to expand their global footprint and enhance their international presence in drug development [5].

每经记者｜金喆 每经编辑｜陈俊杰 2026年，我国创新药出海延续高景气度，最近两天先为达、前沿生物及和铂医药接连达成三笔BD（商 务拓展）交易。 医药魔方NextPharma数据库显示，截至2月15日（春节假期期间暂未新增交易事件），中国创新药已发 生39起license-out（对外授权）交易事件，首付款约29.53亿美元，总金额超490亿美元。 《每日经济新闻》记者注意到，这一金额已超过 2025年全年总额的1/3，中国创新药的全球价值正快速 兑现。与此同时，国际顶级投行摩根士丹利（大摩）也在近期发布报告，明确看多中国医药行业长期创 新能力，行业分化与全球化成为核心关键词。大摩持续看好中国创新药 在这份报告中，摩根士丹利提炼的关键词是"催化"。报告提到，根据管理层表述，2026年1月行业会议 后，中国本土医药资产的对外授权合作交易热度依旧高涨。此外，合作方对现有合作的执行情况及期权 行使行为，是评估资产质量和全球化价值的关键——2026年将迎来大量催化因素。 医药魔方NextPharma数据库显示，2025年中国创新药BD总金额达1357亿美元，首次超过美国。2026年 增长势头更猛，前49天交易规模已超 ...

康哲药业公告，旗下德镁医药已于2026年2月24日获得中国国家药品监督管理局（NMPA）受理磷酸芦 可替尼乳膏（产品）轻中度特应性皮炎（AD）的新药上市许可申请（NDA）。产品拟用于其他外用药 控制不佳或不建议使用时，非免疫功能受损的2岁及以上儿童和成人轻中度特应性皮炎的局部短期和非 持续性慢性治疗。此次增加AD适应症NDA获受理，是产品向多治疗领域拓展的关键里程碑。 ...

Core Viewpoint - 康哲药业's subsidiary, 德镁医药, is applying for an independent listing on the Hong Kong Stock Exchange and has received acceptance for a new drug application for a topical treatment for atopic dermatitis [1] Group 1: Product Development - 德镁医药 has received acceptance from the National Medical Products Administration (NMPA) for the new drug application (NDA) of phosphoric acid lukastin cream for the treatment of mild to moderate atopic dermatitis (AD) [1] - The product is intended for short-term and non-continuous chronic treatment of mild to moderate atopic dermatitis in children aged 2 years and older and adults, particularly when other topical medications are ineffective or not recommended [1] - The NDA has been included in the priority review list by the NMPA due to its compliance with the characteristics of pediatric medications, which is expected to expedite the review process for the AD indication [1] Group 2: Market Position - Phosphoric acid lukastin cream was approved by the NMPA in January 2026, becoming the first and only targeted drug approved in China for the treatment of vitiligo [1] - The acceptance of the NDA for the AD indication marks a significant milestone for the product, expanding its application into multiple treatment areas [1]

Core Viewpoint - Kangzheng Pharmaceutical (00867.HK) is applying for an independent listing of its subsidiary, Demy Pharmaceutical, on the Hong Kong Stock Exchange, with a focus on innovative medicines for skin health [1] Group 1: Product Development - Demy Pharmaceutical has received acceptance from the National Medical Products Administration (NMPA) for the New Drug Application (NDA) of phosphoric acid lukotini cream for the treatment of mild to moderate atopic dermatitis (AD) [1] - The product is intended for short-term and non-continuous chronic treatment of mild to moderate AD in children aged 2 years and older and adults, particularly when other topical medications are poorly controlled or not recommended [1] - The NDA has been included in the priority review list by the NMPA due to its compliance with the characteristics of pediatric medications, which is expected to expedite the review process for the AD indication [1] Group 2: Market Position - Phosphoric acid lukotini cream was approved by the NMPA in January 2026, becoming the first and only targeted drug approved in China for the treatment of vitiligo [1] - The acceptance of the NDA for the AD indication marks a significant milestone for the product, expanding its application into multiple therapeutic areas [1]