智通财经APP获悉，海通国际发布研报称，略微调整康哲药业(00867)2025-26E收入预期为83.3/93.0亿 元，同比+11.5%/+11.6%;考虑公司创新转型的研发投入、创新药市场推广的投入，该行略微调整2025- 26E归母净利润至16.7/18.8亿元，同比%+3.4%/+12.9%。考虑到公司或将在年底分拆德美医药上市，该 行改用现金流折现(DCF)模型及FY26-FY35的现金流对公司进行估值，以更好反应德美医药管线现金流 的长期价值。基于WACC7.9%，永续增长率2.0%，对应目标价18.38元港币(+85%，原为基于2025年 14xPER)，并维持"优于大市"评级。 海通国际主要观点如下： 事件 康哲药业上半年实现收入40亿元(同比+11%)，其中主要独家/品牌产品及创新产品收入29亿元(同比 +21%，全按药品销售收入口径)，是公司业绩重返增长的核心引擎。毛利率72%，研发开支5.7亿元(同 比-8%)，研发费用2亿元，研发费用率5.1%(同比-2.1pcts);销售费用14亿元(同比+2%)。归母净利润9.4亿 元(同比+3%)。业绩符合该行预期。 主营业务恢复增长，得益于独家 ...

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 ...

Core Viewpoint - CICC maintains the profit forecast for Kangzheng Pharmaceutical (00867) for 2025 and 2026, with a target price increase of 40% to HKD 15.40, indicating a potential upside of 14.9% from the current stock price [1] Financial Performance - The company reported 1H25 revenue of CNY 4.002 billion, a year-on-year increase of 10.8%, with total pharmaceutical sales revenue of CNY 4.670 billion, up 8.9%, and net profit attributable to shareholders of CNY 941 million, up 3.4%, slightly exceeding market expectations [2] - The sales revenue breakdown for 1H25 shows cardiovascular and related diseases line revenue of CNY 2.216 billion (YoY +0.6%), digestive/immunological diseases line revenue of CNY 1.411 billion (YoY +4.9%), dermatology line (Demei Pharmaceuticals) revenue of CNY 498 million (YoY +104.3%), ophthalmology line revenue of CNY 358 million (YoY +17.7%), and other products revenue of CNY 187 million (YoY -2.3%) [3] Product Innovation and Pipeline - The company is driving product innovation through overseas licensing, domestic partnerships, and independent R&D, with significant products like Tongyan Needle (Lizhenran) approved in July 2025, and expected approvals for Lucofenib Cream (for vitiligo) in 2H25 and Dexamethasone Tablets (for renal anemia) by year-end [4] - The company has submitted a listing application for ZUNVEYL (AD) and completed Phase III clinical trials for Y-3 (stroke), with ABP-671 (gout) and IL-4Rα monoclonal antibody (asthma) in ongoing clinical phases [4] Strategic Developments - The company announced plans to spin off Demei Pharmaceuticals for independent listing, which is expected to unlock the value of its rapidly growing dermatology business [5] - In July 2025, the company achieved a secondary listing on the Singapore Stock Exchange, which is anticipated to capture growth opportunities in emerging markets [5]

Core Viewpoint - 康哲药业 is entering a new growth phase, with management expressing confidence in the upcoming long-term growth cycle driven by innovative products [1] Financial Performance - For the first half of 2025, 康哲药业 reported revenue of approximately 4.0 billion yuan, a year-on-year increase of 10.8% [1] - The net profit for the same period was approximately 930 million yuan, reflecting a year-on-year growth of 3.1% [1] - The company's total market capitalization exceeded 33 billion HKD following the earnings announcement [1] Product Development and Market Position - 康哲药业 has five innovative drugs successfully commercialized in China, with sales from major non-national procurement exclusive/brand products and innovative products totaling approximately 2.9 billion yuan, a year-on-year increase of 20.6%, accounting for 62.1% of total revenue [2] - The company anticipates the approval of two innovative products, 芦可替尼乳膏 and 德昔度司他片, by the end of the year, with the former being a significant potential treatment for vitiligo [2] - The management highlighted that 芦可替尼乳膏 is the first and only topical JAK inhibitor approved by the FDA and EMA for non-segmental vitiligo, expected to fill a market gap in China [2] Strategic Initiatives - 德镁医药 is working towards independent listing on the Hong Kong Stock Exchange to unlock its growth potential [3] - 康哲药业 successfully completed a secondary listing on the Singapore Exchange, marking a step forward in its internationalization strategy [3] - The company aims to launch three to five innovative products annually and is also looking to achieve investment returns through IPOs of associated companies [3]

Core Viewpoint - China Medical System Holdings Limited (CMS) reported positive interim results for the first half of 2025, indicating successful strategic transformation with year-on-year growth in both revenue and profit [1][2][3] Financial Performance - Revenue for the six months ended June 30, 2025, was approximately RMB4.00 billion, a year-on-year increase of 10.8% [1] - If all medicines were directly sold by the company, revenue would be approximately RMB4.67 billion, reflecting an 8.9% year-on-year growth [1] - Net profit was approximately RMB0.93 billion, representing a 3.1% year-on-year increase [1] Strategic Transformation - CMS has emerged from the impact of National Volume-based Procurement (National VBP), with expectations for sustainable growth [2] - Revenue from key non-National VBP exclusive/branded products and innovative products reached approximately RMB2.90 billion, up 20.6% year-on-year, accounting for 62.1% of total revenue [2] - The company’s strategic upgrade has been confirmed through solid operating results and innovation outcomes [3] Innovation and Product Development - The "product innovation" strategy is a key growth engine, utilizing overseas licensing, domestic collaboration, and in-house R&D [4] - CMS has successfully commercialized five innovative drugs in China, with additional products expected to receive marketing approvals by 2025 [5] - The innovative pipeline includes several blockbuster candidates in late-stage clinical development, expected to be commercialized within the next one to three years [6] Market Expansion and Commercial Model Reform - CMS is advancing its "New Models" strategy, focusing on specialty therapeutic fields and expanding into new retail and media channels [10][11] - The company completed a secondary listing on the Main Board of the Singapore Exchange, marking a milestone in its internationalization strategy [12] - The skin health business, Dermavon, has shown strong potential and is proposed to be spun off for separate listing to unlock its value [11] Future Outlook - The growth logic of "New CMS" is expected to accelerate, improving profitability and performance resilience [13] - The company aims to deliver quality pharmaceutical products and services globally, generating sustainable returns for shareholders [13]

Group 1 - In the first half of 2025, the company achieved revenue of approximately 4.0 billion yuan, a year-on-year increase of 10.8%, and a net profit of about 930 million yuan, up 3.1% year-on-year [1] - The company's main exclusive/brand products and innovative products generated sales revenue of approximately 2.9 billion yuan, a year-on-year increase of 20.6%, accounting for 62.1% of total sales revenue [1] - The company has successfully commercialized five innovative drugs and expects two more innovative products to be approved for market launch within 2025 [1] Group 2 - On April 22, 2025, the company announced plans to spin off its skin health business, Dermay Pharmaceuticals, for independent listing on the Hong Kong Stock Exchange to unlock its independent value and high growth potential [2] - On July 15, 2025, the company successfully completed a secondary listing on the Singapore Exchange, marking a new milestone in its "industrial internationalization" strategy [2] - The company aims to build a sustainable second growth curve based on three strategic pillars: product innovation, business innovation, and international expansion [2]

Core Viewpoint - 康哲药业's 2025 mid-year performance report shows revenue and profit growth, indicating the effectiveness of its strategic transformation [1] Financial Performance - The company achieved approximately 4.0 billion RMB in revenue, a year-on-year increase of 10.8% [1] - Revenue from drug sales was about 4.67 billion RMB, up 8.9% year-on-year [1] - Net profit reached approximately 930 million RMB, reflecting a 3.1% year-on-year growth [1] Strategic Transformation - 康哲药业 has successfully moved past the challenges posed by national procurement, with a significant portion of revenue coming from exclusive/brand products and innovative products, totaling about 2.9 billion RMB, which is a 20.6% increase and accounts for 62.1% of total revenue [1] - The company has been implementing a "New 康哲" transformation strategy since 2018, focusing on product innovation, business innovation, and international expansion [1] Product Innovation - The "product innovation" strategy is a key driver of growth, utilizing a three-dimensional innovation mechanism of overseas licensing, domestic collaboration, and independent research and development [2] - Five innovative drugs have been commercialized in China, with two more expected to be approved within 2025 [2] - The innovative drug 芦可替尼乳膏 is set to be the first treatment for non-segmental vitiligo in China, filling a market gap [2] Clinical Development - The company has several promising candidates in late-stage clinical development, expected to enter commercialization in the next 1-3 years [2][3] - The injection product Y-3 has completed Phase III clinical trials and is positioned as a dual-function neuroprotective drug [3] - The oral small molecule drug ABP-671 is progressing through clinical trials and aims to provide a safer and more effective treatment for gout [3] Business Model and International Expansion - 康哲药业 is advancing its "new model" and "new region" strategies to create a multi-dimensional growth framework [4] - The company is focusing on specialized fields and expanding into new retail and media channels, establishing a comprehensive marketing system [4] - The company successfully completed a secondary listing on the Singapore Exchange, marking a significant step in its internationalization strategy [4][5] Future Outlook - The growth logic of "New 康哲" is expected to accelerate, enhancing profitability and performance resilience [5] - The company is building a growth system centered on differentiated innovation, supported by a multi-ecosystem and international layout, aiming for high-quality development and sustainable returns for shareholders [5]

Group 1 - The company achieved revenue of approximately 4.0 billion yuan in the first half of 2025, representing a year-on-year growth of 10.8%, and a net profit of about 930 million yuan, up 3.1% year-on-year [1] - The sales revenue from the company's major exclusive/brand products and innovative products reached approximately 2.9 billion yuan, a year-on-year increase of 20.6%, accounting for 62.1% of the total sales revenue of approximately 4.67 billion yuan [1] - The company has successfully commercialized five innovative drugs and expects two more innovative products to be approved for market in 2025 [1] Group 2 - The company announced plans to spin off its skin health business, Dermay Pharmaceuticals, for independent listing on the Hong Kong Stock Exchange to unlock its independent value and high growth potential [2] - The company successfully completed a secondary listing on the Singapore Exchange on July 15, 2025, marking a new milestone in its "industrial internationalization" strategy [2] - The company aims to build a sustainable second growth curve supported by three strategic pillars: product innovation, business innovation, and international expansion [2]

Core Viewpoint - China Medical System Holdings Limited (CMS) has received acceptance for the New Drug Application (NDA) of ZUNVEYL, an improved new drug for treating mild-to-moderate Alzheimer's dementia, by the National Medical Products Administration of China (NMPA) [1] Product Overview - ZUNVEYL is a new generation acetylcholinesterase inhibitor (AChEI) approved by the U.S. FDA in July 2024 for the same indication [2] - The drug works by inhibiting the breakdown of acetylcholine, thereby increasing its levels in the central nervous system, which may alleviate cognitive and memory impairments [2] - ZUNVEYL is designed to have a better gastrointestinal safety profile, with GI adverse events reported at less than 2% and no insomnia observed [2] - The product is expected to improve patient compliance and address the urgent need for safer therapies in Alzheimer's treatment [2][4] Alzheimer's Disease Context - Alzheimer's disease is a leading cause of dementia, accounting for 50% to 70% of all dementia cases, with approximately 9.83 million patients in China, of which 7.93 million have mild-to-moderate forms [3] - The aging population is expected to increase the burden of Alzheimer's disease in the future [3] Market Need and Challenges - Current treatments for Alzheimer's primarily focus on improving cognitive symptoms, but high incidences of side effects lead to a significant discontinuation rate of 55% among patients after one year [4] - The need for safer therapies is critical to improve adherence and reduce the burden on patients and caregivers [4] Licensing and Collaboration - CMS entered into a License, Collaboration, and Distribution Agreement with Alpha Cognition Inc. for ZUNVEYL, granting CMS exclusive rights to develop and commercialize the product in Asia (excluding Japan and the Middle East), Australia, and New Zealand [5] - The agreement has a term of twenty years, with potential automatic renewals every five years [5] Strategic Impact - The swift submission of the NDA in China reflects CMS's efficient resource allocation and robust registration capabilities [6] - ZUNVEYL is expected to diversify CMS's innovative drug portfolio and enhance its competitiveness in the market [6][7] - The product will complement CMS's existing central nervous system products, potentially improving treatment options for Alzheimer's patients in China [7]

Company News - China Railway Construction (01186.HK) reported a new contract amount of approximately 1,056.17 billion yuan for the first half of the year, a year-on-year decrease of 4.04% [2] - China Metallurgical Group (01618.HK) announced a new contract amount of 548.2 billion yuan for the first half of the year, down 19.1% year-on-year [2] - Sichuan Chengyu Expressway (00107.HK) won the bid for the G5 Jingkun Expressway Chengdu to Ya'an section expansion project, with a total investment of approximately 28.548 billion yuan [2] - Road King Infrastructure (01098.HK) reported total property sales of 5.232 billion yuan for the first half of the year, a decrease of 28.37% year-on-year [2] - Amax Holdings (00880.HK) plans to acquire a property in Hengqin for 724.2 million yuan to diversify its business portfolio [2] - Chaoyue Eye Hospital (02219.HK) signed a construction contract for the first phase of its comprehensive medical facility project, with a contract value of 223 million yuan [2] - Bay Area Development (00737.HK) reported total toll revenue of 243 million yuan for June, a year-on-year decrease of 4% [2] - Decent Pharmaceuticals-B (06996.HK) received approval for its drug, Hivio®, for the second-line treatment of multiple myeloma in China [2] - Tianchen Holdings (01201.HK) plans to invest 30 million yuan to establish a joint venture in Shenzhen for new energy heavy truck charging stations [2] Performance Summary - WuXi AppTec (02359.HK) reported mid-year revenue of 20.799 billion yuan, a year-on-year increase of 20.64%, and a net profit of 8.561 billion yuan, up 101.92% year-on-year [3] Earnings Announcements - China Nonferrous Mining (01258.HK) issued a profit warning, expecting mid-term net profit of approximately 258 million USD, a year-on-year increase of about 18% [4] - Hualing Pharmaceutical-B (02552.HK) issued a profit warning, expecting mid-term net profit of approximately 1.184 billion yuan, turning from loss to profit [4] - Little Yellow Duck (02250.HK) issued a profit warning, expecting mid-term revenue to increase by over 30% year-on-year [4] - Qingci Games (06633.HK) issued a profit warning, expecting mid-term net profit to increase by approximately 78%-130% year-on-year [4] - Goodbaby International (01086.HK) issued a profit warning, expecting mid-term net profit to decrease by approximately 40%-50% year-on-year [4] - Qianhai Health (00911.HK) issued a profit warning, expecting mid-term net profit to decrease by approximately 60%-70% year-on-year [4] - Tianan Health (00383.HK) issued a profit warning, expecting mid-term net profit to decrease to approximately 7 million to 17 million HKD [4] - Pacific Network (00543.HK) issued a profit warning, expecting mid-term net loss of approximately 5 million to 15 million yuan [4] Buyback and Increase Dynamics - HSBC Holdings (00005.HK) repurchased 348,700 shares for approximately 35.487 million HKD at a price of 101.4-102 HKD [3] - China Eastern Airlines (00670.HK) repurchased 2.5 million shares for approximately 7.4983 million HKD at a price of 2.97-3.03 HKD [3] - Founder Holdings (00418.HK) canceled a total of 17.9962 million shares that had been repurchased [3]