康哲药业（0867.HK）：1H26 业绩：新产品周期抵消传统业务拖累

研报英文原文证据摘录

Action |

18 Aug 2026 12:17:33 ET │ 12 pages

China Medical System Holdings

(0867.HK)

1H26 Earnings: New Product Cycle Offsets Legacy Drag

CITI'S TAKE

CMS reported 1H26 revenue of Rmb4.5bn, up 12.5% yoy, with net profit up

4.3% yoy to Rmb971mn. Gross margin was down 0.7ppt yoy to 71.6%. While

selling expense ratio declined 3.8ppt to 31.8%, R&D expense ratio increased

2.8ppt to 7.9%. We view the results as showing improving revenue quality,

with innovation and exclusive products ramping up. Mgmt expects faster

2H26 revenue growth vs. 1H26, and the R&D expense increase to be partially

offset by investment gains. Mgmt also guided >3 innovative/exclusive

products to launch per year.

Innovation plus exclusive products driving mix upgrade — Innovation and

exclusive products grew 20.5% yoy on a full drug sales basis to Rmb1.71bn,

accounting for 32% of revenue. VBP products stabilized, up 3.9% yoy on a full drug

sales basis, with mgmt noting that policy has become marginally more supportive

and product sales may gradually recover. By segment, dermatology grew 59.1% yoy

to Rmb793mn and ophthalmology grew 96.8% yoy on a full drug sales basis to

Rmb705mn, while cardio-CNS declined 5.1%, mainly due to Xinhuosu weakness,

and digestion-autoimmune rose only 5.1%, impacted by Combizym supply.

n

Buy

Price (18 Aug 26 16:10)

HK$11.74

Target price

HK$17.50

Expected share price return

49.1%

Expected dividend yield

3.4%

Expected total return

52.5%

Market Cap

HK$28,565M

US$3,641M

Price Performance

(RIC: 0867.HK, BB: 867 HK)

Pipeline cycle remains the key driver — CMS had three innovative drugs approved

in 1H26, including ruxolitinib cream for vitiligo, desidustat, and Silevimig, while

Monoferric/KosmoFer were added as IV iron assets. Mgmt reiterated that ruxolitinib

cream is on track for over Rmb500mn sales in FY26. For FY27, mgmt expects sales

to double with NRDL inclusion; even without NRDL inclusion, it targets 50%+ yoy

growth, with higher margin retained. AD indication approval is expected before end2026.

Investment gains and

tion — Trinomab’s July listing could

contribute Rmb300mn+ i

in 2H26 if its market value is sustained,

and several invested companies are preparing for an IPO.…