Investment Rating - The report maintains an "Outperform" rating for China Medical System Holdings (867 HK) with a target price of HKD 9.96 per share, up 0.6% from the previous target of HKD 9.90 [8][10] Core Views - The impact of centralized procurement (VBP) has largely been cleared, and future price reductions for VBP products are expected to be limited [4] - The company is transitioning into a growth phase driven by exclusive and innovative products, with steady progress in its R&D pipeline [5] - The aesthetic medicine, ophthalmology, and Southeast Asia businesses are gradually being established and are expected to contribute incremental growth next year [7] Financial Performance - Revenue for H1 2024 was RMB 4.29 billion, a year-over-year decrease of 22.6%, but a sequential increase of 8.9% [3] - Gross margin was 62.7%, down 1.7 percentage points year-over-year, with a sequential decrease of 0.5 percentage points [3] - Net profit was RMB 900 million, down 52.8% year-over-year, but up 92.8% sequentially [3] - R&D expenditure reached RMB 620 million, up 160.2% year-over-year, accounting for 14.5% of revenue [3] Business Segments - Cardio-cerebrovascular segment revenue was RMB 1.52 billion, down 28.8% year-over-year [3] - Gastroenterology/autoimmune segment revenue was RMB 1.35 billion, down 25.0% year-over-year [3] - Ophthalmology segment revenue rose to RMB 300 million, up 23.9% year-over-year [3] - Dermatology and aesthetics segment revenue was RMB 280 million, up 11.9% year-over-year [3] Centralized Procurement Impact - Revenue from three VBP products (Dailixin, Boyiding, and Yousifu) was RMB 1.23 billion, down 49.2% year-over-year, meeting the company's guidance of a 50% sales retention rate [4] - The negative impact of VBP on these products has been largely absorbed, with Yousifu expected to face a further 5% price reduction in H2 2024 [4] Innovation and R&D - Non-VBP exclusive and innovative products accounted for 56.1% of total drug sales revenue, with combined sales of RMB 2.4 billion in H1 2024 [5] - The company has five approved innovative drugs covering six indications, with two new drugs approved in 2024 [5] - Approximately 10 innovative drugs are in clinical development in China, with Desidustat Tablets under CDE review and Ruxolitinib Cream approved for vitiligo in Macau [5] Aesthetic Medicine and Ophthalmology - Tildrakizumab Solution for Injection was approved in China in May 2023 for moderate to severe plaque psoriasis, with potential to capture market share from Cosentyx [7] - Ophthalmology products, including Esculin and Digitalisglycosides Eye Drops and the EyeOP1 Glaucoma Treatment Device, achieved sales of RMB 300 million in H1 2024 [7] Southeast Asia Business - Ruxolitinib Cream is expected to launch in Southeast Asia in H2 2025 [7] - A collaboration with Junshi Biosciences was established in March 2024 to commercialize Toripalimab in Southeast Asia, with sales expected to begin in H2 2025 [7] Earnings Forecast and Valuation - Revenue forecasts for 2024-2025 were adjusted to RMB 8.26 billion and RMB 9.19 billion, respectively, representing year-over-year increases of 3.1% and 11.2% [8] - Net profit attributable to the parent company for 2024-2025 was adjusted to RMB 1.87 billion and RMB 2.07 billion, respectively [8] - The company was assigned a 13x PE ratio for 2024, based on comparable companies such as Huadong Medicine (16x PE), Sino Biopharmaceutical (18x PE), and CSPC Pharmaceutical Group (11x PE) [8]

Investment Rating - The report maintains a "Buy" rating with a target price of HKD 10.38, indicating a potential upside of 56% from the current price of HKD 6.65 [1][6][16]. Core Insights - The company has shown a quarter-on-quarter increase in performance, with five innovative drugs starting to gain traction. In the first half of 2024, the company achieved revenue of RMB 4.288 billion, a year-on-year decrease of 22.6% but a quarter-on-quarter increase of 8.9%. Net profit was RMB 903 million, down 52.8% year-on-year but up significantly by 92.8% quarter-on-quarter [4][9][10]. - The innovative drug pipeline is robust, with 30 drugs in global development, including the rapid advancement of Lucofenib, which has a large market potential. The company is also actively pursuing registration and commercialization in Southeast Asia, aiming to establish a strong foothold in the region [5][11][15]. Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of RMB 4.288 billion, a year-on-year decline of 22.6% but an increase of 8.9% from the previous quarter. The net profit was RMB 903 million, reflecting a year-on-year decrease of 52.8% but a quarter-on-quarter increase of 92.8% [4][9][10]. - The company expects revenue for 2024-2026 to be RMB 79.25 billion, RMB 89.49 billion, and RMB 108.85 billion, respectively, with EPS projected at 0.71, 0.80, and 1.01 [6][16]. Innovative Drug Pipeline - The company has launched five innovative drugs in the past year, including three that have been included in the national medical insurance directory. These drugs are expected to contribute RMB 400-500 million in revenue in 2024 [4][10]. - The company is advancing Lucofenib, which has a significant market opportunity, particularly in treating vitiligo and atopic dermatitis, with a potential market size of RMB 5 billion [5][12]. Market Expansion - The company is focusing on expanding its presence in Southeast Asia, leveraging the region's growing demand for pharmaceuticals. It aims to establish a management center in Singapore and expand into countries like Indonesia, the Philippines, and Vietnam [15][16].

Financial Performance - Revenue decreased by 21.7% year-on-year to RMB 3,611.1 million, with pharmaceutical sales revenue down 22.6% to RMB 4,287.5 million[4] - Gross profit fell by 25.2% year-on-year to RMB 2,696.5 million, with pharmaceutical sales gross profit down 24.7% to RMB 2,686.9 million[4] - Net profit decreased by 52.8% year-on-year to RMB 903.4 million, but increased by 92.8% quarter-on-quarter[4] - Basic earnings per share dropped by 52.3% year-on-year to RMB 0.3734, while it increased by 90.8% quarter-on-quarter[4] - The company reported a profit before tax of RMB 1,136,336 thousand, a decline of 50.2% compared to RMB 2,282,592 thousand in 2023[16] - The period profit for the six months ended June 30, 2024, was RMB 910,426,000, down 52.7% from RMB 1,921,056,000 in the same period of 2023[5] - The company's income tax expense for the six months ended June 30, 2024, was RMB 232,934,000, a decrease of 36.4% compared to RMB 366,641,000 for the same period in 2023[4] - The group's net profit for the period decreased by 52.8% year-on-year to RMB 903.4 million, down from RMB 1,916.0 million in the same period last year[110] Cash and Assets - Cash and cash equivalents amounted to RMB 3,914.4 million as of June 30, 2024[4] - Total assets as of June 30, 2024, were RMB 16,100,441 thousand, an increase from RMB 15,682,051 thousand at the end of 2023[19] - The company's cash and cash equivalents were RMB 3,914,372 thousand, down from RMB 4,311,058 thousand at the end of 2023[17] - Trade receivables as of June 30, 2024, amounted to RMB 1,127,656,000, a slight decrease from RMB 1,146,738,000 as of December 31, 2023[7] - The group's debt-to-asset ratio was approximately 6.1% as of June 30, 2024, compared to 7.2% at the end of 2023[114] Dividends - Mid-term dividend declared at RMB 0.1507 per share, down 51.9% year-on-year but up 92.5% quarter-on-quarter[4] - The company declared a final dividend of RMB 0.0783 per share for the year ended December 31, 2023, totaling RMB 191,991,000, compared to RMB 591,910,000 for the same period in 2022[6] - The board has declared an interim dividend of RMB 0.1507 per ordinary share, equivalent to HKD 0.164, expected to be paid on September 9, 2024[120] Research and Development - Research and development expenses increased to RMB 105,575 thousand, up 39.4% from RMB 75,740 thousand in the previous year[16] - The company aims to enhance its innovation capabilities through a dual approach of collaborative and independent research and development[45] - The company has approximately 30 innovative products in various stages of development, with five already approved for sale in China and four in large-scale clinical application[8] - The company is developing approximately 10 innovative drugs, including large molecules, small molecules, and siRNA[70] Innovative Products - Four innovative drugs were approved for large-scale clinical application in 2023, included in the national medical insurance catalog[6] - New innovative drug "Lifran" approved in June, becoming China's first methylene blue enteric-coated sustained-release tablet[7] - The innovative drug "维图可" (Diazepam nasal spray) was approved for sale in China in June 2023 and has been included in the national medical insurance directory[48] - "益路取" (Tremfya) was approved in May 2023 and has also been included in the national medical insurance directory, focusing on low injection frequency and long-term efficacy[50] - The innovative product "维图可" is the first of its kind in China for treating cluster seizures, addressing a significant clinical need[48] - The company has expanded its innovative product portfolio to five products, with three original research drugs affected by national procurement policies[44] Market Performance - The cardiovascular and related diseases segment generated revenue of RMB 1,516.8 million, a decrease of 28.8% compared to the same period last year[76] - The digestive and autoimmune-related diseases segment reported revenue of RMB 1,345.7 million, a decline of 25.0% year-on-year, representing 31.4% of the total pharmaceutical sales revenue[77] - Revenue from the ophthalmology segment reached RMB 304.3 million, a 23.9% increase year-on-year, accounting for 7.1% of total sales revenue[81] - Revenue from the dermatology and aesthetic medicine segment was RMB 275.0 million, an 11.9% increase year-on-year, representing 6.4% of total sales revenue[81] Corporate Governance - The audit committee has reviewed the interim results announcement and interim report for the six months ending June 30, 2024[124] - The company has complied with the applicable corporate governance code principles during the reporting period[125] - The board of directors includes both executive and non-executive members, ensuring a diverse governance structure[135] Strategic Initiatives - The company has established a platform business structure in Southeast Asia, integrating research, production, and sales to facilitate the internationalization of quality pharmaceutical products[10] - The company is focusing on market access, academic promotion, brand building, and retail management, leveraging a proven successful experience in these areas[71] - The company is actively conducting real-world studies to enrich evidence-based medical data and enhance patient access to new drugs[71] - The company aims to improve patient compliance with its innovative IL-23 targeted monoclonal antibody, which requires administration only once a year during the maintenance phase[75]

Investment Rating - The report initiates coverage with a "Buy" rating for Kangzhe Pharmaceutical [3]. Core Views - Kangzhe Pharmaceutical is positioned as a rapidly growing platform-based commercialization enterprise, accelerating its innovative transformation [14]. - The company has a robust commercial capability that has been validated over time, which is expected to empower the promotion of innovative drugs [14]. - The innovative pipeline is entering a realization phase, with several products expected to contribute to the company's second growth curve [14]. - The negative impact of centralized procurement has been largely absorbed, and the risk for existing products is expected to decrease [14]. - The financial forecast indicates a recovery in net profit growth from 2024 onwards, with significant growth expected in subsequent years [14]. Summary by Sections 1. Company Overview - Kangzhe Pharmaceutical has evolved through three stages: initial focus on imported original drug agency sales, transitioning to product rights control, and now emphasizing collaboration with global biotech companies for innovative product development [14][17]. 2. Innovative Pipeline - The company currently has around 30 innovative products in its pipeline, with 13 of them being high-potential differentiated products. Notable products include the oral methylene blue sustained-release tablet, which is set to launch in 2024, and the lukotini cream expected to be launched in 2025-2026 [14][26]. 3. Commercialization and Market Presence - Kangzhe has established a comprehensive sales network covering over 50,000 hospitals and approximately 250,000 retail pharmacies in China, supported by a team of about 4,400 academic promotion specialists [28][29]. - The company has demonstrated efficient clinical development capabilities, with rapid IND to NDA timelines for its innovative products [29]. 4. Financial Performance and Forecast - The report projects net profits for 2024, 2025, and 2026 to be CNY 1.70 billion, CNY 2.04 billion, and CNY 2.49 billion respectively, reflecting a recovery in growth rates after a decline in 2023 [2][14].

Investment Rating - The report maintains a "Buy" rating with a target price of HKD 10.38, indicating a potential upside of 60% from the current price of HKD 6.49 [4][7][13]. Core Insights - The company has successfully introduced four innovative drugs into the national medical insurance directory, with a fifth drug approved for market release in June 2024. These drugs are expected to contribute approximately RMB 400-500 million in revenue in 2024 [4][9]. - The company has a rich pipeline of innovative drugs, with 30 global projects primarily focused on First-in-Class (FIC) and Best-in-Class (BIC) drugs. The rapid advancement of the drug Lurconidine is highlighted, with significant market potential in treating conditions like vitiligo and atopic dermatitis [5][10]. - The skin aesthetics and ophthalmology segments are anticipated to grow rapidly, supported by a robust product line and a strong sales team [6][11]. - The company is focusing on international expansion, particularly in Southeast Asia, leveraging local talent and market demand to establish a strong foothold [12]. Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are RMB 79.25 billion, RMB 89.49 billion, and RMB 108.85 billion, respectively. Earnings per share (EPS) are expected to be RMB 0.71, RMB 0.80, and RMB 1.01 for the same years [8][13]. - The report indicates a temporary decline in performance, but forecasts a return to double-digit growth by 2025 as new drugs are launched [7][13].

现在是我们康哲药业的交流专场,我们今天非常荣幸的邀请到了康哲药业的投资者关系负责人刘总。发马成功在我们国胜医药的年度策略当中也是被列为了一大判断,康哲药业也正是这类发马类资产的优质的代表。 所以我们今天也邀请到刘总和我们进行一个线上的交流首先还是请刘总对于康哲的基本情况和近期更新给大家做一个介绍之后我们会留有提问时间那我这边就先把时间交给刘总 好的谢谢谢谢宋哥首先呢我想非常感谢各位投资者今天上午的时间第二呢我想感谢一下国生证券这次举办的活动非常的好给大家提供了这个线上交流的一个便利性以及这个很好的一个平台我是刘月苏森康哲药业负责投资者关系那现在首先呢我们 花个大概是20分钟的时间吧我给大家简单的去过一下康哲药业然后后续看看大家有什么问题我可以交流大家可以看到这一页的PPT是康哲药业的一个发展历程 那我们的定位是一家连接医药创新与商业化把控产品全生命周期管理的开放式平台型企业那我们是老板是1992年将公司在深圳创立的到今年为止已经创立了32年那康哲在这32年的时间我们通过三次转型来持续不断的去适配行业的发展适配临床的一个需求 从92年创立到2010年我们主要做进口原药的一个代理2010年的10月份我们在香港上市 ...

Financial Data and Key Metrics Changes - The company's revenue for 2023 is projected to be 9.4 billion, down from 10.4 billion in 2022, reflecting a decrease of 1 billion [10][11] - The decline in revenue is primarily attributed to the impact of centralized procurement on three key products, which saw a sales drop of approximately 1.7 billion [10][11] - Gross profit decreased by 800 million, leading to a net profit decline of 600 million [13][59] Business Line Data and Key Metrics Changes - The company has five innovative drugs that have entered the commercialization phase, with one recently approved [14][15] - The sales of non-centralized procurement products showed a growth rate of around 10%, while centralized procurement products experienced a significant decline [11][12] - The company aims to produce at least three marketable innovative drugs annually, with a focus on specialized fields such as central nervous system and dermatology [7][8] Market Data and Key Metrics Changes - The company is focusing on the Southeast Asian market, establishing a comprehensive platform for development, production, and commercialization [8][40] - The company acquired a 45% stake in a Southeast Asian CDMO factory to enhance production capabilities and meet market demands [41][42] - The overall market environment in Southeast Asia is seen as favorable, with a growing demand for high-quality innovative drugs [49][50] Company Strategy and Development Direction - The company is transitioning towards a model that emphasizes innovative drug development and commercialization, moving away from reliance on traditional products [6][7] - The strategic focus includes establishing a strong presence in specialized therapeutic areas and expanding into Southeast Asia as a key growth market [8][40] - The company has set ambitious internal KPIs for new drug approvals, aiming for 10 to 12 new drugs by 2027 [17][18] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by centralized procurement but remains optimistic about recovery in the second half of the year [35][56] - The company expects to achieve stable revenue in 2023, with a potential for double-digit growth starting in 2025 [57][58] - Management emphasizes the importance of innovative drugs in driving future profitability and market share [60][62] Other Important Information - The company has a robust pipeline of 13 innovative drugs, with several in various stages of regulatory approval [16][17] - The company is committed to maintaining a stable sales team despite recent challenges, ensuring continued support for new product launches [12][13] Q&A Session All Questions and Answers Question: What is the current status of the recently approved innovative products? - The recently approved methylene blue sustained-release tablet has just entered the commercialization phase, while other innovative products are progressing well in clinical applications [44][45] Question: How does the company assess the Southeast Asian market's payment capacity and policy differences? - The Southeast Asian market is seen as having a significant demand for both low-cost generics and high-quality innovative drugs, with a favorable environment for market entry [48][49] Question: What are the expectations for revenue growth in the second half of the year? - The company anticipates a positive growth trajectory in the second half of the year, with expectations for revenue to stabilize compared to the previous year [56][57]

研究报告Research Report 24 Apr 2024 康哲药业 China Medical System Holdings (867 HK) 集采下业绩承压，创新管线陆续迎来转化 Earnings Under Pressure Due to VBP, Expecting Transformation of Innovative Pipeline [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 事件 评级 优于大市OUTPERFORM 现价 HK$7.10 康哲药业公布 2023 年业绩：营业额 80.1 亿元（-12.4%）；若全按 目标价 HK$9.90 药品销售收入计算，营业额 94.7 亿元（-9.8%）。毛利率 76.2% HTI ESG 2.0-2.5-4.0 （-0.7pct）；销售费用 25.1 亿元（-7.7%），销售费用率 31.3% E-S-G: 0-5, (Please refer to ...

Financial Performance - Revenue decreased by 12.4% to RMB 8,013.3 million, compared to RMB 9,150.3 million in the previous year; if calculated based on pharmaceutical sales, revenue decreased by 9.8% to RMB 9,472.2 million[6]. - Gross profit decreased by 13.2% to RMB 6,109.2 million, compared to RMB 7,035.8 million in the previous year; if calculated based on pharmaceutical sales, gross profit decreased by 12.4% to RMB 6,053.7 million[6]. - Annual profit decreased by 27.2% to RMB 2,384.4 million, compared to RMB 3,276.2 million in the previous year; normalized annual profit decreased by 18.8% to RMB 2,709.3 million[6]. - Basic earnings per share decreased by 26.3% to RMB 0.9792, compared to RMB 1.3281 in the previous year[6]. - The proposed final dividend per share is RMB 0.0783, resulting in a total dividend of RMB 0.3917 per share for the year, a decrease of 26.7% from the previous year[6]. - The group's sales revenue for the year was RMB 8,013.3 million, a decrease of 12.4% compared to RMB 9,150.3 million in 2022[34]. - The annual profit was RMB 2,384.4 million, down 27.2% from RMB 3,276.2 million in 2022[34]. - The normalized annual profit decreased by 18.8% to RMB 2,709.3 million from RMB 3,338.3 million in 2022[34]. Product Development and Innovation - The company launched three innovative drugs in China, all of which were included in the national medical insurance catalog[7][8]. - The company obtained exclusive promotion rights for a new drug Y-3 injection for ischemic stroke in August 2023, with clinical trials progressing steadily[10]. - The innovative drug Tretinoin injection has entered large-scale clinical application[14]. - Three innovative drugs, including Diazepam nasal spray, Tretinoin injection, and Methotrexate injection, were successfully approved for listing in China, significantly enhancing accessibility and affordability[19]. - The company has approximately 30 differentiated innovative pipeline products, actively promoting clinical development and commercialization[17]. - The exclusive licensing rights for the new generation iron-based non-calcium phosphate binder, Sucrose Hydroxyl Iron Chewable Tablets, were successfully obtained, marking the fourth innovative drug entering the commercialization phase[19]. - The company has established a collaborative framework with Junshi Bioscience to commercialize Tretinoin in Southeast Asia, enhancing the availability of high-quality innovative drugs for local cancer patients[14]. - The innovative medical device EyeOP1 for glaucoma treatment has completed market access work in multiple provinces and cities[14]. - The company is focusing on specialized deep development in cardiovascular, digestive, dermatology, and ophthalmology sectors to accelerate expansion and ensure sustainable growth[22]. - The company is advancing clinical development for methotrexate injection for rheumatoid arthritis, with NDA acceptance in December 2023, aiming to become the first subcutaneous treatment for RA in China[46]. - The diazepam nasal spray has been recognized in expert consensus guidelines for the treatment of Dravet syndrome, indicating its clinical significance[39]. - The Yiluqu injection has been recommended in multiple authoritative psoriasis treatment guidelines globally, enhancing its market credibility[43]. - The methotrexate injection demonstrated better gastrointestinal safety compared to oral methotrexate, improving patient compliance[48]. - The company is progressing with over ten clinical trials focused on registration-based randomized controlled trials (RCTs), creating a robust pipeline[36]. - The innovative product pipeline is expected to drive future growth and market expansion, leveraging existing product synergies[36]. Market and Business Strategy - The company is committed to developing affordable differentiated pharmaceutical products to improve accessibility for patients in China and other developing countries[27]. - The Southeast Asia business, "Kanglian Health," has rapidly introduced a diverse product portfolio, covering various countries in the region[25]. - The group is expanding its international business into the Middle East and North Africa, establishing a commercialization network in emerging markets[25]. - The company is exploring market expansion opportunities both domestically and internationally[64]. - The company is engaged in strategic collaborations to enhance its research and development capabilities[64]. - The company aims to become "China's leading ophthalmic medical device company" through continuous optimization of its ophthalmic business[24]. - The company is enhancing its international supply chain and production capacity to ensure supply chain security and stability[25]. - The company has implemented organizational restructuring to enhance execution capabilities throughout the product lifecycle, ensuring a more agile modern organization[20]. Financial Management and Operations - Cash generated from operating activities was RMB 2,502.9 million, a decrease of 29.6% from RMB 3,553.2 million in the previous year[129]. - Cash used in investing activities decreased by 62.5% to RMB 442.3 million, compared to RMB 1,178.2 million in the previous year[130]. - Total bank borrowings decreased to RMB 1,269.7 million from RMB 1,783.3 million, with the debt-to-asset ratio declining to 7.2% from 10.0%[135]. - The company plans to utilize long-term bank loans and other financing tools to meet liquidity needs based on its development strategy and cash flow from operations[132]. - The group closely monitors interest rates and foreign exchange market fluctuations to mitigate risks[137]. - The group has signed several foreign exchange forward contracts to hedge foreign exchange risks as of December 31, 2023[136]. - The company has received clinical trial approval for the innovative drug TYK2 inhibitor (CMS-D001) from China's NMPA in January 2024[65]. - The company has also obtained clinical trial approval for the GnRH receptor antagonist (CMS-D002) from China's NMPA in February 2024[65]. Corporate Governance and Management - The company has implemented a share incentive plan on January 17, 2024, to motivate and retain key employees[188]. - The management team includes experienced professionals with over 10 years in marketing, operations, and finance, enhancing the company's strategic capabilities[165][166][180]. - The board of directors will present resolutions for the re-election of three directors at the upcoming annual general meeting[181]. - The company has confirmed the independence of all non-executive directors in accordance with listing rules[182]. - The company has approved the addition of five employees to its core employee benefits plan during the reporting period[186]. - The company has implemented a share incentive plan aimed at encouraging core management and key personnel to contribute to the launch and sales of new products[189]. - The total number of shares that can be purchased under the share incentive plan is capped at 100,000,000 shares, representing approximately 4% of the company's issued share capital as of the report date[192]. - The maximum number of shares that can be granted to any selected employee within any 12-month period shall not exceed 1% of the company's issued share capital at any time[193]. - The share incentive plan is set to be effective from January 17, 2024, and will last for ten years, with a remaining duration of 9 years and 9 months as of the report date[197]. - The board of directors sets performance targets based on the number of new products launched and their sales revenue[196]. Research and Development - Research and development expenses increased by 11.7% to RMB 815.9 million, representing 10.2% of revenue, up from 8.0% in the previous year, with R&D expenses alone rising by 55.6% to RMB 195.1 million[113]. - The company is focused on accelerating the clinical development and registration process of innovative products to continuously meet clinical demands[104]. - The company emphasizes its commitment to innovation and research in the pharmaceutical sector[65]. - The company is actively pursuing clinical trials for new treatments for conditions like acute ischemic stroke and non-alcoholic fatty liver disease[65]. - The company has a pipeline of products in various stages of clinical trials, including those for glaucoma and skin diseases[65].

CHINA MEDICAL SYSTEM HOLDINGS LIMITED 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並表明概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔 任何責任。 康哲藥業控股有限公司* （於開曼群島註冊成立的有限公司） （股份代號：867） 截至二零二三年十二月三十一日止之年度業績公告 及建議修訂現有組織章程大綱及細則以及採納新組織章程大綱及細則 China Medical System Holdings Limited（「本公司」）之董事會（「董事會」）欣然公佈本公司及其附 屬公司（「本集團」或「康哲藥業」）截至二零二三年十二月三十一日止年度(「報告期」)之經審核合 併業績。 財務摘要 *正常化年度溢利是指剔除相關資產減值損失計提之後的年度溢利。 *僅供識別 - 1 - l 營業額下降 12.4%至人民幣 8,013.3 百萬元（二零二二年：人民幣 9,150.3 百萬元）；若全按藥品 銷售收入計算則營業額下降 9.8%至人民幣 9,472.2 百萬元（二零二二年：人民幣 10,497.5 ...