China Medical System Holdings Limited (CMS, 00867 HK; 8A8 SG) reported audited results for the year ended 31 December 2025.
Financial Performance • Turnover grew 9.9% year-on-year to RMB 8.21 billion. On a pro-forma basis assuming direct sales of all medicines, turnover reached RMB 9.39 billion, up 8.9%. • Gross profit rose 8.3% to RMB 5.87 billion; pro-forma gross profit was RMB 5.85 billion, also up 8.3%. • Reported profit declined 10.5% to RMB 1.44 billion, mainly due to a one-off tax repayment. Excluding non-recurring items, normalised profit increased 3.6% to RMB 1.78 billion. • Basic EPS fell 7.8% to RMB 0.6154. • Cash and bank balances stood at RMB 2.70 billion; net current assets were RMB 7.83 billion. • The board recommends a final dividend of RMB 0.1366 per share, lifting full-year dividends 9.0% to RMB 0.2921 per share.
Segment Update CMS reorganised into two operating segments: 1. Integrated Pharmaceuticals – revenue RMB 7.15 billion, profit RMB 1.55 billion. 2. Skin Health (Dermavon) – revenue RMB 1.07 billion, loss RMB 0.10 billion; Dermavon is slated for a separate Hong Kong listing.
Business Highlights • Exclusive/branded and innovative products contributed 59.8% of pro-forma revenue, with sales jumping 44.1%. • Key products: VELPHORO, Metoject, Bioflor, Ursofalk, ILUMETRI and newly added anti-VEGF drugs Lucentis and Beovu. • R&D spend totalled RMB 1.06 billion (12.9% of turnover). • Regulatory progress since January 2025: – 2 approvals: ruxolitinib cream (vitiligo) and Desidustat tablets (CKD anaemia). – 6 NDAs under review, including brain cytoprotectant Loberamisal, bispecific anti-rabies antibody Silevimig, anti-tetanus antibody Vecantoxatug and long-acting anti-IL-4Rα antibody Comekibart. – 6 IND clearances for in-house assets such as TYK2 inhibitor CMS-D001 and GLP-1R/GCGR dual agonist CMS-D005. – 4 new external collaborations and 2 approved ophthalmic products introduced.
Strategic Development • Secondary listing by introduction on SGX-ST completed in July 2025 to anchor expansion into Asia-Pacific and Middle East markets. • International platform now spans R&D (CMS R&D), manufacturing (PharmaGend) and commercialisation (Rxilient), with nearly 20 registration filings across emerging markets. • Gearing ratio improved to 3.4% (2024: 4.6%); unutilised banking facilities total RMB 3.90 billion.
Outlook CMS plans to deepen its dual-engine model of collaborative plus in-house R&D, accelerate specialty focus in cardiovascular-kidney-metabolic, CNS, gastroenterology, ophthalmology and skin health, and advance its “industrial internationalisation” strategy anchored in Singapore.