CMS (00867) announced its interim results for 2025, with revenue increasing 10.8% year-on-year to 4.002 billion yuan. When calculated based on pharmaceutical sales revenue alone, revenue grew 8.9% year-on-year to 4.67 billion yuan. Gross profit increased 7.2% year-on-year to 2.892 billion yuan, or 7.2% to 2.882 billion yuan when calculated based on pharmaceutical sales revenue alone. Profit for the period increased 3.1% year-on-year to 931.5 million yuan, with profit attributable to company owners at approximately 941 million yuan, representing a 3.38% year-on-year increase. Basic earnings per share reached 0.3892 yuan, and the company declared an interim dividend of 0.1555 yuan per share.
The announcement noted that revenue growth was primarily driven by the end of significant negative impacts from three products affected by national procurement policies, while sales of innovative, exclusive/branded products continued to grow. Profit growth was mainly attributed to increased revenue and higher returns on equity investments.
In the first half of 2025, CMS's operating performance returned to a sustained upward trajectory. On one hand, the major negative impact of national procurement products on operating performance has passed. On the other hand, sales of major exclusive/branded and innovative products continued to grow, accounting for 62.1% of total revenue (calculated based on pharmaceutical sales revenue) compared to 56.1% in the same period last year.
Since 2025, under the theme "New CMS, New Rise," the company has maintained steady and rapid progress through multi-point breakthroughs: (1) Continuous innovation achievements: Five approved innovative drugs are accelerating the release of commercialization value, three NDAs are under review, two self-developed product IND applications have been approved, one consumer healthcare product has been approved, two new collaborative innovative products have been added, and approximately 20 independent R&D projects are progressing smoothly. (2) Focus on specialty areas, with initial success in diversified explorations including new retail, new media, and consumer healthcare. In the consumer-oriented skin health sector, "Dermagen Pharma" has grown into China's leading innovative pharmaceutical company focused on skin health and proposed an independent listing on the Hong Kong Stock Exchange Main Board through introduction and distribution in specie in April 2025. (3) The industrial internationalization strategy reached an important milestone with the group's secondary listing on the Singapore Exchange through introduction in July 2025, which will enhance brand influence in Southeast Asian and international markets, help the group use Singapore as an international hub for comprehensive "research-production-sales" ecosystem development, capitalize on growth dividends in emerging markets, and create a new multi-regional growth pattern.
As of the end of the reporting period, the group has deployed approximately 40 differentiated innovative pipeline products, of which five innovative drugs (Yiluqu, Weifurui, Meitaitong, Weituke, Laifuolan) have been approved in China and commenced commercialization; two innovative drugs (Dexidostat tablets, Ruxolitinib phosphate cream for vitiligo indication) are under NDA review in China; approximately 10 projects are about to commence or are advancing clinical trials primarily based on registrational randomized controlled trials (RCT); approximately 20 independent R&D projects are progressing steadily, with five having entered clinical development stages.