汇丰环球研究报告指，康哲药业(00867.HK) 过去3个月股价升幅超越恒指，主要因投资者对其创新药管线持更乐观态度，以及带量采购(VBP)对其核心业务的影响逐渐消退。该行料集团今年全年收入有双位数增长，明年纯利亦有双位数增长，受创新药的推出所带动；将目标价由12元升至14.6元，维持“买入”评级。
公司较早前建议分拆其皮肤科业务德镁医药(Dermavon)独立上市，该行认为有利于股东回报，因公司可更专注于核心业务，而股东亦可以在没有股权稀释的情况下捕捉德镁医药的高增长潜力。该行又指德镁医药是国内领先的创新皮肤科经营者，有全周期的研发及商业化能力，料公司可高速增长，2024至2026年其收入的年均复合增长率达50%，但该行暂未将分拆纳入评估范围，因仍有待监管机构审批。(ss/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-06-25 16:25。)
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