CICC: Maintains "outperform" rating on CMS (00867) with a target price raised to HKD 16.5.

China Gold released a research report stating that it maintains a "outperform the industry" rating for CMS (00867), considering the central sector's upward trend and raising the target price by 7% to HK$16.50. The bank maintains a profit forecast of 1.735 billion yuan for the 25th year, considering the revenue increase brought by the new product launch and raising the profit forecast for the 26th year by 5% to 1.984 billion yuan and introducing a profit forecast of 2.418 billion yuan for the 27th year. The company announced that its subsidiary, Demai Medicine's phosphoribosyltin cream, was approved by the NMPA on January 30, 2026 for the treatment of non-segmental vitiligo in children aged 12 and adults with facial involvement. Key points from China Gold are as follows: NMPA has approved the first and only targeted drug for the treatment of vitiligo, with great clinical potential. Ruxolitinib cream, developed by Incyte, is a JAK1/JAK2 inhibitor and the first and only drug approved by the FDA for non-segmental vitiligo. According to the company's estimate, about 10.3 million people in China are affected by vitiligo (8.2 million people have non-segmental vitiligo). The existing TCS/TCIs treatments have clinical limitations and long-term use has adverse reactions or limited efficacy. The bank believes that the approval of ruxolitinib cream in China is expected to fill the gap in targeted treatment for vitiligo and meet the unmet clinical needs. Outstanding clinical efficacy, the preliminary application in Hainan has shown commercial potential. In the phase III clinical trials (TRuE-V1 and TRuE-V2) conducted overseas, ruxolitinib cream achieved a patient proportion of F-VASI75 after 24 weeks, which was significantly higher than the placebo group of 7.5% and 12.9%, and the color restoration effect continued for 52 weeks. Currently, the Boao Super Hospital has prescribed the drug for more than 7,000 patients with non-segmental vitiligo, and more than 20 hospitals in Guangzhou, Shenzhen, and other places have provided prescription services for the drug. The skin treatment product matrix of Demai Medicine is further enriched, expected to contribute more income elasticity. The bank believes that ruxolitinib, with its innovative drugs in the commercialization stage, Yiluqi (triamcinolone acetonide) and Xiliao Tuo (sodium hyaluronate cream), will have a synergistic effect in dermatology. At the same time, positive results have been obtained for the domestic phase III indications of ruxolitinib for atopic dermatitis (AD), and the company is actively pushing forward the NDA application for AD indications. In addition, Demai Medicine has authorized the company to have the relevant rights of ruxolitinib in 11 countries including Hong Kong, Macau, Taiwan, and Southeast Asia, with the potential to further contribute to income and profit increment in overseas markets. Risk Warning: Research and development failures, new product promotions below expectations, and internationalization falling short of expectations.