According to the China Securities Co., Ltd. app, CMS (01681) rose nearly 8% in the morning session, as of the deadline, it increased by 6.39%, at HK$8.16, with a turnover of 38.5871 million HK dollars.

On the news front, on September 24, the company announced that the NDA for Lusutinib Phosphate Cream for vitiligo was accepted by the NMPA. China Securities Co., Ltd. pointed out that the company's NDA for Lusutinib Phosphate Cream has been accepted, and the future listing is expected to fill the gap in the domestic vitiligo market, with an estimated 20.5 million vitiligo patients in China and East Asia. The future volume of Lusutinib Phosphate Cream is promising, and it is expected to become a core product for the company. As of now, the company has obtained approvals for a total of 5 innovative drugs, covering 6 indications, four of which have been included in the national medical insurance catalog. The effects of innovation transformation are gradually being realized, with over ten other high-innovation-grade, high-market-potential heavyweight pipelines. We remain bullish on the future volume potential of the company's innovative products.

Southwest Securities pointed out that the impact of centralized procurement on CMS has basically cleared, and the turning point in performance has appeared. In the first half of 2024, the sales revenue of pharmaceuticals increased by 8.9% compared to the previous year, with a profit margin growth of 92.8% during the period. In the first half of 2024, the sales revenue of three national products calculated based on pharmaceutical sales amounted to 1.23 billion yuan (-49.2%), and the subsequent one-time impact of centralized procurement will weaken. With the improvement in revenue and profit growth rates compared to the previous period, we believe that the negative impact of centralized procurement has basically cleared.