Core Viewpoint - Kaiyin Technology announced a significant decline in expected net profit for 2025, primarily due to substantial asset impairment provisions and the withdrawal of drug registration applications [1] Financial Performance - The projected net profit attributable to the parent company for 2025 is estimated to be between 26 million to 38 million yuan, representing a year-on-year decrease of 73.31% to 81.74% [1] - The expected non-recurring net profit for 2025 is forecasted to be between 20 million to 30 million yuan, reflecting a year-on-year decline of 78.10% to 85.40% [1] - For 2024, the net profit attributable to the parent company is expected to be 142.3692 million yuan [1] Business Operations - The primary reason for the performance change is the recognition of large asset impairments and the proactive withdrawal of drug registration applications, leading to full impairment provisions [1] - Excluding these impacts, the net profit for 2025 is expected to remain stable compared to the previous year, indicating steady development in the core business [1]

Financial Performance Forecast - The company expects a net profit attributable to shareholders of between 26 million and 38 million yuan for 2025, a decrease of 10.44 million to 11.64 million yuan compared to the previous year, representing a year-on-year decline of 73.31% to 81.74%[1] - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between 20 million and 30 million yuan, down by 10.70 million to 11.70 million yuan from the previous year, indicating a year-on-year decrease of 78.10% to 85.40%[1] - The total profit for the year 2024 was 176.83 million yuan, with a net profit attributable to shareholders of 142.37 million yuan[2] - The net profit after deducting non-recurring gains and losses for 2024 was 136.98 million yuan, with earnings per share of 0.85 yuan[2] Reasons for Performance Change - The primary reason for the performance change is the significant asset impairment provision due to the withdrawal of a drug registration application, which led to a full impairment of the related development expenses[3][4] - Excluding the impact of the asset impairment, the company's net profit for 2025 is expected to remain stable compared to the previous year, with steady development in core business operations[4] Forecast Validity and Audit Status - The performance forecast is based on preliminary calculations by the company's finance department and has not been audited by a registered accountant[5] - As of the announcement date, the company has not identified any significant uncertainties that could affect the accuracy of the performance forecast[5] - The forecast data is preliminary and the final audited financial data will be disclosed in the official 2025 annual report[6]

Core Viewpoint - The company, 凯因科技, expects a significant decline in net profit for 2025, primarily due to substantial asset impairment and the withdrawal of drug registration applications [1] Financial Performance - The projected net profit attributable to the parent company for 2025 is estimated to be between 26 million to 38 million yuan, representing a year-on-year decrease of 73.31% to 81.74% [1] - The expected non-recurring net profit for 2025 is forecasted to be between 20 million to 30 million yuan, reflecting a year-on-year decline of 78.10% to 85.40% [1] - For 2024, the net profit attributable to the parent company is reported to be 142.3692 million yuan [1] Reasons for Performance Change - The primary reasons for the performance change include the recognition of large asset impairments and the proactive withdrawal of drug registration applications, leading to full impairment provisions [1] - Excluding these impacts, the net profit for 2025 is expected to remain stable compared to the previous year, indicating steady development in the core business [1]

本报（chinatimes.net.cn）记者于娜 北京报道 亿元研发血本无归，凯因科技（维权）乙肝药闯关失败引发连锁危机。 近日，凯因科技（688687.SH）一纸公告引发资本市场震动。公司宣布主动撤回培集成干扰素α-2注射液 （商品名：派益生）新增乙肝适应症的上市申请，并对该项目相关开发支出全额计提1.11亿元资产减值 准备。这一计提金额直接吞噬了公司2025年前三季度全部净利润，当日公司股价应声暴跌超13%，投资 者用脚投票表达了对公司研发能力及战略决策的担忧。 公告显示，此次撤回申请并非放弃该适应症，凯因科技将进一步补充临床病例研究，待条件成熟后重新 提交注册申请。但巨额减值计提仍引发市场广泛疑问声音：若项目前景可期，为何急于全额计提？公司 对该项目前景的信心如何？对此，《华夏时报》记者联系采访凯因科技，截至发稿尚未收到回复。 中国作为乙肝大国，慢性HBV感染人群高达7500万，其中慢性乙型肝炎患者约2800万人，市场潜力巨 大。但这片蓝海背后，是极高的研发壁垒与激烈的竞争格局。派益生作为一款"老药"，试图通过拓展适 应症分食市场，最终却因临床数据不达标铩羽而归，更折射出乙肝药物研发赛道的残酷竞争与监 ...

Group 1 - As of January 23, a total of 410 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more [1] - Qin'an Co., Ltd. has the longest streak of net outflows, with 23 consecutive days [1] - Aerospace Development has the largest total net outflow amount, with a cumulative outflow of 7.516 billion yuan over 12 days [1] Group 2 - The stock with the highest percentage of net outflow relative to trading volume is *ST Wanfang, which has seen a 37.35% decline over the past nine days [1] - Other notable stocks with significant net outflows include Sannuo Technology and BYD, with net outflows of 5.734 billion yuan and 3.355 billion yuan respectively [1] - The data indicates a trend of significant capital withdrawal from certain sectors, reflecting potential investor concerns [1][2]

Group 1 - The core point of the article is that Kaiyin Technology reported a total of 13,594 shareholders as of January 20, 2026 [1]

Core Viewpoint - The company, Kaiyin Technology, has voluntarily withdrawn its drug registration application for Pegylated Interferon α-2 Injection, which was intended for use in treating chronic hepatitis B in adults, due to the National Medical Products Administration's latest review recommendations [1][3]. Group 1: Drug Registration Withdrawal - The decision to withdraw the drug registration application was made after careful consideration and aims to further supplement clinical case studies before potentially resubmitting the application [3]. - The withdrawal will result in a full impairment provision for the related development expenses, reducing the company's profit for 2025 by 110 million yuan [3]. Group 2: Financial Impact - The withdrawal of the drug registration application is not expected to affect the sales of the company's existing products but will impact the operating performance for 2025 [3]. - Following the announcement, the company's stock price fell by 13.23%, closing at 22.76 yuan per share on January 21 [4]. Group 3: Company Financial Performance - In the first three quarters of 2025, the company reported revenues of 927 million yuan, a year-on-year decrease of 8.3%, and a net profit attributable to shareholders of 103 million yuan, down 5.1% [7]. - The operating cash flow for the same period was 38.01 million yuan, reflecting a year-on-year increase of 16.0% [7]. - As of the end of the third quarter, the company's total assets were 2.868 billion yuan, an increase of 9.6% compared to the end of the previous year, while the net assets attributable to shareholders decreased by 2.6% to 1.796 billion yuan [7].

Group 1 - The biopharmaceutical sector increased by 0.19% on January 21, with Nearshore Protein leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] - Key stocks in the biopharmaceutical sector showed significant price increases, with Nearshore Protein rising by 6.37% to a closing price of 48.76 [1] Group 2 - The biopharmaceutical sector experienced a net inflow of 77.04 million yuan from institutional investors, while retail investors saw a net outflow of 284 million yuan [2] - Major stocks like Watson Bio and Ganli Pharmaceutical attracted significant institutional investment, with net inflows of 64.45 million yuan and 55.25 million yuan, respectively [3] - Retail investors showed a negative trend in several stocks, with Watson Bio and Ganli Pharmaceutical experiencing net outflows of 33.30 million yuan and 39.14 million yuan, respectively [3]

Core Viewpoint - Kaiyin Technology (688687) experienced a significant decline of 13.23%, closing at 22.76 CNY per share following the announcement of the termination of its drug registration application for Pegylated Interferon α-2 Injection (new hepatitis B indication) by the National Medical Products Administration (NMPA) [1] Group 1 - The company received a notice from the NMPA approving the termination of its drug registration application [1] - The decision to withdraw the application was made after careful consideration of the NMPA's latest review suggestions [1] - The company plans to supplement clinical case studies as required by the NMPA and may resubmit the registration application in the future [1] Group 2 - The company has fully recognized an asset impairment provision for the development expenses related to the Pegylated Interferon α-2 Injection project, which will reduce the company's total profit for 2025 by 111.3011 million CNY [1]

Group 1 - The core point of the article is that Kaiyin Technology (688687.SH) has voluntarily withdrawn its application for the listing of its hepatitis B drug, leading to a significant drop in its stock price by 11.78% on January 21, making it the largest decline in the A-share market that morning [1] - The company received a termination notice from the National Medical Products Administration, which approved the withdrawal of its drug registration application for Pegylated Interferon α-2 Injection (new hepatitis B indication) [1] - Pegylated Interferon α-2 Injection is a novel long-acting interferon developed by Kaiyin Technology, which was approved in 2018 for the treatment of adult chronic hepatitis C [1]