Kawin Technology(SH:688687) Xin Lang Cai Jing·2025-05-09 12:32Core Insights - The company reported a revenue of 1.23 billion in 2024, a year-on-year decrease of 12.87%, while the net profit attributable to shareholders was 142 million, an increase of 22.18% [1] - For Q1 2025, the company achieved a revenue of 232 million, a year-on-year increase of 8.90%, and a net profit of 26 million, up 15.92% [1] Revenue and Profit Analysis - The decline in 2024 revenue is attributed to the implementation of centralized procurement policies, which led to a decrease in sales prices for key products [2] - The transition phase of the sales model for Anboshi in 2024 also contributed to the revenue impact [2] Product Development and Future Outlook - The company is optimistic about the approval of its core product, KW-001 (Pegylated Interferon α-2 Injection), which completed Phase III clinical trials in 2024 and has submitted a drug registration application [2] - Other projects in the pipeline include KW-045 and KW-051, both of which have completed their respective clinical trial phases, and KW-053 has received approval for clinical trials [2] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised down to 171 million and 221 million respectively, reflecting an 11% reduction from previous estimates [3] - The company is recognized as a leading innovative pharmaceutical enterprise focused on viral and immune diseases, with several commercialized products entering a growth phase, maintaining a "buy" rating [3]