民生证券给予凯因科技推荐评级，2025年半年报点评：深化布局乙肝治疗领域，降本增效提升利润率

Group 1 - The core viewpoint of the report is a recommendation for Kaiyin Technology (688687.SH) with a target price of 35.41 yuan, highlighting strong profit growth expected in the first half of 2025 [2] - The company maintains a high proportion of R&D investment, focusing on deepening its layout in the hepatitis B field [2] - Key product sales are stable, contributing to the overall financial health of the company [2] - Cost reduction and efficiency improvement strategies are enhancing profit margins [2]