【私募调研记录】保银投资调研苑东生物

Group 1 - The core viewpoint of the news is that Yuandong Biological has reported a decline in revenue and net profit for the first half of 2025, while also highlighting its ongoing research and development efforts and international business expansion [1] Group 2 - Yuandong Biological achieved operating revenue of 654 million yuan, a year-on-year decrease of 2.25%, and a net profit attributable to shareholders of 137 million yuan, down 6.77% year-on-year, although excluding stock incentive costs, there was a slight increase of 0.28% [1] - The company's R&D investment was approximately 133 million yuan, accounting for 20.25% of operating revenue, with new drug development expenditures amounting to 44.83 million yuan, representing 33.83% of total R&D investment [1] - The revenue from the API and CDMO segment was 87 million yuan, showing a year-on-year growth of 3.17%, although the growth rate has slowed [1] - Yuandong Biological is responding to the impact of centralized procurement policies by enhancing innovation, deepening transformation, and improving operational efficiency across the entire value chain [1] - The clinical trial for HP-001 is currently in Phase I, showing overall good safety, while the ADC innovative drug YLSH003 has completed preclinical research and IND submission [1] - The company has submitted production applications for Acetaminophen and Oxycodone sustained-release tablets and Morphine Sulfate and Naloxone sustained-release capsules, which are currently under review [1]