【私募调研记录】呈瑞投资调研苑东生物

Group 1 - The core viewpoint of the news is that Chenyang Investment has conducted research on a listed company, Yuandong Bio, revealing its financial performance and strategic initiatives in response to market challenges [1] Group 2 - Yuandong Bio reported a revenue of 654 million yuan for the first half of 2025, 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, it showed a slight increase of 0.28% [1] - The company's R&D investment was approximately 133 million yuan, accounting for 20.25% of its revenue, with new drug development expenditures amounting to 44.83 million yuan, representing 33.83% of total R&D spending [1] - The international business includes APIs and formulations, with multiple products either registered or submitted for registration [1] - The API and CDMO segment achieved a revenue of 87 million yuan, reflecting a year-on-year growth of 3.17%, although the growth rate has slowed [1] - Yuandong Bio is addressing the impact of centralized procurement policies through innovation-driven strategies, deepening transformation, and enhancing operational efficiency across the 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]