Zhi Tong Cai Jing·2025-08-28 02:26Core Viewpoint - Zhaoyan New Drug (06127) reported a significant decline in revenue and gross profit for the first half of 2025, primarily due to increased competition leading to price reductions, while net profit turned positive due to changes in the fair value of biological assets [1] Financial Performance - Revenue for the first half of 2025 was approximately 669 million yuan, a year-on-year decrease of 21.3% [1] - Gross profit was about 105 million yuan, reflecting a year-on-year decline of 50.3% [1] - Net profit reached 60.93 million yuan, marking a turnaround from a loss in the previous period, with earnings per share at 0.08 yuan [1] Factors Influencing Performance - The decrease in revenue was driven by intensified competition resulting in a decline in project unit prices [1] - The increase in net profit was attributed to a gain of 95 million yuan from changes in the fair value of biological assets [1] - The fair value changes were primarily due to natural growth of biological assets, contrasting with a loss of 254.4 million yuan in the previous period, which was linked to a decrease in unit fair value and market price of experimental models [1]