KHPG(SZ:002773) Zhong Zheng Wang·2025-08-28 14:09Core Viewpoint - Kanghong Pharmaceutical, a leader in ophthalmic innovative drugs, reported a revenue of 2.454 billion yuan for the first half of 2025, representing a year-on-year growth of 6.95%, and a net profit attributable to shareholders of 730 million yuan, up 5.41% year-on-year [1] Group 1: Financial Performance - The company achieved a revenue of 2.454 billion yuan in the first half of 2025, with a year-on-year increase of 6.95% [1] - The net profit attributable to shareholders was 730 million yuan, reflecting a growth of 5.41% compared to the previous year [1] Group 2: Innovation and Product Development - The biopharmaceutical segment generated 1.345 billion yuan in revenue, marking a 14.66% increase and accounting for 54.83% of total revenue [2] - The core product, Conbercept, continues to grow, with ongoing Phase II clinical trials for a high-concentration formulation [2] - The company is expanding its focus on gene therapy and synthetic biology, with the gene therapy drug KH631 entering Phase II clinical trials [2] - KH658, another gene therapy product, has been approved for clinical trials in both China and the U.S., with research results published in Nature Communications [2] Group 3: Synthetic Biology and Traditional Chinese Medicine - The injectable KH617, the first product from the synthetic biology platform, is currently in Phase II clinical trials, with related research presented at major conferences [3] - The traditional Chinese medicine segment generated 797 million yuan in revenue, a 6.30% increase, with strong demand for key products [3] - The company’s proprietary product, Shugan Jieyu capsules, has been recognized as a second-level protected variety by the National Medical Products Administration [3] Group 4: Capacity Expansion - The gene drug production base project is expected to be operational by January 2026, enhancing the company's ability to respond to commercial orders and support new indications [4] - The production base will facilitate the industrialization of gene drugs, improving supply chain security and cost control [4] Group 5: Automation and Efficiency - The intelligent production workshop of the subsidiary Jishengtang has entered trial operation, achieving full automation from raw material input to drying [5] - The workshop's DCS control system significantly reduces energy consumption, achieving over 89% energy savings compared to traditional methods [5][6]