Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to strategic adjustments and the termination of a partnership with a U.S. skincare brand, while focusing on the commercialization of new products [1][2] Financial Performance - In 1H25, the company achieved revenue of 0.66 million yuan, a year-on-year decrease of 30.6% - The net profit attributable to the parent company was -2.39 million yuan, with adjusted net profit at -2.18 million yuan - The gross margin for 1H25 was 48.4%, down by 4.3 percentage points [1] Strategic Adjustments - The revenue decline was attributed to the company's decision to terminate its agency cooperation with the U.S. skincare brand OMA, reallocating resources to new products CU-40102 and CU-10201, which have received regulatory approval - The company is optimistic about accelerating revenue growth in the second half of the year as these core products move towards commercialization [1][2] Cost Management - The company has optimized its expenses, with sales, management, and R&D costs in 1H25 being 0.92 million, 0.64 million, and 0.79 million yuan respectively, showing year-on-year decreases of 11.4%, 5.0%, and 20.3% - The reduction in sales expenses is attributed to improved investment efficiency in multiple products and strategic marketing preparations for upcoming commercialized products [1] Product Pipeline and Future Outlook - The company has made significant progress in its hair and skin care business, with two key products expected to receive market approval in late 2024 and mid-2025 - The company anticipates that the commercialization of these products will enhance growth potential and contribute positively to financial performance [2] - Projections for net profit from 2025 to 2027 are -2.87 million, -1.00 million, and 1.35 million yuan respectively, maintaining a "buy" rating [2]
科笛-B(02487.HK)：泛皮肤病治疗龙头 期待管线商业化贡献增量