亚宝药业七年投资逾8700万元项目终止，或影响今年利润

Core Viewpoint - The company, Yabao Pharmaceutical, has decided to terminate the clinical research and development of its diabetes drug SY-009, which may negatively impact its financial performance for the year [1][2]. Group 1: Project Termination - Yabao Pharmaceutical announced the termination of the clinical research for SY-009, a sodium-glucose co-transporter 1 (SGLT1) inhibitor aimed at treating type 2 diabetes [1]. - The company has invested a total of 87.87 million yuan in the development of SY-009, with 32.08 million yuan expensed and 55.79 million yuan capitalized [1]. - The decision to terminate was based on the Phase II clinical trial results, which indicated that the primary efficacy endpoint was not met, leading to significant uncertainty regarding future development and resource allocation [1][2]. Group 2: Financial Impact - The termination of SY-009 will result in a full impairment of the capitalized development costs amounting to 55.79 million yuan, which will reduce Yabao Pharmaceutical's total profit for 2025 by the same amount [2]. - In 2024, Yabao Pharmaceutical reported a revenue of 2.686 billion yuan, a decrease of 7.69% year-on-year, primarily due to a decline in pharmaceutical production revenue [2]. - The company's revenue for the first half of 2025 was 1.139 billion yuan, reflecting a year-on-year decrease of 21.08%, with a net profit of 174 million yuan, down 2.99% [3].