Core Viewpoint - Tianfeng Securities maintains a "buy" rating for Shiyao Group (01093), forecasting revenue and net profit growth from 2025 to 2027 despite a decline in 2025H1 due to pressure from centralized procurement and a significant drop in traditional drug sales [1] Group 1: Financial Performance - In 2025H1, the company reported revenue of 13.273 billion yuan, a year-on-year decrease of 18.5%, and a net profit of 2.548 billion yuan, down 15.6% [1] - The traditional drug business saw a revenue drop of 24.4% to 10.248 billion yuan, with product sales declining by 32.3% when excluding authorized income [1] Group 2: Business Segments - Authorized income has become a significant source of revenue and profit for the company, with a 120 million USD upfront payment for SYH2086 expected to contribute to future earnings [2] - The company has established six business development (BD) projects in 2024, highlighting the value of its eight R&D platforms [2] Group 3: Clinical Developments - SYS6010 has initiated overseas Phase III clinical trials, with positive early data recognized by regulatory authorities in both China and the U.S. [3] - The HER2 bispecific antibody KN026 has had its new drug application accepted by the Chinese National Medical Products Administration, showing promising clinical trial results [4] - Multiple clinical data readouts are expected in 2025, including various ongoing trials for different cancer treatments [5]