YABAO PHARM.CORP(SH:600351) Shen Zhen Shang Bao·2025-10-24 11:17Core Viewpoint - Yabao Pharmaceutical reported a decline in both revenue and net profit for the first three quarters of 2025, indicating a downturn in performance compared to previous years [1][2]. Financial Performance - For the first three quarters of 2025, Yabao Pharmaceutical achieved revenue of 1.709 billion yuan, a year-on-year decrease of 19.46% [1]. - The net profit attributable to shareholders was 215 million yuan, down 8.44% year-on-year [1]. - The third quarter revenue was 569 million yuan, reflecting a 16.01% decline compared to the same period last year [1]. - The net profit for the third quarter was approximately 40.7 million yuan, a significant drop of 26.22% year-on-year [1]. Product Performance - Sales of the flagship product, Dinggui Er Qi贴, decreased by 10.60% to 85.83 million patches, equating to a loss of approximately 10.18 million patches compared to 2023 [2]. - The decline in revenue for the first half of the year was attributed to reduced income from various products, including 消肿止痛贴 and 盐酸倍他司汀注射液 [2]. R&D Developments - The significant drop in total profit for the third quarter was primarily due to the termination of the SY-009 research and development project, which led to asset impairment provisions [2]. - SY-009, a sodium-glucose co-transporter 1 inhibitor intended for type 2 diabetes treatment, did not meet its primary efficacy endpoint in phase II clinical trials, leading to uncertainty in further development [3]. - As of the announcement date, the investment in SY-009's R&D had reached approximately 87.87 million yuan [3].