终止烟曲霉点刺液研发项目，400多万元“打水漂”

Core Viewpoint - The company has decided to terminate the research and development project for the smoke mold prick liquid due to various factors including project progress and associated risks, reallocating resources to focus on more advantageous projects in its pipeline [1][3]. Financial Impact - The termination of the smoke mold prick liquid project will reduce the company's total profit for 2025 by 4.7684 million yuan, leading to a decrease in net profit of 3.3379 million yuan after considering corporate income tax [1][3]. - The cumulative development expenditure for the smoke mold prick liquid project amounts to 4.7684 million yuan, which will be fully impaired according to accounting standards [3]. Clinical Trial Insights - The smoke mold prick liquid was intended for skin prick tests to assist in diagnosing type I hypersensitivity diseases caused by smoke mold sensitization [2]. - During the phase I clinical trial, a delayed reaction occurred in 9.1% of participants, characterized by blisters at the prick site, which typically appeared 48 to 72 hours post-test and lasted 5 to 10 days [2]. - The company found it challenging to identify and remove components in the smoke mold prick liquid that could cause delayed reactions, leading to the decision to halt further clinical trials [3]. Company Performance - As of the third quarter of 2025, the company reported a revenue of 855 million yuan, a year-on-year increase of 16.86%, and a net profit attributable to shareholders of 345 million yuan, up 26.67% [3]. - The company has eight approved allergen skin prick liquids for sale, and the termination of the smoke mold prick liquid project will not significantly impact other ongoing projects or overall operations [3]. Market Position - The company's latest stock price is 33.65 yuan, which has doubled since mid-September 2024 but remains significantly lower than its historical high of 96.93 yuan in early 2021, with a current market capitalization of 17.6 billion yuan [4].