凯因科技（688687）：深化布局乙肝治疗领域，降本增效提升利润率

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Viewpoints - The company achieved a net profit of 0.47 billion yuan in the first half of 2025, representing a year-on-year growth of 11.75%, despite a 5.05% decline in revenue to 5.66 billion yuan [1] - The company continues to invest heavily in R&D, with an expenditure of 71.41 million yuan in the first half of 2025, accounting for 12.61% of revenue, and is advancing multiple clinical projects in the hepatitis B treatment field [2] - Sales of key products remain robust, with the company implementing effective market strategies and achieving strong performance in the hepatitis C market [3] - Cost reduction and efficiency improvements have led to an increase in net profit margin to 8.36%, up 1.25 percentage points year-on-year [3] Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 5.66 billion yuan, a decrease of 5.05% year-on-year, while the net profit attributable to shareholders was 0.47 billion yuan, an increase of 11.75% [1] - The company expects revenues of 13.59 billion yuan, 16.06 billion yuan, and 19.49 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.64 billion yuan, 1.94 billion yuan, and 2.37 billion yuan for the same years [4] R&D and Product Development - The company has maintained a high level of R&D investment, with a 1.22% increase in R&D spending year-on-year, and is progressing with several clinical trials for hepatitis B treatments [2] - Key products such as Jinshuxi and Kaiyin Yisheng are showing strong sales performance, supported by effective market strategies and collaborations with experts in the liver disease field [3] Profitability and Efficiency - The company has successfully reduced sales expenses by 11.68% year-on-year, leading to an improved net profit margin of 8.36% in the first half of 2025 [3] - The report highlights the positive impact of cost reduction measures on profitability, with a notable decrease in sales expense ratio [3]