康缘药业（600557）：业绩有所承压，创新管线稳步推进

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance has been under pressure, with a significant decline in revenue and net profit in the first half of 2025 compared to the same period last year [8] - Despite the challenges, the company is making steady progress in its innovation pipeline, with several products in various stages of clinical trials, indicating potential for future growth [8] - The company has strong research and development capabilities, and the valuation of its pipeline products shows considerable elasticity, supporting the "Buy" rating [8] Financial Summary - For the first half of 2025, the company reported total revenue of 1.642 billion yuan, a decrease of 27.29% year-on-year, and a net profit attributable to shareholders of 142 million yuan, down 40.12% [8] - The revenue breakdown by product shows that injection products generated 510 million yuan (down 39.73%), oral liquids 280 million yuan (down 48.78%), and tablet products 190 million yuan (up 12.26%) [8] - The company's gross margin for the first half of 2025 was 70.88%, a decrease of 3.67 percentage points compared to the same period last year [8] - The forecast for net profit attributable to shareholders has been revised down for 2025 and 2026, now expected to be 356.62 million yuan and 420.42 million yuan respectively [8][9]