康缘药业（600557）：业绩短期承压，创新研发持续推进

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][7][10] Core Views - The company is experiencing short-term pressure on performance, with a notable decline in revenue and net profit for the first half of 2025 [4][7] - Despite the current challenges, the company is making continuous progress in innovative research and development, with several drugs in various stages of clinical trials [7][8] Summary by Relevant Sections Financial Performance - For the first half of 2025, the company reported revenue of 1.642 billion yuan, a decrease of 27.29% year-on-year, and a net profit of 142 million yuan, down 40.12% year-on-year [4] - The second quarter of 2025 saw revenue of 764 million yuan, a decline of 15.09% year-on-year, with a net profit of 59 million yuan, down 42.43% year-on-year [4] - The company's gross margin for the first half of 2025 was 70.88%, a decrease of 3.67 percentage points year-on-year [7] Product Line Performance - Revenue from the injection segment was 506 million yuan, down 39.73% year-on-year, while the capsule segment generated 383 million yuan, down 4.78% [7] - Oral liquid revenue fell to 279 million yuan, down 48.78%, while tablet revenue increased by 12.26% to 190 million yuan [7] Future Projections - The company has revised its revenue forecasts for 2025 and 2026, now expecting 3.573 billion yuan and 3.901 billion yuan respectively, down from previous estimates of 5.139 billion yuan and 5.948 billion yuan [8] - The projected net profit for 2025 and 2026 is now 402 million yuan and 453 million yuan, respectively, down from earlier forecasts of 618 million yuan and 772 million yuan [8] R&D Progress - The company is advancing its innovative drug pipeline, with several products in clinical trials, including treatments for Alzheimer's disease and other conditions [7][8]