Kawin Technology(SH:688687) 光大证券研究·2025-05-09 14:12Core Viewpoint - The company experienced a decline in revenue for 2024 due to the implementation of centralized procurement policies, but showed growth in net profit and is optimistic about future product approvals [2][3]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 1.23 billion, a year-on-year decrease of 12.87%. However, the net profit attributable to shareholders was 142 million, reflecting a year-on-year increase of 22.18%. The net profit excluding non-recurring items was 137 million, up 11.75% year-on-year [2]. - For Q1 2025, the company reported operating revenue of 232 million, a year-on-year increase of 8.90%. The net profit attributable to shareholders was 26 million, up 15.92%, while the net profit excluding non-recurring items was 24 million, an increase of 16.08% year-on-year [2]. Group 2: Impact of Centralized Procurement - The decline in revenue for 2024 was primarily due to the implementation of centralized procurement policies for products like Jinshuxi and Kaiyin Yisheng, which led to a decrease in sales prices across various regions. The initial phase of these policies also caused disruptions in the sales channels, impacting Q4 revenue [3]. Group 3: Future Product Development - The company is optimistic about the approval of its core product, KW-001 (Pegylated Interferon α-2 Injection), which successfully completed Phase III clinical trials in 2024 and has submitted a drug registration application. The company maintains a high level of investment in R&D and is accelerating the development of its pipeline [4]. - Other projects in the pipeline include KW-045 and KW-051, both of which have completed their respective clinical trial phases, and KW-053, which has received approval for clinical trials for the treatment of condyloma acuminatum [4].