8月18日，康哲药业发布2025年中期业绩，公司营收和利润同比均实现增长，战略转型成效初显。报告 期内，公司实现营业收入约40.0亿元（人民币，下同），同比增长10.8%。若全按药品销售收入计算则 营收约46.7亿元，同比增长8.9%。实现净利润约9.3亿元，同比增长3.1%。 在研创新管线中，已有多款重磅候选药物进入中国后期临床开发阶段，预计将在未来1-3年内陆续进入 商业化，形成持续放量的新动力。 其中，合作产品注射用Y-3已完成中国III期临床，该产品为原创单分子1类新药，亦为全球唯一进入临床 研究的非肽类PSD95/nNOS解偶联剂，并有望成为首个治疗缺血性卒中并预防卒中后抑郁焦虑的双功能 脑细胞保护药物。另一个口服小分子1类新药ABP-671（URAT1抑制剂）用于治疗痛风及高尿酸血症， 目前其中国IIb/III期临床正有序推进中。相较现有主流药物，该产品有潜力以更低剂量将尿酸降低至更 低水平，并具有溶解痛风石的能力，有望为患者提供疗效更优、安全性更高的治疗选择。 康哲药业亦持续增厚创新储备，不断夯实全链条创新实力，以实现创新产品分阶段、源源不断获批上 市。2025上半年，公司新增ZUNVEYL、M ...

Core Insights - The article discusses the decline of once-thriving commercial establishments, highlighting the case of a landmark hotel in Maoming and an old theater in Suzhou, both facing auction due to poor business performance [1][3][4]. Group 1: Decline of Traditional Businesses - The landmark hotel in Maoming has gone through three auctions with a starting price of 58.13 million, yet remains unsold, reflecting a significant drop in its market value [1]. - An old theater in Suzhou, once popular and difficult to access, has also seen a drastic decline in attendance and is now struggling to maintain operations [1][3]. - The decline of these establishments is attributed to rapid technological advancements and changing consumer preferences, leading to a shift towards online platforms and modern facilities [3]. Group 2: Reasons for Decline - The fast pace of technological change has introduced new business models that traditional establishments have struggled to adapt to, particularly in the hotel industry where online booking has become prevalent [3]. - Insufficient innovation within these businesses has led to a failure to meet the evolving expectations of consumers, who now demand higher quality in both service and facilities [3]. - Increased competition from new entrants with unique offerings has further exacerbated the challenges faced by older businesses [3]. Group 3: Opportunities for Revival - The situation of the landmark hotel, despite its current challenges, presents potential opportunities for investors who may see value in repositioning and renovating the property [4]. - Business operators are encouraged to embrace market changes and innovate their strategies, such as creating themed rooms or personalized services to attract customers [4]. - Urban planners are advised to consider the preservation and support of traditional commercial landmarks to revitalize them in the modern context [4].