Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to strategic adjustments and the termination of a partnership with a U.S. skincare brand, while focusing on the commercialization of new products [1][2] Financial Performance - In 1H25, the company achieved revenue of 0.66 million yuan, a year-on-year decrease of 30.6% - The net profit attributable to the parent company was -2.39 million yuan, with adjusted net profit at -2.18 million yuan - The gross margin for 1H25 was 48.4%, down by 4.3 percentage points [1] Strategic Adjustments - The revenue decline was attributed to the company's decision to terminate its agency cooperation with the U.S. skincare brand OMA, reallocating resources to new products CU-40102 and CU-10201, which have received regulatory approval - The company is optimistic about accelerating revenue growth in the second half of the year as these core products move towards commercialization [1][2] Cost Management - The company has optimized its expenses, with sales, management, and R&D costs in 1H25 being 0.92 million, 0.64 million, and 0.79 million yuan respectively, showing year-on-year decreases of 11.4%, 5.0%, and 20.3% - The reduction in sales expenses is attributed to improved investment efficiency in multiple products and strategic marketing preparations for upcoming commercialized products [1] Product Pipeline and Future Outlook - The company has made significant progress in its hair and skin care business, with two key products expected to receive market approval in late 2024 and mid-2025 - The company anticipates that the commercialization of these products will enhance growth potential and contribute positively to financial performance [2] - Projections for net profit from 2025 to 2027 are -2.87 million, -1.00 million, and 1.35 million yuan respectively, maintaining a "buy" rating [2]

泛皮肤病治疗龙头，期待管线商业化贡献增量 科笛-B(02487) 证券研究报告 生物制品/ 公司跟踪研究报告/ 2025.09.01 投资评级:增持(维持) | 基本数据 | 2025-08-29 | | --- | --- | | 收盘价(元) | 11.55 | | 流通股本(亿股) | 3.21 | | 每股净资产(元) | 2.36 | | 总股本(亿股) | 3.21 | 最近 12 月市场表现 -68% -45% -23% 0% 23% 46% 科笛-B 恒生指数 分析师 耿荣晨 SAC 证书编号：S0160525070002 gengrc@ctsec.com 联系人 陈思 chensi01@ctsec.com 相关报告 1. 《消费&研发双驱动，泛皮肤平台新星实 力可期》 2024-11-29 核心观点 | 盈利预测 | | | | | | | --- | --- | --- | --- | --- | --- | | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入(百万) | 138 ...