Core Viewpoint - Yabao Pharmaceutical reported a decline in both revenue and net profit for the first three quarters of 2025, indicating a downturn in performance compared to previous years [1][2]. Financial Performance - For the first three quarters of 2025, Yabao Pharmaceutical achieved revenue of 1.709 billion yuan, a year-on-year decrease of 19.46% [1]. - The net profit attributable to shareholders was 215 million yuan, down 8.44% year-on-year [1]. - The third quarter revenue was 569 million yuan, reflecting a 16.01% decline compared to the same period last year [1]. - The net profit for the third quarter was approximately 40.7 million yuan, a significant drop of 26.22% year-on-year [1]. Product Performance - Sales of the flagship product, Dinggui Er Qi贴, decreased by 10.60% to 85.83 million patches, equating to a loss of approximately 10.18 million patches compared to 2023 [2]. - The decline in revenue for the first half of the year was attributed to reduced income from various products, including 消肿止痛贴 and 盐酸倍他司汀注射液 [2]. R&D Developments - The significant drop in total profit for the third quarter was primarily due to the termination of the SY-009 research and development project, which led to asset impairment provisions [2]. - SY-009, a sodium-glucose co-transporter 1 inhibitor intended for type 2 diabetes treatment, did not meet its primary efficacy endpoint in phase II clinical trials, leading to uncertainty in further development [3]. - As of the announcement date, the investment in SY-009's R&D had reached approximately 87.87 million yuan [3].

Core Viewpoint - The company has decided to terminate the clinical research and development of SY-009, a sodium-glucose co-transporter 1 inhibitor intended for the treatment of type 2 diabetes, and will fully recognize an asset impairment provision according to accounting standards [1] Financial Summary - Total R&D investment in SY-009 amounts to 87.87 million yuan, with 32.08 million yuan recognized as expenses and 55.79 million yuan capitalized [1] - The asset impairment provision will reduce the company's total profit for the year 2025 by 55.79 million yuan [1]

Core Viewpoint - The company has decided to terminate the clinical research and development of SY-009 capsules, leading to a full impairment of the capitalized R&D amount of 55.7933 million yuan, which will reduce the company's total profit for 2025 by the same amount [1] Group 1: Project Termination - The company announced the termination of the clinical research for SY-009 capsules [1] - SY-009 is a sodium-glucose co-transporter 1 inhibitor aimed at reducing postprandial glucose absorption for the treatment of type 2 diabetes [1] Group 2: Financial Impact - The impairment of the R&D capitalized amount of 55.7933 million yuan will directly impact the company's profit for the year 2025 [1] Group 3: Clinical Trial Results - Phase II clinical trial results indicated a relationship between dosage and efficacy, but the primary efficacy endpoint was not met [1] - The company faces significant uncertainty regarding further R&D investments and the time required to conduct additional trials [1]