Core Viewpoint - The stock price of Bohan Biotech (06955) has declined over 30% since reaching a peak of 19.90 HKD on August 8, 2023, and is now facing pressure to maintain its status in the Hong Kong Stock Connect due to a decrease in average market capitalization [1][2] Group 1: Stock Performance - Bohan Biotech's average market capitalization has fallen to 6.651 billion HKD, approaching the Hong Kong Stock Connect exit threshold of 5.745 billion HKD [1] - The stock has been in a downward trend characterized by "price drop and volume shrinkage" since August, with significant trading volume declines observed [2][3] - On October 14, the stock price reached a low of 11.22 HKD, but there are signs of stabilization in the following trading days [1][5] Group 2: Market Dynamics - The company has faced challenges due to the introduction of centralized procurement for biosimilars, which could impact its valuation and market position [1][6] - Bohan Biotech's strategy of developing biosimilars has been crucial for its commercial success, but the centralized procurement poses a risk to its business model [6][7] - The centralized procurement initiated on August 1, 2023, includes several key monoclonal antibodies, directly affecting Bohan Biotech's products [7][8] Group 3: Competitive Landscape - Bohan Biotech's core product, Bevacizumab (博优诺®), faces intense competition with 11 approved biosimilars in the market, leading to price pressures [8][9] - The company has partnered with AstraZeneca for the exclusive promotion of Bevacizumab, but its market share remains low compared to competitors [8] - The pricing strategy post-procurement will be critical, as Bohan Biotech's pricing is competitive but may still struggle against established players [9]

Core Insights - The company reported a revenue of RMB 393 million for the six months ending June 30, 2025, representing an 8.4% year-on-year increase [1] - Gross profit remained relatively stable at RMB 283 million, showing no significant change compared to the previous period [1] - Net profit attributable to the parent company decreased by 66.7% to RMB 20.514 million, with basic earnings per share at RMB 0.04 [1] - The increase in revenue was primarily driven by a 15.9% growth in sales of key products (博优诺®, 博优倍®, and 博洛加®), totaling RMB 385.3 million [1]

Core Points - The company reported a revenue of 393 million RMB for the six months ending June 30, 2025, representing an increase of 8.39% year-on-year [1] - Shareholder profit attributable to the company was 20.514 million RMB, a decrease of 66.74% compared to the previous year [1] - Basic earnings per share were 0.04 RMB [1] Revenue Analysis - The increase in revenue was primarily driven by the sales growth of products (博优诺®, 博优倍®, and 博洛加®), which rose by 15.9% to 385 million RMB compared to the six months ending June 30, 2024 [1]