Core Viewpoint - The stock of Bohan Bio (06955) has dropped over 8% following the release of its interim results, reflecting investor concerns over declining profits despite revenue growth [1] Financial Performance - For the first half of the year, Bohan Bio reported revenue of RMB 393 million, an increase of 8.4% year-on-year [1] - Gross profit remained stable at RMB 283 million, showing no significant change compared to the previous year [1] - Profit attributable to the parent company decreased by 66.7% to RMB 20.514 million [1] Revenue Drivers - The increase in revenue was primarily driven by the sales of products (Bohyunuo, Bohyunbei, and Boluoga), which grew by 15.9% to RMB 385.3 million for the six months ending June 30, 2024 [1] Product Approval - On August 9, Bohan Bio announced that its self-developed product, Bohyunping (Dulaglutide injection), received approval from the National Medical Products Administration for use in blood sugar control in adult patients with type 2 diabetes [1] - Bohyunping is the first and currently the only approved biosimilar of Trulicity in the world, with no other domestic Dulaglutide injections having entered the market approval application stage [1] - The commercialization of Bohyunping in mainland China is being conducted in collaboration with Shanghai Pharmaceuticals Holding Co., Ltd. [1]

Core Insights - The company Boan Biotech has received approval from the National Medical Products Administration for its self-developed drug, Boyouping (Dulaglutide Injection), aimed at blood sugar control in adult patients with type 2 diabetes [1] - Boyouping is a long-acting GLP-1 receptor agonist, and its commercialization in mainland China will be conducted in collaboration with Shanghai Pharmaceuticals [1] Distribution and Marketing - Shanghai Pharmaceuticals has a comprehensive distribution network covering 25 provinces and over 70,000 medical institutions, supported by nearly 1,000 professional marketing personnel [1] - The company will leverage its integrated marketing services and extensive market coverage to accelerate the distribution of Boyouping across hospitals, retail pharmacies, and DTP specialty pharmacies nationwide [1] Company Overview - Boan Biotech operates with an integrated "R&D-production-sales" model and is a local biopharmaceutical company [1] - The company has developed innovative antibody drugs based on three technology platforms: antibody-drug conjugate technology, bispecific T-cell engager technology, and fully human antibody transgenic mice and phage display technology [1] - In the biosimilar drug sector, the company has successfully launched four products [1] Financial Performance - For the year 2024, the company is projected to achieve a revenue of 730 million yuan, representing a year-on-year growth of 17.5% [1] - The net profit is expected to be 73.19 million yuan, marking a turnaround from previous losses [1]