证券研究报告 凯因科技 (688687 CH) 利润持续增长，期待派益生顺利获批 2025 年 8 月 17 日│中国内地 生物医药 公司公布上半年业绩：收入 5.7 亿元，同比-5%；归母净利润 0.5 亿元，同 比+12%。其中二季度公司实现收入 3.3 亿元，同比-13%；归母净利润 0.2 亿元，同比+7%。公司利润持续释放，siRNA 已于 7M25 获批开展乙肝临床 实验，派益生（长效干扰素）有望 25 年内获批。我们看好公司作为国内肝 病领域领先力量，派益生顺利获批、持续扩充产品、进军乙肝大市场，维持 "买入"评级。 存量品种表现稳健，费用率持续优化 1）根据 PDB 样本医院数据，1Q25 金舒喜、凯因益生市场份额持续保持领 先，凯力唯在肝病专家学术合作+下沉县域市场的有效策略下展现较强韧性； 2）公司控费同时加码研发，2Q25 销售、管理、研发费用率分别为 48%、 11%、13%（环比-1 pct、-1 pct、+3 pct）。我们看好公司持续优化费率、 重视研发，在提高利润率水平的同时布局长远。 聚焦乙肝功能性治愈，长效干扰素蓄势待发 1）公司聚焦乙肝功能性治愈，KW040 已于 7M2 ...

Core Viewpoint - The company, Kaiyin Technology, is actively advancing its drug development projects and has reported positive financial performance in Q1 2025, indicating growth potential in the biopharmaceutical sector focused on viral and immune diseases [6][8]. Group 1: Drug Development Progress - The company has received acceptance for its new drug application for chronic hepatitis B treatment by the National Medical Products Administration in September 2024, with further updates to be provided by regulatory announcements [2]. - In 2025, the company plans to accelerate the clinical progress of several projects, including KW-051 for shingles, KW-045 for herpetic pharyngitis, and KW-053 for genital warts, while also focusing on the Phase I clinical study of a new drug KW-040 [3]. - The company is concentrating on innovative drug development for functional cure of hepatitis B, with ongoing clinical trials for KW-001 and KW-027, and has submitted a clinical trial application for KW-040 [6]. Group 2: Market Position and Competition - The domestic hepatitis C market presents significant growth opportunities, with the company’s product, Kailiwei, expected to leverage its competitive advantages in product strength and promotional strategies to achieve breakthroughs [4]. - The company is enhancing the brand influence of its product Jinshuxi, which has been included in the Jiangxi centralized procurement, aiming for increased market share through strategic channel optimization and cancer screening initiatives [5]. Group 3: Financial Performance - In Q1 2025, the company reported a main revenue of 232 million yuan, an increase of 8.9% year-on-year, and a net profit of approximately 25.67 million yuan, reflecting a 15.92% year-on-year growth [6]. - The company’s gross profit margin stands at 82.95%, with a debt ratio of 24.29%, indicating a strong financial position [6]. - Recent institutional ratings show 5 buy ratings and 2 hold ratings, with an average target price of 44.97 yuan over the past 90 days [6][8].