Core Viewpoint - The company experienced fluctuations in performance in the first half of 2025, with a significant focus on advancing its research projects and a notable increase in R&D investment. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 4.516 billion yuan, a year-on-year decrease of 11.93% [1] - The net profit attributable to the parent company was 409 million yuan, down 45.3% year-on-year, while the non-recurring net profit was 363 million yuan, a decline of 52.48% [1] - The gross margin was 63.32%, an increase of 1.31 percentage points, and the net profit margin was 8.97%, a decrease of 5.74 percentage points [1] - The company revised its profit forecasts for 2025-2026, now expecting net profits of 1.164 billion yuan, 1.250 billion yuan, and 1.314 billion yuan for 2025, 2026, and 2027 respectively [1] Group 2: R&D Progress - The company invested 649 million yuan in R&D in the first half of 2025, representing a year-on-year increase of 23.07% and accounting for 14.36% of revenue [2] - Key clinical trial endpoints for HB0034 have been reached, and it has been included in the CDE priority review list, with a formal market application expected soon [3] - The HB0017 product is nearing the end of patient follow-up in its key Phase III clinical trial for moderate to severe plaque psoriasis, while the trial for ankylosing spondylitis is progressing rapidly [3] - The company is advancing its projects using AI and extensive biological information, with several new innovative projects in early clinical stages [3] Group 3: Expense Ratios - In the first half of 2025, the company's sales expense ratio was 20.93%, management expense ratio was 15.94%, R&D expense ratio was 11.58%, and financial expense ratio was 2.16%, with year-on-year increases of 1.29 percentage points, 3.23 percentage points, 3.00 percentage points, and 1.47 percentage points respectively [3]

证券研究报告 | 医药生物 | 2025年4月26日 www.hczq.com 华创医药投资观点&研究专题周周谈·第123期 华海药业创新研发进入收获期 本周周专题联系人：王宏雨 | 华创医药团队： | | | --- | --- | | 首席分析师 郑辰 | 执业编号: S0360520110002 邮箱: zhengchen@hcyjs.com | | 联席首席分析师 刘浩 | 执业编号: S0360520120002 邮箱: liuhao@hcyjs.com | | 医疗器械组组长 李婵娟 | 执业编号: S0360520110004 邮箱: lichanjuan@hcyjs.com | | 中药和流通组组长 高初蕾 | 执业编号：S0360524070002 邮箱：gaochulei@hcyjs.com | | 分析师 王宏雨 | 执业编号: S0360523080006 邮箱: wanghongyu@hcyjs.com | | 分析师 朱珂琛 | 执业编号: S0360524070007 邮箱: zhukechen@hcyjs.com | 本报告由华创证券有限责任公司编制 报告仅供华创证券有限责任公 ...