证券日报网讯康缘药业（600557）11月27日在互动平台回答投资者提问时表示，公司始终坚定研发创 新，目前在研产品管线丰富，中药聚焦呼吸与感染疾病、心脑血管疾病、妇科疾病、骨伤科疾病等中医 优势领域，化药、生物药在心脑血管疾病、代谢性疾病、消化系统疾病、自身免疫疾病、神经系统疾病 等治疗领域积极布局。其中，治疗超重或肥胖、2型糖尿病生物药1类创新药ZX2021注射液于2025年6月 完成II期首例受试者入组，低剂量组、中剂量组、高剂量组已全部完成受试者入组，盲态下已呈现减重 效果，计划2026年三季度进入III期临床；治疗2型糖尿病、超重或肥胖生物药1类创新药ZX2010注射液 于2025年7月完成II期首例受试者入组，已开展3个剂量组入组(共4个剂量组)，计划2026年三季度进入III 期临床；治疗神经营养性角膜炎生物药1类创新药ZX1305E滴眼液于2025年6月完成II期首例受试者入 组，计划2026年三季度进入III期临床；治疗视神经损伤生物药1类创新药ZX1305注射液正在开展IIb期临 床。公司各项在研管线均按临床计划和方案有序推进，争取实现早日上市。对于临床试验进展、审评结 果等关键信息，公司 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's operating performance is under short-term pressure, with a focus on the growth potential of its innovative pipeline [5] - For the first half of 2025, the company achieved revenue of 1.642 billion yuan (down 27.29% year-on-year) and a net profit attributable to shareholders of 142 million yuan (down 40.12%) [5] - The gross margin for the first half of 2025 was 70.88% (down 3.66 percentage points), and the net margin was 9.06% (down 2.95 percentage points) [5] - The company has adjusted its profit forecasts for 2025-2026 and added a new forecast for 2027, expecting net profits of 380 million, 431 million, and 491 million yuan respectively [5] Financial Performance Summary - Revenue for 2025H1 was 1.642 billion yuan, with a year-on-year decline of 27.29% [5] - The net profit attributable to shareholders for 2025H1 was 142 million yuan, down 40.12% year-on-year [5] - The company's revenue breakdown shows that injection liquid revenue was 506 million yuan (down 39.73%), while tablet revenue increased by 12.26% to 190 million yuan [6] - The company has completed the acquisition of 100% equity in a biopharmaceutical company, enhancing its innovative drug pipeline [7] Financial Projections - The company expects revenues of 3.529 billion yuan in 2025, 3.750 billion yuan in 2026, and 4.035 billion yuan in 2027, with corresponding net profits of 380 million, 431 million, and 491 million yuan [8] - The projected EPS for 2025, 2026, and 2027 is 0.67, 0.76, and 0.87 yuan per share respectively [8] - The current stock price corresponds to a P/E ratio of 26.8 for 2025, 23.6 for 2026, and 20.8 for 2027 [5][8]