凭藉本集团在多个领域的深厚积淀，Probio Cayman已成长为一家领先的CDMO服务提供商，为抗体开 发、蛋白疗法、细胞疗法及基因疗法的创新者赋能。本公司和蓬勃集团多年来一直投资于具有治疗潜力 的新分子实体、加速客户的研发项目并保持 Probio Cayman 在技术创新领域的领先地位。此外，预计 Probio Cayman会从与礼新医药科技有限公司就 PD-1 VHH抗体(该抗体后续用于 PD-1 / VEGF 双特异性 抗体，并进一步许可给默沙东)达成的许可协议中获得现金流入，因此，董事会对Probio Cayman未来的 发展前景充满信心。 紧接交割前，本公司直接及间接持有Probio Cayman 71.72%。Probio Cayman及其附属公司为生物科技及 制药公司提供全面的合约开发及生产组织(CDMO)服务，涵盖抗体药物发现及临床前开发、生物制剂及 治疗用质粒和病毒的临床及商业生产。 智通财经APP讯，金斯瑞生物科技(01548)发布公告，于2025年4月28日，转让人(MSUM VII Holdings Limited及HSUM XIV Holdings Limited)、受让人(本公司 ...

从中华交易服务香港生物科技指数持仓样本的行业来看，生物药品占比60.67%、制药与生物科技服务 占比22.64%、化学药占比13.14%、医疗器械占比3.55%。 本文源自：金融界 作者：行情君 据了解，"中华交易服务香港生物科技指数由中华证券交易服务有限公司(中华交易服务)委托中证指数 有限公司(中证指数)进行编制，指数编制方案由中华交易服务以及中证指数共同确定。中华交易服务香 港生物科技指数(中华香港生物科技)为证券价格指数，旨在反映于香港上市的生物科技公司的整体表 现"该指数以2014年12月12日为基日，以2000.0点为基点。 从指数持仓来看，中华交易服务香港生物科技指数十大权重分别为：康方生物（11.12%）、信达生物 （10.75%）、百济神州（10.09%）、药明生物（9.6%）、中国生物制药（9.38%）、再鼎医药 （5.61%）、三生制药（5.2%）、药明康德（4.56%）、科伦博泰生物-B（4.25%）、金斯瑞生物科技 （3.54%）。 从中华交易服务香港生物科技指数持仓的市场板块来看，香港证券交易所占比100.00%。 金融界4月21日消息，上证指数低开高走，中华交易服务香港生物科技指 ...

Company Overview - The company operates in over 100 countries and regions, with a professional team of approximately 5,568 members as of December 31, 2024[8]. - The company serves over 225,100 customers from more than 100 countries, impacting various fields such as vaccine development and diagnostics[94]. - The company was established as an exempted limited company in the Cayman Islands on May 21, 2015, and its shares were listed on the main board of the Stock Exchange on December 30, 2015[145]. Financial Performance - The group's revenue from continuing operations for the reporting period was approximately $594.5 million, representing a 6.1% increase from approximately $560.5 million in the previous year[17]. - The adjusted net profit for the group during the reporting period was approximately $59.8 million, an increase of 2.9% compared to approximately $58.1 million in the previous period[16]. - The gross profit for the group during the reporting period was approximately $272.1 million, remaining stable compared to the previous period[17]. - The group reported a profit of approximately $2.9 billion during the reporting period, compared to a loss of approximately $355.1 million in the previous period[17]. - The revenue from the cell therapy business contributed approximately $3.2 billion, significantly boosting the group's profit growth during the reporting period[16]. - The total assets of the group increased to approximately $4.32 billion in the fiscal year 2024, up from $2.04 billion in the previous year[19]. - The cash and cash equivalents decreased to approximately $131.99 million in fiscal year 2024, down from $1.45 billion in the previous year[19]. - The company achieved a profit attributable to owners of approximately $3 billion, compared to a loss of $95.5 million in the previous period[32]. Revenue Breakdown - Revenue from the United States, Mainland China, Europe, Asia-Pacific (excluding Mainland China), and other regions for the year ended December 31, 2024, was approximately $265.1 million, $176.9 million, $80.9 million, $53.1 million, and $18.5 million, respectively, accounting for 44.6%, 29.8%, 13.6%, 8.9%, and 3.1% of total revenue[10]. - External revenue from life sciences services and products accounted for 75.8% of total revenue, while biopharmaceutical development services and industrial synthetic biology products contributed 14.8% and 9.0%, respectively[32]. - Life Sciences segment revenue reached approximately $454.9 million, a 10.2% increase from $412.9 million in the previous year[35]. - The TurboCHO® cell expression platform saw over 100% sales growth compared to the previous year[20]. Operational Highlights - The life sciences services and products platform continues to provide stable revenue, covering gene synthesis, oligonucleotide synthesis, peptide synthesis, protein production, antibody development, and life science equipment and consumables[4]. - The CDMO platform, known as Probio, empowers global biopharmaceutical innovation by providing seamless end-to-end solutions, enhancing project success rates and reducing development time[8]. - The industrial synthetic products platform, known as Basij, utilizes advanced protein engineering technology to develop products for the feed, food, grain processing, and household care industries[9]. - The company aims to optimize operational processes and enhance quality and delivery times to improve competitiveness[7]. - The company is focused on establishing strategic collaborations with business partners to build a healthy biotechnology ecosystem[7]. Investments and R&D - The company has made significant investments in cell therapy, which is expected to bring long-term value to the company and its shareholders[7]. - The company has made significant investments in R&D and talent development, which may not yield immediate profit growth but are expected to create long-term value[21]. - The company plans to invest in R&D for antibody drug development and AI drug development to accelerate innovation[36]. - The company is focused on enzyme product business growth through innovation and process optimization[42]. Employee and Management Structure - As of December 31, 2024, the total number of employees in the group is 5,568, with 53.6% in production, 11.2% in sales and marketing, 13.2% in administration, 8.8% in R&D, and 13.2% in management[102]. - The company has implemented continuous education and training programs for employees to enhance their skills and knowledge[102]. - The board of directors currently consists of 12 members, including 4 executive directors, 1 non-executive director, and 7 independent non-executive directors[105]. Strategic Initiatives - The company plans to expand its market penetration in North America and Europe by acquiring new customers in advanced therapy fields[39]. - The company is focused on expanding its product portfolio and enhancing operational efficiency through digital transformation and lean management[96]. - The company is actively pursuing new strategies in market expansion and product development to enhance its competitive position[124]. - The company aims to strengthen its position in the life sciences sector through strategic partnerships and investments in innovative technologies[125]. Governance and Compliance - The company has established a robust governance structure with various committees, including audit and compensation committees, to oversee operations[119]. - The company has adopted various share option and restricted share award plans to incentivize employees and selected participants for their contributions[101]. - The board's composition aims to improve oversight in areas such as data security and geopolitical resilience, aligning with current market trends[132]. Shareholder Information - The board of directors did not recommend the distribution of a final dividend for the year ending December 31, 2024, to retain resources for business development[148]. - The company has not reported any distributable reserves as of December 31, 2024[155]. - The company has authorized a maximum of 212,768,651 shares for issuance under the share option and incentive plans, representing 10% of the total shares issued as of the 2024 annual general meeting date[171].

Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Views - Kingsray Biotechnology (1548.HK) reported a significant profit increase, with net profit reaching $2.961 billion in 2024, primarily due to the gain from the demerger of its cell therapy business [7][8]. - The company’s revenue for 2024 was $594.49 million, reflecting a 29.19% decline, but is expected to rebound with a projected revenue of $937.21 million in 2025, representing a 57.65% growth [2][9]. - The life sciences segment showed steady growth, with external revenue of approximately $450 million in 2024, up 10.2%, driven by platform upgrades and operational efficiency improvements [7][8]. Financial Summary - **Revenue Forecast**: Expected revenues for 2025, 2026, and 2027 are $937.21 million, $829.90 million, and $981.93 million respectively [2][9]. - **Net Profit Forecast**: Projected net profits for the same years are $309.95 million, $130.72 million, and $208.01 million [2][9]. - **Earnings Per Share (EPS)**: EPS is expected to decline from $1.37 in 2024 to $0.14 in 2025, before recovering to $0.10 in 2027 [2][9]. - **Return on Equity (ROE)**: ROE is projected to decrease significantly from 68.54% in 2024 to 6.69% in 2025, before gradually increasing to 4.19% in 2027 [2][9]. Business Segments - **Life Sciences Services and Products**: Revenue is expected to grow at rates of 15%, 20%, and 20% from 2025 to 2027, with stable pricing and improving gross margins [8][9]. - **Biologics Development Services**: Anticipated revenue growth of 20% in 2025, followed by 10% in the subsequent years, with a focus on expanding market penetration in North America and Europe [8][9]. - **Industrial Synthetic Biology Products**: Expected to see revenue growth of 25% in 2025, driven by new product launches and a focus on large clients [8][9].

Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Insights - The company reported a significant profit increase, with net profit reaching $2.961 billion in 2024, primarily due to the gain from the demerger of its cell therapy business [7][8]. - The revenue for 2024 was $594.49 million, reflecting a decrease of 29.19% year-on-year, but is expected to rebound with a projected revenue of $937.21 million in 2025, representing a growth of 57.65% [2][8]. - The company is focusing on enhancing its life sciences services and products, with a projected revenue growth of 15% to 20% from 2025 to 2027 [8]. Financial Performance Summary - **Revenue**: - 2024: $594.49 million - 2025E: $937.21 million (growth of 57.65%) - 2026E: $829.90 million (decline of 11.45%) - 2027E: $981.93 million (growth of 18.32%) [2][9] - **Net Profit**: - 2024: $2.961 billion - 2025E: $309.95 million (decline of 89.54%) - 2026E: $130.72 million (decline of 57.82%) - 2027E: $208.01 million (growth of 59.12%) [2][9] - **Earnings Per Share (EPS)**: - 2024: $1.37 - 2025E: $0.14 - 2026E: $0.06 - 2027E: $0.10 [2][9] - **Return on Equity (ROE)**: - 2024: 68.54% - 2025E: 6.69% - 2026E: 2.75% - 2027E: 4.19% [2][9] Business Segment Performance - **Life Sciences Services and Products**: - 2024 revenue: $455 million (growth of 16%) - Expected to maintain stable pricing with projected growth rates of 15% to 20% from 2025 to 2027 [8][9]. - **Biologics Development Services**: - 2024 revenue: $95 million (decline of 13.2%) - Expected to recover with growth rates of 20% in 2025 and 10% in subsequent years [8][9]. - **Industrial Synthetic Biology Products**: - 2024 revenue: $53.7 million (growth of 25%) - Projected growth rates of 25% in 2025 and 18% in the following years [8][9]. Strategic Development - The company aims to invest in R&D for antibody drug development and AI drug development, enhancing operational efficiency and expanding global production capacity [7][8]. - It plans to strengthen its market presence in North America and Europe, focusing on customer relationships and expanding production capacity [7][8].

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - Kingsray Biotechnology (1548.HK) reported a significant profit increase, with net profit reaching $2.961 billion in 2024, primarily due to the gain from the demerger of its cell therapy business [7][8] - The company’s revenue for 2024 was $594.49 million, reflecting a decrease of 29.19% year-on-year, but is expected to rebound with a projected revenue of $937.21 million in 2025, representing a growth of 57.65% [2][8] - The life sciences segment showed steady growth, with external revenue of approximately $450 million in 2024, up 10.2% year-on-year, driven by platform upgrades and operational efficiency improvements [7][8] Summary by Sections Financial Performance - In 2024, the company achieved a gross profit of $270 million, with a gross margin of 45.77% [10] - The projected net profit for 2025 is $309.95 million, with a significant drop in profitability expected in 2026 [2][8] - The earnings per share (EPS) for 2024 was $1.37, but is expected to decline to $0.14 in 2025 [2][8] Revenue Breakdown - Life Sciences Services and Products: Expected revenue growth of 15% in 2025, reaching $523.2 million [9] - Biologics Development Services: Anticipated revenue of $114 million in 2025, with a recovery expected after a decline in 2024 [9] - Industrial Synthetic Biology Products: Projected revenue growth of 25% in 2025, reaching $65 million [9] Strategic Development - The company plans to invest in R&D for antibody drug development and AI drug development, aiming to enhance product reliability and cost-effectiveness [7][8] - Expansion of production capacity in North America and Europe is a key focus to meet customer demands and mitigate supply chain risks [7][8] Market Position - The company’s market capitalization is approximately $27.69 billion, with a 52-week price range of HKD 8.23 to HKD 16.74 [5] - The stock has shown a relative performance against the Hang Seng Index, with fluctuations noted over the past year [4]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company reported a revenue of $594 million for 2024, reflecting a year-over-year increase of 6.1%, and a significant net profit of approximately $2.96 billion, primarily due to the deconsolidation of its cell therapy business, which contributed $3.2 billion in earnings [1] - The life sciences segment achieved a revenue of $455 million in 2024, growing by 10.2% year-over-year, with an adjusted operating profit of $90 million, up 15.5% [2] - The CDMO business saw a revenue decline of 13.2% to $95 million in 2024, with an adjusted operating loss of $43 million, attributed to unfavorable market conditions and increased competition [3] - The synthetic biology segment experienced a revenue increase of 24.6% to $54 million, with adjusted operating profit remaining stable at approximately $2.1 million [3] - The company expects a revenue growth of 15%-20% in the CDMO business for 2025, driven by new project acquisitions and anticipated upfront payments from partners [3] Summary by Sections Financial Performance - The company achieved a total revenue of $594 million in 2024, with a significant turnaround in net profit to $2.96 billion from a loss of $95 million in 2023 [5] - The projected net profits for 2025 and 2026 are $248 million and $235 million, respectively, with an expected EPS of $0.12 and $0.11 [4][5] Business Segments - Life Sciences: Revenue of $455 million in 2024, with a focus on innovation and automation leading to improved operational efficiency [2] - CDMO: Revenue of $95 million in 2024, with a forecasted recovery in 2025 due to new project acquisitions [3] - Synthetic Biology: Revenue growth of 24.6% in 2024, driven by expanding customer base and market penetration [3] Valuation Metrics - The company’s current valuation is considered low, with projected PE ratios of 14, 15, and 7 for 2025, 2026, and 2027, respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company reported a revenue of $594 million for 2024, reflecting a year-over-year increase of 6.1%, and a significant net profit of approximately $2.96 billion, primarily due to the deconsolidation of its cell therapy business, which contributed $3.2 billion in gains [1][4] - The life sciences segment achieved a revenue of $455 million in 2024, up 10.2% year-over-year, with an adjusted operating profit of $90 million, marking a 15.5% increase [2] - The CDMO business saw a revenue decline of 13.2% to $95 million in 2024, with an adjusted operating loss of $43 million, attributed to unfavorable market conditions and increased competition [3] - The synthetic biology segment experienced a revenue growth of 24.6% to $54 million, with a stable adjusted operating profit of $2.1 million [3] - The company expects a revenue growth of 15%-20% in the CDMO business for 2025, driven by new project acquisitions and anticipated upfront payments from partners [3] Financial Forecasts and Valuation - The updated net profit forecasts for 2025 and 2026 are $248 million and $235 million, respectively, with a new estimate for 2027 at $505 million, reflecting the expected ramp-up in production capacity [4] - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are $0.12, $0.11, and $0.23, respectively, with corresponding price-to-earnings (PE) ratios of 14, 15, and 7 [4][5]

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Views - The company has turned a profit in 2024, with a net profit of $3 billion, compared to a loss of $95 million in 2023, primarily due to a one-time gain from the deconsolidation of Legend Biotech, amounting to approximately $3.2 billion [1][4]. - The company is expected to continue its profitability into 2025, with projected revenue growth across its business segments [3]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of $594.49 million, a 6.1% increase year-over-year, and an adjusted net profit of $60 million, reflecting a 2.9% increase year-over-year [1]. - The life sciences segment saw revenue and adjusted operating profit increase by 10.2% and 15.5%, respectively, reaching $455 million and $90 million [2]. - The CDMO segment experienced a revenue decline of 13.2% to $95 million, with an adjusted operating loss of $43 million, although signs of recovery are noted in the second half of the year [2]. - The synthetic biology segment reported a 24.6% increase in revenue to $54 million, with stable adjusted operating profit [2]. Future Projections - For 2025, the company anticipates continued profitability, with life sciences revenue growth projected at 10-15% and CDMO revenue growth of 15-20% [3]. - The synthetic biology segment is expected to grow by 20-25% in RMB terms, with an adjusted gross margin improvement to approximately 45% [3]. Valuation and Estimates - The company’s estimated net profits for 2025, 2026, and 2027 are projected to be $176 million, $264 million, and $501 million, respectively, with corresponding EPS of $0.08, $0.12, and $0.24 [5][23]. - The report assigns a target market capitalization of HKD 42.06 billion, with a target price of HKD 19.59, reflecting adjustments based on comparable company valuations [5][14].

Investment Rating - The report maintains an "Outperform" rating for Genscript Biotech [2][4][6] Core Insights - The deconsolidation of Legend Biotech has led to a significant profit improvement for Genscript, with a profit from discontinued operations of approximately $3 billion, compared to a loss of about $518 million in the same period in 2023 [7][17] - The company expects a positive trend for its continuing business segments in 2025, with projected revenues of $938 million, representing a year-on-year growth of 58% [2][8] - The total equity valuation of Genscript is estimated at $6.296 billion, translating to a target price of HK$22.78 per share [6][17] Summary by Segment Life Sciences Segment - Expected revenue for 2025 is $523 million, with a year-on-year growth rate of 15% and an adjusted operating profit of $104 million [13][14] - The segment's revenue in 2024 was approximately $454.9 million, up by 10.2% year-on-year, with an adjusted gross profit of about $237.7 million [14][17] Biologics Development Services Segment - Projected Fee-for-Service revenue for 2025 is $113 million, up by 19% year-on-year [14][15] - The segment's revenue in 2024 was about $95 million, down by 13.2% year-on-year, but showed signs of recovery in the second half of 2024 [14][17] Industrial Synthetic Biology Products Segment - Expected revenue for 2025 is $67 million, with a year-on-year growth rate of 25% [15][16] - The segment's revenue in 2024 was approximately $53.7 million, up by 24.6% year-on-year [14][17] Legend Biotech - After the deconsolidation, the market capitalization of Legend Biotech was $6.8 billion, with Genscript holding a 47.51% stake valued at approximately $3.231 billion [16][17]