| 代码 | 名称 | 最新价 | 涨跌幅 ^ | | --- | --- | --- | --- | | 02162 | 康浩亚-B | 66.500 | -8.59% | | 01548 | 全斯瑞生物科技 | 17.340 | -7.42% | | 09926 | 康方生物 | 157.000 | -7.10% | | 02096 | 先声药业 | 13.460 | -6.79% | | 01093 | 石药集团 | 9.720 | -6.36% | | 01530 | 三生制药 | 28.240 | -6.18% | | 01477 | 欧康维视生物-B | 9.230 | -6.10% | | 03692 | 翰森制药 | 35.520 | -5.68% | | 01672 | 歌礼制药-B | 13.250 | -5.56% | | 01952 | 云贝新唯 | 69.900 | -5.54% | | 02186 | 绿叶制药 | 3.470 | -5.45% | | 02367 | 巨子生物 | 54.850 | -5.27% | | 01801 | 信达生物 | 91.000 | -4.96% ...

格隆汇8月27日｜港股市场生物技术股普跌，其中，三叶草生物跌超14%，北海康成跌超8%，银诺医 药、科伦博泰生物跌超6%，康诺亚、创胜集团、嘉和生物、药明巨诺跌超5%。 | 代码 | 名称 | 涨跌幅 ^ | | --- | --- | --- | | 02197 | 三叶草生物-B ⊙ | -14.13% | | 01228 | 北海康成-B | -8.33% | | 02591 | 银诺医药-B | -6.50% | | 06990 | 科伦博泰生物-B | -6.38% | | 02162 | 康诺亚-B | -5.98% | | 06628 | 创胜集团-B | -5.03% | | 06998 | 嘉和生物-B | -5.50% | | 03839 | 正大企业国际 | -5.22% | | 02126 | 药明巨诺-B | -5.14% | | 02616 | 基石约V-B | -4.80% | | 02367 | 巨子生物 | -4.58% | | 01548 | 金斯瑞生物科技 | -4.16% | | 01521 | 方达控股 | -4.08% | | 02696 | 复宏汉霖 | -3.5 ...

机构：中信建投证券 研究员：贺菊颖/袁清慧/王云鹏 金斯瑞是被低估的生命科学与基因治疗龙头。我们预计金斯瑞有望迎来估值重估，合理市值为654亿港 币，62%上涨空间。①生命科学板块随着创新药投融资回暖，蛋白业务第二增长极日益壮大，将逐步看 到业绩加速回暖；②蓬勃生物抗体业务逐步回暖，稀缺的兼具激活T细胞和猴交叉能力的CD3 vhh具备 对外授权潜力；③传奇生物重磅产品Carvykti2026年有望读出一线临床数据，继续巩固其在多发性骨髓 瘤中的优势领先地位。 传奇生物：海外商业化持续推进，期待26年Carvykti一线数据读出。Carvykti长期生存显著领先，CR具 有优势，神经毒性可控，已经成为NCCN指南中的MM推荐疗法，是目前爬坡最快的CAR-T产品。随着 产能逐渐落地，有望加速放量。 此外，期待2026年Carvykti一线数据读出，继续巩固其在MM领域的疗效地位。 盈利预测：预计2025-2027年公司总收入分别为9.5亿美元、8.1亿美元、9.7亿美元，对应增速分别为 60%、-15%、20%；经调整归母净利润分别为1.6亿美元、1.5亿美元、3.2亿美元。 投资建议：公司各业务板块估值方式差异 ...

中信里昂：维持泡泡玛特跑赢大市评级 升目标价至368港元 智通财经8月26日讯(编辑 童古 汤赞淇)以下为各家机构对港股的最新评级和目标价： 高盛：维持东方甄选沽售评级 升目标价至9港元 高盛就东方甄选(01797.HK)发布研报称，下调公司2026至2027财年GMV预测1%至3%，受益于自营品牌 产品GMV贡献提升，将收入预测上调最多10%，2026至2027财年经调整净利润率预测上调0.2%和1%， 目标价上调至9港元。因基本面持续疲软，加上估值较贵，该行维持沽售评级。 中金公司就布鲁可(00325.HK)发布研报称，公司2025年上半年收入同比增长27.9%至13.4亿元，经调整 净利润同比增长10%。尽管利润率因低毛利产品占比提升及费用投入加大而承压，但海外业务收入同比 大增899%，产品结构持续优化，IP商业化进程稳步推进。中金公司看好其全人群、全价位、全球化战 略带来的长期成长潜力，维持"跑赢行业"评级，目标价135港元。 海通国际：维持金斯瑞生物科技优于大市评级 海通国际就金斯瑞生物科技(01548.HK)发布研报称，公司2025年上半年收入同比增长81.9%至5.19亿美 元，持续经营业务经 ...

特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 金斯瑞以一份逆势跃升的答卷，完成了从"中国制造"到"全球智造"的战略升维——其密钥正是以创新为舵、以国际化 为锚：全球生产基地织就风险防控网络，开放授权生态打开价值裂变空间。 | 版 权 ： 本 文 部 分 素 材 源 自 网 络 ， 版 权 归 原 作 者 所 有 ， 观 点 代 表 作 者 本 人 ， 不 代 表 本 号立 场 | 转 载 ： 须 本 号 授 权 ， 请 联 系 主 编 发 文不易 ， 请 帮小 编点 下 "❤️" 近日， 金斯瑞 发布2025上半年业绩，营收大增81.9%，持续经营业务经调整净利润同比激增509.6%。整体来看， 金斯瑞这份成绩单亮眼，展现出强大的韧性。 2025上半年公司实现营业收入5.188亿美元，同比增长81.9%。受益于产能利用率持续提升及高端产品结构优化，毛 利润达3.206亿美元，同比增长140.1%；持续经营业务经调整净利润1.78亿美元，同比激增509.6%，净利润亏损 收窄至2450万美元，较上年同期2.156亿美元的亏损实现大幅改善，充 ...

短期看，市场情绪可能会因为不确定性而波动，尤其是一些直接暴露在美国市场下的业务。但中长期来 看，中国医药产业凭借其创新的积累和供应链的优势，有可能在全球药企新的博弈中找到新的发展机 会，特别是在CDMO和创新药国际化方面。(格隆汇) | 代码 | 名称 | 最新价 | 涨跌幅 へ | | --- | --- | --- | --- | | 02359 | 药明康德 | 103.200 | -3.19% | | 03347 | 泰格医药 | 51.550 | -2.83% | | 01548 | 金斯瑞生物科技 | 18.860 | -2.18% | | 01877 | 君实生物 | 34.200 | -1.84% | | 02269 | 药明生物 | 32.660 | -1.86% | | 09969 | 诺诚健华 | 17.760 | -1.44% | | 02268 | 药明合联 | 57.150 | -1.30% | | 09688 | 甲鼎医药 | 26.760 | -1.25% | | 06160 | 百济神州 | 185.700 | -1.17% | | 09926 | 康方生物 | 168.40 ...

研究报告 Research Report 24 Aug 2025 金斯瑞生物科技 Genscript Biotech (1548 HK) 2025 年半年报点评：各板块稳健增长，看好下半年趋势加速 2025H1Review: steady growth for all sectors, optimistic about the accelerated trend of 2H25 [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$18.52 目标价 HK$24.62 HTI ESG 5.0-3.8-4.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$40.39bn / US$5.17bn 日交易额 (3 个月均值) US$59.91mn 发行股票数目 2,181mn 自由流通股 (%) 51% 1 年股价最高最低值 HK$18.56-HK$8.97 注：现价 HK$18.5 ...

Core Insights - The company achieved a revenue of $519 million in H1 2025, representing an 81.9% increase, with a gross profit of approximately $320 million, up 140.1%, and an adjusted net profit of about $178 million, a significant increase of 509.6% [1] - The core business segments are showing a rapid recovery, particularly in life sciences services and products, which generated approximately $248 million in revenue, a growth of 11.3% [1] - The biopharmaceutical development (CDMO) segment saw a remarkable revenue increase of approximately $247 million, up 511.1%, primarily due to a substantial rise in licensing revenue [1][2] Revenue and Profit Analysis - The adjusted operating profit for life sciences services and products was approximately $46.35 million, a slight decrease of 3.2%, attributed to increased marketing transformation and R&D investments [1] - The industrial synthetic biology products generated revenue of $2.83 million, an increase of 8.4%, with an adjusted gross profit of about $11.4 million, up 3.6% [2] Project and Product Development - In H1 2025, the company secured 20 new CDMO projects for antibody protein drugs, with over 50% coming from global clients, and added 9 new IND approvals, totaling 56 [2] - The company continues to expand its NME portfolio, with over 30 antibody assets available for external licensing [2] Future Outlook - Revenue projections for 2025 to 2027 are estimated at $927 million, $803 million, and $905 million, reflecting year-on-year growth rates of 56.0%, -13.4%, and 12.6% respectively [2] - The biopharmaceutical CDMO segment is expected to return to an upward trajectory, with licensing revenue contributing positively to performance [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by over 20% in the next 6-12 months [6][11]. Core Insights - The company achieved a revenue of $519 million in the first half of 2025, representing an increase of 81.9%. The gross profit was approximately $320 million, up 140.1%, and the adjusted net profit was about $178 million, reflecting a significant increase of 509.6%. The net loss was reduced to $24.5 million compared to a net loss of $216 million in the same period of 2024 [1][6]. Summary by Sections Financial Performance - In H1 2025, the life sciences services and products generated approximately $248 million in revenue, a growth of 11.3%, with an adjusted gross profit of $126 million, up 5.3%. The adjusted operating profit was about $46.35 million, down 3.2% [2]. - The CDMO segment reported revenue of approximately $247 million, a remarkable increase of 511.1%, with an adjusted operating profit of $150 million, compared to a loss of $18.88 million in H1 2024. This growth was driven by significant licensing revenue and double-digit growth in regular income [2]. - The company secured 20 new CDMO projects for antibody protein drugs, with over 50% from global clients, and 30 new CDMO projects in CGT, including one CAR-T project [2]. Revenue and Profit Forecast - The company forecasts revenues of $927 million, $803 million, and $905 million for 2025, 2026, and 2027, respectively, with growth rates of 56.0%, -13.4%, and 12.6% [3][4]. - The adjusted net profit is expected to be $84 million in 2025, with a significant recovery projected in subsequent years [4]. Key Financial Metrics - The company reported a gross margin of 48.8% in 2023, expected to rise to 56.8% in 2025, and a projected return on equity (ROE) of 1.9% in 2025, improving to 6.4% by 2027 [10]. - The earnings per share (EPS) is projected to be $0.04 in 2025, with a price-to-earnings (P/E) ratio of 472.05 [4][10].

Group 1 - Goldman Sachs reports that King’s Ray Biotechnology (01548) had a mixed performance in the first half of fiscal year 2025, with gross margins under pressure [1] - Sales performance, excluding Legend Biotech, generally met expectations, leading management to slightly raise the guidance for life sciences business from 10%-15% to 13%-15% for 2025 [1] - Goldman Sachs maintains a "Buy" rating on King’s Ray, lowering the target price from HKD 27.34 to HKD 26.25, and revising earnings per share forecasts for 2025 to 2027 from USD 0.07, USD 0.05, and USD 0.10 to losses of USD 0.03, USD 0.01, and a profit of USD 0.03 respectively, reflecting pressure on profitability [1]