Investment Rating - The report assigns a "Buy" rating for King’s Ray Biotechnology (1548.HK) based on its strong performance and growth potential in the biopharmaceutical market [1]. Core Insights - King’s Ray Biotechnology reported robust growth in 2025, with total revenue reaching $960 million, a year-on-year increase of 61.4%. The adjusted net profit was $230 million, reflecting a significant growth of 285% [2][6]. - The company operates three main business segments: Life Sciences, Prosperity Bio, and BestJet, all showing positive operational trends [2]. Business Segment Summaries Life Sciences - In 2025, the Life Sciences segment generated $522 million in revenue, a 14.8% increase year-on-year, with an adjusted gross profit of $267 million, up 12.5% [3]. - The European market showed significant growth, with revenue share increasing from 16% in 2024 to 19% in 2025 [3]. - The segment aims for a revenue growth of 15-18% in 2026, targeting an adjusted gross margin of approximately 52% [5]. Prosperity Bio - Prosperity Bio achieved $389 million in revenue in 2025, a remarkable 309.1% increase. Excluding milestone revenues, the organic growth was 21% [4]. - The segment added 41 new CDMO projects, a 46% increase, and aims for a revenue growth of 20-25% in 2026 [5]. - The segment is expected to maintain high growth rates as more projects enter late-stage clinical trials [4]. BestJet - BestJet reported $58 million in revenue for 2025, a 7.9% increase, with an adjusted gross profit of $23 million [5]. - The segment is focusing on innovative product development, with AI enhancing research efficiency by 140% [5]. - The revenue from innovative products increased from 40% in 2024 to 44% in 2025, indicating strong potential for future growth [5]. Financial Projections - The company forecasts revenues of $807 million, $948 million, and $1.116 billion for 2026, 2027, and 2028, respectively, with corresponding net profits of $91 million, $183 million, and $239 million [7]. - The projected P/E ratios for these years are 34.35, 17.13, and 13.14, indicating a favorable valuation outlook [7].

[Table_ReportType] 公司点评报告 证券研究报告 公司研究 [Table_StockAndRank] 金斯瑞生物科技 (1548.HK) [Table_Author] 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药联席首席分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 [Table_Title] 三大业务板块经营趋势全面向好，2026 年业绩指引强劲 [Table_ReportDate] 2026 年 3 月 17 日 [Table_S 事件：2025 ummar年y]3 月 15 日，金斯瑞生物科技发布 2025 年度业绩。2025 年 公司实现持续经营业务收入 9.60 亿美元，同比增长 61.4%；2025 年公司实 现毛利润 5.53 亿美元，同比增长 103.3%；2025 年公司实现调整后净利润 2.30 亿美 ...

证券研究报告 金斯瑞生物科技 (1548 HK) 港股通 集团业务基本达标，传奇经调减亏 | 华泰研究 | 年报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | | 2026 年 3 月 16 日│中国香港 | | 目标价(港币): | 16.26 | | 公司发布 2025 年年报：实现收入 | 9.60 亿美元（+61.4%yoy，主因确认礼新 | 代雯，PhD | 研究员 | | 授权分成）；净亏损 5.32 亿美元（2024 | 年持续经营业务净亏损 1.74 亿美 | SAC No. S0570526010001 SFC No. BFI915 | daiwen@htsc.com +(86) 21 2897 2078 | | 元，同比增亏主因录得应占传奇生物亏损及解除合并服务费 | 3.20 亿美元， | | | | 并计提对传奇生物投资减值 3.98 亿美元；2024 | 年集团整体净利润 29 亿美 | 袁中平 SAC No. S0570520050001 | 研究员 yuanzhongping@htsc.com | | 元，同比转亏主因 2024 年 ...

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Financial Data and Key Metrics Changes - In 2025, total revenue reached $959.5 million, a 61.4% year-over-year increase, with gross profit more than doubling [34] - Adjusted net profit was approximately $230.3 million, reflecting a 285% year-over-year growth from $59.8 million in FY 2024 [38] - The company recorded a loss of $532.4 million due to share loss and impairment from the investment in Legend Biotech [35][36] Business Line Data and Key Metrics Changes - GenScript Life Science Group revenue grew 14.8% year-over-year to $522.1 million, contributing significantly to overall growth [34] - ProBio achieved a remarkable 309.1% year-over-year growth to $388.7 million, largely due to the LaNova license deal [34] - Bestzyme's revenue grew by 7.9% year-over-year to $58 million, outperforming the industry average of 5% [34] Market Data and Key Metrics Changes - North American and European markets contributed 38% of total revenue, indicating a notable increase in international footprint [41] - Orders from first-time clients in the Life Science Group grew over 34% year-over-year, reflecting strong market demand [9] - The U.S. market maintained steady growth, while Europe achieved over 30% growth in 2025 [10] Company Strategy and Development Direction - The company aims to achieve high-quality growth while gradually improving profitability, focusing on platform innovation and ecosystem expansion [46] - Strategic investments will be made in automation and digitalization to enhance operational efficiency and cost-effectiveness [46] - The company plans to strengthen its capabilities in business synergy, globalization, and automation as key focuses for 2026 [47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth trajectory of the GenScript Life Science Group, expecting revenue growth between 15% and 18% in 2026 [46] - The company noted that geopolitical uncertainties had a relatively minor impact on biopharmaceutical production capacity in 2025 [62] - Management highlighted the importance of maintaining market leadership and focusing on cost optimization to improve profitability [56] Other Important Information - GenScript achieved significant ESG milestones, including an upgrade to AA rating by MSCI and inclusion in the FTSE4Good index series [7] - The company reported a significant increase in R&D efficiency, achieving a 140% improvement and reducing project timelines to six months [32] Q&A Session Summary Question: Revenue recognition from LaNova deal - The company confirmed that the second milestone payment from the LaNova deal was recognized in the second half of 2025, contributing to strong organic growth [51] Question: Profitability and gross profit margin decline - Management explained that slight fluctuations in gross profit margins were due to necessary investments for global expansion and product mix shifts, with expectations for improvement in 2026 [55][56] Question: Outlook for global market share amid geopolitical uncertainties - Management expressed optimism about the long-term prospects for CRO and CDMO, citing a rebound in global biopharmaceutical investment and improved capacity utilization in China [62] Question: Development strategy for Legend Biotech - Management highlighted Legend's significant progress and profitability, stating that it will continue to evaluate options to maximize shareholder value [73] Question: Strategy to mitigate customer concerns regarding regulatory scrutiny - The company clarified that it is not classified as a genomics or gene therapy-related company and will enhance transparency and compliance to address customer concerns [75]

Financial Data and Key Metrics Changes - In 2025, the total revenue reached $959.5 million, a 61.4% year-over-year increase, with gross profit more than doubling [33] - Adjusted net profit was approximately $230 million, reflecting a 285% year-over-year growth from $59.8 million in FY 2024 [37] - Adjusted gross profit grew 12.5% year-over-year to $267.3 million, with an adjusted gross profit margin of 51.2% [39] Business Segment Data and Key Metrics Changes - The GenScript Life Science Group revenue grew 14.8% year-over-year to $522.1 million, with integrated gene-to-protein services accounting for nearly 65% of total revenue growth [33][38] - ProBio generated $388.7 million in total revenue, with a 21% organic growth excluding the LaNova deal [40] - Bestzyme's revenue grew by 7.9% year-over-year to $58 million, outperforming the industry average of 5% [33] Market Data and Key Metrics Changes - North American and European markets contributed 38% of total revenue, reflecting an enhanced international footprint [40] - Orders from first-time clients in the Life Science Group grew over 34% year-over-year, indicating strong market demand [9] - The Asia Pacific region, particularly Greater China, showed increased activities, contributing to overall growth [10] Company Strategy and Development Direction - The company aims to achieve high-quality growth while gradually improving profitability, focusing on platform innovation, ecosystem expansion, and automation [45] - Strategic investments will be made in differentiating technologies and operational efficiency improvements to enhance margins [54] - The company plans to expedite the establishment of commercial manufacturing capacity for sweet proteins, laying the foundation for international market expansion [46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the long-term growth trajectory of the Life Science Group, anticipating revenue growth between 15% and 18% in 2026 [45] - The company noted that geopolitical uncertainties had a relatively minor impact on biopharmaceutical production capacity in 2025 [59] - Legend Biotech is expected to positively impact the company's financials in the long run, with its CAR-T franchise achieving profitability [70] Other Important Information - The company achieved significant progress in sustainability, receiving an upgraded ESG rating to AA from MSCI and being included in the FTSE4Good index series [7] - R&D investment increased significantly, with a focus on AI-powered molecular discovery and product optimization, achieving a 140% improvement in R&D efficiency [31] Q&A Session Summary Question: Revenue recognition from LaNova deal - The company confirmed that the second milestone payment from the LaNova deal was recognized in the second half of 2025, contributing to strong growth in the Life Sciences Group [50] Question: Profitability and gross profit margin decline - Management explained that gross profit fluctuations were due to necessary investments for global expansion and product mix shifts, with expectations for improved margins in 2026 through cost optimization and operational efficiency [53][54] Question: Outlook for Life Sciences business amid geopolitical uncertainties - Management expressed a highly optimistic outlook for the CRO and CDMO sectors, noting a rebound in global biopharmaceutical investment and a thriving trend in biotech R&D [59] Question: Development strategy for Legend Biotech - Management highlighted that Legend Biotech is a valuable asset, with significant progress expected to benefit the company's financials in the long run [70] Question: Strategy to mitigate customer concerns regarding regulatory scrutiny - The company clarified that it provides raw materials to gene therapy companies and is enhancing transparency and compliance to address regulatory concerns [72]

Financial Performance and Key Metrics - In 2025, the company achieved total revenue of $959.5 million, representing a 61.4% year-over-year increase, with gross profit more than doubling [33][34] - Adjusted net profit reached nearly $230 million, reflecting a 285% year-over-year growth from $59.8 million in FY 2024 [37] - The adjusted gross profit margin was stable at 51.2%, with adjusted gross profit growing 12.5% year-over-year to $267.3 million [39] Business Segment Performance - The GenScript Life Science Group generated revenue of $522.1 million, growing 14.8% year-over-year, and was identified as the growth engine and profit center [33][38] - ProBio reported total revenue of $388.7 million, with 21% organic growth excluding the LaNova deal, driven by strong customer demand for protein and antibody services [40][41] - Bestzyme's revenue grew by 7.9% year-over-year to $58 million, outperforming the industry average of 5% [33] Market Performance - The North American and European markets contributed 38% of total revenue, indicating a notable increase in the company's international footprint [41] - The Asia Pacific region, particularly Greater China, showed increased activity, contributing to the overall growth [10] Company Strategy and Industry Competition - The company aims to achieve high-quality growth while gradually improving profitability, focusing on platform leadership, ecosystem expansion, and automation-driven scale [44] - The strategy includes strengthening global partnerships, enhancing customer reach, and integrating new modalities into existing platforms [44] - The company is committed to maintaining its competitive edge through strategic investments in R&D and operational efficiency improvements [54] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the long-term growth trajectory of the CRO and CDMO sectors, citing a rebound in global biopharmaceutical investment and financing [59] - The company anticipates revenue growth for the GenScript Life Science Group to be between 15% and 18% in 2026, with an adjusted gross margin expected to reach 52% [44] Other Important Information - The company achieved significant progress in sustainability, receiving an upgraded ESG rating to AA from MSCI and being included in the FTSE4Good index series [6] - The company reported a share loss of $310.4 million related to its investment in Legend Biotech, which is expected to improve as Legend's financial position strengthens [34][37] Q&A Session Summary Question: Revenue recognition from LaNova deal - Management confirmed that the second milestone payment from the LaNova deal was recognized in the second half of 2025, contributing to strong organic growth [48][50] Question: Profitability and gross profit margin decline - Management acknowledged slight fluctuations in gross profit margins due to investments in global expansion and emphasized a focus on cost optimization and operational efficiency to improve profitability [53][54] Question: Outlook for Life Sciences business amid geopolitical uncertainties - Management expressed a highly optimistic outlook for the CRO and CDMO sectors, noting a rebound in global biopharmaceutical investment and improved capacity utilization in China [59][62] Question: Future strategy for Legend Biotech - Management highlighted Legend Biotech's significant progress and profitability, stating that they are not planning to establish new biotech companies but will leverage existing platforms to accelerate drug discovery [64][66] Question: Mitigating customer concerns regarding regulatory scrutiny - Management clarified that the company provides raw materials to gene therapy companies and is enhancing transparency and compliance to address regulatory concerns [72]

2025 Annual Results March 2026 2025 Annual Results 1 Disclaimer Forward-Looking Statement This presentation may contain certain "forward-looking statements" which are not historical facts, but instead are predictions about future events based on our beliefs as well as assumptions made by and information currently available to our management. Although we believe that our predictions are reasonable, future events are inherently uncertain and our forward-looking statements may turn out to be incorrect. Our for ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引 致的任何損失承擔任何責任。 Genscript Biotech Corporation （於開曼群島註冊成立的有限公司） （股份代號：1548） 公司秘書及公司條例項下的授權代表變更 金斯瑞生物科技股份有限公司（「本公司」）董事（「董事」）會（「董事會」）宣佈， 黃慧玲女士（「黃女士」）已辭任本公司公司秘書（「公司秘書」）及根據香港法例第 622章《公司條例》第16部項下的本公司授權代表 (「公司條例項下的授權代表」)，自 2026年3月15日起生效。 林女士現任方圓企業服務集團（香港）有限公司上市公司秘書部總監，主要負責為上市客 戶提供公司秘書及合規服務。林女士於公司秘書及合規專業範疇擁有逾20年經驗，曾擔任 多家聯交所主板上市公司的公司秘書及聯席公司秘書。 林女士持有翻譯榮譽文學士學位和企業管理碩士學位。彼為特許秘書、公司治理師以及英 國特許公司治理公會與香港公司治理公會資深會士，並持有香港公司治理公會頒發的執業 者認可證明 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Genscript Biotech Corporation （於開曼群島註冊成立的有限公司） （股份代號：1548） 截至2025年12月31日止年度 之年度業績公告 | 年度業績摘要 | | | | | --- | --- | --- | --- | | | | 截至12月31日止年度 | | | | 2025年 | 2024年 | 變動 | | | 千美元 | 千美元 | % | | 持續經營業務 | | | | | 收益 | 959,526 | 594,486 | 61.4 | | 毛利 | 553,204 | 272,125 | 103.3 | | 經調整淨利潤 | 230,345 | 59,826 | 285.0 | | 稅後虧損 | (532,404) | (173,774) | 206.4 | | 現金及銀行結餘和理財金融產品 | 843,093 | 737,812 | 14 ...