用 生物技術 使人和自然更健康 2024 年度報告 金斯瑞生物科技股份有限公司（「本公司」或「金斯瑞」，連同其附屬公 司統稱「本集團」）為一家廣受認同的生物科技公司。本公司以「用生物 技術使人和自然更健康」為己任。 本集團已建立多個主要平台，包括(i)生命科學服務及產品平台，為全 球研究界提供一站式解決方案；(ii)蓬勃，生物製劑合約開發及生產組 織（「CDMO」）平台；及(iii)百斯傑，工業合成產品平台。生命科學服務 及產品平台提供的服務和產品涵蓋基因合成、寡核苷酸合成、多肽合成、 蛋白生產、抗體開發，以及生命科學設備及耗材，仍然是整個企業產 生穩定收益的基礎。CDMO平台通過提供無縫的端到端解決方案，為 全球生物製劑創新賦能。工業合成產品平台開發用於飼料、食品、穀 物加工及家庭護理行業的產品。本集團亦於傳奇生物科技股份有限公 司(NASDAQ: LEGN)持有重大投資，其為一家全球領先的生物科技公司， 專注於開發細胞療法。 本公司憑藉強勁的銷售及營銷團隊和強大的研發能力，繼續保持可持 續增長。 目錄 | 公司概況 | 2 | | --- | --- | | 公司資料 | 4 | | 財務摘要 | 6 | ...

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]

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 last year [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, also growing by 15% [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][17] - 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][17] - The segment's revenue in 2024 was approximately $53.7 million, up by 24.6% year-on-year [14][17] Legend Biotech - Following the deconsolidation, the market capitalization of Legend Biotech was approximately $6.8 billion, with Genscript holding a 47.51% stake valued at about $3.231 billion [16][17]

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 last year [7][17] - The continuing business segments are expected to show positive trends in 2025, with revenue from continuing operations projected at approximately $594.5 million, representing a year-on-year increase of 6.1% [3][14] - 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, also growing by 15% [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 [3][14] Biologics Development Services Segment - Projected Fee-for-Service revenue for 2025 is $113 million, up by 19% year-on-year [14] - The segment's revenue in 2024 was about $95 million, down by 13.2% year-on-year, but showed a recovery with a growth rate of about 38% in the second half of 2024 [3][14] Industrial Synthetic Biology Products Segment - Expected revenue for 2025 is $67 million, with a year-on-year growth rate of 25% [14] - The segment's revenue in 2024 was approximately $53.7 million, up by 24.6% year-on-year, with an adjusted gross profit of about $22.6 million [3][14] Legend Biotech - Following the deconsolidation, the market capitalization of Legend Biotech was approximately $6.8 billion, with Genscript holding a 47.51% stake valued at about $3.231 billion [5][16]