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]

高盛发布研报称，金斯瑞生物科技(01548)2025财年上半年业绩表现好坏参半，毛利率持续受压，但除 传奇生物外业务销售大致符预期，管理层将生命科学业务2025年指引从10%至15%轻微上调至13%至 15%，预期该业务将维持稳健增长。高盛续予金斯瑞"买入"评级，目标价由27.34港元下调至26.25港 元，将2025至2027年每股盈利预测从0.07、0.05及0.1美元，下调至亏损0.03、亏损0.01及盈利0.03美元， 以反映盈利受压。 ...

Core Viewpoint - Kingsray Biotechnology (01548) reported significant growth in its interim results, with a notable increase in revenue and a substantial reduction in losses, indicating a positive trajectory for the company [1] Financial Performance - The revenue from continuing operations reached $519 million, representing a year-on-year increase of 81.92% [1] - The loss attributable to the parent company was $25.46 million, which is a reduction of 85.46% compared to the previous year [1] - Adjusted net profit stood at $178 million, showing a remarkable year-on-year growth of 509.6% [1] CDMO Revenue - The CDMO (Contract Development and Manufacturing Organization) revenue for the first half of the year was $250 million, reflecting a year-on-year increase of 511.1% [1] - A one-time prepayment related to the partnership with Lixin has been confirmed and received, amounting to $214 million, with a double-digit growth rate when excluding this amount [1] Impact of Joint Ventures - The joint venture with Legend Biotech resulted in a loss impact of $194 million for Kingsray, contributing to the net loss for the parent company [1] - Legend Biotech is expected to achieve adjusted net profit in the second quarter of 2025 and aims for overall profitability by 2026 [1] - The core product CARVYKTI from Legend Biotech achieved net sales of $439 million in the second quarter of 2025, marking a year-on-year growth of 136%, which is anticipated to support significant improvement in Kingsray's net profit by 2026 [1]

Core Viewpoint - Kingsoft Biotech (01548) reported significant growth in its mid-term performance, with a notable increase in revenue and a substantial reduction in losses, indicating a positive trend for the company moving forward [1] Financial Performance - The revenue from continuing operations reached $519 million, representing a year-on-year increase of 81.92% [1] - The loss attributable to the parent company narrowed to $25.46 million, a reduction of 85.46% year-on-year [1] - Adjusted net profit stood at $178 million, showing a remarkable growth of 509.6% compared to the previous year [1] CDMO Segment - The CDMO revenue for the first half of the year amounted to $250 million, reflecting a year-on-year increase of 511.1% [1] - Confirmed and received payments related to the one-time advance from the collaboration with Lixin totaled $214 million, with a double-digit growth rate when excluding this amount [1] Impact of Joint Ventures - The losses from the joint venture Legend Biotech impacted Kingsoft Biotech by $194 million, contributing to the net loss reported [1] - Legend Biotech is expected to achieve adjusted net profit in the second quarter of 2025 and aims for overall profitability by 2026 [1] - The core product CARVYKTI from Legend Biotech generated net sales of $439 million in the second quarter of 2025, marking a year-on-year growth of 136%, which is anticipated to support significant improvement in Kingsoft Biotech's net profit by 2026 [1]

Core Viewpoint - Kingsoft Biotech (01548) reported significant growth in its interim results, with a notable increase in revenue and a substantial reduction in losses, indicating a positive trajectory for the company [1] Financial Performance - The revenue from continuing operations reached $519 million, representing a year-on-year increase of 81.92% [1] - The loss attributable to the parent company narrowed to $25.46 million, a reduction of 85.46% compared to the previous year [1] - Adjusted net profit stood at $178 million, showing a remarkable year-on-year growth of 509.6% [1] CDMO Segment - The CDMO (Contract Development and Manufacturing Organization) revenue for the first half of the year was $250 million, reflecting a year-on-year increase of 511.1% [1] - A one-time prepayment related to the partnership with Lixin has been confirmed and received, amounting to $214 million, with a double-digit growth rate when excluding this amount [1] Impact of Joint Ventures - The joint venture with Legend Biotech resulted in a loss impact of $194 million for the first half of the year, affecting Kingsoft Biotech's net profit [1] - Legend Biotech is expected to achieve adjusted net profit in the second quarter of 2025 and aims for overall profitability by 2026 [1] - The core product CARVYKTI from Legend Biotech achieved net sales of $439 million in the second quarter of 2025, marking a year-on-year growth of 136%, which is anticipated to support Kingsoft Biotech's net profit improvement in 2026 [1]

消息上，中共中央政治局常委、国务院总理李强8月20日在北京调研生物医药产业发展情况。他强调， 要加大高质量科技供给和政策支持，充分发挥企业创新主体作用，着力推动生物医药产业提质升级，研 发生产更多优质高效的好药新药，不断增进人民健康福祉。 有分析指出，国务院总理李强再次强调并部署了对生物医药产业的支持，预示着国家层面将持续并加大 对该行业的政策扶持和资源投入。这并非李强总理首次提及此事，但持续的高层发声，尤其是在当前经 济背景下，传递出了非常强烈和积极的信号。(格隆汇) 港股生物医药股普遍上涨，其中，复宏汉霖涨5%，金斯瑞生物医药涨3.6%，药明合联涨超3%，康方生 物、荣昌生物、君实生物、百济神州均涨约3%。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 02696 | 复宏汉霖 | 83.000 | 5.06% | | 01548 | 金斯瑞生物科技 | 17.940 | 3.64% | | 02268 | 药明合联 | 59.600 | 3.38% | | 06990 | 科伦博泰生物-B | 445.200 | 3.29% | | 0992 ...

Core Insights - The article highlights the significant growth and strategic advancements of the company, Kingsoft, in the context of a rapidly evolving global environment, particularly in the innovative pharmaceutical sector [1][21] - The company has achieved remarkable financial results in the first half of 2025, with a substantial increase in revenue and profit, indicating strong operational resilience and growth potential [2][16] Financial Performance - In the first half of 2025, the company reported a revenue of $518.8 million, representing a year-on-year increase of 81.9% [2] - The gross profit reached $320.6 million, up 140.1% year-on-year, while the adjusted net profit from continuing operations surged to $178 million, a staggering increase of 509.6% [2] - The company’s cash reserves stood at $967 million as of June 30, 2025, providing a solid foundation for future research and development investments [2] Business Segments - **Life Sciences Services and Products**: This segment generated $247.6 million in revenue, a growth of 11.3% year-on-year, with a notable increase in the share of custom protein services [5][6] - **Biopharmaceutical CDMO**: The CDMO business saw a remarkable revenue increase of 511.1% to $246.9 million, driven by advancements in antibody protein drugs and cell gene therapy [10][11] - **Industrial Synthetic Biology Products**: Revenue in this segment reached $28.3 million, growing by 8.4% year-on-year, with strong performance in the enzyme market [13] - **Cell Therapy**: The company’s joint venture, Legend Biotech, reported net sales of approximately $439 million for CARVYKTI, marking a 136% increase, with expectations of reaching operational breakeven by the end of 2025 [14] Strategic Initiatives - The company is focusing on global expansion and automation, with plans to achieve full automation in its four major factories by the end of 2025, enhancing production efficiency and supply chain resilience [6][17] - Kingsoft is leveraging its technological advancements and strategic partnerships to enhance its market position and drive future growth [16][19] Market Outlook - The recovery of the innovative pharmaceutical market is expected to boost demand for CXO services, providing ongoing growth momentum for the company [16] - The company’s management is optimistic about future performance, projecting a revenue growth of 13%-15% for the life sciences business and maintaining a strong outlook for its other segments [18][19]

Core Viewpoint - The company reported strong performance in 1H25, with significant revenue growth and improved profitability metrics, indicating a positive trend in its business operations [1][2]. Financial Performance - The company achieved revenue of $519 million in 1H25, representing a year-on-year increase of 81.9%, with adjusted net profit of $178 million and a net profit margin of 34.3% [1]. - The gross profit was $321 million, corresponding to a gross margin of 61.8%, reflecting enhanced profitability driven by increased capacity utilization and product upgrades [1]. - The net loss attributable to shareholders was $25 million, significantly narrowed from previous periods, primarily due to a $194 million investment loss from a joint venture [1]. Business Segments - The life sciences segment generated $250 million in revenue, up 11.3% year-on-year, driven by strong growth in protein business (52% growth) and demand for gene editing and AI-related R&D [1]. - The CDMO segment saw revenue reach $250 million, a remarkable increase of 511.1%, with a significant one-time payment of $214 million from a licensing agreement [2]. - The industrial synthetic biology segment reported revenue of $3.9 million, an 8.4% increase, although it faced operational losses due to increased R&D investments [2]. Development Trends - The company is focusing on global expansion and strengthening its market position in the life sciences sector, with ongoing investments in sales and R&D to enhance long-term competitiveness [1][2]. - The company expects to achieve key milestones in its CDMO business by the end of 2025 to early 2026, including potential licensing transactions [2]. Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026, with an upgraded target price of HKD 21.50, reflecting a 22.2% increase based on DCF valuation, indicating a potential upside of 21.3% from current stock prices [2].

Core Viewpoint - The CESHKB index has shown significant growth, with a year-to-date increase of 123.13%, indicating a strong performance in the biotechnology sector listed in Hong Kong [1][2]. Group 1: Index Performance - The CESHKB index opened high but experienced a decline of 1.85%, closing at 9813.36 points with a trading volume of 19.304 billion [1]. - Over the past month, the CESHKB index has risen by 12.30%, and over the last three months, it has increased by 73.10% [1]. Group 2: Index Composition - The CESHKB index is compiled by China Securities Index Co., Ltd. under the commission of China Securities Trading Service Co., Ltd., reflecting the overall performance of biotechnology companies listed in Hong Kong [1]. - The top ten holdings in the CESHKB index include: - CanSino Biologics (14.32%) - Innovent Biologics (9.54%) - BeiGene (8.5%) - 3SBio (8.48%) - WuXi Biologics (8.32%) - WuXi AppTec (6.53%) - Kintor Pharmaceutical (5.21%) - Zai Lab (4.35%) - Ascletis Pharma (4.17%) - Kingstar Biotech (3.84%) [1]. Group 3: Market and Industry Overview - The CESHKB index is entirely composed of companies listed on the Hong Kong Stock Exchange, with a 100% representation from the healthcare sector [2].

报告指，集团2025年上半年业绩符合预期，持续经营业务收入同比增长82%至5.19亿美元，经调整净利 润增长510%至1.78亿美元。集团上调生命科学板块全年收入增速指引至13-15%，对应下半年增速15- 18%。 交银国际发布研报称，上调金斯瑞生物科技(01548)2025-27年收入1-5%，但考虑到2025年上半年传奇生 物账面净亏损仍较大，下调2025年净利润预测。该行将SOTP模型滚动至2026年，各业务板块目标估值 倍数保持不变，维持目标价28.75港元及"买入"评级。 ...