《AI 驱动药物研发革命，开启全球一体化 CRDMO 业务新增长篇章》，2025.04.23.. 证券分析师 蔡雨 SFC 持牌号：BTG755 Mail:jack.cai@usmart.hk | 证券研究报告 | 公司研究报告 | | | --- | --- | --- | | 行业 | 医药生物 | | | 投资评级（买入） | | 维亚生物（1873.HK） | | 2025年9 | 月3 日 | AI赋能药物研发，CDMO商业化产品爆发在即 | | 恒生指数 | 25,343.43 | 基于已披露的 2025 年中报，维持买入评级及目标价 4.0 港元，观点如下： | | 恒生综合指数 | 3,890.56 | | | 恒生医疗保健指数 | 4,615.09 |  公司经营点评 | | 目标价（港币） 潜在涨幅/跌幅 | 4.0 | 2025 年上半年，公司营业收入 8.3 亿元，同比下降 15.3%，经调整净利润 1.8 | | 市场一致预期 | 41.3% 3.04 | 亿元，同比增长 9.1%。收入方面，公司收入有所下降，主要由于公司 CDMO | | | | 业务收入有所降低。2025 年上 ...

维亚生物(01873)午后涨近7%，截至发稿，涨6.42%，报2.82港元，成交额3455.01万港元。 消息面上，维亚生物近日发布中期业绩，收益8.32亿元人民币，同比减少15.27%；股东应占溢利1.22亿 元，同比增加4.28%。公告称，集团毛利率为40.8%，相较于去年同期提升了6.3个百分点，这主要得益 于朗华业务结构的优化调整以及CRO业务运营效率提升、新业务板块增长所带来的贡献。 国元国际此前指出，维亚生物自5年前已经布局AI制药，目前AI订单占比：AI相关订单占比达到新签订 单的12%，且呈增长趋势。公司AIDD及CADD平台具备自研算法及平台建设的能力、拥有研发多种药 物形态的经验、并且充分发挥了维亚基于结构的药物研发优势。在此基础之上，维亚正在从以计算方法 为各个药物研发阶段赋能为主的阶段迈向以AI驱动药物设计，改变药物设计范式的新阶段。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 公司名稱: 维亚生物科技控股集团 (「本公司」) (於開曼群島註冊成立的獲豁免有限公司) 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01873 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | USD | 0.000025 | USD | | 100,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 4,000,000,000 | USD | 0.000025 | USD | ...

Group 1: AI Drug Development Industry - SandboxAQ, an AI startup supported by Alphabet and Nvidia, released a large-scale synthetic dataset to accelerate global drug development by simulating interactions between drug molecules and proteins [2] - Major pharmaceutical companies like Merck, Pfizer, Eli Lilly, and BMS have invested hundreds of billions in AI drug-related companies, with over $50 billion in significant transactions occurring in the last five years [3] - The demand for AI-assisted drug development from traditional pharmaceutical giants is increasing, as evidenced by large orders and collaborations with AI drug companies [3] Group 2: Company Updates - Crystal Holding (02228) expects a significant increase in revenue, projecting at least RMB 500 million for the first half of 2025, a year-on-year increase of approximately 387%, marking its first half-year profit [4] - The revenue growth for Crystal Holding is attributed to its collaboration with DoveTree Medicines, which has led to a substantial contribution from a $51 million upfront payment [5] - Viya Bio (01873) has been involved in AI drug development for five years, with AI-related orders now accounting for 12% of new orders, indicating a growing trend [5]

Core Viewpoint - The Hong Kong pharmaceutical outsourcing sector experienced a significant rally, with multiple companies seeing substantial stock price increases on August 29. Group 1: Stock Performance - Vyaire Biotech (01873.HK) surged over 17% [2] - WuXi Biologics (02269.HK) rose more than 8.5% [2] - Zai Lab (06127.HK) and WuXi AppTec (02359.HK) both increased by over 7% [2] - Kelun Pharmaceutical (06821.HK) and Hangzhou Tigermed Consulting (03759.HK) both saw gains exceeding 4% [2]

Core Viewpoint - Via Biotechnology (01873) experienced a significant stock price increase of over 20% following the release of its interim results, indicating positive market sentiment despite a decline in revenue [1] Financial Performance - For the six months ending June 30, 2025, the company reported revenue of 832 million RMB, a year-on-year decrease of 15.27% [1] - Shareholder profit attributable to the company was 122 million RMB, reflecting a year-on-year increase of 4.28% [1] - Basic earnings per share were reported at 0.06 RMB [1] - The gross profit margin improved to 40.8%, an increase of 6.3 percentage points compared to the same period last year, attributed to optimization in business structure and operational efficiency [1] AI Pharmaceutical Development - Via Biotechnology has been investing in AI pharmaceutical development for the past five years, with AI-related orders now accounting for 12% of new signed orders, showing a growth trend [1] - According to Guojun International, significant transactions in AI drug development have occurred in the last five years, totaling over 50 billion USD [1] - The development of generative AI in pharmaceuticals emphasizes the importance of building leading model barriers over time, with efficiency in model development and training experience being crucial [1] - Collaborations with large pharmaceutical companies in AI research and development create a positive feedback loop in data and model construction, enhancing the competitive moat of leading firms [1]

Core Viewpoint - Via Biotechnology (01873) experienced a significant stock price increase of over 20% following the release of its interim results for the six months ending June 30, 2025, with a reported share price of HKD 2.85 and a trading volume of HKD 49.03 million [1] Financial Performance - The company reported revenue of RMB 832 million, a year-on-year decrease of 15.27% [1] - Shareholder profit attributable to the company was RMB 122 million, reflecting a year-on-year increase of 4.28% [1] - Basic earnings per share were RMB 0.06 [1] - The gross profit margin improved to 40.8%, an increase of 6.3 percentage points compared to the same period last year, attributed to optimization of the Langhua business structure and enhanced operational efficiency in CRO business [1] AI Drug Development - Via Biotechnology has been investing in AI drug development for the past five years, with AI-related orders now accounting for 12% of new signed orders, indicating a growing trend [1] - According to Guojun International, significant transactions in AI drug development (AIDD) have occurred in the last five years, totaling over USD 50 billion [1] - The development of generative AI in pharmaceuticals emphasizes the importance of building leading model barriers over time, with efficiency in model development and training experience being crucial [1] - Collaborations with large pharmaceutical companies in AI research and development create a positive feedback loop in data and model construction, enhancing the competitive moat of leading firms [1]

Group 1: Industry Overview - SandboxAQ, an AI startup supported by Alphabet and Nvidia, launched a large-scale synthetic dataset to accelerate global drug development by simulating drug molecule and protein interactions [1] - Major pharmaceutical companies like Merck, Pfizer, Eli Lilly, and BMS have invested hundreds of billions in AI drug-related companies, indicating a strong demand for AI-assisted drug development [1] - The total value of significant AI drug development transactions has exceeded $50 billion in the last five years, highlighting the growing interest and investment in this sector [1] Group 2: Company Developments - Crystal Tech Holdings expects to achieve a consolidated revenue of at least RMB 500 million by mid-2025, a year-on-year increase of approximately 387%, driven by a partnership with DoveTree Medicines [3] - Via Biotechnology has seen AI-related orders account for 12% of new signed orders, indicating a growing trend in AI integration within their drug development processes [3] - Via is transitioning from a focus on computational methods to AI-driven drug design, aiming to change the paradigm of drug design [3] Group 3: Market Trends - AI pharmaceutical companies are increasingly securing large orders from multinational corporations, validating the profitability of AI drug development through technology licensing and revenue-sharing models [2] - The first approved AI-driven drug is anticipated to be a significant milestone, with both AI companies and traditional pharmaceutical leaders competing for breakthroughs in this new field [2] - The entry of various players, including cross-industry companies, into the AI drug development space is expected to enhance competitive barriers over time [2]

Core Viewpoint - The company reported a strong financial performance for the first half of 2025, with significant growth in revenue and profit driven by improvements in its CRO and CMC business segments [1][2][7]. Financial Performance - Revenue reached RMB 831.9 million, with a gross profit of RMB 339.4 million and a gross margin of 40.8%, up 6.3 percentage points year-on-year [1]. - Net profit was RMB 148.6 million, a 3.1% increase from RMB 144.2 million in the same period last year [1]. - Adjusted non-IFRS net profit grew nearly 9.1% to RMB 183.5 million from RMB 168.2 million year-on-year [1]. CRO Business Growth - CRO revenue increased from RMB 385.9 million to RMB 422.8 million, representing a growth of approximately 9.6% [2]. - Adjusted gross profit for the CRO segment rose from RMB 167.2 million to RMB 194.6 million, marking a 16.4% increase [2]. - The number of CRO clients increased to 1,669, with major clients contributing 25.9% of revenue [3]. Domestic and International Market Dynamics - Domestic revenue from CRO services surged by 46.6%, driven by a booming market for innovative drug BD transactions [3]. - International revenue accounted for approximately 85.0% of CRO income, with a year-on-year growth of about 4.9% [3]. Technological Advancements - The company has delivered over 90,739 protein structures, with 8,023 delivered in the first half of 2025 [4]. - The new molecular modalities contributed around 15.0% to CRO revenue, showing a growth of nearly 19.0% [4]. - The AI-driven drug discovery platform has been developed to enhance the drug discovery process, integrating various advanced technologies [6]. CMC Business Developments - The acquisition of Zhejiang Langhua Pharmaceutical has strengthened the company's production capabilities [6]. - Langhua's revenue for the first half of 2025 was RMB 409.0 million, with an adjusted gross margin of 37.9%, up 7.9 percentage points year-on-year [7]. - The company is preparing for new commercial projects in the CDMO sector, with significant improvements in CMC profitability [7][9]. Investment and Incubation Activities - The company has successfully exited several incubation projects, realizing approximately RMB 76.5 million in returns [10]. - A total of 93 biotech startups have been incubated, with 67.7% located in North America [10]. - The company has established a RMB fund to invest in promising biotech businesses, aiming to foster strategic partnerships [11]. Workforce and Infrastructure - As of June 30, 2025, the company employed 2,085 staff, with 1,098 in CRO R&D [12]. - The company has expanded its facilities, including a new headquarters in Shanghai and multiple research centers across China [13][14][15].

Core Viewpoint - Via Biotechnology (01873) reported a decrease in revenue for the six months ending June 30, 2025, while showing an increase in net profit attributable to shareholders [1] Financial Performance - Revenue for the period was 832 million RMB, representing a year-on-year decrease of 15.27% [1] - Net profit attributable to shareholders was 122 million RMB, reflecting a year-on-year increase of 4.28% [1] - Basic earnings per share were 0.06 RMB [1] Profitability Metrics - The group's gross profit margin was 40.8%, which is an increase of 6.3 percentage points compared to the same period last year [1] - The improvement in gross profit margin is attributed to the optimization of the Langhua business structure, enhanced operational efficiency in the CRO business, and growth in new business segments [1]