市场地位领先，客户覆盖和市场份额持续扩大。2025 年上半年，公司累计客户数已增长至563 个（2024 年为499 个），其中33%的收入来自全球Top20 制药企业。同时，公司市占率从2022 年的9.9%进一步增 长至上半年的22.2%。此外，上半年公司未完成订单总额同比增长57.9%至13.3 亿美元。上半年，公司 新增37 个综合项目，并赢得13 个iCMC 项目。按照研发阶段划分项目，公司拥有858 个发现项目、122 个临床前项目，以及102 个临床项目（临床一期至三期的项目数分别为66 个、17 个和19 个）。此外， 目前公司已有一个商业化阶段项目和11 个工艺验证批次（PPQ）项目，上半年新增3 个PPQ 项目。 "全球双厂生产"战略下新产能扩张。国内产能方面，目前公司无锡基地已具备生物偶联药物完整供应链 的一体化生产，新园区已于2025 年5 月投入运营。同时，无锡基地DP3 制剂车间已于2025 年7 月完成 GMP 放行，BCM2 L2 产能利用率加速提升。此外，基于"全球双厂生产"战略，新加坡工厂预计于2026 年上半年实现GMP 放行，提供从临床前阶段到商业化的全方位生产服务。随 ...

2025 年1-7 月，全球ADC 对外授权金额超10 亿美元的交易中，药明合联客户贡献超75%总金额；同期 ADC 并购交易中，75%被收购企业为其现有客户。公司市占率已经从2022 年的9.9%提升至2025H1 的 22.2%，2025年上半年赋能客户获得全球最多的IND 获批数，行业龙头地位稳固。 产能建设提速，全球化布局持续 随着2025 年7 月DP3 制剂车间完成GMP 放行，无锡基地进一步提升了其一体化生产能力。DP5 制剂车 间目前正在建设中并计划于2027 年实现GMP放行。抗体及偶联原液生产线BCM2 L2 自2024 年11 月启 用以来，产能持续加速扩张。 公司新加坡基地在2025 年6 月达成机械完工里程碑，并正式进入设备及设施调试和验证阶段，预计将于 2026 年上半年实现GMP 放行。 机构：天风证券 研究员：杨松/刘一伯 2025 年8 月18 日，药明合联公布2025 半年报：公司营收27.01 亿元（yoy+62.2%），增长的主要原因是 客户数量及项目数量的增加；毛利率从2024H1 的32.1%增至2025H1 的36.1%，同比增长4.0pct；净利润 为7.46亿 ...

业绩增长强劲，ADC CRDMO 龙头地位稳固 事件： 2025 年 8 月 18 日，药明合联公布 2025 半年报：公司营收 27.01 亿元 （yoy+62.2%），增长的主要原因是客户数量及项目数量的增加；毛利率从 2024H1 的 32.1%增至 2025H1 的 36.1%，同比增长 4.0pct；净利润为 7.46 亿元（yoy+52.7%），经调整净利润（不含利息收入与支出）7.33 亿元 （yoy+69.6%），经调整净利润（包含利息支出及收入）为 8.01 亿元 （yoy+50.1%）。 港股公司报告 | 公司点评 药明合联（02268） 证券研究报告 随着 2025 年 7 月 DP3 制剂车间完成 GMP 放行，无锡基地进一步提升了其 一体化生产能力。DP5 制剂车间目前正在建设中并计划于 2027 年实现 GMP 放行。抗体及偶联原液生产线 BCM2 L2 自 2024 年 11 月启用以来，产能持 续加速扩张。 公司全球客户总数扩大至 563 家，2025 年上半年新增 64 家客户，其中 2024 年全球收入排名前 20 的制药公司中 13 家已与药明合联建立合作；综合 CMC（ ...

Group 1: Snow Peak Technology (603227) - The company is positioned as a leader in the civil explosives and chemical industry in Xinjiang, with a dual business layout of "civil explosives + chemicals" [10][12] - Revenue forecasts for 2025-2027 are projected at 6.582 billion, 7.665 billion, and 8.613 billion yuan, with corresponding net profits of 545 million, 820 million, and 1.035 billion yuan, indicating growth rates of -19%, 51%, and 26% respectively [12] - The company benefits from a significant regional advantage in Xinjiang, where the scarcity of ammonium nitrate is highlighted, and the entry of Guangdong Hongda is expected to facilitate the scale-up of explosives production [12] Group 2: Meituan (03690) - The company maintains a "buy" rating despite a decrease in profits due to increased competition in the food delivery and instant retail sectors, with adjusted net profits for 2025-2027 revised to -4.5 billion, 38.5 billion, and 57.6 billion yuan [11][15] - The core local business revenue grew by 7.7% year-on-year to 65.3 billion yuan, but operating profit fell by 75.6% to 3.7 billion yuan, indicating significant pressure on profit margins [13][15] - The company is actively expanding its logistics network and enhancing service quality, with a peak daily order volume exceeding 150 million in July [13][15] Group 3: Banking Sector Insights - Industrial Bank (601166) reported a revenue of 110.5 billion yuan in 1H25, a decrease of 2.3%, but net profit increased by 0.2% to 43.1 billion yuan, indicating a recovery in profitability [17][19] - CITIC Bank (601998) achieved a revenue of 105.8 billion yuan in 1H25, down 3%, while net profit rose by 2.8% to 36.5 billion yuan, reflecting stable asset quality [21][23] - Su Nong Bank (603323) reported a slight revenue increase of 0.2% to 2.28 billion yuan in 1H25, with net profit growing by 5.2% to 1.18 billion yuan, showcasing a robust fundamental performance [25][26]

医药生物 2025 年 08 月 28 日 药明合联 (02268) ——上半年业绩靓丽，市场份额持续提升 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 27 日 | | --- | --- | | 收盘价（港币） | 54.55 | | 恒生中国企业指数 | 9020.26 | | 52 周最高/最低（港币） | 64.45/18.52 | | H 股市值（亿港币） | 657.07 | | 流通 H 股（百万股） | 1,204.52 | | 汇率（人民币/港币） | 1.0953 | 上 市 公 司 -5% 95% 195% 295% HSCEI 药明合联 资料来源：Bloomberg 相关研究 《 WuXi XDC Cayman Inc.(02268):Strong results with the rising number of new projects 》 2025/03/31 证券分析师 周文远 A0230518110003 zhouwy@swsresearch.com 研究支持 胡梦婷 A0230524060004 humt@swsresearch. ...

证券研究报告 药明合联 (2268 HK) 2025 年秋季策略会速递— 需求高增态势延续,产能扩张稳步推进 5、运营效率持续改善：a）1H25 毛利率 36.1%（+4pct yoy），受益于运营 效率优化以及产线利用率持续提升，预计 2025 全年毛利率有望高于 2024 年全年水平；b）1H25 销售/管理/研发费用为 0.5/1.1/0.5 亿元（+105/43/ 4%yoy），对应费用率 1.8/4.0/1.8%；c）经调整净利润率（不含利息收入 和支出）27.1%（+1.2pct yoy），在公司规模扩大的背景下保持上升趋势。 盈利预测与估值 2025 年 8 月 28 日│中国香港 生物医药 8 月 27 日药明合联出席了我们组织的 2025 年秋季策略会，会上公司指出 ADC 赛道长期发展动能强劲，公司自身订单高增、产能有序建设、运营效 率持续提升。我们重申公司在全球 ADC/XDC CRDMO 领域的领导地位，以 及强劲业绩向上动能，维持"买入"。 核心亮点： 1、业绩靓丽，全球市场份额不断提升：a）1H25 收入 27.01 亿元（+62%yoy）； 调整后净利润（不含利息收入和支出）同比 ...

药明合联 20250827 摘要 药明合联是全球领先的 ABC 和生物偶联药物 CRDMO，受益于 ADC 领 域快速发展，2019-2022 年全球 ADC 临床管线复合增速达 37%，预 计到 2030 年仍保持 28%左右，行业规模达 111 亿美元，外包渗透率 高，推动 CRDMO 需求增长。 公司营收和利润高速增长，2019 年至 2024 年营收复合增长率为 133%，利润复合增长率为 153%。2025 年上半年，收入和净利润同 比增长 59%和 53%。预计 2025 年营收增速接近 50%，净利润增速在 45%-50%之间，未来三年复合增长率约为 30%。 截至 2025 年上半年，药明合联拥有 858 个药物发现项目、224 个临床 阶段项目和 11 个商业化项目。IND 后收入占比已提升至 59%，项目数 量增加和推进，保障未来业绩高增长。 公司提供一体化端到端 CRDMO 服务，缩短开发时间，避免技术风险。 掌握超过十种偶联技术，是行业内最丰富技术组合之一。抗体 DNA 序列 至生物偶联药物 IND 申报周期显著缩短 13 到 15 个月，效率大幅提升。 Q&A 药明合联在 ADC C ...

Group 1 - The core viewpoint of the article highlights the overall poor performance of Hong Kong's biopharmaceutical stocks, with significant declines in major companies such as WuXi AppTec, Tigermed, and King’s Ray Biotech [1] - U.S. President Trump announced plans to reduce drug prices to 1/1400 to 1/1500 of current prices and to impose tariffs on pharmaceuticals, which could create volatility in the global pharmaceutical industry [1] - The Chinese biopharmaceutical sector faces both opportunities and challenges due to these developments, with potential short-term market fluctuations driven by uncertainty, particularly for businesses exposed to the U.S. market [1] Group 2 - In the long term, China's pharmaceutical industry may leverage its innovation and supply chain advantages to find new growth opportunities in the global pharmaceutical landscape, especially in areas like CDMO and internationalization of innovative drugs [1] - The article lists the latest prices and percentage changes for various biopharmaceutical stocks, indicating a general downward trend across the sector [1]

Core Viewpoint - The company has demonstrated significant revenue growth and has raised its full-year revenue guidance, reflecting confidence in the industry and its own future development [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 2.7 billion yuan, a year-on-year increase of 62.2%, and a net profit attributable to shareholders of 750 million yuan, up 52.7% year-on-year [1]. - The company's gross margin reached 36.1% in the first half of 2025, an increase of 4.0 percentage points year-on-year, driven by improved capacity utilization and operational efficiency [2]. Group 2: Market Position and Orders - The company's global market share is expected to rise to 22.2% by the first half of 2025, supported by a backlog of unfulfilled orders amounting to 1.33 billion USD, which is a 57.9% increase year-on-year [1]. - The company signed 37 new iCMC projects in the first half of 2025, setting a historical record, with new order amounts increasing by 48.4% year-on-year [1]. Group 3: Capital Expenditure and Growth Strategy - The company plans to increase long-term capital expenditures, with cumulative capital spending expected to exceed 7 billion yuan by 2029, focusing on expanding domestic and international production capacity [2]. - The company is actively developing new ADC and XDC businesses, completing over 2,300 early-stage research projects in the first half of 2025, with a significant portion focused on differentiated targets and new indications [2]. Group 4: Earnings Forecast and Valuation - The earnings per share forecasts for 2025-2027 have been adjusted to 1.29, 1.78, and 2.45 yuan, respectively, reflecting the company's strong growth potential as a leader in the global ADC CRDMO market [3]. - A target price of 65.82 HKD has been set using the DCF valuation method, maintaining a "buy" rating based on the company's long-term development potential [3].

Group 1 - The company reported a revenue of 2.701 billion yuan in H1 2025, representing a year-on-year increase of 62.2%, and an adjusted net profit (excluding interest income and expenses) of 733 million yuan, up 69.6% [1] - The total amount of uncompleted orders reached 1.329 billion yuan, a year-on-year increase of 57.9%, with North America accounting for over half of this total [1] - The company signed 37 new iCMC projects and won 13 iCMC projects in H1 2025, with a total of 563 clients, reflecting a 64% increase [1] Group 2 - The company plans to invest 1.56 billion yuan in capital expenditures in 2025, with total capital expenditures expected to exceed 7 billion yuan by 2029 to expand domestic and international production capacity [2] - The new production facility in Wuxi is fully operational, and the new park is expected to be operational by May 2025, with sufficient order reserves [2] - The company expects Non-GAAP net profits of 1.696 billion yuan, 2.199 billion yuan, and 2.908 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 41, 32, and 24 times [3]