[Table_Title] 下半年边际加速显著，拥有 R+D+M 三条长 期增长曲线 [Table_ReportDate] 2025 年 03 月 26 日 [Table_S 事件：2025 ummar年y]3 月 25 日，公司发布 2024 年全年业绩简报。2024 年公司 实现营业收入 186.75 亿元，同比增长 9.6%，如果扣除新冠项目的影响，2024 年公司非新冠收入同比增长 13.1%；2024 年公司实现毛利润 76.51 亿元， 同比增长 12.1%，对应毛利率达到 41.0%；2024 年公司实现净利润 39.45 亿元，同比增长 10.5%，对应净利率达到 21.1%；2024 年公司实现归母净 利润 33.56 亿元，同比下滑 1.3%，对应归母净利率达到 18.0%；2024 年公 司实现经调整归母净利润 47.84 亿元，同比增长 1.8%，对应经调整归母净 利率达到 25.6%。 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 药明生物 (2269.HK) [Table_Author] 唐爱金 医药首席分析师 ...

净利润两连降！药明生物2024年盈利承压 全球生物医药外包服务龙头企业药明生物于3月25日发布2024年度业绩公告，全年营收达到186.75 亿元，同比增长9.6%，但归母净利润同比下降1.3%至33.56亿元。这是公司继2023年净利润下滑21.5%之 后，连续第二年出现利润收缩。值得关注的是，北美市场收入同比激增32.5%，占总营收比例提升至 57.3%，成为支撑公司穿越行业周期的关键力量。 业绩曲线：增速放缓与结构性调整 2024年新增151个综合项目，总数达到817个，其中超过半数来自美国客户。公司通过"赢得分子"战 略获得20个外部项目，包括13个临床后期和商业化生产项目。截至报告期末，临床Ⅲ期项目达66个，非 新冠商业化生产项目21个，为后续收入增长奠定基础。 抗体偶联药物(ADC)和双特异性抗体技术成为新增长极。XDC(抗体偶联药物)分部收入达39.44亿 元，占总营收21.1%。公司在ADC领域已形成从发现到生产的全链条服务能力，工艺性能确认(PPQ)项 目完成量从2023年的12个增至16个，2025年预计突破24个。 通过WBS(药明生物智能系统)和数字化工具的应用，药物开发周期显著缩短。 ...

业绩预期乐观却遭资本"用脚投票"！药明生物股价跳水 昨日晚间，药明生物发布2024年业绩公告。数据显示，公司去年收入、纯利双增，XDC业务实现翻倍，但股东应占纯 利微降，中国区收入也出现下滑。 今日开盘药明生物一度跌近6%，截止发稿跌幅收窄至3.51%至25.25港元，近5个交易日累计跌超11%。 去年营收增近一成 从业务分部来看，生物药分部依然是公司的主要收入来源，2024年收入为147.31亿元，占总收入的78.9%。而XDC分 部（专注于ADC及生物偶联药物市场）也表现出色，收入为39.44亿元，实现翻倍增长，占总收入的21.1%。 | | | 截至十二月三十一日止年度 | | | | --- | --- | --- | --- | --- | | | 二零二四年 | | 二零二三年 | | | | 人民幣 | | 人民幣 | | | 來自外部客戶的收益 | 百萬元 | % | 白岛儿 | 90 | | 生物藥 | 14,731.4 | 78.9% | 15,128.2 | 88.8% | | - XDC | 3,944.0 | 21.1% | 1.906.1 | 11.2% | | 總計 | 18,6 ...

药明生物(02269)年报观："低估值+高成长"，全球CXO龙头估值亟待 强修复 今日，药明生物(02269)公布年报，2024年公司实现营业收入186.8亿元人民币，非新冠收入同比增长13.1%;毛利同比增长12.1%至76.5亿元人 民币;EBITDA同比增长16.7%至65.5亿元人民币。2014至2024年公司非新冠收入复合增长率约50%。 3月25日，药明生物收盘价为25.90港元，至此其股价年初至今的涨幅已来到47.49%，但这仍远低于海内外各大投行对公司的估价。 智通财经APP了解到，近期摩根士丹利、中金公司相继更新最新研报，对药明生物看法转为更正面，并上调对公司2025年和2026年收入及净 利润预测。其中，大摩对药明生物的目标价上调至45港元，重申"增持"评级;中金公司则给予药明生物"跑赢行业"评级，将其目标价大幅上调 至50港元。 全球投资市场一致看好药明生物，主要源于其符合预期的稳健业绩表现以及公司展现出的超强抗风险能力。 实际上，当下全球CXO行业发展环境仍充满挑战。2024年，全球多数头部CXO公司陆续下调了业绩指引，但即便如此最终达成年初业绩指引 的也只是少数。 在此业绩导向下，药 ...

研究服务端：2024年新签7个分子发现全球项目，带来1.4亿美元近期付款，潜在总金额约为23亿美 元，截至目前有权利收取里程碑付款和销售提成的研究服务项目已超过50个； 药明生物(02269)发布2024年业绩，公司新增151个综合项目数，再创新高，包含13个后期商业化项 目，综合项目高达817个，拥有全球最大的复杂生物药管线之一。非新冠收入在2024年同比增长 13.1%，公司管线持续拓展，拥有越来越多复杂分子和临床后期及商业化项目，为实现长期可持续增长 奠定基础。 过去十年，通过实施"跟随并赢得分子"战略，药明生物实现了显著增长；凭借行业领先的创新技术 平台，研究服务业务(R)将成为未来增长的另一重要驱动力；凭借现代生物制药领域的技术领先，交付 大型商业化生产项目的丰富成功经验，商业化生产(M)是未来增长的另一个关键支柱。 药明生物2024年业绩亮眼，预计2025年收入将加速 增长 药物开发端：由DNA到IND的交付时间已缩短至9个月，2024年新签148个研发项目，与62个新客户 开展合作； 商业化生产端：基于目前合同，2025年预计有24个PPQ项目(2024年完成16个PPQ项目)；多个重磅 商业化 ...

有券商医药行业分析师指出，全球创新药市场前景可观，那些具有良好科学基础的公司将继续吸引投 资，一些领先的中国生物技术公司将其产品推向全球市场，释放国际化潜力。中国生物技术公司与全球 制药巨头之间的早期合作越来越多。"对 CXO 参与者而言，需要重点关注核心竞争力，提高运营效 率，拥抱新技术和新商业模式，以在这种环境下获取成功。" 当Lonza等国际巨头陷入增长停滞，国内同行面临亏损困境时，药明生物独有的CRDMO模式加"跟随并 赢得分子"的双引擎战略正在显现出穿越周期的力量。 逆风中彰显韧性 如今全球医药创新开始进入新的发展周期，特别是在资本市场遇冷、价格战博弈、全球化"退潮"等诸多 挑战下，CDMO行业面临的竞争压力日益明显。尽管面临严峻的宏观环境挑战，药明生物依然保持业务 稳健增长。 根据药明生物财报，按地理区域划分，北美、中国、欧洲及其他四大市场持续贡献收入，其中北美市场 最为亮眼，同比增长32.5%，其次为日韩等其他市场，同比增长19.7%；按项目阶段划分，临床前、临 床早期、临床三期和商业化收入（剔除新冠影响）分别同比增长30.7%，5.5%和3.9%。这组数据映射出 药明生物独特的抗风险模型——通 ...

Financial Performance - The company's revenue for the year ended December 31, 2024, increased by 9.6% year-on-year to RMB 18,675.4 million, with non-COVID revenue growing by 13.1%[7] - Gross profit rose by 12.1% to RMB 7,650.8 million, resulting in a gross margin of 41.0%[3] - Net profit increased by 10.5% to RMB 3,945.4 million, with a net profit margin of 21.1%[3] - Revenue for the year ended December 31, 2024, was RMB 18,675,371 thousand, an increase of 9.66% from RMB 17,034,255 thousand in 2023[125] - The net profit for the year was RMB 3,945,371 thousand, compared to RMB 3,570,624 thousand in 2023, representing a growth of 10.45%[126] - The adjusted net profit for the year ended December 31, 2024, was RMB 5,396.9 million, up from RMB 4,950.4 million in 2023, reflecting a growth of approximately 9.0%[101] - The adjusted EBITDA for 2024 was RMB 7,999.3 million, compared to RMB 6,993.0 million in 2023, representing a growth of approximately 14.4%[103] Revenue Breakdown - Revenue from North America rose significantly to RMB 10,695.8 million, accounting for 57.3% of total revenue, compared to RMB 8,073.5 million or 47.4% in the previous year[50] - IND pre-service revenue grew by 30.7% to approximately RMB 7,062.2 million, representing 37.8% of total revenue for the year ending December 31, 2024[51] - Revenue from the XDC segment increased to RMB 3,944.0 million, representing 21.1% of total revenue, compared to RMB 1,906.1 million or 11.2% in the previous year[54] - CRDMO services contributed RMB 18,362,739,000 to total revenue in 2024, up from RMB 16,749,791,000 in 2023, reflecting a growth of 9.66%[137] Operational Highlights - The number of ongoing integrated projects reached 817, with 151 new projects added during the reporting period[4] - The company secured 20 external projects through its "Winning Molecules" strategy, including 13 late-stage clinical and commercial production projects[4] - The total value of uncompleted orders as of December 31, 2024, reached USD 18.5 billion, including USD 10.5 billion in service orders and USD 8 billion in potential milestone payments[7] - The company has empowered over 600 IND submissions, with a recent autoimmune disease project completed in just six months, significantly optimizing the development cycle from DNA to IND to nine months[17] - The WuXiaTM platform has delivered over 1,000 cell lines, enabling 150 comprehensive CMC projects annually, making it one of the largest platforms in the industry[18] Strategic Partnerships and Collaborations - The company has established partnerships with the top 20 global pharmaceutical companies and most large pharmaceutical companies in China, expanding its customer base[8] - The company has established strategic collaborations with GSK, Candid Therapeutics, BioNTech, and Medigene to advance new biopharmaceutical technologies, enhancing client trust and driving innovation in biotherapy[16] - The company has established a strategic partnership with Merck for the development of the B cell depletion therapy CN201, showcasing the unique advantages of its CRDMO platform[29] Production and Capacity Expansion - The company has expanded its production services significantly, with 66 late-stage clinical and 21 non-COVID commercialization projects as of the reporting period end[32] - The company has enhanced its production capacity, increasing the total capacity at its Hangzhou facility to 23,000 liters and completing mechanical work at its Suzhou facility, which is expected to reach GMP readiness soon[39] - The company has achieved GMP certification for all three production facilities in Ireland, successfully completing multiple 16,000-liter scale PPQ productions during the reporting period[35] Financial Management and Expenses - Sales and marketing expenses increased by 61.1% from approximately RMB 294.0 million for the year ended December 31, 2023, to approximately RMB 473.6 million for the year ended December 31, 2024, with the percentage of sales and marketing expenses to revenue rising from 1.7% to 2.5%[62] - Administrative expenses grew by 11.9% from approximately RMB 1,495.4 million for the year ended December 31, 2023, to approximately RMB 1,673.5 million for the year ended December 31, 2024, driven by increased employee-related costs and support for global business expansion[63] - Research and development expenses decreased by 2.5% from approximately RMB 785.8 million for the year ended December 31, 2023, to approximately RMB 766.4 million for the year ended December 31, 2024, due to automation and enhanced operational efficiency[64] Shareholder Returns and Dividends - The board of directors did not recommend any final dividend for the year ended December 31, 2024[3] - The company did not declare any dividends for the year ending December 31, 2024, consistent with 2023[12] Sustainability and ESG Initiatives - The company has joined the Science Based Targets initiative (SBTi) and the UN Global Compact, focusing on ESG performance and sustainable practices[38] - The company has received multiple awards for its quality services and commitment to ESG practices, including recognition in the Dow Jones Sustainability Index and MSCI ESG ratings[43] - The company has implemented over 260 improvement projects through its WBS system, achieving increased efficiency, cost savings, and significant contributions to sustainability goals[42] Market Outlook - The global biopharmaceutical market is expected to grow at a double-digit rate in the coming years, driven by the increasing demand for biopharmaceuticals and advancements in biotechnologies such as bispecific antibodies and ADCs[46] - The company anticipates continued growth in demand for outsourcing services from biopharmaceutical and biotechnology companies, aimed at accelerating discovery, development, and production processes[46]

3月22日，杨国福发布致歉信，回应被官方通报苏州印象城店"食品柜出现一老鼠"一事。 校对：冉燕青 杨国福表示，经核查， 涉事门店已立即下架并销毁全部食材，停业接受全面消杀整改，目前正全力配合市 场监督管理部门调查处理。 杨国福表示，已在事发2小时内向消费者致歉并完成赔付，同时对涉事门店实施停业处罚及封闭整改;即日起 重点彻查防鼠设施、食材存储及操作规范，不合格门店立即停业。已成立专项调查组以持续加强对全国所 有门店的监管力度，每月进行食品安全培训和检查，完善食品安全管理制度。 此前报道： 据经视直播报道，3月18日，江苏苏州，有网友发现杨国福麻辣烫一门店菜品区出现老鼠。 3月21日晚间，苏州工业园区市场监督管理局通报： 近日，有网友反映，某商场内杨国福麻辣烫店食品柜出现一老鼠，获悉后该局执法人员立即至该店开展现 场检查，当场责令商家停业，并于当日立案，将依法依规严肃处置。下一步，苏州工业园区市监局将进一 步加大食品安全监管力度，切实保障人民群众食品安全。 来源：@杨国福官方 "苏州工业园区消保委" 责编： 刘珺宇 利好来袭！上海，重磅发布！这个板块集体拉升！ 突然！浙江，重磅！ 违法和不良信息举报电话：075 ...

编者荐语： 日经中文网与36氪开展内容交换合作。将精选36氪的精彩独家财经、科技、企业资讯，与读者分享。 以下文章来源于36氪Pro ，作者胡香赟 36氪Pro . 36氪旗下官方账号。深度、前瞻，为1%的人捕捉商业先机。 "我们依次看过全球的同类型产品管线，最后经常发现，中国公司的数据最好。" 文 ｜ 胡香赟 封面来源 ｜ 日经中文网 2025年开年来，创新药出海延续了高歌猛进的势头，陆续已有多笔十亿美元级别的创新药出海BD交易披露。 比如，信达生物宣布将旗下一款ADC产品的全球开发、生产和商业化权益独家授权给罗氏，潜在里程碑付款达到10亿美元；先声 药业旗下肿瘤创新药公司先声再明则与艾伯维达成一项有关多发性骨髓瘤药物的授权，里程碑付款同样超过了10亿美元。 不少人用"中国创新药的DeepSeek时刻"的形容，来表达对创新药出海的未来期待。 但经历了过去两年的"扫货"，买卖双方对价格、条款、权益等诸多维度的考虑，都变得更加谨慎。对于仍有意愿出售产品的创新 药企来说，接下来应该怎么做？ 土豪买方"不在意创新源自何处"， 去中国淘金是"公开的秘密" 近两年，陆续到期的"专利悬崖"压力之下，制药大厂们一直在寻求更 ...

Investment Rating - The report maintains a "BUY" rating for WuXi Biologics, with a target price raised from HK$22.88 to HK$24.24, indicating a potential upside of 36.6% from the current price of HK$17.74 [3][8]. Core Insights - WuXi Biologics added 151 new projects in 2024, the highest in its history, with over half from the US, showcasing strong global competitiveness and client trust [1][8]. - The company is set to receive US$140 million in near-term payments from enabling discovery services for 7 global projects in 2024, highlighting lucrative milestone income [1][8]. - The Ireland site is on track to achieve breakeven in 2025, and the company plans to expand its drug substance capacity significantly, with a focus on establishing a comprehensive global production network [1][8]. Financial Summary - Revenue is projected to grow from RMB 17,034 million in FY23A to RMB 20,687 million in FY25E, reflecting a year-on-year growth of 13.4% [2][18]. - Adjusted net profit is expected to increase from RMB 4,739 million in FY24E to RMB 5,358 million in FY25E, representing a growth of 13.0% [2][18]. - The adjusted EPS is forecasted to rise from RMB 1.15 in FY24E to RMB 1.30 in FY25E, with a P/E ratio decreasing from 14.3x in FY24E to 12.7x in FY25E [2][18]. Project Pipeline and Growth - The company’s project pipeline now includes 817 projects, with a significant increase in process performance qualification (PPQ) projects expected to grow by 31% YoY to 101 in 2025 [1][8]. - WuXi Biologics completed 77 PPQ projects in 2024, marking a 26% increase year-on-year, indicating strong momentum for future growth in CMO revenue [1][8]. Overseas Operations - The Ireland biologics facility has shown strong client demand trends, successfully completing multiple 16k-liter PPQ batch productions, supporting profitability targets for 2025 [1][8]. - WuXi Biologics is constructing a new 36k-liter drug substance capacity facility in the US, aiming to expand total drug substance capacity to 491k liters, with approximately 49% located overseas [1][8].