药明康德 20251114 摘要 药明康德 2025 年前三季度收入达 319.5 亿元，同比增长 22.7%，经调 整 IFRS 净利润增至 105.4 亿元，净利率达 32.1%，经营现金流同比增 长 35%至 108.7 亿元，各项指标均创历史新高，反映了公司强劲的增 长势头和盈利能力。 公司全球化布局均衡，美国地区收入同比增长 31.9%，欧洲增长 13.5%，中国地区基本持平，日韩及其他地区增长 9.2%，表明公司在 全球市场具有较强的竞争力和抗风险能力，能有效应对单一市场波动。 无锡 Chemistry CRDMO 业务收入 259.8 亿元，同比增长 20.3%，毛 利率提升至 51.3%；小分子 DNAM 业务收入 142.4 亿元，增长 14.1%，成功交付超 43 万个新化合物，并转化 25 个分子，预计年底反 应釜体积超 4,000 立方米，显示公司在小分子药物研发生产领域的领先 地位。 无锡 Testing 业务收入 41.7 亿元，与去年同期持平，但第三季度实验 室分析与测试业务增长 7.2%，药物安全性评价业务恢复正增长，服务 于约 40%成功出海的中国客户项目，表明公司在测试服务 ...

Investment Rating - The investment rating for the healthcare industry is "Positive" and maintained [10] Core Insights - The performance of the innovation chain sector is outstanding, showing significant growth in the pharmaceutical sub-sectors, particularly in CXO and life sciences services, driven by improving domestic and overseas demand [2][6] - The innovation chain sector has become the fastest-growing segment in the pharmaceutical industry, with a revenue growth rate exceeding 10% in both Q2 and Q3 of 2025 [6][26] - The overall revenue for the innovation chain sector reached 956.8 billion yuan in the first three quarters of 2025, marking a year-on-year increase of 10% [26] Summary by Sections Overseas Demand - The overseas demand is on an upward trend, supported by a favorable industrial cycle and the emergence of new technologies such as peptides and ADCs, leading to a significant recovery in the biopharmaceutical investment and financing amounts [7] - Chinese CDMO companies have seen a noticeable improvement in new orders and backlog amounts, with year-on-year growth rates recovering to over 15% [7] Domestic Demand - The domestic demand for innovative drug research and development is improving, with diversified funding sources and new business models accelerating the drug development and commercialization process [8] - Companies with strong capabilities in drug discovery CRO, such as Kanglong Chemical and Hongbo Pharmaceutical, are experiencing improved revenue performance [8] CXO and Life Sciences Services - The CXO sector maintained double-digit revenue growth, contributing significantly to the overall revenue of the innovation chain sector, with a total revenue of 708.4 billion yuan in the first three quarters of 2025, up 13% year-on-year [41] - The life sciences services sector is also showing positive trends, with revenue growth accelerating and profitability steadily improving [6][41]

格隆汇11月12日丨药明康德(603259.SH)在投资者互动平台表示,本次减持主体不涉及公司高管。减持是 股东基于自己的需求和计划所做的决定。股东享有股份的所有权和处置权。公司尊重所有股东的权利和 选择。 ...

在经历两个多月的调整后，创新药板块再次成为市场焦点。 今天，创新药"纯度"100%的恒生创新药ETF(159316)涨2.52%，低费率的创新药ETF易方达(516080)上涨，年内涨幅31%。 刺激因素，包括宏观上，流动性宽松期利好创新药板块；基本面上，Q3财报数据高增长；等等。 接下来的12月，将有ASH（美国血液学会）、SABCS（圣安东尼奥乳腺癌大会）等行业会议，有可能为创新药提供新的催 化。 01、 业绩兑现 首先说基本面因素。 如刚刚披露三季报的百济神州，实现营业收入275.95亿元，同比增长44.21%，其中产品收入273.14亿元，同比增长43.86%， 同期归母净利润则由大幅亏损，转为盈利15.62亿元。 另一个大创新药龙头公司信达生物，此前也发布公告称，2025年第三季度，公司共取得总产品收入超人民币33亿元，同比 保持约40%的强劲增长。 其他头部创新药企业，药明康德、恒瑞医药、上海医药、复星医药，今年前三季度营收分别实现328.57亿元、231.88亿元、 2150.72亿元、293.93亿元，归母净利润分别达到120.76亿元、57.51亿元、51.47亿元、25.23亿元。 根据w ...

药明康德所属申万行业为：医药生物-医疗服务-医疗研发外包。所属概念板块包括：精准医疗、CRO概 念、细胞治疗、创新药、出海概念等。 截至9月30日，药明康德股东户数27.41万，较上期增加16.39%；人均流通股9024股，较上期增加 0.00%。2025年1月-9月，药明康德实现营业收入328.57亿元，同比增长18.61%；归母净利润120.76亿 元，同比增长84.84%。 11月12日，药明康德盘中上涨2.02%，截至10:01，报94.37元/股，成交11.12亿元，换手率0.48%，总市 值2815.77亿元。 资金流向方面，主力资金净流入1.58亿元，特大单买入1.78亿元，占比16.05%，卖出6723.56万元，占比 6.05%；大单买入3.42亿元，占比30.79%，卖出2.95亿元，占比26.56%。 药明康德今年以来股价涨76.86%，近5个交易日涨0.06%，近20日跌5.12%，近60日涨3.53%。 资料显示，无锡药明康德新药开发股份有限公司位于上海浦东新区外高桥保税区富特中路288号,香港铜 锣湾希慎道33号利园1期19楼1910室，成立日期2000年12月1日，上市日期201 ...

Core Viewpoint - WuXi AppTec, a leading CXO in the pharmaceutical outsourcing sector, has announced a significant shareholder reduction after reporting an 80% year-on-year increase in net profit for Q3 2025, raising questions about the motivations behind the sell-off despite strong financial performance [2][4]. Financial Performance - For the first three quarters of 2025, WuXi AppTec achieved a net profit of 12 billion yuan, with 3.2 billion yuan (approximately 25% of net profit) attributed to non-operating gains from the disposal of non-current assets, primarily from selling shares in WuXi Biologics [2][3]. - The company's cash reserves reached 29.4 billion yuan by the end of September 2025, an increase of over 11 billion yuan compared to the end of 2024, supported by a 36% year-on-year increase in operating cash flow, totaling 11.4 billion yuan [4]. Shareholder Actions - Since November 2024, WuXi AppTec has executed four rounds of share reductions in WuXi Biologics, totaling a 13.87% stake and generating approximately 6.95 billion Hong Kong dollars (about 6.1 billion yuan) in cash [10][11]. - The latest proposed reduction of up to 2% of shares could yield around 5.66 billion yuan, bringing the total cash generated from reductions to approximately 17.67 billion yuan [11]. Market Reaction - Despite the frequent share reductions by WuXi AppTec, the stock price of WuXi Biologics has shown resilience, increasing by 225% from November 2024 to October 2025, indicating that long-term investors are focused on the company's fundamentals rather than the selling actions of major shareholders [5][8]. Strategic Implications - The repeated sell-offs by WuXi AppTec's major shareholders, including its controlling shareholder Li Ge, have raised concerns about the long-term outlook for the assets being sold, especially given the company's strong cash position [4][9]. - The capital structure of WuXi AppTec, which includes a dual listing and various offshore entities controlled by Li Ge, facilitates these capital operations, suggesting a strategic focus on liquidity and capital recycling rather than long-term asset retention [15][19].

Group 1 - The core viewpoint of the article highlights that innovative pharmaceutical companies are transitioning from a "research and development investment phase" to a "commercialization harvest phase," driven by policy benefits, capital support, and clinical demand [1][4][5] Group 2 - Innovative pharmaceutical companies have reported impressive third-quarter results, with BeiGene achieving over 10 billion yuan in revenue, a year-on-year increase of 41.1%, and total revenue for the first three quarters reaching 27.595 billion yuan, up 44.2% [2] - Other leading innovative pharmaceutical companies also showed strong performance, with Hengrui Medicine reporting a revenue of 23.188 billion yuan for the first three quarters, a year-on-year growth of 14.85%, and WuXi AppTec achieving 32.857 billion yuan in revenue, up 18.61% [3] - The sales growth of core products, such as BeiGene's Zebrutinib and Junshi Biosciences' Toripalimab, is driving the performance of these companies, indicating a significant return on investment in research and development [5][6] Group 3 - The innovative drug sector is experiencing rapid growth, with a notable increase in business development (BD) transactions, totaling 92.03 billion USD in the first three quarters of 2025, reflecting a surge in licensing deals for domestic innovative drugs [6] - Analysts from Dongwu Securities express optimism about the innovative drug sector, predicting it will remain a key investment theme in the pharmaceutical industry through 2026, driven by the rising international status of Chinese innovative drug companies and a boom in BD transactions [7]

Group 1 - BlackRock's long position in Wuxi AppTec Co., Ltd. increased from 4.8% to 5.48% as of November 5, 2025 [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 文 | 子弹财经 张珏 编辑 | 蛋总 减肥药风潮席卷全球，以礼来的替尔泊肽和诺和诺德的司美格鲁肽为代表，GLP-1减肥药正在重塑医药产业的商业格局。 除两大巨头之外，国内外药企纷纷入局，从适应症扩展、渠道布局、品牌竞争到价格战，下游市场打得不可开交。而上游提供合成原料与生产工艺的"卖水 人"，却在这场浪潮中悄然成为大赢家。 药明康德正处在这条产业链的核心节点。 作为全球最大的CRDMO（医药合同研究、开发与生产）公司之一，药明康德不直接生产任何一支减肥针，但是从多肽合成到工艺放大，从客户定制到大规 模商业化生产，全球无数支减肥针的诞生都要经由它手。 药明康德向来是医药资本市场上无法忽视的公司，不仅因为它的业绩数据与在全球医药产业链中的独特位置，更因为它频繁的资本运作。 近期，药明康德发布公告宣布公司实控人减持计划。以董事长李革为首的实控人对"药明系"频繁的高位减持和此前各种资本动作，让市场再次怀疑：这家公 司究竟在走向成熟，还是在透支信任？ 1、减肥药高需求下的受益者 近日，药明康德披露2025年前三季度财报，收入与利润均超出市场预期。 /4 145 16 ...

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [1]. Core Views - The report highlights a positive change in the specialty raw materials sector, recommending companies such as Aorite and Prolo Pharmaceuticals [1]. - The report suggests that the Q3 performance of raw material pharmaceutical companies has reached a bottom, indicating potential recovery in profitability as high-cost inventory is consumed [19][20]. Summary by Sections Investment Highlights - The recommended sub-industry rankings are: Innovative Drugs > Research Services > CXO > Traditional Chinese Medicine > Medical Devices > Pharmacies [3][12]. - Specific stock recommendations include: - From raw materials: Aorite, Qianhong Pharmaceutical - From Traditional Chinese Medicine: Zorui Pharmaceutical, Fangsheng Pharmaceutical, Dong'e Ejiao - From medical devices: United Imaging Healthcare, Yuyue Medical - From AI pharmaceuticals: Jingtai Holdings - From GLP-1 sector: Lianbang Pharmaceutical, Borui Pharmaceutical, Zhongsheng Pharmaceutical, and Innovent Biologics - From PD-1/VEGF dual antibodies: Sanofi Biopharmaceuticals, Kangfang Biologics, and Rongchang Biopharmaceuticals - From innovative drugs: Innovent Biologics, BeiGene, HengRui Medicine, Zai Lab, Baillie Tianheng, Kelun Pharmaceutical, Dize Pharmaceutical, and Haizheng Pharmaceutical [3][15]. Industry Trends - The A-share pharmaceutical index has seen a year-to-date increase of 18.2%, while the Hang Seng Biotechnology Index has increased by 76.6% [6][11]. - The report notes that the raw material pharmaceutical sector is under pressure due to high base effects and declining prices, with significant revenue impacts [19][20]. R&D Progress and Company Dynamics - Recent approvals include Novartis' radioligand therapy drug, which received dual indications for prostate cancer treatment [2]. - The report provides an overview of ongoing clinical trials and drug approvals, emphasizing the importance of innovation in the pharmaceutical sector [30]. Market Performance - The report indicates that the pharmaceutical sector has experienced adjustments, with notable stock performances including significant gains for companies like Hezhong China (+61%) and Wanze Shares (+30%) [11]. - The report also highlights the performance of various pharmaceutical stocks, noting both gains and losses in the market [16][17]. Raw Material Pricing Trends - The price of 6-APA has dropped significantly, from 370 RMB/kg in 2022 to 180 RMB/kg in October 2025, a decrease of 51% [23]. - The price of Amoxicillin has also decreased from 320 RMB/kg in January 2023 to 190 RMB/kg in October 2025, a decline of 41% [23]. Conclusion - The report suggests that as high-cost inventory is depleted, the gross margins for raw material producers are expected to improve, indicating a potential recovery in profitability for companies like Fuxiang Pharmaceutical and Lukang Pharmaceutical [19][23].