前十大AH股偏离值排行 | 股票名称 | H股(港元) | A股 | 溢价率 | 偏离值↓ | | --- | --- | --- | --- | --- | | 安德利果汁(02218) | 18.860 | 49.1 | 211.82% | 29.36% | | 金力永磁(06680) | 19.600 | 29.14 | 78.06% | 18.33% | | 昭衍新药(06127) | 22.400 | 31.11 | 66.34% | 14.37% | | 农业银行(01288) | 5.390 | 6.71 | 49.17% | 12.67% | | 浙江世宝(01057) | 5.170 | 12.56 | 190.91% | 11.48% | | 北京北辰实业股份(00588) | 0.880 | 1.77 | 140.91% | 7.75% | | 山东墨龙(00568) | 4.650 | 6.71 | 72.90% | 7.59% | | 东江环保(00895) | 2.670 | 4.7 | 110.86% | 6.15% | | 海天味业(03288) | 33.300 | 38.3 ...

中邮证券8月7日发布研报称，给予药明康德（603259.SH，最新价：91.13元）买入评级。评级理由主要 包括：1）Chemistry 业务收入维持快速增长，Testing 业务收入企稳；2）在手订单维持快速增长，上调 全年收入指引。风险提示：地缘政治风险；产能投放进度不及预期；行业需求复苏不及预期竞争降价压 力高于预期。 （文章来源：每日经济新闻） ...

Core Viewpoint - WuXi AppTec's profitability is steadily improving, leading to an upward revision of its full-year performance guidance [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 20.8 billion yuan (+20.6% year-on-year), with continuous operating business revenue at 20.41 billion yuan (+24.2% year-on-year) [1] - The net profit attributable to shareholders reached 8.56 billion yuan (+101.9%), while the adjusted Non-IFRS net profit was 6.31 billion yuan (+44.4%) [1] - For Q2 2025, operating revenue was 11.15 billion yuan (+20.4%), with continuous operating business revenue at 11.02 billion yuan (+24.9%) [1] Business Segment Analysis - Chemistry business revenue for the first half of 2025 was 16.3 billion yuan (+33.5%), with an adjusted Non-IFRS gross margin of 49.0% (+5.2 percentage points) [2] - The TIDES business saw significant growth, with revenue of 5.03 billion yuan (+141.6%) in the first half of 2025, and a backlog of orders increasing by 48.8% year-on-year [2] - The Testing business revenue decreased slightly to 2.69 billion yuan (-1.2%), with a decline in adjusted Non-IFRS gross margin to 25.1% [3] Order Backlog and Guidance - As of June 30, 2025, the company had a continuous operating business backlog of 56.69 billion yuan (+37.2%) [4] - The full-year revenue growth guidance for 2025 has been revised to 13%-17%, up from the previous 10%-15% [4] Profit Forecast and Investment Recommendation - Revenue projections for 2025, 2026, and 2027 are 43.29 billion yuan, 49.02 billion yuan, and 55.85 billion yuan, respectively, with year-on-year growth rates of 10.3%, 13.3%, and 13.9% [5] - The company is rated as a "buy" due to its leading position in the integrated drug development service platform and the expected recovery in its core Chemistry business [5]

Group 1 - The A-share market's CRO sector experienced a collective pullback, with several companies showing significant declines [1] - HaiTe Bio fell over 6%, while MediSci, Nossger, Hongbo Pharmaceutical, Lianhua Technology, Chengdu XianDao, WuXi AppTec, Zhaoyan New Drug, and Haoyuan Medicine all dropped more than 3% [1]

格隆汇8月7日｜港股高开低走，恒指转跌，恒生科技指数跌0.5%。医药股走低，石药集团跌近7%，药 明生物跌4.4%，药明康德(603259)跌3.6%。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com (责任编辑：宋政 HN002) ...

8月7日，A股共10家上市公司披露2025年半年报，其中10家公司全部盈利。从净利润来看，当日披露半 年报公司中，1家净利润超10亿元。杰瑞股份、盛美上海、塔牌集团排名居前，上半年净利润分别为 12.41亿元、6.96亿元、4.35亿元。 截至8月7日，A股已累计有113家上市公司披露2025年半年报，其中100家盈利，13家亏损。从净利润来 看，12家公司净利润超10亿元，宁德时代、华能国际、药明康德排名居前，上半年净利润分别为304.85 亿元、92.62亿元、85.61亿元。从净利润增幅来看，31家公司净利润增幅超50%，智明达、仕佳光子、 南极光排名居前，上半年净利润增幅分别为2147.93%、1712.00%、982.43%。 ...

Core Viewpoint - Danuo Pharmaceutical is seeking to raise funds through an IPO on the Hong Kong Stock Exchange, primarily for research, development, and commercialization of its core products, as well as for operational expenses and building its own manufacturing facility [1][3]. Financial Performance - Danuo Pharmaceutical has reported cumulative losses of 376 million RMB, with net losses of 192 million RMB, 146 million RMB, and 38 million RMB for the years 2023 to the first quarter of 2025 [3]. - The company has a high R&D expenditure, with over 80% of its total operating expenses allocated to R&D, leading to significant financial pressure [3][5]. - As of March 2025, the company had only 146 million RMB in cash, while its net current liabilities reached 932 million RMB, indicating a reliance on external capital for ongoing operations [3][4]. R&D Pipeline - Danuo Pharmaceutical has established a pipeline of seven innovative assets, including three core products: TNP-2198 for Helicobacter pylori infection, TNP-2092 injection for implant-related bacterial infections, and TNP-2092 oral formulation for gut microbiome-related diseases [5][6]. Commercialization Challenges - The commercialization of TNP-2198 faces risks, including a tight timeline for obtaining market approval by the end of 2026, with potential penalties if deadlines are not met [6][7]. - The company relies on contract development and manufacturing organizations (CDMOs) for production, with its own facility not expected to be operational until 2028, posing risks to product supply [8]. Supplier Dependency - Danuo Pharmaceutical has a significant dependency on WuXi AppTec, which is both a major supplier and a shareholder, with procurement from this supplier accounting for 53.5% of total purchases in the first quarter of 2025 [9][11]. - The high concentration of procurement from a single supplier raises concerns about the company's independence and the fairness of related transactions [11][13]. Market Outlook - The ability of Danuo Pharmaceutical to transition from a research-focused entity to a commercially viable company will depend on its capacity to manage ongoing losses, successfully commercialize its core products, and navigate regulatory scrutiny regarding its supplier relationships [13].

Core Viewpoint - Danuo Pharmaceutical is seeking to go public on the Hong Kong Stock Exchange, aiming to raise funds primarily for research, development, registration, and commercialization of its core products, as well as for the development of other candidates and operational expenses [1][3]. Financial Performance - Danuo Pharmaceutical has accumulated losses of 376 million RMB, with R&D expenses exceeding 80% of total expenditures [3]. - The company reported net losses of 192 million RMB, 146 million RMB, and 38 million RMB for the years 2023 to Q1 2025, respectively [3]. - As of March 2025, the company had only 146 million RMB in cash, while current liabilities reached 932 million RMB, indicating significant financial pressure [3][4]. R&D Investment - The R&D expenditure for core products accounted for 90.7%, 82%, and 65.3% of total R&D expenses from 2023 to Q1 2025, respectively [3]. - R&D costs are a critical driver for innovation but also pose substantial financial strain on the company [3][6]. Product Pipeline - Danuo Pharmaceutical has three core products in its pipeline, including TNP-2198 for Helicobacter pylori infection and TNP-2092 for multi-target treatment of bacterial infections [6][8]. - The company plans to submit a New Drug Application (NDA) for TNP-2198 by August 2025, with an expected approval by the end of 2026 [8]. Commercialization Challenges - The commercialization of TNP-2198 faces risks, including the potential for the agreement with Yuan Da Life Sciences to be terminated if the product does not receive market approval by the end of 2026 [7][8]. - Even if the product is approved, challenges such as price negotiations and competition may hinder revenue generation [8]. Supply Chain Dependency - Danuo Pharmaceutical relies heavily on WuXi AppTec, which is both a major supplier and a shareholder, raising concerns about independence and fair pricing [9][12]. - The company’s procurement from its top five suppliers increased significantly, with WuXi AppTec accounting for 53.5% of total procurement in Q1 2025 [9][12]. Regulatory and Market Concerns - The dual role of WuXi AppTec as a supplier and shareholder may attract regulatory scrutiny regarding the independence and fairness of transactions [15]. - The ongoing losses, the timeline for core product commercialization, and the reliance on external manufacturing partners will be focal points for regulatory inquiries and market attention [15].

Core Viewpoint - Danuo Pharmaceutical is seeking to raise funds through an IPO on the Hong Kong Stock Exchange, primarily for research and development, registration, commercialization of core products, and building its own manufacturing facility [2][4]. Financial Performance - The company has reported continuous losses, with net losses of RMB 192 million, RMB 146 million, and RMB 38 million for the years 2023, 2024, and the first quarter of 2025, respectively, totaling RMB 376 million [4][6]. - Research and development expenses accounted for over 80% of total expenditures, indicating a heavy reliance on R&D for growth [4][6]. R&D Pipeline - Danuo Pharmaceutical has established a pipeline with seven innovative assets, focusing on bacterial infections and related diseases [2][4]. - The company has three core products, including TNP-2198 for Helicobacter pylori infection and TNP-2092 for multi-target treatment of bacterial infections [6][7]. Commercialization Challenges - The commercialization of core products faces significant risks, including strict timelines for regulatory approvals and potential market competition [7][8]. - A key agreement with Yuan Da Life Sciences for TNP-2198 includes clauses that could lead to termination if regulatory milestones are not met [6][7]. Production Dependencies - The company currently relies entirely on contract development and manufacturing organizations (CDMOs) for production, with plans for its own facility not expected to be operational until 2028 [8][9]. - This reliance on external partners raises concerns about supply chain stability and production capacity [8][9]. Supplier Relationships - WuXi AppTec, a major supplier and shareholder, accounts for a significant portion of Danuo's procurement, raising questions about the independence and fairness of related transactions [9][10]. - The concentration of procurement with a single supplier could trigger regulatory scrutiny regarding pricing and independence [10][11]. Market Outlook - The ability of Danuo Pharmaceutical to transition from a research-focused entity to a commercially viable company will depend on successful product launches and effective management of financial and operational risks [11][12].

港交所文件显示：汇丰7月31日对 药明康德 (02359.HK)持股比例从4.28%增至5.25%。 ...