Core Viewpoint - 凯莱英 (002821) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1]. Financial Performance - Total revenue reached 3.188 billion yuan, an increase of 18.2% year-on-year [1]. - Net profit attributable to shareholders was 617 million yuan, up 23.71% year-on-year [1]. - In Q2 2025, total revenue was 1.647 billion yuan, reflecting a year-on-year increase of 26.94% [1]. - Q2 net profit attributable to shareholders was 291 million yuan, a rise of 33.94% year-on-year [1]. - Gross margin improved to 43.49%, up 3.17% year-on-year, while net margin increased to 19.23%, up 5.35% year-on-year [1]. Balance Sheet and Cash Flow - Accounts receivable rose significantly, with a year-on-year increase of 33.18%, reaching 1.975 billion yuan [1]. - Cash and cash equivalents increased by 19.64%, totaling 6.794 billion yuan [2]. - The company experienced a 66.92% increase in financial expenses due to reduced exchange gains from currency fluctuations [2]. Investment and Returns - The company's return on invested capital (ROIC) was reported at 4.22%, indicating a cyclical performance trend [2]. - Historical data shows a median ROIC of 16.29% since the company went public, suggesting strong investment returns despite recent fluctuations [2]. Debt and Liabilities - Interest-bearing liabilities increased by 55.08%, amounting to 50.27 million yuan [1]. - The company maintains a healthy cash position, indicating good debt repayment capability [3]. Market Sentiment and Analyst Expectations - Analysts expect the company's performance for 2025 to reach 1.13 billion yuan, with an average earnings per share forecast of 3.13 yuan [4]. - Recent fund activity shows mixed movements, with some funds reducing their holdings while others increased their positions in the company [5].

格隆汇8月25日丨凯莱英(002821.SZ)公布半年度报告，截至本报告披露日，不含本报告期已确认的收 入，公司在手订单总额10.88亿美元，为实现全年业绩保持增长态势夯实基础。报告期内，公司实现营 业总收入31.88亿元，同比增长18.20%，其中第二季度实现收入16.47亿元，环比一季度增长6.87%。随 着降本增效措施效果显现，以及新兴业务交付规模提升和产能利用率爬坡，实现归属于上市公司股东的 净利润6.17亿元，同比增长23.71%，净利润增长较营业收入增长高5.51个百分点。 ...

Core Viewpoint - 凯莱英 reported a strong financial performance for the first half of 2025, with significant revenue and profit growth driven by operational efficiency and market expansion efforts [1][2]. Group 1: Financial Performance - The company achieved total revenue of 3.188 billion yuan, representing an 18.20% year-on-year increase, with Q2 revenue of 1.647 billion yuan, up 6.87% from Q1 [1]. - Net profit attributable to shareholders reached 617 million yuan, a 23.71% increase, outpacing revenue growth by 5.51 percentage points [1]. Group 2: Market Expansion - In 2025, the company added over 150 new CDMO business clients, expanding its customer base significantly [2]. - Revenue from the U.S. market was 1.789 billion yuan, up 0.45%, while domestic revenue was 713 million yuan, up 3.44%, and European revenue exceeded 200% growth, reaching 548 million yuan [2]. - Revenue from large pharmaceutical companies was 1.508 billion yuan, a 14.68% increase, while revenue from small and medium-sized pharmaceutical companies was 1.680 billion yuan, growing by 21.55% [2]. Group 3: R&D Investment - The company invested 286 million yuan in R&D, accounting for 8.96% of total revenue, focusing on continuous reaction and biocatalysis technologies [3]. - As of the end of the reporting period, the company held 538 authorized patents, including 423 domestic and 115 international patents, with significant contributions in synthetic biology and continuous reaction technology [3].

Core Viewpoint - Kailaiying Pharmaceutical Group (Tianjin) Co., Ltd. has demonstrated strong growth and potential in the industry, as revealed during recent institutional research activities [1] Financial Overview - For the reporting period, the company achieved revenue of 3.188 billion yuan and a net profit attributable to shareholders of 617 million yuan, with a backlog of orders amounting to 1.088 billion USD [2] - Revenue increased by 18.2% year-on-year, while net profit grew by 23.7% [2] - Gross margin stood at 43.5%, up by 1.3 percentage points, and net profit margin was 19.4%, an increase of 0.9 percentage points [2] - Adjusted net profit margin reached 21.4%, reflecting a year-on-year increase of 5.4 percentage points [2] Business Segment Highlights - Small Molecule CDMO business generated revenue of 2.429 billion yuan, a 10.6% increase year-on-year, with a gross margin of 29.8%, up by 9.5 percentage points [3] - Emerging businesses, including peptides and small nucleic acids, saw revenue of 756 million yuan, representing a 51.2% year-on-year growth [3] - The company expanded its global market presence, adding over 150 new CDMO business clients during the reporting period [2] - Revenue from multinational pharmaceutical companies grew by 14.7%, while overseas revenue increased by 23.3% [2] - Revenue from small and medium-sized pharmaceutical companies rose by 21.6%, with domestic revenue up by 3.4% [2] Operational Developments - The small molecule business maintained steady growth despite industry challenges, with significant advancements in overseas capacity construction [3] - The company completed the delivery of 4 R&D projects and 1 production order for MNC clients, along with 285 QA audits [3] - The emerging business segment has a backlog of orders that increased by over 90% year-on-year, with over 40% from overseas [3] - The domestic market saw the approval of its first commercial peptide project in the weight loss sector [3] Future Outlook - For the first half of 2025, the company expects a revenue growth of 13% to 15% [4] - The company plans to enhance cost reduction and efficiency measures while increasing market expansion efforts, particularly in peptides, oligonucleotides, and conjugated drugs [4]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong performance relative to the benchmark index [14]. Core Insights - The company shows a trend of accelerating performance with significant growth in both revenue and profit, supported by a robust order backlog [2]. - Emerging business segments are performing exceptionally well, contributing to overall revenue growth [5][6]. - The traditional small molecule CDMO business remains stable and profitable, with a solid project pipeline [3]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 3.188 billion yuan, a year-on-year increase of 18.20%, and a net profit of 617 million yuan, up 23.71% [1]. - For Q2 2025, revenue reached 1.647 billion yuan, reflecting a 26.94% year-on-year growth, while net profit increased by 33.94% to 291 million yuan [1]. Business Segments - The small molecule CDMO solutions generated revenue of 2.429 billion yuan in H1 2025, a 10.64% increase, accounting for 76.19% of total revenue [2]. - Emerging businesses reported revenue of 756 million yuan, a significant growth of 51.22%, making up 23.71% of total revenue [2]. Market Analysis - Domestic market revenue was 713 million yuan, growing 3.44%, while international market revenue reached 2.475 billion yuan, up 23.27% [2]. - Notably, revenue from European clients surged over 200%, indicating strong demand in that region [2]. Future Projections - The company anticipates continued growth in revenue and profit, with projected revenues of 6.71 billion yuan, 7.686 billion yuan, and 8.727 billion yuan for 2025, 2026, and 2027 respectively [8]. - The expected net profits for the same years are 1.108 billion yuan, 1.294 billion yuan, and 1.516 billion yuan [8].

Financial Overview - Revenue for H1 2025 reached 3,188 million RMB, an increase from 2,697 million RMB in H1 2024 [80] - Adjusted net profit for H1 2025 was 617 million RMB, up from 499 million RMB in H1 2024 [80] - Gross profit margin improved to 43.5%, up from 42.2% in H1 2024 [64] Performance Highlights - Gross margin increased by 1.3 percentage points to 43.5% [13] - Net profit growth outpaced revenue growth by 5.5 percentage points [14] - The company reported a backlog of orders worth 10.88 billion USD, with a year-on-year increase of over 40% [13] Segment Performance Small Molecule Business - Revenue for small molecule CDMO business was 24.29 billion RMB, a 10.6% increase year-on-year [20] - Gross margin for small molecule business reached 47.8%, up 0.6 percentage points [32] Emerging Business - Emerging business revenue surged by 51.2% to 7.56 billion RMB [19] - Gross margin for emerging business was 29.8%, an increase of 9.5 percentage points [20] Clinical CRO Business - Revenue for clinical CRO business was 1.39 billion RMB, reflecting a growth of 44.8% [42] - The company supported 13 projects to obtain clinical trial approvals in China [42] Market Expansion - The company added over 150 new CDMO business clients during the reporting period [22] - Revenue from the US market was 1.789 billion RMB, a slight increase of 0.5% year-on-year [25] - Revenue from the European market grew by over 200% to 548 million RMB [25] Future Outlook - The company anticipates a revenue growth of 13% to 15% for the full year of 2025 [77] - Plans to enhance operational efficiency and profitability, aiming for profit growth to exceed revenue growth [77] - Continued focus on expanding capabilities in peptide, oligonucleotide, and conjugated drug segments [77]

Group 1: Financial Performance - The company achieved total revenue of 3.188 billion CNY in the first half of 2025, representing a year-on-year growth of 18.20% [2] - In Q2 2025, revenue reached 1.647 billion CNY, an increase of 6.87% compared to Q1 [2] - Net profit attributable to shareholders was 617 million CNY, up 23.71% year-on-year, with a net profit margin of 19.4%, an increase of nearly 1 percentage point [2] Group 2: Business Development and Orders - Emerging business orders saw significant growth, particularly in the fields of chemical macromolecules and biopharmaceuticals, with new signed orders for conjugated drugs increasing by over 100% year-on-year [2][3] - The company maintains a competitive advantage in small molecule business while expanding its emerging business in overseas markets [3] - The proportion of overseas orders in the biopharmaceutical CDMO business exceeded 35%, with new signed orders from overseas accounting for over 60% [9] Group 3: Capacity and Production - The company is expanding its production capacity, particularly in the ADC business, with the Shanghai Jinshan base operating at full capacity [6][9] - The peptide CDMO business is experiencing rapid growth, with a focus on weight loss applications, and the first commercialized peptide project has been approved [4][6] - The company plans to launch pre-filled syringe and cartridge production lines in Q4 2025, which are expected to contribute to revenue growth [5] Group 4: Cost Management and Efficiency - The company is implementing cost reduction and efficiency improvement measures, with a focus on optimizing overall expense ratios [5] - The overall expenses have decreased during the reporting period, and the trend is expected to continue in the second half of the year [5] Group 5: Future Outlook - The company is optimistic about the profit margins of emerging businesses, anticipating continued positive trends in gross margins [2][3] - The management expects that various projects will gradually enter the commercialization phase, contributing to future revenue growth [7][9]

Investment Rating - The investment rating for the company is "Buy" for both A and H shares [7]. Core Views - The company achieved revenue of 3.188 billion yuan, net profit attributable to shareholders of 617 million yuan, and net profit excluding non-recurring items of 566 million yuan in the first half of 2025, representing year-on-year increases of 18.2%, 23.7%, and 26.3% respectively [1]. - The company has a total order backlog of 1.088 billion USD, which supports stable growth for the year [1]. - The report highlights the positive growth momentum in the pharmaceutical industry and the company's leading technology and processes, indicating a favorable outlook for 2025 [1]. Summary by Sections Financial Performance - The company's gross margin for the first half of 2025 was 43.5%, an increase of 1.3 percentage points year-on-year [2]. - Sales, management, and R&D expense ratios were 2.9%, 11.9%, and 9.0% respectively, showing year-on-year decreases of 0.9, 1.5, and 3.2 percentage points [2]. Business Segments - The small molecule CDMO segment generated revenue of 2.429 billion yuan, with a gross margin of 47.8%, reflecting a year-on-year growth of 10.6% [3]. - The emerging business segment reported revenue of 756 million yuan, a significant year-on-year increase of 51.2%, with a gross margin of 29.8% [4]. - The report notes that the company has a strong order backlog in various emerging business areas, including peptides and ADCs, with expectations for continued growth in the second half of 2025 [4]. Profit Forecast and Valuation - The profit forecast for the company has been adjusted upwards, with expected net profits of 1.094 billion yuan, 1.312 billion yuan, and 1.624 billion yuan for 2025, 2026, and 2027 respectively, reflecting increases of 1%, 4%, and 11% compared to previous estimates [5]. - The company is valued at 47x PE for A shares and 39x PE for H shares for 2025, with target prices set at 142.62 yuan and 129.17 HKD respectively [5].

2025年8月26日，凯莱英(002821.SZ)发布2025年半年度报告。截至2025年8月25日，共有57个机构投资 者披露持有凯莱英A股股份，合计持股量达1.79亿股，占凯莱英总股本的49.66%。其中，前十大机构投 资者包括ASYMCHEM LABORATORIES, INCORPORATED、中国工商银行股份有限公司-中欧医疗健康 混合型证券投资基金、香港中央结算有限公司、中国银行股份有限公司-华宝中证医疗交易型开放式指 数证券投资基金、天津国荣商务信息咨询有限公司、中国工商银行股份有限公司-中欧医疗创新股票型 证券投资基金、中国银行股份有限公司-招商国证生物医药指数分级证券投资基金、凯莱英医药集团(天 津)股份有限公司-2022年员工持股计划、易方达稳健收益债券A、富国长期成长混合A，前十大机构投 资者合计持股比例达47.78%。相较于上一季度，前十大机构持股比例合计下跌了0.84个百分点。 外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 达1.06%。 公募基金方面，本期较上一期持股增加的公募基金共计4个，包括招商医药健康产业股票、中海医药混 合A、易 ...

Core Insights - The company reported a revenue of 3.188 billion yuan for the first half of 2025, representing an 18.20% year-on-year growth, and a net profit attributable to shareholders of 617 million yuan, up 23.71% year-on-year [1] - The company is focusing on expanding its market presence, particularly in peptide, oligonucleotide, and ADC segments, which are expected to support sustained growth in the future [1] Small Molecule CDMO Business - The small molecule CDMO service, the core business segment, achieved a revenue of 2.429 billion yuan, a 10.64% increase year-on-year, with a gross margin of 47.79%, up 0.6 percentage points [2] - The company delivered 44 commercial projects and 285 clinical projects, including 52 in Phase III [2] - There are 11 small molecule validation batch projects expected in the second half of 2025, indicating a solid order reserve for long-term growth [2] Emerging Business Growth - The emerging business segment saw rapid growth, generating 756 million yuan in revenue, a 51.22% increase year-on-year, with a gross margin of 29.79%, up 9.5 percentage points [3] - The chemical macromolecule CDMO segment achieved over 130% revenue growth, delivering 88 projects and acquiring 38 new clients [3] - The company has over 10 clinical mid-to-late stage projects in peptide and small nucleic acid areas, indicating strong commercial order reserves [3] Formulation CDMO and Clinical CRO - The formulation CDMO segment reported a revenue of 118 million yuan, a 7.81% increase, delivering 171 projects and completing 31 clinical mid-to-late stage projects [4] - The clinical CRO segment generated 139 million yuan, up 44.84%, assisting 13 projects in obtaining domestic clinical trial approvals [4] Biologics CDMO Performance - The biologics CDMO segment achieved a revenue of 90 million yuan, a 70.74% increase, delivering 53 batches and completing 3 IND submissions [5] - The order amount in hand increased by over 60%, with expectations of doubling revenue in 2025 [5] Technology Output and Synthetic Biology - The technology output segment is advancing in fine chemical projects, with 20 ongoing orders and plans to expand dedicated facilities in 2025 [6] - The synthetic biology segment maintained stable revenue, delivering 41 projects and acquiring 19 new clients [6] R&D and Talent Development - The company invested 286 million yuan in R&D, accounting for 8.96% of revenue, with significant achievements in continuous reaction and biosynthesis [7] - The workforce exceeds 9,000, with 78% holding a bachelor's degree or higher, and 37% of R&D personnel being advanced degree holders [7]