证券研究报告 华泰研究 年报点评 公司 25 年毛利率为 42.0%（yoy-0.4pct），我们推测主因项目订单结构常 规变动。公司 25 年销售/管理/研发费用率分别为 3.2%/11.5%/8.9% （yoy-1.0/-2.8/-1.7pct），公司积极推进降本增效举措，叠加规模效应持续 显现，公司三项费用率同比降低。公司 25 年经营性现金流量净额 14.08 亿 元（yoy+12.2%），现金流水平持续改善。 2026 年 3 月 31 日│中国内地/中国香港 医疗服务 公司 25 年收入 66.70 亿元（yoy+14.9%，恒定汇率下 yoy+16.8%）、归母 净利 11.33 亿元（yoy+19.4%）、经调整净利润 12.53 亿元（yoy+56.1%）， 业绩符合 Wind 一致预期。其中，4Q25 收入 20.40 亿元（yoy+22.6%，恒 定汇率下 yoy+30.8%，qoq+41.5%），新兴业务增长迅猛，业绩明显提速。 截至年报披露日，公司在手订单总额 13.85 亿美元（yoy+31.7%），化学大 分子及生物大分子业务订单增长迅猛，为后续业绩进一步提速奠定坚实基 础，公司 ...

（文章来源：证券日报） 证券日报网3月31日讯 ，凯莱英在接受调研者提问时表示，公司展望2026年营业收入增长预计 19%-22%，为人民币口径增速。2026年一季度人民币兑美元汇率相对于2025年已有一定升值，若考虑汇 率波动因素，恒定汇率下增速有2-3个百分点的提升空间。公司在做好外汇结算安排的同时，也在研究 各类套期保值工具，去管控汇率波动的不利影响。分业务板块展望2026年：小分子业务目前仍处于调整 阶段，商业化项目表现可圈可点，整体能够保持稳健态势。新兴业务有望持续保持高增长态势，两个大 分子业务板块业绩预计将表现更为突出。 ...

（文章来源：证券日报） 证券日报网3月31日讯 ，凯莱英在接受调研者提问时表示，预计2026年新兴业务毛利率相较2025年会有 持续提升。驱动毛利提升的因素有来自海外收入占比、产能利用率、交付能力和技术能力的持续提升。 小分子业务来自海外收入占比高，目前的汇率波动会有约2个点的影响。小分子业务收入中大部分来自 临床后期项目和商业化项目，公司会通过以工艺技术改善等方面的努力，来提升盈利空间，能够在一定 程度上对冲汇率波动影响。 ...

Core Viewpoint - The healthcare sector, particularly the CXO industry, is experiencing a strong recovery driven by stable global outsourcing demand and the success of blockbuster drugs like GLP-1, with significant performance from leading companies in the sector [3]. Group 1: Market Performance - On March 31, the overall market faced adjustments, but the AH healthcare sector showed resilience, with representative healthcare ETFs (512170 and 159137) initially rising over 2% [1]. - The CXO concept stocks performed well against the market trend, with Kailaiying's A-shares hitting the daily limit and closing up 13.54% in Hong Kong [1]. - Zhaoyan New Drug's A-shares initially reached the daily limit, closing up 6.54%, while its Hong Kong shares surged over 15% before closing up 0.67% [1]. Group 2: Company Performance - Kailaiying reported a net profit of 1.132 billion yuan for 2025, reflecting a year-on-year increase of 19.35% [1]. - Zhaoyan New Drug achieved a net profit of 298 million yuan for 2025, a threefold increase year-on-year, despite a nearly 18% decline in revenue [1][2]. - Among the healthcare ETFs, 6 out of 8 A-share CXO leading companies have disclosed annual reports, with three companies (Zhaoyan New Drug, Tigermed, and WuXi AppTec) showing over 100% year-on-year net profit growth [2]. Group 3: Industry Trends - The Hong Kong healthcare ETF (159137) includes 9 leading CXO stocks, with 7 companies reporting double-digit net profit growth and 4 companies exceeding 100% growth [3]. - The CXO industry is undergoing a "leading companies leading the way, structural differentiation" recovery, with a trend of resources and orders concentrating towards larger leading firms [3]. - The industry is characterized by a preference for CDMO over CRO and larger enterprises over small and medium-sized companies [3].

Investment Rating - The investment rating for the company is "Buy" for both A and H shares [7]. Core Views - The company reported a revenue of 6.67 billion RMB for 2025, representing a year-over-year increase of 14.9% (16.8% at constant exchange rates), and a net profit attributable to shareholders of 1.13 billion RMB, up 19.4% year-over-year [1][2]. - The company expects a revenue growth of 19%-22% for the full year of 2026, supported by a strong order backlog of 1.385 billion USD, which is a 31.7% increase year-over-year [1]. - Emerging businesses, particularly in chemical and biological macromolecules, have shown rapid growth, with a revenue increase of 57.3% year-over-year in 2025 [3]. Summary by Sections Financial Performance - The company achieved a gross margin of 42.0% in 2025, a slight decrease of 0.4 percentage points year-over-year. The sales, management, and R&D expense ratios were 3.2%, 11.5%, and 8.9%, respectively, all showing a decrease year-over-year due to cost reduction initiatives [2]. - Operating cash flow improved to 1.408 billion RMB, reflecting a 12.2% year-over-year increase [2]. Emerging Business Growth - Revenue from emerging businesses reached 1.929 billion RMB, with international revenue increasing by over 240%. The segment's gross margin improved to 30.1%, up 8.5 percentage points year-over-year [3]. - Specific highlights include: - Chemical macromolecules revenue of 1.028 billion RMB, up 123.7% year-over-year, with a significant order backlog growth of 127.6% [3]. - Biological macromolecules revenue of 294 million RMB, up 95.8% year-over-year, with a 55.6% increase in order backlog [3]. Core Business Development - The small molecule CDMO segment generated 4.735 billion RMB in revenue, a 3.6% year-over-year increase, with 515 projects delivered in 2025 [4]. - The company anticipates 16 small molecule PPQ projects in 2026, indicating a robust pipeline for future growth [4]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2026-2028 is adjusted to 1.42 billion RMB, 1.84 billion RMB, and 2.23 billion RMB, respectively, with increases of 8% and 13% compared to previous estimates [5]. - The company is valued at 37x PE for A shares and 29x PE for H shares for 2026, with target prices set at 145.61 RMB and 129.44 HKD, respectively [5].

Group 1: Company Overview and Growth Prospects - Kailaiying Pharmaceutical Group is focusing on expanding its peptide business, which is currently the fastest-growing segment, with 19 clinical projects in the GLP-1, Amylin, and cyclic peptide areas, 8 of which are in late-stage clinical trials [2][3] - The company has seen significant growth and structural changes in its service pipeline over the past two years, with over 50 peptide projects extending beyond weight loss to autoimmune and other fields [3] Group 2: Production Capacity and Capital Expenditure - The small molecule business is operating at high capacity, with the TJ3 plant expected to alleviate API capacity constraints by Q2 2026 [4] - The total capital expenditure plan for 2026 is approximately RMB 2.1 billion, with 70%-80% allocated to emerging business segments, particularly in chemical and biological macromolecules [4] Group 3: Revenue and Profitability Outlook - The company anticipates a revenue growth of 19%-22% for 2026, with a potential 2-3 percentage point increase under constant exchange rates [5] - Emerging business segments are expected to see continuous improvement in gross margins due to factors such as increased overseas revenue share and enhanced capacity utilization [5] Group 4: Order Growth and Market Demand - As of the end of Q1 2026, the total order backlog is USD 1.385 billion, reflecting a 31.65% year-over-year increase, driven by sustained growth in small molecule commercialization projects [6][8] - The demand for new molecular types, such as conjugated drugs and peptides, is robust, with a notable scarcity in production capacity [7] Group 5: Strategic Initiatives and Challenges - The company is actively managing cost impacts from rising chemical prices due to geopolitical tensions, with proactive procurement strategies in place [5] - There is ongoing exploration of overseas capacity expansion, aligned with business development efforts, although the pace remains cautious [6]

Financial Overview - Total revenue for 2025 reached CNY 6.67 billion, a 14.9% increase from 2024 [74] - Adjusted net profit was CNY 1.25 billion, reflecting a 56.1% growth [12] - Gross profit margin stood at 42.0%, with an adjusted net profit margin of 18.8% [12] Business Segment Performance Small Molecule CDMO - Revenue from small molecule CDMO business was CNY 4.74 billion, a 3.6% increase year-on-year [19] - Gross margin for small molecule business was 46.8% [19] - The segment delivered 59 commercial projects and 515 clinical projects, including 70 Phase III projects [26] Emerging Business - Emerging business revenue surged to CNY 1.93 billion, a 57.3% increase [19] - International revenue from this segment exceeded CNY 850 million, growing over 240% [19] - Gross margin for emerging business improved to 30.1%, up 8.4 percentage points [19] Biologics CDMO - Revenue from biologics CDMO reached CNY 294 million, a 95.8% increase [41] - The segment executed 130 projects, including 5 BLA projects and 46 IND projects [41] Market Expansion - The company added over 300 new clients in 2025, enhancing its global market presence [20] - Revenue from multinational pharmaceutical companies was CNY 4.92 billion, accounting for 52% of total revenue [20] Future Outlook - Projected revenue growth for 2026 is estimated between 19% and 22% [70] - The company plans to invest approximately CNY 2.1 billion in capital expenditures to expand production capacity [70]

Core Viewpoint - Kailaiying (06821.HK) experienced a significant increase in stock price, rising over 13% on March 31, reaching HKD 91.05 with a trading volume of HKD 93.4683 million [1] Group 1 - The stock price of Kailaiying increased by 13.6% as of the report time [1] - The trading volume for Kailaiying was recorded at HKD 93.4683 million [1]

Core Viewpoint - Kailaiying (06821) reported a strong performance for the fiscal year 2025, with significant revenue and profit growth, leading to a notable increase in stock price by over 13% [1] Financial Performance - The company achieved a revenue of approximately 6.67 billion RMB, representing a year-on-year growth of 14.91% [1] - Net profit attributable to shareholders was around 1.13 billion RMB, an increase of 19.35% year-on-year [1] - Basic earnings per share were reported at 3.16 RMB [1] Revenue Breakdown - Revenue from large pharmaceutical companies amounted to 2.92 billion RMB, reflecting a year-on-year growth of 8.36% [1] - Revenue from small and medium-sized pharmaceutical companies reached 3.76 billion RMB, showing a year-on-year increase of 20.57% [1] Dividend Policy - The company has established a shareholder dividend return plan for the next three years (2026-2028), indicating that dividends will be distributed in cash, stock, or a combination of both [1] - The annual cash dividend ratio will not be less than 10% of the distributable profits [1] - In mature stages with no significant capital expenditures, the minimum cash dividend ratio will be set at 80% [1] - The board will seek feedback from minority shareholders to ensure the dividend policy balances shareholder returns with sustainable company development [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Asymchem Laboratories (Tianjin) Co., Ltd. 凱萊英醫藥集團（天津）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6821） 未來三年（2026 年-2028 年）股東分紅回報規劃 凱萊英醫藥集團（天津）股份有限公司（「公司」）為完善和健全科學、持續 和穩定的分紅決策與監督機制，保障投資者合法權益，實現股東價值，給予投資者穩 定回報，增加利潤分配政策的透明性和可持續性，公司根據《中華人民共和國公司法》 《中華人民共和國證券法》《上市公司監管指引第 3 號——上市公司現金分紅（2025 年修訂）》等法律、法規及規範性文件以及《公司章程》（「《公司章程》」）等相 關規定，並結合公司盈利能力，經營發展規劃，股東回報，資金成本以及外部融資環 境等因素，制定了《未來三年（2026 年-2028 年）股東分紅回報規劃》（「未來三年 股東分紅回報規劃"或「 ...