公司发布了 2025 年第三季度报告，2025 年前三季度公司实现营收 46.30 亿元，同比增长 11.82%；实现归母净利润 8.00 亿元，同比增 长 12.66%。 2025Q4 交付订单规模有望环比提升，全年收入稳增长可期： 收入端，2025Q1-Q3 公司实现营收 46.30 亿元，同比增长 11.82%。其 中，2025Q1-Q3 小分子业务收入与去年同期相比基本持平，新兴业务 收入同比增长 71.87%。从下半年待交付的订单分布看，2025Q4 交付 规模将显著高于 2025Q3，预计 2025 年营收将实现 13%-15%增长。 利润端，2025Q1-Q3公司实现归母净利润8.00亿元，同比增长12.66%。 得益于订单的稳健交付，公司业绩实现稳步增长。 持续加大市场开拓力度，推动新签订单双位数增长： 全球创新药投融资持续回暖，公司顺应行业趋势持续加大市场开拓力 度，推动新签订单持续增长。其中，创新药投融资方面，根据 Crunchbase 的数据，2025 年 10 月全球、美国、国内 VC&PE 投融资金 额分别同比增长 32%、33%、72%，创新药投融资回暖明显；新签订单 方面，公司在 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002821 证券简称：凯莱英 公告编号：2025-064 凯莱英医药集团（天津）股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第三季度财务会计报告是否经过审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ （二） 经营情况概述 2025年，在医药行业筑底回暖的背景下，公司不断提升运营管理效率和落实降本增效的各项措施，结合 医药行业变化趋势中呈现的积极信号，特别是在多肽、寡核苷酸、ADC等增量业务板块，持续加大市 场开拓力度，新签订单保持双位数增长。 √适用 □不适用 单位：元 ■ 其他符合非经常性损益定义的损益项目的具体情况： □适用 √不适用 ...

智通财经APP获悉，香港联交所最新资料显示，10月28日，Schroders PLC增持凯莱英(06821)8.74万股， 每股作价88.3138港元，总金额约为771.86万港元。增持后最新持股数目约为607.39万股，持股比例为 22.04%。 ...

智通财经APP获悉，香港联交所最新资料显示，10月28日，摩根大通减持凯莱英(06821)1.94万股，每股 作价88.2767港元，总金额约为171.26万港元。减持后最新持股数目约为219.62万股，持股比例为 7.97%。 ...

香港联交所最新资料显示，10月28日，摩根大通减持凯莱英（002821）(06821)1.94万股，每股作价 88.2767港元，总金额约为171.26万港元。减持后最新持股数目约为219.62万股，持股比例为7.97%。 ...

香港联交所最新资料显示，10月28日，Schroders PLC增持凯莱英（002821）(06821)8.74万股，每股作价 88.3138港元，总金额约为771.86万港元。增持后最新持股数目约为607.39万股，持股比例为22.04%。 ...

Financial Performance - Revenue reached 4.63 billion RMB, an increase of 11.8% compared to the previous year [5] - Gross profit margin is at 42.4%, with a slight decrease of 1.2 percentage points [5] - Net profit attributable to shareholders is 800 million RMB, reflecting a growth of 12.7% [5] - Net profit margin increased by 0.1 percentage points to 17.3% [5] Business Segments - Small molecule CDMO business revenue remained stable with a gross margin of 47.0% [5] - Emerging business revenue surged by 71.9%, with a gross margin of 30.6% [5] - Chemical macromolecule business revenue grew by over 150% year-on-year [5] - Emerging business gross margin improved by 10.6 percentage points compared to the same period last year [5] Market Trends - Continuous market expansion in peptide, oligonucleotide, and ADC segments, with new orders maintaining double-digit growth [6] - Anticipated annual revenue growth of 13%-15% based on order distribution for the second half of the year [6] Customer Revenue Breakdown - Revenue from small pharmaceutical companies increased by 2.0% [10] - Revenue from multinational pharmaceutical companies (excluding large orders) grew by 21.1% [10] Expense Ratios - Sales expenses as a percentage of revenue decreased from 4.2% in 2024 Q1-Q3 to 4.0% in 2025 Q1-Q3 [12] - Management expenses as a percentage of revenue decreased from 14.2% in 2024 Q1-Q3 to 12.6% in 2025 Q1-Q3 [14] - R&D expenses as a percentage of revenue increased from 9.0% in 2023 to 11.7% in 2024 Q1-Q3 [16] Capital Expenditure - Capital expenditure for Q1-Q3 was reported at 8.38 million RMB [25]

Group 1: Company Performance Overview - The company achieved double-digit growth in new orders for Q3, with an acceleration compared to the first half of the year [2] - The new business segments, including chemical and biological macromolecule businesses, are showing strong growth, indicating a positive revenue outlook for 2026 [2] Group 2: Capacity and Capital Expenditure - The capital expenditure for 2025 is projected to increase to approximately 1.3-1.4 billion, focusing on new business areas [3] - The small molecule business is experiencing tight capacity, particularly in Tianjin, while the Northeast facility is operating at normal utilization levels [3] - The company is expanding its capacity in the chemical macromolecule sector, with significant growth expected in the peptide and oligonucleotide businesses [3] Group 3: Profitability and Margins - The gross margin for new business segments reached 30.6% in the first three quarters of 2025, an increase of 10.6 percentage points year-on-year [4] - The domestic business revenue is expected to continue increasing, driven by a competitive domestic market and ongoing projects [5] - The company is implementing cost control measures to ensure that expense growth remains below revenue growth [6] Group 4: Market Trends and Future Outlook - The company anticipates a revenue growth of 13%-15% for the full year 2025, with increasing growth rates expected in 2026 and 2027 [4] - The domestic revenue share is expected to rise, supported by the increasing number of projects going overseas [5] - The company is focusing on enhancing its capabilities to capture more collaboration opportunities in the rapidly growing new molecule sector [4] Group 5: Competitive Positioning - The company’s core competencies lie in its delivery capabilities and investment in new technologies aimed at significantly reducing production costs [7] - The revenue structure of the chemical macromolecule business shows over 50% coming from peptide business, with a shift towards overseas markets expected [8]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting the stock to outperform the market by over 20% within the next six months [12]. Core Insights - The company's Q3 revenue remained flat at 1.442 billion yuan year-on-year, with a net profit of 183 million yuan, reflecting a decrease of 13.46% [5]. - The company anticipates a significant increase in Q4 deliveries, projecting an annual revenue growth of 13%-15% [8]. - Emerging and large molecule businesses have shown high growth, with emerging business revenue increasing by 71.87% year-on-year and large molecule business revenue growing over 150% [8]. - The gross margin for emerging businesses improved to 30.55%, up 10.57 percentage points year-on-year, while the gross margin for small molecule businesses remained stable at 46.99% [8]. - The report forecasts net profits for 2025-2027 to be 1.126 billion, 1.378 billion, and 1.740 billion yuan respectively, with expectations of a recovery in small molecule chemical business growth [8]. Financial Summary - The company reported a total revenue of 7.825 billion yuan in 2023, with a projected revenue of 5.805 billion yuan in 2024, followed by 6.700 billion yuan in 2025, 7.935 billion yuan in 2026, and 9.667 billion yuan in 2027 [7]. - The net profit is expected to decline to 949 million yuan in 2024, then recover to 1.126 billion yuan in 2025, 1.378 billion yuan in 2026, and 1.740 billion yuan in 2027 [7]. - The gross margin is projected to improve from 42.4% in 2024 to 44.7% in 2027, while the net margin is expected to rise from 16.3% to 18.0% over the same period [10]. - The company's total assets are estimated to grow from 19.289 billion yuan in 2024 to 23.427 billion yuan in 2027, with total liabilities increasing from 2.426 billion yuan to 2.962 billion yuan [9].

格隆汇10月31日｜凯莱英(002821.SZ)今日盘中一度跌6.77%至95.59元，股价创今年7月22日以来逾3个月 新低。凯莱英发布2025年第三季度报告，第三季度实现营业收入14.42亿元，同比下降0.09%；归属于上 市公司股东的净利润为1.83亿元，同比下降13.46%。前三季度实现营业收入46.30亿元，同比增长 11.82%；归属于上市公司股东的净利润为8.00亿元，同比增长12.66%。(格隆汇) ...