截至9月1日收盘，CRO概念上涨2.88%，位居概念板块涨幅第8，板块内，56股上涨，百花医药、德展 健康、ST未名等涨停，义翘神州、普蕊斯、百诚医药等涨幅居前，分别上涨10.65%、8.59%、8.46%。 跌幅居前的有四川双马、*ST生物、海特生物等，分别下跌3.73%、3.03%、2.67%。 今日涨跌幅居前的概念板块 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 603259 | 药明康 德 | 8.02 | 4.09 | 104023.54 | 9.52 | | 600196 | 复星医 药 | 6.38 | 4.71 | 23334.50 | 7.80 | | 000813 | 德展健 康 | 10.00 | 5.70 | 12613.79 | 26.23 | | 688222 | 成都先 导 | 4.18 | 10.79 | 9380.30 | 8.11 | | 600721 | 百花医 药 | 10.0 ...

半年度评估报告 为践行"以投资者为本"的发展理念，维护全体股东利益，促进公司高质量 发展，成都先导药物开发股份有限公司（以下简称"公司"或"成都先导"）积 极响应上海证券交易所关于开展科创板上市公司"提质增效重回报"专项行动的 倡议，结合自身战略目标及实际情况、宏观经济形势、行业发展趋势及市场需求 态势，于 2025 年 4 月推出"提质增效重回报"行动方案。2025 年上半年，行动 方案主要举措的进展及成效情况如下： 一、 成都先导发展现状 成都先导药物开发股份有限公司 成都先导聚焦小分子及核酸新药的发现与优化，依托 DEL 技术（包括 DEL 库的设计、合成和筛选及拓展应用）、基于分子片段和三维结构信息的药物设计 （FBDD/SBDD）技术、基于寡核苷酸的药物研发平台（OBT）、靶向蛋白降解 平台相关技术（TPD）四大核心技术平台及公司其他关键新药研发能力（药物化 学、计算科学/AI、体外体内生物学评价、药物代谢学，分析化学，药学研究等）， 打造新药发现与优化的国际领先的研发体系，通过新药研发服务、不同阶段在研 项目转让及远期的药物上市，为医药工业输出不同阶段的新分子实体，以最终为 全球未满足的临床需求提 ...

Core Insights - Chengdu XianDao reported a significant increase in revenue and net profit for H1 2025, with revenue reaching 227 million yuan, up 16.59% year-on-year, and net profit of 50 million yuan, up 390.59% year-on-year [1] - The company's gross margin improved to 53.81%, an increase of 7.18 percentage points year-on-year, while the net profit margin rose to 22.04%, up 16.80 percentage points year-on-year [1] Financial Performance - For Q2 2025, the company achieved revenue of 120 million yuan, a year-on-year increase of 37.71%, but net profit decreased to 22 million yuan, down 681.82% year-on-year [1] - R&D expenses for H1 2025 were 29 million yuan, a decrease of 6.28% year-on-year, as the company adjusted its R&D resource allocation to focus on commercial projects [2] Business Segments - The DEL segment outperformed expectations with revenue of 102 million yuan, up 40.45% year-on-year, driven by strong progress in customized libraries [2] - The FBDD/SBDD segment generated revenue of 65 million yuan, a 4.15% increase year-on-year, mainly due to milestone revenue recognized by the UK subsidiary Vernalis [2] - The OBT segment saw revenue of 28 million yuan, down 3.35% year-on-year, while the TPD segment's revenue was 7 million yuan, down 8.67% year-on-year due to project execution timelines [2] Technological Advancements - The company is advancing its AI capabilities in drug discovery, with the HAILO platform achieving significant milestones in model and data development, high-throughput chemical platform integration, and project pipeline initiation [3] - New self-research projects have been launched based on the HAILO platform, entering the evaluation and optimization stages [3] Future Outlook - The company aims for continued global expansion and operational efficiency, projecting revenues of 515 million yuan, 617 million yuan, and 740 million yuan for 2025-2027, with year-on-year growth rates of 20.6%, 19.9%, and 19.9% respectively [4] - Expected net profits for the same period are 90 million yuan, 107 million yuan, and 131 million yuan, with growth rates of 75.5%, 19.0%, and 22.0% respectively [4]

Investment Rating - The report maintains a "Recommended" rating for Chengdu Xian Dao (688222.SH) [5] Core Views - The company's revenue for H1 2025 reached 227 million yuan, a year-on-year increase of 16.59%, while the net profit attributable to shareholders was 50 million yuan, up 390.59% year-on-year [1] - The DEL business segment showed significant recovery, with revenue of 102 million yuan, a 40.45% increase year-on-year, driven by strong progress in customized libraries [3] - The AI initiatives continue to enhance the underlying platform, yielding phase results in drug discovery and optimization [4] Financial Performance - The gross margin for H1 2025 was 53.81%, an increase of 7.18 percentage points year-on-year, and the net profit margin was 22.04%, up 16.80 percentage points year-on-year [2] - R&D expenses for H1 2025 were 29 million yuan, a decrease of 6.28% year-on-year, reflecting a strategic resource allocation adjustment [2] - The company expects revenues of 515 million, 617 million, and 740 million yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 90 million, 107 million, and 131 million yuan [5][6] Segment Performance - The FBDD/SBDD segment generated revenue of 65 million yuan, a 4.15% increase year-on-year, mainly due to milestone revenue recognition from the UK subsidiary Vernalis [3] - The OBT technical report segment saw revenue decline to 28 million yuan, down 3.35% year-on-year, while the TPD segment's revenue decreased to 7 million yuan, down 8.67% year-on-year [3] Future Outlook - The company is expected to achieve a revenue growth rate of 20.6% in 2025, followed by 19.9% in the subsequent years [5] - The projected PE ratios for 2025, 2026, and 2027 are 115, 97, and 79 respectively, indicating a favorable valuation trend [6]

Market Overview - The medical services sector rose by 3.64% on August 29, with the leading stock being Puris [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Top Gainers in Medical Services - Zenggansi (301257) closed at 43.54, up 20.01% with a trading volume of 64,900 shares and a turnover of 278 million [1] - Haoyuan Pharmaceutical (688131) closed at 68.48, up 13.70% with a trading volume of 189,200 shares and a turnover of 1.256 billion [1] - Bidai Pharmaceutical (688073) closed at 67.11, up 10.43% with a trading volume of 28,300 shares and a turnover of 182 million [1] - Meidi Xi (688202) closed at 64.21, up 8.96% with a trading volume of 124,400 shares and a turnover of 784 million [1] - WuXi AppTec (603259) closed at 103.30, up 7.95% with a trading volume of 1,016,600 shares and a turnover of 10.18 billion [1] Top Losers in Medical Services - Digital Human (835670) closed at 17.54, down 6.20% with a trading volume of 127,200 shares and a turnover of 227 million [2] - Puri Eye Hospital (301239) closed at 40.78, down 4.63% with a trading volume of 49,600 shares and a turnover of 203 million [2] - Yingkang Life (300143) closed at 10.64, down 3.45% with a trading volume of 230,300 shares and a turnover of 250 million [2] Capital Flow in Medical Services - The medical services sector saw a net inflow of 1.259 billion from institutional investors, while retail investors experienced a net outflow of 446 million [2][3] - Major stocks like WuXi AppTec had a net inflow of 1.269 billion from institutional investors, while it faced a net outflow of 741 million from retail investors [3]

Group 1 - The A-share market saw a significant rise in CRO concept stocks, with notable increases in share prices for several companies [1] - Haoyuan Pharmaceutical experienced a rise of over 15%, while Chengdu XianDao and MeidiXi saw increases of over 11% and 10% respectively [1] - Other companies such as Bid Pharma, Boteng Co., and WuXi AppTec also reported gains exceeding 7% [1] Group 2 - The following table summarizes the performance of key CRO stocks, including their percentage increase, total market capitalization, and year-to-date performance [2] - Haoyuan Pharmaceutical: +15.19%, Market Cap: 14.7 billion, YTD: +95.07% - Chengdu XianDao: +11.02%, Market Cap: 10.7 billion, YTD: +116.70% - MeidiXi: +10.54%, Market Cap: 8.75 billion, YTD: +115.91% - Bid Pharma: +8.39%, Market Cap: 5.99 billion, YTD: +36.61% - Boteng Co.: +7.51%, Market Cap: 13.6 billion, YTD: +58.02% - WuXi AppTec: +7.43%, Market Cap: 303.4 billion, YTD: +90.82% - Sunshine Nuohe: +6.32%, Market Cap: 8.46 billion, YTD: +100.86% - Baicheng Pharmaceutical: +4.97%, Market Cap: 6.29 billion, YTD: +51.90% - Kailai Ying: +4.49%, Market Cap: 39 billion, YTD: +43.98% - NuoSiGe: +4.35%, Market Cap: 5.19 billion, YTD: +7.82% [2]

Group 1 - The A-share CRO (Contract Research Organization) sector experienced a significant rally on August 29, with notable stock price increases [1] - Haoyuan Pharmaceutical surged over 14%, while Medices and Chengdu Xian Dao saw increases of over 10% and 9% respectively [1] - Other companies such as Pruis and Boteng Co., along with Inno Laser, also showed positive performance in the market [1]

成都先导 20250828 摘要 成都先导全球市场布局多元化，美国市场占比近 50%，欧洲市场增长强 劲，国内市场营收占比提升至 15%左右，日韩等新兴市场活跃度提升， 覆盖全球主要区域。 公司正式合作客户超 600 家，潜在合作伙伴超 2000 家，包括大型跨国 公司和生物技术公司。四大核心技术平台（L+SVD、OBT+TBD）增速 超 40%，分子胶领域取得突破，Open Deal 5.0 反响热烈。 并购 FBDD 协同效应显现，Welais 上半年实现盈利，技术和财务端均 得到改善。OBT 和 TPD 板块因转向异构分子服务和定制服务，订单交 付周期延长，预计下半年或明年体现成果。 集团整体毛利率上升 7 个百分点至 53%，各技术领域毛利率健康，Bio 库定制和筛选接近 80%，FBDD 约 30%，OBT 和 TDD 超 30%。目标 是保持 50%以上的毛利润。 小分子活性预测模型适配高通量化学合成，实现良好验证。高通量平台 试运行取得财务成果，快速合成 Trim twenty one 和 CRBN 配体库， 小分子管线 146 实体瘤进入二期临床。 Q&A 成都先导在 2025 年上半年的经营 ...

成都先导药物开发股份有限公司 2025 年"提质增效重回报"行动方案 半年度评估报告 为践行"以投资者为本"的发展理念，维护全体股东利益，促进公司高质量 发展，成都先导药物开发股份有限公司（以下简称"公司"或"成都先导"）积 极响应上海证券交易所关于开展科创板上市公司"提质增效重回报"专项行动的 倡议，结合自身战略目标及实际情况、宏观经济形势、行业发展趋势及市场需求 态势，于 2025 年 4 月推出"提质增效重回报"行动方案。2025 年上半年，行动 方案主要举措的进展及成效情况如下： 一、 成都先导发展现状 成都先导聚焦小分子及核酸新药的发现与优化，依托 DEL 技术（包括 DEL 库的设计、合成和筛选及拓展应用）、基于分子片段和三维结构信息的药物设计 （FBDD/SBDD）技术、基于寡核苷酸的药物研发平台（OBT）、靶向蛋白降解 平台相关技术（TPD）四大核心技术平台及公司其他关键新药研发能力（药物化 学、计算科学/AI、体外体内生物学评价、药物代谢学，分析化学，药学研究等）， 打造新药发现与优化的国际领先的研发体系，通过新药研发服务、不同阶段在研 项目转让及远期的药物上市，为医药工业输出不同阶段的新分 ...

1 成都先导药物开发股份有限公司 2025 年第一次临时股东大会会议资料 成都先导药物开发股份有限公司 2025 年第一次临时股东大会会议资料目录 成都先导药物开发股份有限公司 2025 年第一次临时股东大会会议资料 证券代码：688222 证券简称：成都先导 成都先导药物开发股份有限公司 2025 年第一次临时股东大会会议资料 二〇二五年九月 | 2025 年第一次临时股东大会会议资料目录 2 | | --- | | 2025 年第一次临时股东大会会议须知 3 | | 2025 年第一次临时股东大会会议议程 6 | | 议案一：关于取消监事会、修订《成都先导药物开发股份有限公司章程》及其附 | | 件的议案 9 | | 议案二：关于修订及废止部分成都先导药物开发股份有限公司治理制度的议案.11 | | 议案三：关于公司《2025 年限制性股票激励计划（草案）》及其摘要的议案 12 | | 议案四：关于公司《2025 年限制性股票激励计划实施考核管理办法》的议案 13 | | 议案五：关于提请股东大会授权董事会办理公司 年限制性股票激励计划有关 2025 | | 事项的议案 14 | | 议案六：关于公司《2 ...