Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's main business is steadily recovering, and there is optimism regarding the long-term growth potential of DEL and AI platforms [3] - The company reported a significant increase in revenue and net profit for the first half of 2025, indicating strong operational performance [5] - The new drug rights transfer business is expected to gradually contribute to revenue growth as the pipeline matures [6] Financial Performance Summary - For the first half of 2025, the company achieved revenue of 227 million yuan, a year-on-year increase of 16.58%, and a net profit of 50.04 million yuan, a year-on-year increase of 390.72% [5] - The company’s gross margin for the first half of 2025 was 53.81%, an increase of 7.18 percentage points, and the net profit margin was 21.82%, an increase of 17.05 percentage points [6] - Revenue projections for 2025-2027 are 519 million, 637 million, and 787 million yuan, with year-on-year growth rates of 21.63%, 22.63%, and 23.63% respectively [6] Business Segment Performance - The DEL core business generated revenue of 102 million yuan in the first half of 2025, a year-on-year increase of 40.45% [6] - The ChemSer service segment saw a revenue increase of 94.17% in the first half of 2025, primarily due to the efficient operation of the automated high-throughput chemical synthesis platform [6] - The FBDD/SBDD segment reported revenue of approximately 65.24 million yuan, benefiting from milestone income recognition from the UK subsidiary Vernalis [6] Profitability and Valuation Metrics - The company’s projected earnings per share (EPS) for 2025-2027 are 0.19, 0.25, and 0.32 yuan, with corresponding net profit estimates of 77.61 million, 98.89 million, and 128.15 million yuan [4][6] - The price-to-earnings (P/E) ratio is projected to decrease from 224.69 in 2024 to 90.05 in 2027, indicating improving valuation as earnings grow [4][6]

2.信息披露义务人信息 | 信息披露义务人名称 | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | | 拉萨经济技术开发区 | 控股股东/实控人 □ | | | 华博医疗器械有限公 | □ 控股股东/实控人的一致 行动人 | √ 915400913213217290 □ 不适用 | | 司 | 其他直接持股股东 √ | | 证券代码：688222 证券简称：成都先导 公告编号：2025-039 成都先导药物开发股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的 提示性公告 投资者拉萨经济技术开发区华博医疗器械有限公司保证向本公司提供 的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息 一致。 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | □控股股东/实际控制人及其一致行动人 √其他 5%以上大股东及其一致行动人 | | --- | --- | | 投资者的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控制人） | | | □其他______ ...

Core Viewpoint - Chengdu Xian Dao (688222.SH) announced a shareholding change involving a reduction in shareholding by Huabo Medical Instrument Co., Ltd. [1] Summary by Relevant Sections - **Shareholding Change** - Huabo Medical Instrument reduced its shareholding from 11.17% to 10.92% through the sale of 1 million shares between August 29, 2025, and September 3, 2025 [1] - **Transaction Method** - The shares were sold via centralized bidding [1] - **Regulatory Notification** - The change in shareholding triggered a notification due to the reduction touching the 1% threshold [1]

Group 1 - The innovative drug concept stocks are experiencing significant activity, with Jimin Health hitting the daily limit up [1] - JianKai Technology has seen an increase of over 10% [1] - Other companies such as YueKang Pharmaceutical, NuoSiGe, QianYan Bio, XinLiTai, and Chengdu XianDao are also following the upward trend [1]

Core Viewpoint - The CXO industry is experiencing a recovery after a period of decline, driven by increased profitability among companies and a favorable capital market environment for stock prices [1][4][10]. Group 1: Industry Performance - In the first half of this year, 16 out of 28 A-share CXO companies reported a year-on-year increase in net profit, a significant rise from only 7 companies in the same period last year, indicating a recovery trend [1][3]. - Among the 28 stocks, 8 companies achieved a net profit increase of over 100%, with Chengdu Xian Dao leading at 390.72% [4]. - The total revenue for WuXi AppTec reached approximately 20.8 billion yuan, a year-on-year increase of 20.64%, with a net profit of about 8.56 billion yuan, up 101.92% [4]. Group 2: Market Dynamics - The recovery in the CXO industry is attributed to three main drivers: active pharmaceutical investment and business development transactions, a shift in global pharmaceutical research focus towards biologics and complex molecules, and technological innovations such as AI in drug development [5][11]. - The overall market for CXO services is expanding as pharmaceutical companies increasingly outsource research and development to specialized firms, which helps reduce costs and improve efficiency [5][11]. Group 3: Company-Specific Insights - Despite the overall recovery, some companies like Tigermed reported declines in both revenue and net profit, highlighting a disparity in performance within the industry [6][8]. - Tigermed's revenue fell to approximately 3.25 billion yuan, a decrease of 3.21%, with a net profit of about 383 million yuan, down 22.22% [6][7]. - Companies with diversified client bases and technological advantages are better positioned to capitalize on market recovery, while those reliant on single business lines may face longer adjustment periods [8]. Group 4: Stock Market Performance - All 28 CXO stocks have seen price increases this year, reflecting the industry's recovery [9][10]. - The stock price increases range from 10% to over 100%, with Nanjing Momo Bio leading at a 142.21% increase [10]. - The stock price performance correlates with improved company earnings, indicating a supportive fundamental backdrop for the sector [10].

Core Viewpoint - The CXO industry is experiencing a recovery after a challenging period, with a significant increase in the number of companies reporting profit growth in the first half of the year, indicating a positive trend in the sector [1][3][4]. Financial Performance - In the first half of this year, 16 out of 28 A-share CXO companies reported profit growth, representing approximately 57.14% of the sector [4]. - Notably, 8 companies achieved a doubling of net profit, with Chengdu Xian Dao leading at a 390.72% increase, followed by Nanmo Biology at 298.69% [4]. - Wu Ming Kang De reported the highest net profit among the companies, with approximately 8.56 billion yuan in net profit, a 101.92% year-on-year increase, and revenue of about 20.80 billion yuan, up 20.64% [4]. - Kang Long Hua Cheng, despite a 37% decline in net profit to approximately 701 million yuan, achieved a record high revenue of 6.44 billion yuan, a 14.93% increase [4][5]. Market Dynamics - The recovery in the CXO industry is driven by three main factors: increased activity in pharmaceutical investment and business development transactions, a shift in global pharmaceutical research focus towards biopharmaceuticals and complex molecules, and technological innovations such as AI in drug development [5][6]. - The overall market for CXO services is expanding as pharmaceutical companies increasingly outsource research and development to specialized firms, which helps reduce costs and improve efficiency [5][6]. Performance Disparities - Despite the overall recovery, some companies like Tai Ge Yi Yao and Yi Nuo Si reported declines in both revenue and net profit, indicating uneven recovery across the sector [6][8]. - Tai Ge Yi Yao's revenue fell by 3.21% to approximately 3.25 billion yuan, with a net profit decline of 22.22% to about 383 million yuan, primarily due to decreased income from clinical trial services [6][7]. Stock Market Trends - All 28 CXO stocks have seen price increases this year, reflecting the industry's recovery [9][10]. - The stock price increases range from 10% to over 100%, with Nanmo Biology achieving the highest increase of 142.21% [10]. - The positive stock performance is supported by improved financial results and a favorable global investment environment in pharmaceuticals [10][11]. Future Outlook - The CXO industry is expected to continue its growth trajectory, driven by an aging global population and increasing health demands, although only companies with core competitive advantages will thrive [11][12].

Group 1 - The recombinant protein concept sector rose by 0.03%, ranking fifth among concept sectors, with 17 stocks increasing in value [1] - Leading stocks in the sector included Chengdu Xian Dao, Baipu Sais, and Rejing Bio, which saw increases of 13.74%, 12.10%, and 5.07% respectively [1] - Stocks with the largest declines included Saiseng Pharmaceutical, *ST Wanfang, and Huiyu Pharmaceutical, which fell by 5.45%, 4.89%, and 3.31% respectively [1] Group 2 - The main capital flow into the recombinant protein concept sector showed a net outflow of 86 million yuan, with 15 stocks experiencing net inflows [2] - The stock with the highest net inflow was Dezhan Health, which saw a net inflow of 124 million yuan, followed by Yipin Hong, Chengdu Xian Dao, and Haoyuan Pharmaceutical with net inflows of 96.47 million yuan, 79.22 million yuan, and 65.75 million yuan respectively [2][3] Group 3 - In terms of capital inflow ratios, Dezhan Health, Haoyuan Pharmaceutical, and Yipin Hong had the highest net inflow rates at 15.06%, 10.07%, and 9.66% respectively [3] - The top stocks in the recombinant protein concept based on capital flow included Dezhan Health, Yipin Hong, Chengdu Xian Dao, and Haoyuan Pharmaceutical, with respective daily price changes of 4.85%, 1.29%, 13.74%, and 4.14% [3]

Market Overview - The Shanghai Composite Index fell by 0.96% to 3820.98 points, while the Shenzhen Component Index decreased by 0.63% to 12474.44 points. The ChiNext Index remained flat at 2872.11 points [3][4] - The total trading volume in the Shanghai and Shenzhen markets reached 1.45 trillion yuan, with over 4300 stocks declining and nearly 1000 stocks rising [3] Sector Performance - The gaming and film sectors showed strong performance, with notable gains in stocks such as Chengdu Xian Dao, which rose over 10%, and other pharmaceutical companies like Baihua Medicine and Renfu Medicine hitting the daily limit [4][5] - The robotics sector also performed well, with stocks like Zhejiang Rongtai and Qin Chuan Machine Tool experiencing significant increases [7][8] Key Stock Movements - Chengdu Xian Dao increased by 10.43% to 28.03 yuan, while Baihua Medicine rose by 10.03% to 10.42 yuan [5] - The gold sector saw a rise, with spot gold prices surpassing $3545 per ounce, marking a new high [12] Economic Indicators - The People's Bank of China conducted a reverse repurchase operation of 229.1 billion yuan at an interest rate of 1.40%, unchanged from previous rates [10]

每经AI快讯，民生证券9月2日发布研报称，给予成都先导（688222.SH，最新价：25.68元）推荐评级。 评级理由主要包括：1）盈利能力同比改善明显；2）核心业务DEL板块收入超预期；3）AI持续赋能底 层平台完善，开始兑现阶段性成果。风险提示：下游需求风险、项目运营风险、核心技术人员流失风 险、政策变化风险、汇率风险等。 每经头条（nbdtoutiao）——阿里的双向突围 （记者 王瀚黎） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 ...

Group 1 - The CRO concept sector increased by 2.88%, ranking 8th among concept sectors, with 56 stocks rising, including Baohua Pharmaceutical, Dezhan Health, and ST Unimed hitting the daily limit [1] - Notable gainers in the CRO sector included Yiqiao Shenzhou, Puris, and Baicheng Pharmaceutical, which rose by 10.65%, 8.59%, and 8.46% respectively [1] - The sector saw a net inflow of 1.876 billion yuan, with 39 stocks receiving net inflows, and 7 stocks exceeding 50 million yuan in net inflow, led by WuXi AppTec with 1.04 billion yuan [2][3] Group 2 - The top stocks by net inflow ratio included Dezhan Health, ST Unimed, and Baohua Pharmaceutical, with net inflow ratios of 26.23%, 17.45%, and 16.34% respectively [3] - The top stocks in the CRO concept by net inflow included WuXi AppTec, Fosun Pharma, and Dezhan Health, with net inflows of 1.04 billion yuan, 233.4 million yuan, and 126.1 million yuan respectively [3][4] - Stocks with significant declines included Sichuan Shuangma, ST Biology, and Hitec Biotech, which fell by 3.73%, 3.03%, and 2.67% respectively [1][6]