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Core Insights - The company reported a revenue of 1.541 billion yuan for Q1 2025, representing a year-on-year growth of 10.10% [1][2] - The net profit attributable to shareholders reached 327 million yuan, with a year-on-year increase of 15.83% [1][3] - The growth in net profit outpaced revenue growth by 5.73 percentage points, indicating improved efficiency [4] Revenue Performance - The revenue from the small molecule business remained stable compared to the same period last year, while the emerging business saw a significant growth of over 80% year-on-year [2] - The company is focusing on expanding its CDMO services in the small molecule sector, with an expectation of 12 projects in the validation batch stage for 2025 [5] Profitability Analysis - The net profit growth of 15.83% is attributed to the rapid development of emerging businesses and ongoing cost reduction and efficiency improvement efforts [4][5] - The company is optimistic about the continuous improvement of its performance in 2025, supported by a robust order reserve in the small molecule business and successful project validations in the peptide sector [5] Investment Outlook - The projected net profits for 2025 to 2027 are 1.133 billion yuan, 1.321 billion yuan, and 1.521 billion yuan, with year-on-year growth rates of 19.4%, 16.6%, and 15.1% respectively [6] - The expected EPS for 2025 is 3.14 yuan per share, with a target price of 94.20 yuan per share based on a PE ratio of 30 times, indicating a "Buy-A" investment rating [6]

凯莱英医药集团 Asymchem Labs. SANDWICH 2027 环境、社会及管治报告 Environmental, Social and Governance Report www.asymchem.com www.asymchem.com.cn 股票代码 Stock Code:002821.SZ/ 6821.HK UK 凯莱英 2024 年度环境、社会及管治（ESG）报告 目录 | 报告编制说明 . | | --- | | 董事长致辞 … | | 1. 关于凯莱英 . | | 2. 可持续发展治理 | | 3. 重要性议题识别与管理 | | 4. 坚守底线，稳健向前………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………26 | | 公司治理*………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… ...

证券代码：002821 证券简称：凯莱英 公告编号：2025-028 凯莱英医药集团（天津）股份有限公司 第四届董事会第六十二次会议决议的公告 本公司及全体董事会成员保证公告内容真实、准确和完整，不存 在虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 凯莱英医药集团（天津）股份有限公司（以下简称"公司"）第四届董事会 第六十二次会议通知于 2025 年 4 月 9 日以电子邮件及书面等形式发送给各位董 事、监事及高级管理人员，会议于 2025 年 4 月 23 日以现场结合通讯表决方式召 开。公司应到董事 9 名，实到董事 9 名，公司监事及高级管理人员列席了本次会 议。会议由公司董事长 HAO HONG 先生主持，会议的召集和召开符合《公司法》 及相关法律、法规以及《公司章程》的有关规定。 二、董事会议案审议情况 2、审议通过了《2024 年度环境、社会及管治报告》 表决结果：同意9票，反对0票，弃权0票。 该报告已经公司董事会战略委员会审议通过。 《 2024 年 度 环 境 、 社 会 及 管 治 报 告 》 详 见 同 日 披 露 于 巨 潮 资 讯 网 会议采用现场结合通讯方式进行表决，经 ...

Financial Performance - The company's revenue for Q1 2025 reached CNY 1.54 billion, representing a year-on-year increase of 10.10%[7] - Net profit attributable to shareholders was CNY 326.61 million, up 15.83% compared to the same period last year[7] - The net profit margin increased by 5.73 percentage points, indicating a stronger growth in net profit relative to revenue[8] - The company experienced a significant increase in revenue from emerging businesses, which grew over 80% year-on-year[8] - Total operating revenue for the current period reached ¥1,541,215,508.36, an increase of 10.1% compared to ¥1,399,808,311.93 in the previous period[21] - Net profit for the current period was ¥324,571,255.22, representing a growth of 16.1% from ¥279,529,194.27 in the previous period[22] - Earnings per share (EPS) increased to ¥0.89 from ¥0.76, reflecting a 17.1% rise[23] Margins and Costs - The gross margin for the small molecule business was 45.17%, while the emerging business, including peptides and oligonucleotides, saw a gross margin of 33.05%[8] - Total operating costs amounted to ¥1,218,635,250.34, up 6.9% from ¥1,139,986,870.77 in the prior period[21] - Research and development expenses were ¥137,876,668.92, down 18.6% from ¥169,442,435.66 in the previous period[22] Cash Flow and Investments - The company reported a decrease in net cash flow from operating activities by 8.42%, totaling CNY 449.34 million[7] - Cash inflow from operating activities totaled ¥1,919,221,084.13, compared to ¥1,873,810,971.80 in the previous period, indicating a growth of 2.4%[24] - The net cash flow from operating activities was 449,341,852.23, a decrease of 8.4% compared to 490,666,474.36 from the previous period[25] - The net cash flow from investing activities was 843,986,349.07, a significant improvement from a negative cash flow of -284,603,126.59 in the previous period[25] - The cash inflow from investment activities was 3,083,222,004.40, down from 3,373,389,580.58 in the previous period[25] - The cash received from investment income was 50,475,852.08, an increase from 33,380,385.72 in the previous period[25] - The cash received from other investment activities was 14,158,000.00, significantly higher than 1,509,194.86 in the previous period[25] Assets and Liabilities - Total assets at the end of the reporting period were CNY 19.45 billion, a slight increase of 0.82% from the previous year[7] - The total assets of the company as of March 31, 2025, amounted to RMB 19,447,176,497.82, an increase from RMB 19,288,557,691.02 at the beginning of the period[18] - The company's cash and cash equivalents increased to RMB 6,801,983,716.00 from RMB 5,789,408,498.03, reflecting a growth of approximately 17.4%[18] - Accounts receivable decreased to RMB 1,663,505,038.74 from RMB 1,811,008,371.43, indicating a decline of about 8.1%[18] - The total current assets rose to RMB 11,151,587,441.54 from RMB 11,050,175,723.88, showing an increase of approximately 0.9%[18] - Non-current assets totaled RMB 8,295,589,056.28, up from RMB 8,238,381,967.14, representing a growth of about 0.7%[18] - The total liabilities decreased to ¥2,252,047,978.35 from ¥2,425,984,466.06, a reduction of 7.1%[20] - Total equity attributable to shareholders increased to ¥17,179,977,026.38 from ¥16,845,385,169.37, marking a growth of 2.0%[20] Changes in Liabilities - The total liabilities increased, with accounts payable rising to RMB 467,674,845.13 from RMB 450,845,943.46, an increase of about 3.7%[19] - The company's contract liabilities increased to RMB 352,634,510.47 from RMB 269,940,917.65, reflecting a significant rise of approximately 30.6%[19] - The company reported a decrease in other payables from RMB 514,561,172.27 to RMB 444,522,700.85, a decline of about 13.6%[19] Shareholder Information - The company's weighted average return on equity improved to 1.92%, up from 1.60% year-on-year[7] - The company has a total of 5,716,000 shares held in its repurchase special securities account as of March 31, 2025[15]

Financial Performance - For the first quarter of 2025, the company reported a revenue of RMB 1,541,215,508.36, representing a year-on-year increase of 10.10%[9] - The net profit attributable to shareholders was RMB 326,607,817.72, reflecting a growth of 15.83% compared to the same period last year[9] - The net profit after deducting non-recurring gains and losses was RMB 305,112,828.34, which is a 20.14% increase year-on-year[9] - Basic and diluted earnings per share increased to RMB 0.89, up 17.11% from RMB 0.76 in the previous year[9] - Operating profit amounted to RMB 358,637,868.11, reflecting a growth of 21.7% from RMB 294,688,697.62 in the prior period[26] - Net profit for the period was RMB 324,571,255.22, up 16.1% from RMB 279,529,194.27 year-over-year[27] - The total comprehensive income for the current period was RMB 325,416,000, up from RMB 279,822,000 in the previous period[35] - Adjusted net profit attributable to shareholders for Q1 2025 was RMB 330,393,000, compared to RMB 267,120,000 in Q1 2024, indicating a growth of approximately 23.7%[42] - The adjusted net profit margin for Q1 2025 improved to 21.44%, up from 19.08% in Q1 2024[42] Assets and Liabilities - Total assets at the end of the reporting period were RMB 19,447,176,497.82, a 0.82% increase from the previous year-end[9] - The equity attributable to shareholders rose to RMB 17,179,977,026.38, marking a 1.99% increase compared to the previous year-end[9] - Total liabilities decreased to RMB 2,252,047,978.35 from RMB 2,425,984,466.06, representing a reduction of 7.1%[24] - Current assets totaled RMB 11,151,587,441.54, slightly up from RMB 11,050,175,723.88 at the start of the period, indicating a 0.9% increase[22] - The company's total assets less current liabilities amounted to RMB 17,888,660,000, an increase from RMB 17,579,211,000 in the previous year[38] Cash Flow - The company's cash flow from operating activities showed a net decrease of 8.42%, amounting to RMB 449,341,852.23[9] - Operating cash flow for the current period was RMB 449,341,852.23, a decrease of 8.4% from RMB 490,666,474.36 in the previous period[30] - The net increase in cash and cash equivalents for the current period was RMB 1,307,854,379.23, significantly higher than RMB 3,058,460.18 in the previous period[31] - The company reported a net cash inflow from investing activities of RMB 843,986,000 in Q1 2025, contrasting with a net cash outflow of RMB 284,603,000 in Q1 2024[41] - Cash and bank balances at the end of the period were RMB 6,801,984,000, an increase from RMB 5,789,408,000 in the previous year[37] Investments and Expenses - Trading financial assets decreased by 50.35% to ¥764,449,856.30 due to a reduction in low-risk bank deposits[14] - Financial expenses decreased by 42.61% to ¥(44,939,637.49) primarily due to a decrease in exchange gains from currency fluctuations[14] - Investment income cash receipts increased by 51.21% to ¥50,475,852.08 due to higher fixed-term interest income[14] - Cash paid for investments decreased by 40.02% to ¥1,992,870,856.24 mainly due to a reduction in purchases of low-risk bank wealth management products[14] - The company's depreciation expense for property, plant, and equipment was RMB 114,895,000 in Q1 2025, compared to RMB 103,908,000 in Q1 2024, reflecting an increase of approximately 10.5%[40] Shareholder Information - The total number of common shareholders at the end of the reporting period was 43,585[15] - ASYMCHEM LABORATORIES, INCORPORATED holds 31.93% of shares, totaling 115,133,168 shares[16] - The top ten shareholders include various entities, with the largest being ASYMCHEM LABORATORIES, INCORPORATED[16] - The company has not reported any significant changes in the participation of major shareholders in margin financing activities[20] Business Development - The company continues to implement cost reduction and efficiency enhancement measures to support ongoing business growth[10] - The company plans to continue expanding its market presence and investing in new product development to drive future growth[26] - The company’s small molecule CDMO business maintained stable development with a gross margin of 45.17%[10] - Emerging businesses, particularly in peptides, oligonucleotides, and ADCs, achieved over 80% revenue growth year-on-year with a gross margin of 33.05%[10]

Financial Performance - The company's revenue for the year ended December 31, 2024, was approximately RMB 5,804.66 million, a decrease of 25.40% compared to RMB 7,781.44 million for the year ended December 31, 2023[16]. - The gross profit margin for the reporting period was approximately 41.03%, down 9.86 percentage points from 50.89% in the same period last year[17]. - The net profit attributable to shareholders of the parent company was approximately RMB 948.95 million, a decline of 58.17% from RMB 2,268.81 million in the previous year[18]. - In Q4 2024, the company's operating revenue increased by 15.83% year-on-year and 19.37% quarter-on-quarter, with net profit attributable to shareholders at RMB 238.62 million, a 12.99% increase quarter-on-quarter[25]. - The net profit attributable to shareholders for the reporting period was RMB 948.95 million, a decrease of 58.17% year-on-year, primarily due to the absence of high-margin large orders from the previous year and low gross margins in emerging businesses[25]. - The adjusted net profit attributable to shareholders was RMB 803.07 million, a 65.12% decrease compared to 2023[75]. - The net profit decreased by 58.43% from RMB 2,250.82 million in 2023 to RMB 935.76 million in 2024, with a net profit margin of 16.35%, down 12.81 percentage points from 29.16% in 2023[93]. - Basic and diluted earnings per share fell from RMB 6.26 in 2023 to RMB 2.69 in 2024, primarily due to the decline in net profit[94]. Business Growth and Development - In 2024, Asymchem Laboratories achieved an 8.28% year-on-year growth after excluding the impact of large orders during the pandemic, maintaining strong profitability in its small molecule CDMO business[8]. - The company is expanding its emerging business in peptide, antibody-drug conjugates (ADC), and oligonucleotide markets, with a notable increase in project deliveries and orders in the fourth quarter[8]. - The company signed new orders in 2024, with a year-on-year growth of approximately 20%, particularly from European and American markets, which exceeded the overall order growth rate[23]. - The emerging business segment generated revenue of RMB 1,226.37 million, an increase of 4.80% year-on-year, with overseas customer revenue growing by 15.41%[24]. - The biopharmaceutical CDMO segment revenue increased by 17.36% year-on-year, with over 60 ongoing orders, including IND and multiple BLA stage projects, and a 56% increase in orders year-on-year[40]. - The chemical macromolecule CDMO business, including peptides, saw a revenue growth of 15.66% year-on-year, with over 200% quarter-on-quarter growth in Q4 2024 and more than 130% year-on-year increase in backlog orders[37]. - The company is focusing on strategic reserves of potential blockbuster projects, particularly in the GLP-1 weight loss area, with 12 projects expected to reach the PPQ stage by 2025[34]. Research and Development - The company has automated peptide synthesis and purification capabilities, with solid-phase synthesis capacity exceeding 20,000 liters, and plans to further increase production scale[9]. - Continuous investment in research and development for continuous reaction technology is driving market demand and recognition for continuous processes[10]. - Research and development expenses for the year ending December 31, 2024, amounted to RMB 614.49 million, representing 10.59% of total revenue, with plans for continued proportional investment in R&D[48]. - The company aims to increase R&D investment to strengthen its research platform and promote smart manufacturing technologies[139]. - The company has published a total of 47 research papers in leading international journals, with 14 papers having an impact factor exceeding 10[48]. Operational Efficiency and Technology - Asymchem's advanced manufacturing technologies, including continuous flow reaction and synthetic biology, are gaining traction globally, enhancing the company's competitive edge in the pharmaceutical and fine chemical industries[10]. - The company is focusing on enhancing its green chemistry capabilities to reduce costs and improve efficiency in pharmaceutical process development[7]. - The company is committed to seamless integration of cutting-edge technologies and industrial applications to strengthen its competitive edge in the CDMO industry[44]. - The company is one of the few able to apply continuous production technology at a ton-scale level, creating a strong competitive advantage by simplifying process paths and reducing raw material costs[47]. - The fixed enzyme continuous reaction technology has been successfully applied in the production of multiple ton-level products, achieving production capacity increases of up to 1,500 times compared to traditional enzyme catalysis[50]. Market Position and Customer Relationships - The company has established partnerships with 16 out of the top 20 global pharmaceutical companies, with 8 of these relationships lasting over a decade, indicating strong customer loyalty and retention[126]. - The company aims to enhance its CDMO products and services, expanding into advanced drug categories including peptides, oligonucleotides, monoclonal antibodies, and ADCs[122]. - The company is actively expanding its global customer base by deepening relationships with existing clients and targeting small to medium-sized innovative drug companies[131]. - The company aims to strengthen relationships with key customers and actively seek growth opportunities in domestic and international markets[23]. Sustainability and Corporate Responsibility - The company is committed to sustainable development and social responsibility, actively engaging with stakeholders to create a harmonious business environment[71]. - The company has established a comprehensive ESG management system and supply chain behavior guidelines to meet the expectations of overseas clients[72]. - The company has implemented environmental policies and measures, promoting energy conservation and waste reduction among employees[180]. - The company is committed to green operations and actively practices environmental sustainability[180]. Human Resources and Management - The company has introduced 245 senior talents in 2024, including 78 PhDs and 136 individuals with overseas pharmaceutical experience[69]. - The total number of employees reached 9,595 by December 31, 2024, with approximately 78% holding a bachelor's degree or higher[69]. - The company emphasizes talent management strategies to attract and retain diverse professionals in the competitive pharmaceutical industry[68]. - The company has a stable and experienced senior management team, with many members having over 20 years of industry experience, ensuring strong governance and operational effectiveness[128]. Future Outlook and Strategic Plans - The company plans to continue enhancing its global supply chain through multi-site production capacity to support global partners in accelerating drug launches[13]. - In 2025, the company plans to accelerate overseas expansion by establishing production capabilities in Europe and enhancing collaboration with international pharmaceutical companies[136]. - The company intends to enrich its service offerings and expand overseas by seeking investments for strategic capacity expansion and enhancing collaboration with multinational companies[133]. - The company aims to rebalance profitability by improving the gross margin of its core small molecule CDMO business and controlling costs in emerging businesses[137].

2024 年，新兴业务板块实现收入 12.26 亿元，同比增长 2.25%，业务毛利 率为 21.67%，2024 年下半年毛利率已呈现向好趋势；根据在手订单预计 2025 年新兴业务验证批阶段（PPQ）项目达 13 个。其中化学大分子 CDMO 业务 2024 年收入同比增长 13.26%，第四季度收入环比增长超 200%，全年 共完成项目 227 个。截至年报披露日，在手订单同比增长超 130%，其中海 外订单同比增长超 260%，预计 2025 年该板块收入将实现翻倍以上增长。 公司报告 | 年报点评报告 凯莱英（002821） 证券研究报告 新签订单持续增长，化学大分子等新兴业务有望成为新增长点 事件 公司发布 2024 年年报，2024 年营业收入为 58.05 亿元，同比减少 25.82%， 主要系2023 年交付大订单,2024 年不再有相关订单所致,如剔除同期大订单 影响后营业收入同比增长 7.40%。2024 年归母净利润为 9.49 亿元，同比减 少 58.17%，除受前述营业收入下降因素影响外，还由于新兴业务尚处爬坡 阶段且毛利率偏低，UK Sandwich site 在 2024 年下 ...

Investment Rating - The investment rating for the company is maintained at "Accumulate" [5] Core Views - The company reported a 2024 revenue of 5.805 billion yuan, a decrease of 25.82% year-on-year, primarily due to the absence of large orders that were delivered in 2023. Excluding the impact of these large orders, revenue increased by 7.40% year-on-year [1] - The net profit attributable to the parent company for 2024 was 949 million yuan, down 58.17% year-on-year, affected by the decline in revenue and the low gross margin of emerging businesses [1] - The small molecule CDMO business achieved a revenue of 4.571 billion yuan in 2024, with an 8.85% year-on-year increase after excluding large orders. The gross margin for this segment was 47.95% [2] - Emerging business segments, including chemical and biological macromolecules, showed positive growth, with revenues of 1.226 billion yuan in 2024, a 2.25% increase year-on-year [3] - The company is expanding its overseas capacity, with total overseas revenue of 4.285 billion yuan in 2024, and a gross margin of 50.32% [4] Summary by Sections Financial Performance - 2024 revenue was 5.805 billion yuan, down 25.82% year-on-year, but up 7.40% when excluding large orders [1] - 2024 net profit attributable to the parent company was 949 million yuan, a decrease of 58.17% year-on-year [1] - The small molecule CDMO business generated 4.571 billion yuan in revenue, with a gross margin of 47.95% [2] - Emerging business revenue was 1.226 billion yuan, with a gross margin of 21.67% [3] Business Segments - Small molecule commercialized projects delivered 48 projects, with 8 new projects added [2] - The chemical macromolecule CDMO business saw a revenue increase of 13.26% year-on-year, with 227 projects completed [3] - The biological macromolecule CDMO business focused on antibody-drug conjugates, with 15 new ADC IND projects [3] Market Expansion - New orders signed in 2024 increased by approximately 20%, with significant growth in orders from European and American markets [4] - The Sandwich Site in the UK commenced operations in August 2024, enhancing the company's global footprint [4]