Core Points - The articles outline the regulations and governance structure of Asymchem Laboratories (Tianjin) Co., Ltd., emphasizing the protection of the rights of shareholders and creditors [1][4] - The company was established in Tianjin and registered on September 20, 2011, following the approval of the Tianjin Economic and Technological Development Zone Management Committee [2][3] - The company has undergone public offerings, including the issuance of 22,863,500 shares of ordinary stock and 19,680,900 H shares, with the latter listed on the Hong Kong Stock Exchange [2][3][8] Company Structure - The registered capital of the company is 360,593,720 RMB, and it operates as a permanent limited liability company [3][4] - The company is governed by a board of directors, with the chairman serving as the legal representative [3][4] - The company’s assets are divided into equal shares, and shareholders are liable only to the extent of their subscribed shares [3][4] Business Objectives and Scope - The company's business objective is to develop and produce high-tech pharmaceutical raw materials and biotechnology products, aiming to enhance its competitiveness in the international market [5][6] - The company engages in the research and development of new drug technologies and related technical consulting services [5][6] Share Capital and Structure - The company has a total of 264,281,818 shares, with 333,040,460 A shares and 19,680,900 H shares, indicating a significant proportion of domestic shares [7][8] - The shares are issued in accordance with principles of openness, fairness, and justice, ensuring equal rights for all shareholders of the same class [6][7] Shareholder Rights and Obligations - Shareholders have the right to receive dividends, participate in shareholder meetings, and access company information [25][26] - Shareholders holding more than 5% of shares must report any pledges of their shares to the company [29][30] - The company has provisions for shareholders to sue the company or its directors in case of violations of laws or the company’s articles [28][29]

凯莱英医药集团（天津）股份有限公司（以下简称"公司"）于2025年4月3 日召开2025年第一次临时股东大会、2025年第一次A股类别股东大会及2025年第 一次H股类别股东大会，审议通过了经第四届董事会第五十五次会议提交本次股 东大会的《关于回购注销2020年限制性股票激励计划部分限制性股票的议案》。 鉴于2020年激励对象孙学惠因个人原因已离职，根据《上市公司股权激励管理办 法》等相关法律、法规以及公司《2020年限制性股票激励计划》的规定，公司将 回购注销上述已获授但尚未解除限售的1,680股A股限制性股票。有关内容详见 《证券时报》、《中国证券报》和巨潮资讯网（http://www.cninfo.com.cn）上 的相关公告。 上述回购注销完成后，公司总股本将由360,595,400变更为360,593,720。根 据《中华人民共和国公司法》等相关法律法规及《公司章程》的规定，本公司债 权人均有权自接到公司通知书之日起30日内，未接到通知书的自本通知公告之日 起45日内，凭有效债权证明文件及相关凭证向公司要求清偿债务或提供相应担保。 债权人如逾期未向公司申报上述要求，不会因此影响其债权的有效性，相关债 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 凱萊英醫藥集團（天津）股份有限公司 呈交日期: 2025年4月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06821 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 27,553,260 | RMB | | 1 RMB | | 27,553,260 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 27,553,260 | RMB | | 1 RMB | | 27,553,260 | | 2. 股份分類 | 普通股 | 股份類別 ...

证券代码：002821 证券简称：凯莱英 公告编号：2025-026 凯莱英医药集团（天津）股份有限公司 2025 年第一次临时股东大会、2025 年第一次 A 股类别股东 大会及 2025 年第一次 H 股类别股东大会决议公告 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。 特别提示： 1、本次股东大会没有出现议案被否决的情形； 2、本次股东大会没有涉及变更前次股东大会决议的情形； 3、本次股东大会以现场投票与网络投票相结合的方式召开。 一、会议召开与出席情况 （一）会议召开情况 1、 现场会议召开时间：2025年4月3日（周四）下午14:00 网络投票时间：2025年4月3日（周四），其中，通过深圳证券交易所交易 系统进行网络投票的时间为2025年4月3日上午9：15-9：25，9：30-11：30，下 午13:00-15:00；通过深圳证券交易所互联网投票系统投票的时间为2025年4月3 日上午9:15至2025年4月3日下午15:00期间的任意时间。 2、会议召开地点：天津经济技术开发区第七大街71号公司会议室 3、会议召开方式：现场投票和网络投票相结合方 ...

凯莱英医药集团（天津）股份有限公司 章程 （2025 年 4 月修订） 1 | 目 录 | | --- | | 第一章 | 总则 3 | | --- | --- | | 第二章 | 经营宗旨和范围 5 | | 第三章 | 股份 5 | | 第四章 | 股东和股东大会 19 | | 第五章 | 董事会 44 | | 第六章 | 高级管理人员 57 | | 第七章 | 监事会 60 | | 第八章 | 公司董事、监事、首席执行官（CEO）和其他高级管理人员的资格和义务 62 | | 第九章 | 财务会计制度、利润分配和审计 69 | | 第十章 | 通知和公告 79 | | 第十一章 | 合并、分立、增资、减资、解散和清算 81 | | 第十二章 | 修改章程 84 | | 第十三章 | 附则 86 | 公司系由凯莱英医药化学（天津）有限公司整体变更以发起设立方式设立， 于 2011 年 9 月 20 日在天津市滨海新区工商行政管理局注册登记，取得营业执 照，公司统一社会信用代码为 91120116700570514A。原凯莱英医药化学（天津） 有限公司截至 2011 年 6 月 30 日的全体股东为公司的发起人 ...

证券代码：002821 证券简称：凯莱英 公告编号：2025-027 凯莱英医药集团（天津）股份有限公司 关于回购注销限制性股票激励计划部分限制性股票 减少注册资本暨通知债权人的公告 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。 上述回购注销完成后，公司总股本将由360,595,400变更为360,593,720。根 据《中华人民共和国公司法》等相关法律法规及《公司章程》的规定，本公司债 权人均有权自接到公司通知书之日起30日内，未接到通知书的自本通知公告之日 起45日内，凭有效债权证明文件及相关凭证向公司要求清偿债务或提供相应担保。 债权人如逾期未向公司申报上述要求，不会因此影响其债权的有效性，相关债务 （义务）将由公司根据原债权文件的约定继续履行。 债权人如果提出要求公司清偿债务的，应根据《中华人民共和国公司法》等 相关法律法规的规定，向公司提出书面请求，并随附相关证明文件。 特此公告。 凯莱英医药集团（天津）股份有限公司董事会 二〇二五年四月三日 凯莱英医药集团（天津）股份有限公司（以下简称"公司"）于2025年4月3 日召开2025年第一次临时股东大会、 ...

Core Insights - The company reported a revenue of 5.8 billion yuan for 2024, a year-on-year decrease of 26%, but a 7.4% increase when excluding large order impacts [1] - The net profit attributable to shareholders was 950 million yuan, down 58% year-on-year, while the net profit excluding non-recurring items was 850 million yuan, down 60% [1] - In Q4 alone, the company achieved a revenue of 1.66 billion yuan, a 15% increase year-on-year and quarter-on-quarter, with a net profit of 240 million yuan, up 306% year-on-year and 13% quarter-on-quarter [1] Small Molecule CDMO Business - The small molecule CDMO business generated a revenue of 4.57 billion yuan in 2024, a decrease of 31%, but an 8.9% increase when excluding large order impacts [2] - Revenue from clinical stage projects was 1.77 billion yuan, up 17% year-on-year, with 456 clinical projects delivered, including 73 Phase III projects, an increase of 4 projects year-on-year [2] - Revenue from commercial stage projects was 2.8 billion yuan, down 45%, but up 4.2% when excluding large orders, with 48 commercial projects delivered, an increase of 8 projects year-on-year [2] Emerging Business - The emerging business segment achieved a revenue of 1.23 billion yuan in 2024, reflecting a year-on-year increase of 2.3% [3] Large Molecule Chemistry Business - The large molecule chemistry business saw a year-on-year revenue increase of 13%, with Q4 showing over 200% growth quarter-on-quarter [4] - The company has a backlog of orders that increased by over 130% year-on-year, with overseas orders up by 260% [4] - Expected revenue for this segment is projected to more than double in 2025, with peptide solid-phase synthesis capacity expected to reach 30,000L by the second half of 2025 [4] Formulation Business - The formulation business experienced a slight decline in revenue due to the domestic investment environment and increased market competition [5] Biologics Business - The biologics segment focused on antibody-drug conjugates (ADCs), achieving a revenue increase of 13.9% year-on-year, with 15 new ADC IND projects and 3 BLA projects added [6] - The current backlog includes nearly 60 orders, with over 60% being ADC projects [6] - The company signed new orders that increased by approximately 20% year-on-year, with faster growth in orders from European and American clients [6] Investment Rating - The company maintains an "Accumulate" investment rating, with projected revenues of 6.6 billion, 7.6 billion, and 8.9 billion yuan for 2025-2027, and net profits of 1.08 billion, 1.27 billion, and 1.57 billion yuan respectively, corresponding to PE ratios of 27, 23, and 18 [6][7]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 97.92 CNY over the next six months, while the current price is 81.05 CNY [1]. Core Insights - The company experienced a revenue decline of 25.8% in 2024, but excluding the impact of a large order from the previous year, there was a 7.4% year-on-year growth. The net profit attributable to the parent company fell by 58.2% [7]. - The small molecule CDMO (Contract Development and Manufacturing Organization) business is steadily growing, with a revenue of 45.7 billion CNY in 2024, showing an 8.9% increase when excluding large orders. The company has a robust order reserve for commercialized projects [7]. - Emerging businesses, particularly in chemical and biological macromolecules, are accelerating growth, with a 13.3% increase in revenue for the chemical macromolecule segment in 2024. The company expects significant growth in this area in 2025 [7][8]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 58.0 billion CNY, with a projected revenue of 66.7 billion CNY in 2025, reflecting a growth rate of 14.9%. The net profit is expected to rise to 11.1 billion CNY, marking a 16.4% increase [12]. - The earnings per share (EPS) for 2025 is projected at 3.06 CNY, with corresponding price-to-earnings (PE) ratios of 26, 23, and 20 for the years 2025, 2026, and 2027 respectively [12][10]. Business Segments - The small molecule CDMO segment is expected to see revenue growth of 10.7% in 2025, with a gross margin of 48.5%. The emerging business segment is projected to grow by 31.4% in 2025, with a gross margin of 26.7% [8][10]. - The company is focusing on expanding its capabilities in the production of GLP-1 peptide projects, with significant increases in production capacity expected in 2025 [7]. Valuation - The report compares the company to peers such as WuXi AppTec and Kanglong Chemical, noting that the average PE for comparable companies is 23, slightly lower than the company's valuation. The company is considered a leader in the small molecule CDMO space, justifying a premium valuation [12].

Investment Rating - The report maintains an "Accumulate" rating with a target price of 97.16, unchanged from the previous rating [2][12]. Core Views - The report highlights a steady growth in new orders and a recovery in regular business, with a positive outlook for long-term growth potential [3][12]. - The company reported a revenue of 5.805 billion yuan for 2024, a decrease of 25.8%, and a net profit attributable to shareholders of 949 million yuan, down 58.2% [12]. - The fourth quarter of 2024 saw a revenue increase of 15.4% quarter-on-quarter, with a net profit of 240 million yuan, reflecting a significant year-on-year increase of 306.5% [12]. Financial Summary - Revenue and profit forecasts for the upcoming years are as follows: - 2025E Revenue: 6.631 billion yuan (+14.2%) - 2026E Revenue: 7.794 billion yuan (+17.5%) - 2027E Revenue: 9.316 billion yuan (+19.5%) - 2025E Net Profit: 1.092 billion yuan (+15.1%) - 2026E Net Profit: 1.277 billion yuan (+16.9%) - 2027E Net Profit: 1.524 billion yuan (+19.3%) [5][12]. - The company’s earnings per share (EPS) for 2025E is projected at 3.03 yuan, with subsequent years showing growth to 4.23 yuan by 2027E [12]. Market Data - The company has a total market capitalization of 29.226 billion yuan, with a current share price of 81.05 yuan [6][12]. - The stock has traded within a range of 60.13 to 91.55 yuan over the past 52 weeks [6]. Business Development - The company has seen a 20% year-on-year increase in new orders, particularly from clients in Europe and the United States, with a total backlog of orders amounting to 10.52 billion USD [12]. - The establishment of a new research and pilot base in Europe is expected to enhance the company's operational capabilities and order acquisition [12].

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The report highlights that the company has achieved steady revenue growth in its emerging business segments and maintains a strong order backlog, indicating a positive long-term development outlook [4][11] Summary by Sections Financial Performance - In 2024, the company's operating revenue was 5.805 billion yuan, a year-on-year decrease of 25.82%. Excluding the impact of large orders from the previous year, revenue grew by 7.40%. The net profit attributable to the parent company was 949 million yuan, down 58.17% year-on-year. In Q4 2024, operating revenue reached 1.664 billion yuan, a year-on-year increase of 15.41%, with net profit of 239 million yuan, up 306.48% [4][6] Business Segment Performance - Small molecule CDMO business generated revenue of 4.571 billion yuan, with an 8.85% year-on-year increase after excluding large orders. The gross margin for this segment was 47.95%. The company delivered 48 commercial projects and added 8 new commercial projects [7] - Emerging business revenue was 1.226 billion yuan, a 2.25% year-on-year increase. The gross margin for this segment was 21.67%, with an upward trend expected in the second half of 2024 [8] - Clinical CRO business saw a slight revenue decline, with 197 new projects initiated. The company is currently managing 269 clinical research projects [8] - The biopharmaceutical CDMO business focused on ADC projects, with a revenue increase of 13.91% and a significant order backlog [8] Order Backlog and Market Expansion - The company reported a 20% year-on-year increase in new orders, with a total order backlog of 1.052 billion USD, reflecting strong demand from the US and European markets [11] - The company is expanding its global production capacity, with new facilities in Europe and ongoing projects in the US, contributing to revenue growth from these regions [11] Financial Forecast - The company expects EPS of 3.03, 3.60, and 4.42 yuan for 2025, 2026, and 2027 respectively. The report suggests a reasonable valuation range of 90.87 to 106.01 yuan based on a PE ratio of 30-35 for 2025 [11][13]