Financial Overview - Revenue for H1 2025 reached 3,188 million RMB, an increase from 2,697 million RMB in H1 2024 [80] - Adjusted net profit for H1 2025 was 617 million RMB, up from 499 million RMB in H1 2024 [80] - Gross profit margin improved to 43.5%, up from 42.2% in H1 2024 [64] Performance Highlights - Gross margin increased by 1.3 percentage points to 43.5% [13] - Net profit growth outpaced revenue growth by 5.5 percentage points [14] - The company reported a backlog of orders worth 10.88 billion USD, with a year-on-year increase of over 40% [13] Segment Performance Small Molecule Business - Revenue for small molecule CDMO business was 24.29 billion RMB, a 10.6% increase year-on-year [20] - Gross margin for small molecule business reached 47.8%, up 0.6 percentage points [32] Emerging Business - Emerging business revenue surged by 51.2% to 7.56 billion RMB [19] - Gross margin for emerging business was 29.8%, an increase of 9.5 percentage points [20] Clinical CRO Business - Revenue for clinical CRO business was 1.39 billion RMB, reflecting a growth of 44.8% [42] - The company supported 13 projects to obtain clinical trial approvals in China [42] Market Expansion - The company added over 150 new CDMO business clients during the reporting period [22] - Revenue from the US market was 1.789 billion RMB, a slight increase of 0.5% year-on-year [25] - Revenue from the European market grew by over 200% to 548 million RMB [25] Future Outlook - The company anticipates a revenue growth of 13% to 15% for the full year of 2025 [77] - Plans to enhance operational efficiency and profitability, aiming for profit growth to exceed revenue growth [77] - Continued focus on expanding capabilities in peptide, oligonucleotide, and conjugated drug segments [77]

Group 1: Financial Performance - The company achieved total revenue of 3.188 billion CNY in the first half of 2025, representing a year-on-year growth of 18.20% [2] - In Q2 2025, revenue reached 1.647 billion CNY, an increase of 6.87% compared to Q1 [2] - Net profit attributable to shareholders was 617 million CNY, up 23.71% year-on-year, with a net profit margin of 19.4%, an increase of nearly 1 percentage point [2] Group 2: Business Development and Orders - Emerging business orders saw significant growth, particularly in the fields of chemical macromolecules and biopharmaceuticals, with new signed orders for conjugated drugs increasing by over 100% year-on-year [2][3] - The company maintains a competitive advantage in small molecule business while expanding its emerging business in overseas markets [3] - The proportion of overseas orders in the biopharmaceutical CDMO business exceeded 35%, with new signed orders from overseas accounting for over 60% [9] Group 3: Capacity and Production - The company is expanding its production capacity, particularly in the ADC business, with the Shanghai Jinshan base operating at full capacity [6][9] - The peptide CDMO business is experiencing rapid growth, with a focus on weight loss applications, and the first commercialized peptide project has been approved [4][6] - The company plans to launch pre-filled syringe and cartridge production lines in Q4 2025, which are expected to contribute to revenue growth [5] Group 4: Cost Management and Efficiency - The company is implementing cost reduction and efficiency improvement measures, with a focus on optimizing overall expense ratios [5] - The overall expenses have decreased during the reporting period, and the trend is expected to continue in the second half of the year [5] Group 5: Future Outlook - The company is optimistic about the profit margins of emerging businesses, anticipating continued positive trends in gross margins [2][3] - The management expects that various projects will gradually enter the commercialization phase, contributing to future revenue growth [7][9]

Investment Rating - The investment rating for the company is "Buy" for both A and H shares [7]. Core Views - The company achieved revenue of 3.188 billion yuan, net profit attributable to shareholders of 617 million yuan, and net profit excluding non-recurring items of 566 million yuan in the first half of 2025, representing year-on-year increases of 18.2%, 23.7%, and 26.3% respectively [1]. - The company has a total order backlog of 1.088 billion USD, which supports stable growth for the year [1]. - The report highlights the positive growth momentum in the pharmaceutical industry and the company's leading technology and processes, indicating a favorable outlook for 2025 [1]. Summary by Sections Financial Performance - The company's gross margin for the first half of 2025 was 43.5%, an increase of 1.3 percentage points year-on-year [2]. - Sales, management, and R&D expense ratios were 2.9%, 11.9%, and 9.0% respectively, showing year-on-year decreases of 0.9, 1.5, and 3.2 percentage points [2]. Business Segments - The small molecule CDMO segment generated revenue of 2.429 billion yuan, with a gross margin of 47.8%, reflecting a year-on-year growth of 10.6% [3]. - The emerging business segment reported revenue of 756 million yuan, a significant year-on-year increase of 51.2%, with a gross margin of 29.8% [4]. - The report notes that the company has a strong order backlog in various emerging business areas, including peptides and ADCs, with expectations for continued growth in the second half of 2025 [4]. Profit Forecast and Valuation - The profit forecast for the company has been adjusted upwards, with expected net profits of 1.094 billion yuan, 1.312 billion yuan, and 1.624 billion yuan for 2025, 2026, and 2027 respectively, reflecting increases of 1%, 4%, and 11% compared to previous estimates [5]. - The company is valued at 47x PE for A shares and 39x PE for H shares for 2025, with target prices set at 142.62 yuan and 129.17 HKD respectively [5].

Group 1 - The innovative drug concept stocks are experiencing a downturn, with multiple companies such as Guangshengtang, Yuandong Biological, Yangguang Nuohuo, Haitai Biological, Rejing Biological, Kailaiying, Lifang Pharmaceutical, and Jimin Health seeing declines of over 5% [1]

2025年8月26日，凯莱英(002821.SZ)发布2025年半年度报告。截至2025年8月25日，共有57个机构投资 者披露持有凯莱英A股股份，合计持股量达1.79亿股，占凯莱英总股本的49.66%。其中，前十大机构投 资者包括ASYMCHEM LABORATORIES, INCORPORATED、中国工商银行股份有限公司-中欧医疗健康 混合型证券投资基金、香港中央结算有限公司、中国银行股份有限公司-华宝中证医疗交易型开放式指 数证券投资基金、天津国荣商务信息咨询有限公司、中国工商银行股份有限公司-中欧医疗创新股票型 证券投资基金、中国银行股份有限公司-招商国证生物医药指数分级证券投资基金、凯莱英医药集团(天 津)股份有限公司-2022年员工持股计划、易方达稳健收益债券A、富国长期成长混合A，前十大机构投 资者合计持股比例达47.78%。相较于上一季度，前十大机构持股比例合计下跌了0.84个百分点。 外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 达1.06%。 公募基金方面，本期较上一期持股增加的公募基金共计4个，包括招商医药健康产业股票、中海医药混 合A、易 ...

Group 1 - The National Development and Reform Commission held a meeting to gather opinions on expanding domestic demand and stabilizing employment during the 14th Five-Year Plan period [2] - Companies expressed the need for improved policies in areas such as domestic demand expansion, market competition, intellectual property protection, and green development [2] - Enterprises are focusing on innovation and resisting disorderly competition to contribute to economic growth [2] Group 2 - Multiple high-performing stocks reported significant growth in their mid-year earnings, with Gaode Infrared's net profit increasing by over 900% year-on-year [3] - Companies like Changcheng Military Industry and Taotao Automotive also reported substantial revenue increases, indicating a strong performance in the market [3] Group 3 - NVIDIA launched the Jetson Thor AI computing platform, which boasts a 7.5 times increase in AI computing power compared to its predecessor [4] - The developer kit is priced at $3,499, while bulk orders for the production module are priced at $2,999 each [4] Group 4 - Elon Musk's xAI filed a lawsuit against OpenAI and Apple, accusing them of colluding to hinder competition in the AI sector [5] - Musk claims that Apple is violating antitrust laws by favoring OpenAI in its app store rankings, making it difficult for other AI companies to compete [5] Group 5 - The U.S. government announced plans to impose a 50% tariff on Indian products, signaling a significant increase from the previous 25% [6] - This move is part of a broader strategy to raise tariffs on goods purchased from India, particularly those related to Russian oil [6] Group 6 - China's ETF market is nearing a milestone of 5 trillion yuan, with the total market size reaching 4.97 trillion yuan [7] - The number of ETFs exceeding 100 billion yuan has also increased, with major fund companies leading the market [7] Group 7 - The Chinese government issued guidelines to strengthen the national carbon market, supporting financial institutions in conducting carbon pledge financing [8] - The goal is to establish a comprehensive carbon trading market by 2030, covering major industrial sectors and ensuring a transparent pricing mechanism [8][10] Group 8 - Domestic oil prices are expected to decrease for the seventh time this year, potentially saving consumers 7.5 yuan per full tank [9] - Analysts attribute this anticipated drop to a lack of positive signals in the international oil market [9] Group 9 - The competition for the title of "stock king" in A-shares is intensifying between Cambricon and Kweichow Moutai, with Cambricon's stock price surging [12] - This shift reflects a broader market trend towards valuing AI and technology-driven growth over traditional consumer brands [12] Group 10 - Huawei is set to launch a new AI SSD aimed at enhancing data processing capabilities for AI model training [13] - This product is designed to address limitations in traditional high-bandwidth memory, offering larger capacity and improved data throughput [13] Group 11 - Several Chinese traditional medicine companies are increasing their investment in innovative drug research and development [16] - Airlines and airports are expected to see continued improvement in their performance in the second half of the year [16] Group 12 - The lithium mining industry is expected to see an improvement in supply-demand dynamics due to a reduction in excessive competition [17] - ASIC chip leaders are adjusting their pricing strategies, indicating a shift in market conditions [17] Group 13 - The A-share market is experiencing a strong upward trend, with the Shanghai Composite Index approaching 3900 points [17] - The market's performance is supported by improved domestic fundamentals and liquidity, alongside positive earnings reports from listed companies [20][21]

Core Insights - The company reported a revenue of 3.188 billion yuan for the first half of 2025, representing an 18.20% year-on-year growth, and a net profit attributable to shareholders of 617 million yuan, up 23.71% year-on-year [1] - The company is focusing on expanding its market presence, particularly in peptide, oligonucleotide, and ADC segments, which are expected to support sustained growth in the future [1] Small Molecule CDMO Business - The small molecule CDMO service, the core business segment, achieved a revenue of 2.429 billion yuan, a 10.64% increase year-on-year, with a gross margin of 47.79%, up 0.6 percentage points [2] - The company delivered 44 commercial projects and 285 clinical projects, including 52 in Phase III [2] - There are 11 small molecule validation batch projects expected in the second half of 2025, indicating a solid order reserve for long-term growth [2] Emerging Business Growth - The emerging business segment saw rapid growth, generating 756 million yuan in revenue, a 51.22% increase year-on-year, with a gross margin of 29.79%, up 9.5 percentage points [3] - The chemical macromolecule CDMO segment achieved over 130% revenue growth, delivering 88 projects and acquiring 38 new clients [3] - The company has over 10 clinical mid-to-late stage projects in peptide and small nucleic acid areas, indicating strong commercial order reserves [3] Formulation CDMO and Clinical CRO - The formulation CDMO segment reported a revenue of 118 million yuan, a 7.81% increase, delivering 171 projects and completing 31 clinical mid-to-late stage projects [4] - The clinical CRO segment generated 139 million yuan, up 44.84%, assisting 13 projects in obtaining domestic clinical trial approvals [4] Biologics CDMO Performance - The biologics CDMO segment achieved a revenue of 90 million yuan, a 70.74% increase, delivering 53 batches and completing 3 IND submissions [5] - The order amount in hand increased by over 60%, with expectations of doubling revenue in 2025 [5] Technology Output and Synthetic Biology - The technology output segment is advancing in fine chemical projects, with 20 ongoing orders and plans to expand dedicated facilities in 2025 [6] - The synthetic biology segment maintained stable revenue, delivering 41 projects and acquiring 19 new clients [6] R&D and Talent Development - The company invested 286 million yuan in R&D, accounting for 8.96% of revenue, with significant achievements in continuous reaction and biosynthesis [7] - The workforce exceeds 9,000, with 78% holding a bachelor's degree or higher, and 37% of R&D personnel being advanced degree holders [7]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Asymchem Laboratories (Tianjin) Co., Ltd. 凱萊英醫藥集團（天津）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6821） 海外監管公告 本海外監管公告乃由本公司根據香港聯合交易所有限公司證券上市規則第 13.10B 條作 出。 中國天津，二零二五年八月二十五日 於本公告日期，本公司董事會由董事長兼執行董事 Hao Hong 博士，執行董事楊蕊女 士、張達先生及洪亮先生，非執行董事 Ye Song 博士及張婷女士，以及獨立非執行董 事孫雪嬌博士、侯欣一博士及謝維愷先生組成。 凯莱英医药集团（天津）股份有限公司 信息披露暂缓与豁免制度 （2025 年 8 月） 凯莱英医药集团（天津）股份有限公司 茲載列本公司在深圳證券交易所網站刊登的以下資料中文全文，僅供參閱。 承董事會命 凱萊英醫藥集團（天津）股份有限公司 Hao Hong博士 董事長、執 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 凱萊英醫藥集團（天津）股份有限公司 Hao Hong博士 董事長、執行董事兼首席執行官 Asymchem Laboratories (Tianjin) Co., Ltd. 凱萊英醫藥集團（天津）股份有限公司 （股份代號：6821） 海外監管公告 （於中華人民共和國註冊成立的股份有限公司） 本海外監管公告乃由本公司根據香港聯合交易所有限公司證券上市規則第 13.10B 條作 出。 承董事會命 茲載列本公司在深圳證券交易所網站刊登的以下資料中文全文，僅供參閱。 中國天津，二零二五年八月二十五日 於本公告日期，本公司董事會由董事長兼執行董事 Hao Hong 博士，執行董事楊蕊女 士、張達先生及洪亮先生，非執行董事 Ye Song 博士及張婷女士，以及獨立非執行董 事孫雪嬌博士、侯欣一博士及謝維愷先生組成。 凯莱英医药集团（天津）股份有限公司 互动易平台信息发布及回复内部审核制度 （2025 年 8 月） 凯 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Asymchem Laboratories (Tianjin) Co., Ltd. 凱萊英醫藥集團（天津）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6821） 海外監管公告 本海外監管公告乃由本公司根據香港聯合交易所有限公司證券上市規則第 13.10B 條作 出。 茲載列本公司在深圳證券交易所網站刊登的以下資料中文全文，僅供參閱。 承董事會命 凱萊英醫藥集團（天津）股份有限公司 Hao Hong博士 董事長、執行董事兼首席執行官 中國天津，二零二五年八月二十五日 於本公告日期，本公司董事會由董事長兼執行董事 Hao Hong 博士，執行董事楊蕊女 士、張達先生及洪亮先生，非執行董事 Ye Song 博士及張婷女士，以及獨立非執行董 事孫雪嬌博士、侯欣一博士及謝維愷先生組成。 凯莱英医药集团（天津）股份有限公司 董事、高级管理人员离职管理制度 （2025 年 8 月） 凯莱英医 ...