Financial Performance - For the third quarter of 2025, the company reported operating revenue of RMB 1,441,570,606.55, a decrease of 0.09% year-on-year, while total revenue for the first three quarters reached RMB 4,629,877,130.98, an increase of 11.82%[8] - The net profit attributable to shareholders for the third quarter was RMB 182,774,963.85, down 13.46% year-on-year, and for the first three quarters, it was RMB 800,245,215.12, up 12.66%[8] - Total operating revenue for the first nine months of 2025 reached RMB 4,629,877,130.98, an increase of 11.85% compared to RMB 4,140,288,577.71 in the same period of 2024[27] - Operating profit for the same period was RMB 914,440,800.53, up from RMB 761,464,727.45, reflecting a growth of 20.06%[27] - Net profit for the first nine months of 2025 was RMB 792,478,500.98, compared to RMB 700,179,181.17 in 2024, marking an increase of 13.14%[28] - The company reported a net profit of RMB 792,478,000 for the first nine months of 2025, a 13.2% increase from RMB 700,180,000 in 2024[34] Margins and Earnings - The company achieved a gross margin of 42.44% for the first three quarters, with emerging business gross margin increasing by 10.57 percentage points to 30.55%[12] - Basic and diluted earnings per share for the third quarter were both RMB 0.50, down 18.03% year-on-year[8] - Basic and diluted earnings per share for the period were both RMB 2.18, compared to RMB 2.01 in the previous year, an increase of 8.49%[28] - The adjusted net profit attributable to shareholders for the first nine months of 2025 was RMB 896,700 thousand, up from RMB 711,863 thousand in 2024, reflecting a significant increase of approximately 25.9%[43] - The adjusted net profit margin for the first nine months of 2025 improved to 19.37%, compared to 17.40% in 2024[43] Assets and Liabilities - Total assets at the end of the reporting period were RMB 19,807,175,843.91, reflecting a 2.69% increase from the previous year[11] - The total assets as of the end of the reporting period amounted to RMB 19,807,175,843.91, up from RMB 19,288,557,691.02 at the beginning of the year, representing a growth of 2.68%[25] - Total liabilities increased slightly to RMB 2,447,134,516.90 from RMB 2,425,984,466.06, indicating a rise of 0.87%[25] - Cash and cash equivalents at the end of the period were RMB 6,661,659,993.80, up from RMB 5,789,408,498.03, reflecting an increase of 15.06%[24] - Total assets less current liabilities amounted to RMB 18,022,721,000, up from RMB 17,579,211,000 in 2024[39] - Non-current assets increased to RMB 8,437,663,000 from RMB 8,238,381,000 in the previous year[38] Cash Flow - Cash paid for operating activities increased by 31.24% to ¥434,678,511.89, mainly due to increased operating-related expenditures[17] - Operating cash flow for the period (January to September 2025) was RMB 1,144,158,624.68, an increase of 8.67% compared to RMB 1,052,859,875.02 in the same period of 2024[31] - The net cash flow from operating activities for the first nine months of 2025 was RMB 1,144,159 thousand, compared to RMB 1,052,860 thousand in 2024, an increase of about 8.7%[41] - Cash received from investment income rose by 93.94% to ¥121,103,847.08, primarily due to increased interest income from time deposits[17] - The net cash flow from investing activities for the first nine months of 2025 was a negative RMB 113,430 thousand, a significant improvement from a negative RMB 1,091,121 thousand in 2024[42] - The financing activities net cash flow for the first nine months of 2025 was a negative RMB 320,807 thousand, an improvement from a negative RMB 1,902,985 thousand in 2024[42] Inventory and Prepayments - Inventory rose by 25.41% to ¥1,496,620,683.15, mainly influenced by order delivery cycles[17] - Prepayments increased by 34.61% to ¥120,018,450.64, primarily due to an increase in advance payments for raw materials[17] - Inventory levels rose to RMB 1,496,620,683.15 from RMB 1,193,346,492.84, a significant increase of 25.49%[24] Expenses - Research and development expenses for the first nine months of 2025 were RMB 433,071,405.31, down from RMB 484,138,518.89, a decrease of 10.55%[27] - Tax expenses decreased by 51.39% to ¥35,192,437.51, primarily due to a reduction in value-added tax surcharges[17] - Financial expenses decreased by 48.22% to ¥(89,760,104.64), mainly due to a decrease in exchange gains from currency fluctuations[17] - Income tax expenses increased by 99.19% to ¥117,470,631.06, primarily due to an increase in taxable income[17] - The depreciation of property, plant, and equipment increased to RMB 354,209 thousand in 2025 from RMB 319,924 thousand in 2024, reflecting a rise of approximately 10.7%[41] - The company reported a loss from impairment of trade receivables and contract assets of RMB 35,824 thousand in 2025, compared to RMB 9,927 thousand in 2024, indicating a significant increase in impairment losses[41] Future Outlook - The company expects a significant increase in order deliveries in the fourth quarter, projecting an overall revenue growth of 13%-15% for the year[12] - The weighted average return on equity was 1.06%, a decrease of 0.21 percentage points compared to the previous year[8] - Trading financial assets decreased by 41.62% to ¥898,915,731.68 due to a reduction in bank financial products[17]

Core Insights - The company reported a total revenue of 4.63 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 11.82% [1] - The revenue from emerging businesses increased by 71.87%, while the revenue from large molecule chemistry grew by over 150% [1] - The net profit attributable to shareholders reached 800 million yuan, marking a year-on-year increase of 12.66% [1] Revenue Breakdown - Revenue from large pharmaceutical companies amounted to 2.05 billion yuan, with a year-on-year growth of 1.98% [1] - Revenue from small and medium-sized pharmaceutical companies was 2.58 billion yuan, reflecting a year-on-year increase of 21.14% [1] Profitability Metrics - The overall gross profit margin for the company was 42.44% for the first three quarters of 2025 [1] - The gross profit margin for small molecule business was 46.99%, remaining stable year-on-year [1] - The gross profit margin for emerging businesses improved by 10.57 percentage points to 30.55%, driven by increased delivery scale and capacity utilization [1] Future Outlook - The company anticipates that the delivery scale in the fourth quarter will significantly exceed that of the third quarter [1] - The company expects an annual revenue growth of 13%-15% for the full year [1]

Core Viewpoint - Kailaiying (002821) reported a slight decline in Q3 revenue and net profit, but showed overall growth in the first three quarters of 2025, indicating resilience in emerging and large molecule businesses [1] Financial Performance - Q3 revenue was 1.442 billion yuan, a year-on-year decrease of 0.09% [1] - Q3 net profit was 183 million yuan, a year-on-year decrease of 13.46% [1] - Revenue for the first three quarters reached 4.63 billion yuan, a year-on-year increase of 11.82% [1] - Net profit for the first three quarters was 800 million yuan, a year-on-year increase of 12.66% [1] Business Segments - Revenue from small molecule business remained stable [1] - Revenue from emerging businesses grew by 71.87% year-on-year [1] - Revenue from large molecule business increased by over 150% year-on-year [1] - Revenue from large pharmaceutical companies was 2.053 billion yuan, a year-on-year increase of 1.98% [1] - Revenue from small and medium pharmaceutical companies was 2.577 billion yuan, a year-on-year increase of 21.14% [1] Future Outlook - The order distribution for the second half of the year indicates that Q4 delivery scale will significantly exceed that of Q3 [1] - The company expects annual revenue growth to achieve between 13% and 15% [1]

每经AI快讯，10月30日，凯莱英（002821）(002821.SZ)公告称，公司发布2025年第三季度报告，第三 季度实现营业收入14.42亿元，同比下降0.09%；归属于上市公司股东的净利润为1.83亿元，同比下降 13.46%。前三季度实现营业收入46.30亿元，同比增长11.82%；归属于上市公司股东的净利润为8.00亿 元，同比增长12.66%。 ...

格隆汇10月30日｜凯莱英(002821.SZ)发布2025年第三季度报告，第三季度实现营业收入14.42亿元，同 比下降0.09%；归属于上市公司股东的净利润为1.83亿元，同比下降13.46%。前三季度实现营业收入 46.30亿元，同比增长11.82%；归属于上市公司股东的净利润为8.00亿元，同比增长12.66%。 ...

凯莱英医药集团（天津）股份有限公司 2025 年第三季度报告 证券代码：002821 证券简称：凯莱英 公告编号：2025-064 凯莱英医药集团（天津）股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个 别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第三季度财务会计报告是否经过审计 □是 否 2 凯莱英医药集团（天津）股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 1,441,570,606.55 | -0.09% | 4,629,877,130. ...

凯莱英公告，第三季度营收为14.42亿元，同比下降0.09%；净利润为1.83亿元，同比下降13.46%。前三 季度营收为46.3亿元，同比增长11.82%；净利润为8亿元，同比增长12.66%。 ...

Core Points - The Bioeconomy Index (970038) closed at 2277.51 points, down 0.16%, with a trading volume of 18.883 billion yuan and a turnover rate of 1.2% [1] - Among the index constituents, 23 stocks rose while 27 fell, with Iwubio leading the gainers at 6.71% and Meiya Optoelectronics leading the decliners at 3.02% [1] Index Constituents Summary - The top ten constituents of the Bioeconomy Index include: - Mindray Medical (sz300760) with a weight of 13.81%, latest price at 225.09 yuan, and a market cap of 272.908 billion yuan [1] - Changchun High-tech (sz000661) with a weight of 5.41%, latest price at 116.50 yuan, and a market cap of 47.525 billion yuan [1] - Kanglong Chemical (sz300759) with a weight of 4.66%, latest price at 31.97 yuan, and a market cap of 56.849 billion yuan [1] - Other notable constituents include Shishihistory (sz002252), Table Pharmaceutical (sz300347), and Muyuan Foods (sz002714) [1] Capital Flow Analysis - The Bioeconomy Index constituents experienced a net outflow of 871 million yuan from institutional investors, while retail investors saw a net inflow of 544 million yuan [3] - Key capital flows include: - Iwubio (300357) with a net inflow of 52.9277 million yuan from institutional investors [3] - Dabo Medical (002901) with a net inflow of 31.8434 million yuan from institutional investors [3] - Changchun High-tech (000661) with a net inflow of 27.6452 million yuan from institutional investors [3]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [4]. Core Insights - The report discusses the evolution of investment rhythms in the CDMO sector over the past decade, highlighting significant changes from initial industry transfers from overseas to China, to shifts in focus from small molecules to larger molecules and new types like peptides and ADCs [17]. - The report emphasizes that the innovation drug sector is entering a new bull market, driven by the potential for significant breakthroughs and the need for companies to adapt to changing market dynamics [11][12]. Summary by Sections 1. Industry Performance - During the week of October 20-24, the Shenwan Pharmaceutical Index increased by 0.58%, underperforming compared to the ChiNext Index and the CSI 300 Index [10]. - The overall market showed an upward trend, with the Shanghai Composite Index reaching a ten-year high, led by technology stocks, while the pharmaceutical sector experienced volatility [10][11]. 2. Recent Review - The report notes that the innovation drug sector has seen limited performance despite recent business development (BD) activities and data releases, attributing this to the digestion of previous trading volumes rather than fundamental industry issues [11]. - The report anticipates that after a period of consolidation, the innovation drug sector may see a resurgence driven by significant catalysts, with a focus on disruptive innovations rather than mere revaluation [11][12]. 3. Future Outlook - The report outlines a two-pronged strategy for the pharmaceutical sector: focusing on companies with strong Q3 earnings and deepening investments in innovative drugs in preparation for potential rebounds in Q4 and Q1 [12]. - Key investment themes include overseas large pharmaceuticals, small and mid-cap technology revolutions, and the integration of new technologies such as AI in healthcare [12][13]. 4. Strategic Allocation - The report provides a detailed list of recommended companies across various segments, including innovative drugs, chronic disease treatments, and new technologies [13][15]. - Specific companies highlighted include Innovent Biologics, BeiGene, and WuXi AppTec, among others, indicating a diverse approach to investment within the pharmaceutical landscape [13][15]. 5. CDMO Market Insights - The report indicates that the CDMO market in China has grown significantly, with a compound annual growth rate (CAGR) of 39.9%, expanding from 16 billion RMB in 2018 to 85.9 billion RMB in 2023 [25]. - It projects that the market will continue to grow, reaching 208.4 billion RMB by 2028 and 536.9 billion RMB by 2033, highlighting China's increasing share of the global CDMO market [25]. 6. Investment Strategies in Sub-sectors - The report categorizes investment strategies into several areas, including innovative drugs, medical devices, and new technologies, emphasizing the importance of selecting companies that align with emerging trends and market demands [47][48]. - It also notes the significance of focusing on companies that have established strong partnerships with multinational corporations (MNCs) and have developed scalable production capabilities in high-demand areas like ADCs and peptides [45][46].

Investment Rating - The report maintains a positive outlook on the pharmaceutical sector, indicating an "Overweight" rating for the industry, suggesting it is expected to outperform the overall market [32]. Core Insights - The report highlights that the Shenwan Pharmaceutical and Biological Index increased by 0.6% this week, while the Shanghai Composite Index rose by 2.9% and the Wind All A (excluding financials and petrochemicals) increased by 3.7% [4][6]. - The pharmaceutical sector's overall valuation stands at 30.4 times earnings, ranking 9th among 31 Shenwan primary industries [4][8]. - Significant collaborations and clinical trial results were reported, including a $11.4 billion global strategic partnership between Innovent Biologics and Takeda Pharmaceutical, which includes a $1.2 billion upfront payment [5][13]. - Key clinical trial results presented at the 2025 ESMO conference showed promising outcomes for several drugs, indicating advancements in treatment efficacy for various cancers [14][18][19]. Market Performance - The report details the performance of various sub-sectors within the pharmaceutical industry, with notable increases in medical devices (+0.2%), medical consumables (+1.7%), and medical research outsourcing (+5.5%), while traditional Chinese medicine and other biological products saw declines [4][8]. - The report also notes that 99 A-share pharmaceutical companies released their Q3 2025 earnings, with a total revenue of 94.15 billion yuan, reflecting a 1.3% year-on-year increase [20][22]. Key Events - The report mentions that Bairui Tianheng has passed the Hong Kong Stock Exchange hearing and is in the process of listing its H-shares [12]. - The report emphasizes the importance of the 2025 ESMO conference, where several companies presented significant clinical data, enhancing their market visibility and potential investment attractiveness [14][17][18]. Company Recommendations - The report recommends focusing on innovative drug sectors and companies with improving performance in medical devices and upstream sectors, including companies like Hengrui Medicine, Changchun High-tech, and Mindray Medical [5][20].