Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company has maintained steady growth in its small molecule business, with new businesses expected to sustain rapid growth in the second half of 2025 [2] - In the first half of 2025, the company achieved revenue of 3.188 billion yuan, a year-on-year increase of 18.2%, and a net profit attributable to shareholders of 617 million yuan, up 23.7% year-on-year [1][2] Financial Performance - In the first half of 2025, the small molecule API business generated revenue of 2.43 billion yuan, a year-on-year increase of 10.6%, indicating stable growth [2] - The emerging business segment achieved revenue of 756 million yuan in the first half of 2025, a significant year-on-year increase of 51.2% [2] - The company has a total order backlog of 1.088 billion USD, with emerging business orders growing over 40% year-on-year, laying a solid foundation for future performance [2] - The chemical macromolecule CDMO segment saw revenue of 379 million yuan in the first half of 2025, a year-on-year increase of over 130% [7] - The biopharmaceutical CDMO segment generated revenue of 90 million yuan in the first half of 2025, a year-on-year increase of 70.74% [8] Future Outlook - The company is expected to continue strengthening its capabilities in small molecule "intermediates + APIs + formulations" integrated services, while also enhancing its presence in synthetic and biological macromolecule sectors [9] - Revenue forecasts for 2025-2027 have been adjusted slightly upward, with expected revenues of 6.659 billion yuan, 7.753 billion yuan, and 8.888 billion yuan respectively [9] - The earnings per share (EPS) estimates for 2025-2027 have been revised to 3.36 yuan, 3.82 yuan, and 4.27 yuan respectively [9]

26 August 2025 | 8:44PM HKT Asymchem (6821.HK) Buy 2Q25 earnings review: Full-year revenue guidance raised to 13–15%, peptide capacity expansion underway; Buy | 6821.HK | 12m Price Target: HK$96.60 | Price: HK$91.40 | Upside: 5.7% | | --- | --- | --- | --- | | 002821.SZ | 12m Price Target: Rmb128.50 | Price: Rmb103.30 | Upside: 24.4% | Asymchem reported solid 2Q25 results, broadly in line with GSe and ahead of Visible Alpha consensus (sales/ adj. NP +7%/+6% higher). Revenue reached Rmb1.65bn, +27.5% y/y, su ...

Core Viewpoint - 凯莱英 (002821) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1]. Financial Performance - Total revenue reached 3.188 billion yuan, an increase of 18.2% year-on-year [1]. - Net profit attributable to shareholders was 617 million yuan, up 23.71% year-on-year [1]. - In Q2 2025, total revenue was 1.647 billion yuan, reflecting a year-on-year increase of 26.94% [1]. - Q2 net profit attributable to shareholders was 291 million yuan, a rise of 33.94% year-on-year [1]. - Gross margin improved to 43.49%, up 3.17% year-on-year, while net margin increased to 19.23%, up 5.35% year-on-year [1]. Balance Sheet and Cash Flow - Accounts receivable rose significantly, with a year-on-year increase of 33.18%, reaching 1.975 billion yuan [1]. - Cash and cash equivalents increased by 19.64%, totaling 6.794 billion yuan [2]. - The company experienced a 66.92% increase in financial expenses due to reduced exchange gains from currency fluctuations [2]. Investment and Returns - The company's return on invested capital (ROIC) was reported at 4.22%, indicating a cyclical performance trend [2]. - Historical data shows a median ROIC of 16.29% since the company went public, suggesting strong investment returns despite recent fluctuations [2]. Debt and Liabilities - Interest-bearing liabilities increased by 55.08%, amounting to 50.27 million yuan [1]. - The company maintains a healthy cash position, indicating good debt repayment capability [3]. Market Sentiment and Analyst Expectations - Analysts expect the company's performance for 2025 to reach 1.13 billion yuan, with an average earnings per share forecast of 3.13 yuan [4]. - Recent fund activity shows mixed movements, with some funds reducing their holdings while others increased their positions in the company [5].

格隆汇8月25日丨凯莱英(002821.SZ)公布半年度报告，截至本报告披露日，不含本报告期已确认的收 入，公司在手订单总额10.88亿美元，为实现全年业绩保持增长态势夯实基础。报告期内，公司实现营 业总收入31.88亿元，同比增长18.20%，其中第二季度实现收入16.47亿元，环比一季度增长6.87%。随 着降本增效措施效果显现，以及新兴业务交付规模提升和产能利用率爬坡，实现归属于上市公司股东的 净利润6.17亿元，同比增长23.71%，净利润增长较营业收入增长高5.51个百分点。 ...

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with total revenue of 3.188 billion yuan, a year-on-year increase of 18.20%, and a net profit of 617 million yuan, up 23.71% from the previous year [1][13]. Financial Performance - Total revenue for the first half of 2025 reached 3.188 billion yuan, representing an 18.20% increase year-on-year [1][13]. - In Q2 2025, revenue was 1.647 billion yuan, showing a quarter-on-quarter growth of 6.87% [1]. - Net profit attributable to shareholders was 617 million yuan, with a year-on-year growth of 23.71%, outpacing revenue growth by 5.51 percentage points [1][13]. - The net profit margin for the first half of 2025 was 19.4%, an increase of nearly 1 percentage point year-on-year [1]. Business Segments - The emerging business segment saw significant growth, particularly in the fields of chemical macromolecules and biological macromolecules, with new orders for conjugated drugs increasing by over 100% year-on-year [2]. - The company maintained a competitive advantage in small molecule business while expanding its emerging business in overseas markets [3]. - The CDMO (Contract Development and Manufacturing Organization) business for biological macromolecules experienced rapid growth, with overseas orders accounting for over 35% of total orders [12][13]. Cost Management - The company is focused on cost reduction and efficiency improvement, with a commitment to optimizing overall expense ratios throughout the year [7]. Capacity Expansion - The company plans to increase capital expenditures, particularly in emerging business areas, to meet growing demand [8]. - The production capacity for the peptide CDMO business is expected to continue rising, with significant projects moving into the validation batch stage [4][5]. Market Outlook - The pharmaceutical industry is showing signs of recovery, and the company is optimistic about future demand, particularly in the innovative drug sector [11]. - The company aims to enhance its capabilities and expand its market reach, especially in overseas markets [3][12].

Core Viewpoint - 凯莱英 reported a strong financial performance for the first half of 2025, with significant revenue and profit growth driven by operational efficiency and market expansion efforts [1][2]. Group 1: Financial Performance - The company achieved total revenue of 3.188 billion yuan, representing an 18.20% year-on-year increase, with Q2 revenue of 1.647 billion yuan, up 6.87% from Q1 [1]. - Net profit attributable to shareholders reached 617 million yuan, a 23.71% increase, outpacing revenue growth by 5.51 percentage points [1]. Group 2: Market Expansion - In 2025, the company added over 150 new CDMO business clients, expanding its customer base significantly [2]. - Revenue from the U.S. market was 1.789 billion yuan, up 0.45%, while domestic revenue was 713 million yuan, up 3.44%, and European revenue exceeded 200% growth, reaching 548 million yuan [2]. - Revenue from large pharmaceutical companies was 1.508 billion yuan, a 14.68% increase, while revenue from small and medium-sized pharmaceutical companies was 1.680 billion yuan, growing by 21.55% [2]. Group 3: R&D Investment - The company invested 286 million yuan in R&D, accounting for 8.96% of total revenue, focusing on continuous reaction and biocatalysis technologies [3]. - As of the end of the reporting period, the company held 538 authorized patents, including 423 domestic and 115 international patents, with significant contributions in synthetic biology and continuous reaction technology [3].

Market Overview - The market experienced a narrow fluctuation with the Shanghai Composite Index reaching a ten-year high of 3888.6 points before closing down 0.39% [1] - The total market turnover was 2.71 trillion yuan, significantly lower than the previous day's 3.18 trillion yuan [1] Medical and Pharmaceutical Sector Performance - The medical and pharmaceutical sectors saw a pullback after several days of gains, with the largest medical ETF (512170) down 1.27% and the only pharmaceutical ETF (562050) down 0.88% [1][2] - Major CXO stocks in the medical sector fell, with WuXi AppTec down 3.18% and Kelun Pharmaceutical down 6.59% [2] - Despite the decline, the medical ETF (512170) showed strong buying power with a significant increase in premium rates towards the end of the trading day, indicating robust demand [2] Investment Opportunities in Medical ETFs - The medical ETF (512170) closed at 0.388 yuan, still below the high of 0.396 yuan from September 2022, suggesting potential for upward movement [4] - The latest PE ratio for the index tracked by the medical ETF is 25 times, which is lower than 62% of the time over the past decade, indicating a favorable valuation for investment [4] - The ongoing bull market trend in A-shares may provide opportunities for undervalued sectors to catch up, particularly in the medical field [4] Pharmaceutical Sector Insights - The pharmaceutical sector is witnessing a divergence among leading innovative drug companies, with some stocks like Hengrui Medicine and BeiGene declining over 1%, while others like Baijitang and New Hope surged [7] - The pharmaceutical ETF (562050) reached a new high during the day but faced a quick pullback, although it ended with significant premiums, suggesting concentrated buying activity [7] - Among the 50 major pharmaceutical companies covered by the pharmaceutical ETF, 32 have reported positive earnings for the first half of the year, with 15 showing growth in net profit [8] Strategic Recommendations - Analysts recommend focusing on the medical ETF (512170) and its associated funds, emphasizing sectors like medical devices and services, which are highly correlated with AI healthcare [10] - The pharmaceutical ETF (562050) is highlighted as a unique investment vehicle focusing on leading pharmaceutical companies, with a significant allocation towards innovative drugs [11]

Core Viewpoint - Kailaiying Pharmaceutical Group (Tianjin) Co., Ltd. has demonstrated strong growth and potential in the industry, as revealed during recent institutional research activities [1] Financial Overview - For the reporting period, the company achieved revenue of 3.188 billion yuan and a net profit attributable to shareholders of 617 million yuan, with a backlog of orders amounting to 1.088 billion USD [2] - Revenue increased by 18.2% year-on-year, while net profit grew by 23.7% [2] - Gross margin stood at 43.5%, up by 1.3 percentage points, and net profit margin was 19.4%, an increase of 0.9 percentage points [2] - Adjusted net profit margin reached 21.4%, reflecting a year-on-year increase of 5.4 percentage points [2] Business Segment Highlights - Small Molecule CDMO business generated revenue of 2.429 billion yuan, a 10.6% increase year-on-year, with a gross margin of 29.8%, up by 9.5 percentage points [3] - Emerging businesses, including peptides and small nucleic acids, saw revenue of 756 million yuan, representing a 51.2% year-on-year growth [3] - The company expanded its global market presence, adding over 150 new CDMO business clients during the reporting period [2] - Revenue from multinational pharmaceutical companies grew by 14.7%, while overseas revenue increased by 23.3% [2] - Revenue from small and medium-sized pharmaceutical companies rose by 21.6%, with domestic revenue up by 3.4% [2] Operational Developments - The small molecule business maintained steady growth despite industry challenges, with significant advancements in overseas capacity construction [3] - The company completed the delivery of 4 R&D projects and 1 production order for MNC clients, along with 285 QA audits [3] - The emerging business segment has a backlog of orders that increased by over 90% year-on-year, with over 40% from overseas [3] - The domestic market saw the approval of its first commercial peptide project in the weight loss sector [3] Future Outlook - For the first half of 2025, the company expects a revenue growth of 13% to 15% [4] - The company plans to enhance cost reduction and efficiency measures while increasing market expansion efforts, particularly in peptides, oligonucleotides, and conjugated drugs [4]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong performance relative to the benchmark index [14]. Core Insights - The company shows a trend of accelerating performance with significant growth in both revenue and profit, supported by a robust order backlog [2]. - Emerging business segments are performing exceptionally well, contributing to overall revenue growth [5][6]. - The traditional small molecule CDMO business remains stable and profitable, with a solid project pipeline [3]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 3.188 billion yuan, a year-on-year increase of 18.20%, and a net profit of 617 million yuan, up 23.71% [1]. - For Q2 2025, revenue reached 1.647 billion yuan, reflecting a 26.94% year-on-year growth, while net profit increased by 33.94% to 291 million yuan [1]. Business Segments - The small molecule CDMO solutions generated revenue of 2.429 billion yuan in H1 2025, a 10.64% increase, accounting for 76.19% of total revenue [2]. - Emerging businesses reported revenue of 756 million yuan, a significant growth of 51.22%, making up 23.71% of total revenue [2]. Market Analysis - Domestic market revenue was 713 million yuan, growing 3.44%, while international market revenue reached 2.475 billion yuan, up 23.27% [2]. - Notably, revenue from European clients surged over 200%, indicating strong demand in that region [2]. Future Projections - The company anticipates continued growth in revenue and profit, with projected revenues of 6.71 billion yuan, 7.686 billion yuan, and 8.727 billion yuan for 2025, 2026, and 2027 respectively [8]. - The expected net profits for the same years are 1.108 billion yuan, 1.294 billion yuan, and 1.516 billion yuan [8].

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]