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]

Core Viewpoint - The report from China Europe Fund highlights the performance and strategic outlook of three funds managed by renowned fund manager Ge Lan, focusing on the healthcare and innovation sectors, indicating a positive trend in the Chinese pharmaceutical and medical device markets [1][3]. Fund Performance - The largest fund, China Europe Healthcare Mixed Fund, reported a net value growth rate of 2.37% for Class A shares and 2.17% for Class C shares, outperforming the benchmark return of 0.46% during the same period [3]. - The top ten holdings of the fund include major companies such as Heng Rui Medicine, WuXi AppTec, and Mindray Medical, with notable changes in the portfolio compared to the end of 2024 [3]. Market Environment - The overall policy environment continues to support innovation while reinforcing compliance, with the National Medical Insurance Administration exploring a new category for Class B drugs, which expands payment options for innovative drugs [3]. - The normalization of anti-corruption and price governance in the pharmaceutical sector is leading companies to enhance their academic promotion systems, fostering a healthier and more sustainable domestic medical market [3]. Innovation and Collaboration - The report emphasizes the acceleration of research and development in innovative drugs, particularly in areas like multi-antibody and ADC technologies, with increasing collaboration between domestic companies and international firms [4]. - Key clinical data disclosures and ongoing global partnerships are expected to enhance the competitiveness of Chinese companies in the ADC, multi-antibody, and peptide sectors [4]. Consumer Healthcare and Medical Devices - The consumer healthcare sector is anticipated to see structural opportunities, particularly in aesthetic medicine and ophthalmology, driven by rising health management awareness among residents [4]. - The demand for home medical devices is projected to grow steadily due to the aging population, while the medical device sector is recovering, with significant growth in domestic bidding data observed in the first quarter [4].

金融界2025年4月21日消息，中欧医疗健康混合A(003095) 最新净值1.5603元，增长1.85%。该基金近1个 月收益率-1.41%，同类排名1379|4672；近3个月收益率2.56%，同类排名1469|4599；今年来收益 率-0.54%，同类排名2715|4590。 公开资料显示，中欧医疗健康混合A基金成立于2016年9月29日，截至2024年12月31日，中欧医疗健康 混合A规模159.10亿元，基金经理为葛兰。 简历显示：葛兰女士:中国籍。美国西北大学生物医学工程专业博士。历任国金证券股份有限公司研究 所研究员,民生加银基金管理有限公司研究员。2014年10月加入中欧基金管理有限公司,曾任研究员、中 欧明睿新起点灵活配置混合型证券投资基金基金经理(2015年1月29日起至2016年4月22日)、中欧瑾泉灵 活配置混合型证券投资基金基金经理(2015年3月16日起至2016年4月22日)、中欧瑾源灵活配置混合型证 券投资基金基金经理(2015年3月31日起至2016年4月22日)、中欧瑾和灵活配置混合型证券投资基金基金 经理(2015年4月13日起至2016年4月22日)。现任中欧医疗健康混 ...

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company is expected to see robust growth in its emerging business, with 13 new PPQ projects anticipated in 2025 and a more than 130% year-over-year increase in orders for its macromolecule business in 2024 [1][2] - Despite a decline in revenue and net profit in 2024, the company managed to achieve a 7.40% year-over-year growth in revenue when excluding the impact of large orders from the previous year [1] - The company has a strong order backlog of $10.52 billion, which is over 20% higher than the same period last year, laying a solid foundation for stable growth in 2025 [1] Summary by Sections Financial Performance - In 2024, the company reported revenue of 5.805 billion yuan, a decrease of 25.82% year-over-year, and a net profit of 949 million yuan, down 58.17% year-over-year [1][10] - The fourth quarter of 2024 showed signs of recovery with revenue of 1.664 billion yuan, up 15.41% year-over-year and 15.35% quarter-over-quarter [1] - The overall gross margin for 2024 was 42.36%, a decline of 8.8 percentage points year-over-year, primarily due to the high base effect from large orders in 2023 [2][10] Business Segments - The small molecule CDMO segment achieved revenue of 4.571 billion yuan in 2024, with an 8.85% year-over-year growth when excluding large orders [1] - The emerging business segment generated revenue of 1.226 billion yuan in 2024, reflecting a 2.25% year-over-year increase, with expectations for significant growth in 2025 [1] - The biopharmaceutical CDMO business saw a revenue increase of 13.91% year-over-year, with a strong order pipeline including 15 new ADC IND projects [2] Earnings Forecast and Valuation - The company’s EPS is projected to be 2.90 yuan in 2025, with a corresponding P/E ratio of 22 times based on the closing price on April 10, 2025 [8][10] - The expected revenue for 2025 is 6.629 billion yuan, representing a 14.21% increase from 2024 [10] - The company maintains strong growth potential in its small molecule CDMO and emerging business segments, which are expected to contribute significantly to future earnings [8]

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 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，2025年4月9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、侯欣一博士及李家聰先生組成。 （股份代號：6821） 董事會會議日期 凱萊英醫藥集團（天津）股份有限公司（「本公司」）董事會（「董事會」）謹此公佈， 董事會會議將於2025年4月23日（星期三）舉行，藉以（其中包括）考慮及批准本公司 及其附屬公司截至2025年3月31日止三個月的第一季度業績及其發佈，以及處理其他事 項（如有）。 承董事會命 （於中華人民共和國註冊成立的股份有限公司） ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 06 年 月 日 凯莱英（002821.SZ） 新签订单良好态势延续，化学大分子增速亮眼 公司发布 2024 年业绩报告。2024 年公司实现营业收入 58.05 亿元，同比 -25.82%；归母净利润为 9.49 亿元，同比-58.17%。归母扣非净利润为 8.50 亿元，同比-59.63%。 2024Q4 公司实现营业收入 16.64 亿元，同比+15.41%，环比+15.35%; 归母净利润 2.39 亿元，同比+306.48%，环比+12.99%；扣非归母净利润 1.86 亿元，同比+171.42%，环比-13.48%。 新签订单持续高增，回暖趋势延续至今。2024 年累计新签订单同比增长约 20%，其中，来自于欧美市场客户订单增速超过公司整体订单增速水平， 订单承接保持向好趋势。截至 2025 年 3 月 28 日，不含 2024 年已确认的 营业收入，公司在手订单总额 10.52 亿美元，较同期增幅超过 20%，为公 司稳健经营夯实基础。 小分子业务逐步消化前期资源，25 年 PPQ 项目储备充沛。小分子业务实现 收入 45 ...

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。 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。 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 ...

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 ...