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 ...

财务费用变动幅度为66.92%,原因:汇率波动导致的汇兑收益减少。 所得税费用变动幅度为116.09%,原因:本期应纳税所得额增加。 投资活动产生的现金流量净额变动幅度为252.8%,原因:本期银行理财产品减少，短期定期存款产品增 加，以及上年同期投资联营企业。 据证券之星公开数据整理，近期凯莱英（002821）发布2025年中报。截至本报告期末，公司营业总收入 31.88亿元，同比上升18.2%，归母净利润6.17亿元，同比上升23.71%。按单季度数据看，第二季度营业 总收入16.47亿元，同比上升26.94%，第二季度归母净利润2.91亿元，同比上升33.94%。本报告期凯莱 英应收账款上升，应收账款同比增幅达33.18%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率43.49%，同比增3.17%，净利率19.23%，同比增 5.35%，销售费用、管理费用、财务费用总计4.07亿元，三费占营收比12.77%，同比增24.81%，每股净 资产47.37元，同比增6.54%，每股经营性现金流1.95元，同比减17.69%，每股收益1.68元，同比增20.0% | 项目 | 2024年中报 | 2025 ...

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].

周二（8月26日），大盘全天缩量窄震，沪指盘中上探3888.6点续创十年新高，收跌0.39%，创指跌 0.76%。全市场成交2.71万亿元，较上日3.18万亿元显著缩量。 制药板块方面，创新药龙头分化，恒瑞医药、百济神州跌逾1%，百利天恒逆市涨逾3%，新和成涨 2.25%。中药股亦涨跌不一，步长制药涨1.73%，片仔癀跌1.65%。 A股医疗、制药板块连续多日上涨后迎来回调。A股最大医疗ETF（512170）场内跌1.27%，全市场唯一 跟踪制药指数的药ETF（562050）场内收跌0.88%，双双止步四连阳。 【CXO领跌！医疗ETF（512170）下跌区间高溢价】 具体来看医疗板块表现，CXO龙头股齐跌，药明康德跌3.18%，凯莱英跌6.59%，泰格医药、康龙化成 跌超4%。近日热门股美好医疗下挫8%。 ETF方面，A股最大医疗ETF（512170）全天水下调整，不过场内溢价不断，尾盘溢价率显著再抬升， 反映买盘力量强势。成交额8.02亿元。 从板块机会来看，医疗年内持续修复，但相对强势板块仍有较大向上空间。以A股最大医疗ETF （512170）为例，今日收盘价0.388元，尚未突破去年9·24行情高点0 ...

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]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 凯莱英(002821) 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 业绩呈现边际加速趋势，新兴业务表现亮眼 [Table_ReportDate] 2025 年 08 月 26 日 [Table_S 事件：2025 ummar年y]8 月 25 日，公司发布《2025 年半年度报告》。2025H1 公司 实现营业收入 31.88 亿元，同比增长 18.20%；实现归母净利润 6.17 亿元， 同比增长 23.71%；实现扣非净利润 5.66 亿元，同比增长 26.29%。单季度 来看，2025Q2 公司实现营业收入 16.47 亿，同比增长 26.94 ...

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]

证券代码：002821 证券简称：凯莱英 凯莱英医药集团（天津）股份有限公司 投资者关系活动记录表 编号：2025-003 入均保持稳健增长，从目前在手订单情况来看未来两种不同类 型客户需求如何展望？另外分地区来看，上半年欧洲地区客户 实现强劲增长的背后驱动力有哪些？以及Sandwich Site客户 项目导入和赋能情况？ 公司始终坚持"做深大客户、做广中小客户"的市场策略， 报告期内，公司保持小分子业务竞争优势，同时，新兴业务在 海外市场开拓取得积极成果，未来将加大海外大客户的开拓力 度。 来源欧洲市场客户收入大幅增长的主要驱动力有：1）大 客户的合作持续深化；2）新兴业务在欧洲市场取得突破进展； 3）部分项目进入商业化阶段，持续放量。 Sandwich Site 在报告期内交付研发项目 4 个，完成了首 个生产订单，陆续有大客户现场访问，客户展现出较强的合作 意向，公司将持续优化交付体系建设和境内外联动协同机制， 发挥海外支点作用，持续推进海外客户的项目开拓，争取更多 的项目落地。 3. 新兴业务中化学大分子板块增长迅速，其中多肽、寡 核苷酸、payload-linker 分别的市场需求情况如何？请问多 ...