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Core Insights - The company reported a revenue of 1.541 billion yuan for Q1 2025, representing a year-on-year growth of 10.10% [1][2] - The net profit attributable to shareholders reached 327 million yuan, with a year-on-year increase of 15.83% [1][3] - The growth in net profit outpaced revenue growth by 5.73 percentage points, indicating improved efficiency [4] Revenue Performance - The revenue from the small molecule business remained stable compared to the same period last year, while the emerging business saw a significant growth of over 80% year-on-year [2] - The company is focusing on expanding its CDMO services in the small molecule sector, with an expectation of 12 projects in the validation batch stage for 2025 [5] Profitability Analysis - The net profit growth of 15.83% is attributed to the rapid development of emerging businesses and ongoing cost reduction and efficiency improvement efforts [4][5] - The company is optimistic about the continuous improvement of its performance in 2025, supported by a robust order reserve in the small molecule business and successful project validations in the peptide sector [5] Investment Outlook - The projected net profits for 2025 to 2027 are 1.133 billion yuan, 1.321 billion yuan, and 1.521 billion yuan, with year-on-year growth rates of 19.4%, 16.6%, and 15.1% respectively [6] - The expected EPS for 2025 is 3.14 yuan per share, with a target price of 94.20 yuan per share based on a PE ratio of 30 times, indicating a "Buy-A" investment rating [6]

凯莱英医药集团 Asymchem Labs. SANDWICH 2027 环境、社会及管治报告 Environmental, Social and Governance Report www.asymchem.com www.asymchem.com.cn 股票代码 Stock Code:002821.SZ/ 6821.HK UK 凯莱英 2024 年度环境、社会及管治（ESG）报告 目录 | 报告编制说明 . | | --- | | 董事长致辞 … | | 1. 关于凯莱英 . | | 2. 可持续发展治理 | | 3. 重要性议题识别与管理 | | 4. 坚守底线，稳健向前………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………26 | | 公司治理*………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… ...

证券代码：002821 证券简称：凯莱英 公告编号：2025-028 凯莱英医药集团（天津）股份有限公司 第四届董事会第六十二次会议决议的公告 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。 一、董事会会议召开情况 凯莱英医药集团（天津）股份有限公司（以下简称"公司"）第四届董事会 第六十二次会议通知于 2025 年 4 月 9 日以电子邮件及书面等形式发送给各位董 事、监事及高级管理人员，会议于 2025 年 4 月 23 日以现场结合通讯表决方式召 开。公司应到董事 9 名，实到董事 9 名，公司监事及高级管理人员列席了本次会 议。会议由公司董事长 HAO HONG 先生主持，会议的召集和召开符合《公司法》 及相关法律、法规以及《公司章程》的有关规定。 二、董事会议案审议情况 2、审议通过了《2024 年度环境、社会及管治报告》 表决结果：同意9票，反对0票，弃权0票。 该报告已经公司董事会战略委员会审议通过。 《 2024 年 度 环 境 、 社 会 及 管 治 报 告 》 详 见 同 日 披 露 于 巨 潮 资 讯 网 会议采用现场结合通讯方式进行表决，经 ...

Financial Performance - The company's revenue for Q1 2025 reached CNY 1.54 billion, representing a year-on-year increase of 10.10%[7] - Net profit attributable to shareholders was CNY 326.61 million, up 15.83% compared to the same period last year[7] - The net profit margin increased by 5.73 percentage points, indicating a stronger growth in net profit relative to revenue[8] - The company experienced a significant increase in revenue from emerging businesses, which grew over 80% year-on-year[8] - Total operating revenue for the current period reached ¥1,541,215,508.36, an increase of 10.1% compared to ¥1,399,808,311.93 in the previous period[21] - Net profit for the current period was ¥324,571,255.22, representing a growth of 16.1% from ¥279,529,194.27 in the previous period[22] - Earnings per share (EPS) increased to ¥0.89 from ¥0.76, reflecting a 17.1% rise[23] Margins and Costs - The gross margin for the small molecule business was 45.17%, while the emerging business, including peptides and oligonucleotides, saw a gross margin of 33.05%[8] - Total operating costs amounted to ¥1,218,635,250.34, up 6.9% from ¥1,139,986,870.77 in the prior period[21] - Research and development expenses were ¥137,876,668.92, down 18.6% from ¥169,442,435.66 in the previous period[22] Cash Flow and Investments - The company reported a decrease in net cash flow from operating activities by 8.42%, totaling CNY 449.34 million[7] - Cash inflow from operating activities totaled ¥1,919,221,084.13, compared to ¥1,873,810,971.80 in the previous period, indicating a growth of 2.4%[24] - The net cash flow from operating activities was 449,341,852.23, a decrease of 8.4% compared to 490,666,474.36 from the previous period[25] - The net cash flow from investing activities was 843,986,349.07, a significant improvement from a negative cash flow of -284,603,126.59 in the previous period[25] - The cash inflow from investment activities was 3,083,222,004.40, down from 3,373,389,580.58 in the previous period[25] - The cash received from investment income was 50,475,852.08, an increase from 33,380,385.72 in the previous period[25] - The cash received from other investment activities was 14,158,000.00, significantly higher than 1,509,194.86 in the previous period[25] Assets and Liabilities - Total assets at the end of the reporting period were CNY 19.45 billion, a slight increase of 0.82% from the previous year[7] - The total assets of the company as of March 31, 2025, amounted to RMB 19,447,176,497.82, an increase from RMB 19,288,557,691.02 at the beginning of the period[18] - The company's cash and cash equivalents increased to RMB 6,801,983,716.00 from RMB 5,789,408,498.03, reflecting a growth of approximately 17.4%[18] - Accounts receivable decreased to RMB 1,663,505,038.74 from RMB 1,811,008,371.43, indicating a decline of about 8.1%[18] - The total current assets rose to RMB 11,151,587,441.54 from RMB 11,050,175,723.88, showing an increase of approximately 0.9%[18] - Non-current assets totaled RMB 8,295,589,056.28, up from RMB 8,238,381,967.14, representing a growth of about 0.7%[18] - The total liabilities decreased to ¥2,252,047,978.35 from ¥2,425,984,466.06, a reduction of 7.1%[20] - Total equity attributable to shareholders increased to ¥17,179,977,026.38 from ¥16,845,385,169.37, marking a growth of 2.0%[20] Changes in Liabilities - The total liabilities increased, with accounts payable rising to RMB 467,674,845.13 from RMB 450,845,943.46, an increase of about 3.7%[19] - The company's contract liabilities increased to RMB 352,634,510.47 from RMB 269,940,917.65, reflecting a significant rise of approximately 30.6%[19] - The company reported a decrease in other payables from RMB 514,561,172.27 to RMB 444,522,700.85, a decline of about 13.6%[19] Shareholder Information - The company's weighted average return on equity improved to 1.92%, up from 1.60% year-on-year[7] - The company has a total of 5,716,000 shares held in its repurchase special securities account as of March 31, 2025[15]

Financial Performance - For the first quarter of 2025, the company reported a revenue of RMB 1,541,215,508.36, representing a year-on-year increase of 10.10%[9] - The net profit attributable to shareholders was RMB 326,607,817.72, reflecting a growth of 15.83% compared to the same period last year[9] - The net profit after deducting non-recurring gains and losses was RMB 305,112,828.34, which is a 20.14% increase year-on-year[9] - Basic and diluted earnings per share increased to RMB 0.89, up 17.11% from RMB 0.76 in the previous year[9] - Operating profit amounted to RMB 358,637,868.11, reflecting a growth of 21.7% from RMB 294,688,697.62 in the prior period[26] - Net profit for the period was RMB 324,571,255.22, up 16.1% from RMB 279,529,194.27 year-over-year[27] - The total comprehensive income for the current period was RMB 325,416,000, up from RMB 279,822,000 in the previous period[35] - Adjusted net profit attributable to shareholders for Q1 2025 was RMB 330,393,000, compared to RMB 267,120,000 in Q1 2024, indicating a growth of approximately 23.7%[42] - The adjusted net profit margin for Q1 2025 improved to 21.44%, up from 19.08% in Q1 2024[42] Assets and Liabilities - Total assets at the end of the reporting period were RMB 19,447,176,497.82, a 0.82% increase from the previous year-end[9] - The equity attributable to shareholders rose to RMB 17,179,977,026.38, marking a 1.99% increase compared to the previous year-end[9] - Total liabilities decreased to RMB 2,252,047,978.35 from RMB 2,425,984,466.06, representing a reduction of 7.1%[24] - Current assets totaled RMB 11,151,587,441.54, slightly up from RMB 11,050,175,723.88 at the start of the period, indicating a 0.9% increase[22] - The company's total assets less current liabilities amounted to RMB 17,888,660,000, an increase from RMB 17,579,211,000 in the previous year[38] Cash Flow - The company's cash flow from operating activities showed a net decrease of 8.42%, amounting to RMB 449,341,852.23[9] - Operating cash flow for the current period was RMB 449,341,852.23, a decrease of 8.4% from RMB 490,666,474.36 in the previous period[30] - The net increase in cash and cash equivalents for the current period was RMB 1,307,854,379.23, significantly higher than RMB 3,058,460.18 in the previous period[31] - The company reported a net cash inflow from investing activities of RMB 843,986,000 in Q1 2025, contrasting with a net cash outflow of RMB 284,603,000 in Q1 2024[41] - Cash and bank balances at the end of the period were RMB 6,801,984,000, an increase from RMB 5,789,408,000 in the previous year[37] Investments and Expenses - Trading financial assets decreased by 50.35% to ¥764,449,856.30 due to a reduction in low-risk bank deposits[14] - Financial expenses decreased by 42.61% to ¥(44,939,637.49) primarily due to a decrease in exchange gains from currency fluctuations[14] - Investment income cash receipts increased by 51.21% to ¥50,475,852.08 due to higher fixed-term interest income[14] - Cash paid for investments decreased by 40.02% to ¥1,992,870,856.24 mainly due to a reduction in purchases of low-risk bank wealth management products[14] - The company's depreciation expense for property, plant, and equipment was RMB 114,895,000 in Q1 2025, compared to RMB 103,908,000 in Q1 2024, reflecting an increase of approximately 10.5%[40] Shareholder Information - The total number of common shareholders at the end of the reporting period was 43,585[15] - ASYMCHEM LABORATORIES, INCORPORATED holds 31.93% of shares, totaling 115,133,168 shares[16] - The top ten shareholders include various entities, with the largest being ASYMCHEM LABORATORIES, INCORPORATED[16] - The company has not reported any significant changes in the participation of major shareholders in margin financing activities[20] Business Development - The company continues to implement cost reduction and efficiency enhancement measures to support ongoing business growth[10] - The company plans to continue expanding its market presence and investing in new product development to drive future growth[26] - The company’s small molecule CDMO business maintained stable development with a gross margin of 45.17%[10] - Emerging businesses, particularly in peptides, oligonucleotides, and ADCs, achieved over 80% revenue growth year-on-year with a gross margin of 33.05%[10]

Financial Performance - The company's revenue for the year ended December 31, 2024, was approximately RMB 5,804.66 million, a decrease of 25.40% compared to RMB 7,781.44 million for the year ended December 31, 2023[16]. - The gross profit margin for the reporting period was approximately 41.03%, down 9.86 percentage points from 50.89% in the same period last year[17]. - The net profit attributable to shareholders of the parent company was approximately RMB 948.95 million, a decline of 58.17% from RMB 2,268.81 million in the previous year[18]. - In Q4 2024, the company's operating revenue increased by 15.83% year-on-year and 19.37% quarter-on-quarter, with net profit attributable to shareholders at RMB 238.62 million, a 12.99% increase quarter-on-quarter[25]. - The net profit attributable to shareholders for the reporting period was RMB 948.95 million, a decrease of 58.17% year-on-year, primarily due to the absence of high-margin large orders from the previous year and low gross margins in emerging businesses[25]. - The adjusted net profit attributable to shareholders was RMB 803.07 million, a 65.12% decrease compared to 2023[75]. - The net profit decreased by 58.43% from RMB 2,250.82 million in 2023 to RMB 935.76 million in 2024, with a net profit margin of 16.35%, down 12.81 percentage points from 29.16% in 2023[93]. - Basic and diluted earnings per share fell from RMB 6.26 in 2023 to RMB 2.69 in 2024, primarily due to the decline in net profit[94]. Business Growth and Development - In 2024, Asymchem Laboratories achieved an 8.28% year-on-year growth after excluding the impact of large orders during the pandemic, maintaining strong profitability in its small molecule CDMO business[8]. - The company is expanding its emerging business in peptide, antibody-drug conjugates (ADC), and oligonucleotide markets, with a notable increase in project deliveries and orders in the fourth quarter[8]. - The company signed new orders in 2024, with a year-on-year growth of approximately 20%, particularly from European and American markets, which exceeded the overall order growth rate[23]. - The emerging business segment generated revenue of RMB 1,226.37 million, an increase of 4.80% year-on-year, with overseas customer revenue growing by 15.41%[24]. - The biopharmaceutical CDMO segment revenue increased by 17.36% year-on-year, with over 60 ongoing orders, including IND and multiple BLA stage projects, and a 56% increase in orders year-on-year[40]. - The chemical macromolecule CDMO business, including peptides, saw a revenue growth of 15.66% year-on-year, with over 200% quarter-on-quarter growth in Q4 2024 and more than 130% year-on-year increase in backlog orders[37]. - The company is focusing on strategic reserves of potential blockbuster projects, particularly in the GLP-1 weight loss area, with 12 projects expected to reach the PPQ stage by 2025[34]. Research and Development - The company has automated peptide synthesis and purification capabilities, with solid-phase synthesis capacity exceeding 20,000 liters, and plans to further increase production scale[9]. - Continuous investment in research and development for continuous reaction technology is driving market demand and recognition for continuous processes[10]. - Research and development expenses for the year ending December 31, 2024, amounted to RMB 614.49 million, representing 10.59% of total revenue, with plans for continued proportional investment in R&D[48]. - The company aims to increase R&D investment to strengthen its research platform and promote smart manufacturing technologies[139]. - The company has published a total of 47 research papers in leading international journals, with 14 papers having an impact factor exceeding 10[48]. Operational Efficiency and Technology - Asymchem's advanced manufacturing technologies, including continuous flow reaction and synthetic biology, are gaining traction globally, enhancing the company's competitive edge in the pharmaceutical and fine chemical industries[10]. - The company is focusing on enhancing its green chemistry capabilities to reduce costs and improve efficiency in pharmaceutical process development[7]. - The company is committed to seamless integration of cutting-edge technologies and industrial applications to strengthen its competitive edge in the CDMO industry[44]. - The company is one of the few able to apply continuous production technology at a ton-scale level, creating a strong competitive advantage by simplifying process paths and reducing raw material costs[47]. - The fixed enzyme continuous reaction technology has been successfully applied in the production of multiple ton-level products, achieving production capacity increases of up to 1,500 times compared to traditional enzyme catalysis[50]. Market Position and Customer Relationships - The company has established partnerships with 16 out of the top 20 global pharmaceutical companies, with 8 of these relationships lasting over a decade, indicating strong customer loyalty and retention[126]. - The company aims to enhance its CDMO products and services, expanding into advanced drug categories including peptides, oligonucleotides, monoclonal antibodies, and ADCs[122]. - The company is actively expanding its global customer base by deepening relationships with existing clients and targeting small to medium-sized innovative drug companies[131]. - The company aims to strengthen relationships with key customers and actively seek growth opportunities in domestic and international markets[23]. Sustainability and Corporate Responsibility - The company is committed to sustainable development and social responsibility, actively engaging with stakeholders to create a harmonious business environment[71]. - The company has established a comprehensive ESG management system and supply chain behavior guidelines to meet the expectations of overseas clients[72]. - The company has implemented environmental policies and measures, promoting energy conservation and waste reduction among employees[180]. - The company is committed to green operations and actively practices environmental sustainability[180]. Human Resources and Management - The company has introduced 245 senior talents in 2024, including 78 PhDs and 136 individuals with overseas pharmaceutical experience[69]. - The total number of employees reached 9,595 by December 31, 2024, with approximately 78% holding a bachelor's degree or higher[69]. - The company emphasizes talent management strategies to attract and retain diverse professionals in the competitive pharmaceutical industry[68]. - The company has a stable and experienced senior management team, with many members having over 20 years of industry experience, ensuring strong governance and operational effectiveness[128]. Future Outlook and Strategic Plans - The company plans to continue enhancing its global supply chain through multi-site production capacity to support global partners in accelerating drug launches[13]. - In 2025, the company plans to accelerate overseas expansion by establishing production capabilities in Europe and enhancing collaboration with international pharmaceutical companies[136]. - The company intends to enrich its service offerings and expand overseas by seeking investments for strategic capacity expansion and enhancing collaboration with multinational companies[133]. - The company aims to rebalance profitability by improving the gross margin of its core small molecule CDMO business and controlling costs in emerging businesses[137].

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].