Investment Rating - The investment rating for the company is "Buy" for both A and H shares [7]. Core Views - The company achieved revenue of 3.188 billion yuan, net profit attributable to shareholders of 617 million yuan, and net profit excluding non-recurring items of 566 million yuan in the first half of 2025, representing year-on-year increases of 18.2%, 23.7%, and 26.3% respectively [1]. - The company has a total order backlog of 1.088 billion USD, which supports stable growth for the year [1]. - The report highlights the positive growth momentum in the pharmaceutical industry and the company's leading technology and processes, indicating a favorable outlook for 2025 [1]. Summary by Sections Financial Performance - The company's gross margin for the first half of 2025 was 43.5%, an increase of 1.3 percentage points year-on-year [2]. - Sales, management, and R&D expense ratios were 2.9%, 11.9%, and 9.0% respectively, showing year-on-year decreases of 0.9, 1.5, and 3.2 percentage points [2]. Business Segments - The small molecule CDMO segment generated revenue of 2.429 billion yuan, with a gross margin of 47.8%, reflecting a year-on-year growth of 10.6% [3]. - The emerging business segment reported revenue of 756 million yuan, a significant year-on-year increase of 51.2%, with a gross margin of 29.8% [4]. - The report notes that the company has a strong order backlog in various emerging business areas, including peptides and ADCs, with expectations for continued growth in the second half of 2025 [4]. Profit Forecast and Valuation - The profit forecast for the company has been adjusted upwards, with expected net profits of 1.094 billion yuan, 1.312 billion yuan, and 1.624 billion yuan for 2025, 2026, and 2027 respectively, reflecting increases of 1%, 4%, and 11% compared to previous estimates [5]. - The company is valued at 47x PE for A shares and 39x PE for H shares for 2025, with target prices set at 142.62 yuan and 129.17 HKD respectively [5].

每经AI快讯，8月26日，创新药概念股表现低迷，广生堂、苑东生物、阳光诺和、海特生物、热景生 物、凯莱英、立方制药、济民健康等多股跌超5%。 （文章来源：每日经济新闻） ...

2025年8月26日，凯莱英(002821.SZ)发布2025年半年度报告。截至2025年8月25日，共有57个机构投资 者披露持有凯莱英A股股份，合计持股量达1.79亿股，占凯莱英总股本的49.66%。其中，前十大机构投 资者包括ASYMCHEM LABORATORIES, INCORPORATED、中国工商银行股份有限公司-中欧医疗健康 混合型证券投资基金、香港中央结算有限公司、中国银行股份有限公司-华宝中证医疗交易型开放式指 数证券投资基金、天津国荣商务信息咨询有限公司、中国工商银行股份有限公司-中欧医疗创新股票型 证券投资基金、中国银行股份有限公司-招商国证生物医药指数分级证券投资基金、凯莱英医药集团(天 津)股份有限公司-2022年员工持股计划、易方达稳健收益债券A、富国长期成长混合A，前十大机构投 资者合计持股比例达47.78%。相较于上一季度，前十大机构持股比例合计下跌了0.84个百分点。 外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 达1.06%。 公募基金方面，本期较上一期持股增加的公募基金共计4个，包括招商医药健康产业股票、中海医药混 合A、易 ...

Group 1 - The National Development and Reform Commission held a meeting to gather opinions on expanding domestic demand and stabilizing employment during the 14th Five-Year Plan period [2] - Companies expressed the need for improved policies in areas such as domestic demand expansion, market competition, intellectual property protection, and green development [2] - Enterprises are focusing on innovation and resisting disorderly competition to contribute to economic growth [2] Group 2 - Multiple high-performing stocks reported significant growth in their mid-year earnings, with Gaode Infrared's net profit increasing by over 900% year-on-year [3] - Companies like Changcheng Military Industry and Taotao Automotive also reported substantial revenue increases, indicating a strong performance in the market [3] Group 3 - NVIDIA launched the Jetson Thor AI computing platform, which boasts a 7.5 times increase in AI computing power compared to its predecessor [4] - The developer kit is priced at $3,499, while bulk orders for the production module are priced at $2,999 each [4] Group 4 - Elon Musk's xAI filed a lawsuit against OpenAI and Apple, accusing them of colluding to hinder competition in the AI sector [5] - Musk claims that Apple is violating antitrust laws by favoring OpenAI in its app store rankings, making it difficult for other AI companies to compete [5] Group 5 - The U.S. government announced plans to impose a 50% tariff on Indian products, signaling a significant increase from the previous 25% [6] - This move is part of a broader strategy to raise tariffs on goods purchased from India, particularly those related to Russian oil [6] Group 6 - China's ETF market is nearing a milestone of 5 trillion yuan, with the total market size reaching 4.97 trillion yuan [7] - The number of ETFs exceeding 100 billion yuan has also increased, with major fund companies leading the market [7] Group 7 - The Chinese government issued guidelines to strengthen the national carbon market, supporting financial institutions in conducting carbon pledge financing [8] - The goal is to establish a comprehensive carbon trading market by 2030, covering major industrial sectors and ensuring a transparent pricing mechanism [8][10] Group 8 - Domestic oil prices are expected to decrease for the seventh time this year, potentially saving consumers 7.5 yuan per full tank [9] - Analysts attribute this anticipated drop to a lack of positive signals in the international oil market [9] Group 9 - The competition for the title of "stock king" in A-shares is intensifying between Cambricon and Kweichow Moutai, with Cambricon's stock price surging [12] - This shift reflects a broader market trend towards valuing AI and technology-driven growth over traditional consumer brands [12] Group 10 - Huawei is set to launch a new AI SSD aimed at enhancing data processing capabilities for AI model training [13] - This product is designed to address limitations in traditional high-bandwidth memory, offering larger capacity and improved data throughput [13] Group 11 - Several Chinese traditional medicine companies are increasing their investment in innovative drug research and development [16] - Airlines and airports are expected to see continued improvement in their performance in the second half of the year [16] Group 12 - The lithium mining industry is expected to see an improvement in supply-demand dynamics due to a reduction in excessive competition [17] - ASIC chip leaders are adjusting their pricing strategies, indicating a shift in market conditions [17] Group 13 - The A-share market is experiencing a strong upward trend, with the Shanghai Composite Index approaching 3900 points [17] - The market's performance is supported by improved domestic fundamentals and liquidity, alongside positive earnings reports from listed companies [20][21]

Core Insights - The company reported a revenue of 3.188 billion yuan for the first half of 2025, representing an 18.20% year-on-year growth, and a net profit attributable to shareholders of 617 million yuan, up 23.71% year-on-year [1] - The company is focusing on expanding its market presence, particularly in peptide, oligonucleotide, and ADC segments, which are expected to support sustained growth in the future [1] Small Molecule CDMO Business - The small molecule CDMO service, the core business segment, achieved a revenue of 2.429 billion yuan, a 10.64% increase year-on-year, with a gross margin of 47.79%, up 0.6 percentage points [2] - The company delivered 44 commercial projects and 285 clinical projects, including 52 in Phase III [2] - There are 11 small molecule validation batch projects expected in the second half of 2025, indicating a solid order reserve for long-term growth [2] Emerging Business Growth - The emerging business segment saw rapid growth, generating 756 million yuan in revenue, a 51.22% increase year-on-year, with a gross margin of 29.79%, up 9.5 percentage points [3] - The chemical macromolecule CDMO segment achieved over 130% revenue growth, delivering 88 projects and acquiring 38 new clients [3] - The company has over 10 clinical mid-to-late stage projects in peptide and small nucleic acid areas, indicating strong commercial order reserves [3] Formulation CDMO and Clinical CRO - The formulation CDMO segment reported a revenue of 118 million yuan, a 7.81% increase, delivering 171 projects and completing 31 clinical mid-to-late stage projects [4] - The clinical CRO segment generated 139 million yuan, up 44.84%, assisting 13 projects in obtaining domestic clinical trial approvals [4] Biologics CDMO Performance - The biologics CDMO segment achieved a revenue of 90 million yuan, a 70.74% increase, delivering 53 batches and completing 3 IND submissions [5] - The order amount in hand increased by over 60%, with expectations of doubling revenue in 2025 [5] Technology Output and Synthetic Biology - The technology output segment is advancing in fine chemical projects, with 20 ongoing orders and plans to expand dedicated facilities in 2025 [6] - The synthetic biology segment maintained stable revenue, delivering 41 projects and acquiring 19 new clients [6] R&D and Talent Development - The company invested 286 million yuan in R&D, accounting for 8.96% of revenue, with significant achievements in continuous reaction and biosynthesis [7] - The workforce exceeds 9,000, with 78% holding a bachelor's degree or higher, and 37% of R&D personnel being advanced degree holders [7]

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 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6821） 海外監管公告 本海外監管公告乃由本公司根據香港聯合交易所有限公司證券上市規則第 13.10B 條作 出。 中國天津，二零二五年八月二十五日 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、侯欣一博士及謝維愷先生組成。 凯莱英医药集团（天津）股份有限公司 信息披露暂缓与豁免制度 （2025 年 8 月） 凯莱英医药集团（天津）股份有限公司 茲載列本公司在深圳證券交易所網站刊登的以下資料中文全文，僅供參閱。 承董事會命 凱萊英醫藥集團（天津）股份有限公司 Hao Hong博士 董事長、執 ...

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。 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 Asymchem Laboratories (Tianjin) Co., Ltd. 凱萊英醫藥集團（天津）股份有限公司 （股份代號：6821） 海外監管公告 （於中華人民共和國註冊成立的股份有限公司） 本海外監管公告乃由本公司根據香港聯合交易所有限公司證券上市規則第 13.10B 條作 出。 承董事會命 茲載列本公司在深圳證券交易所網站刊登的以下資料中文全文，僅供參閱。 中國天津，二零二五年八月二十五日 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、侯欣一博士及謝維愷先生組成。 凯莱英医药集团（天津）股份有限公司 互动易平台信息发布及回复内部审核制度 （2025 年 8 月） 凯 ...

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 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6821） 海外監管公告 本海外監管公告乃由本公司根據香港聯合交易所有限公司證券上市規則第 13.10B 條作 出。 茲載列本公司在深圳證券交易所網站刊登的以下資料中文全文，僅供參閱。 承董事會命 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，二零二五年八月二十五日 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、侯欣一博士及謝維愷先生組成。 凯莱英医药集团（天津）股份有限公司 董事、高级管理人员离职管理制度 （2025 年 8 月） 凯莱英医 ...

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 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6821） 海外監管公告 承董事會命 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，二零二五年八月二十五日 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、侯欣一博士及謝維愷先生組成。 凯莱英医药集团（天津）股份有限公司 非经营性资金占用及其他关联资金往来情况的专项说明 2025年半年度（截至2025年6月30日） 1 本海外監管公告乃由本公司根據香港聯合交易所有限公司證券上市規則第 13.10B 條作 出。 茲載列本公司在深圳證券交易所網站刊 ...

凯莱英（002821）(06821)发布公告，鉴于公司及子公司银行授信额度陆续到期，为保证授信的延续 性，满足公司及子公司日常经营所需资金和业务发展需要，增强公司及子公司可持续发展能力，公司拟 向上海浦东发展银行股份有限公司、招商银行股份有限公司天津分行、中国银行股份有限公司敦化支 行、中国工商银行股份有限公司敦化支行、花旗银行(中国)有限公司、渣打银行(中国)有限公司天津分 行、渤海银行股份有限公司天津分行等金融机构申请不超过25亿元人民币(或等额外币)的综合授信额 度，授信期限为公司董事会审议通过后不超过一年。 ...