公 司 半 年 报 点 评 证 券 研 究 报 告 公 司 报 告 | --- | --- | |------------------------|----------------------------| | 行业 | 医药 | | 公司网址 | www.asymchem.com.cn | | 大股东 / 持股 | ASYMCHEM | | | LABORATORIES,INCORPORATED/ | | | 31.16% | | 实际控制人 | Hao Hong | | 总股本 ( 百万股 ) | 368 | | 流通 A 股 ( 百万股 ) | 329 | | 流通 B/H 股 ( 百万股 ) | 28 | | 总市值 ( 亿元 ) | 217 | | 流通 A 股市值 ( 亿元 ) | 199 | | 每股净资产 ( 元 ) | 44.68 | | 资产负债率 (%) | 12.8 | | | | 行情走势图 凯莱英(002821.SZ) 大订单基数影响表观业绩，新签订单增长加速 强烈推荐( 维持) 股价:60.7元 相关研究报告 【平安证券】凯莱英（002821.SZ）*季报点评*Q1常 规业务实现 ...

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2024 年 08 月 28 日 凯莱英(002821.SZ) 事件： 剔除去年同期大订单影响，2024H1 营收实现正增长： 新签订单及时回暖，公司各板块业务稳健经营： 得益于全球创新药投融资的改善，以及多肽、ADC 等景气赛道的研发 需求提振，2024H1 公司新签订单同比增长超过 20%，在手订单总额达 9.7 亿美元。公司新签订单逐步回暖，驱动各板块业务稳步发展。其 中，小分子业务方面，2024H1 公司交付商业化项目和新增商业化项 目分别为 43 个和 9 个，商业化阶段 CDMO 收入剔除大订单影响后同 比增长 8.82%；新兴业务方面，多肽业务持续快速发展，公司获得多 个跨国制药公司的多肽临床中后期项目，且助力国内客户 GLP-1 多 肽项目动态核查顺利通过。为满足客户多肽商业化生产需求，公司积 极扩建相关产能，2024 年中多肽固相合成总产能达 14,250L。此外， 公司依托在毒素-连子领域的丰富项目经验和专业能力，快速建设一 站式 ADC 服务能力，截至 2024H1，生物大分子业务在手订单接近百 余个，ADC 项目占比总订单数量超过 50%。 投资建议： 预计 2024 年-2026 年 ...

2024H1 业绩说明会 凯莱英医药集团（天津）股份有限公司 2024年8月 1 凯莱英（股票代码：002821.SZ/6821.HK） 本文件中若出现总计数与所列数值总和不符，均为四舍五入所致 免责声明 -2- 本文件不得用于公开传播，其中所包含的信息仅供与凯莱英医药集团（天津）股份有限公司（"本公司"，连同其子公司，以下合称"本集团"）有关的人士及其顾问使用。本公司仅向有限 数量的收件人提供本文件。本文件的内容未经任何司法辖区的监管机构审阅。在某些司法辖区派发本文件可能会受到法律限制，持有本文件的任何人都应了解并且遵守该等限制。任何不遵 守该等限制的行为均可能违反美国、加拿大、中国或日本的证券法或其他类似司法辖区的法律。您一旦接收本文件，即代表您同意受到前述限制的约束。 前瞻性陈述 本演示材料本演示材料有若干前瞻性陈述， 该等前瞻性陈述并非历史事实， 乃基于本公司的信念、 管理层所作出的假设以及现时所掌握的资料而对未来事件做出的预测。尽管本公司相信 所做的预测合理， 但是基于未来事件固有的不确定性， 前瞻性陈述最终或变得不正确。 前瞻性陈述受到以下相关风险的影响， 其中包括本公司所提供的服务的有效竞争力、 ...

Financial Performance - For the six months ended June 30, 2024, total revenue was RMB 2,655.05 million, a decrease of 42.23% compared to RMB 4,595.71 million in the same period last year[6]. - Gross profit for the same period was RMB 1,094.70 million, down 54.89% from RMB 2,426.69 million, resulting in a gross margin of 41.23%, a decline of 11.57 percentage points[6]. - Net profit attributable to shareholders was RMB 499.13 million, a significant drop of 70.40% from RMB 1,686.37 million, with a net profit margin of 18.80%, down 17.89 percentage points[6]. - The company reported an adjusted net profit of RMB 432.72 million, down 73.56% year-on-year, with an adjusted net profit margin of 16.30%, a decrease of 19.31 percentage points[6]. - In the first half of 2024, the net profit decreased by 70.72% to RMB 492.42 million from RMB 1,681.99 million in the same period of 2023[69]. - Basic and diluted earnings per share fell from RMB 4.65 to RMB 1.40, reflecting the decline in net profit[70]. - The total comprehensive income for the period was RMB 498,891 thousand, down 70.7% from RMB 1,693,831 thousand in 2023[181]. Revenue Breakdown - Revenue from small molecule CDMO services was RMB 2,153.42 million, showing a slight increase of 1.09% after excluding large orders[9]. - Revenue from multinational pharmaceutical companies decreased by 58.59% to RMB 1,282.25 million, but increased by 10.29% when excluding the impact of large orders[12]. - Revenue from U.S. clients was RMB 1,741.52 million, reflecting a significant increase of 24.78% after excluding large orders[14]. - Emerging business revenue for the reporting period was RMB 499.62 million, a decrease of 5.30%, with a gross margin of 20.23%, down 13.14 percentage points year-over-year[25]. - Revenue from commercial CDMO solutions was RMB 1,365.73 million, down 57.44% year-on-year, but grew 7.06% when excluding large orders[54]. - Revenue from domestic (China) operations decreased by 9.28% to RMB 687.09 million, while overseas revenue fell by 48.72% to RMB 1,965.94 million[56]. Operational Highlights - The company added 114 new clients during the reporting period, highlighting its operational strength and solid global customer base[9]. - The company has successfully completed 43 small molecule commercialization projects, generating revenue of RMB 1,365.72 million and achieving a gross margin of 49.31%[17]. - The company is focusing on potential blockbuster projects in clinical phase III, including targets like GLP-1 and KRAS, with 28 projects expected to reach the verification batch stage in the second half of 2024[21]. - The company completed 80 formulation CDMO projects during the reporting period, with 150 ongoing projects, including 36 overseas projects[29]. - The company has successfully implemented multiple formulation technologies, including oral delivery for peptides and solid dispersion technology, enhancing bioavailability and expanding international market reach[30]. Research and Development - The company invested RMB 328.69 million in R&D in the first half of 2024, an increase of 1.61% year-on-year, accounting for 12.38% of total revenue[52]. - The company is expanding its peptide commercialization capacity to meet the demand for solid-phase peptide synthesis at the hundred-kilogram level[43]. - The company plans to continue increasing R&D investment to strengthen its research platform capabilities and promote smart manufacturing technologies[110]. - The company has submitted 13 new patents and received 21 new authorized patents, reflecting strong capabilities in independent innovation and IP protection[33]. Market Strategy - The company aims to strengthen its CDMO products and services, expanding into advanced drug categories such as peptides, oligonucleotides, and mRNA solutions[95]. - The company is actively expanding its global customer base by deepening relationships with existing clients and targeting small to medium-sized innovative drug companies[102]. - The company is diversifying into new drug categories and service types, including large molecules, drug formulation services, and clinical research services, to create new growth pathways[103]. - The company is seeking investments to enrich its service offerings and expand its overseas presence, with a focus on strategic overseas capacity expansion[104]. Financial Position - The total assets as of June 30, 2024, were RMB 18,858.65 million, a decrease of 4.60% from RMB 19,767.16 million at the end of 2023[6]. - The company's total equity decreased to RMB 16,453,042 thousand from RMB 17,509,979 thousand at the end of 2023[184]. - Cash and bank balances decreased by RMB 1,431.06 million or 20.13% to RMB 5,670.94 million as of June 30, 2024, primarily due to share repurchases[71]. - The company reported a long-term equity investment loss of RMB 5.46 million, up from a loss of RMB 3.03 million in the first half of 2023[76]. - The company's debt-to-asset ratio was 12.76%, up from 11.42% on December 31, 2023[84]. Corporate Governance - The company has adhered to the corporate governance code and has not identified any violations by employees during the reporting period[170]. - The roles of Chairman and CEO are held by Dr. Hao Hong, ensuring effective execution of strategic initiatives and communication between management and the board[171]. - The audit committee has reviewed the unaudited interim results for the six months ending June 30, 2024, ensuring compliance with relevant accounting standards and regulations[177]. - Ernst & Young has conducted a review of the interim financial information, but no audit opinion has been issued as per the applicable standards[178]. Shareholder Engagement - The company has two active A-share incentive plans, with a total of 4,539,080 restricted A-shares granted to participants[120]. - The A-share incentive plans aim to attract and retain talent, aligning the interests of shareholders, the company, and operators for sustainable development[115]. - The company has repurchased a total of 12,300,701 A-shares, accounting for 3.5976% of the total A-share capital, with a total expenditure of RMB 999,644,601.56[139]. - The company plans to use up to 60% of repurchased A-shares for employee stock ownership or incentive plans, and at least 40% for capital reduction[137].

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the first half of 2024, representing a year-on-year growth of 15%[8]. - The company's operating revenue for the first half of 2024 was ¥2,697,352,097, a decrease of 41.63% compared to ¥4,621,510,379 in the same period last year[13]. - Net profit attributable to shareholders was ¥499,131,293, down 70.40% from ¥1,686,368,977 in the previous year[13]. - Basic and diluted earnings per share were both ¥1.40, representing a decline of 69.89% from ¥4.65 in the same period last year[13]. - The company reported a total comprehensive income for the first half of 2024 of CNY 498,889,827.52, down from CNY 1,693,832,155.65 in the first half of 2023[164]. - The company’s cash flow from operating activities showed a significant decline, impacting overall liquidity and future investment capabilities[163]. Strategic Focus and Innovation - Asymchem Laboratories reported a significant focus on innovation and commercialization in pharmaceutical processes, serving large and medium-sized pharmaceutical and biotechnology companies globally[2]. - The company is actively engaged in research and development of new products and technologies to enhance its service offerings[2]. - The R&D pipeline includes 5 new drug candidates expected to enter clinical trials by the end of 2024, focusing on oncology and autoimmune diseases[8]. - A strategic acquisition of a small biotech firm specializing in mRNA technology is anticipated to enhance the company's capabilities in innovative drug development[8]. - The company aims to provide a full range of continuous reaction technology services to support the pharmaceutical, agricultural, and materials industries[21]. Market Expansion - User data indicates that the company has expanded its client base, now serving over 300 pharmaceutical and biotechnology companies globally, an increase of 20% compared to the previous year[8]. - The company is expanding its market presence in Europe and North America, with plans to establish new facilities in Germany and the US by 2025[8]. - The company is expanding its global footprint, with the first R&D and pilot base in Europe now operational, and added 114 new order clients during the reporting period[24]. Financial Management and Investments - The company plans not to distribute cash dividends or issue bonus shares, indicating a focus on reinvestment[2]. - The total investment amount during the reporting period was RMB 7,480,865,984.45, a decrease of 60.95% compared to RMB 19,234,162,939.40 in the same period last year[50]. - The company has invested RMB 6,551.69 million in the biopharmaceutical R&D and production integration base project, achieving 100% investment progress[56]. Risk Management - The report highlights potential risks including the recall of major innovative drugs and operational risks in clinical projects[2]. - The company is navigating uncertainties in international trade and currency fluctuations, which may impact operations[2]. - The company is actively managing risks associated with core technical personnel turnover, emphasizing employee engagement and incentive programs[68]. Environmental Commitment - The company maintains a strong commitment to sustainability, with initiatives aimed at reducing carbon emissions by 30% by 2025[8]. - The company has established a comprehensive cGMP standard quality system to ensure compliance with international pharmaceutical standards[71]. - The company has implemented green chemistry technologies to reduce waste emissions and enhance production safety, achieving stable compliance in waste water and gas emissions[72]. - The company is recognized as one of the first national "green factories" by the Ministry of Industry and Information Technology, highlighting its leadership in environmental management[94]. Employee Engagement and Governance - The company emphasizes a "people-oriented" management philosophy, enhancing employee engagement through stock incentives and competitive compensation systems[72]. - A total of 588 employees participated in the employee stock ownership plan, holding 4,429,800 shares, which represents 1.20% of the company's total equity[79]. - The company has approved the repurchase and cancellation of 101,780 restricted A-shares due to the departure of three incentive recipients[77]. Compliance and Reporting - The financial report for the first half of 2024 covers the period from January 1 to June 30, 2024, ensuring transparency and compliance with regulatory standards[5]. - The company emphasizes its commitment to maintaining accurate and complete financial reporting, with all board members present for the review[1]. - The company's financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance, ensuring compliance and accuracy[184].

2024 年半年度募集资金存放与使用情况的专项报告 凯莱英医药集团（天津）股份有限公司 经中国证券监督管理委员会证监许可[2020]1912号文《关于核准凯莱英医 药集团（天津）股份有限公司非公开发行股票的批复》核准，公司于2020年9月 向特定投资者发行人民币普通股（A股）股票10,178,731.00股，每股发行价为 227.00元/股，募集资金总额为人民币2,310,571,937.00元，扣除券商承销费用 （不含税）32,696,772.70元，公司实际收到募集资金人民币2,277,875,164.30 元，扣除其他发行费用人民币2,914,508.24元，实际募集资金净额人民币 2,274,960,656.06元。上述资金到账情况业经容诚会计师事务所（特殊普通合 伙）出具容诚验字[2020]100Z0073号《验资报告》验证。公司对募集资金采取 了专户存储管理。 | 项目 | | | | 金额（人民币万元） | | | --- | --- | --- | --- | --- | --- | | 2020 年 23 | 9 | 月 | 日募集资金户初始金额 | | 227,787.52 | | 202 ...

证券代码：002821 证券简称：凯莱英 公告编号：2024-079 凯莱英医药集团（天津）股份有限公司 关于向金融机构申请综合授信额度的公告 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"）第四届董事会第 五十六次会议于2024年8月28日召开，审议通过了《关于向金融机构申请综合授 信额度的议案》。根据《公司法》、《深圳证券交易所股票上市规则》和《公司章 程》的有关规定，该事项属于公司董事会审批权限，无需提交公司股东大会审议。 现将相关情况公告如下： 一、申请授信额度具体事宜 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)有限公司天津分行等金融机构申请不超过 23 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 ...

证券代码：002821 证券简称：凯莱英 公告编号：2024-076 凯莱英医药集团（天津）股份有限公司 第四届董事会第五十六次会议决议的公告 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 第五十六次会议通知于 2024 年 8 月 12 日以电子邮件和书面形式发送给各位董 事、监事及高级管理人员，会议于 2024 年 8 月 28 日以现场会议结合通讯方式召 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 会议采用现场结合通讯方式进行表决，经全体与会董事审议并表决，通过了 如下决议： 1、审议通过了《关于公司 2024 年半年度报告全文、报告摘要及中期业绩公 告的议案》 与会董事认为公司编制的《2024年半年度报告》、《2024年半年度报告摘要》 及《截至2024年6月30日止六个月中期业 ...

证券代码：002821 证券简称：凯莱英 公告编号：2024-080 凯莱英医药集团（天津）股份有限公司 关于为全资子公司提供担保额度预计的公告 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 2024 年 8 月 28 日召开第四届董事会第五十六次会议审议通过了《关于为全资子公司提供担保额 度预计的议案》。根据《公司法》、《深圳证券交易所股票上市规则》和《公司 章程》的有关规定，该事项属于公司董事会审批权限，无需提交股东大会。现将 相关情况公告如下： 一、担保情况概述 为满足全资子公司天津凯莱英制药有限公司（以下简称"凯莱英制药"）及 吉林凯莱英医药化学有限公司（以下简称"吉林凯莱英"）日常经营和业务发展 的资金需求，减少资金使用风险，降低资金周转压力，公司拟为上述2家全资子 公司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)有限公司天津分行等金融机构申请银行综合授信 提供不超过人 ...