Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [5][14]. Core Views - The company is experiencing steady recovery with strong growth in the backend, and its integrated advantages are expected to gradually take effect [4]. - The company reported a revenue of 920 million yuan in the first half of 2025, representing a year-on-year growth of 23.48%, while the net profit attributable to shareholders decreased by 26.54% [6]. - The strategic focus is on revenue scale expansion and nurturing strategic clients, which has led to a higher growth rate in operating costs compared to revenue growth [7]. Financial Performance Summary - **Revenue Forecasts**: The company is projected to achieve revenues of 1,982 million yuan in 2025, 2,393 million yuan in 2026, and 3,043 million yuan in 2027, with year-on-year growth rates of 17.37%, 20.73%, and 27.18% respectively [5][7]. - **Net Profit Forecasts**: The net profit attributable to shareholders is expected to be 177.61 million yuan in 2025, 252.88 million yuan in 2026, and 367.84 million yuan in 2027, with year-on-year growth rates of -19.10%, 42.38%, and 45.46% respectively [5][7]. - **Cash Flow**: The operating cash flow for the first half of 2025 was 467 million yuan, showing a significant increase of 240.62% [6][7]. - **Gross Margin**: The gross margin for the first half of 2025 was approximately 31.05%, a decrease of 9.82 percentage points [7]. Business Segment Insights - **Backend Drug Development**: Revenue from backend drug development and commercialization services reached 765 million yuan, growing by 32.27%, with significant growth in CDMO services [7]. - **Frontend Drug Research**: Revenue from frontend drug research services was 154 million yuan, a decrease of 7.59%, but new research facilities are expected to improve growth prospects [7]. Investment Recommendations - The company is positioned as a leading player in the molecular building block sector, leveraging its vertical expansion into CDMO services for long-term growth potential [7].

| 证券代码：300725 | 证券简称：药石科技 | 公告编号：2025-072 | | --- | --- | --- | | 债券代码：123145 | 债券简称：药石转债 | | 南京药石科技股份有限公司 关于提前赎回药石转债的第十次提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、"药石转债"赎回价格：100.62 元/张（债券面值加当期应计利息，当期 年利率为 1.5%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有 限责任公司深圳分公司（以下简称"中国结算"）核准的价格为准。 10、本次赎回完成后，"药石转债"将在深圳证券交易所（以下简称"深交 所"）摘牌。债券持有人持有的"药石转债"如存在被质押或被冻结的，建议在 停止转股日前解除质押或冻结，以免出现因无法转股而被赎回的情形。 11、债券持有人若转股，需开通创业板交易权限。投资者不符合创业板股票 适当性管理要求的，不能将所持"药石转债"转换为股票，特提请投资者关注不 能转股的风险。 12、风险提示：根据安排，截至 2025 年 9 月 17 日收市后仍未转股的" ...

| 证券代码：300725 | 证券简称：药石科技 | 公告编号：2025-071 | | --- | --- | --- | | 债券代码：123145 | 债券简称：药石转债 | | 南京药石科技股份有限公司 2、赎回条件满足日：2025 年 8 月 14 日 3、停止交易日：2025 年 9 月 15 日 4、赎回登记日：2025 年 9 月 17 日 5、停止转股日：2025 年 9 月 18 日 6、赎回日：2025 年 9 月 18 日 7、发行人资金到账日（到达中国结算账户）：2025 年 9 月 23 日 关于提前赎回药石转债的第九次提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、"药石转债"赎回价格：100.62 元/张（债券面值加当期应计利息，当期 年利率为 1.5%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有 限责任公司深圳分公司（以下简称"中国结算"）核准的价格为准。 8、投资者赎回款到账日：2025 年 9 月 25 日 9、赎回类别：全部赎回 10、本次赎回完成后，"药石转债"将在深圳证券交易 ...

Group 1 - The company achieved operating revenue of 920 million yuan in the first half of the year [2] - The net profit attributable to the parent company was 73 million yuan [2] - The new order amount for CDMO business increased by 19.88% year-on-year [2]

证券日报网讯药石科技（300725）8月27日在互动平台回答投资者提问时表示，公司的主营业务为创新 药提供定制研发生产服务，公司业绩的具体情况及服务创新药研发情况请查阅公司2025年8月8日披露的 《2025年半年度报告》第三节管理层讨论与分析相关内容。 ...

Core Viewpoint - Nanjing PharmaBlock Technology Co., Ltd. has announced the early redemption of its convertible bonds ("PharmaBlock Convertible Bonds") due to the triggering of conditional redemption clauses, aimed at reducing financial costs and capital expenses [2][7]. Group 1: Convertible Bond Issuance and Redemption - The company issued 11.5 million convertible bonds at a face value of 100 RMB each, raising a total of 1.15 billion RMB on April 20, 2022 [2][3]. - The bonds were listed on the Shenzhen Stock Exchange on May 18, 2022, under the code "123145" [3]. - The conversion period for the bonds is from October 26, 2022, to April 19, 2028 [3]. - The conditional redemption clause was triggered when the stock price exceeded 130% of the conversion price for at least 15 trading days [6][7]. Group 2: Redemption Details - The redemption price is set at 100.62 RMB per bond, which includes accrued interest calculated based on a 1.5% annual interest rate [8]. - The redemption will occur on September 18, 2025, with trading of the bonds ceasing on September 15, 2025 [9]. - The company will notify bondholders daily leading up to the redemption date and will publish the redemption results within seven trading days after the redemption [9]. Group 3: Conversion Price Adjustments - The conversion price has been adjusted multiple times, with the latest adjustment setting it at 33.61 RMB per share as of May 30, 2025 [5][6]. - The conversion price adjustments are based on the company's stock performance and dividend distributions [4][5].

| 证券代码：300725 | 证券简称：药石科技 | 公告编号：2025-070 | | --- | --- | --- | | 债券代码：123145 | 债券简称：药石转债 | | 南京药石科技股份有限公司 关于提前赎回药石转债的第八次提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、"药石转债"赎回价格：100.62 元/张（债券面值加当期应计利息，当期 年利率为 1.5%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有 限责任公司深圳分公司（以下简称"中国结算"）核准的价格为准。 2、赎回条件满足日：2025 年 8 月 14 日 3、停止交易日：2025 年 9 月 15 日 4、赎回登记日：2025 年 9 月 17 日 5、停止转股日：2025 年 9 月 18 日 6、赎回日：2025 年 9 月 18 日 7、发行人资金到账日（到达中国结算账户）：2025 年 9 月 23 日 8、投资者赎回款到账日：2025 年 9 月 25 日 9、赎回类别：全部赎回 10、本次赎回完成后，"药石转债"将在深圳证券交易 ...

Group 1 - The stock price of Yaoshi Technology closed at 47.02 yuan on August 25, 2025, an increase of 1.75% compared to the previous trading day [1] - The trading volume on that day was 147,500 shares, with a total transaction amount of 691 million yuan [1] - Yaoshi Technology focuses on innovative drug research and development, covering areas such as chemical pharmaceuticals, synthetic biology, and AI drug development [1] Group 2 - On August 25, the company announced that Ms. Chen Chen was elected as the employee representative director, with a term lasting until the end of the fourth board of directors [1] - On the same day, the main capital outflow was 6.7493 million yuan, with a cumulative net outflow of 307 million yuan over the past five days [1]

Core Viewpoint - Nanjing PharmaBlock Technology Co., Ltd. has decided to exercise the early redemption of its convertible bonds ("PharmaBlock Convertible Bonds") due to the stock price exceeding the specified threshold, aiming to reduce financial costs and expenses [2][7]. Group 1: Convertible Bond Issuance and Redemption - The company issued 11.5 million convertible bonds at a face value of 100 RMB each, raising a total of 1.15 billion RMB on April 20, 2022 [2][3]. - The convertible bonds were listed on the Shenzhen Stock Exchange on May 18, 2022, under the code "123145" [3]. - The conversion period for the bonds is from October 26, 2022, to April 19, 2028 [3]. - The conversion price was adjusted from 92.98 RMB to 92.88 RMB on June 13, 2022, and further adjustments were made in subsequent years [4][5]. Group 2: Redemption Conditions and Procedures - The early redemption was triggered as the stock price was at least 130% of the conversion price (43.69 RMB) for 15 trading days within the specified period [2][7]. - The redemption price is set at 100.62 RMB per bond, which includes accrued interest calculated based on a 1.5% annual interest rate [8]. - The redemption process includes a series of announcements and a final redemption date of September 18, 2025, after which the bonds will be delisted [9].

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