Core Insights - The company has made significant progress in expanding its MNC customer base, with revenue from MNCs reaching 514 million yuan in the first three quarters, representing a 68% year-on-year increase and accounting for 36% of total revenue [1] Group 1: Revenue Growth - Revenue from MNC customers reached 514 million yuan, a 68% increase year-on-year [1] - MNC revenue now constitutes 36% of the company's total revenue [1] Group 2: Factors Contributing to Growth - Global team development includes a 5-member business development team in Europe, with simultaneous expansion in North America and Japan, enhancing the "iron triangle" service model [1] - Upgrade in cooperation models from early-stage supply of molecular building blocks to late-stage clinical and commercialization projects, increasing customer stickiness [1] - Technological empowerment through AI-assisted design and continuous flow processes, effectively shortening R&D cycles and reinforcing differentiation with unique green chemistry technology [1] - Brand building efforts, including the successful hosting of the second Green Chemistry Forum, enhancing the company's image in sustainable development and chemical technology innovation [1] Group 3: Capacity Expansion - The company’s new 503 workshop, which started operations in February, adds a capacity of 190 million [1] - The company is currently in the capacity ramp-up phase, with expectations to reach utilization rates comparable to existing mature workshops by 2026 [1] - The application of advanced processes like continuous flow technology is expected to further enhance the efficiency of existing capacity [1]

Core Viewpoint - The company has established a systematic layout in its new molecular business, focusing on four cutting-edge areas: ADC, TPD, and TIDES, and has developed comprehensive service capabilities from early research to process development and production [1] Group 1: ADC (Antibody-Drug Conjugates) - The company utilizes an artificial intelligence research platform to create end-to-end service capabilities, including innovative linker design, linker-payload synthesis, targeted coupling technology, and stability research, providing one-stop support from candidate molecules to clinical application [1] Group 2: TPD (Targeted Protein Degradation) - In the TPD area, the company has designed and supplied CRBN molecular building blocks and novel linkers during the research phase, and has established a one-stop CMC service platform to offer full-cycle services from early API and formulation development to mid-to-late stage optimization and commercial production [1] Group 3: TIDES - To address bottlenecks in traditional solid-phase synthesis for long peptides and large-scale production, the company has focused on developing core technologies such as liquid-phase synthesis, enzymatic synthesis, and continuous flow synthesis, creating an integrated solution centered on non-natural amino acids and peptide technology to meet diverse customer needs [1] Group 4: Business Growth and Future Outlook - Although the new molecular business is still in its early stages, accounting for less than 10% of total revenue, it shows strong growth momentum with order growth exceeding 100%. The company is confident in the future prospects of this business and plans to continue investing in technology and capacity building to drive it as an important growth engine [1]

Core Insights - The company has established a systematic layout in new molecular fields such as ADC, TPD, and TIDES, covering early-stage research to process development and production capabilities [1] - Although the current revenue contribution from new molecular business is less than 10%, the order growth rate exceeds 100% [1] - The peptide GMP pilot workshop located in Zhejiang Huishi is accelerating construction and is expected to be operational in the first quarter of 2026 [1] - The high-activity workshop has already undertaken multiple ADC projects with plans for subsequent capacity expansion [1] - Future capital expenditures will focus on expanding new molecular production capacity, integrating low-carbon chemistry with digital intelligence, and overseas research and development layout [1]

Group 1: Financial Performance - The company achieved a revenue of 1.419 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 25.81% [2] - Revenue from drug development and commercialization reached 1.179 billion yuan, with a year-on-year increase of 34.91% [2] - The net cash flow from operating activities significantly improved to 543 million yuan, up 187.74% year-on-year, indicating enhanced operational efficiency [2] Group 2: Client and Market Development - Revenue from multinational pharmaceutical companies (MNCs) reached 514 million yuan, growing by 68% year-on-year, accounting for 36% of total revenue [3] - New orders in the CDMO sector increased by 15%, with orders for peptides and ADCs growing over 100% [2] - The company is focusing on deepening collaborations with leading global pharmaceutical companies, enhancing client retention [2] Group 3: Capacity and Technology Investments - The 503 workshop was launched in February 2025, adding a capacity of 190 m³, with expectations to reach full utilization by 2026 [3] - The company plans to expand its TIDES research team to approximately 100 members by the end of 2025 and is constructing a new R&D building [5] - Capital expenditures will focus on expanding new molecular capacities, integrating low-carbon chemical technologies, and strategic overseas site development [5] Group 4: Cost Management and Future Outlook - Total sales, management, R&D, and financial expenses for the first three quarters of 2025 were 283 million yuan, a decrease of 9.88% year-on-year [4] - The company anticipates a rise in R&D expenses due to ongoing investments in AI pharmaceuticals and continuous flow chemistry [4] - The outlook for global CDMO demand remains optimistic, driven by favorable market conditions and increased investment in next-generation therapies [4] Group 5: Geographic Revenue Distribution - Approximately 70% of total revenue comes from overseas markets, with North America contributing about 50% and Europe around 15% [8] - Domestic market revenue accounts for about 30%, with a notable increase in demand from domestic biotech companies [8] - The company expects strong growth potential from the domestic biotech sector due to improved financing conditions and accelerated new drug approvals [8]

Core Viewpoint - The company,药石科技, is a leading enterprise in the field of drug molecular building blocks, with a strong focus on research and development, production processes, and a comprehensive product portfolio [1] Group 1: Business Performance - In Q3 2025, the company's revenue reached 1.419 billion yuan, ranking 8th among 29 companies in the industry, with the industry leader,药明康德, generating 32.857 billion yuan [2] - The revenue from drug development and commercialization services was 765 million yuan, accounting for 83.14% of total revenue, while drug research services contributed 154 million yuan, or 16.72% [2] - The net profit for the same period was 113 million yuan, placing the company 9th in the industry, with the top performer,药明康德, achieving a net profit of 12.206 billion yuan [2] Group 2: Financial Ratios - The company's debt-to-asset ratio was 8.28% in Q3 2025, significantly lower than the industry average of 22.79% and down from 41.00% in the previous year [3] - The gross profit margin was 30.95%, which is below the industry average of 37.70% and decreased from 39.72% in the previous year [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 2.94% to 46,500, while the average number of circulating A-shares held per shareholder increased by 3.03% to 4,363.47 [5] - The top circulating shareholder, Hong Kong Central Clearing Limited, held 1.7419 million shares, a decrease of 404,600 shares from the previous period [5] Group 4: Management Compensation - The chairman and general manager, 杨民民, received a salary of 1.42 million yuan in 2024, an increase of 560,000 yuan from 860,000 yuan in 2023 [4] Group 5: Business Highlights - The company is experiencing growth in its drug development and commercialization services, with a revenue increase of 23.48% in H1 2025, totaling 920 million yuan [6] - The CDMO business saw a significant revenue increase of 60.92%, reaching 548 million yuan [6] - New orders for CDMO services increased by 19.88%, indicating a robust order backlog and improved client structure [6]

格隆汇10月29日丨药石科技(300725.SZ)公布三季度报告，前三季营业收入14.19亿元，同比增长 25.81%，归属于上市公司股东的净利润1.13亿元，同比下降13.96%，归属于上市公司股东的扣除非经常 性损益的净利润8815.7万元，同比增长0.49%。 ...

Group 1 - The core point of the article is that Yaoshi Technology (SZ 300725) held its fourth board meeting on October 29, 2025, to review the proposal for revising the internal audit system [1] - For the year 2024, the revenue composition of Yaoshi Technology is entirely from drug molecular block research, accounting for 100.0% [1] - As of the report date, Yaoshi Technology has a market capitalization of 9.8 billion yuan [1] Group 2 - The A-share market has surpassed 4,000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market transformation [1] - This shift indicates the beginning of a "slow bull" market pattern [1]

南 京 药 石 科 技 股 份 有 限 公 司 内 部 审 计 制 度 （2025 年 10 月修订） 第一章 总则 第一条 为了加强南京药石科技股份有限公司（以下简称"公司"）内部管理和控制， 促进公司内部管理行为的合法性、合规性，为管理层正确决策提供可靠的信息和依据，保 护投资者合法权益，不断提高企业运营的效率及效果，依据《中华人民共和国审计法》《审 计署关于内部审计工作的规定》《企业内部控制基本规范》《深圳证券交易所创业板股票 上市规则》《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司规范运作》 等法律法规、规范性文件及《公司章程》，制定本制度。 第二条 本制度所称内部审计，是指公司内部设立的内部审计部门依据国家有关法律法 规、财务会计制度、深圳证券交易所规范性文件和公司内部管理制度，对公司内部控制和 风险管理的有效性、财务信息的真实性和完整性以及经营活动的效率和效果等开展的一种 评价活动。 第三条 本制度所称内部控制，是指公司董事会、高级管理人员及其他有关人员为实现 下列目标而提供合理保证的过程： （一）遵守国家法律、法规、规章及其他相关规定； 第四条 公司依照国家有关法律、法规、规章及规 ...

证券代码：300725 证券简称：药石科技 公告编号：2025-098 南京药石科技股份有限公司 第四届董事会第十一次会议决议公告 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。 南京药石科技股份有限公司（以下简称"公司"）第四届董事会第十一次会 议于2025年10月29日以现场结合视频会议形式在公司会议室召开，以书面方式进 行表决。会议通知已于2025年10月26日通过电子邮件等方式送达各位董事。会议 由董事长杨民民先生召集主持，应出席董事人数7人，实际出席董事人数7人。公 司部分高级管理人员列席会议。本次会议的召集、召开符合《中华人民共和国公 司法》和《南京药石科技股份有限公司公司章程》等有关规定。 一、 董事会会议审议情况 会议在保证所有董事充分发表意见的前提下，以投票表决方式通过了以下议 案： 1、审议通过了《关于公司<2025 年第三季度报告>的议案》。 经审核，董事会认为：公司 2025 年第三季度报告的编制程序符合法律、行 政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公司的实际情 况，不存在任何虚假记载、误导性陈述或者重大遗漏。 本 ...

Financial Performance - The company's revenue for Q3 2025 reached ¥499,325,806.76, representing a 30.36% increase year-over-year[6] - Net profit attributable to shareholders was ¥40,892,532.15, up 23.54% compared to the same period last year[6] - The net profit after deducting non-recurring gains and losses was ¥28,536,287.99, reflecting a 41.85% increase year-over-year[6] - The company achieved a revenue of 1.419 billion RMB in the first three quarters of 2025, representing a year-on-year growth of 25.81%[17] - Revenue from drug development and commercialization services was 1.179 billion RMB, reflecting a year-on-year increase of 34.91%[17] - Total operating revenue for the current period reached ¥1,419,054,885.82, an increase of 25.7% compared to ¥1,127,892,555.29 in the previous period[24] - The net profit for the current period is CNY 113,390,631.27, a decrease of 13.9% compared to CNY 131,790,818.60 in the previous period[25] - The total profit for the current period is CNY 128,234,163.84, down from CNY 147,998,927.07 in the previous period[25] Assets and Liabilities - Total assets as of September 30, 2025, amounted to ¥7,794,641,752.32, a 57.94% increase from the end of the previous year[6] - The company's equity attributable to shareholders increased by 139.29% to ¥7,149,000,685.97 compared to the end of the previous year[6] - Total liabilities decreased to ¥645,641,066.35 from ¥1,947,719,670.04, a decline of 66.9%[22] - Non-current assets increased to ¥5,131,662,934.01 from ¥2,218,334,497.16, reflecting a growth of 131.5%[21] Cash Flow - Cash flow from operating activities for the year-to-date reached ¥543,482,604.71, a significant increase of 187.74%[6] - The net cash flow from operating activities was 543 million RMB, a significant increase of 187.74% compared to the same period last year[18] - The cash flow from investing activities shows a net outflow of CNY 307,707,118.32, compared to a smaller outflow of CNY 5,986,725.75 in the previous period[28] - The cash flow from financing activities resulted in a net outflow of CNY 247,171,819.29, an improvement from a net outflow of CNY 377,079,879.92 in the previous period[28] Shareholder Information - The total number of common shareholders at the end of the reporting period was 46,457[12] - The largest shareholder, Yang Minmin, holds 17.71% of the shares, amounting to 41,403,319 shares, with 12 million shares pledged[12] Cost Management - The company reported a 44.13% increase in operating costs, totaling ¥979,876,477.06 for the year-to-date[10] - Total operating costs amounted to ¥1,281,579,226.63, up 26.6% from ¥1,011,642,933.42 in the prior period[24] - The company reported a net profit margin improvement, with operating costs growing at a slower rate than revenue[24] - The company plans to maintain dynamic balance between cost control and strategic development to support long-term sustainable growth[17] Market and Business Development - New orders for CDMO services increased by 15% year-on-year, with new business orders for peptides and ADCs growing by over 100%[18] - The company is focusing on expanding its market presence and enhancing product development strategies moving forward[24] - The company is prioritizing resource allocation towards technology services and CMC business to strengthen long-term partnerships with core clients[17] Other Financial Metrics - The basic earnings per share for Q3 2025 was ¥0.2032, up 22.12% year-over-year[6] - Basic earnings per share decreased to 0.5635 from 0.6626 in the previous period[26] - The company experienced a foreign exchange impact of CNY 1,465,968.39 on cash and cash equivalents[28] - The company reported a significant increase in other income to CNY 16,262,839.51 from CNY 7,184,657.22 in the previous period[25] - The total comprehensive income for the current period is CNY 3,058,673,130.81, significantly higher than CNY 130,726,069.30 in the previous period[26]