Investment Rating - The report assigns a "Buy" rating for the stock of the company, indicating a strong performance relative to the benchmark index [14]. Core Insights - The company's revenue for H1 2025 reached 920 million yuan, a year-on-year increase of 23.48%, while the net profit attributable to the parent company was 72 million yuan, a decline of 26.54% [1]. - The overall gross margin for H1 2025 was 31.05%, down 9.82 percentage points year-on-year, primarily due to downward pressure on order prices and depreciation from new capacity [2]. - The CDMO (Contract Development and Manufacturing Organization) business showed significant growth, with revenue increasing by 60.92% year-on-year to 548 million yuan in H1 2025 [3]. - Domestic demand is beginning to recover, with revenue from Chinese clients growing by 25.00% to 261 million yuan in H1 2025 [4][5]. - The company is strategically expanding into high-growth areas such as targeted protein degradation drugs, peptides, and ADC (Antibody-Drug Conjugates) [6]. Financial Summary - The company is projected to achieve total revenue of 1.987 billion yuan in 2025, with a year-on-year growth rate of 17.6% [7]. - The estimated net profit attributable to the parent company for 2025 is 177 million yuan, reflecting a year-on-year decline of 19.5% [8]. - The gross margin is expected to be 33.4% in 2025, down from 42.5% in 2023 [7].

Summary of the Conference Call for Yaoshi Technology Industry and Company Overview - Yaoshi Technology has been deeply engaged in the molecular building block sector for 19 years, accumulating extensive experience in independent research and patent development, establishing an integrated service system from early research to commercial production [2][5][6] - The core growth point for the company is small molecules, which are essential for new drug development [2][5] Key Points and Arguments - The company has demonstrated excellent performance in cost reduction and efficiency enhancement, with faster delivery speeds and improved service quality, making it difficult for new entrants to penetrate the market [2][8] - In the first half of 2025, the overall revenue of the company grew by 32%, with CDMO (Contract Development and Manufacturing Organization) business increasing by over 60% and order growth approaching 20% [2][11] - The number of phase III and commercial projects increased by 51% year-on-year, indicating a strong pipeline of high-value projects [2][11] - The company expects to adjust its revenue forecast for 2025 to between 1.5 billion to 2 billion, driven by better-than-expected backend revenue and improved capacity utilization [3][13] Future Growth Trends - The backend CDMO business is entering a harvest period, with significant growth expected as commercial projects ramp up [4][12] - By the end of 2025, the company anticipates completing renovations at its Nanjing R&D center, which will alleviate supply-side pressures and restore growth in front-end demand [4] - The company’s integrated service model from research to commercialization is expected to return to a rapid growth trajectory, with net profit anticipated to show significant elasticity in 2026 [4][13] Unique Advantages - Yaoshi Technology has a dedicated information collection team that researches cutting-edge patents globally, allowing the company to provide innovative building blocks to clients [7] - The company’s ability to design, synthesize, and scale building blocks enhances customer dependency and loyalty, creating a competitive edge [7][9] - The proprietary nature of the building blocks, protected by patents, ensures that certain technologies cannot be bypassed, further solidifying the company's market position [9][10] Financial Performance and Projections - The company’s gross margin is expected to recover to between 30% and 35%, with profit elasticity becoming evident as capacity utilization improves [3][13] - The current valuation of the company is considered reasonable but has significant upside potential as order growth accelerates [14] Additional Important Insights - The company has established a comprehensive platform that spans from chemical drug discovery to chemical development and subsequent commercialization [10] - The anticipated increase in capacity utilization and the launch of new projects are expected to enhance profitability and market competitiveness [12][13]

| 证券代码：300725 | 证券简称：药石科技 | 公告编号：2025-056 | | --- | --- | --- | | 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 3.本次权益变动后，以2025年8月11日收盘后公司总股本202,220,660股为基数计算，剔除回购专用 证券账户股份数量后总股本为201,384,570股; 4.表中若出现总数与各分项数值之和尾数有不符的情况，均为四舍五入原因造成。 关于控股股东、实际控制人及其一致行动人权益变动触及1%整数倍的公告 公司股东南京诺维科思创业投资合伙企业（有限合伙）保证向本公司提供的信息内 容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 南京药石科技股份有限公司（以下简称"公司"）于2025年7月10日披露了《关于 公司股东减持股份的预披露公告》（公告编号：2025-044）。公司员工持股平台南京诺 维科思创业投资合伙企业（有限合伙）（以下简称"诺维科思"）计划在本减持计划预 披露公告之日起十五个交易日后的三个月内（窗口期不减持），以集 ...

Group 1: AI Application Company Valuation - ARR (Annual Recurring Revenue) is more suitable as a valuation anchor for high-growth AI businesses, with valuations for high-growth AI startups generally around 50 times ARR or higher [1][6][7] - Examples of valuations include OpenAI and Anthropic at approximately 40-60 times ARR, while AI tools like Runway and ElevenLabs are valued at 55 times and 40 times ARR respectively [6][7] - The assumption for a 50 times ARR valuation is based on a projected compound annual growth rate of 100% for ARR over the next three years and a steady-state net profit margin of 30% [7] Group 2: 瑞达期货 (Ruida Futures) - The company has a solid brokerage, asset management, and risk management foundation, expected to benefit from the development of the futures industry, leading to performance growth [2][8] - The brokerage business is robust, with commission rates above the industry average, and the asset management CTA scale and performance are industry-leading [8][9] - The forecast for 2025 indicates a year-on-year increase of 11.2% in net profit to 425 million yuan [2][8] Group 3: 快手-W (Kuaishou-W) - The company is expected to achieve net profits of 17.7 billion yuan, 21 billion yuan, and 24.4 billion yuan from 2025 to 2027, with corresponding PE ratios of 17.5x, 14.8x, and 12.7x [3][12] - Kuaishou focuses on AI-driven technology and continuous product upgrades, providing diverse services in entertainment, online marketing, e-commerce, and local life [12][13] - The competitive landscape in the short video industry is stable, with Kuaishou and Douyin holding over 60% market share [13] Group 4: 药石科技 (YaoShi Technology) - The company achieved revenue of 920 million yuan in the first half of 2025, a year-on-year increase of 23.48%, while net profit decreased by 26.54% [4][15] - The CDMO business continues to grow, with new orders increasing by 19.88% year-on-year [15][16] - Revenue forecasts for 2025-2027 are 1.931 billion yuan, 2.287 billion yuan, and 2.747 billion yuan, with growth rates of 14.4%, 18.4%, and 20.1% respectively [17]

证券日报网讯药石科技（300725）8月11日发布公告，在公司回答调研者提问时表示，公司位于浙江晖 石的高活车间于2023年底投入使用，该车间自投入使用以来已完成多个项目。随着客户项目持续推进， 现有高活产能将无法满足未来需求，后续有进一步扩充的计划。同时，公司积累了丰富的多肽早期开发 项目，考虑到客户后续GMP生产的需求，公司在506车间中设置了多肽中试规模的生产线，计划明年一 季度投入使用。目前，公司资金面状况良好，鉴于目前新分子业务快速增长的趋势，公司会灵活调配资 源以支持相关业务发展。 ...

Core Viewpoint - The company, Yaoshi Technology, reported a significant revenue growth from MNC clients in the first half of the year and anticipates this trend to continue in the second half, supported by strategic collaborations and technological advancements [1] Group 1: Revenue Growth - The revenue from MNC clients has shown rapid growth in the first half of the year [1] - The company expects to maintain this revenue growth trend in the second half based on current order status [1] Group 2: Strategic Development - The company plans to deepen the integration of low-carbon chemical technology and digital intelligence technology in R&D and production [1] - Strategic cooperation with MNC clients will be further enhanced, pushing more projects into late clinical and commercialization stages [1] Group 3: Customer Focus - The company is focusing on strategic customer service to improve business response efficiency through the capabilities upgrade of the "iron triangle" team [1] - The company expresses confidence in maintaining a growth trend in the near future due to the synergistic effects of technology empowerment, project advancement, and new business expansion [1]

Core Viewpoint - The company is enhancing its strategic focus on major clients by establishing a dedicated service team to improve customer response efficiency and satisfaction, while expanding its collaboration with multinational corporations (MNCs) across the entire drug development cycle [1] Group 1: Strategic Initiatives - The company has initiated a major client strategy since last year, forming a "triangular" business team consisting of client managers, solution managers, and delivery managers to provide in-depth services to strategic clients [1] - A specialized major client service team has been established this year to coordinate business development resources across regions including China, the US, and Europe, significantly improving customer response efficiency and satisfaction [1] Group 2: Collaboration with MNCs - The collaboration with MNCs has evolved from supplying molecular building blocks to a comprehensive CMC (Chemistry, Manufacturing, and Controls) service, with increasing depth and project scale [1] - The company now covers the entire R&D cycle for MNCs, including drug discovery, clinical development, and CMC services from clinical phases I-III to commercialization [1] Group 3: Innovation and Project Development - The company is leveraging its solid foundation of cooperation and client trust to enter the new molecular pipeline development field for MNCs, with ongoing projects in cutting-edge areas such as peptides (non-natural amino acid building blocks) and ADC (antibody-drug conjugates) design [1] - The company is continuously deepening its collaborative efforts in innovative therapies [1]

Core Insights - The company reported strong cash flow performance in the first half of the year, attributed to improved accounts receivable turnover and ongoing enhancement in overall collection efficiency [1] - In response to the favorable cash flow situation, the company is proactively optimizing its debt structure by moderately reducing the scale of bank loans [1] - The company maintains a reasonable credit limit with policy banks, indicating that overall funding pressure is manageable [1]

Core Insights - The company announced a rapid growth in orders for TPD, ADC, and peptide-related molecular building blocks, indicating a sustained demand in the new drug market [1] - In the TPD field, the company has built a large linker library with over 1,000 novel CRBN ligand structures, attracting inquiries from clients [1] - Due to space limitations, the current number of personnel in related business areas is limited, but new facilities will be operational by early next year, adding 300-400 fume hoods to enhance ADC and TPD-related operations [1] - The company aims to continuously enhance its influence in PROTAC, ADC, peptides, and non-natural amino acids [1]

Group 1 - The company has systematically laid out AI applications across multiple business areas, including the development of over 80 million novel molecular building blocks to address structural optimization challenges in new drug design [1] - In the CDMO process development area, the company has enhanced collaboration between its process development and digital teams, utilizing high-density data generated from automation to build machine learning models that optimize R&D processes [1] - The company achieved a revenue of 920 million yuan in the first half of the year, representing a year-on-year growth of 23.48%, with a strategic focus on revenue scale expansion and resource allocation towards technology services and CMC business [1] Group 2 - The company reported a net cash flow from operating activities of 467 million yuan in the first half of the year, a significant increase of 240.62% compared to the same period last year, with new CDMO orders growing by 19.88% [2] - Revenue from multinational pharmaceutical companies (MNCs) increased by 69.73% year-on-year, indicating deeper collaboration with these strategic clients [2] - The company’s mature workshop maintains a capacity utilization rate of 60%-70%, while a newly launched workshop is in the ramp-up phase, expected to gradually release capacity as new projects are introduced [2] Group 3 - The molecular building block market exhibits a dual structure, with significant price pressure in the generic product sector due to high competition, while high-value products maintain relatively stable prices [3] - The company aims to enhance product design to improve molecular rationality and ensure solution effectiveness through demand-driven approaches [3] - The company is focused on improving its digital sales system and global supply chain responsiveness, as well as integrating molecular building block resources with external cheminformatics platforms to strengthen customer engagement [3]