Group 1 - The core point of the news is that Kailaiying's stock price dropped by 5.86% to 104.50 CNY per share, with a trading volume of 282 million CNY and a turnover rate of 0.86%, resulting in a total market capitalization of 37.682 billion CNY [1] - Kailaiying Pharmaceutical Group (Tianjin) Co., Ltd. is located in Tianjin Economic and Technological Development Zone and was established on October 7, 1998, with its listing date on November 18, 2016 [1] - The company's main business involves providing CMO pharmaceutical outsourcing services, with revenue composition being 76.19% from small molecule CDMO solutions, 23.71% from emerging services, and 0.10% from other sources [1] Group 2 - From the perspective of Kailaiying's top ten circulating shareholders, Huabao Fund's ETF reduced its holdings by 1.0921 million shares in the second quarter, now holding 6.6467 million shares, which accounts for 1.93% of circulating shares [2] - The estimated floating loss for Huabao Zhongzheng Medical ETF today is approximately 43.2035 million CNY [2] - Huabao Zhongzheng Medical ETF was established on May 20, 2019, with a latest scale of 26.147 billion CNY, and has achieved a year-to-date return of 19.93% [2]

Core Viewpoint - The company is actively expanding its capabilities in the peptide CDMO sector, particularly in the weight loss area, and is well-positioned for future growth despite potential regulatory challenges in the U.S. market [1][2] Group 1: Peptide Capacity and Market Demand - The company's peptide CDMO business is primarily driven by the rapidly growing weight loss sector, with participation in over ten molecular collaborations [1] - Projects in the weight loss field are expected to enter the PPQ (Process Performance Qualification) stage next year, indicating a positive trajectory for capacity utilization [1] - The company’s capacity expansion plans are based not only on current utilization rates but also on anticipated future commercialization needs from clients [1] Group 2: Order Backlog and Revenue Growth - As of the disclosure date of the 2025 semi-annual report, the company has a total order backlog of nearly $1.1 billion, providing a solid foundation for annual performance growth [1] - The European market has shown exceptional performance, with revenue reaching 548 million yuan in the first half of the year, representing a year-on-year growth of over 200% [1] Group 3: Global Market Strategy and Regulatory Concerns - The company is focused on accelerating global market expansion and emerging business layouts to strengthen its competitive advantage in the chemical small molecule and peptide CDMO sectors [2] - Concerns regarding potential strict regulations on Chinese pharmaceuticals by the U.S. are deemed to have limited impact on the company's global business expansion [1] - The company aims to continuously enhance its overall competitiveness while closely monitoring external policy impacts [1]

Investment Rating - The investment rating for the company is "Outperform the Market" (首次覆盖) [1] Core Insights - The company, Kailaiying, is a leading, technology-driven one-stop CDMO service provider, established in 1998, and is the second-largest chemical drug CDMO enterprise in China, serving over 1,100 global clients including Pfizer and Merck [3][4] - The small molecule CDMO business serves as the foundation of the company, leveraging core technologies such as continuous flow chemistry and enzyme catalysis to maintain a competitive edge in oncology and antiviral services [4] - The company is diversifying its business into six emerging areas, including large molecule CDMO, formulation CDMO, clinical CRO, and synthetic biology, capitalizing on its established brand and technological advantages [5] - The company is expanding its global footprint with a collaborative network across the US, Europe, and China, enhancing its supply chain resilience and operational efficiency [6] Summary by Sections 1. Business Structure - The small molecule CDMO business remains the cornerstone, accounting for approximately 90% of revenue from 2018 to 2022, while emerging businesses are expected to grow to 15% and 21% of revenue in 2023 and 2024, respectively [13][14] 2. Financial Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 6.68 billion, 7.53 billion, and 8.29 billion yuan, with year-on-year growth rates of 15%, 13%, and 10% respectively. The gross margin is expected to stabilize at 43% [7] - The current stock price corresponds to a PE ratio of 34, 30, and 26 for the years 2025, 2026, and 2027, respectively, indicating a price range of 113.07 to 129.84 yuan, suggesting a premium of 4-20% over the current price [7] 3. Market Dynamics - The global CDMO market is projected to grow from approximately $75 billion in 2023 to $133 billion by 2027, with the small molecule CDMO market expected to reach $106.7 billion by 2028, driven by increased R&D investments from large pharmaceutical companies [28][30] 4. Competitive Landscape - The company is positioned in a competitive landscape dominated by North America and Europe, which account for 70% of the global small molecule CDMO market, while emerging markets like China and India are rapidly growing [35] 5. Technological and Operational Advantages - The company has established a leading position in continuous reaction technology and enzyme engineering, supported by a robust quality management system that meets global standards [55][56] - The company’s profitability metrics, including a gross margin of 42.36% and a net profit margin of 16.35%, indicate strong operational efficiency compared to peers [56]

| 股份代號: | 06821 | | --- | --- | | 上市法國名稱: | 訓萊英醫藥集團(天津)股份有限公司 - H | | 日期 (日 / 月 / 年): | 11/08/2025 - 11/09/2025 | 格隆汇9月11日丨根据联交所最新权益披露资料显示，2025年9月5日，凯莱英(06821.HK)获JPMorgan Chase & Co.以每股均价92.6442港元增持好仓8.4万股， 涉资约778.21万港元。 增持后，JPMorgan Chase & Co.最新持好仓数目为1,669,746股，持好仓比例由5.75%上升至6.06%。 | 家福家 | 大船車/華車/最高行政人員名 作出披露的 貫入/ 朝出或法及的 每船的平均價 | | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 * | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 四十三十二 | | | 語學生 | 有技景裡版(日/月/年) | | | | | | | | | 位自分网 | | | | | | | | | 90 | | CS ...

Group 1 - The core point of the article is that Schroders PLC has increased its stake in Kailaiying (06821.HK) by purchasing 115,300 shares at an average price of HKD 97.5696 per share, amounting to approximately HKD 11.25 million [1] - Following this transaction, Schroders PLC's total shareholding in Kailaiying has risen to 5.3142 million shares, increasing its ownership percentage from 18.87% to 19.29% [1]

Group 1 - Schroders PLC increased its stake in Kelaiying (002821) by 115,300 shares at an average price of 97.5696 HKD per share, totaling approximately 11.2498 million HKD [1] - After the increase, Schroders PLC's total shareholding in Kelaiying reached 5.3142 million shares, representing a holding percentage of 19.29% [1]

智通财经APP获悉，香港联交所最新资料显示，9月8日，Schroders PLC增持凯莱英(06821)11.53万股， 每股均价97.5696港元，总金额约为1124.98万港元。增持后最新持股数目为531.42万股，最新持股比例 为19.29%。 ...

广发东财大数据混合A（002802）基金经理为杨冬、易威。 9月5日，凯莱英涨5%，截至发稿，报106.81元/股，成交5.26亿元，换手率1.59%，总市值385.15亿元。 资料显示，凯莱英医药集团(天津)股份有限公司位于天津经济技术开发区第七大街71号，成立日期1998 年10月7日，上市日期2016年11月18日，公司主营业务涉及提供CMO医药外包服务。主营业务收入构成 为：小分子CDMO解决方案76.19%，新兴服务23.71%，其他0.10%。 从基金十大重仓股角度 数据显示，广发基金旗下1只基金重仓凯莱英。广发东财大数据混合A（002802）二季度持有股数1.65万 股，占基金净值比例为1.62%，位居第六大重仓股。根据测算，今日浮盈赚取约8.4万元。 广发东财大数据混合A（002802）成立日期2017年12月11日，最新规模3450.89万。今年以来收益 33.09%，同类排名1314/8178；近一年收益72.4%，同类排名746/7978；成立以来收益68.71%。 责任编辑：小浪快报 截至发稿，杨冬累计任职时间4年67天，现任基金资产总规模164.74亿元，任职期间最佳基金回报 86. ...

为进一步加强与投资者的互动交流，凯莱英医药集团（天津）股份有限公司（以下简称"公司"）将参加 由天津证监局指导、天津上市公司协会及深圳市全景网络有限公司联合举办的"2025年天津辖区上市公 司投资者网上集体接待日活动"，现将有关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站（http://rs.p5w.net）；或关注微信 公众号（名称：全景财经）；或下载全景路演APP，参与本次互动交流。活动时间为2025年9月11日 （周四）15:00-17:00。 证券代码：002821 证券简称：凯莱英 公告编号：2025-059 凯莱英医药集团（天津）股份有限公司关于参加2025年天津辖区上市公司 投资者网上集体接待日活动的公告 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。 特此公告！ 凯莱英医药集团（天津）股份有限公司董事会 二〇二五年九月九日 届时部分董事及高级管理人员将在线就公司2025年半年度业绩、公司治理、发展战略、经营状况等投资 者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ ...

Group 1 - The company, Kailaiying, announced its participation in the "2025 Tianjin Listed Companies Investor Online Collective Reception Day" [2] - The event is scheduled to take place on September 11, 2025 [2]