股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 凱萊英醫藥集團（天津）股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06821 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 27,553,260 | RMB | | | 1 RMB | | 27,553,260 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 27,553,260 | RMB | | | 1 RMB | | 27,553,260 | 第 2 頁 共 11 ...

| 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期相關 | | --- | --- | --- | --- | --- | --- | | | 博 | 原因 | 股份數目 | | (請參閱上述 * 註 有投票權股 (日 / 月 / 年) 權 | | | | | | | 解) 份百分比 | | | | | | | ( 96 ) | | CS20250827E00351 | Norges Bank 1101(L) HKD 92.0514 | | | 235,600(L) | 4,053,000(L) 14.71(L)26/08/2025 | 追加内容 本文作者可以追加内容哦 ! 增持后，Norges Bank最新持股数目为405.3万股，持股比例由13.85%上升至14.71%。 | 股份代號: | 06821 | | --- | --- | | 上市法國名稱: | 凱萊英醫藥集團(天津)股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 01/08/2025 - 01/09/2025 | ...

格隆汇9月1日丨根据联交所最新权益披露资料显示，2025年8月26日，凯莱英(06821.HK)获Norges Bank在场内以每股均价92.0514港元增持23.56万股，涉资 约2168.73万港元。 增持后，Norges Bank最新持股数目为405.3万股，持股比例由13.85%上升至14.71%。 | 股份代號: | 06821 | | --- | --- | | 上市法國名稱: | 凱萊英醫藥集團(天津)股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 01/08/2025 - 01/09/2025 | | 豪格序號 | 大股東/童事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期相關 | | --- | --- | --- | --- | --- | --- | --- | | | 전 | 原因 | 股份數目 | | | (請參閱上述*註 有投票權股(日/月/年) 權 | | | | | | | | 125 2 份自分比 | | | | | | | | ( % ) | | CS20250827 ...

Core Insights - The company achieved revenue of 3.188 billion yuan in H1 2025, representing an 18.2% increase, and a net profit attributable to shareholders of 617 million yuan, up 23.7% [1] - The company’s overseas revenue showed robust growth, particularly in Europe, where revenue reached 548 million yuan, growing over 200% year-on-year, accounting for 17% of total revenue [2] - The company’s emerging business segment is entering a high-growth phase, with revenue from chemical macromolecules expected to double for the full year [4] Financial Performance - In H1 2025, the company reported a gross margin of 43.5%, an increase of 1.3 percentage points, and an adjusted net profit margin of 21.4%, up 5.4 percentage points [2] - The company’s revenue for Q2 alone was 1.647 billion yuan, reflecting a 26.94% increase, with a net profit of 291 million yuan, up 33.94% [1] - The company has a strong order backlog of 1.088 billion USD, indicating high revenue certainty for the full year, with expected revenue growth of 13-15% [2] Business Segments - The small molecule CDMO business generated revenue of 2.429 billion yuan in H1 2025, showing a steady growth of 10.6% [3] - The emerging business segment reported revenue of 756 million yuan, a significant increase of 51.2%, with a backlog growth of over 40% [4] - The chemical macromolecule business saw revenue of 379 million yuan, growing over 130%, with expectations for continued strong growth in the second half of the year [4] Future Outlook - The company anticipates revenue for 2025-2027 to be 6.755 billion, 8.066 billion, and 9.488 billion yuan, with year-on-year growth rates of 16.37%, 19.40%, and 17.63% respectively [4] - Net profit projections for the same period are 1.155 billion, 1.377 billion, and 1.668 billion yuan, with growth rates of 21.70%, 19.24%, and 21.11% respectively [4]

Core Viewpoint - Kailaiying's stock price has shown significant fluctuations, with a year-to-date increase of 40.92% and a recent decline over the past 20 days, indicating potential volatility in the market [1][2]. Financial Performance - For the first half of 2025, Kailaiying achieved a revenue of 3.188 billion yuan, representing a year-on-year growth of 18.20%, while the net profit attributable to shareholders was 617 million yuan, up 23.71% [2]. - The company has distributed a total of 2.405 billion yuan in dividends since its A-share listing, with 1.701 billion yuan distributed over the past three years [3]. Stock Market Activity - As of August 29, Kailaiying's stock price was 105.68 yuan per share, with a market capitalization of 38.108 billion yuan and a trading volume of 391 million yuan [1]. - The stock has seen a net inflow of 9.1262 million yuan from main funds, with significant buying and selling activity noted in large orders [1]. Shareholder Structure - As of June 30, 2025, Kailaiying had 41,300 shareholders, a decrease of 5.16% from the previous period, with no circulating shares per shareholder [2][3]. - Major shareholders include China Europe Medical Health Mixed A and Hong Kong Central Clearing Limited, with varying changes in their holdings [3].

香港联交所最新数据显示，8月26日，Norges Bank增持凯莱英（002821）(06821)23.56万股，每股作价 92.0514港元，总金额约为2168.73万港元。增持后最新持股数目为405.3万股，持股比例为14.71%。 ...

智通财经APP获悉，香港联交所最新数据显示，8月26日，Norges Bank增持凯莱英(06821)23.56万股，每 股作价92.0514港元，总金额约为2168.73万港元。增持后最新持股数目为405.3万股，持股比例为 14.71%。 ...

Investment Rating - The report maintains a "Buy" rating for the company [10] Core Views - In the first half of 2025, the company achieved operating revenue of 3.188 billion yuan, a year-on-year increase of 18.20%, and a net profit attributable to shareholders of 617 million yuan, up 23.71% year-on-year, indicating a significant profit growth rate surpassing revenue growth [5][6] - The small molecule CDMO business generated revenue of 2.429 billion yuan, growing by 10.6%, with a gross margin of 47.8%, benefiting from improved operational efficiency and cost control [6] - Emerging businesses continued to grow rapidly, with revenue of 756 million yuan, an increase of 51.22%, and a gross margin of 29.79%, with a backlog of orders increasing by over 40% year-on-year [7] - The company is accelerating global market expansion, with revenue from the US market at 1.789 billion yuan (up 0.45%), Europe at 548 million yuan (up 200%), and domestic market at 713 million yuan (up 3.44%) [8] Summary by Sections Financial Performance - The company reported a significant increase in both revenue and net profit in the first half of 2025, with revenue of 3.188 billion yuan and net profit of 617 million yuan, reflecting strong operational performance [5][6] - The projected revenue for 2025-2027 is 6.683 billion yuan, 7.623 billion yuan, and 8.758 billion yuan, with year-on-year growth rates of 15.1%, 14.1%, and 14.9% respectively [9] Business Segments - The small molecule CDMO segment is expected to maintain steady growth with 11 PPQ projects anticipated in the second half of 2025 [6] - The emerging business segment, particularly the chemical macromolecule business, is projected to continue its rapid growth, with expected revenue growth exceeding 130% year-on-year [7] Market Expansion - The company is making strides in global market expansion, with significant revenue growth in Europe and stable performance in the US and domestic markets [8]

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company has maintained steady growth in its small molecule business, with new businesses expected to sustain rapid growth in the second half of 2025 [2] - In the first half of 2025, the company achieved revenue of 3.188 billion yuan, a year-on-year increase of 18.2%, and a net profit attributable to shareholders of 617 million yuan, up 23.7% year-on-year [1][2] Financial Performance - In the first half of 2025, the small molecule API business generated revenue of 2.43 billion yuan, a year-on-year increase of 10.6%, indicating stable growth [2] - The emerging business segment achieved revenue of 756 million yuan in the first half of 2025, a significant year-on-year increase of 51.2% [2] - The company has a total order backlog of 1.088 billion USD, with emerging business orders growing over 40% year-on-year, laying a solid foundation for future performance [2] - The chemical macromolecule CDMO segment saw revenue of 379 million yuan in the first half of 2025, a year-on-year increase of over 130% [7] - The biopharmaceutical CDMO segment generated revenue of 90 million yuan in the first half of 2025, a year-on-year increase of 70.74% [8] Future Outlook - The company is expected to continue strengthening its capabilities in small molecule "intermediates + APIs + formulations" integrated services, while also enhancing its presence in synthetic and biological macromolecule sectors [9] - Revenue forecasts for 2025-2027 have been adjusted slightly upward, with expected revenues of 6.659 billion yuan, 7.753 billion yuan, and 8.888 billion yuan respectively [9] - The earnings per share (EPS) estimates for 2025-2027 have been revised to 3.36 yuan, 3.82 yuan, and 4.27 yuan respectively [9]

Summary of Asymchem (6821.HK) Earnings Call Company Overview - **Company**: Asymchem (6821.HK) - **Industry**: Small molecule Contract Development and Manufacturing Organization (CDMO) - **Rating**: Buy - **Price Target**: HK$96.60 (12-month target) - **Current Price**: HK$91.40 - **Upside Potential**: 5.7% for H shares, 24.4% for A shares Key Financial Highlights - **2Q25 Revenue**: Rmb1.65 billion, representing a year-over-year increase of 27.5% and a quarter-over-quarter growth of 6.9% [2][3] - **Recurring Net Profit**: Rmb261 million, up 34.3% year-over-year, with gross margin improving to 44.2% [2] - **Backlog**: Total backlog reached US$1.09 billion as of 1H25, consistent with US$1.05 billion at the end of 2024 [2] - **Full-Year Revenue Guidance**: Raised to 13-15% growth, indicating 2H25 growth of 7-11% on a higher base [2] Regional Performance - **Europe Revenue Growth**: Surged by 210.4% year-over-year in 1H25, driven by enhanced business development efforts [2] Capacity Expansion - **Peptide Capacity**: Expansion from 30kL in 1H25 to 44kL by year-end, aligning with competitors like WuXi AppTec [2] - **Capex Increase**: Management revised capex upward from previously higher than Rmb1.13 billion for 2024 to support capacity expansion [2] Market Reaction - **Share Price Decline**: Despite solid 2Q25 results, Asymchem's share price fell by 7-8% on August 26, attributed to a flat backlog and profit-taking among investors [3] Emerging Business Segment - **Sales Growth**: Emerging business segment sales reached Rmb430 million, up 33% year-over-year, with a gross margin of 49.8% [18] - **Order Backlog**: Grew 40% year-over-year in 1H25, with expectations for further margin improvement [18] Risks and Challenges - **Key Risks**: Include loss of key clients, pricing pressure, regulatory risks, rising labor costs, and exposure to US-China trade tensions [22] Valuation and Forecasts - **Revised Profit Estimates**: FY25e-27e net profit estimates increased by 1.0%, 3.5%, and 2.4% respectively, reflecting growth and margin improvements [18] - **Valuation Metrics**: Target prices based on a 2027 discounted P/E with an exit P/E of 22x, and a projected EPS CAGR of 15% from 2025 to 2027 [22] Conclusion - Asymchem is well-positioned to capitalize on the growing trend of global CDMO outsourcing to China, supported by its technology leadership and established relationships with major biopharma companies [21]