CDMO主业持续发力 九洲药业上半年业绩稳健增长

Core Insights - Zhejiang Jiuzhou Pharmaceutical Co., Ltd. reported a revenue of 2.871 billion yuan for the first half of 2025, a year-on-year increase of 3.86%, and a net profit attributable to shareholders of 650 million yuan, up 17.2% year-on-year [1] Group 1: CDMO Business Performance - The CDMO (Contract Development and Manufacturing Organization) business remains the core segment of the company, showing steady growth with a rich project pipeline [1] - As of June 30, the company has undertaken 38 marketed projects, 90 Phase III clinical projects, and 1,086 Phase I and II clinical trials, indicating a robust clinical project structure [1] - The number of new drug application (NDA) submissions is rapidly increasing, laying a foundation for future performance growth [1] Group 2: Technological Advancements - The company is enhancing its technological platforms, including chiral catalysis and continuous flow reactions, to accelerate high-value service offerings [2] - Over 20 new clients have been introduced in the peptide and conjugate drug segment, with a focus on diabetes and cancer treatment areas, and overseas orders are growing rapidly [2] - The company has completed over ten projects in the first half of the year, receiving high praise from clients [2] Group 3: Global Expansion and Production Capacity - Jiuzhou Pharmaceutical is advancing its global layout, with the Taizhou base obtaining a drug production license and the expansion of the peptide GMP production line expected to be completed by the end of 2025 [2] - The company is enhancing its production line efficiency through automation and multifunctional upgrades, which supports global business development [2] - Successful project transfers from Japan and Germany to domestic factories indicate initial success in cross-regional collaboration [2] Group 4: Product Diversification and Competitive Edge - The company is expanding its product coverage in specialty APIs (Active Pharmaceutical Ingredients), focusing on diabetes, anti-inflammatory, anti-infection, and cardiovascular drugs [3] - By applying green processes such as enzyme catalysis and continuous production, the company aims to improve quality and cost control [3] - Future competitive advantages may arise from the application of AI in drug development, optimizing global capacity layout, and diversifying the client structure to increase the proportion of high-value projects [3]