民生证券给予九洲药业推荐评级，2025年半年报点评：CDMO业务收入稳健增长，储备项目持续扩容

Group 1 - The core viewpoint of the report is a recommendation for Jiuzhou Pharmaceutical (603456.SH) with a latest price of 18.46 yuan, highlighting its growth potential in the CDMO business and emerging technologies [2] - The revenue structure shows steady growth in the CDMO business, while the specialty API segment has experienced a year-on-year decline [2] - The project funnel for CDMO continues to expand, with a steady increase in the number of commercialized projects [2] - The establishment of new technology platforms has shown significant results, with rapid growth in overseas orders for TIDES business [2]