金斯瑞生物科技：营收大增81.9%，经调净利增速超5倍，盈利韧性穿越周期

Core Insights - The article highlights the significant growth and strategic advancements of the company, Kingsoft, in the context of a rapidly evolving global environment, particularly in the innovative pharmaceutical sector [1][21] - The company has achieved remarkable financial results in the first half of 2025, with a substantial increase in revenue and profit, indicating strong operational resilience and growth potential [2][16] Financial Performance - In the first half of 2025, the company reported a revenue of $518.8 million, representing a year-on-year increase of 81.9% [2] - The gross profit reached $320.6 million, up 140.1% year-on-year, while the adjusted net profit from continuing operations surged to $178 million, a staggering increase of 509.6% [2] - The company’s cash reserves stood at $967 million as of June 30, 2025, providing a solid foundation for future research and development investments [2] Business Segments - Life Sciences Services and Products: This segment generated $247.6 million in revenue, a growth of 11.3% year-on-year, with a notable increase in the share of custom protein services [5][6] - Biopharmaceutical CDMO: The CDMO business saw a remarkable revenue increase of 511.1% to $246.9 million, driven by advancements in antibody protein drugs and cell gene therapy [10][11] - Industrial Synthetic Biology Products: Revenue in this segment reached $28.3 million, growing by 8.4% year-on-year, with strong performance in the enzyme market [13] - Cell Therapy: The company’s joint venture, Legend Biotech, reported net sales of approximately $439 million for CARVYKTI, marking a 136% increase, with expectations of reaching operational breakeven by the end of 2025 [14] Strategic Initiatives - The company is focusing on global expansion and automation, with plans to achieve full automation in its four major factories by the end of 2025, enhancing production efficiency and supply chain resilience [6][17] - Kingsoft is leveraging its technological advancements and strategic partnerships to enhance its market position and drive future growth [16][19] Market Outlook - The recovery of the innovative pharmaceutical market is expected to boost demand for CXO services, providing ongoing growth momentum for the company [16] - The company’s management is optimistic about future performance, projecting a revenue growth of 13%-15% for the life sciences business and maintaining a strong outlook for its other segments [18][19]