Core Viewpoint - The company has raised its net profit forecasts for 2025 and 2026 by 5.5% and 1.6% to 4.21 billion and 4.71 billion yuan respectively, due to smooth project progress and improved operational efficiency [1] Financial Performance - The company reported 1H25 revenue of 9.95 billion yuan, a year-on-year increase of 16.1%, with a continuous operating business revenue growth of 20.2% [2] - Gross margin reached 42.7%, up 3.6 percentage points year-on-year, while adjusted EBITDA was 4.31 billion yuan, reflecting a 20.6% increase [2] - Adjusted net profit for 1H25 was 2.84 billion yuan, an 11.6% year-on-year increase, exceeding expectations due to successful project advancements and improved efficiency [2] CRDMO Business Model - As of 1H25, the company has empowered over 50 molecular projects, with potential milestone payments and sales shares amounting to 9 billion USD [3] - Revenue from preclinical stage reached 4.15 billion yuan, a 35.2% increase, driven by research services and preclinical development project conversions [3] - Revenue from clinical phase III and commercialization reached 4.29 billion yuan, a 24.9% increase, supported by the advancement of early projects and ongoing commercialization [3] Project and Order Status - The company signed 86 new projects in 1H25, with over 70% being complex molecules, showcasing its technical capabilities [4] - The company secured 9 new molecular projects, including 2 clinical phase III projects, primarily from the U.S. [4] - As of 1H25, the total unfulfilled orders reached 20.3 billion USD, with approximately 4.2 billion USD in orders expected to be completed within three years [4] Global Capacity Expansion - Capital expenditure for 1H25 was approximately 1.9 billion yuan, with an expected total of 5.3 billion yuan for the year [5] - In Singapore, the modular biopharmaceutical production facility has commenced construction, while the modular bulk production facility is in the design phase [5] - In Ireland, the MFG6.2 has completed its first engineering batch and PPQ production, and MFG7 has completed its second 12kL scale PPQ production [5]
中金：维持药明生物跑赢行业评级 上调目标价至36港元