毕得医药2025半年报：创新与全球化双轮驱动 净利润同比增41.60%

Core Insights - The company, Bid Medicine, has reported impressive financial results in the context of increasing global investment in new drug development, showcasing its growth trajectory in overcoming technical barriers and participating in global competition [1] - The strategic focus on "molecular building blocks" has enabled the company to build technological barriers, deepen global layout, and create an innovative ecosystem [1] Financial Performance - In the first half of the year, the company achieved revenue of 628 million yuan, representing a year-on-year growth of 17.91% [1] - The net profit attributable to shareholders reached 73.41 million yuan, with a year-on-year increase of 41.60%, and a 70.60% rise in net profit after excluding share-based payment impacts [1] - The gross profit margin improved to 44.25%, an increase of 4.74 percentage points compared to the same period last year [1] Market Position and Product Offering - The company has established a leading global product catalog with nearly one million products, focusing on molecular building blocks, life sciences, and materials science [2] - The product portfolio is continuously optimized, emphasizing cutting-edge areas such as PROTAC degraders, antibody-drug conjugates (ADC), metabolic disease treatments (GLP-1), KRAS inhibitors, and CDK7 inhibitors [2] - The company offers over 140,000 types of molecular building blocks and scientific reagents, reflecting its commitment to diversity and timeliness [2] Global Strategy and Client Base - The company's overseas revenue grew by 21.33% year-on-year, demonstrating the effectiveness of its global strategy [3] - A diverse client matrix includes multinational pharmaceutical companies like Roche, Merck, Pfizer, and domestic firms such as CSPC Pharmaceutical Group and Hengrui Medicine, as well as various CROs and research institutions [3] - This diversification not only mitigates regional risks but also creates a channel barrier that is difficult to replicate [3] Technological Innovation and Operational Efficiency - The company has enhanced its "high-margin products + high-stickiness services" model, resulting in a significant increase in gross profit margin [4] - In the first half of the year, the company added seven new patents, totaling 139 authorized intellectual properties, including 54 invention patents [4] - Digital upgrades and e-commerce platform development have significantly improved customer experience and order conversion efficiency [4] Future Market Outlook - The global molecular building block market is expected to exceed $60 billion by 2029, with the active small molecule compound market in the scientific reagent sector growing at an annual rate of 9.3% [5] - The company is transitioning from a "product supplier" to a "R&D partner," successfully helping clients shorten new drug development cycles [5] - The company's half-year report not only highlights financial growth but also illustrates how Chinese innovative drug service chain enterprises can occupy key positions in the global biopharmaceutical industry through technological depth and globalization [5]