Core Insights - The company achieved a revenue of 9.953 billion yuan in H1 2025, representing a year-on-year growth of 16.08% and a net profit of 2.339 billion yuan, up 56.05% [1] - The adjusted net profit reached 2.840 billion yuan, with a growth of 11.60%, and a gross margin of approximately 42.73%, an increase of about 3.6 percentage points year-on-year [1] - The company raised its full-year revenue guidance for 2025 to a growth range of 14%-16% [1] Financial Performance - The company’s net profit forecasts for 2025-2027 are adjusted to 4.578 billion yuan, 5.126 billion yuan, and 6.288 billion yuan respectively, with original estimates being 4.256 billion yuan and 4.995 billion yuan [1] - The earnings per share (EPS) are projected to be 1.1 yuan, 1.3 yuan, and 1.5 yuan for 2025-2027 [1] - The current stock price corresponds to price-to-earnings (PE) ratios of 26.7, 23.9, and 19.5 for the respective years [1] Business Segments - The preclinical business generated revenue of 4.147 billion yuan in H1 2025, showing a year-on-year increase of approximately 35.2% [2] - Clinical III phase and commercialization revenue reached about 4.289 billion yuan, up 24.9%, driven by early projects maturing and existing commercial projects ramping up [2] - The company has a total of 864 projects, with 429 in preclinical/I phase, 259 in II phase, 85 in III phase, and 24 in commercialization as of June 2025 [2] Global Expansion - The company is enhancing its global capacity with 5 research service centers, 8 drug development centers, and 8 commercial production centers worldwide [2] - Revenue growth rates for North America, Europe, China, and other regions were 20.1%, 5.7%, -8.5%, and 136.1% respectively, indicating robust growth in North America [2] - The company’s Irish base has received EMA approval for its first product for commercial production, and the construction of the MFG11 capacity in the U.S. is ongoing [2]
药明生物(02269.HK)：2025H1业绩表现亮眼 持续深化全球产能布局