奥浦迈(688293)：国内外业绩均提升 参与项目数持续增加

Core Viewpoint - The company reported significant revenue and profit growth in the first half of 2025, driven by strong performance in cell culture products and CDMO services [1][2]. Financial Performance - The company achieved revenue of 178 million yuan in the first half of 2025, representing a year-over-year increase of 23.77% [1]. - The net profit attributable to shareholders reached 38 million yuan, up 55.55% year-over-year, while the net profit after deducting non-recurring items was 30 million yuan, reflecting a 76.73% increase [1]. - In Q2 alone, revenue was 94 million yuan, showing a year-over-year growth of 47.21%, with net profit at 23 million yuan, a remarkable increase of 401.77% [1]. Business Segments - The product business, primarily focused on culture media, generated revenue of 155 million yuan in the first half of 2025, marking a year-over-year increase of 25.49% [2]. - The CDMO service business reported revenue of 22.27 million yuan, up 13.24% year-over-year [2]. - The strong performance in cell culture products, particularly through deep collaboration with overseas clients, significantly supported overall revenue growth [2]. Profitability and Cost Management - The gross margin for the product business improved to 71.91%, an increase of 1.57 percentage points year-over-year [2]. - The gross margin for CDMO services was -47.53%, a decrease of 43.01 percentage points year-over-year [2]. - The overall expense ratios for sales, management, and R&D were 7.40% (down 1.32 percentage points), 16.05% (down 14.06 percentage points), and 13.58% (up 2.87 percentage points) respectively [2]. Pipeline and Future Growth - As of mid-2025, the company had 282 confirmed drug development pipelines utilizing its culture media, an increase of 35 from the end of 2024 [2]. - The growth in pipelines spans various stages, with 11 projects commercialized, 32 in Phase 3, 32 in Phase 2, 58 in Phase 1, and 149 in preclinical stages, laying a solid foundation for future growth [3]. - The company adjusted its profit forecasts for 2025-2027 to net profits of 88 million, 128 million, and 174 million yuan respectively, reflecting a higher certainty in performance growth [3].