Quan Jing Wang·2025-09-11 09:05Core Viewpoint - The company is actively expanding its capabilities in the peptide CDMO sector, particularly in the weight loss area, and is well-positioned for future growth despite potential regulatory challenges in the U.S. market [1][2] Group 1: Peptide Capacity and Market Demand - The company's peptide CDMO business is primarily driven by the rapidly growing weight loss sector, with participation in over ten molecular collaborations [1] - Projects in the weight loss field are expected to enter the PPQ (Process Performance Qualification) stage next year, indicating a positive trajectory for capacity utilization [1] - The company’s capacity expansion plans are based not only on current utilization rates but also on anticipated future commercialization needs from clients [1] Group 2: Order Backlog and Revenue Growth - As of the disclosure date of the 2025 semi-annual report, the company has a total order backlog of nearly $1.1 billion, providing a solid foundation for annual performance growth [1] - The European market has shown exceptional performance, with revenue reaching 548 million yuan in the first half of the year, representing a year-on-year growth of over 200% [1] Group 3: Global Market Strategy and Regulatory Concerns - The company is focused on accelerating global market expansion and emerging business layouts to strengthen its competitive advantage in the chemical small molecule and peptide CDMO sectors [2] - Concerns regarding potential strict regulations on Chinese pharmaceuticals by the U.S. are deemed to have limited impact on the company's global business expansion [1] - The company aims to continuously enhance its overall competitiveness while closely monitoring external policy impacts [1]