Chemexpress(SH:688131) Cai Jing Wang·2025-09-26 07:23Core Insights - The company reported a negative operating cash flow in the first half of 2025 due to increased investments in market expansion and product inventory, with accounts receivable collections concentrated in the second half [1] - The management is focused on improving financial metrics through cost control, product structure adjustments, and international market development [1] - The company has made significant progress in its ADC (Antibody-Drug Conjugate) business, with over 70 projects undertaken and 14 small molecule products completing FDA sec-DMF filings [2] Financial Performance - The negative operating cash flow is attributed to heightened investments in market development and product inventory [1] - The company is actively managing accounts receivable, resulting in improved turnover rates compared to the previous year [1] - Measures to enhance cash flow management include budget management, process optimization, and financial integration [1] ADC Business Development - The company has established a comprehensive service platform for ADC, covering the entire chain from Payload-Linker development to commercial production [2] - The Chongqing facility has commenced operations and passed EU QP audits, featuring multiple commercial production lines for antibodies and ADCs [2] - The company is actively promoting its Chongqing facility and accelerating project progress to ramp up new production capacity [2]