康龙化成：预计全年CMC毛利率略高于去年同期的33%

Core Viewpoint - 康龙化成 is experiencing a positive trend in its CMC service gross margin, with expectations for continued growth in the upcoming quarters [1] Financial Performance - The gross margin for CMC services in Q3 2025 is reported at 34.6%, reflecting a 4 percentage point increase quarter-over-quarter [1] - The company anticipates that the gross margin for Q4 will continue to improve sequentially, with the full-year gross margin expected to be slightly above 33%, compared to the same period last year [1] Capital Expenditure - The projected capital expenditure for 2025 is over 2 billion yuan, primarily allocated for laboratory services in China and small molecule CDMO capacity expansion, including new capacity in Beijing and the second phase project in Shaoxing [1] - Future capital expenditures are expected to remain at similar levels, with operating cash flow sufficient to cover these expenditures [1] Innovation and Technology Investment - 康龙化成 is committed to ongoing investments in new technology areas, including organoids and AI [1] - The company aims to maintain sustainable positive free cash flow [1]