药石科技：公司预计后期项目的收入占比将进一步提升

Core Insights - The company has optimized its project structure, with over 1,100 early-stage projects (from preclinical to Phase II) and 53 projects in Phase III and commercialization as of the first half of 2025, indicating a trend towards accelerated project conversion [2] - The company successfully assisted in the approval of two innovative drugs in 2025, reflecting a positive shift towards later-stage project commercialization [2] - The domestic market shows favorable conditions due to supportive policies, including accelerated new drug reviews and expanded insurance coverage, while the overseas market is expected to improve financing conditions for biotech companies due to a shift to a rate-cutting cycle in the U.S. [2] Company Performance - The total expenses for sales, management, R&D, and financial costs for the first three quarters of 2025 amounted to 283 million yuan, a year-on-year decrease of 9.88%, with expense ratios maintained at around 20% [2] - The company plans to increase investment in new technology platforms such as AI drug development and continuous flow chemistry, which may lead to a rise in R&D expenses in the future [2] Market Outlook - The company maintains an optimistic outlook on the growth of global CDMO demand over the next two years, supported by both domestic and international market signals [2]