药石科技：公司在新分子业务方面已形成系统化布局

Core Viewpoint - The company has established a systematic layout in its new molecular business, focusing on four cutting-edge areas: ADC, TPD, and TIDES, and has developed comprehensive service capabilities from early research to process development and production [1] Group 1: ADC (Antibody-Drug Conjugates) - The company utilizes an artificial intelligence research platform to create end-to-end service capabilities, including innovative linker design, linker-payload synthesis, targeted coupling technology, and stability research, providing one-stop support from candidate molecules to clinical application [1] Group 2: TPD (Targeted Protein Degradation) - In the TPD area, the company has designed and supplied CRBN molecular building blocks and novel linkers during the research phase, and has established a one-stop CMC service platform to offer full-cycle services from early API and formulation development to mid-to-late stage optimization and commercial production [1] Group 3: TIDES - To address bottlenecks in traditional solid-phase synthesis for long peptides and large-scale production, the company has focused on developing core technologies such as liquid-phase synthesis, enzymatic synthesis, and continuous flow synthesis, creating an integrated solution centered on non-natural amino acids and peptide technology to meet diverse customer needs [1] Group 4: Business Growth and Future Outlook - Although the new molecular business is still in its early stages, accounting for less than 10% of total revenue, it shows strong growth momentum with order growth exceeding 100%. The company is confident in the future prospects of this business and plans to continue investing in technology and capacity building to drive it as an important growth engine [1]