Xin Lang Cai Jing·2026-01-14 05:19Core Viewpoint - The company has announced an expected revenue increase for 2025, projecting approximately 45.456 billion yuan, a year-on-year growth of about 15.84%, with a significant rise in net profit driven by asset sales and operational efficiency improvements [2][3][15]. Group 1: Revenue Projections - The company anticipates achieving a revenue of approximately 45.456 billion yuan in 2025, reflecting a year-on-year increase of about 15.84%, with continuous operating business revenue expected to grow by approximately 21.40% [2][14]. - The projected revenue for Q4 2025 is approximately 12.599 billion yuan, representing a year-on-year growth of 9.2% [2][14]. - The company's performance exceeds its previous guidance, which estimated a revenue range of 43.5 to 44 billion yuan for 2025 [2][14]. Group 2: Net Profit Expectations - The company expects to achieve an adjusted Non-IFRS net profit of approximately 14.957 billion yuan in 2025, a year-on-year increase of about 41.33% [3][15]. - The projected net profit attributable to shareholders is approximately 19.151 billion yuan, indicating a year-on-year growth of about 102.65%, bolstered by asset sales [3][15]. - The anticipated net profit for Q4 2025 is approximately 7.075 billion yuan, reflecting a year-on-year increase of 142.5% [3][15]. Group 3: Business Model and Strategy - The company continues to focus on its unique "integrated, end-to-end" CRDMO (Contract Research, Development, and Manufacturing) business model, which is expected to enhance operational efficiency and expand production capacity [2][14]. - The company is capitalizing on the recovery of the global investment environment and the rapid growth of its TIDES business to achieve record revenue in 2025 [2][14]. Group 4: Profit Forecast Adjustments - In a neutral scenario, the company has revised its net profit forecasts for 2025-2027 to 19.15 billion, 15.35 billion, and 17.72 billion yuan, respectively, with corresponding EPS of 6.42, 5.14, and 5.94 yuan per share [4][16]. - The projected PE ratio for 2025 is 15.37 times, maintaining a "buy" rating [4][16].