Chemexpress(SH:688131) Zheng Quan Ri Bao Wang·2026-02-13 09:14Core Viewpoint - The company has successfully launched multiple production bases and is experiencing a positive growth trend in its order backlog, indicating a strong outlook for its ADC (Antibody-Drug Conjugate) business [1] Group 1: Production and Capacity - The company's production bases in Ma'anshan, Jiangsu, and Chongqing have commenced operations, with capacity utilization currently in a ramp-up phase [1] - By the end of 2025, the company's small molecule business has achieved a continuous quarter-on-quarter increase in order backlog for five consecutive quarters, supporting ongoing improvements in capacity utilization [1] Group 2: Business Structure and Compliance - The company is actively adjusting its business structure to accelerate the rollout of raw material drug products, focusing on advancing its GMP (Good Manufacturing Practice) system and successfully passing FDA certification [1] - The Chongqing ADC CDMO base is set to officially commence production in March 2025, contributing to a comprehensive capacity layout across its three bases in Shanghai, Ma'anshan, and Chongqing [1] Group 3: Market Position and Future Outlook - The establishment of a "three-in-one" XDC (XDC Full-Service System) service framework positions the company as a rare one-stop ADC CDMO provider in China [1] - The management is optimistic about the future trends and development prospects of the ADC industry and plans to further enhance investments in this area [1]