药石科技（300725）：后端CDMO业务增长亮眼，盈利能力有望开始边际改善

Investment Rating - The report assigns a "Buy" rating for the stock of the company, indicating a strong performance relative to the benchmark index [14]. Core Insights - The company's revenue for H1 2025 reached 920 million yuan, a year-on-year increase of 23.48%, while the net profit attributable to the parent company was 72 million yuan, a decline of 26.54% [1]. - The overall gross margin for H1 2025 was 31.05%, down 9.82 percentage points year-on-year, primarily due to downward pressure on order prices and depreciation from new capacity [2]. - The CDMO (Contract Development and Manufacturing Organization) business showed significant growth, with revenue increasing by 60.92% year-on-year to 548 million yuan in H1 2025 [3]. - Domestic demand is beginning to recover, with revenue from Chinese clients growing by 25.00% to 261 million yuan in H1 2025 [4][5]. - The company is strategically expanding into high-growth areas such as targeted protein degradation drugs, peptides, and ADC (Antibody-Drug Conjugates) [6]. Financial Summary - The company is projected to achieve total revenue of 1.987 billion yuan in 2025, with a year-on-year growth rate of 17.6% [7]. - The estimated net profit attributable to the parent company for 2025 is 177 million yuan, reflecting a year-on-year decline of 19.5% [8]. - The gross margin is expected to be 33.4% in 2025, down from 42.5% in 2023 [7].