【药明康德（603259.SH、2359.HK）】毛利率改善明显，TIDES业务增长强劲——2025半年报点评（王明瑞/叶思奥）

Core Viewpoint - The company reported significant revenue and profit growth in the first half of 2025, driven by a strong focus on the CRDMO business model and operational efficiency improvements [4][5]. Group 1: Financial Performance - The company achieved a revenue of 20.799 billion yuan in the first half of 2025, representing a year-over-year increase of 20.64% [4]. - The net profit attributable to shareholders reached 8.561 billion yuan, with a remarkable year-over-year growth of 101.92% [4]. - The non-IFRS net profit was 5.58 billion yuan, reflecting a year-over-year increase of 26.5% [4]. - In Q2 2025, the company generated revenue of 11.14 billion yuan, up 20.37% year-over-year, and a net profit of 4.89 billion yuan, which is a 112.78% increase year-over-year [4]. Group 2: Business Drivers - The strong performance in the first half of 2025 is attributed to the company's ongoing focus on the CRDMO business model and enhancements in production processes and operational efficiency [5]. - The non-IFRS gross margin improved to 44.5%, an increase of 4.7 percentage points year-over-year [5]. - The company realized gains from the sale of shares in its associate WuXi XDC Cayman Inc. [5]. Group 3: Order Backlog and Future Outlook - As of June 30, 2025, the company's order backlog reached 56.69 billion yuan, a year-over-year increase of 37.2%, indicating a strong business development trend [5]. - The chemical business generated revenue of 16.3 billion yuan in the first half of 2025, a substantial year-over-year growth of 33.5% [6]. - The small molecule D&M business contributed 8.68 billion yuan in revenue, reflecting a year-over-year increase of 17.5% [6]. - The TIDES business showed outstanding performance, with revenue reaching 5.03 billion yuan, a year-over-year increase of 141.6% [6]. - The company is expanding its production capacity, with expectations that by the end of 2025, the total volume of small molecule active pharmaceutical ingredient reactors will exceed 4 million liters [6].