【药明生物（2269.HK）】整体项目数再创新高，商业化生产逐步提速——2025年半年报点评（王明瑞/叶思奥）

Core Viewpoint - The company reported a significant increase in revenue and net profit for the first half of 2025, indicating strong performance and growth potential in the market [4]. Group 1: Financial Performance - The company achieved revenue of 9.953 billion yuan, representing a year-over-year increase of 16.1% [4]. - The net profit attributable to shareholders was 2.339 billion yuan, reflecting a year-over-year growth of 56.0% [4]. - The gross profit margin improved by 3.6 percentage points to 42.7% [4]. Group 2: Project and Market Development - The company added 86 new projects in the first half of 2025, bringing the total number of projects to 864, including 9 "winning molecule" projects, with 2 in clinical phase III [5]. - Revenue from North America grew by 20.1%, making it the main driver of the company's income, while Europe and China showed stable performance with growth of 5.7% and a decline of 8.5%, respectively [5]. - Other regions experienced a rapid revenue increase of 136%, indicating the company's efforts to expand in emerging markets [5]. Group 3: Future Prospects and Order Backlog - As of the first half of 2025, the company had an unfulfilled order total of 20.3 billion USD, including 11.4 billion USD in service orders and 9 billion USD in potential milestone payments [6]. - The company expects to complete 25 process performance qualifications (PPQ) in 2025, a significant increase from 16 in 2024, with a 98% success rate in PPQ production [6]. - The number of clinical phase III and commercial production projects stands at 67 and 24, respectively, with a year-over-year revenue growth of 24.9%, supporting future potential orders [6].