25 年业绩高增长，医药新能源业务发力 联化科技(002250) 联化科技首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘威(分析师) | 0755-82764281 | liuwei7@gtht.com | S0880525040100 | | 李智(分析师) | 021-23185842 | lizhi3@gtht.com | S0880525040045 | 本报告导读： 公司医药业务稳步增长，研发能力进一步增强，新能源业务及海外马来西亚基地成 为新的增长点。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 6,442 | 5,677 | 6,408 | 7,559 | 8,826 | | (+/-)% | -18.1% | -11.9% | 12.9% | 18.0% | 16.8% | | 净利润(归母 ...

25 年业绩高增长，医药新能源业务发力 联化科技(002250) 联化科技首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘威(分析师) | 0755-82764281 | liuwei7@gtht.com | S0880525040100 | | 李智(分析师) | 021-23185842 | lizhi3@gtht.com | S0880525040045 | 本报告导读： 公司医药业务稳步增长，研发能力进一步增强，新能源业务及海外马来西亚基地成 为新的增长点。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 6,442 | 5,677 | 6,408 | 7,559 | 8,826 | | (+/-)% | -18.1% | -11.9% | 12.9% | 18.0% | 16.8% | | 净利润(归母 ...

Core Viewpoint - Scinai Immunotherapeutics Ltd. has received expanded support from the Israel Innovation Authority for its robotic aseptic fill & finish platform, with a total grant budget of NIS 5 million over two years, of which approximately 66% is non-dilutive funding [1] Group 1: Project and Funding Details - The project aims to advance a fully automated robotic-arm aseptic fill & finish system compliant with EU GMP Annex 1 standards, with validation expected to be completed in Q3 2026 [1] - The funding will support the acquisition and validation of the robotic system, enhancing Scinai's clinical manufacturing capabilities [1] Group 2: Strategic Developments - The investment is part of Scinai's strategy to modernize its CDMO capabilities following the acquisition of Recipharm Israel Ltd. and a strategic collaboration agreement with Recipharm [1] - The collaboration with Recipharm provides a pathway for clients to transition from early clinical development to late-stage and commercial manufacturing within Recipharm's global network [1] Group 3: Operational Enhancements - Robotic aseptic processing is expected to reduce human intervention, enhance reproducibility, and strengthen contamination control in sterile manufacturing [1] - The new platform will support complex biologics programs and align with the expansion of Scinai's development and manufacturing footprint [1] Group 4: Future Opportunities - The company is monitoring a potential new IIA program to support industrial CAPEX investments, which could further enhance capabilities at its Yavne small-molecule site [1]

据了解，通德药业已在国内CDMO领域，尤其在注射液CDMO领域确立了行业龙头地位，企业的"智耀通"创新药物CDMO服务平台，入选工信 部首批重点培育中试平台名单，已累计实施超300个服务项目，其中超100个项目成功实现上市转化。 穿上"白大褂"，戴上头套和鞋套，记者走进智耀通创新药物CDMO中试服务平台厂房。穿过一尘不染的过道，透过明亮的玻璃，只见两位身穿 洁净服的工作人员在其中操作。这就是企业于2024年投产的31G国际化生产线。 "我们正在生产的是注射用泮托拉唑钠，这是国家第四批集中采购药品，用于治疗消化道疾病，目前在市场上供不应求，所以我们春节期间仍 然坚持生产。"车间主任吴照军说。 记者看到，在洁净车间内，工作人员不停走动，检查各个环节是否正常运转。在采访中记者了解到，31G线是一条非终端灭菌西林瓶冻干粉针/ 水针线。"这是全自动化产线，全自动物料配制、自动清洗、自动灌装，很多工序是一键式操作，所以车间里需要的人员不多。"吴照军解释 道。 转自：成都日报锦观 全自动物料配制、自动清洗、自动灌装 药品保供 全自动产线春节不停工 2月19日大年初三，位于成都医学城的成都通德药业有限公司，仍有部分产线在保持 ...

Core Insights - Longhua Technology (联化科技) is positioned as a leading player in the agricultural and pharmaceutical CDMO sectors, with significant achievements in small nucleic acid CDMO and potential in functional chemicals [1][2] Business Overview - Longhua Technology has established a collaborative development framework across four core industrial segments: agricultural protection, pharmaceuticals, functional chemicals, and equipment & engineering services [2] - The agricultural protection segment generated revenue of 1.702 billion yuan in the first half of 2025, with a gross margin increase of 9.48% year-on-year [2] - The pharmaceutical segment, focusing on APIs and intermediates, achieved revenue of 1.018 billion yuan in the first half of 2025, reflecting a year-on-year growth of 42.80% [2] Small Nucleic Acid CDMO - The company is leveraging small nucleic acid CDMO to tap into new growth opportunities, with advantages over traditional small molecule and antibody drugs, including broader target selection and higher success rates [3] - Since 2022, the market for small nucleic acid drugs has seen significant activity, with 32 transactions totaling 29.022 billion USD in 2025, indicating strong commercial value [3] - Longhua Technology has developed scalable production processes for modified nucleotides and has established a high-efficiency delivery system for nucleic acid drugs, enhancing its competitive edge [3] Functional Chemicals and Market Potential - The functional chemicals segment reported revenue of 0.265 billion yuan in the first half of 2025, marking a year-on-year doubling [4] - The company is focusing on lithium battery materials, including lithium hexafluorophosphate and LiFSI, with ongoing product development in various testing phases [4] - The National Development and Reform Commission's new storage action plan aims for over 1.8 million kilowatts by 2027, which is expected to drive significant market demand in the energy storage sector [4] Financial Performance - For the first three quarters of 2025, Longhua Technology reported total revenue of 4.718 billion yuan, an increase of 8.25% year-on-year, and a net profit of 316 million yuan, surging by 871.65% [1] - The projected net profit for 2025 is estimated to be between 350 million and 420 million yuan, representing a year-on-year growth of 239.35% to 307.22% [4]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [9]. Core Insights - The company is positioned as a leading provider of chemical technology solutions, focusing on agricultural CDMO, pharmaceutical small molecules, and small nucleic acid CDMO, with significant achievements in functional chemicals [3][5]. - The agricultural sector is experiencing steady growth, while the pharmaceutical CDMO sector shows promising prospects, particularly in small nucleic acids, which are gaining traction in the market [6][7]. - The company is expanding its footprint in the new energy sector, particularly in lithium battery materials, which presents substantial growth potential [8]. Summary by Relevant Sections Company Overview - Founded in 1985 and located in Taizhou, Zhejiang Province, the company has evolved from producing flavor and fragrance intermediates to becoming a global custom manufacturing service provider in agriculture, pharmaceuticals, and functional chemicals [5][19]. - The company has established a comprehensive business platform that meets diverse customer needs across various stages of product development and lifecycle [21][24]. Agricultural Sector - The global agricultural industry is entering a mature phase, with projected sales of $77.2 billion in 2024, reflecting a 6.8% year-over-year decline. However, the sector is expected to expand steadily due to ongoing population growth [6][53]. - The competitive landscape is characterized by oligopolistic structures, with the top five companies holding a 57.4% market share in 2024, driven by innovation and strong brand channels [6][53]. Pharmaceutical CDMO - The company has been involved in small molecule CDMO for over a decade, with a robust revenue growth trajectory since 2017. A significant rebound is expected in 2025, with projected revenue of 1.018 billion yuan, a 42.8% increase year-over-year [7]. - The company is expanding into the small nucleic acid drug market, which is projected to see 32 transactions worth $29.022 billion in 2025, highlighting the growing commercial value of this segment [7]. Functional Chemicals - The lithium-ion battery electrolyte market is rapidly growing, with expected shipments reaching 2.235 million tons by 2025, a 46.4% increase. The company is focusing on lithium hexafluorophosphate and lithium bis(fluorosulfonyl)imide as key products in this sector [8][24]. - The company is well-positioned to capitalize on the increasing demand for lithium battery materials, with a focus on developing high-performance products [8]. Financial Performance - The company is expected to achieve net profits of 410 million, 630 million, and 790 million yuan for the years 2025 to 2027, respectively, indicating strong financial growth prospects [9].

2026.01.30 本文字数：3097，阅读时长大约5分钟 作者 |第一财经 彭海斌 "不光是在收缩，是在消失。"澳斯康创始人罗顺近期接受第一财经记者采访时，这样评价跨国CDMO在 华业务。 CDMO是指合同研发和生产组织，它是制药产业链分工日益专业化的结果。2020年左右，一大批知名跨 国企业如龙沙、赛默飞世尔、默克等都在中国投资了CDMO业务，并对中国业务寄予厚望。 现在，潮水已经退去。目前，还在中国开展CDMO业务的跨国企业几乎只有德国的勃林格殷格翰了。 进退之间 2025年，昭衍生物向前一步。 2025年9月份，昭衍生物技术（广州）有限公司开业。它的制造基地位于广州知识城，聚焦于大分子药 物的CDMO。这一基地拥有17000平方米的实验室及生产车间，配备国际领先的模块化生产设施,建有多 条200升、500升、2000升一次性原液生产线，及水针、冻干高端制剂线，并具备连续化生产工艺及数字 化控制系统。 当时，广州昭衍生物总经理贺涛表示，这一制造基地的投运，标志着昭衍生物"南北协同、中外联动"战 略迈出实质性一步。该基地提升昭衍生物在大湾区的产能供给，更为集团打造辐射东南亚及其他海外地 区的生物医药创新 ...

联化科技 20260127 摘要 莲花科技 2024 年四季度业绩反转，扣非净利润预计同比增长 172%至 238%，主要受益于产能利用率提升、汇率收益及业务改善。公司专注 于植保、医药原料药及中间体 CDMO，以及功能化学品和设备与工程服 务。 公司植保业务收入占比约 60%，受植保市场周期影响显著，但与全球五 大植保公司有长期合作，是国内主要植保 CDMO 企业之一，多基地布局 分散风险，通过技改实现产品交替。 医药板块作为创新药 CDMO，近年来稳健增长，贡献重要利润，体现出 生产工艺平台、GMP 质量管理和客户关系壁垒优势，已通过 FDA 等认 证，拥有 18 个商业化产品和多个临床期产品。 新能源业务主要推进电池相关化学品，如六氟磷酸锂（LiFSI），规划产 能为 2 万吨六氟磷酸锂和 1 万吨 LiFSI。该业务虽面临挑战，但长期仍 被视为大赛道行业。 公司设备服务板块由上海宝丰负责，从事工业节能发热设备及化工容器 销售，客户包括通威股份等，收入和利润较为稳定。 Q&A 莲化科技 2025 年业绩预告的具体内容是什么？其业绩反转的原因有哪些？ 莲化科技在 2026 年 1 月 24 日发布了 20 ...

Core Viewpoint - The commercialization of ADC (Antibody-Drug Conjugates) drugs is reaching a turning point, highlighting a capacity gap in the industry as WuXi AppTec (HK02268) announces a significant acquisition of Easton Biopharma (HK01875) to enhance its production capabilities [1][4]. Group 1: Acquisition Details - WuXi AppTec plans to acquire approximately 773 million shares of Easton Biopharma at a price of HKD 4.000 per share, valuing the total equity at approximately HKD 30.91 billion [2]. - The offer price represents a significant premium of about 99% over the closing price of HKD 2.010 per share on December 22, 2025, and a 114.67% premium over the 30-day average closing price of HKD 1.860 per share [2]. - Easton Biopharma has a limited market presence, often referred to as a "zombie stock," with a typical daily trading volume of less than HKD 1 million [2]. Group 2: Business Synergy - The acquisition is driven by the business synergy between WuXi AppTec and Easton Biopharma, as the latter is one of the earliest developers of ADC drugs in China, although it has faced challenges with its ADC pipeline [3]. - Easton Biopharma's revenue from product sales has been increasing, with projected revenues of RMB 3.04 billion, RMB 6.30 billion, and RMB 8.77 billion for 2022, 2023, and 2024 respectively, indicating a shift towards profitability in 2024 [3]. Group 3: Production Capacity and Strategic Fit - Easton Biopharma possesses a large-scale GMP-compliant production facility and has established an integrated ADC platform, which aligns with WuXi AppTec's strategy to enhance production capacity [4][5]. - The geographical proximity of both companies in the Yangtze River Delta region is crucial for reducing technology transfer risks and achieving operational efficiency [1][5]. - WuXi AppTec anticipates significant growth, projecting a revenue increase of over 45% and a gross profit increase of over 70% for 2025, alongside a substantial rise in adjusted net profit [6].

Core Viewpoint - WuXi AppTec (02268) has announced a cash offer to acquire Dongyao Pharmaceutical while also reporting a positive earnings forecast for the fiscal year 2025, highlighting significant growth in revenue and profit metrics [1][4]. Financial Performance - WuXi AppTec's revenue for 2025 is expected to grow by over 45% year-on-year, with gross profit increasing by over 70% and adjusted net profit (excluding interest income and expenses) also rising by over 45%. After accounting for currency fluctuations, the growth rate is anticipated to exceed 65% [1]. Strategic Acquisition - The acquisition of Dongyao Pharmaceutical is aimed at expanding operational capacity in China and enhancing overall production capabilities, thereby strengthening WuXi AppTec's position in the ADC CDMO sector [4][5]. - This move is part of a broader strategy to leverage both organic growth and mergers and acquisitions to solidify market leadership [4]. Industry Context - The ADC CDMO industry is experiencing a significant capacity shortage due to the rapid expansion of clinical pipelines and commercialization demands, making "capacity delivery capability" a critical competitive barrier [5][11]. - As of December 2025, there are 21 approved ADC drugs globally, with new types of bioconjugates emerging, indicating a robust growth trajectory for the sector [5]. Capacity Expansion - WuXi AppTec has established a global capacity matrix with facilities in Wuxi, Jiangyin, Hefei, and Singapore, which allows for efficient local production to meet global client needs [11][14]. - The company has over 630 global clients and 252 iCMC projects, demonstrating strong market demand for its production capabilities [10]. Talent Development - The company has built a talent pool exceeding 2,600 employees by the end of 2025, addressing the industry's growing need for specialized personnel [9]. Market Outlook - The global ADC market is projected to reach approximately $17.2 billion by 2025, with a compound annual growth rate (CAGR) of 30.6% from 2023 to 2032, indicating substantial growth potential for CDMO companies [15]. - The ADC outsourcing service market is also expected to grow significantly, reaching $11 billion by 2030, with a CAGR of 28.4% from 2022 to 2030 [15].