证券之星消息，2025年11月27日联化科技（002250）发布公告称中金公司裘孝锋 李熹凌、中信保诚基金 姚思洲、财通证券宋田田、东方财富汪智谦 陈迪迪、南方基金陈哲、华富基金廖庆阳、华泰柏瑞丁志 远、森锦投资季亮、银华资产吴颖、East Capital陆宇熙于2025年11月26日调研我司。 具体内容如下： 问：公司医药业务发展迅速，后续情况如何，是否有引入新的客户？ 答：公司医药业务坚持大客户战略，以 CDMO 业务模式为主，公司已与多家全球领先医药企业达成合 作，同时公司积极拓展新客户，大力开拓潜在的战略型、高粘度客户。目前，公司医药事业部已与一批国 内外优质客户建立稳定商业联系，业务合作覆盖范围持续扩大，合作程度不断深入。公司跟随客户业务管 线布局公司产品管线，拓展公司技术能力，未来随着公司与客户业务的不断深入，客户专利期内产品的持 续推广，公司医药业务长期而言将有望实现增长。 问：公司医药业务研发有无在新的方向进行拓展？ 答：未来，公司将持续做大成熟业务，包括小分子 CDMO、起始原料及注册原料、GMP 中间体及高级原 料药；抓住小分子及小核酸业务 CDMO 的老客户新项目及新客户新项目；并大力投 ...

Group 1: Stem Cell Projects - The company is developing stem cell projects for treating heart failure after myocardial infarction and sequelae after cerebral infarction, such as paralysis and speech disorders [2][3] - The stem cells used are mesenchymal stem cells sourced from umbilical cords, which have good in vitro expansion capabilities and maintain their tri-lineage differentiation potential [2][3] - The company has established a technical collaboration with Chiron Pharma, Inc. for the implementation of these projects in mainland China, Hong Kong, and Macau [2][3] Group 2: Project Progress and Infrastructure - The company has completed the design, installation, and validation of GMP facilities for the stem cell projects, including the establishment of seed, master, and working cell banks [3] - The company is preparing for IND submission by completing process validation and developing analytical methods [3] Group 3: Future Business Directions - A wholly-owned subsidiary, Shanghai Jiuqian Cheng Biomedical Co., Ltd., has been established to advance stem cell projects, with future business directions to be determined based on market demand [3] - In addition to stem cell projects, the company continues to focus on its core business of providing key pharmaceutical intermediates and CDMO services, with a recent investment of 70 million yuan in Chengdu Shibeikang Biomedical Technology Co., Ltd. for innovative drug collaboration [3] Group 4: Business Operations - The company's CDMO services include small molecule drug intermediates, small nucleic acid drug intermediates, and raw materials for innovative drugs [3] - The company is committed to disclosing any significant information in accordance with regulations [3]

Core Viewpoint - The company is facing pressure in its raw material and formulation businesses, while the CDMO (Contract Development and Manufacturing Organization) business is developing positively, indicating potential for improvement in profitability [1]. Financial Performance - For Q1-Q3 2025, revenue reached 7.764 billion yuan, a year-on-year decrease of 16.43%, with net profit attributable to shareholders at 700 million yuan, down 19.48% [2]. - In Q3 alone, revenue was 2.319 billion yuan, a decline of 18.94%, and net profit attributable to shareholders was 137 million yuan, down 43.97% [2]. - The gross profit margin remained stable at 25.02% for Q1-Q3 2025, an increase of 0.79 percentage points year-on-year, while the net profit margin was 9.02%, a decrease of 0.34 percentage points [2]. - In Q3, the gross profit margin was 23.36%, up 0.18 percentage points year-on-year, but the expense ratio increased, leading to a net profit margin of 5.91%, down 2.64 percentage points year-on-year [2]. CDMO Business Development - The raw material intermediate business is under pressure due to external macroeconomic conditions and weak demand in the industry cycle [3]. - The formulation business is accelerating its multi-variety strategy, with over 120 formulation varieties and 68 projects under research as of H1 2025 [3]. - The CDMO business is thriving, with 1,180 ongoing projects, a year-on-year increase of 35%, including 377 commercial projects (up 19%) and 803 projects in the research phase (up 44%) [3]. - A total of 134 API (Active Pharmaceutical Ingredient) projects are in progress, with 30% growth year-on-year, and 24 have entered the commercialization stage [3]. - The company has signed confidentiality agreements with over 650 domestic and international innovative drug companies [3]. Catalysts - The acceleration of drug approval progress and unexpected demand at the product terminal are seen as positive catalysts for the company [4].

Investment Rating - The report maintains a "Buy" rating for the company [5][2]. Core Insights - The company's traditional business faces short-term pressure, while the CDMO (Contract Development and Manufacturing Organization) business shows strong growth certainty [1][2]. - For the first three quarters of 2025, the company reported a revenue of 7.76 billion yuan, down 16.4%, and a net profit of 700 million yuan, down 19.5% [1][5]. - The CDMO segment has seen significant growth, with revenue increasing by nearly 20% year-on-year, and its gross margin rising to 44.5% [1][2]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 2.32 billion yuan, a decrease of 18.9%, and a net profit of 140 million yuan, down 44.0% [1][5]. - The gross margin for Q3 was 23.4%, an increase of 0.2 percentage points, while the net margin was 5.9%, a decrease of 2.6 percentage points [1][5]. Business Segments - The raw materials segment generated revenue of 5.19 billion yuan, significantly down due to the contraction of low-margin API trading and weak demand in some categories [1][2]. - The CDMO segment's revenue reached 1.69 billion yuan, becoming the largest gross margin contributor with a gross margin of 44.5% [1][2]. - The formulation segment's revenue was 830 million yuan, down approximately 10% due to price reductions from domestic procurement [1][2]. CDMO Growth - As of Q3 2025, the company had 391 commercial projects (+15%), 853 clinical projects (+41%), and 1,343 quoted projects (+68%) in the CDMO segment [2]. - The total order value for projects to be delivered in the next 2-3 years is expected to reach 5.2 billion yuan, supporting continued high growth in CDMO revenue [2]. Profit Forecast - The company forecasts revenues of 11.06 billion yuan, 11.67 billion yuan, and 12.92 billion yuan for 2025, 2026, and 2027, respectively, with expected growth rates of -8.0%, 5.5%, and 10.7% [2][9]. - The projected net profits for the same years are 1.00 billion yuan, 1.22 billion yuan, and 1.50 billion yuan, with growth rates of -2.5%, 21.2%, and 23.4% [2][9].

Core Viewpoint - Baicheng Pharmaceutical (SZ301096) experienced a trading halt with a price of 69.48 yuan, marking a 13.13% increase and a total market capitalization of 7.154 billion yuan, driven by breakthroughs in innovative drugs, steady growth in CDMO business, and shareholder confidence through increased holdings [1][2]. Group 1 - The company has achieved a breakthrough in innovative drug development with the approval of its first-class chemical drug IND, filling a market gap and showcasing its R&D capabilities [2]. - The CDMO business of the company is steadily developing, with a total of 617 projects completed by Saime Pharmaceutical, solidifying its industry position and providing stable performance support [2]. - The controlling shareholder has increased their stake by 0.85%, amounting to 50.31 million yuan, reflecting confidence in the company's long-term development [2]. Group 2 - The company's operating cash flow turned positive year-on-year in the first three quarters of 2025, alleviating market concerns regarding its financial status [2]. - Multiple brokerage firms have issued positive reports on the company, with Pacific Securities rating it as "overweight" and Zheshang Securities giving it a "buy" rating, enhancing market confidence in the company's innovative transformation [2]. - The pharmaceutical R&D service sector saw active participation from several stocks on the same day, indicating a sector-wide momentum [2].

Core Insights - The company plans to enhance its core competitiveness in molecular building blocks and support the collaborative development of its CDMO business by investing in a new R&D facility set to be operational by 2026 [1] - The new facility is expected to accommodate over 100 R&D personnel, focusing on two main areas: establishing a rapid supply capability for high-demand building blocks and developing new chemical entity building blocks [1] - The molecular building block business serves as an entry point, providing novel and functionally unique building block products to early-stage client R&D pipelines, thereby driving demand for the CDMO business [1] Summary by Categories R&D Facility - The company will invest in a new R&D facility scheduled for use in 2026, which will house more than 100 R&D personnel [1] Focus Areas - The new R&D personnel will concentrate on two key directions: 1. Creating a rapid supply capability for high-demand building blocks 2. Developing new chemical entity building blocks, particularly focusing on cutting-edge structures like CRBN ligands and non-natural amino acids [1] Business Strategy - The molecular building block business acts as a front-end entry point, providing innovative and unique building block products that facilitate early engagement with clients' R&D pipelines, thus generating leads for the CDMO business [1]

Group 1: Company Operations and Production Capacity - The company has completed the construction of 5 workshops in the second phase of its second factory, with 2 workshops currently in trial production and 4 workshops in the first phase officially in operation [1] - By 2026, the company plans to achieve an annual production capacity of 1.5-1.6 billion units, with total raw material production capacity expected to exceed 2 billion units in the next 3-5 years [2] Group 2: Product Development and Market Position - The company has 17 new products in the second tier expected to see significant growth in the next 3-5 years, with 8 products in the third tier currently in the registration process [2] - The company maintains a competitive edge in the raw material drug market due to its complete industrial chain and strong manufacturing capabilities, despite the intense competition from countries like India [2] Group 3: Financial Performance and Challenges - In the third quarter, the company reported a decrease in revenue of 31.7 million, a decline of 13.18% compared to the second quarter, primarily due to the suspension of production for some older products [5] - The company recorded an asset impairment loss of over 30 million in the first three quarters, mainly due to the high costs associated with the production of new product validation batches [4] Group 4: Talent Acquisition and Retention - The company offers competitive salaries for high-end talent, with PhD salaries above the level in first-tier cities, along with government subsidies and stock incentive opportunities [4] Group 5: Future Outlook and Shareholder Returns - The company emphasizes long-term value creation for shareholders through performance improvement and increased communication with the capital market, in addition to cash dividends [5] - The CDMO business is expected to achieve rapid growth by 2027-2028, with current orders amounting to approximately 50 million, including 23 million expected in the fourth quarter [4]

Core Insights - The company reported a significant increase in net profit for the first three quarters of 2025, reaching 316 million yuan, a year-on-year growth of 871.65% [1] - Total operating revenue for the same period was 4.718 billion yuan, reflecting an 8.25% year-on-year increase, with Q3 revenue alone at 1.569 billion yuan, up 13.61% [1] - The growth is attributed to a diversified business model, with the pharmaceutical sector being a key driver [1] Business Performance - The pharmaceutical business has become a crucial growth engine, with revenue reaching 1.018 billion yuan in the first half of 2025, a 42.80% increase year-on-year [1] - The subsidiary, Lianhua Angjian, reported revenue of 1.118 billion yuan and a net profit of 270 million yuan, marking a 90.4% increase [1] - The agricultural protection business is showing signs of recovery as the inventory destocking phase ends, contributing positively to overall performance [1] International Expansion - The company is making steady progress in its overseas operations, particularly with the Malaysia project aimed at producing and selling patented agricultural products [2] - The UK subsidiary has shown significant improvement, achieving a net profit of 67.97 million yuan in the first half of 2025, marking a turnaround from previous losses [2] Technological Advancements - The company is focusing on enhancing its production efficiency through technological breakthroughs, including the development of green adsorption technology to reduce energy consumption [2] - Progress has been made in biotechnology, with multiple green enzyme catalysis projects completed and a fermentation platform established for developing biopesticides and biofertilizers [2] Governance and Strategy - A new board of directors was elected in September 2025, led by Chairwoman Wang Ping, which is expected to strengthen the company's governance structure [2] - The company believes that its comprehensive supply chain and mature waste management systems provide a competitive edge in the international market [3] - The recent quarterly results signal strong confidence in the company's resilience and competitive ability amid fluctuating industry cycles and complex international environments [3]

Core Viewpoint - The company reported a decline in revenue and profit for the first three quarters of 2025, indicating pressure on profitability and a challenging market environment [1][2]. Financial Performance - For Q1-3 2025, the company achieved revenue of 7.764 billion yuan, a year-over-year decrease of 16.43%, and a net profit attributable to shareholders of 700 million yuan, down 19.48% year-over-year [1][2]. - In Q3 2025, revenue was 2.319 billion yuan, a decline of 18.94% year-over-year, with a net profit of 137 million yuan, down 43.95% year-over-year [2]. - The gross margin for Q1-3 2025 was 25.02%, an increase of 0.79 percentage points year-over-year, while the net margin was 9.02%, a decrease of 0.34 percentage points year-over-year [2]. Business Segments - The API business generated sales of 5.19 billion yuan, down over 20% year-over-year, primarily due to weak demand for antibiotics and a strategic contraction in trading activities [3]. - The CDMO business saw significant growth, with sales of 1.69 billion yuan, a nearly 20% increase year-over-year, and a gross margin of 44.4%, contributing nearly 40% to the overall gross profit [3]. - The company has a backlog of orders worth 5.2 billion yuan for the next 2-3 years, mainly from commercial orders and secondary supply transitions to commercial production [3]. Stock Buyback - The company announced a share buyback plan of 75 to 150 million yuan to support employee stock ownership plans, with a maximum buyback price of 22 yuan per share [3]. Future Outlook - The company is expected to see a gradual improvement in net profit margins from 2026 to 2027, with projected revenues of 10.332 billion yuan, 11.194 billion yuan, and 12.504 billion yuan for 2025, 2026, and 2027 respectively [4]. - The net profit forecast for the same years is 910 million yuan, 1.097 billion yuan, and 1.375 billion yuan, corresponding to a PE ratio of 20, 17, and 14 times [4].

Core Viewpoint - The company reported a positive performance in Q3 2025, with revenue and net profit showing significant year-over-year growth, indicating a sustained upward trend in its financial performance [4][5]. Financial Performance - In Q3 2025, the company achieved revenue of 12.90 billion (CNY) (+7.37% YOY) and a net profit of 2.22 billion (CNY) (+42.30% YOY), with a non-GAAP net profit of 2.20 billion (CNY) (+46.42% YOY) [5]. - The gross margin for Q3 2025 was 37.78% (+4.10 percentage points YOY), and the net profit margin was 17.22% (+4.13 percentage points YOY), reflecting a significant improvement in profitability [5]. CDMO Business - The CDMO business generated revenue of 22.91 billion (CNY) in H1 2025 (+16.27% YOY) with a gross margin of 41.02% (-0.04 percentage points YOY) [6]. - The company is deepening collaborations with major clients, with a notable increase in non-commercial projects from overseas core clients and a rapid growth in projects from Biotech clients in the U.S. and Europe [6]. - New orders in Q3 2025 showed a significant recovery, with an increase in key clinical batches and NDA projects, indicating a positive outlook for revenue growth in the next 1-2 years [6]. Emerging Business - The TIDES business is accelerating, with a rapid increase in new peptide projects signed overseas [7]. - The second phase of commercial capacity construction is expected to be operational by November 2025, reaching a scale of 800 kilograms per year, which will alleviate capacity bottlenecks in peptide production [7]. - The company is also establishing commercialization capacity for small nucleic acids domestically while maintaining R&D platforms internationally [7]. API Business - In H1 2025, the API business generated revenue of 5.23 billion (CNY) (-28.48% YOY) with a gross margin of 23.26% (+2.07 percentage points YOY) [9]. - In Q3 2025, prices for certain raw materials showed a slight decline, but the company anticipates an improvement in prices by Q4 2025 [9].