证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 药明生物 (2269.HK) [Table_Author] 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 临床前和临床后期表现亮眼，上调全年业 绩指引 [Table_ReportDate] 2025 年 8 月 24 日 [Table_S 事件：2025 ummar年y]8 月 19 日，公司发布 2025 年中期业绩简报。2025H1 公司 实现营业收入 99.53 亿元，同比增长 16.1%；2025H1 公司实现毛利润 42.53 亿元，同比增长 27.0%，对应毛利率 42.7%，同比提升 3.6pct；2025H1 公 司实现归母净利润 23 ...

Core Insights - The article highlights the significant growth and strategic advancements of the company, Kingsoft, in the context of a rapidly evolving global environment, particularly in the innovative pharmaceutical sector [1][21] - The company has achieved remarkable financial results in the first half of 2025, with a substantial increase in revenue and profit, indicating strong operational resilience and growth potential [2][16] Financial Performance - In the first half of 2025, the company reported a revenue of $518.8 million, representing a year-on-year increase of 81.9% [2] - The gross profit reached $320.6 million, up 140.1% year-on-year, while the adjusted net profit from continuing operations surged to $178 million, a staggering increase of 509.6% [2] - The company’s cash reserves stood at $967 million as of June 30, 2025, providing a solid foundation for future research and development investments [2] Business Segments - **Life Sciences Services and Products**: This segment generated $247.6 million in revenue, a growth of 11.3% year-on-year, with a notable increase in the share of custom protein services [5][6] - **Biopharmaceutical CDMO**: The CDMO business saw a remarkable revenue increase of 511.1% to $246.9 million, driven by advancements in antibody protein drugs and cell gene therapy [10][11] - **Industrial Synthetic Biology Products**: Revenue in this segment reached $28.3 million, growing by 8.4% year-on-year, with strong performance in the enzyme market [13] - **Cell Therapy**: The company’s joint venture, Legend Biotech, reported net sales of approximately $439 million for CARVYKTI, marking a 136% increase, with expectations of reaching operational breakeven by the end of 2025 [14] Strategic Initiatives - The company is focusing on global expansion and automation, with plans to achieve full automation in its four major factories by the end of 2025, enhancing production efficiency and supply chain resilience [6][17] - Kingsoft is leveraging its technological advancements and strategic partnerships to enhance its market position and drive future growth [16][19] Market Outlook - The recovery of the innovative pharmaceutical market is expected to boost demand for CXO services, providing ongoing growth momentum for the company [16] - The company’s management is optimistic about future performance, projecting a revenue growth of 13%-15% for the life sciences business and maintaining a strong outlook for its other segments [18][19]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The Hong Kong innovative drug sector's valuation has not reached its peak and is below the 50% quantile. The industry is in a high - prosperity stage with improving performance in innovative drugs and CXO [1][11] - The innovative drug industry is entering a recovery phase in 2025, driven by industry trends, policies, and events. BD licensing of Chinese innovative drugs overseas is booming, indicating international recognition [2] - The Hong Kong Innovative Drug ETF (513120.OF) has advantages such as good liquidity, high - purity composition, and convenient trading, making it a good investment tool [4] 3. Summary by Directory 3.1 Value Analysis - **Valuation Level**: The PE of the China Securities Hong Kong Innovative Drug Index on August 8, 2025, was 45.73, below the 50% quantile (47.42x), indicating that the valuation of the Hong Kong innovative drug sector has not reached its peak [9] - **Performance Improvement**: The performance of innovative drugs (Biotech + Pharma) and CXO is improving. After ten batches of centralized procurement, innovative drug varieties of Pharma companies are becoming the main growth force, and leading biotech companies' products are rapidly expanding. CXO's performance is also rebounding due to the high - prosperity of the innovative drug track [11][13] - **Representative Companies**: Companies like BeiGene, Kelun Botai, and others have strong R & D capabilities, rich pipelines, and successful international cooperation experiences [20][23] - **Comparison between H - shares and A - shares**: H - shares have a larger scale, higher revenue, more listed Biotech companies, and lower valuations than A - shares. The proportion of innovative drugs in H - shares is also higher [36][39] 3.2 Industry Analysis - **Development Stages**: From 2015 - 2025, the innovative drug industry has gone through preliminary exploration (2015 - 2018), capital boom (2019 - 2021), deep adjustment (2022 - 2024), and recovery (2025) stages [2] - **Policy Support**: Policies have evolved from governance system innovation to continuous optimization and national - level support. Domestic policies have accelerated the approval process and improved the commercialization of innovative drugs through measures like optimizing the review and approval process and promoting医保access [2][60] - **Ecosystem Features**: The 18A channel in Hong Kong provides financing for unprofitable biotech companies. Overseas cooperation has led to the re - evaluation of innovative drug companies' valuations, with increasing cooperation between Chinese and international pharmaceutical giants [76][80] - **Internationalization Potential**: China has achieved breakthroughs in the quantity, quality, and technology of innovative drugs. The number of self - developed innovative drugs ranks first globally, the proportion of FIC molecules ranks second, and the gap in drug listing time between China and foreign countries has been significantly shortened [88][90][92] 3.3 ETF Product Introduction - **ETF General Information**: The GF China Securities Hong Kong Innovative Drug ETF was established on July 1, 2022, tracking the China Securities Hong Kong Innovative Drug Index. It has good liquidity, with a fund scale of 16.76 billion yuan as of August 6, 2025, and its daily trading volume has increased significantly [99] - **Features and Advantages**: It has high - purity industry focus and concentration, with the weight of bioproducts and chemical pharmaceuticals in the index reaching 92.5%, and the top ten component stocks' concentration reaching 70.59%. The industry is in a period of intensive realization, and policies provide full - chain support [105][106] - **Configuration Attributes**: It is an efficient tool for investors to allocate to the Hong Kong Biotech track, helping to avoid individual stock R & D risks. It also has medium - to - long - term rotation allocation value, with the index's one - year return ranking first among QDII stock funds and significant south - bound capital inflows [107][108]

Core Viewpoint - The pharmaceutical and biotechnology sectors have seen significant gains recently, driven by supportive policies and strong performance from leading CXO companies, indicating a potential turning point for the sector's earnings [1] Group 1: ETF Performance - The Innovation Drug ETF (517110) rose over 3.2%, the Biopharmaceutical ETF (512290) increased by more than 2.2%, the Medical ETF (159828) gained over 1.3%, and the Vaccine ETF (159643) saw an increase of over 1.0% [1] - The Innovation Drug ETF tracks the SHS Innovation Drug Index (931409), which selects listed companies involved in the research and production of innovative drugs, reflecting the overall performance of companies with research capabilities and growth potential [1] Group 2: Policy and Market Trends - Recent policies, including measures to support the high-quality development of innovative drugs and the 11th batch of centralized procurement notifications, are significant for the pharmaceutical and medical device sectors [1] - The performance of leading CXO companies that have disclosed their earnings has shown a recovery trend, suggesting that the earnings turning point for the sector may be approaching [1] Group 3: Index Descriptions - The Biopharmaceutical ETF (512290) tracks the CS Biomedicine Index (930726), which includes companies in biotechnology, pharmaceuticals, and medical devices, focusing on high-growth and strong R&D capabilities [2] - The Medical ETF (159828) follows the CSI Medical Index (399989), which represents companies in medical devices, services, and biopharmaceuticals, serving as an important benchmark for investment value in the domestic medical industry [2] - The Vaccine ETF (159643) tracks the Vaccine Biotechnology Index (980015), focusing on companies involved in vaccine research, production, and related industries, highlighting significant growth and specialization [2]

湘财证券指出，脑机接口临床化进程正加速推进。在医药领域前沿技术中，医疗器械ETF（562600）跟 踪指数的脑机接口权重高达22.72%，位居全市场ETF前列；近期上市的港股通医疗ETF（520510）则为 投资者布局AI医疗、CXO等细分领域提供了更多配置机会。 脑机接口作为融合前沿神经科学与信息技术的关键赛道，应用场景涵盖医疗检测、疾病筛查、药物治疗 等多个领域。一旦相关技术成熟并获批进入临床，有望迅速落地应用，实现商业化变现。 工信部等七部门联合印发《关于推动脑机接口产业创新发展的实施意见》，明确2027年脑机接口实现关 键技术突破，初步建立先进的技术体系、产业体系和标准体系，为行业发展锚定方向。 ...

Group 1 - The Hong Kong stock market indices collectively rose on August 7, with mixed performance in tech stocks, while Apple-related stocks led the gains [1] - The newly listed Hong Kong Stock Connect Medical ETF (520510) experienced fluctuations, dropping over 1% at one point, with most holdings declining [1] - The report from Minyin International highlighted that domestic medical insurance policies and overseas value recognition will support the ongoing trend in China's innovative drug market [1] Group 2 - The Hong Kong Stock Connect Medical ETF (520510) tracks the Hong Kong Stock Connect Medical Theme Index, covering three major segments of the medical sector, with over 30% weight in CXO, over 20% in AI medical, and nearly 50% in innovative drugs [2] - The ETF was launched on the Shanghai Stock Exchange and supports T+0 trading [2]

Market Overview - In July 2025, all major A-share indices rose, with the ChiNext Index showing the highest increase of 8.14% and the Shanghai 50 Index the lowest at 2.36% [2] - The total margin balance in the Shanghai and Shenzhen markets reached 1,978.497 billion yuan, an increase of 133.858 billion yuan from the previous month [2] Company Research: Zhongchong Co., Ltd. (002891) - In the first half of 2025, Zhongchong Co., Ltd. reported revenue of 2.432 billion yuan, a year-on-year increase of 24.32%, and a net profit of 203 million yuan, up 42.56% [14] - The company has made significant progress in its overseas business, achieving revenue of 1.575 billion yuan from international markets, a growth of 17.61% [14] - The pet food segment, particularly the staple food category, saw substantial growth, with revenue reaching 783 million yuan, a remarkable increase of 85.79% [15] Industry Research: Pharmaceutical and Biological Sector - The pharmaceutical and biological sector experienced a significant increase of 13.93% in July 2025, driven by innovative drugs and CXO segments [5] - Key policies supporting the high-quality development of innovative drugs were introduced, which are expected to positively impact the pharmaceutical and medical device sectors [4] - The cumulative revenue of the pharmaceutical manufacturing industry for the first half of 2025 was 1,227.52 billion yuan, reflecting a year-on-year decline of 1.2% [4] Industry Research: Machinery Equipment Sector - The machinery equipment sector outperformed the market with a 9.82% increase from July 6 to August 5, 2025 [7] - The sales of excavators in the first half of 2025 showed a growth rate exceeding 20%, indicating strong domestic demand [7] - The upcoming World Robot Conference is expected to catalyze investment opportunities in humanoid robots [8] Industry Research: Metals Sector - The steel market is expected to experience limited upward momentum due to recent price adjustments, with short-term prices likely to fluctuate [10] - Copper prices are supported by tight supply despite recent adjustments due to U.S. tariffs [10] - The aluminum market may see price increases if actual inventory demand performs well in the upcoming months [11]

Core Viewpoint - The Hong Kong Stock Connect Medical ETF (trading code: 520510) is set to be listed on the Shanghai Stock Exchange on August 7, 2025, providing investors with a convenient tool to access the Hong Kong medical sector [1] Group 1: ETF Details - The ETF supports T+0 trading, filling a gap in the Hong Kong Stock Connect medical sector [1] - It tracks the Hong Kong Stock Connect Medical Theme Index (932069.CSI), which covers three major sub-sectors within the medical industry [1] Group 2: Index Composition - The ETF has over 30% weight in CXO holdings, leading among all market indices [1] - AI medical holdings account for over 20%, positioning the ETF to benefit from trends such as anti-involution, innovative drug exports, and the AI technology revolution [1]

Investment Rating - The industry rating is "Positive" for the next 12 months, indicating an expected increase in performance relative to the CSI 300 index [5][61]. Core Insights - Recent collaboration between Heng Rui Medicine and GSK is expected to boost sentiment in the innovative drug sector, highlighting investment opportunities in pipeline realization, performance growth, and business collaborations [5][60]. - The 11th batch of centralized procurement is underway, suggesting a focus on pharmaceutical and medical device sectors that may benefit from optimized procurement rules [5][60]. - The report emphasizes the importance of monitoring performance reversals in related sectors, particularly in CXO companies, which have shown strong performance amid improving overseas demand and recovering orders [5][60]. Industry News - The Central Committee of the Communist Party and the State Council issued a plan for the implementation of a childcare subsidy system, which may impact the healthcare sector positively [14]. - The National Healthcare Security Administration released guidelines for the immediate settlement of basic medical insurance funds, aiming to enhance efficiency in fund disbursement [14]. Company Announcements - Heng Rui Medicine signed a collaboration and licensing agreement with GSK, which includes a $500 million upfront payment and potential milestone payments totaling approximately $12 billion for successful project developments [28]. - WuXi AppTec reported a 20.64% year-on-year increase in revenue for the first half of 2025, with net profit rising by 101.92% [29]. - CSPC Pharmaceutical announced an exclusive licensing agreement with Madrigal for the development of SYH2086, with potential total payments of up to $2.075 billion [30]. - Tigermed announced the acquisition of a stake in Japan's MICRON for approximately ¥484 million (about 23.48 million RMB) [31]. Market Review - For the week of July 25 to July 31, 2025, the Shanghai Composite Index fell by 0.90%, while the Shenzhen Component Index dropped by 1.64%. In contrast, the pharmaceutical and biological sector rose by 2.74%, with most sub-sectors showing positive performance [52]. - As of July 31, 2025, the price-to-earnings ratio (TTM) for the pharmaceutical and biological industry was 30.83, with a valuation premium of 161% compared to the CSI 300 index [57].

Investment Rating - The report maintains an "Outperform" rating for multiple leading innovative drug companies and CXOs in the healthcare sector [2]. Core Insights - The report emphasizes a sustained positive outlook on the innovative drug industry and its supply chain, highlighting the importance of increasing allocations to leading companies in this space [4][6]. - The performance of the Hong Kong stock picks portfolio showed an average increase of 27.1% in July 2025, outperforming the Hang Seng Healthcare Index, which rose by 22.8% [5][9]. - Major business development (BD) and merger & acquisition (M&A) activities in the innovative drug sector are ongoing, with significant deals reported, indicating a robust market environment [6][35][36]. Summary by Sections Investment Focus - The report lists several companies with an "Outperform" rating, including 恒瑞医药 (Hengrui Pharmaceuticals), 迈瑞医疗 (Mindray), 药明康德 (WuXi AppTec), and others [2]. Performance Analysis - The July 2025 Hong Kong stock picks portfolio included companies like 信达生物 (Innovent Biologics) and 百济神州 (BeiGene), with top performers showing significant gains, such as 映恩生物 (DualityBio) at +48.0% [5][10]. - The healthcare sector in Hong Kong saw notable gains, with companies like 华检医疗 (IVD Medical) and 加科思-B (Jacobio Pharmaceuticals) leading the way [6][34]. Market Trends - The report highlights a recovery in the global innovative drug sector, with leading CXO firms like 药明合联 (WuXi XDC) and 药明康德 (WuXi AppTec) reporting strong earnings growth [7][37]. - Optimized centralized procurement policies and steady progress in innovative drug reimbursement are noted, with over 100 drugs applying for inclusion in the innovative drug reimbursement list [7][38][39]. Company-Specific Insights - 石药集团 (CSPC) and 中国生物制药 (Sino Biopharmaceutical) are newly added to the top picks, with strong potential in their respective innovative drug pipelines [4][32]. - The report discusses the promising clinical pipelines of companies like 三生制药 (3SBio) and 信达生物 (Innovent Biologics), indicating robust growth prospects [18][23].