Core Viewpoint - The company reported strong financial results for 1H2025, with revenue and profit growth exceeding expectations, leading to an upward revision of the annual performance guidance [1] Financial Performance - 1H2025 revenue reached 20.799 billion yuan, a year-on-year increase of 20.64%, with continuous operations revenue at 20.405 billion yuan, up 24.24% [1] - The net profit attributable to the parent company, excluding non-recurring items, was 5.582 billion yuan, reflecting a growth of 26.47%, while the adjusted net profit was 6.315 billion yuan, up 44.43% [1] - In Q2 alone, revenue was 11.145 billion yuan, a 20.37% increase year-on-year, with adjusted net profit rising to 3.637 billion yuan, a significant increase of 47.90% [1] Business Segments - The chemical segment generated 16.3 billion yuan in 1H2025, a 33.5% increase, driven by strong growth in TIDES and small molecule D&M revenues [2] - TIDES revenue reached 5.03 billion yuan, up 141.6%, with small molecule D&M revenue at 8.68 billion yuan, increasing by 17.5% [2] - The Testing segment reported 2.69 billion yuan in revenue for 1H2025, a slight decline of 1.2%, but showed signs of recovery in Q2 with a 1.6% year-on-year increase [2] - The Biology segment achieved 1.25 billion yuan in revenue, a 7.5% increase, with expectations for accelerated growth as new molecular development demands rise [3] Profitability and Efficiency - The adjusted gross margin for 1H2025 was 44.5%, an increase of 4.7 percentage points [3] - The gross margins for the chemical, Testing, and Biology segments were 49%, 25.1%, and 36.4%, respectively, with the chemical segment benefiting from increased commercial projects [3] Future Outlook - The company has raised its full-year revenue guidance, expecting 2025 revenue to reach between 42.5 billion and 43.5 billion yuan, representing a growth of 13% to 17% [1] - Revenue projections for 2025-2027 are estimated at 43.771 billion, 50.810 billion, and 59.066 billion yuan, with corresponding year-on-year growth rates of 11.54%, 16.08%, and 16.25% [3]

Core Viewpoint - WuXi AppTec's performance growth is driven by late-stage clinical and commercialization projects, while early-stage clinical business recovery remains to be observed [1] Financial Performance - In the first half of 2025, WuXi AppTec achieved total revenue of 20.799 billion yuan, a year-on-year increase of 20.64% [1] - The net profit attributable to shareholders reached 8.561 billion yuan, a year-on-year increase of 101.92% [1] - The company raised its full-year revenue forecast from 41.5 billion-43 billion yuan to 42.5 billion-43.5 billion yuan [1] Business Segments - The chemical business segment generated revenue of 16.3 billion yuan in the first half of the year, a year-on-year increase of 33.5% [3] - The small molecule D&M segment achieved revenue of 8.68 billion yuan, a year-on-year increase of 17.5% [3] - The TIDES business segment saw revenue reach 5.03 billion yuan, a year-on-year increase of 141.6% [3] Market Outlook - The overall order backlog for WuXi AppTec reached 56.69 billion yuan, a year-on-year increase of 37.2% [4] - The stock prices of biotech companies in A-shares and Hong Kong have rebounded, with WuXi AppTec's stock price increasing over 70% this year [4] - The demand for research outsourcing remains strong, particularly in new molecular types and popular disease areas [4] Pricing Strategy - The pricing in the domestic research outsourcing market has stabilized this year after experiencing fluctuations last year [5] - The company focuses on high-quality clients and maintains a differentiated competitive advantage with its own testing facilities [5]

Core Viewpoint - WuXi AppTec reported strong financial performance for the first half of 2025, with significant increases in revenue and profit, driven by a focus on CRDMO business and operational efficiency improvements [1][3][4]. Financial Performance - Total operating revenue reached RMB 20.799 billion, a year-on-year increase of 20.64% [3]. - Total profit amounted to RMB 9.907 billion, reflecting a 96.2% year-on-year growth [3]. - Net profit attributable to shareholders was RMB 8.561 billion, up 101.92% compared to the previous year [3]. - Net profit after deducting non-recurring gains and losses was RMB 5.582 billion, a 26.47% increase [3]. - Net cash flow from operating activities was RMB 7.431 billion, showing a 49.63% rise [3]. Business Segments and Orders - As of June 30, 2025, the company had a backlog of orders amounting to RMB 56.69 billion, a 37.2% increase year-on-year [4]. - Revenue from U.S. clients was RMB 14.03 billion, up 38.4% [4]. - Revenue from European clients was RMB 2.33 billion, a 9.2% increase [4]. - Revenue from Chinese clients was RMB 3.15 billion, down 5.2% [4]. - Revenue from other regions was RMB 0.90 billion, up 7.6% [4]. Future Outlook - The company expects revenue growth for its ongoing business to return to double-digit growth, with an adjusted growth rate of 13%-17% [4]. - Overall revenue guidance for the year has been raised to a range of RMB 42.5 billion to RMB 43.5 billion [4].

Financial Performance - Revenue for Q1 2025 reached RMB 3,099 million, a 16.0% increase from RMB 2,671 million in Q1 2024 [9] - Net profit attributable to shareholders was RMB 306 million, up 32.5% from RMB 231 million in Q1 2024 [9] - Non-IFRS adjusted net profit increased by 3.1% to RMB 349 million from RMB 339 million [9] - Operating cash flow for Q1 2025 was RMB 853 million, a 14.4% increase from RMB 746 million in Q1 2024 [9] Revenue Composition - Revenue from China delivery business grew by 15.7% [11] - Revenue from overseas delivery business increased by 18.3% [11] - Laboratory services contributed 60% to revenue, with clinical research services at 14% and CDMO at 22% [11] - Revenue from top 20 pharmaceutical companies grew by 29.1% [14] Customer Growth - Revenue from North American clients increased by 16.8% [12] - Revenue from European clients rose by 26.6% [12] - Revenue from Chinese clients grew by 13.1% [12] Cost and Margin Analysis - Gross margin for laboratory services improved to 45.5% in Q1 2025 from 44.1% in Q1 2024 [17] - Gross margin for clinical services increased to 11.8% from 9.3% [19] - Gross margin for large molecule services improved despite being in a construction phase [20] Strategic Outlook - The company aims for a revenue growth target of 10-15% for the full year 2025 [33] - The company emphasizes the importance of health demand and technological innovation in driving industry growth [33]

Investment Rating - The report gives a "Buy" rating for Tai Long Pharmaceutical [4] Core Views - Tai Long Pharmaceutical is a leading pharmaceutical company in Henan Province, with steady growth in performance driven by its major shareholder's continuous support and the development of multiple business segments [1][20] - The company's core business segments include pharmaceutical formulations, traditional Chinese medicine (TCM) pieces, and pharmaceutical research and development services, which are expected to contribute to future growth [1][20][22] Summary by Sections Company Overview - Established in 1993 and listed in 1999, Tai Long Pharmaceutical is the first listed company in Henan's pharmaceutical industry. The company has expanded its business through acquisitions, including Tong Jun Tang and Beijing Xin Ling, to enter the TCM and pharmaceutical R&D outsourcing sectors [1][14][16] Business Segments - The main product in the TCM oral liquid segment is Shuanghuanglian Oral Liquid, which is expected to maintain steady growth due to successful procurement and market expansion efforts [2][42] - The TCM pieces business, primarily operated by Tong Jun Tang, is projected to benefit from national procurement initiatives, leading to rapid growth [43][50] - The pharmaceutical R&D outsourcing sector, led by Beijing Xin Ling, is anticipated to recover as the industry stabilizes, with expected revenue growth in the coming years [3][64] Financial Forecast - Revenue projections for 2025-2027 are estimated at CNY 2.13 billion, CNY 2.32 billion, and CNY 2.53 billion, respectively, with net profits of CNY 66 million, CNY 98 million, and CNY 117 million [4][72] - The earnings per share (EPS) are forecasted to be CNY 0.11, CNY 0.17, and CNY 0.20 for the same period, with corresponding price-to-earnings (P/E) ratios of 45x, 30x, and 25x [4][72] Market Position - The company has a strong market position in the pediatric medication segment, with a product cluster that includes various oral liquids for children, enhancing its competitive edge [2][42] - The TCM oral liquid market is projected to grow, supported by increasing demand for respiratory system treatments, with the market size reaching CNY 75.88 billion in 2023 [36][39] Research and Development - R&D investment has increased significantly, from CNY 56.92 million in 2021 to CNY 108.78 million in 2024, indicating a commitment to innovation and product development [51][53] - The company has a robust pipeline of products under development, including traditional Chinese medicine formulations and high-end generic drugs, which are expected to drive long-term growth [53][55]

4月21日，博济医药今日收盘9.15元，上涨2.58%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到78.60倍，总市值35.05亿元。 从行业市盈率排名来看，公司所处的医疗服务行业市盈率平均46.70倍，行业中值48.76倍，博济医药排 名第34位。 股东方面，截至2024年9月30日，博济医药股东户数22995户，较上次减少4424户，户均持股市值35.28 万元，户均持股数量2.76万股。 博济医药科技股份有限公司主要业务是为国内外制药企业及其他研究机构就新药品、医疗器械的研发与 生产提供全流程"一站式"CRO服务。公司主要服务包括临床研究服务、临床前研究服务、CDMO服务、 其他咨询服务、临床前自主研发、技术成果转化服务等。作为国内领先的CRO公司，公司在报告期内 荣膺"2024中国医药CRO企业20强（排名第8）""2023年度中国医药研发50强""持续15年高新技术企 业"卓越成就奖等荣誉称号。 最新一期业绩显示，2024年三季报，公司实现营业收入5.56亿元，同比55.01%；净利润4327.78万元， 同比87.98%，销售毛利率32.19%。 序号股票简称PE(TTM)PE( ...

Core Viewpoint - The company maintains a "Buy" rating for Hong Kong stocks and raises the target price to HKD 20, while upgrading the A-share rating to "Buy" with a target price of RMB 32 [1][5]. Financial Performance - For Q4 2024, the company's revenue reached RMB 12.276 billion, reflecting a year-on-year increase of 6.4%, aligning with the upper end of the previous profit forecast [2]. - Adjusted net profit attributable to shareholders was RMB 1.607 billion, down 15.6% year-on-year, closely matching the median of the prior profit forecast [2]. - Q4 2024 revenue was RMB 3.458 billion, showing a year-on-year increase of 16.1% and a quarter-on-quarter increase of 7.6% [2]. - The adjusted non-IFRS net profit for Q4 2024 was RMB 499 million, up 1.7% year-on-year and 19.7% quarter-on-quarter [2]. Segment Performance - CMC (Contract Manufacturing and Consulting) services led revenue growth in Q4 2024, achieving a year-on-year growth rate of 26.9% and a quarter-on-quarter growth rate of 26.4% [3]. - Laboratory services also showed significant growth, with a year-on-year increase of 14.9%, although it experienced a slight decline of 1.0% quarter-on-quarter [3]. - Clinical research services saw a year-on-year growth of 9.5% and a quarter-on-quarter growth of 12.4%, despite ongoing pricing pressures [3]. - The CGT (Cell and Gene Therapy) segment continued to show weakness, with both revenue and gross margin declining year-on-year and quarter-on-quarter [3]. Future Outlook - The company expects revenue growth of 10%-15% in 2025, primarily driven by CMC and laboratory services [4]. - Management anticipates potential improvements in profit margins due to sustained revenue growth and no significant additional costs expected [4]. - The new order value for CMC services is projected to grow over 35% year-on-year, while laboratory services are expected to see a growth of over 20% year-on-year [4]. Target Price Adjustments - The target price for Hong Kong stocks has been raised to HKD 20, while the A-share target price has been adjusted to RMB 32, reflecting an 80% premium over the Hong Kong target price [5]. - The adjusted non-IFRS net profit estimates for 2025E and 2026E are RMB 1.79 billion and RMB 2.26 billion, respectively, due to slight adjustments in gross margin forecasts [5].

Investment Rating - The investment rating for the company is "Buy" indicating an expected return of over 10% relative to the CSI 300 index in the next six months [5][14]. Core Insights - The company reported a revenue of 39.241 billion RMB in 2024, a decrease of 2.73% year-on-year, while the net profit attributable to shareholders was 9.450 billion RMB, down 1.63% year-on-year. However, the net profit after deducting non-recurring items increased by 2.47% to 9.988 billion RMB [1]. - The company’s order backlog significantly increased to 49.31 billion RMB, representing a year-on-year growth of 47.0%, indicating strong customer demand [9]. - The company is expected to achieve double-digit growth in revenue from its ongoing operations in 2025, driven by a robust pipeline and increasing outsourcing in the pharmaceutical R&D sector [11]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 11.539 billion RMB, a year-on-year increase of 6.85%, and a net profit of 2.917 billion RMB, which is a substantial increase of 90.64% year-on-year [1]. - The chemical business generated revenue of 29.05 billion RMB, with a year-on-year growth of 11.2% when excluding specific commercial production projects [2]. Business Segments - The small molecule CRDMO business maintained strong performance, with the small molecule drug discovery segment delivering over 460,000 new compounds, a 10% increase year-on-year [2]. - The TIDES business (oligonucleotides and peptides) experienced rapid growth, achieving revenue of 5.8 billion RMB, a year-on-year increase of 70.1%, with a backlog growth of 103.9% [2]. Customer Base and Demand - Revenue from the top 20 global pharmaceutical companies reached 16.64 billion RMB, a year-on-year increase of 24.1% [4]. - The company has approximately 6,000 active clients, with 5,500 in ongoing operations, and added about 1,000 new clients throughout the year [9]. Market Outlook - The global pharmaceutical R&D investment is projected to grow from 260.6 billion USD in 2023 to 359.2 billion USD by 2028, with an annual growth rate of approximately 6.6% [10]. - The outsourcing rate in pharmaceutical R&D is expected to rise from 49.2% in 2023 to 58.2% in 2028, indicating a favorable environment for the company’s services [10].

创业板投资风险提示 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在 不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 安徽万邦医药科技股份有限公司 Anhui Wanbang Pharmaceutical Technology Co., Ltd. （安徽省合肥市高新区明珠大道与火龙地路交口西南角安徽万邦医药 1 号楼） 首次公开发行股票并在创业板上市 招股意向书 保荐人（主承销商） （中国（上海）自由贸易试验区浦明路 8 号） 安徽万邦医药科技股份有限公司 招股意向书 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 承担股票依法 ...

创业板投资风险提示 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在 不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 安徽万邦医药科技股份有限公司 Anhui Wanbang Pharmaceutical Technology Co., Ltd. （安徽省合肥市高新区明珠大道与火龙地路交口西南角安徽万邦医药 1 号楼） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本 招股说明书（注册稿）不具有据以发行股票的法律效力，仅供预先披露之 用。投资者应当以正式公告的招股说明书全文作为投资决定的依据。 保荐机构（主承销商） （中国（上海）自由贸易试验区浦明路 8 号） 安徽万邦医药科技股份有限公司 招股说明书（注册稿） 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者 ...