Core Viewpoint - Company has established itself as a leading player in the domestic CDMO sector, with strong global competitiveness in API, CDMO, and formulation businesses, and is expected to enter a new growth cycle as CDMO business enters an explosive phase and other segments return to long-term growth trajectories [3][6]. CDMO Business - The CDMO business is poised for explosive growth due to stable product quality, strong cost control, and efficient customer service, positioning the company as a core player in global innovative drug CDMO [3]. - Domestic innovation drug industry is thriving, with leading biotech companies emerging, which is expected to drive the company's rapid growth as domestic API projects commercialize [3]. - Long-term partnerships with overseas pharmaceutical giants are anticipated to contribute to sustained revenue and profit growth from both human and veterinary drug projects [3]. Formulation Business - The company is accelerating its "multi-variety" strategy leveraging its integrated API and formulation advantages, with an expected approval of over 15 new formulation products annually starting in 2026 [4]. - Investment in differentiated competition through higher technical barriers in modified new drugs is ongoing, utilizing advanced drug technology platforms to support long-term growth in the formulation business [4]. API Business - The API and intermediate business remains the foundation and largest component of the company's operations, with antibiotics expected to stabilize and rebound in prices from H2 2025 to 2026 [5]. - The veterinary drug sector is nearing a clearing phase, with potential for significant profit elasticity upon price recovery [5]. - The company continues to expand its slow disease API product pipeline, ensuring growth through capacity and technical advantages [5]. - The aesthetic medicine segment is expected to grow rapidly through diversified product offerings and deepening collaborations with leading clients [5].

Market Overview - The A-share market showed a positive trend with the Shanghai Composite Index rising 0.75% to 3608.58 points, the Shenzhen Component Index increasing by 0.31% to 11134.07 points, and the ChiNext Index up by 0.72% to 2327.48 points [1][2]. Sector Performance - The financial sector, particularly brokerage stocks, experienced significant upward movement, with notable gains in stocks such as Guosheng Financial Holdings, which hit the daily limit, and others like Guosen Securities, Harbin Investment, and Bank of China Securities rising over 5% [5][7]. - The CRO (Contract Research Organization) sector also saw a rally, with stocks like Zhaoyan New Drug hitting the daily limit and others such as Medisi, Boteng Co., and Haoyuan Pharmaceutical rising over 5% [10][11]. New Listings - Two new stocks were listed on July 23, with Shanda Electric experiencing a surge of over 500% at one point. The company issued 40.72 million shares at a price of 14.66 yuan per share, resulting in a total market capitalization of approximately 1.17 billion yuan [13][14]. - Jiyuan Group also debuted on the Shanghai Stock Exchange, initially rising over 370% and currently up 280%, with a total market value of 16.6 billion yuan [15][16]. Key Stock Movements - Notable stock movements included NIO rising by 8.69%, Kuaishou increasing by 4.47%, and Tencent Holdings up by 3.61% in the Hong Kong market [4][5]. - In the insurance sector, China Pacific Insurance, Agricultural Bank of China, and Qilu Bank all saw increases of over 3% [8][9].

Group 1: Company Performance and Capacity Utilization - The company's production capacity utilization rate is stable at 60%-70%, which is considered reasonable within the industry [2] - The newly constructed 503 workshop is in the initial production phase, with capacity utilization currently on the rise [2] - The company has over 70 clinical phase III and commercialization projects, with new orders continuing to grow, where overseas orders account for 60-70% and domestic orders for 30-40% [2] Group 2: Product Development and Market Strategy - There is a significant increase in demand for innovative molecular building blocks due to trends in drug development [4] - The company collaborates with Alipheron to create a large compound library, enhancing the drug development process for clients [4] - In 2025, the company is optimizing its CDMO business strategy by establishing a sales team in Europe and enhancing local service capabilities in North America [5] Group 3: Competitive Positioning and Industry Trends - The company aims to strengthen its core competitiveness by focusing on quality delivery, green technology, and foundational innovation [6] - The CDMO industry faces structural contradictions, with a surplus of low-quality capacity and a scarcity of high-compliance capacity [6] - The company has been recognized for its quality management system, achieving international standards through rigorous audits [6] Group 4: Inventory Management and Financial Health - The company has recognized an inventory impairment loss of 59.87 million yuan due to market price fluctuations [8] - The increase in inventory is attributed to the need for a variety of molecular building blocks during drug research and development [7] - The company implements strict inventory impairment policies and conducts regular assessments to mitigate risks [8]

Core Viewpoint - Yabao Chemical (雅本化学) is navigating through a challenging industry cycle but shows signs of recovery with significant revenue growth in Q1 2025 and a substantial reduction in losses, driven by technological innovation and capacity optimization [1][4]. Group 1: Company Performance - In 2024, Yabao Chemical's performance was negatively impacted by industry downturns, market competition, and asset impairment, leading to an overall poor performance [1]. - The company reported a 43.52% year-on-year increase in revenue for Q1 2025, with losses narrowing by over 70%, indicating a recovery signal [1]. - The company’s R&D investment reached 123 million yuan in 2024, accounting for approximately 10% of total revenue [2]. Group 2: Technological Innovation - Yabao Chemical emphasizes the importance of technological innovation as a driving force for the CDMO industry, particularly in areas like continuous manufacturing and biocatalysis [2]. - The company has a total of 237 patents, including 122 invention patents, with a focus on biocatalysis and continuous flow tubular reactions [2]. - The company has successfully published articles in renowned journals, showcasing its research and development capabilities [3]. Group 3: Strategic Focus - The company is committed to a dual development strategy in innovative pesticides and pharmaceuticals, enhancing its integration into global supply chains [3]. - Future plans include optimizing core business areas, accelerating capacity transformation at various bases, and deepening collaborations with major clients [4]. - Yabao Chemical aims to strengthen cost control and supply chain resilience while enhancing sustainable development through ESG initiatives [4].

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 31,566.22 million RMB, a year-on-year increase of 43.52% [5] - The net profit attributable to shareholders was -1,275.65 million RMB, a reduction in losses by 72.01% compared to the previous year [5] - The company has distributed approximately 192 million RMB in dividends over the past five years, but will not distribute profits for the fiscal year 2024 due to ongoing project investments and significant expenditures [6] Group 2: Research and Development - The company holds a total of 237 patents, including 122 invention patents, which account for 51.5% of the total [2] - In 2024, the company applied for 33 new patents and received 19 authorizations, including 5 invention patents [2] - The company is enhancing its production efficiency through the implementation of microchannel continuous flow technology, which has received positive feedback from safety authorities [2] Group 3: Strategic Outlook - The company aims to optimize its product structure and expects its main CDMO business to recover in 2025, marking a new development opportunity [4] - The company is focusing on innovation in agriculture and pharmaceuticals, integrating deeply into global supply chains to enhance sustainable development capabilities [3] - Future growth drivers include continuous manufacturing, biocatalysis, and AI-driven R&D, which are expected to provide competitive advantages in the global market [4] Group 4: Market and Operational Challenges - The company faced challenges in 2024 due to industry cyclicality, market competition, and asset impairment, impacting its performance [6] - The management is committed to improving operational resilience by focusing on core business optimization, technology innovation, and cost control [6] - The company is currently in the planning stage for potential acquisitions, with no formal agreements signed yet [6]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company reported a strong recovery in performance with a 10.10% year-on-year increase in revenue for Q1 2025, reaching 1.541 billion yuan, driven by rapid growth in emerging businesses [4][7] - The net profit attributable to shareholders increased by 15.83% year-on-year to 327 million yuan, with a notable 20.14% growth in non-recurring net profit, indicating effective cost management and improved gross margins in emerging businesses [4][7] - Emerging businesses, including peptides and oligonucleotides, showed impressive growth with revenue increasing over 80% and gross margins improving to 33.05% [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 6.468 billion yuan, with a projected year-on-year growth rate of 11.4% [6] - The net profit forecast for 2025 is 1.071 billion yuan, reflecting a 12.9% increase compared to the previous year [6] - The company expects to maintain a stable gross margin of around 43.2% in 2025, with a gradual increase in return on equity (ROE) from 6.0% in 2025 to 6.9% in 2027 [6][7]

2025 年 04 月 29 日 药石科技(300725.SZ) 订单逐步改善，期待公司经营边际优化 事件： 公司发布了 2024 年年度报告和 2025 年第一季度报告，2024 年公司 分别实现营收和归母净利润 16.89 亿元和 2.20 亿元，分别同比下降 2.12%和同比增长 11.24%；2025Q1 公司分别实现营收和归母净利润 4.55 亿元和 0.36 亿元，分别同比增长 20.55%和同比下降 27.67%。 受产品价格竞争和短期盈利能力承压等影响，2025Q1 业绩暂时 性下滑： 2024 年公司分别实现营收和归母净利润 16.89 亿元和 2.20 亿元，分 别同比下降 2.12%和同比增长 11.24%。其中，2024 年药物研究阶段 的产品和服务、药物开发及商业化阶段的产品和服务分别贡献营收 3.31 亿元（-4.06%）、13.54 亿元（-1.83%）。 2025Q1 公司分别实现营收和归母净利润 4.55 亿元和 0.36 亿元，分 别同比增长 20.55%和同比下降 27.67%。其中，2025Q1 药物研究阶段 的产品和服务、药物开发及商业化阶段的产品和服务分别贡献营收 ...

根据市场公开信息及4月14日披露的机构调研信息，知名私募正圆投资近期对2家上市公司进行了调研， 相关名单如下： 1）中巨芯 （正圆投资参与公司特定对象调研） 调研纪要：九洲药业在2024年的机构调研中表示，印度暂停PLI计划对其他国家原料药生产企业有利， 国内原料药价格逐步企稳。2024年新增CDMO项目数同比增长15%，合同金额增长20%，一季度项目数 稳健增长。CDMO业务收入接近39亿元，国外占比接近80%，主要以欧洲客户为主，现有关税政策无影 响。抗感染产品价格逐步企稳，中枢神经产品价格走低，其他品种逐步企稳。预计2025年CDMO毛利率 恢复到40%左右合理水平。新签订单海外占比60%，大药企占比50-60%，Biotech占比40-50%。2024年 研发人员1,034人，计划未来3年继续增长，重点引进多肽、DC、小核酸领域领军人才。一季度整体产 能利用率约60%，2025年资本性支出控制在5-6亿元，重点推进多肽、DC、小核酸车间建设。多肽部门 二期商业化产能建设预计2025年9月投产，偶联药物平台已具备独立GMP生产线。2024年为70余家客户 提供服务，引入新客户近30家，重点推进吸入制剂、 ...

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。 金凯（辽宁）生命科技股份有限公司 （辽宁省阜新市阜蒙县伊吗图镇氟化工园区安仁路 6 号） 招股说明书 （住所：北京市朝阳区安立路 66 号 4 号楼） 首次公开发行股票并在创业板上市 保荐人（主承销商） 创业板风险提示：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 金凯（辽宁）生命科技股份有限公司 招股说明书 声明与承诺 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 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 | 发行股票类型 | 股） 人民币普通股（ ...

金凯（辽宁）生命科技股份有限公司 （辽宁省阜新市阜蒙县伊吗图镇氟化工园区安仁路 6 号） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 免责声明：本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） （住所：北京市朝阳区安立路 66 号 4 号楼） 金凯（辽宁）生命科技股份有限公司 招股说明书 声明与承诺 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 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 发行股票类型 人民币普通股（A 股） 发行股数 本次公开发行新股不超过 2,150. ...