近日，药明康德发布了2025年中期业绩，亮眼的成绩单再次验证了药明康德非凡的内生增长力。 三个层面可以看出药明康德强劲的增长态势： 营收：上半年公司整体营业收入208.0亿元，同比+20.6%；其中持续经营业务收入204.1亿元，同比 +24.2%。 在手订单：截至6月底，持续经营业务在手订单566.9亿元，同比+37.2%。 药明康德在巨大的体量下依然能够保持营收、利润与在手订单的双位数的增长，整体发展态势高于行业 平均水平，再次印证了其CRDMO模式的发展韧性，也离不开管理决策的预见性和正确性。 药明康德有哪些增长的秘诀？ 全面赋能，紧抓客户需求 在全球医药研发成本持续上升、成功率依然不高的背景下，能够帮助客户提高效率、降低成本的商业模 式将具有持久生命力。因此，面对外部挑战，药明康德始终不断强化"一体化、端到端"的服务能力，紧 抓客户需求。 药明康德多年以来打造的CRDMO模式，以全流程覆盖的一体化优势，从源头锁定行业潜力新药分子， 夯实客户粘性，逐步打造了后期的规模效应。 一直以来，药明康德以高度可靠的质量体系和交付效率成为了诸多全球大型药企供应链的重要组成部 分。即使在极具挑战的2024年，药明康德 ...

Summary of CXO Industry Conference Call Industry Overview - The CXO industry is experiencing a recovery in revenue and profit growth in Q1 2025, although some companies are under pressure due to high base effects from Q1 2024. A continued recovery trend is expected in Q2 2025. [1][4] - Representative companies reported a revenue growth of 14%, with net profit attributable to shareholders and adjusted net profit increasing by 118% and 28.1% respectively. Gross margins have stabilized, and net margins have improved, with various expense ratios declining year-on-year. [1][4] Investment Trends - Global biopharmaceutical investment saw slight growth in 2024, with a larger increase in chemical pharmaceuticals, while biopharmaceuticals remained flat. In Q2 2025, global biopharmaceutical investment is expected to decline slightly, mirroring trends in the domestic market where both chemical and biopharmaceuticals are experiencing minor declines. [1][5] Order Trends - Domestic CXO companies faced pressure on orders in 2024, but overseas orders have shown a good recovery. In Q1 2025, domestic-focused CXO companies began to see order recovery, with Kangde reporting an order backlog of 52.3 billion yuan, a 47% year-on-year increase, and the Taizi division's orders growing by 106%. [1][6] Market Opportunities - The GLP-1 peptide drug market is benefiting from treatment effectiveness and is expected to maintain high growth rates, driving the development of peptide CDMO. The global peptide CDMO market is projected to reach $20 billion by 2032, with the domestic market potentially exceeding $4 billion. Kangde's Taizi business revenue grew by 188% year-on-year, with capacity expansion underway. [1][7] ADC CDMO Development - ADC drug production, characterized by high complexity and outsourcing, is driving ADC CDMO business growth. WuXi AppTec reported a revenue of 4 billion yuan in 2024, a 91% increase, with net profit rising by 277%. The backlog of unfulfilled orders approached $1 billion, a 71% year-on-year increase. [1][8] Performance of Overseas CROs - Overseas CROs are showing mixed performance, with Charles River experiencing a revenue decline but a net book-to-bill ratio above one, while Lonza reported strong Q1 2025 results. Sangamo expects a revenue increase of 20% to 25% for the year. [1][9] Regulatory Impact - The proposed U.S. biomanufacturing safety bill raised concerns about Chinese CXO dominance in global drug supply, significantly impacting the CXO industry. However, the bill was ultimately shelved, reflecting the importance and irreplaceability of the domestic CXO supply chain. [1][12][13] Tariff Policies - The U.S. announced a 10% basic tariff on all countries, with higher tariffs on those with significant trade deficits, but pharmaceuticals remain exempt. The CXO industry primarily exports R&D services to the U.S., which are tariff-free, limiting the overall impact on the industry. [1][14] Geopolitical Factors - Geopolitical factors are becoming normalized, but domestic CTO companies are building global competitiveness through supply chain integrity and cost advantages. Companies like Kangde and WuXi Biologics are actively planning overseas capacity to maintain their leading positions. [1][15][16] Company-Specific Performance - WuXi AppTec's H1 2025 revenue is projected at 20.8 billion yuan, a 21% increase, with adjusted net profit of 6.3 billion yuan, a 44% increase. The company’s integrated CRDMO model and global layout are key drivers of its performance, with expectations for continued growth in H2 2025. [1][17] - Tigermed is benefiting from supply-side consolidation in the clinical CRO sector, with new order numbers and amounts increasing by approximately 20% year-on-year in Q1 2025. [1][18][19]