Company Overview - The stock price of Borui Pharmaceutical is reported at 112.79 yuan, down 0.67% from the previous trading day [1] - The stock reached a high of 116.19 yuan and a low of 111.32 yuan during the trading session, with a total transaction amount of 987 million yuan [1] - The company operates in the chemical pharmaceutical sector, focusing on the research and production of high-end generic drugs and innovative drugs [1] Trading Activity - On August 13, a block trade occurred involving 70,000 shares, with a transaction amount of 7.1064 million yuan at a price of 101.52 yuan, which is a 9.99% discount to the closing price of that day [1] - The buyer of this block trade was CITIC Securities Headquarters, while the seller was Guotou Securities Jiangsu Branch [1] - On the same day, the net outflow of main funds was 140 million yuan, while the total net inflow of main funds over the past five days was 333 million yuan [1]

Financial Performance - The company's operating revenue for the first half of 2025 was 2.87 billion yuan, representing a year-on-year increase of 3.9% [2] - The net profit attributable to shareholders was 525.83 million yuan, up 10.7% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 525.85 million yuan, reflecting a 12.4% increase compared to the previous year [2] - The basic earnings per share (EPS) was 0.59 yuan, an increase of 11.32% year-on-year [2] Profitability Metrics - The gross profit margin for the second quarter of 2025 was 37.45%, which is an increase of 0.03 percentage points from the previous quarter and up 2.24 percentage points from the same period last year [2] Cash Flow - The net operating cash flow for the first half of 2025 was 845 million yuan, showing a significant year-on-year growth of 164.5% [2] Historical Performance - The company's projected operating revenues for 2022, 2023, and 2024 are 5.445 billion yuan, 5.523 billion yuan, and 5.161 billion yuan, with year-on-year growth rates of 34.01%, 1.44%, and -6.57% respectively [5] - The net profit attributable to shareholders for the same years is projected to be 921 million yuan, 1.033 billion yuan, and 606 million yuan, with year-on-year growth rates of 45.28%, 12.17%, and -41.34% respectively [5] Company Overview - The company, established on July 13, 1998, specializes in providing one-stop pharmaceutical custom research and development (CDMO) services for global pharmaceutical companies, biotechnology firms, and research institutions [5] - The registered capital of the company is approximately 889.45 million yuan [5] Leadership - The chairman of the company, Hua Lirong, has a master's degree and is a senior economist [4] - In 2022, Hua Lirong was ranked 236th on the "New Fortune 500 Rich List" with a wealth of 20.02 billion yuan, making her the richest woman in Taizhou, Zhejiang [4]

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a target price of 121.50 CNY for the next six months [5][6]. Core Insights - The company reported significant growth in its H1 2025 performance, achieving revenue of 20.799 billion CNY and a net profit of 8.561 billion CNY, representing year-on-year increases of 20.64% and 101.92% respectively [1][2]. - The strong performance is attributed to the rapid development of core businesses, particularly in the small molecule D&M and TIDES sectors, which have seen substantial order growth and capacity expansion [3][4]. Revenue and Profit Growth - In H1 2025, the company generated revenue of 20.799 billion CNY, with the chemical business contributing 16.301 billion CNY (+33.51%), testing business at 2.689 billion CNY (-1.20%), and biological business at 1.252 billion CNY (+7.07%) [2]. - The net profit for H1 2025 reached 8.561 billion CNY, marking a significant increase of 101.92% year-on-year [2]. Business Expansion - The small molecule D&M business has shown robust growth, with 412 new molecules added to the project pipeline in H1 2025, including 76 commercial projects and 84 in clinical phase III [3]. - The TIDES business has also experienced rapid growth, with revenue reaching 5.03 billion CNY (+141.6%) in H1 2025, and a 48.8% increase in orders [4]. Financial Projections - The company is projected to achieve net profits of 13.952 billion CNY, 14.336 billion CNY, and 15.985 billion CNY for the years 2025, 2026, and 2027 respectively, with growth rates of 47.6%, 2.8%, and 11.5% [5]. - The expected earnings per share (EPS) for 2025 is 4.86 CNY, with a price-to-earnings (PE) ratio of 25 times [5].