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金斯瑞生物科技:营收大增81.9%,经调净利增速超5倍,盈利韧性穿越周期
Ge Long Hui· 2025-08-20 06:28
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]
中金:维持金斯瑞生物科技(01548)“跑赢行业”评级 上调目标价至21.50港元
智通财经网· 2025-08-18 03:24
Core Viewpoint - CICC maintains its earnings forecast for Kingser Bio-Tech (01548) for 2025 and 2026, reiterating an outperform rating while raising the target price by 22.2% to HKD 21.50, indicating a potential upside of 21.3% from the current stock price [1] Group 1: Financial Performance - For 1H25, the company reported revenue of USD 519 million, a year-on-year increase of 81.9%, with adjusted net profit of USD 178 million, corresponding to a net profit margin of 34.3% [2] - The gross profit was USD 321 million, resulting in a gross margin of 61.8%, reflecting improved profitability driven by capacity utilization and product mix upgrades [2] - The net loss attributable to shareholders was USD 25 million, significantly narrowed from the previous year, primarily due to a loss of USD 194 million from the associate Legend Biotech [2] Group 2: Business Segments - The Life Sciences segment achieved revenue of USD 250 million in 1H25, up 11.3% year-on-year, driven by protein business growth of 52% and demand for gene editing and AI-related R&D [3] - The CDMO segment saw revenue of USD 250 million, a remarkable increase of 511.1%, with significant contributions from a one-time payment of USD 214 million related to the licensing of Lixin [4] - The Industrial Synthetic Biology segment reported revenue of USD 39 million, an 8.4% increase, although it faced an adjusted operating loss of USD 58,000 due to increased R&D investments [5] Group 3: Strategic Initiatives - The company is focusing on enhancing its global presence and market position through continuous investment in R&D and sales efforts, which has slightly impacted short-term profitability [3][5] - The CDMO segment is expected to achieve key milestones, including potential licensing transactions by the end of 2025 to early 2026 [4] - The Industrial Synthetic Biology segment's innovative product, sweet protein, has received FDA GRAS recognition, with commercial production facilities expected to be operational by mid-2026 [5]