唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 九洲药业(603456) 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] CDMO 业务保持高增长，新分子业务布局有望 打造全新增长点 [Table_ReportDate] 2025 年 08 月 07 日 [Table_S 事件：2025 ummar年y]8 月 5 日，公司发布《2025 年半年度报告》。2025 年 H1 实 现营业收入 28.71 亿元，同比增长 3.86%；实现归母净利润 5.26 亿元，同 比增长 10.70%；实现扣非净利润 5.26 亿元，同比增长 12.40%；实现经营 活动现金流净额 8.45 亿元，同比增长 164. ...

Group 1: Impact of External Factors - The geopolitical factors, such as the Biosecurity Act, influence clients' strategies, leading them to seek multiple suppliers to manage supply chain risks [1] - Current tariff policies have limited impact on the company, as less than 5% of its revenue comes from direct exports to the U.S., and products fall within the tariff exemption range [2] Group 2: Financial Performance - The company's overall gross margin fluctuates mainly due to domestic market conditions and losses in new business, while overseas market and core business margins remain stable [3] - In Q1 2025, the new molecular business generated approximately CNY 14.19 million in revenue, reflecting a year-on-year growth of about 353% [7] Group 3: Production Capacity and Orders - The company has expanded its production and R&D capabilities through acquisitions and the establishment of new centers, including factories in Hubei and Shanghai [4] - The order conversion cycle typically ranges from 6 to 18 months, with some orders taking 2 to 3 years to convert into revenue [6] Group 4: Future Investments - The capital expenditure for 2025 will focus on overseas expansion, new molecular technology development, and upgrading existing small molecule production capacity [8]