2025 上半年营收同比增长29%。2025 上半年公司实现营收3.87 亿元（+29.4%），归母净利润0.84 亿元 （+47.8%）。 分季度看， 2025Q1/Q2 分别实现营收1.86/2.01 亿元（ 分别同比+27.7%/+30.9%，Q2 环比+7.7%）、归 母净利润0.41/0.43 亿元（分别同比+32.3%/+66.1%，Q2 环比+6.5%）。 分产品线看，公司核心重组蛋白品种实现销售收入3.19 亿元（同比+25.7%），毛利率91.1%（同 比-3.4p）；抗体、试剂盒及其他试剂产品实现销售收入0.50 亿元（同比+47.7%），毛利率90.8%（同 比-1.7pp）。 分区域看，2025H1 实现国内收入1.23 亿元（同比+36.7%），海外收入2.58亿元（同比+22.9%），公司 目前在欧洲和亚太等地新设多家海外子公司，销售网络已经覆盖全球主要国家和地区，未来计划建立海 外生产基地，进一步提升全球多国多地的供应能力。 毛利率平稳，净利率改善。2025H1，公司毛利率为90.9%（同比-1.3pp）、净利率19.2%（同比 +2.7pp）；销售费用率29.7%（同比-2.6 ...

证券研究报告 | 2025年08月22日 百普赛斯（301080.SZ） 优于大市 2025 上半年营收同比增长 29%，国内需求端持续改善 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 544 | 645 | 786 | 944 | 1,088 | | (+/-%) | 14.6% | 18.6% | 21.8% | 20.1% | 15.3% | | 净利润(百万元) | 154 | 124 | 157 | 225 | 282 | | (+/-%) | -24.6% | -19.4% | 27.1% | 43.2% | 24.9% | | 每股收益（元） | 1.28 | 1.03 | 1.31 | 1.88 | 2.35 | | EBIT Margin | 21.5% | 15.6% | 17.5% | 22.0% | 24.1% | | 净资产收益率（ROE） | 5.9% | 4.7% | 5.9% | 8.3% | 10.2% | | 市 ...

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]

白云山近年来不断完善可持续的股东回报机制，数据显示，公司将实施2025年中期利润分配方案，拟每股派发现金红利人 民币0.40元，合计派发现金红利约6.5亿元。 值得关注的是，白云山已建立"年度+中期"双轨并行的稳定分红体系。公司近五年平均分红比例始终保持在30%以上，持 续稳定的分红政策不仅向市场传递出积极信号，也进一步提升股东回报的可预期性与及时性，增强了投资者对公司长期价值的 信心。 今年4月份，白云山母公司广州医药集团有限公（以下简称"广药集团"）启动"全国高校区域技术转移转化中心（粤港澳大 湾区）"区域中心生物医药中心公共转化平台建设工作，围绕"细胞基因治疗""AI+制药"等领域，推动科研成果转化落地。 本报讯 （记者王镜茹）8月15日，广州白云山医药集团股份有限公司（以下简称"白云山"）发布2025年中期业绩报告。作 为中国医药行业的龙头企业，白云山再度以稳健的财务表现，展现出良好的经营韧性和战略调整的成效。 报告期内，公司营业收入418.35亿元，同比增长1.93%，归母净利润25.16亿元；其中第二季度，营业收入193.61亿元，同 比增长6.99%，归母净利润6.95亿元，同比增长17.48% ...

Core Viewpoint - Guangzhou Pharmaceutical Holdings Limited (广药白云山) demonstrates strong profitability and effective strategic transformation amidst a challenging market environment, achieving a steady performance in its mid-year results for 2025 [1][2]. Financial Performance - The company reported a revenue of 41.835 billion RMB for the first half of 2025, representing a year-on-year increase of 1.93% [1]. - The net profit attributable to shareholders reached 2.516 billion RMB, with the second quarter showing a revenue of 19.361 billion RMB, up 6.99% year-on-year, and a net profit of 695 million RMB, a significant increase of 17.48% [1]. - The health business segment performed notably well, with a revenue growth of 7.42% to 7.023 billion RMB, contributing significantly to overall performance [1]. Dividend Policy - The company announced a mid-year profit distribution plan, declaring a cash dividend of 0.40 RMB per share, totaling approximately 650 million RMB [1]. - Over the past five years, the average dividend payout ratio has remained above 30%, with a high of 45.87% for the 2024 fiscal year, enhancing market confidence in the company's long-term value [1]. Strategic Upgrades - The company accelerated its strategic upgrades in response to a new wave of technological revolution and industrial transformation, obtaining 15 drug registration approvals in the first half of the year and receiving multiple provincial and national awards [2]. - It is constructing a Guangdong Innovation Traditional Chinese Medicine Preparation Transformation Pilot Platform, which has been recognized by the Ministry of Industry and Information Technology [2]. Collaboration and Innovation - The parent company, Guangzhou Pharmaceutical Group, initiated the construction of a biomedicine achievement transformation platform in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on cell gene therapy and AI in pharmaceuticals [4]. - Collaborations with institutions like Dongjiang Laboratory and Xiamen Rare Earth Research Institute have led to entry into the nuclear medicine industry [4]. Digital Transformation - The company is partnering with Huawei to advance smart manufacturing and supply chain upgrades, establishing a smart traceability system for traditional Chinese medicine, smart pharmacies, and logistics centers [4]. Capital Operations - The company is enhancing its market value management by investing in cutting-edge fields such as vaccines and synthetic biology, successfully acquiring Caishantang, increasing its number of "China Time-honored Brands" to 13 [6]. International Expansion - The company is actively promoting the internationalization of traditional Chinese medicine, with products entering markets in the US, Australia, Southeast Asia, and the Middle East [8]. - The Wanglaoji brand has notably expanded internationally, establishing a presence in over 100 countries and regions since opening an overseas brand pavilion in New York in 2018 [11]. Industry Position - Analysts believe that the company's performance and strategic adjustments reflect the rising status of the Chinese pharmaceutical industry in the global competitive landscape, bolstered by technological innovation, digital upgrades, and international expansion [11].

Group 1 - The core viewpoint of the articles highlights the rapid growth and innovation in Beijing's pharmaceutical and healthcare industry, with the city becoming the first in China to surpass a trillion yuan in industry scale [2][3]. - During the 14th Five-Year Plan period, Beijing has launched 12 innovative drugs and approved 54 national innovative medical devices, accounting for nearly one-fourth of the national total [1][3]. - In the first half of 2025, the National Medical Products Administration approved 43 innovative drugs, with 40 developed by Chinese companies, showcasing the strength of local innovation [2][3]. Group 2 - Changping District has signed agreements for 14 major projects, focusing on providing comprehensive services for enterprise development in the pharmaceutical sector [4][5]. - The district has established 57 industrial service platforms, facilitating seamless transitions from incubation to research and development, and clinical trials [4]. - The pharmaceutical health industry in Changping has seen an average annual revenue growth of 9.3% over the past three years, forming a billion-yuan industry cluster [4][5].

Group 1 - The 42nd National Pharmaceutical Industry Information Annual Conference and the 2025 Beijing-Changping Life Science Forum opened, focusing on the layout of pharmaceutical research and the transformation of original achievements, with 14 major pharmaceutical health industry projects signed in Changping District [1] - Major projects include investments from companies such as Mindray Medical, Diyi Group, Yourui Bio, and others, as well as innovative collaborations with institutions like Shantou University and the National Research Institute of High-Performance Medical Devices [1][2] - The Beijing Future Pharmaceutical Industry Chain Research Institute was unveiled, aiming to support key technology collaboration and promote international development of the pharmaceutical industry [1] Group 2 - A joint initiative was launched among Tsinghua University, Peking University, China Agricultural University, and Beijing University of Chemical Technology to drive breakthroughs in biomedicine and synthetic biology, enhancing China's position in the global pharmaceutical value chain [2] - The "Support Measures for the Development of the Pharmaceutical Health Industry in the Changping Group of the China (Beijing) Free Trade Pilot Zone" were announced, focusing on cross-border R&D cooperation and aligning with international standards [2] - Changping District has established a complete industrial chain from basic research to terminal medical services, with an average annual growth rate of 9.3% in pharmaceutical health industry revenue over the past three years, projected to reach 104 billion yuan in 2024, a year-on-year increase of 14.3% [2][3] Group 3 - The district has seen continuous innovation, with four key technologies selected as major scientific achievements for the 2025 Zhongguancun Forum, and 27 cell and gene therapy pipelines entering clinical stages, accounting for 5% of the national total [3] - The Zhongguancun synthetic biology manufacturing industry cluster has attracted 121 innovative enterprises, and the "Future City" health industry has formed a 10 billion yuan cluster [3] - Changping District aims to enhance the ecosystem of industrial elements and improve service quality, striving to make the Life Science Park a globally competitive hub for the pharmaceutical health industry [3]

Group 1 - The 2025 Beijing Science and Technology Week and the "Automation Light" Public Science Day at the Chinese Academy of Sciences showcased innovative achievements in various fields including artificial intelligence, gene therapy, brain-machine interfaces, and hydrogen energy [1][2] - The theme of this year's Science and Technology Week is "Determined to Innovate and Build a Strong Science and Technology Nation," emphasizing the collaboration between the Chinese Academy of Sciences and Beijing to promote high-end scientific resources [2][3] - The "Automation Light" Public Science Day has successfully held 21 sessions, inspiring many young people to explore science [2] Group 2 - The event featured 18 research achievements in artificial intelligence applications across various sectors, including smart healthcare and robotics [3][5] - The Q series humanoid robots and Casia Hand dexterous hand were highlighted, showcasing their capabilities in hazardous environments and service industries [3][4] - The micro-invasive brain-machine interface technology was presented, demonstrating its potential in medical rehabilitation and neural control, with ongoing animal experiments [4][5] Group 3 - Interactive exhibitions allowed the public to experience advanced technologies, such as a desktop carotid ultrasound robot system that aids in standardized screening [5] - Attendees engaged with various interactive projects, including AI art and thought rehabilitation technologies, enhancing public understanding of cutting-edge innovations [5]

突出弘扬科学家精神，将邀请院士和科学家通过科普报告形式讲述自己学术路上追求真理、勇攀高峰的 探索故事；以科学演讲的形式邀请院士、青年科学家就科学精神的延续和学术传统的发扬进行碰撞；举 办北京学生科技节，让青少年在科技探索中感悟科学家精神内核，在成长中厚植科学信仰。 突出可互动、可体验。全市科普联席会成员单位、各区，举办多场差异化活动，既有科技馆、科普基地 的科技小讲堂、人工智能编程等硬核科技体验活动，又有沉浸式体验森林漫游、"双碳"小卫士科技周游 览打卡等生活化科技互动活动。每场活动在展现人工智能、生物医药、绿色能源等前沿领域成果的同 时，还特别设置沉浸式体验区、互动实验站、科技生活模拟场景，打造"科技成果可见可触、科学原理 可感可悟"的科普盛宴。 新京报讯（记者张璐）5月20日，记者从北京市科委、中关村管委会获悉，2025年北京科技周将于5月24 日至31日举行。今年科技周活动展现人工智能、生物医药、绿色能源等前沿领域成果，同时突出可互 动、可体验。 "北京科技周成功举办了30届，已成为北京科技创新成果的重要展示窗口。"据北京市科委、中关村管委 会二级巡视员李志磊介绍，2025年北京科技周设置启动活动和"讲 ...