Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The CDMO (Contract Development and Manufacturing Organization) business is showing improvement, with a positive trend in performance and a recovery in the industry [1][2] - The company reported a revenue of 1.381 billion yuan in Q2 2025, a year-on-year increase of 7.15%, and a net profit attributable to shareholders of 276 million yuan, up 15.70% year-on-year [1] - The company is well-positioned in the global biopharmaceutical supply chain, benefiting from the increasing demand for innovative drugs from China [1][2] Summary by Sections Financial Performance - In H1 2025, the CDMO segment achieved revenue of 2.29 billion yuan, a year-on-year increase of 16.3%, while the API (Active Pharmaceutical Ingredient) segment saw a revenue decline of 28.5% to 520 million yuan [2] - The gross profit margin for H1 2025 was 37.5%, an increase of 2.2 percentage points, and the net profit margin was 18.3%, up 1.1 percentage points [3] - The company’s domestic revenue was 580 million yuan, down 5.83% year-on-year, while overseas revenue was 2.29 billion yuan, up 6.62% year-on-year [3] Project Pipeline and Client Acquisition - The company has a robust project pipeline with 1,214 projects under contract, including 90 Phase III clinical projects and 38 commercial projects [2] - The company has introduced over ten new clients in the formulation CDMO business and has over 100 active formulation projects [2] Capacity Expansion and Strategic Initiatives - The company is advancing its global R&D capabilities and production capacity, with ongoing construction of a GMP production line for peptides expected to be operational by the end of 2025 [3] - The company is enhancing its international strategy to increase customer loyalty globally [3] Profit Forecast - The profit forecast for the company has been adjusted, with expected net profits of 949 million yuan, 1.041 billion yuan, and 1.184 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 56.5%, 9.8%, and 13.7% [3]

Core Viewpoint - The article emphasizes that Kailaiying is positioned for growth through its small molecule CDMO business and emerging sectors, leveraging its technological advantages and expanding service capabilities to become a leading comprehensive CDMO service provider [3][4]. Small Molecule CDMO Business - The small molecule CDMO business is the foundation of Kailaiying's development and its largest revenue segment, benefiting from continuous reaction technology and biocatalysis, which provide a competitive edge in cost and efficiency [3][5]. - The company aims to enhance its global presence and pipeline penetration among multinational pharmaceutical companies by expanding overseas production capacity, particularly leveraging experiences from the UK Sandwich Site [3][5]. Emerging Business Segments - Kailaiying has diversified into several emerging business areas, including chemical macromolecule CDMO, formulation CDMO, biological macromolecule CDMO, clinical CRO, technology output, and synthetic biology, supported by its established R&D and quality management systems [3][5]. - The chemical macromolecule CDMO segment is expected to grow rapidly due to increasing demand for peptide and oligonucleotide drugs, with the company poised to capture market share amid supply shortages [5]. - The formulation CDMO business is anticipated to see significant growth with the introduction of new production capacities for pre-filled syringes and solid formulations by 2025 [5]. - The biological macromolecule CDMO segment, focusing on conjugated drugs, is expected to enhance both efficiency and profitability through an integrated service model [5]. - The clinical CRO business is projected to recover steadily as the innovative drug sector sees increased investment and as the company strengthens its capabilities in mid-to-late stage projects and overseas registrations [5]. Financial Projections - The company forecasts net profits of 39 million, 83 million, and 141 million yuan for 2025, 2026, and 2027, representing year-on-year growth rates of 186%, 111%, and 69% respectively, with corresponding EPS of 3.24, 3.89, and 4.71 yuan [4]. - The current stock price corresponds to PE ratios of 36, 30, and 25 for the years 2025 to 2027, indicating a favorable valuation outlook based on the company's growth potential and competitive advantages [4].

证券研究报告 | 2025年09月11日 凯莱英（002821.SZ） 小分子CDMO行业引领，新兴业务扬帆起航 公司研究 · 深度报告 医药生物 · 医药研发外包 投资评级：优于大市（首次覆盖） 0755-81982723 pengsiyu@guosen.com.cn S0980521060003 证券分析师：陈曦炳 0755-81982939 chenxibing@guosen.com.cn S0980521120001 证券分析师：彭思宇 联系人：凌珑 021-60375401 linglong@guosen.com.cn 请务必阅读正文之后的免责声明及其项下所有内容 1 投资建议 n 凯莱英：全球领先、技术驱动型的一站式CDMO综合服务商 凯莱英成立于1998年，是中国第二大化学药物CDMO企业。公司以化学小分子CDMO业务为基石，逐步拓展业务边界，技术创新能力行业领先， 研发费用率长期居于行业领先水平，服务辉瑞、默沙东等全球超1100家客户。 n 小分子业务：基石业务稳健 小分子CDMO作为公司的业务根基，依托连续流化学(CFCT)、酶催化等核心技术，持续攻克高难度分子合成壁垒，巩固在抗肿瘤、抗病毒 ...

Core Insights - The company achieved revenue of 3.188 billion yuan in H1 2025, representing an 18.2% increase, and a net profit attributable to shareholders of 617 million yuan, up 23.7% [1] - The company’s overseas revenue showed robust growth, particularly in Europe, where revenue reached 548 million yuan, growing over 200% year-on-year, accounting for 17% of total revenue [2] - The company’s emerging business segment is entering a high-growth phase, with revenue from chemical macromolecules expected to double for the full year [4] Financial Performance - In H1 2025, the company reported a gross margin of 43.5%, an increase of 1.3 percentage points, and an adjusted net profit margin of 21.4%, up 5.4 percentage points [2] - The company’s revenue for Q2 alone was 1.647 billion yuan, reflecting a 26.94% increase, with a net profit of 291 million yuan, up 33.94% [1] - The company has a strong order backlog of 1.088 billion USD, indicating high revenue certainty for the full year, with expected revenue growth of 13-15% [2] Business Segments - The small molecule CDMO business generated revenue of 2.429 billion yuan in H1 2025, showing a steady growth of 10.6% [3] - The emerging business segment reported revenue of 756 million yuan, a significant increase of 51.2%, with a backlog growth of over 40% [4] - The chemical macromolecule business saw revenue of 379 million yuan, growing over 130%, with expectations for continued strong growth in the second half of the year [4] Future Outlook - The company anticipates revenue for 2025-2027 to be 6.755 billion, 8.066 billion, and 9.488 billion yuan, with year-on-year growth rates of 16.37%, 19.40%, and 17.63% respectively [4] - Net profit projections for the same period are 1.155 billion, 1.377 billion, and 1.668 billion yuan, with growth rates of 21.70%, 19.24%, and 21.11% respectively [4]

格隆汇8月29日丨泰德医药(03880.HK)公布，截至2025年6月30日止六个月，公司收益增加28.5%至人民 币253.8百万元。毛利增加44.3%至人民币155.0百万元。净利润增加101.7%至人民币102.0百万元。 截至2025年6月30日止六个月，毛利率为61.1%，较截至2024年6月30日止六个月的54.4%增加6.7个百分 点。毛利率增加主要由于销售成本的增长低于因员工薪酬、公用事业及其他开销下降而导致的收入增 长。 公司进行中的CDMO项目数量由截至2024年6月30日的332个增至截至2025年6月30日的338个。 此外，公司已建立广泛的项目管线，且公司战略性地专注于GLP-1领域的管线。截至2025年6月30日， 公司的项目管线包括338个进行中的CDMO项目，包括与七名客户进行九个NCE GLP-1分子开发项目， 开发口服及╱或注射GLP-1分子产品。 经过二十多年的不断发展及营运经验累积，公司拥有庞大的多肽API产能，配备了全面的项目研究及创 新数字化系统。公司在杭州钱塘园区的cGMP合规生产设施总建筑面积超过20,000平方米，多肽API年产 能超过500千克，每批多肽产能 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong performance relative to the benchmark index [14]. Core Insights - The company shows a trend of accelerating performance with significant growth in both revenue and profit, supported by a robust order backlog [2]. - Emerging business segments are performing exceptionally well, contributing to overall revenue growth [5][6]. - The traditional small molecule CDMO business remains stable and profitable, with a solid project pipeline [3]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 3.188 billion yuan, a year-on-year increase of 18.20%, and a net profit of 617 million yuan, up 23.71% [1]. - For Q2 2025, revenue reached 1.647 billion yuan, reflecting a 26.94% year-on-year growth, while net profit increased by 33.94% to 291 million yuan [1]. Business Segments - The small molecule CDMO solutions generated revenue of 2.429 billion yuan in H1 2025, a 10.64% increase, accounting for 76.19% of total revenue [2]. - Emerging businesses reported revenue of 756 million yuan, a significant growth of 51.22%, making up 23.71% of total revenue [2]. Market Analysis - Domestic market revenue was 713 million yuan, growing 3.44%, while international market revenue reached 2.475 billion yuan, up 23.27% [2]. - Notably, revenue from European clients surged over 200%, indicating strong demand in that region [2]. Future Projections - The company anticipates continued growth in revenue and profit, with projected revenues of 6.71 billion yuan, 7.686 billion yuan, and 8.727 billion yuan for 2025, 2026, and 2027 respectively [8]. - The expected net profits for the same years are 1.108 billion yuan, 1.294 billion yuan, and 1.516 billion yuan [8].

Financial Overview - Revenue for H1 2025 reached 3,188 million RMB, an increase from 2,697 million RMB in H1 2024 [80] - Adjusted net profit for H1 2025 was 617 million RMB, up from 499 million RMB in H1 2024 [80] - Gross profit margin improved to 43.5%, up from 42.2% in H1 2024 [64] Performance Highlights - Gross margin increased by 1.3 percentage points to 43.5% [13] - Net profit growth outpaced revenue growth by 5.5 percentage points [14] - The company reported a backlog of orders worth 10.88 billion USD, with a year-on-year increase of over 40% [13] Segment Performance Small Molecule Business - Revenue for small molecule CDMO business was 24.29 billion RMB, a 10.6% increase year-on-year [20] - Gross margin for small molecule business reached 47.8%, up 0.6 percentage points [32] Emerging Business - Emerging business revenue surged by 51.2% to 7.56 billion RMB [19] - Gross margin for emerging business was 29.8%, an increase of 9.5 percentage points [20] Clinical CRO Business - Revenue for clinical CRO business was 1.39 billion RMB, reflecting a growth of 44.8% [42] - The company supported 13 projects to obtain clinical trial approvals in China [42] Market Expansion - The company added over 150 new CDMO business clients during the reporting period [22] - Revenue from the US market was 1.789 billion RMB, a slight increase of 0.5% year-on-year [25] - Revenue from the European market grew by over 200% to 548 million RMB [25] Future Outlook - The company anticipates a revenue growth of 13% to 15% for the full year of 2025 [77] - Plans to enhance operational efficiency and profitability, aiming for profit growth to exceed revenue growth [77] - Continued focus on expanding capabilities in peptide, oligonucleotide, and conjugated drug segments [77]

本报讯 （记者金婉霞）2025年8月25日，上海康鹏科技股份有限公司（以下简称"康鹏科技"）发布2025 年半年度报告。报告期内，公司实现营业收入4.36亿元，同比增长27.94%；归属于上市公司股东的净利 润3101.68万元，同比大幅增长257.08%；实现扣非归母净利润2336万元，实现扭亏；经营现金流净额为 7764万元，同比增长197.2%。 新材料业务方面，公司营业收入变动不大，主要受到电池材料部分原料碳酸锂市场价格下降的影响，导 致产品价格进一步降低。尽管如此，公司在显示材料、新能源电池材料及电子化学品等领域仍保持较强 的市场竞争力。公司通过不断优化产品结构及生产工艺，提升了核心竞争力，为未来的可持续发展奠定 了坚实基础。 报告期内，公司研发费用为3613.04万元，占营业收入的比例为8.28%。另外，截至2025年6月30日，康 鹏科技的总资产为32.45亿元，较上年度末下降0.32%；归属于上市公司股东的净资产为28.10亿元，较 上年度末增长1.36%。 展望未来，康鹏科技将继续深耕新材料和CDMO业务领域。在新材料业务方面，公司将紧跟市场需求， 推进国产化进程，不断提升产品的市场竞争力。 ...

Group 1: Financial Performance - The company's revenue for the first half of 2025 reached 1.567 billion CNY, a 23.87% increase from 1.265 billion CNY in the same period last year [3] - The net profit attributable to shareholders was 149.51 million CNY, a significant increase of 180.96% year-on-year [3] - The gross profit margin improved to 38%, up three percentage points from the previous year [3] Group 2: Business Segment Performance - Revenue from the generic drug raw materials and intermediates business was 1.131 billion CNY, with non-sartan raw materials showing continuous growth [3] - The CDMO (Contract Development and Manufacturing Organization) business generated 251.63 million CNY, reflecting a 44.33% year-on-year growth [8] - The formulation business achieved sales revenue of 847.2 million CNY, a year-on-year increase of 84.72%, with sales volume surpassing 500 million tablets, a 71% increase [3] Group 3: Market Strategy and Expansion - The company successfully participated in national and provincial alliance procurement projects, significantly enhancing terminal coverage [4] - A multi-channel sales network has been established, including medical, retail e-commerce, and internet centers, contributing to rapid growth across all business segments [4] - The company has received 65 drug production approvals covering 40 varieties, enhancing product structure and market opportunities [3] Group 4: Future Outlook and Challenges - The company anticipates further improvements in gross margins due to ongoing cost reduction and efficiency enhancement measures [5] - The sartan product line faced price pressure but maintained stable sales volume, with a focus on optimizing production processes [6] - The company plans to enhance cash flow management to address a net cash flow deficit of 17.77 million CNY, primarily due to increased accounts receivable [12]

花旗发表研报指，将药明生物列为委托开发制造商(CDMO)领域首选标的之一，考虑收入增长加快及盈 利能力改善，目标价由35港元上调至40港元，予"买入"评级。另外，该行将2025至27年各年收入预测分 别上调2%、2%及1%，净利润预测分别上调15%、10%及11%。 ...