在化学合成方面最重要的能力是商业化的能力，公司在产品商 业化方面是具有竞争力的。新能源行业是"足够宽、足够长" 的赛道。另一方面，公司当时业务以海外客户的 CDMO 业务 为主，拓展新能源业务能有效对冲经营风险，保障公司发展稳 健。尽管在新领域开拓过程中不可避免会面临一些挑战，公司 目前正稳步推进相关规划，积极提升技术与运营能力，缩小与 行业领先者的差距。 3、公司英国基地今年情况如何？马来西亚基地建设情况如 何？这两个海外基地未来有何规划？ 公司英国基地 25 年整体生产经营情况平稳，26 年也将保 持稳健。马来西亚基地计划投资 2 亿美金并分期建设，目前仍 在第一期建设中，马来西亚基地目前规划以生产植保 CDMO 产 品为主，计划将于 26 年底完成第一期项目建设，并于 27 年根 据客户订单情况按步投产。未来，公司可以向客户提供的来自 中国、英国和马来西亚基于产品生命周期不同需求的全产业链 服务，利用中国完善的化工供应链配套设施及有竞争性的基础 资源，协同英国和马来西亚灵活的生产及登记政策，为客户、 为行业提供差异化的、一站式的供应链解决方案。 4、公司医药业务情况如何？新客户拓展及业务规划如何？ 联化 ...

诚达药业股份有限公司 | | 大利AIFA、英国MHRA、加拿大HC、希腊等国家药政管理部门的审评， | | --- | --- | | | 并取得了欧洲CEP认证证书，覆盖了全球主流市场的质量体系认证， | | | 产品质量得到了客户的广泛认可。 | | | 4.公司目前的产能情况？ | | | 答：公司募投项目产能逐渐释放，能满足客户不同产品、不同 | | | 阶段、不同规模订单的需求。 | | | 5.公司其他主营业务情况？ | | | 答：公司主营业务涵盖为跨国制药企业及医药研发机构提供关 | | | 键医药中间体、原料药CDMO研发生产服务，左旋肉碱系列产品、原 | | | 料药的研发、生产和销售以及干细胞药物的研发。公司持续聚焦、 | | | 深耕主营业务，后续公司将继续推进新产品、新工艺的研发和技术 | | | 创新工作，开拓产品深度及广度，并争取更加丰富的客户结构。 | | | 6.干细胞项目的进展情况？ | | | 答：公司细胞治疗"心梗项目"、"脑梗项目"已完成GMP厂房 | | | 及设施设备的设计、安装、调试、确认；完成脐带间充质干细胞的 | | | 原代分离、培养及冻存的技术转移，建 ...

九州药业的业务结构和未来增长预期如何？ 九州药业是一家从仿制药向创新药服务转型的典型中国医药企业。公司成立于 1973 年，1985 年进入制药领域，2008 年开始布局 CDMO（合同开发与制造 组织）业务，并于 2014 年上市。通过收购诺华苏州工厂及美国工厂等资产， 公司实现了海内外产能协同。2023 年设立新加坡海外管理总部，2024 年在日 本、德国等地布局研发平台。目前，公司全球化服务能力持续升级。 公司的核 心收入和利润来源是 CDMO 业务。2025 年上半年，该业务实现收入 22.91 亿 元，同比增长 16.27%，毛利率为 41%。自 2008 年以来，公司在 CDMO 领 域深耕近 20 年，实现了从临床前到商业化项目的全流程覆盖。截至 2025 年 上半年，公司项目管线数量从 2019 年的 378 个增至 1,214 个，其中已上市商 业化品种 38 个，临床三期项目 90 个，临床一二期项目超过 1,000 个。 九州 药业的主要客户包括诺华、罗氏、辉瑞等大型跨国公司（MNC），其中诺华依 制剂业务包括制剂 CDMO 和自研仿制药，截至 2025 年前三季度，全球 高附加值领域的 ...

风险提示： 1、CDMO订单进度不达预期；2、大客户依赖风险；3、原料药产品价格下行。 免责声明 根据《证券期货投资者适当性管理办法》及配套指引，本资料仅面向华创证券客户中的金融机构专业投资者，请勿对本资料进行任何形式的 转发。若您不是华创证券客户中的金融机构专业投资者，请勿订阅、接收或使用本资料中的信息。 本资料难以设置访问权限，若给您造成不便，敬请谅解。感谢您的理解与配合。 摘要 九洲药业从特色原料药/中间体起家，依靠多年技术积累和客户资源优势，公司以小分子为底座、 TIDES为增量的CDMO平台正进入"验证产能释放+订单后端化"的收获期，有望驱动新一轮成长。 CDMO业务：成长主引擎，项目漏斗结构健康，订单能见度高 。 公司CDMO业务以成熟的小分子药 物技术平台为根基，覆盖创新药从临床前CMC到商业化生产的全生命周期服务，深度嵌入诺华、罗 氏、艾力斯等国内外龙头药企供应链，核心项目如诺欣妥、瑞博西利持续贡献收入，合作产品伏美替 尼的快速放量有望为CDMO业务带来持续增量。公司原料药CDMO项目管线丰富（截至2025H1，已上 市38个、III期90个、I/II期1086个），驱动收入稳健增长；同时，公 ...

Group 1: New Energy Business - The company has decided to enter the new energy sector, focusing on chemical synthesis capabilities, which are deemed competitive for commercialization [1] - Expected revenue from the new energy business is projected to break through in 2025, primarily driven by sales of LiFSI and electrolyte products [1] Group 2: Pharmaceutical Business - The pharmaceutical segment is growing rapidly, with a focus on a CDMO business model and partnerships with leading global pharmaceutical companies [1] - The company aims to expand its client base and enhance its product pipeline, anticipating long-term growth as it deepens collaborations with clients [2] Group 3: Malaysia Base Construction - The establishment of a base in Malaysia is intended to meet client supply chain diversification needs and enhance customer loyalty [2] - The Malaysian facility is currently in the construction phase, with production expected to commence within the year [2] Group 4: Crop Protection Business - The crop protection business remains stable, with the company recognized as a strategic partner for major global original research crop protection companies [2] - The company provides comprehensive solutions covering the entire product lifecycle in the crop protection sector [2] Group 5: Capital Expenditure Considerations - Current capital expenditures are focused on the coastal base and the Malaysian facility, with a net cash flow from operating activities of approximately 9 billion yuan in the first three quarters of 2025 [2] - There are no immediate plans for capital operations as the current cash flow supports ongoing capital expenditure plans [2] Group 6: Subsidiary Shanghai Baofeng - Shanghai Baofeng has been listed on the New Third Board and aims to improve product and service quality while expanding into international markets [2] - The subsidiary is focused on maintaining stable growth in traditional refrigeration sectors [2]

Core Viewpoint - The control of Jiuzhou Pharmaceutical has changed due to the transfer of shares from the aging actual controller, Hua Xuande, to his daughters, Hua Lirong and Hua Xiaohui, which will not affect the company's operational independence or business performance [2][4]. Group 1: Share Transfer Details - Hua Xuande transferred 42.50% of his shares in Zhongbei Group and 10.00% in Taizhou Gede to his daughters, with Hua Lirong receiving 28.50% and Hua Xiaohui 14% of Zhongbei Group, and each receiving 5% of Taizhou Gede [1]. - The total payment for the share transfer was 61.815 million yuan, with Hua Lirong paying 41.333 million yuan and Hua Xiaohui 20.482 million yuan [1]. - The estimated market value of the shares transferred, based on Jiuzhou Pharmaceutical's closing price of 19.88 yuan per share, is approximately 2.476 billion yuan [1]. Group 2: Company Background and Performance - Jiuzhou Pharmaceutical, established in July 1998, is a technology-driven CDMO enterprise focusing on small molecule chemical drugs, peptide drugs, conjugated drugs, and small nucleic acid drugs [4]. - The company reported a revenue of 4.16 billion yuan for the first three quarters of the year, representing a year-on-year growth of 4.92%, and a net profit of 748 million yuan, up 18.51% year-on-year [4]. - As of November 13, Jiuzhou Pharmaceutical's stock price increased by 2.11% to 20.34 yuan per share, with a market capitalization of 18.091 billion yuan [5].

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company reported a revenue of 46.30 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 11.82%, with a net profit attributable to shareholders of 8.00 billion yuan, up 12.66% year-on-year [1]. - In Q3 2025, the company achieved a revenue of 14.4 billion yuan, a slight decline of 0.09% year-on-year, with the small molecule business revenue declining over 20% year-on-year, while emerging businesses saw a significant growth of 114% year-on-year [2]. - The company expects a revenue growth of 13% to 15% for the full year 2025, translating to an estimated revenue of 65.6 to 66.8 billion yuan, with Q4 revenue projected to be between 19.3 and 20.5 billion yuan, indicating a year-on-year growth of 15.9% to 22.9% [2]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved a revenue of 46.30 billion yuan and a net profit of 8.00 billion yuan, with a non-GAAP net profit of 7.28 billion yuan [1]. - The company’s Q3 revenue was 14.4 billion yuan, with a decline in small molecule business revenue but a doubling in emerging business revenue [2]. Future Outlook - The company is focused on expanding its market presence, with new orders showing double-digit growth, which adds certainty to future performance [2]. - The company anticipates a significant increase in Q4 deliveries compared to Q3, supporting the revenue growth guidance for 2025 [2]. Investment Recommendations - The company is positioned as a leading domestic small molecule CDMO supplier, with ongoing enhancements in its integrated service capabilities in small molecules and continued investment in large and biological molecules [3]. - Adjusted revenue forecasts for 2025-2027 are 66.09 billion, 77.48 billion, and 89.30 billion yuan, respectively, with EPS estimates revised to 3.05, 3.66, and 4.50 yuan [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by over 20% in the next 6-12 months [5][11]. Core Insights - The company achieved a revenue of 4.47 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 1.2%, while the net profit attributable to the parent company reached 670 million yuan, up 15.8% [1][5]. - The gross margin improved to 26.9%, an increase of 0.7 percentage points, and the net margin rose to 14.9%, up 1.8 percentage points [1][5]. - The decline in revenue for Q3 was primarily due to weak demand for antibiotics and the traditional off-season for raw materials, but profitability continued to improve with rising margins [1][2]. - The company has a diverse product matrix with over 70 chemical drug products, 13 of which generate over 100 million yuan in revenue, and nearly 20 products hold leading market shares [2]. Financial Projections - Revenue forecasts for 2025-2027 are 6.41 billion yuan, 7.29 billion yuan, and 8.17 billion yuan, reflecting year-on-year growth rates of 8.8%, 13.6%, and 12.2% respectively [3][10]. - The net profit projections for the same period are 943 million yuan, 1.16 billion yuan, and 1.38 billion yuan, with growth rates of 20.6%, 23.2%, and 18.5% respectively [3][10]. - The report highlights a continuous improvement in profitability driven by the company's market share in animal health products and cost efficiencies [3][10].

Core Viewpoint - Goldman Sachs has slightly reduced its net profit forecasts for Kanglong Chemical (300759) for the years 2025 to 2027 by 0.1%, 0.1%, and 0.5% respectively, while maintaining a "Buy" rating for its H-shares and a neutral rating for its A-shares [1] Group 1: Financial Performance - Kanglong Chemical reported third-quarter revenue of 3.65 billion RMB, representing a year-on-year growth of 13.4% and a quarter-on-quarter increase of 9.1%, slightly above Goldman Sachs' previous expectation of 3.48 billion RMB [1] - The growth in revenue was primarily driven by sustained momentum in the CMC and bioscience sectors, with contributions from the top twenty pharmaceutical clients increasing [1] - The non-IFRS adjusted net profit margin improved to 12.9%, compared to 11.3% in the first quarter and 12.2% in the second quarter, benefiting from increased utilization and operational leverage [1] Group 2: Management Guidance - The management of Kanglong Chemical has raised its full-year revenue growth guidance from 10%-15% year-on-year to 12%-16%, indicating a fourth-quarter growth of 6%-20% [2] - It is expected that the profit margin in the fourth quarter will further improve compared to the first three quarters, although the overall non-IFRS profit margin for the year may be slightly lower than in 2024 due to profit margin dilution from new capacity released in the first quarter [2] - Management remains confident in achieving the revised guidance, citing strong growth in CMC orders, ongoing capacity expansion, and improvements in core business profit margins [2]

Core Viewpoint - The A-share market is experiencing a collective decline, with major indices such as the Shanghai Composite Index down by 0.75%, the Shenzhen Component Index down by 0.76%, and the ChiNext Index down by 1.68% [1] Group 1: Market Performance - The Kexin Pharmaceutical ETF (588130) has increased by 4.28%, with the latest price at 1.195 yuan and a turnover rate of 13.94% [1] - Among the constituent stocks, three companies led the gains: 3SBio surged by 20.00%, Zai Lab (U.S.) rose by 15.50%, and EdiGene (U.S.) increased by 14.08% [1] - Conversely, Haoyuan Pharmaceutical led the losses with a decline of 4.80%, followed by Yirui Technology down by 1.59%, and Baijun Medical down by 1.14% [1] Group 2: Investment Recommendations - Guosen Securities suggests focusing on innovative drug companies with differentiated capabilities and global commercialization potential, as well as leading CDMO companies with high growth in new contracts and backlog orders [1] - The long-term logic of innovative drugs is viewed positively, with an emphasis on identifying bottom-reversal targets [1] - There is a recommendation for low-valuation medical device companies that are expected to experience performance turning points or acceleration [1]