2026年2月4日，长江证券首次研报覆盖联化科技（002250）(002250.SZ)。研报明确，联化科技以农药 CDMO为基础，医药小分子领域延伸至小核酸CDMO方向成果显著，且功能化学品领域的新能源材料布 局潜力巨大。 其中，公司凭借小核酸CDMO打开增量空间。相较于传统的小分子化学药物和抗体药物，小核酸药物优 势显著：靶点选择范围极大扩展，药效强且持久，药物开发可以实现"平台化"，研发周期短，成功率 高。根据INSIGHT数据库，2022年以来，小核酸药物BD交易日益火热，2025年小核酸药物交易数量为 32个，交易总金额为290.22亿美元，其中首付款为23.54亿美元，再创新高，商业价值得到验证。公司在 修饰性核苷、核苷酸方面具有丰富经验，其中亚膦酰化试剂、核糖2'-位氟化及烷氧化修饰单体可实现 规模化生产，并开发了稳定、高效的核酸药物运送载体例如GalNAc的生产工艺，收率高且纯化简单。 公司核心客户诺华在研管线丰富，前瞻性布局小核酸领域，拥有39条小核酸管线，其中3款已获批上 市。研报称，小核酸药物或将进入收获期，为诺华提供潜在增长动力，联化科技也有望受益从而获得更 多订单。此外，政策利好持续释 ...

1 丨证券研究报告丨 [Table_scodeMsg1] 联合研究丨公司深度丨联化科技（002250.SZ） [Table_Title] 农药稳健增长，医药 CDMO 前景广阔 %% %% %% %% research.95579.com 报告要点 [Table_Summary] 公司以农药 CDMO 为基础，布局医药小分子、小核酸 CDMO 方向，成果累累，功能化学品领 域，公司布局六氟磷酸锂与双氟磺酰亚胺锂，行业周期反转，潜力巨大。 分析师及联系人 [Table_Author] SAC：S0490516100002 SAC：S0490524030005 SAC：S0490521030001 SFC：BUT911 SFC：BUZ392 SFC：BVA881 万梦蝶 SAC：S0490525050001 马太 彭英骐 王明 [Table_scodeMsg2] 联化科技（002250.SZ） cjzqdt11111 [Table_Title2] 农药稳健增长，医药 CDMO 前景广阔 [Table_Summary2] 行业领先的化学技术解决方案提供商 请阅读最后评级说明和重要声明 2 / 37 %% %% %% ...

2026.01.30 本文字数：3097，阅读时长大约5分钟 作者 |第一财经 彭海斌 "不光是在收缩，是在消失。"澳斯康创始人罗顺近期接受第一财经记者采访时，这样评价跨国CDMO在 华业务。 CDMO是指合同研发和生产组织，它是制药产业链分工日益专业化的结果。2020年左右，一大批知名跨 国企业如龙沙、赛默飞世尔、默克等都在中国投资了CDMO业务，并对中国业务寄予厚望。 现在，潮水已经退去。目前，还在中国开展CDMO业务的跨国企业几乎只有德国的勃林格殷格翰了。 进退之间 2025年，昭衍生物向前一步。 2025年9月份，昭衍生物技术（广州）有限公司开业。它的制造基地位于广州知识城，聚焦于大分子药 物的CDMO。这一基地拥有17000平方米的实验室及生产车间，配备国际领先的模块化生产设施,建有多 条200升、500升、2000升一次性原液生产线，及水针、冻干高端制剂线，并具备连续化生产工艺及数字 化控制系统。 当时，广州昭衍生物总经理贺涛表示，这一制造基地的投运，标志着昭衍生物"南北协同、中外联动"战 略迈出实质性一步。该基地提升昭衍生物在大湾区的产能供给，更为集团打造辐射东南亚及其他海外地 区的生物医药创新 ...

联化科技 20260127 摘要 莲花科技 2024 年四季度业绩反转，扣非净利润预计同比增长 172%至 238%，主要受益于产能利用率提升、汇率收益及业务改善。公司专注 于植保、医药原料药及中间体 CDMO，以及功能化学品和设备与工程服 务。 公司植保业务收入占比约 60%，受植保市场周期影响显著，但与全球五 大植保公司有长期合作，是国内主要植保 CDMO 企业之一，多基地布局 分散风险，通过技改实现产品交替。 医药板块作为创新药 CDMO，近年来稳健增长，贡献重要利润，体现出 生产工艺平台、GMP 质量管理和客户关系壁垒优势，已通过 FDA 等认 证，拥有 18 个商业化产品和多个临床期产品。 新能源业务主要推进电池相关化学品，如六氟磷酸锂（LiFSI），规划产 能为 2 万吨六氟磷酸锂和 1 万吨 LiFSI。该业务虽面临挑战，但长期仍 被视为大赛道行业。 公司设备服务板块由上海宝丰负责，从事工业节能发热设备及化工容器 销售，客户包括通威股份等，收入和利润较为稳定。 Q&A 莲化科技 2025 年业绩预告的具体内容是什么？其业绩反转的原因有哪些？ 莲化科技在 2026 年 1 月 24 日发布了 20 ...

Core Viewpoint - The commercialization of ADC (Antibody-Drug Conjugates) drugs is reaching a turning point, highlighting a capacity gap in the industry as WuXi AppTec (HK02268) announces a significant acquisition of Easton Biopharma (HK01875) to enhance its production capabilities [1][4]. Group 1: Acquisition Details - WuXi AppTec plans to acquire approximately 773 million shares of Easton Biopharma at a price of HKD 4.000 per share, valuing the total equity at approximately HKD 30.91 billion [2]. - The offer price represents a significant premium of about 99% over the closing price of HKD 2.010 per share on December 22, 2025, and a 114.67% premium over the 30-day average closing price of HKD 1.860 per share [2]. - Easton Biopharma has a limited market presence, often referred to as a "zombie stock," with a typical daily trading volume of less than HKD 1 million [2]. Group 2: Business Synergy - The acquisition is driven by the business synergy between WuXi AppTec and Easton Biopharma, as the latter is one of the earliest developers of ADC drugs in China, although it has faced challenges with its ADC pipeline [3]. - Easton Biopharma's revenue from product sales has been increasing, with projected revenues of RMB 3.04 billion, RMB 6.30 billion, and RMB 8.77 billion for 2022, 2023, and 2024 respectively, indicating a shift towards profitability in 2024 [3]. Group 3: Production Capacity and Strategic Fit - Easton Biopharma possesses a large-scale GMP-compliant production facility and has established an integrated ADC platform, which aligns with WuXi AppTec's strategy to enhance production capacity [4][5]. - The geographical proximity of both companies in the Yangtze River Delta region is crucial for reducing technology transfer risks and achieving operational efficiency [1][5]. - WuXi AppTec anticipates significant growth, projecting a revenue increase of over 45% and a gross profit increase of over 70% for 2025, alongside a substantial rise in adjusted net profit [6].

Core Viewpoint - WuXi AppTec (02268) has announced a cash offer to acquire Dongyao Pharmaceutical while also reporting a positive earnings forecast for the fiscal year 2025, highlighting significant growth in revenue and profit metrics [1][4]. Financial Performance - WuXi AppTec's revenue for 2025 is expected to grow by over 45% year-on-year, with gross profit increasing by over 70% and adjusted net profit (excluding interest income and expenses) also rising by over 45%. After accounting for currency fluctuations, the growth rate is anticipated to exceed 65% [1]. Strategic Acquisition - The acquisition of Dongyao Pharmaceutical is aimed at expanding operational capacity in China and enhancing overall production capabilities, thereby strengthening WuXi AppTec's position in the ADC CDMO sector [4][5]. - This move is part of a broader strategy to leverage both organic growth and mergers and acquisitions to solidify market leadership [4]. Industry Context - The ADC CDMO industry is experiencing a significant capacity shortage due to the rapid expansion of clinical pipelines and commercialization demands, making "capacity delivery capability" a critical competitive barrier [5][11]. - As of December 2025, there are 21 approved ADC drugs globally, with new types of bioconjugates emerging, indicating a robust growth trajectory for the sector [5]. Capacity Expansion - WuXi AppTec has established a global capacity matrix with facilities in Wuxi, Jiangyin, Hefei, and Singapore, which allows for efficient local production to meet global client needs [11][14]. - The company has over 630 global clients and 252 iCMC projects, demonstrating strong market demand for its production capabilities [10]. Talent Development - The company has built a talent pool exceeding 2,600 employees by the end of 2025, addressing the industry's growing need for specialized personnel [9]. Market Outlook - The global ADC market is projected to reach approximately $17.2 billion by 2025, with a compound annual growth rate (CAGR) of 30.6% from 2023 to 2032, indicating substantial growth potential for CDMO companies [15]. - The ADC outsourcing service market is also expected to grow significantly, reaching $11 billion by 2030, with a CAGR of 28.4% from 2022 to 2030 [15].

Group 1 - The pharmaceutical sector led the market today, with significant gains in medical services and CRO concepts, as evidenced by the rise in various indices [1] - The CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index and the CSI Biotech Theme Index both increased by 1.9%, while the CSI 300 Pharmaceutical Health Index rose by 1.7% [1] - Active trading was noted in related ETFs, with the Hong Kong Stock Connect Innovative Drug ETF (159316) and the Pharmaceutical ETF (512010) achieving transaction volumes of 820 million and 1.09 billion respectively, indicating increased market activity [1] Group 2 - According to Zhongtai Securities, multiple factors are driving a gradual recovery in demand for CRO and CDMO within the pharmaceutical sector, alongside a continuous supply-side clearance over the past three years [1] - The sector is expected to experience a "Davis Double Play," where both profitability and valuation are anticipated to improve [1]

Group 1: New Energy Business - The company primarily focuses on the sales of LiFSI, cathode materials, and electrolyte products, with ongoing technical improvements on lithium hexafluorophosphate projects. Revenue from the new energy business is expected to break through in 2025, with further growth anticipated in 2026 [1] - The company aims to expand its product range and market presence in the new energy sector, leveraging its R&D and production capabilities to convert technological advantages into market benefits [1] - The new energy sector is viewed as a sufficiently broad and long-term opportunity, helping to mitigate operational risks associated with the company's previous focus on overseas CDMO clients [2] Group 2: Overseas Operations - The UK base has maintained stable production and operations in 2025, with expectations for continued stability in 2026. The Malaysian base plans to invest $200 million, with the first phase of construction ongoing and expected to complete by the end of 2026 [3] - The Malaysian facility will focus on producing agricultural CDMO products, with plans to gradually commence production based on customer orders starting in 2027 [3] Group 3: Pharmaceutical Business - The pharmaceutical segment has shown steady growth, with a focus on a large client strategy and CDMO business model. The company has established stable commercial relationships with several leading global pharmaceutical companies [4] - The company is actively expanding its client base and developing new strategic partnerships, particularly with high-viscosity clients, while also focusing on small molecule CDMO and emerging business areas such as peptide products and radiopharmaceuticals [4] Group 4: Client Dependency and Market Strategy - The company acknowledges a high concentration of clients but emphasizes the importance of providing comprehensive services to existing clients while actively seeking new customers across various sectors [4] - The strategy includes enhancing technical capabilities and market expansion to foster long-term cooperation and mutual trust with clients, ensuring a sustainable business model [4]

Group 1: Small Nucleic Acid Business - The company’s small nucleic acid business primarily involves phosphoramidite monomers and GalNAc delivery systems, with delivery systems priced higher than monomers [2] - The company has delivered part of its small nucleic acid business orders and will continue to meet customer needs, with further details available in future reports [2] - The company possesses a stable and effective quality system, necessary production equipment and technology, smooth supply chain responsiveness, and compliance advantages to become a supplier for multinational corporations (MNCs) [2][3] Group 2: Production Capacity and Main Business - The company’s fundraising projects are gradually releasing production capacity to meet diverse customer orders [3] - The main business includes providing key pharmaceutical intermediates, active pharmaceutical ingredients (APIs), CDMO services, L-carnitine series products, and stem cell drug development [3] - The company is focused on continuous innovation in new products and processes to expand product depth and breadth, aiming for a richer customer structure [3] Group 3: Stem Cell Project Progress - The company has completed the design, installation, debugging, and confirmation of GMP facilities for its cell therapy projects, including myocardial infarction and cerebral infarction [3] - Technical transfers for the isolation, culture, and cryopreservation of umbilical cord mesenchymal stem cells have been completed, establishing seed, master, and working cell banks [3] - The company has developed and validated analytical methods and initiated process validation in preparation for IND application [3] Group 4: Disclosure of Major Information - The activity did not involve the disclosure of any undisclosed major information [3]

Key Points Summary of 九州药业 Conference Call Company Overview - 九州药业 is transitioning from generic drugs to innovative drug services, established in 1973 and entered the pharmaceutical sector in 1985. The company began its CDMO (Contract Development and Manufacturing Organization) business in 2008 and went public in 2014 [3][4]. Industry and Business Structure - The company has achieved synergy in domestic and international production through acquisitions and self-built capabilities, including the establishment of an overseas management headquarters in Singapore and R&D platforms in Japan and Germany [2][3]. - The core revenue source is the CDMO business, which generated revenue of 22.91 billion yuan in the first half of 2025, representing a year-on-year growth of 16.27% with a gross margin of 41% [2][3]. Project Pipeline and Clientele - The project pipeline has increased from 378 in 2019 to 1,214 as of the first half of 2025, including 38 commercialized products [2][3]. - Major clients include multinational corporations (MNCs) such as Novartis, Roche, and Pfizer, with Novartis accounting for over 60% of the revenue [2][5]. Financial Performance - In the first half of 2025, the raw material drug business generated revenue of 5.23 billion yuan, maintaining a gross margin of 23% despite industry competition and price declines [2][5]. - The company expects a net profit growth of around 15% over the next three years, with a revenue increase of 4.92% and a net profit increase of 18.51% year-on-year in the first three quarters of the current year [4][5]. New Business Initiatives - The establishment of the Prince Division aims to develop new molecular types such as peptides, conjugated drugs, and small nucleic acids, creating a second growth curve [2][5]. - The company is advancing commercial production capacity for these new initiatives, including three peptide conjugation platforms and capabilities for small nucleic acid research in both China and the U.S. [5]. Market Outlook and Valuation - The company is projected to maintain a net profit growth rate of approximately 15% over the next three years, with a target price of 27 yuan based on a 21x P/E ratio for 2026 [4][5]. - The current stock price reflects a P/E ratio of about 12x for 2027, indicating a favorable investment opportunity considering the rebound in raw material prices and healthy development in small molecule CDMO [5].