公 公司深度报告 司 小分子 CDMO 根基深厚，新兴业务长远可期 研 ——凯莱英（002821）公司深度报告 究 分析师： 侯雅楠 SAC NO： S1150524120001 2026 年 03 月 19 日 医药生物-------医疗研发外包 022-23839211 证券分析师 侯雅楠 houyn@bhzq.com 凯莱英：小分子 CDMO 根基深厚，新兴业务长远可期 公司是全球领先、技术驱动型的 CDMO 一站式综合服务商，深度布局小分子 CDMO 领域并探索新兴业务，与多家 MNC 形成较强合作粘性。公司股权结 构稳定，高管团队经验丰富，推出限制性股票激励计划深度绑定核心员工。 随着大订单扰动逐步消除，公司 2025 年前三季度收入、利润重回增长。 小分子 CDMO：传统优势，持续深耕 | | | 研 证 券 研评究级助：理 增持 最近半年股价相对走势 随着全球小分子 CMO/CDMO 行业加速发展，公司深耕小分子 CDMO 领域， 提供全方位服务。技术方面，公司建立多个先进的研发中心，储备前瞻技术， 解决小分子药物研发及生产中各类技术难题，提高客户成本效益，研发投入 较为积极，护航长远发展。公司 ...

18 March 2026 | 8:14PM HKT Equity Research China Healthcare: Medical Device & Services: 4Q/2H25 preview: CDMO Order Momentum in Focus; Devices & Services Await Clear Recovery In this note, we present our 4Q25 preview for our China Medical Device & Services coverage. There are no changes to our estimates, TPs, investment theses and ratings. CDMO: Focus shifting to backlog, FY26 guidance and durability of the cycle n With most major CDMO names having already reported preliminary results (see our note), invest ...

Summary of Lonza Investor Conference Call Company Overview - **Company**: Lonza Group AG - **Industry**: Contract Development and Manufacturing Organization (CDMO) Key Points from the Conference Call Divestment Announcement - Lonza announced the divestment of its Capsules & Health Ingredients (CHI) business to Lone Star Funds, marking a significant step in its transformation to a pure-play CDMO [2][3] - The enterprise value for CHI at closing is 2.3 billion CHF, with expected total proceeds at or above 3 billion CHF (approximately $4 billion) at full exit [4][11] Strategic Focus - The divestment is part of Lonza's strategy to focus solely on its CDMO business, which has been a core part of its vision since December 2024 [5][22] - Lonza has executed a total of four divestments to support this transformation over the past 1.5 years [3] Financial Implications - Lonza will receive upfront cash proceeds of 1.7 billion CHF and retain a 40% stake in CHI without management control [11][13] - The transaction will trigger an estimated non-cash impairment of 1.3 billion CHF, which will be reflected in the 2025 financials [12] Market Position and Growth - The CDMO market is valued at around $100 billion, with an underlying growth rate of 8%-10% [9] - Lonza aims to outpace market growth at low teens percentage over time, supported by its unique strengths referred to as the "Lonza Engine" [10][21] Capital Allocation Strategy - Proceeds from the CHI divestment will be used for targeted organic growth opportunities and bolt-on M&A acquisitions [16][19] - Lonza plans to return 500 million CHF to shareholders through a share buyback, expected to be executed within a year of the transaction closing [17][23] Future Outlook - Lonza is committed to investing 7 billion CHF in organic growth by 2030, with a focus on high-quality assets that complement its existing offerings [19][21] - The company anticipates sales growth of 11%-12% and further CORE EBITDA margin expansion to above 32% of sales in 2026 [22] Competitive Landscape - Lonza's divestment process was rigorous, focusing on execution speed, deal certainty, and the ability of interested parties to deliver on business cases [35] - The company is prepared to pursue both organic and inorganic growth strategies, with a particular interest in high-quality assets that synergize with existing operations [19][20] Additional Insights - Lonza's approach to capital expenditures will remain cautious, preferring to secure anchor customers for significant investments while also allowing for headroom in capacity planning [36][39] - The expected holding period for the CHI exit is estimated to be around 5-7 years, with anticipated returns of 10%-25% typical for private equity transactions [42] This summary encapsulates the key discussions and strategic directions outlined during the Lonza Investor Conference Call, highlighting the company's commitment to its CDMO business and future growth ambitions.

Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of 24.00 CNY [5][11]. Core Insights - The company has shown significant growth in its pharmaceutical business, with enhanced R&D capabilities. The new energy sector and the overseas base in Malaysia are emerging as new growth drivers [2][11]. - The company is a leading player in fine chemicals, focusing on customized R&D and production services across various sectors, including plant protection, pharmaceuticals, and functional chemicals [11][13]. - The projected EPS for 2025-2027 is 0.44, 0.60, and 0.73 CNY, with growth rates of 281.4%, 37.5%, and 20.8% respectively [11][14]. Financial Summary - Total revenue is forecasted to decline from 6,442 million CNY in 2023 to 5,677 million CNY in 2024, before recovering to 6,408 million CNY in 2025, and reaching 8,826 million CNY by 2027 [4][12]. - Net profit (attributable to the parent) is expected to turn from a loss of 465 million CNY in 2023 to a profit of 103 million CNY in 2024, and further increase to 654 million CNY by 2027 [4][12]. - The company’s gross margin is projected to improve, with the pharmaceutical segment expected to maintain a gross margin of 43% from 2025 to 2027 [14][15]. Business Segments - The plant protection and intermediates segment is expected to generate revenues of 4,243 million CNY in 2023, declining to 3,590 million CNY in 2024, and then stabilizing around 3,859 million CNY by 2027 [15]. - The pharmaceutical intermediates segment is projected to grow from 1,482 million CNY in 2023 to 2,579 million CNY by 2027, with a gross margin of 43% [15]. - The functional chemicals segment is anticipated to see significant growth, with revenues expected to rise from 189 million CNY in 2023 to 2,019 million CNY by 2027, although it will initially experience negative gross margins [15]. Market Position - The company is positioned as a key strategic supplier in the plant protection CDMO sector, ranking among the top five companies in the industry and partnering with major global pharmaceutical firms [13][14]. - The CDMO industry is experiencing robust growth, with the Chinese market projected to reach 157.1 billion CNY by 2025, representing 19.6% of the global market share [13].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 24.00 CNY [5][11]. Core Insights - The company has shown significant growth in its pharmaceutical business, with enhanced R&D capabilities. The new energy business and the overseas base in Malaysia are emerging as new growth points [2][11]. - The company is a leading player in fine chemicals, covering areas such as plant protection, pharmaceuticals, and functional chemicals. It operates primarily through customized R&D and production services [11][13]. - The projected EPS for 2025-2027 is 0.44, 0.60, and 0.73 CNY, with growth rates of 281.4%, 37.5%, and 20.8% respectively [11][14]. Financial Summary - Total revenue is forecasted to decline from 6,442 million CNY in 2023 to 5,677 million CNY in 2024, before recovering to 6,408 million CNY in 2025, and reaching 8,826 million CNY by 2027 [4][12]. - Net profit (attributable to the parent company) is expected to turn from a loss of 465 million CNY in 2023 to a profit of 103 million CNY in 2024, and further increase to 654 million CNY by 2027 [4][12]. - The company’s gross margin is projected to improve, with the pharmaceutical segment expected to maintain a gross margin of 43% from 2025 to 2027 [14][15]. Business Segments - The plant protection and intermediates segment is expected to generate revenues of 4,243 million CNY in 2023, declining to 3,590 million CNY in 2024, and then stabilizing [15]. - The pharmaceutical intermediates segment is projected to grow from 1,482 million CNY in 2023 to 1,985 million CNY in 2025, with a gross margin of 43% [15]. - The functional chemicals segment is anticipated to see significant growth, with revenues expected to rise from 189 million CNY in 2023 to 673 million CNY in 2025 [15]. Market Position - The company is recognized as a strategic supplier for major players in the plant protection and pharmaceutical industries, benefiting from a strong competitive position in the domestic market [13][14]. - The CDMO industry is experiencing robust growth, with the Chinese market projected to reach 157.1 billion CNY by 2025, indicating a favorable environment for the company's operations [13].

Core Viewpoint - Scinai Immunotherapeutics Ltd. has received expanded support from the Israel Innovation Authority for its robotic aseptic fill & finish platform, with a total grant budget of NIS 5 million over two years, of which approximately 66% is non-dilutive funding [1] Group 1: Project and Funding Details - The project aims to advance a fully automated robotic-arm aseptic fill & finish system compliant with EU GMP Annex 1 standards, with validation expected to be completed in Q3 2026 [1] - The funding will support the acquisition and validation of the robotic system, enhancing Scinai's clinical manufacturing capabilities [1] Group 2: Strategic Developments - The investment is part of Scinai's strategy to modernize its CDMO capabilities following the acquisition of Recipharm Israel Ltd. and a strategic collaboration agreement with Recipharm [1] - The collaboration with Recipharm provides a pathway for clients to transition from early clinical development to late-stage and commercial manufacturing within Recipharm's global network [1] Group 3: Operational Enhancements - Robotic aseptic processing is expected to reduce human intervention, enhance reproducibility, and strengthen contamination control in sterile manufacturing [1] - The new platform will support complex biologics programs and align with the expansion of Scinai's development and manufacturing footprint [1] Group 4: Future Opportunities - The company is monitoring a potential new IIA program to support industrial CAPEX investments, which could further enhance capabilities at its Yavne small-molecule site [1]

据了解，通德药业已在国内CDMO领域，尤其在注射液CDMO领域确立了行业龙头地位，企业的"智耀通"创新药物CDMO服务平台，入选工信 部首批重点培育中试平台名单，已累计实施超300个服务项目，其中超100个项目成功实现上市转化。 穿上"白大褂"，戴上头套和鞋套，记者走进智耀通创新药物CDMO中试服务平台厂房。穿过一尘不染的过道，透过明亮的玻璃，只见两位身穿 洁净服的工作人员在其中操作。这就是企业于2024年投产的31G国际化生产线。 "我们正在生产的是注射用泮托拉唑钠，这是国家第四批集中采购药品，用于治疗消化道疾病，目前在市场上供不应求，所以我们春节期间仍 然坚持生产。"车间主任吴照军说。 记者看到，在洁净车间内，工作人员不停走动，检查各个环节是否正常运转。在采访中记者了解到，31G线是一条非终端灭菌西林瓶冻干粉针/ 水针线。"这是全自动化产线，全自动物料配制、自动清洗、自动灌装，很多工序是一键式操作，所以车间里需要的人员不多。"吴照军解释 道。 转自：成都日报锦观 全自动物料配制、自动清洗、自动灌装 药品保供 全自动产线春节不停工 2月19日大年初三，位于成都医学城的成都通德药业有限公司，仍有部分产线在保持 ...

Core Insights - Longhua Technology (联化科技) is positioned as a leading player in the agricultural and pharmaceutical CDMO sectors, with significant achievements in small nucleic acid CDMO and potential in functional chemicals [1][2] Business Overview - Longhua Technology has established a collaborative development framework across four core industrial segments: agricultural protection, pharmaceuticals, functional chemicals, and equipment & engineering services [2] - The agricultural protection segment generated revenue of 1.702 billion yuan in the first half of 2025, with a gross margin increase of 9.48% year-on-year [2] - The pharmaceutical segment, focusing on APIs and intermediates, achieved revenue of 1.018 billion yuan in the first half of 2025, reflecting a year-on-year growth of 42.80% [2] Small Nucleic Acid CDMO - The company is leveraging small nucleic acid CDMO to tap into new growth opportunities, with advantages over traditional small molecule and antibody drugs, including broader target selection and higher success rates [3] - Since 2022, the market for small nucleic acid drugs has seen significant activity, with 32 transactions totaling 29.022 billion USD in 2025, indicating strong commercial value [3] - Longhua Technology has developed scalable production processes for modified nucleotides and has established a high-efficiency delivery system for nucleic acid drugs, enhancing its competitive edge [3] Functional Chemicals and Market Potential - The functional chemicals segment reported revenue of 0.265 billion yuan in the first half of 2025, marking a year-on-year doubling [4] - The company is focusing on lithium battery materials, including lithium hexafluorophosphate and LiFSI, with ongoing product development in various testing phases [4] - The National Development and Reform Commission's new storage action plan aims for over 1.8 million kilowatts by 2027, which is expected to drive significant market demand in the energy storage sector [4] Financial Performance - For the first three quarters of 2025, Longhua Technology reported total revenue of 4.718 billion yuan, an increase of 8.25% year-on-year, and a net profit of 316 million yuan, surging by 871.65% [1] - The projected net profit for 2025 is estimated to be between 350 million and 420 million yuan, representing a year-on-year growth of 239.35% to 307.22% [4]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [9]. Core Insights - The company is positioned as a leading provider of chemical technology solutions, focusing on agricultural CDMO, pharmaceutical small molecules, and small nucleic acid CDMO, with significant achievements in functional chemicals [3][5]. - The agricultural sector is experiencing steady growth, while the pharmaceutical CDMO sector shows promising prospects, particularly in small nucleic acids, which are gaining traction in the market [6][7]. - The company is expanding its footprint in the new energy sector, particularly in lithium battery materials, which presents substantial growth potential [8]. Summary by Relevant Sections Company Overview - Founded in 1985 and located in Taizhou, Zhejiang Province, the company has evolved from producing flavor and fragrance intermediates to becoming a global custom manufacturing service provider in agriculture, pharmaceuticals, and functional chemicals [5][19]. - The company has established a comprehensive business platform that meets diverse customer needs across various stages of product development and lifecycle [21][24]. Agricultural Sector - The global agricultural industry is entering a mature phase, with projected sales of $77.2 billion in 2024, reflecting a 6.8% year-over-year decline. However, the sector is expected to expand steadily due to ongoing population growth [6][53]. - The competitive landscape is characterized by oligopolistic structures, with the top five companies holding a 57.4% market share in 2024, driven by innovation and strong brand channels [6][53]. Pharmaceutical CDMO - The company has been involved in small molecule CDMO for over a decade, with a robust revenue growth trajectory since 2017. A significant rebound is expected in 2025, with projected revenue of 1.018 billion yuan, a 42.8% increase year-over-year [7]. - The company is expanding into the small nucleic acid drug market, which is projected to see 32 transactions worth $29.022 billion in 2025, highlighting the growing commercial value of this segment [7]. Functional Chemicals - The lithium-ion battery electrolyte market is rapidly growing, with expected shipments reaching 2.235 million tons by 2025, a 46.4% increase. The company is focusing on lithium hexafluorophosphate and lithium bis(fluorosulfonyl)imide as key products in this sector [8][24]. - The company is well-positioned to capitalize on the increasing demand for lithium battery materials, with a focus on developing high-performance products [8]. Financial Performance - The company is expected to achieve net profits of 410 million, 630 million, and 790 million yuan for the years 2025 to 2027, respectively, indicating strong financial growth prospects [9].

Core Viewpoint - The CDMO (Contract Development and Manufacturing Organization) business of multinational companies in China is not just shrinking but appears to be disappearing, with only a few remaining players like Boehringer Ingelheim still operating in the market [2][10]. Group 1: Current State of CDMO in China - The CDMO business in China has seen a significant decline, with major players like Lonza and Thermo Fisher Scientific facing operational challenges and even selling their facilities [5][6][8]. - Boehringer Ingelheim remains one of the few foreign CDMO companies still active in China, primarily due to securing a contract for the production of BeiGene's PD-1 drug [10]. - The CDMO market in China is experiencing a transformation, with many foreign companies exiting or downsizing their operations due to insufficient orders and market conditions [7][10]. Group 2: Market Dynamics and Trends - The implementation of the 2019 Drug Administration Law in China marked a turning point for the CDMO market, allowing for a separation of production and marketing licenses, thus lowering barriers for research-focused pharmaceutical companies [12]. - Despite the advantages of a large workforce and lower costs in China, many foreign CDMO companies have struggled to establish a foothold due to high pricing models that do not align with local market conditions [13][14]. - The Chinese CDMO market has grown significantly, with a compound annual growth rate of 39.9% from 2018 to 2023, increasing from 16 billion RMB to 85.9 billion RMB, and is expected to reach 208.4 billion RMB by 2028 [16]. Group 3: Future Outlook - Domestic CDMO companies are increasingly matching or surpassing the capabilities of foreign counterparts, offering higher efficiency and lower prices, which positions them favorably in the market [16][17]. - The evolution of the Chinese CDMO industry has transitioned from reliance on foreign technology and policy support to a focus on technological development and global capacity expansion [16].