Group 1: Company Performance Overview - API business revenue decreased by 23.41% due to industry downturn and active contraction of low-margin trading business [3] - CDMO business achieved over 20% growth with significant margin improvement, now accounting for nearly 40% of total gross profit [6] - Total number of CDMO clients exceeded 650, projected to surpass 700 by year-end [6] Group 2: Market Trends and Opportunities - China's CDMO industry has returned to a healthy growth state after disruptions in 2022 and 2023 [4] - The license-out fees for Chinese innovative drugs rose from tens of billions in 2021-2022 to nearly $50 billion in 2022, with 2023 already exceeding last year's total [3] - The US and China are leading in innovative drug development, creating significant opportunities for the CDMO sector [4] Group 3: Future Projections - CDMO business revenue is expected to reach 6-7 billion by 2030, with a balanced market share between China and the US [11] - The overall industry is anticipated to recover gradually, with a clear bottom observed in 2023 [12] - The average gross margin for CDMO projects is projected to increase from 35%-40% to 45%-55% as project structures optimize [13] Group 4: Product and Service Development - The company has over 1,180 CDMO projects, with 377 commercialized and 803 in clinical stages, reflecting a 35% year-on-year growth [6] - The multi-peptide CDMO business is expanding, with over 60 projects in various stages of development [15] - The company is enhancing its R&D capabilities, with plans to increase CDMO R&D personnel from 900 to over 2,000 by 2030 [16] Group 5: Financial Returns and Shareholder Value - Total cash dividends and buybacks have exceeded $3.2 billion, significantly higher than the total cash raised of $1.458 billion since listing [9] - The company is committed to shareholder returns while ensuring operational and developmental sustainability [10] Group 6: API Business Insights - API prices are stabilizing, with a projected recovery in the market, particularly in the antibiotic sector [17] - The company aims to adjust its product structure, reducing antibiotic reliance and increasing non-antibiotic offerings [18] - The industrial segment of API business is expected to reach 7 billion, focusing on a diverse product portfolio [18] Group 7: International Market Dynamics - Overseas revenue accounted for approximately 40% last year, expected to maintain between 40%-50% in the future [19] - The company maintains a competitive edge in API manufacturing, with expectations of limited impact from potential tariff changes [19]

机构简介： 北京金百镕投资管理有限公司成立于2009年2月，是为个人和机构提供专业化证券投资管理服务的公 司。金百镕投资立足中国市场，专注于投资日益强大的行业领导型企业，致力于为客户创造低风险、较 高收益的长期持续稳健成长的绝对收益回报。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 根据市场公开信息及8月7日披露的机构调研信息，知名私募金百镕近期对1家上市公司进行了调研，相 关名单如下： 1）九洲药业 （金百镕资管参与公司电话会议） 调研纪要：九洲药业在第二季度CDMO业务订单持续向好，新签订单明显增加，尤其美国市场增长显 著。海外收入占比80%以上，主要来自欧洲，美国业务占比低，关税影响有限。公司整体产能利用率提 升，新工厂产能爬坡较慢，其他厂区利用率高，毛利率约41%。大客户占比较高，美国市场业务快速增 长，Biotech公司项目较多。新签订单价格稳定，CDMO行业市场需求持续向上。新兴业务持续投入， 多肽新建产能预计十月底启用，小核酸商业化产能计划建设。国内合作布局早，海外大药企合作难度 大，Biotech公司业务加快。原料 ...