日前，联化科技（002250）在回复投资者提问时表示，公司积极发力与国内重要大客户的开发与合作。 公司积极参与创新药的开发与合作工作，已经储备了一批极具商业潜力的临床Ⅱ，Ⅲ期管线产品。公司 开展CRO业务，将合作从CDMO延伸至前端药物研发，积极参与孵化大客户潜力项目，深化合作关 系，提供一站式服务。 受研发成本高企、临床试验复杂性加剧、监管环境趋严影响，叠加新兴技术广泛应用、生物技术蓬勃发 展以及临床试验全球化布局成为主流趋势，全球CXO(医药合同外包)服务市场迎来重大发展机遇。QY Reserach研报《2025-2031全球及中国CXO服务行业研究及"十五五"规划分析报告》指出，2024年全球 CXO服务市场规模大约为794.0亿美元，预计2031年将达到1616.0亿美元，2025-2031期间年复合增长率 (CAGR)为10.9%。 依托领先的全方位定制服务能力与完善的质量管理体系，联化科技专注为全球领先创新药企提供覆盖新 药发现、临床前、临床至商业阶段的CRDMO一站式服务，已成为全国CRDMO领域的重要竞争者之 一。 2025年上半年，公司顺利完成多个关键验证项目，为业务规模放量筑牢产能与技术根 ...

Core Insights - The in vivo CAR-T therapy market is rapidly gaining traction, with significant mergers and acquisitions by major multinational corporations (MNCs) indicating a strategic shift towards this innovative treatment approach [1][2][3] - The advancements in delivery vector technologies are driving the development of in vivo CAR-T therapies, with a focus on improving targeting efficiency and safety [3][4] Group 1: Mergers and Acquisitions - AstraZeneca acquired EsoBiotec for $1 billion to enhance its in vivo CAR-T therapy portfolio [1][2] - AbbVie announced the acquisition of Capstan Therapeutics for up to $2.1 billion, marking a significant investment in the in vivo CAR-T space [1][2] - Gilead's Kite acquired Interius for $350 million, further expanding its capabilities in cell therapy [1][2] Group 2: Technology Platforms - EsoBiotec's core technology is the engineered nanobody lentivirus (ENaBL) platform, which enhances the specificity of immune cell transfection [4] - Interius utilizes a lentiviral vector to deliver CAR genes, generating CAR-T and CAR-NK cells directly in vivo for targeting B-cell malignancies [3][4] - The mRNA-LNP (lipid nanoparticle) delivery system is gaining attention for its safety profile, allowing for transient CAR expression without permanent genetic modification [7][8] Group 3: Clinical Developments - EsoBiotec's product ESO-T01 has shown promising clinical trial results for multiple myeloma, indicating potential effectiveness in treating relapsed or refractory cases [15][17] - Capstan Therapeutics' candidate CPTX2309 is currently in Phase I trials for autoimmune diseases, showcasing the therapeutic potential of the LNP delivery approach [8][9] Group 4: Industry Trends - The shift from ex vivo to in vivo CAR-T therapies is reshaping the ecosystem, with increased collaboration among technology partners and a focus on delivery efficiency [3][6] - The reliance on upstream CXO (Contract Research Organization) services is significant, with over 65% of CGT (Cell and Gene Therapy) projects involving CXO participation [6][12] - The industry is witnessing a dual approach, with companies like AbbVie investing in both lentiviral and mRNA-LNP technologies to mitigate risks associated with single technology pathways [16][17]

Group 1: Core Insights - Shanghai is progressively building capabilities in the field of cell and gene therapy (CGT) drug research and manufacturing services, with advancements from CAR-T therapy to RNA therapies [1][2] - The collaboration between Zhengxu Bio and Danaher’s Sartorius focuses on the development of cell and gene therapy processes, leveraging Zhengxu's base editing technology for more precise treatments [1][2] - Zhengxu Bio has reportedly cured nearly 20 cases of β-thalassemia and sickle cell anemia globally using its base editing technology [1] Group 2: Industry Trends - In June, the National Medical Products Administration (NMPA) accepted applications for 11 CGT drugs, including 5 immune cell drug applications for acute B lymphoblastic leukemia and solid tumors [2] - As of the end of 2020, there were 1,306 CGT projects in clinical stages globally, indicating a growing interest and investment in this sector [2] Group 3: Role of CXO Services - CXO service providers are crucial in enhancing efficiency and reducing costs for technology developers in the CGT field, particularly in drug delivery systems and quality control [2][3] - The involvement of CXO services is essential for transitioning technologies from laboratory to manufacturing, ensuring stable production under strict quality standards [2][3] Group 4: Market Opportunities - The global CGT CRO market was valued at $710 million in 2020 and is projected to reach $1.74 billion by 2025, while China's market is expected to grow from 170 million yuan in 2016 to 1.2 billion yuan by 2025 [5] - The CGT industry chain has significant room for optimization, particularly in enhancing the GMP certification of raw materials and promoting domestic alternatives to improve supply chain resilience [5][6] Group 5: Challenges and Innovations - High treatment costs and local intellectual property requirements are driving the industry to explore innovative payment models and flexible collaboration strategies [6] - The complexity of CGT production processes poses challenges for scaling up from clinical to commercial production, necessitating standardized processes and improved logistics [5][6]

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company's Q1 2025 revenue of 3.099 billion yuan represents a year-on-year growth of 16.03%, with a net profit attributable to shareholders of 306 million yuan, up 32.54% year-on-year [1][2]. - The report indicates that the company's revenue is in line with market expectations, and future performance is expected to show gradual quarter-on-quarter improvement [2]. - The company has adjusted its revenue forecasts for 2025-2027, with expected revenues of 14.077 billion yuan, 16.473 billion yuan, and 19.528 billion yuan, respectively [3]. Summary by Sections Financial Performance - In Q1 2025, the laboratory business generated 1.857 billion yuan in revenue, a 15.7% increase year-on-year, while the CMC business saw revenue of 693 million yuan, up 19.1% [2]. - The adjusted net profit for Q1 2025 was 349 million yuan, reflecting a 3.14% increase year-on-year [1][2]. - The gross margins for the laboratory and CMC businesses improved to 45.54% and 30.44%, respectively, with year-on-year increases of 140 basis points and 254 basis points [2]. Future Outlook - The company anticipates a continued upward trend in performance, supported by a rapid increase in new orders, which grew over 10% year-on-year in Q1 2025 [2]. - The company maintains its revenue guidance for 2025 at a growth rate of 10% to 15% [2]. Valuation and Earnings Forecast - The report adjusts the earnings per share (EPS) forecasts for 2025-2027 to 0.98 yuan, 1.22 yuan, and 1.54 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 24, 19, and 15 times based on the closing price of 23.52 yuan per share on April 29, 2025 [3][8].