8月27日晚间，成都先导(688222)正式发布2025年半年报，报告期内，该上市公司实现营业收入2.27亿 元，同比增长16.58%；实现净利润5004.20万元，同比增长390.72%；扣非后净利润5391.19万元，同比 增长2517.66%；经营活动产生的现金流量净额1.11亿元，同比增长51.48%；主营业务整体毛利率为 53.82%，同比增长7.23个百分点。 OBT板块(基于寡核苷酸的药物研发平台)在持续拓展传统核苷单体合成业务的同时，借助递送分子相关 服务，实现了小核酸一站式项目的商业转化；TPD板块在2025年积极探索新业务模式，与合作伙伴共同 启动基于PROTAC技术的新项目合作。报告期内，成都先导自主设计并搭建的自动化高通量化学合成平 台高效运转，带动了ChemSer(基于小分子化学合成、平行合成等相关服务)收入同比增长94.17%。 资料显示，成都先导聚焦小分子及核酸新药的发现与优化，依托DEL技术(包括DEL库的设计、合成和 筛选及拓展应用)、基于分子片段和三维结构信息的药物设计(FBDD/SBDD)技术、基于寡核苷酸的药物 研发平台(OBT)、靶向蛋白降解平台相关技术(TPD)四大 ...

Summary of Chengdu XianDao Conference Call Company Overview - Chengdu XianDao focuses on drug discovery and development, leveraging DEL technology and AI to enhance efficiency in molecular optimization and project success rates [2][15][16]. Key Technologies and Platforms - **Halo Platform**: Integrates DEL technology with AI for high-throughput experiments and rapid molecular optimization, utilizing SAR data [2][15]. - **DMTA High-Throughput Molecular Optimization Platform**: Under development, includes Design, Make, Test, and Analyze phases for continuous molecular optimization [5][6]. - **AI in Drug Discovery**: The company has accumulated over 6,000 protein complex structures, 1.2 trillion compound structures, and nearly 1,000 target experimental data, forming a unique "lead model" for rapid compound testing [2][15]. Clinical Development - **HG146 Pipeline**: Targeting HDAC for solid tumors, currently in Phase II clinical trials with over 20 head and neck cancer patients enrolled. More data expected in Q4 2025 [2][10][26]. - **Second-Generation Small Molecule Inhibitor Project (3,918)**: Focused on AAA and AF diseases, with three preclinical candidates identified. The company seeks partnerships for further development [2][11]. Financial Performance - The biopharmaceutical sector performed well in Q1 2025, with stable year-on-year growth in R&D investment and commercial conversion rates [3][12][14]. - The company is undergoing a merger with a firm specializing in specialty formulations, which is expected to enhance innovation and market reach [4][14]. Collaborations and Market Position - Successful collaboration with Xiantong Bio in nucleic acid drug production, completing the first commercial project. However, the CDMO nucleic acid market is competitive with lower profit margins [4][30]. - The company is exploring international collaborations and has participated in events like the Boston Bio Conference to enhance its global presence [27]. Challenges and Risks - The company acknowledges the risks associated with early-stage projects and the competitive landscape in the CDMO market, particularly in nucleic acid drugs [4][30]. - AI technology has not yet reached widespread industrial application, with varying project outcomes [21]. Future Outlook - Chengdu XianDao aims to continue expanding its capabilities in AI-driven drug discovery and molecular optimization, with a focus on enhancing its commercial offerings and maintaining healthy growth rates [12][15][20].