大家好欢迎参加耀明康德2025年一级对业绩交流电话会目前所有参与者身处于静音状态现在开始播报每次声明声明播报完毕后主持人可即开始发言谢谢 本次会议为中信剑投证券股份有限公司中信剑投协助上市公司组织的白名单会议仅限受邀嘉宾参会本次会议内容在任何情形下都不构成对会议参加者的投资建议敬请会议参加者充分了解各类投资风险根据自身情况自主做出投资决策并自行承担投资风险 尊敬的耀明康德的各位管理层各位投资人和分析师大家早上好 欢迎大家参加公司2025年一季度业绩交流会我是中信线头的医药分析师贺君宁今天我们非常荣幸的邀请到了公司联席首席执行官陈明璋博士联席首席执行官杨清博士首席财务官施明女士全球法务负责人吴浩博士董事会秘书张远舟先生 以及投资者关系总监汤米加女士与大家进行线上的沟通和交流今天跟我一起主持会议的还有我们团队的刘若飞、赖俊勇和汤然昨天晚上公司公布了一季度的业绩我们也看到公司在一季度非常挑战的环境之下取得了非常亮眼的成绩 收入和利润端都实现了较快的增长同时持续经营业务在手订单也有非常显著的增长相信大家也非常关注公司的经营情况以及管理层对后续经营的展望接下来我就把时间交给公司的管理层请管理层跟大家分享一下公司2025 ...

Hello, everyone. My name is Kiran Edara. I lead the compute and AI infra product at OCI. And welcome to powering AI at scale and OCI.How OCI superclusters power AMD processors session. So today I'm going to, Structure this into four segments. First I'm going to talk about how AI workloads are different and why do they need different types of networks.And the second part would be around what did how did OCI solve it. And then I'm going to share a few performance benchmarks. And then provide a glimpse into th ...

7月11日，无锡药明康德新药开发股份有限公司（以下简称"药明康德" 603259.SH）发布2025年半年业 绩预增公告，公司预计2025年半年度实现营业收入207.99亿元，同比增长约20.64%，其中持续经营业务 收入同比增长约24.24%。 对于药明康德上述业绩，东吴医药团队6 月23 日周报强调过其上涨逻辑。看好该板块主要原因有三：其 一业绩拐点显著。药明康德、博腾股份、纳微科技等纷纷发布Q2 业绩预增，尤其是药明康德明显提 速。 博腾股份上半年业绩报告显示，公司面向国内及国际市场的总体业务均实现了平稳增长，公司预计实现 营业收入15.5亿元~16.2亿元，同比增长15%~20%。经初步测算，2025年上半年，公司预计实现归属于 上市公司股东的净利润0~3000万元，实现扭亏为盈。奥浦迈预计2025 年上半年实现营业收入约1.77亿 元，相较上年同期同比增加约23.25%。 公司预计本期实现归属于本公司股东的扣除非经常性损益的净利润约55.82亿元，同比增长约26.47%， 与经调整归母净利润增速相比主要受到汇率波动的影响。 谈及业绩预增的主要原因，药明康德方面表示 ，公司持续聚焦独特的"一体化、端到 ...

中信建投 医药每周谈：CXO 行业投资观点 20250613 摘要 2025 年第一季度 CXO 行业整体营收和利润开始恢复增长，但部分企业 受 2024 年同期基数影响承压，预计第二季度维持复苏趋势。代表性公 司收入增长 14%，归母净利润和扣非归母净利润分别增长 118%和 28.1%，毛利率企稳，净利率改善，各项费用率同比下降。 全球生物制药投资在 2024 年略有增长，化学制药增幅稍大，生物制药 基本持平。2025 年第二季度全球生物制药投资略有下滑，国内市场也 出现类似趋势，化学制药和生物制药同比略微下滑。 国内 CXO 公司订单在 2024 年普遍承压，但海外订单恢复较好。2025 年第一季度，国内业务为主的 CXO 公司订单开始恢复。康德 2025 年第 一季度在手订单达 523 亿元，同比增长 47%，太子事业部订单增长 106%。 GLP-1 类多肽药物市场受益于治疗效果，预计维持较高增速，带动多肽 CDMO 发展。全球多肽 CDMO 市场预计到 2032 年达 200 亿美元，国 内市场可能超 40 亿美元。康德太子业务收入同比增长 188%，并推进 产能建设。 Q&A CXO 行业在 2 ...

通过研发，药明康德极致赋能客户。截至2024年底，公司整体活跃客户约6000家，覆盖所有全球前20大制药企 业。 长江商报消息 ●长江商报记者 沈右荣 CRO龙头企业药明康德（603259.SH）经营业绩继续稳健增长。 7月11日晚，药明康德发布业绩预告，2025年上半年，公司预计实现营业收入207.99亿元，同比增长约20%；预计 实现归母净利润（经调整非《国际财务报告准则》下归母净利润）63.15亿元，同比增长约44.43%。 2024年上半年，公司持续聚焦独特的"一体化、端到端"CRDMO（合同研究、开发与生产）业务模式，紧抓客户 对赋能需求的确定性，不断拓展新能力、建设新产能，持续优化生产工艺和提高经营效率。 药明康德积极投身研发。截至2024年底，公司研发人员数量约3.18万人，占员工总数的80.7%。公司称，其已经是 行业中极少数在新药研发全产业链均具备服务能力的开放式新药研发服务平台。 营收、净利逆转为双增 药明康德的营收、净利实现了由降转增。 根据最新业绩预告，经财务部门初步测算，2025年上半年，药明康德预计实现营业收入约207.99亿元，同比增长 约20.64%，其中持续经营业务收入同比增 ...

SHANGHAI, July 10, 2025 /PRNewswire/ -- WuXi AppTec Co., Ltd. (stock code: 603259.SH/2359.HK), a leading global pharmaceutical and life sciences technology platform company offering integrated, end-to-end new drug R&D and manufacturing services, has issued a Positive Profit Alert for the first half of 2025 and disclosed key operational data forecasts.Important notice of the announcement are as follows:WuXi AppTec maintains a laser focus on the Company's unique, integrated and end-to-end CRDMO (Contract Rese ...

随着国家政策的不断完善和法规监管的日益严格，中国创新药物的发展得到了显著地推动。这一进步不 仅体现在药物数量的显著增加上，更体现在药物质量的全面提升上。特别是在分子设计和多样性方面， 中国药物研发的速度和水平令人瞩目，展现出了强大的创新能力和技术实力。 在此背景下，由南方财经全媒体集团指导、21世纪经济报道主办，21世纪资本研究院与 21世纪新健康 研究院提供智库支持，东方证券、华泰联合证券、富国基金、易方达基金、工银瑞信基金支持的创新药 行业"穿越周期，重塑价值"闭门会，于2025年7月9日顺利召开。本次会议汇聚业内专家、创新药企代表 与资本方精英，以政策导向、资本逻辑与全球化路径为三大核心坐标轴，展开一场兼具战略高度与实践 深度的行业破局思辨。 会上，药明生物首席运营官、高级副总裁俞丽华表示，目前，创新药物研发的规模正在不断扩大，涵盖 了从分子设计到临床试验的全过程。全球临床试验的数量正在稳步增加，而中国在这一领域的增长尤为 显著，表现出了强劲的发展势头。中国市场的刚性需求和大量未满足的患者需求，为创新药市场提供了 极为有利的发展环境，推动了其快速发展和广泛应用。 "近三年来，尽管市场前景广阔且政策支持力 ...

Core Viewpoint - The recent surge in Hong Kong's innovative pharmaceutical stocks, including the upcoming IPO of Tide Pharmaceutical, highlights the growing interest in the sector, particularly in peptide drugs, which are experiencing significant market expansion [1][12]. Industry Overview - Tide Pharmaceutical specializes in the CRDMO (Contract Research, Development, and Manufacturing Organization) sector focused on peptides, providing research, development, and manufacturing services to pharmaceutical companies [2]. - The global peptide drug market is on the verge of explosive growth, with sales expected to rise from $60.7 billion in 2018 to $89.5 billion in 2023, reflecting a compound annual growth rate (CAGR) of 8.1%, and projected to reach $261.2 billion by 2032, with a CAGR of 12.6% [2]. - The GLP-1 drug segment, a key driver of this growth, is anticipated to grow from $9.3 billion in 2018 to $38.9 billion in 2023, with a CAGR of 33.2%, and further to $129.9 billion by 2032, with a CAGR of 14.3% [5]. Company Positioning - Tide Pharmaceutical ranks as the third largest global CRDMO focused on peptides by sales revenue as of 2023, positioning itself to leverage the expanding market [7]. - The company has a diversified business model encompassing both CRO and CDMO services, allowing it to capture value throughout the drug development lifecycle [8]. - As of the end of 2024, Tide Pharmaceutical has 1,217 ongoing CRO projects and 332 ongoing CDMO projects, enhancing its resilience and growth opportunities across various business sectors [10]. Technological and Production Capabilities - Tide Pharmaceutical has established significant barriers to entry in peptide production, with extensive experience in peptide API production technology and large-scale manufacturing capabilities [10]. - The company operates a cGMP-compliant production facility in Hangzhou with an annual API production capacity of 500 kg, and is expanding its production capabilities with additional facilities in the U.S. and China [10][11]. Customer Base and Market Dynamics - Tide Pharmaceutical serves over 1,000 clients across more than 50 countries, including large pharmaceutical and biotechnology companies, which provides a stable revenue stream and mitigates geopolitical risks [11]. - The company enjoys high customer loyalty, with an average collaboration duration of about 10 years with its top five clients and a CDMO customer retention rate exceeding 90% [11]. Market Timing and IPO Prospects - The current market environment is favorable for Tide Pharmaceutical's IPO, with renewed investor interest in the innovative drug sector and a strong performance of recent Hong Kong IPOs [12][13]. - The company is well-positioned to capitalize on the rapid expansion of the peptide drug market, supported by its technological expertise, comprehensive business model, and robust customer relationships [15].

Core Viewpoint - The company, Shanghai Aopumai Biotechnology Co., Ltd., is undergoing a restructuring plan involving the acquisition of 100% equity in Pengli Biotechnology for 1.451 billion yuan, aiming to enhance its service offerings and financial performance [2][3]. Financial Impact - The acquisition is projected to increase the company's net profit attributable to shareholders by over 40 million yuan, with significant improvements in key financial metrics post-transaction [2][3]. - Pre-transaction financials for 2024 show total assets of 2.286 billion yuan, total liabilities of 191 million yuan, and a net profit of 21.052 million yuan, while post-transaction projections indicate total assets of 4.025 billion yuan, total liabilities of 1.183 billion yuan, and a net profit of 62.8 million yuan, reflecting increases of 76.07%, 519.24%, and 111.25% respectively [3]. Business Strategy - The merger aims to create a comprehensive service chain from early drug development to commercial production, transitioning the company from a single product supplier to a comprehensive solution provider [2][3]. - The company plans to enhance its resilience against market fluctuations, diversify customer risk, and reduce dependency on single products through this acquisition [4]. Performance Challenges - The company has faced declining net profits, with a 48.72% drop in 2023 and a further 61.04% decline in 2024, despite a 22.26% increase in revenue [6][7]. - Factors contributing to the profit decline include increased fixed costs from new projects, loss of high-tech enterprise status leading to higher tax burdens, and asset impairment losses totaling 16.95 million yuan [7][8]. Market Position - The company's stock has underperformed since its IPO, with a current share price of 38.49 yuan, down from the initial offering price of 80.20 yuan, resulting in a market capitalization of 4.37 billion yuan [10].

Group 1 - The company, 泰德医药 (Tide Pharmaceutical), plans to globally offer 16.8 million H-shares, with 1.68 million shares available in Hong Kong and 15.12 million shares for international offering [1] - The subscription period for the shares is set from June 20 to June 25, 2025, with the expected pricing date on June 26, 2025, and trading on the Hong Kong Stock Exchange anticipated to start on June 30, 2025 [1] - The proposed price range for the shares is between HKD 28.40 and HKD 30.60, with a trading unit of 100 shares [1] Group 2 - According to Frost & Sullivan, the company is the third largest global player in the peptide-focused CRDMO market, holding a market share of 1.5% as of 2023 [2] - The company provides a full cycle of services from early discovery, preclinical research, clinical development to commercial production, primarily focusing on API rather than finished drugs [2] - The company has established stable customer relationships in over 50 countries, including major markets such as China, the USA, Japan, Europe, South Korea, and Australia [2] Group 3 - The company has signed cornerstone investment agreements, with cornerstone investors agreeing to subscribe for a total of 2.6608 million shares at a hypothetical price of HKD 29.50, amounting to approximately USD 10 million (around HKD 78.49 million) [3] - The estimated net proceeds from the global offering are approximately HKD 411.2 million, assuming a share price of HKD 29.50 [3] - The intended use of the net proceeds includes approximately 76.4% for expanding service capacity and production facilities in the USA and China, 4.1% for expanding capacity in China, 9.5% for establishing sales and after-sales service networks in more regions, and 10.0% for working capital and other general corporate purposes [3]