Core Viewpoint - The company reported a positive performance in Q3 2025, with revenue and net profit showing significant year-over-year growth, indicating a sustained upward trend in its financial performance [4][5]. Financial Performance - In Q3 2025, the company achieved revenue of 12.90 billion (CNY) (+7.37% YOY) and a net profit of 2.22 billion (CNY) (+42.30% YOY), with a non-GAAP net profit of 2.20 billion (CNY) (+46.42% YOY) [5]. - The gross margin for Q3 2025 was 37.78% (+4.10 percentage points YOY), and the net profit margin was 17.22% (+4.13 percentage points YOY), reflecting a significant improvement in profitability [5]. CDMO Business - The CDMO business generated revenue of 22.91 billion (CNY) in H1 2025 (+16.27% YOY) with a gross margin of 41.02% (-0.04 percentage points YOY) [6]. - The company is deepening collaborations with major clients, with a notable increase in non-commercial projects from overseas core clients and a rapid growth in projects from Biotech clients in the U.S. and Europe [6]. - New orders in Q3 2025 showed a significant recovery, with an increase in key clinical batches and NDA projects, indicating a positive outlook for revenue growth in the next 1-2 years [6]. Emerging Business - The TIDES business is accelerating, with a rapid increase in new peptide projects signed overseas [7]. - The second phase of commercial capacity construction is expected to be operational by November 2025, reaching a scale of 800 kilograms per year, which will alleviate capacity bottlenecks in peptide production [7]. - The company is also establishing commercialization capacity for small nucleic acids domestically while maintaining R&D platforms internationally [7]. API Business - In H1 2025, the API business generated revenue of 5.23 billion (CNY) (-28.48% YOY) with a gross margin of 23.26% (+2.07 percentage points YOY) [9]. - In Q3 2025, prices for certain raw materials showed a slight decline, but the company anticipates an improvement in prices by Q4 2025 [9].

报告指，药明康德举办了投资者日活动，该行认为此次会议的要点如下：1)TIDES业务发展势头不变， 产能扩张迅速、管线储备丰富;2)早期研发显现进一步复苏的信号，将拉动占公司总收入约三分之一的 早期业务收入的增长;3)精细化运营助力公司在面对宏观不确定性以及进行全球产能扩张的同时保持有 韧性的盈利能力。 智通财经APP获悉，招银国际发布研报称，预计药明康德(02359)在2025/26/27年持续经营收入同比增长 16%/15.9%/15.8%，经调整净利润同比增长16.2%/17.6%/16.4%。 ...

Core Viewpoint - Minsheng Securities has issued a recommendation rating for Jiuzhou Pharmaceutical (603456.SH) based on several positive indicators regarding its business performance and growth potential [1] Group 1: Revenue Structure - The revenue structure shows steady growth in the CDMO (Contract Development and Manufacturing Organization) business, while the specialty API (Active Pharmaceutical Ingredient) segment has experienced a year-on-year decline [1] Group 2: CDMO Funnel Data - The project funnel size for the CDMO business continues to expand, with a steady increase in the number of commercialized projects [1] Group 3: Emerging Technology Platforms - Significant progress has been made in establishing new technology platforms, with rapid growth in overseas orders for the TIDES (Therapeutics, Immunology, Drug Delivery, and Engineering Solutions) business [1]