具体内容如下： 一、公司 2025 年上半年经营情况介绍 在医药行业筑底回暖的背景下，公司结合医药行业变化趋势中呈现的积极信号，持续推动战略落地。报告 期内，公司实现营业总收入 31.88 亿元，同比增长 18.20%，其中第二季度实现收入 16.47 亿元，环比一季 度增长 6.87%。随着降本增效措施效果显现，以及新兴业务交付规模提升和产能利用率爬坡，实现归属于 上市公司股东的净利润 6.17 亿元，同比增长23.71%，净利润增长较营业收入增长高 5.51 个百分点。 公司 上半年归母净利率 19.4%，同比增长近 1个百分点，持续靠近大订单之前的历史常规水平。 各板块业务发展介绍、经营展望、资本开支等请见《2025年 8月 26 日凯莱英特定对象调研演示资料》。 问：投资者答交流 答：二、投资者问交流 问：公司上半年新兴业务整体在手订单增长较快，请拆分业务板块在手订单分别表现如何？ 随着公司新 兴业务规模效应的升，上半年毛利率大幅升，请稳态后新兴业务利润率如何展望？ 答：今年上半年新兴业务在手订单增长主要的驱动板块为化学大分子和生物大分子。其中，偶联药物的新 签订单增幅最大，同比超过 100%；其次为 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Asymchem Laboratories (Tianjin) Co., Ltd. 凱萊英醫藥集團（天津）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6821） 海外監管公告 本海外監管公告乃由本公司根據香港聯合交易所有限公司證券上市規則第 13.10B 條作 出。 茲載列本公司在深圳證券交易所網站刊登的以下資料中文全文，僅供參閱。 承董事會命 凱萊英醫藥集團（天津）股份有限公司 Hao Hong博士 董事長、執行董事兼首席執行官 中國天津，二零二五年八月二十五日 於本公告日期，本公司董事會由董事長兼執行董事 Hao Hong 博士，執行董事楊蕊女 士、張達先生及洪亮先生，非執行董事 Ye Song 博士及張婷女士，以及獨立非執行董 事孫雪嬌博士、侯欣一博士及謝維愷先生組成。 【2025 年 8 月 26 日】 凯莱英医药集团（天津）股份有限公司 2025 年半年度报告全文 1 ...

报告期内，公司为全球320余家客户提供小分子原料药服务，引入新客户40家。尽管国内仿制药制剂 CDMO市场需求承压，公司通过内部精益运营体系优化，有效应对行业挑战，达成小分子制剂业务减亏 目标。制剂团队服务订单客户数106家，服务订单项目数145个，引入新客户13家，新签订单约6398万 元。 基因细胞治疗业务阶段性达成减亏目标。报告期内，博腾生物服务订单客户51家，服务订单项目89个； 引入新客户19家，新项目34个，新签订单5255万元。在市场端取得多个突破：获得首个韩国客户订单； 获得首个端到端的iPSC IND订单；获得首个CIK细胞IND订单。在交付端，博腾生物助力客户取得2个 IND批件，均为"零发补"。 此外，公司新分子业务新签订单4186万元，为38家客户的67个项目提供服务，涵盖临床早期、IND、临 床三期和NDA等不同阶段。上半年，新分子业务线获得海外双载荷(Dual-Payload)ADC IND整包项目， 实现40个项目的阶段性交付，涵盖RDC、AOC、APC等复杂项目类型。 截至报告期末，博腾股份累计服务客户1300余家，拥有超过4600个项目的成功交付记录，服务终端药物 包括抗病毒 ...

药明合联上半年收入及经调整净利润分别同比增长62%及50%，符合此前盈利预告。受美国市场强劲需 求推动，期内总未完成订单及新签订单分别同比增长58%及48%。管理层将2025年收入增长指引从35% 上调至45%，主要来自强劲的ADC外包需求及稳健在手订单。 里昂发布研报称，对药明合联(02268)持有长期正面看法，重申"跑赢大市"评级，目标价从47.3港元上调 至70.7港元，将2025至2027年收入及净利润预测上调7%至8%及13%至17%，目前预测2025至2027年收 入将分别增长45%、31%及27%。 ...

Summary of the Conference Call Records Industry Overview - The CRO (Contract Research Organization) and CDMO (Contract Development and Manufacturing Organization) industries have experienced significant changes over the past decade, driven by increased R&D investment and rising outsourcing rates. It is projected that the outsourcing rate will increase from nearly 50% to 60%-65% by 2030 [1][2][3]. - The domestic CXO companies maintain competitiveness in the global market due to advantages such as an engineer dividend, cost advantages, and policy support [1][5][6]. Key Insights and Arguments - The CDMO industry is entering a commercialization phase, with innovative drug technologies like ADC (Antibody-Drug Conjugates) and peptides driving high growth in niche segments [2][16]. - The CXO sector is currently valued at approximately 32 times earnings for 2025, which is about 30% lower than the average over the past three years. As market expectations improve, profitability is expected to gradually increase, leading to a "Davis Double" effect where valuation and earnings both rise [2][18]. - The industry has faced challenges from geopolitical tensions and the COVID-19 pandemic, but recent easing of these tensions and strong performance from leading companies like WuXi AppTec have contributed to a recovery in orders, with growth rates returning to 20% for CDMO orders [1][4][15]. Important but Overlooked Content - The CXO industry has undergone a cycle of mergers and acquisitions, capacity expansion, and increased demand from downstream clients from 2016 to 2021, which has shaped its current landscape [2][9]. - The impact of the Charles River third-quarter report, which fell short of expectations, led to a market pullback in the CXO sector, highlighting the sensitivity of the industry to performance metrics and external factors [1][13]. - The current investment environment is improving, with a notable increase in investment activity in early 2023, despite previous fluctuations due to macroeconomic factors [15][21]. - The supply-demand dynamics in the industry are showing signs of recovery, with overseas markets recovering better than domestic ones, and a general upward trend in pricing due to supply clearing processes [23]. Recommendations for Key Companies - Companies with a strong focus on overseas revenue, such as WuXi AppTec, Kelun Pharmaceutical, and Kanglongda, are showing significant marginal improvements. Domestic companies like Zhaoyan, Mediso, and Tigermed are also recommended for their strong market positions [24].

Core Viewpoint - WuXi AppTec expects capital expenditures to reach 7-8 billion yuan by 2025, driven by business growth and efficiency improvements [1] - The company anticipates an increase in free cash flow from 4-5 billion yuan to 5-6 billion yuan by 2025 [1] Summary by Category Financial Projections - Expected capital expenditures for 2025 are projected to be between 7 billion and 8 billion yuan [1] - Free cash flow is forecasted to rise from 4 billion-5 billion yuan to 5 billion-6 billion yuan by 2025 [1]

Summary of CXO Industry Conference Call Industry Overview - The CXO industry has shown significant recovery, with overall sales growth of 30%-40% driven by the launch of blockbuster products and relaxed healthcare policies [1][2] - Secondary market financing, including IPOs and additional offerings, has increased by over 60% year-on-year, with Hong Kong stocks performing actively and additional offerings growing by over 80% [1][2] - The industry is experiencing a notable recovery in orders, particularly in the second quarter of 2025, with June showing significant improvement [1][4] Key Points and Arguments - **Order Recovery**: The recovery in clinical orders is driven by two types of clients: those increasing investment after upfront payments and those influenced by business development (BD) projects [1][7] - **Production Capacity Utilization**: Companies need to maintain capacity utilization around 80% to avoid profit declines; low demand in the past two years has led to low utilization rates [1][10] - **Impact of Overseas Markets**: The overseas market has shown stable demand, with a noticeable improvement in global demand starting in 2024 and continuing into 2025 [2][11] - **Clinical Recruitment Trends**: Increased recruitment in the clinical phase indicates improved demand certainty, with changes in independent experiment scheduling reflecting overall demand recovery [4][8] Financial Insights - **Funding Sources**: Despite a decline in primary market financing, innovative drug companies are diversifying funding sources, including product sales, which have been boosted by favorable policies [2] - **Price Stability**: Current clinical order prices have not changed significantly, although there is potential for future price adjustments [9][18] Industry Structure - The CXO industry can be segmented into four stages: preclinical, clinical, and commercialization, with different companies specializing in each stage [5] - The relationship between pipeline quantity and company performance indicates that a higher number of pipelines correlates with better profitability [12] Market Dynamics - **Large Pharma vs. Biotech**: Large pharmaceutical companies have a higher order ratio compared to biotech firms, which tend to outsource more due to limited resources [17] - **Regulatory Impact**: The "Beautiful Law" may indirectly affect CDMO companies by influencing drug sales, which in turn impacts production volumes [19][20] Additional Observations - The SMA industry has reached a price bottom, with prices remaining stable since Q4 2024, which may affect clinical performance in 2025 [18] - The U.S. cost control policies differ from China's centralized procurement, leading to a slower implementation of cost controls in the U.S. market [20]

Market Performance - The Hang Seng Index (HSI) rose by 0.7%, closing at 24,060.99 points [1] - The Hang Seng Tech Index increased by 1.15%, ending at 5,299.91 points [1] - The total market turnover reached 229.24 billion HKD [1] Sector Performance - Oil and gas stocks continued to perform well, with low-priced oil and gas stocks showing significant gains [1] - Stablecoin concept stocks and IP economy concept stocks were active, while real estate stocks strengthened [1] - Gold stocks and pharmaceutical outsourcing concept stocks declined [1] Notable Stock Movements - Kingsoft Corporation (03888.HK) surged over 11% [1] - Chow Tai Fook (01929.HK) increased by 6% [1] - Henderson Land Development (01929.HK), China Resources Mixc Lifestyle (01209.HK), and Xiaomi Group (01810.HK) all rose over 4% [1] - WuXi Biologics (02269.HK) fell by 5.36% [1] Low-Priced Oil and Gas Stocks - Jixing New Energy (03395.HK) skyrocketed by 200% [1] - Baikin Oilfield Services (02178.HK) rose by 66.67% [1] - Yanchang Petroleum International (00346.HK) increased by 35.56% [1] - Shandong Molong Petroleum Machinery (00568.HK) gained 32.67% [1]

Core Viewpoint - The surge in stock price of Lianhua Technology is driven by the K-amine price increase following a chemical accident, raising questions about whether this is a "value reassessment" or merely speculative trading [1][2]. Group 1: Stock Performance - Lianhua Technology's stock price doubled within 10 trading days starting from May 23, with 6 limit-up days in 8 days [1]. - On June 9, the stock closed at 14.08 yuan, marking a cumulative increase of 112.69% over the past 10 trading days [3]. Group 2: Impact of Chemical Accident - A chemical explosion at Youdao Chemical led to a significant reduction in K-amine supply, causing prices to soar from 150,000 yuan/ton to 230,000-250,000 yuan/ton [2]. - Lianhua Technology, as the largest global supplier of K-amine, benefited directly from this price surge, which catalyzed the stock price increase [2]. Group 3: Financial Performance - In 2024, Lianhua Technology achieved a net profit of 103 million yuan, a year-on-year increase of 122.17%, despite a revenue decline of 11.88% to 5.677 billion yuan [5]. - The company's pharmaceutical business, while experiencing a revenue drop of 13.32% to 1.285 billion yuan, saw a significant increase in gross margin, contributing nearly 50% of the total gross profit [5]. Group 4: Pharmaceutical Business Outlook - The pharmaceutical business primarily provides CDMO services, which do not directly involve drug development but optimize production processes for pharmaceutical companies [5]. - There are uncertainties regarding the commercialization of clinical stage projects, with a notable decline in the number of clinical III phase products compared to 2023 [6]. Group 5: CRO Business Development - To enhance customer retention, Lianhua Technology established a CRO platform in 2023, aiming to engage in early-stage drug discovery and clinical research [7]. - The CRO market in China is projected to reach 187.8 billion yuan by 2026, with a compound annual growth rate of 24.1% from 2021 to 2026 [7]. Group 6: Valuation Concerns - As of June 9, Lianhua Technology's static P/E ratio was 85.45, significantly higher than the industry averages of 33.11 for agriculture and 29.81 for pharmaceuticals [7].

Core Insights - The CRO (Contract Research Organization) and CDMO (Contract Development and Manufacturing Organization) sectors are crucial in advancing innovative drugs from laboratory to clinical application and large-scale production, with Chinese companies gaining significant market share due to enhanced technical capabilities and cost advantages [1][2]. Group 1: Strategic Opportunities in CXO - The CXO sector in China has experienced rapid growth over the past decade, evolving through four development stages, with a significant acceleration post-2015 due to increased demand for innovative drug development and the transfer of overseas industrial chains [2][3]. - The COVID-19 pandemic in 2020 catalyzed the upgrade of China's CXO industry, leading to a surge in participation in the global innovative drug supply chain [3]. Group 2: Growing Demand for Outsourcing in the Pharmaceutical Industry - The number of new drug registration clinical trials in China has been increasing annually, with a compound annual growth rate (CAGR) of 15% from 2019 to 2024, rising from 2,385 trials in 2019 to 4,884 in 2024 [4]. - The number of first-class new drugs listed in China has grown from 18 in 2020 to 49 in 2024, reflecting a CAGR of 28.4%, indicating a sustained upward trend in innovation capabilities [6]. Group 3: MAH System and Business Opportunities - The implementation of the MAH (Marketing Authorization Holder) system has separated drug production and marketing licenses, significantly boosting the CDMO market, with the number of B certificate enterprises increasing from 140 in 2021 to 1,349 by the end of 2024, a growth rate of 23% [10]. Group 4: Market Growth Rates - China's CRO market is projected to grow at a CAGR of 20.4%, increasing from 388 billion RMB in 2018 to 1,183 billion RMB in 2024, with expectations to reach 1,923 billion RMB by 2027 [12][14]. - The CDMO market in China is expected to grow at a CAGR of 37.8%, from 132 billion RMB in 2017 to 1,246 billion RMB in 2024, with projections to reach 3,559 billion RMB by 2030 [16][18]. Group 5: Rankings of CRO and CDMO Companies - The 2024 rankings of Chinese CRO companies include top-tier firms such as WuXi Biologics, Kanglong Chemical, and Tigermed, while the second tier features companies like Yino Science and Kingsray Biotech [22]. - The leading CDMO companies in 2024 include WuXi AppTec, Kelun Pharmaceutical, and WuXi Biologics, with a second tier comprising companies like Notch Biotech and Haier Pharmaceutical [24]. Group 6: Conclusion - Chinese CRO and CDMO companies have established comprehensive service capabilities across the pharmaceutical industry chain, transitioning from "Chinese service providers" to "global innovation partners," with a focus on technological innovation and compliance [26][27].