近期，CXO行业龙头企业药明康德的市场表现与业绩数据呈现出一定反差。尽管公司披露的中期业绩 看似亮眼，但股价却出现明显调整，终结了此前的上涨趋势。这种市场情绪的变化，引发了投资者对公 司真实经营能力的深层思考。 本报（chinatimes.net.cn）记者张斯文 于娜 北京报道 （来源： Wind） 市场情绪的骤变，或受公司不久前披露的2025年中报影响。 药明康德2025年中报的"亮眼"数据，实则是多重短期因素叠加的结果。 深入来看，公司业绩的阶段性增长并非完全源于核心业务的持续发力，而是受到多重短期因素的叠加影 响。其中，特定业务的爆发式增长成为主要驱动力，但这一增长高度依赖外部市场的周期性需求，同时 客户结构的集中化也为未来发展埋下不确定性隐患。 从长期发展视角观察，公司面临的结构性问题逐渐显现。一方面，部分核心业务增长乏力，未能形成协 同效应；另一方面，激进的产能扩张并未带来持续的效益提升，反而可能加剧资源配置的失衡。如何平 衡短期业绩表现与长期竞争力构建，成为摆在公司面前的重要课题。 业绩增长股价下跌 近一个月来，CXO龙头药明康德（603259.SH）股价萎靡不振，自7月30日—8月27日下跌3 ...

[公司价格与沪深 Table_Chart] 300 走势比较 [Table_StockNameRptType] 凯莱英（002821） 公司点评 小分子商业化订单储备丰富，新兴业务高速增长 | | | 报告日期： 2025-08-28 | [Table_BaseData] 收盘价（元） | 102.69 | | --- | --- | | 近 12 个月最高/最低（元） 125.50/59.90 | | | 总股本（百万股） | 361 | | 流通股本（百万股） | 317 | | 流通股比例（%） | 87.92 | | 总市值（亿元） | 370 | | 流通市值（亿元） | 326 | -14% 18% 51% 83% 115% 8/24 11/24 2/25 5/25 凯莱英 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：杨馥瑗 执业证书号：S0010524080001 邮箱：yangfuyuan@hazq.com [Table_CompanyReport] 相关报告 1.【华安医药】凯莱英 25Q1 ...

Group 1 - A-shares opened lower with the Shanghai Composite Index down 0.1% and the ChiNext Index down 0.58%, with sectors like rare earth permanent magnets, energy metals, liquid cooling services, and insurance leading the declines [1] - Galaxy Securities forecasts increased market volatility, suggesting that technology growth will remain the mainstream, while military and non-ferrous sectors may see rotational rebounds [1] - The market is expected to enter an acceleration phase, with a recommendation to focus on relatively low-positioned sectors and quality stocks to wait for rotation and rebound opportunities [1] Group 2 - China Merchants Securities indicates that the market is currently in the second phase of a bull market, characterized by capital-driven dynamics and a focus on key sectors, recommending attention to innovative drugs, CXO, domestic computing power, robotics, and domestic AI agents [2] - The mid-year report performance disclosure is nearing completion, with high median growth rates observed in non-bank, agriculture, non-ferrous metals, steel, electronics, and machinery sectors for the first half of the year [2] - Analysts have recently upgraded profit forecasts for various sectors, including cross-border e-commerce, communication network equipment, LED, lithium battery equipment, medical R&D outsourcing, fluorochemical, gaming, film and animation production, and wind power components for 2025 [2] Group 3 - Orient Securities suggests that the market is facing a short-term adjustment but does not expect a major wave of correction, with strong support in the 3700-3750 point range [3] - The market is anticipated to undergo wide fluctuations to complete a "gear shift," returning to a "slow bull" atmosphere, with new highs still possible [3] - In the "slow bull" market, there is a focus on non-bank sectors and continued optimism for technology growth sectors, particularly AI computing, aerospace and military, and AI applications [3]

周二（8月26日），大盘全天缩量窄震，沪指盘中上探3888.6点续创十年新高，收跌0.39%，创指跌 0.76%。全市场成交2.71万亿元，较上日3.18万亿元显著缩量。 制药板块方面，创新药龙头分化，恒瑞医药、百济神州跌逾1%，百利天恒逆市涨逾3%，新和成涨 2.25%。中药股亦涨跌不一，步长制药涨1.73%，片仔癀跌1.65%。 A股医疗、制药板块连续多日上涨后迎来回调。A股最大医疗ETF（512170）场内跌1.27%，全市场唯一 跟踪制药指数的药ETF（562050）场内收跌0.88%，双双止步四连阳。 【CXO领跌！医疗ETF（512170）下跌区间高溢价】 具体来看医疗板块表现，CXO龙头股齐跌，药明康德跌3.18%，凯莱英跌6.59%，泰格医药、康龙化成 跌超4%。近日热门股美好医疗下挫8%。 ETF方面，A股最大医疗ETF（512170）全天水下调整，不过场内溢价不断，尾盘溢价率显著再抬升， 反映买盘力量强势。成交额8.02亿元。 从板块机会来看，医疗年内持续修复，但相对强势板块仍有较大向上空间。以A股最大医疗ETF （512170）为例，今日收盘价0.388元，尚未突破去年9·24行情高点0 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 凯莱英(002821) 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 业绩呈现边际加速趋势，新兴业务表现亮眼 [Table_ReportDate] 2025 年 08 月 26 日 [Table_S 事件：2025 ummar年y]8 月 25 日，公司发布《2025 年半年度报告》。2025H1 公司 实现营业收入 31.88 亿元，同比增长 18.20%；实现归母净利润 6.17 亿元， 同比增长 23.71%；实现扣非净利润 5.66 亿元，同比增长 26.29%。单季度 来看，2025Q2 公司实现营业收入 16.47 亿，同比增长 26.94 ...

Group 1 - The core viewpoint of the articles indicates a bullish trend in the ChiNext market, driven by favorable macroeconomic conditions and strong performance in technology and healthcare sectors [3][4][5] - As of August 25, 2025, the ChiNext ETF Tianhong (159977) saw a 2.84% increase, with a trading volume of 1.03 billion yuan, while the ChiNext Index (399006) rose by 3.00% [3] - The latest scale of the ChiNext ETF Tianhong reached 9.302 billion yuan, marking a three-month high [3] - Leveraged funds are increasingly entering the market, with the latest margin buying amounting to 2.755 million yuan and a margin balance of 22.3729 million yuan [3] Group 2 - Analysts attribute the recent surge in the ChiNext to several factors, including a relatively calm global macro market and optimistic expectations for interest rate cuts by the Federal Reserve [4] - The market is witnessing a rally led by major technology stocks, particularly in the domestic chip sector, resonating with patriotic narratives [4] - Non-bank financials are also gaining strength, contributing to the index's upward momentum [4] Group 3 - The A-share market is gradually emerging from a slow bull phase, with recent trading activity confirming a bullish trend [4] - The ChiNext's price-to-earnings (PE) ratio stands at 39.39x, which is relatively low compared to historical averages, indicating potential for valuation expansion [4][5] - The expected compound annual growth rate (CAGR) for ChiNext's revenue is approximately 20% and for net profit is about 29% for 2025-2026, significantly outpacing other major indices [5] Group 4 - The ChiNext has historically performed well during bull markets, with a rebound of approximately 74.58% from September 24, 2024, to August 15, 2025, suggesting further upside potential [5] - Investors are advised to consider entry points during market pullbacks to lower costs, while maintaining a long-term view on industry trends [5] - The ChiNext ETF Tianhong closely tracks the ChiNext Index, which consists of 100 stocks with high market capitalization and liquidity, reflecting the market's performance [5]

Core Viewpoint - The A-share market continues to rise, with the ChiNext board showing strong performance due to low valuations and solid fundamentals [1] Market Performance - The Shanghai Composite Index increased by 1.51%, reaching 3883.56 points, while the ChiNext surged by 3% to 2762.99 points [1] - The market has been strong since last week, driven by a relatively calm global macro environment and optimistic expectations for a Federal Reserve rate cut [1] Key Drivers - Major technology leaders, particularly in the domestic chip sector, are leading the market rally [1] - Non-bank financials are also contributing to the upward movement of the indices [1] - The market reacted positively to the Federal Reserve Chairman's speech on August 22, interpreted as a dovish signal, increasing the likelihood of a rate cut in September [1] Trading Activity - The trading volume exceeded 30 trillion yuan for the second time in history, indicating accelerated capital inflow into A-shares [1] - The ChiNext, as a hub for growth stocks, is benefiting significantly from this trend [1] Valuation and Growth Potential - The ChiNext's price-to-earnings (PE) ratio stands at 39.39x, with a 10-year percentile of 33.23% and a 5-year percentile of 52.35%, indicating lower valuations compared to other broad indices [1] - Strong fundamentals are supported by dual drivers of policy and liquidity, with projected revenue compound annual growth rate (CAGR) of approximately 20% and net profit CAGR of about 29% from 2025 to 2026 [1] Market Outlook - Historical performance during bull markets shows significant potential, with an expected rebound of approximately 74.58% from September 24, 2024, to August 15, 2025 [1] - Investors are advised to be cautious of short-term market spikes and to consider entering during pullbacks, while the ChiNext index remains a core target for the second wave of the A-share bull market [1]

Group 1 - The A-share market continues to rise, with the Shanghai Composite Index increasing by 1.51% to 3883.56 points and the ChiNext Index rising by 3% to 2762.99 points [1][2] - Recent strong performance in the A-share market is attributed to several factors, including a relatively calm global macro market, optimistic expectations for interest rate cuts by the Federal Reserve, and a rally in major technology stocks, particularly in the domestic chip sector [2][4] - The ChiNext Index, as a gathering place for growth stocks, is expected to benefit significantly from the anticipated interest rate cuts, with a notable improvement in the fundamentals of core sectors [2][6] Group 2 - The current valuation of the ChiNext Index shows a PE ratio of 39.39x, which is relatively low compared to historical averages, indicating potential for further growth [5][6] - The fundamentals of the ChiNext Index are strong, driven by both policy and liquidity, with expected revenue growth of approximately 20% and net profit growth of about 29% from 2025 to 2026 [7] - Historical performance during previous bull markets shows that the ChiNext Index has had significant gains, with a rebound of approximately 74.58% projected for the current cycle [8]

Core Insights - The core viewpoint of the article highlights the significant growth in profits for Aopumai, which outpaced revenue growth, indicating a recovery in the CXO industry [3][4]. Financial Performance - Aopumai reported a revenue of 178 million yuan for the first half of the year, a year-on-year increase of 23.77%, with a net profit attributable to shareholders of 37.54 million yuan, up 55.55% [2]. - The company achieved a remarkable profit growth in the second quarter, with a single-quarter revenue of 94.07 million yuan, a year-on-year increase of 47.21%, and a net profit of 22.88 million yuan, soaring by 401.78% [6]. - The net profit growth rate of 55.55% significantly exceeded the revenue growth rate of 23.77%, showcasing operational efficiency improvements [4]. Revenue Drivers - The primary driver of revenue growth was the continuous advancement of client pipelines and accelerated expansion into overseas markets, with sales of cell culture media products increasing by 25.49% to 155 million yuan, contributing 87.34% of total revenue [7]. - The overseas product sales saw a notable increase of 34.92%, reflecting the effectiveness of the company's internationalization strategy [7]. Cost Management - Aopumai's total operating expenses decreased by 29.71% to 31.21 million yuan, with the expense ratio dropping from 30.92% to 17.56% [9]. - The management expenses saw a significant decline of 34.03%, primarily due to the reclassification of costs related to the CDMO platform from management expenses to operating costs [9]. Cash Flow and Future Outlook - The net cash flow from operating activities reached 61.34 million yuan, a year-on-year increase of 271.78%, indicating strong cash generation capabilities [11]. - The company is preparing for future capacity expansion, supported by robust cash flow and anticipated growth in overseas demand in 2024 [11]. CDMO Segment Challenges - The CDMO segment reported a loss of 10.59 million yuan, with a gross margin of -47.53%, indicating ongoing challenges in achieving profitability [15][17]. - Despite a revenue increase of 13.24% in the CDMO segment, high costs led to significant losses, and the segment has not yet reached a breakeven point [15][17]. Competitive Landscape - Aopumai faces intense competition from established CMO/CDMO giants and multinational pharmaceutical companies, which may hinder its market position and profitability [17][18]. - The company announced plans to acquire 100% of Pengli Bio for 1.451 billion yuan, aiming to integrate cell culture media and preclinical CRO services, with performance commitments for the next three years [18].

Core Viewpoint - The article emphasizes the importance of focusing on leading stocks in a bull market and avoiding distractions from less significant stocks, suggesting that a multi-line structure is essential for the second phase of a bull market [1]. Group 1 - The bull market is characterized by a concentration of hot money in a few leading sectors and stocks, with significant price movements observed in industries such as semiconductor, PCB, and innovative pharmaceuticals [1]. - The market sentiment has shifted from a fluctuating state to a more stable and positive range, indicating a healthy market environment since June [1]. - The article advises investors to maintain a broad perspective and focus on the direction of the market rather than getting caught up in the minutiae of stock selection [1][3]. Group 2 - The article notes that predicting daily stock movements is challenging, and it is more effective to concentrate on the details of leading stocks as long as they do not break critical support levels [3].