格隆汇8月18日丨药明合联(02268.HK)公布，截至2025年6月30日止六个月，集团取得了骄人的业绩，集 团收益及毛利呈现强劲增长，分别同比增长62.2%及82.2%至人民币2,700.9百万元及人民币975.2百万 元。此外，公司拥有人应占纯利增至人民币745.7百万元，同比增长52.7%，而截至2025年6月30日止六 个月，公司拥有人应占扣除利息收入及开支前的经调整纯利亦增长强劲，增长至人民币732.6百万元， 同比增长69.6%。董事会不建议就截至2025年6月30日止六个月派付任何中期股息。 ...

Group 1 - The stock price of Chengda Pharmaceutical closed at 27.34 yuan on August 14, 2025, down by 1.59 yuan, representing a decline of 5.50% from the previous trading day [1] - The trading volume on that day was 98,100 hands, with a transaction amount of 276 million yuan, and a turnover rate of 9.04% [1] - Chengda Pharmaceutical's main business includes pharmaceutical research and development, production, and involves areas such as CRO and biopharmaceuticals [1] Group 2 - The company is progressing with its innovative biocell drug project, although specific advancements or clinical trial arrangements have not been disclosed [1] - On August 14, there was a net outflow of 18.51 million yuan in main funds, with a cumulative net outflow of 14.57 million yuan over the past five days [1]

Core Insights - The company reported a revenue of 920 million yuan for the first half of the year, representing a year-on-year increase of 23.48%, while the net profit attributable to shareholders decreased by 26.54% to 72 million yuan [1] Group 1: Business Performance - The front-end business (drug research) generated revenue of 154 million yuan, down 7.59%, with block revenue at 136 million yuan (down 4.71%) and CRO revenue at 18 million yuan (down 24.69%) [2] - The back-end business (drug development and commercialization) achieved revenue of 765 million yuan, an increase of 32.27%, with block revenue at 217 million yuan (down 8.80%) and CDMO revenue at 548 million yuan (up 60.92%) [2] - The gross margin for the front-end business was 57.29%, down 7.45 percentage points, while the back-end business gross margin was 25.69%, down 8.30 percentage points [2] Group 2: Strategic Focus and Financial Management - The company is focusing on revenue scale expansion and nurturing strategic clients and key projects, leading to a higher increase in operating costs compared to revenue growth [2] - The company improved cash flow management, with net cash flow from operating activities totaling 467 million yuan, an increase of 240.62% [3] - Revenue from multinational corporations (MNCs) reached 367 million yuan, up 69.73%, enhancing business sustainability [3] Group 3: Future Outlook - The company anticipates a recovery in performance as the pharmaceutical investment and financing environment improves, with adjusted net profit forecasts for 2025-2027 being 172 million, 228 million, and 297 million yuan respectively [3] - The company is shifting its project focus towards the back-end, with over 1,100 early-stage projects and 53 phase 3 and commercialization projects serviced in the first half of the year [2]

Core Viewpoint - The company reported significant revenue and profit growth in the first half of 2025, driven by a strong focus on the CRDMO business model and operational efficiency improvements [4][5]. Group 1: Financial Performance - The company achieved a revenue of 20.799 billion yuan in the first half of 2025, representing a year-over-year increase of 20.64% [4]. - The net profit attributable to shareholders reached 8.561 billion yuan, with a remarkable year-over-year growth of 101.92% [4]. - The non-IFRS net profit was 5.58 billion yuan, reflecting a year-over-year increase of 26.5% [4]. - In Q2 2025, the company generated revenue of 11.14 billion yuan, up 20.37% year-over-year, and a net profit of 4.89 billion yuan, which is a 112.78% increase year-over-year [4]. Group 2: Business Drivers - The strong performance in the first half of 2025 is attributed to the company's ongoing focus on the CRDMO business model and enhancements in production processes and operational efficiency [5]. - The non-IFRS gross margin improved to 44.5%, an increase of 4.7 percentage points year-over-year [5]. - The company realized gains from the sale of shares in its associate WuXi XDC Cayman Inc. [5]. Group 3: Order Backlog and Future Outlook - As of June 30, 2025, the company's order backlog reached 56.69 billion yuan, a year-over-year increase of 37.2%, indicating a strong business development trend [5]. - The chemical business generated revenue of 16.3 billion yuan in the first half of 2025, a substantial year-over-year growth of 33.5% [6]. - The small molecule D&M business contributed 8.68 billion yuan in revenue, reflecting a year-over-year increase of 17.5% [6]. - The TIDES business showed outstanding performance, with revenue reaching 5.03 billion yuan, a year-over-year increase of 141.6% [6]. - The company is expanding its production capacity, with expectations that by the end of 2025, the total volume of small molecule active pharmaceutical ingredient reactors will exceed 4 million liters [6].

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]

Group 1 - The company's revenue from its generic drug business decreased to 802 million yuan in 2024, a year-on-year decline of 21.18%, with a net profit attributable to shareholders of -53 million yuan, down 119.39% [1] - In Q1 2025, the company reported revenue of 129 million yuan, with a net profit attributable to shareholders of -26 million yuan [1] - Revenue breakdown for 2024 includes: preclinical pharmaceutical research income of 194 million yuan (-42.8%), clinical services income of 213 million yuan (+10.5%), self-developed results transformation income of 288 million yuan (-26.7%), equity sharing income of 8 million yuan (-71.3%), and commercial production income of 37 million yuan [1] Group 2 - As of the end of 2024, the company has nearly 300 self-developed projects that have been established but not yet transformed, with 91 projects completed in the small trial stage, 53 in the pilot scale-up stage, and 78 in the verification production stage [2] - The company has achieved 58 technology transformations of research results in 2024, with over 200 personnel in the new drug research and development team [2] - The company emphasizes its integrated drug development capabilities, combining pharmaceutical research, clinical trials, and customized R&D production, along with a comprehensive production service from intermediates to active pharmaceutical ingredients to formulations [2] Group 3 - The company forecasts revenues for 2025-2027 to be 704 million yuan, 778 million yuan, and 875 million yuan, representing year-on-year changes of -12.2%, +10.6%, and +12.4% respectively [3] - The net profit attributable to shareholders is projected to be 55 million yuan, 103 million yuan, and 119 million yuan for 2025-2027, with year-on-year growth rates of 204.4%, 87.9%, and 15.0% respectively [3] - The company anticipates short-term performance uncertainty due to policy impacts but expects to turn a profit by 2025, leading to a revised "accumulate" rating [3]

百诺医药在资本市场上有丰富的经历。 IPO日报注意到，百诺医药曾于2016年3月24日登陆新三板挂牌，证券简称为百诺医药，证券代码为 836534，挂牌6年半后，在 2022年12月16日摘牌。 星标 ★ IPO日报 精彩文章第一时间推送 4月17日晚间，证监会官网披露，中信建投对辅导山东百诺医药股份有限公司（下称"百诺医药"）挂牌新三板并在北交所上市进 行了备案登记。 两年多前曾从新三板摘牌，后又创业板IPO失败，如今想重回新三板并在北交所上市的百诺医药怎么样了？ IPO日报注意到，百诺医药的2021年-2023 年营业收入和净利润的年复合增长率分别为43.98％、123.61％，业绩极为亮眼，毛 利率也高达76%以上。 制图：佘诗婕 净利润年复合增长率123.61％ 据悉，百诺医药成立于2000年8月，是一家贯穿药物研发及生产全生命周期的创新型一站式药物研发成果转化运营商，主要业务 分为三大部分，分别为医药研发CRO业务、医药生产CMO业务和原料药生产及销售业务，其中CRO业务以研发成果转化模式为 主。 （ Contract Research Organization ，即合同研究组织，指对外提供专业化药 ...