8月19日，药明生物(02269)公布其2025年中期业绩，公司当期实现收益99.5亿元(人民币，单位下同)， 同比增长16.1%;当期毛利率同比提升3.6个百分点，至42.7%;纯利同比增长54.8%至27.6亿元，此带动公 司拥有人应占纯利增长56.0%至人民币23.4亿元，对应经调整纯利同比增长11.6%至人民币28.4亿元。与 此同时，药明生物宣布上调2025年全年收入指引至14%-16%。 从业务结构看，从研发(R)到开发(D)再到生产(M)的加速转化成为公司高速增长的关键驱动力。智通财 经APP了解到，2025年上半年药明生物新签86个综合项目，刷新同期历史纪录，推动综合项目数攀升至 864个。其中，临床III期和商业化项目分别增至67和24个，临床III期及商业化生产收益同比增24.9%。 进一步来看，新增项目中超70%聚焦ADC(抗体偶联药物)与双抗/多抗领域。这一结构既印证了两大赛道 的高景气度，更凸显药明生物对生物药高潜力领域的精准卡位：其在R端业务的布局，使其能够更早、 更精准地抓住前沿创新疗法机遇，稳定占据优势竞争生态位，持续为D和M输送增长动能，是业务护城 河的具象化体现。 订单储备 ...

Core Viewpoint - The company is a global leader in ADC and bioconjugate drug CRDMO, with a significant market share and rapid growth in revenue and net profit driven by the ADC sector's expansion and its competitive advantages [1][2]. Group 1: Company Performance - The company achieved a global market share of 9.8% in 2022, ranking second globally and first domestically [1]. - From 2020 to 2023, the company's revenue and net profit CAGR were 180% and 121%, respectively, with projected growth rates of 91% and 277% in 2024 [1]. - The acceleration in net profit is attributed to the rapid development of the ADC sector and the unique competitive advantages of being an industry leader [1]. Group 2: ADC Market Outlook - The global ADC market is expected to exceed $13 billion in 2024, with six blockbuster drugs already launched [2]. - The market is projected to reach $64.7 billion by 2030, with a CAGR of 30.7% from 2024 to 2030, driven by advancements in treatment approaches and new drug approvals [2]. - The penetration rate of outsourced ADC R&D and production is 70%, significantly higher than the 34% for other biopharmaceuticals, indicating a high level of market activity [2]. Group 3: Service Platform Development - The company is developing a comprehensive one-stop service platform covering the entire process of bioconjugate drug development, including discovery, process development, and GMP production [2]. - The company has achieved one-stop production capabilities at its Wuxi base, significantly accelerating ADC project timelines from early discovery to BLA [2]. - The company plans to expand global production capacity, with a new facility in Singapore expected to be operational by the end of 2025 [2]. Group 4: Future Earnings Projections - Earnings per share are projected to be 1.05, 1.41, and 1.91 yuan for 2025, 2026, and 2027, respectively [3]. - Given the company's leadership in the global ADC CRDMO market and its rich project reserves, a DCF valuation method suggests a target price of HKD 47.81 [3].