康龙化成 20250822 2025 年上半年，康龙化成实现收入 64.41 亿元，同比增长 14.9%。公司归母 净利润为 7.01 亿元，同比下降 37%，但经调整净利润为 7.56 亿元，同比增 长 9.5%。新签订单同比增长超过 10%，延续了较快增长的趋势。第二季度， 公司收入 33.42 亿元，环比增长 7.9%，同比增长 13.9%；实现归母净利润 3.96 亿元，环比增长 29.5%，同比下降 55.2%。经调整净利润为 4.06 亿元， 环比增长 16.3%，同比增长 15.6%。 公司预计 2025 年全年将连续第二年实现正的自由现金流，并维持全年 收入增长 10%至 15%的目标不变。坚定推进长期发展战略，在全球建 立了 21 个研发中心和生产基地。 公司 MNC 收入增长强劲，达 48%，得益于前端业务体量扩展至后期生 产环节，以及实验室服务在大客户中的显著增长。预计 CMC 服务收入 增速将快于整体收入增长，CMC 板块占比也会进一步提高，毛利率较去 年将继续保持稳健提升。 海外市场复苏趋势延续，国内市场气氛改善但尚未全面恢复。实验室服 务项目将在下半年继续保持强劲势头，CMC 项目 ...

北京昭衍新药研究中心股份有限公司的主营业务是从事以药物非临床安全性评价服务为主的药物临床前 研究服务和实验动物及附属产品的销售业务。公司的主要产品是药物非临床研究服务、临床服务及其 他、实验模型供应。 最新一期业绩显示，2025年一季报，公司实现营业收入2.87亿元，同比-11.54%；净利润4111.95万元， 同比115.11%，销售毛利率28.61%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13昭衍新药61.91323.772.96239.83亿行业平均 48.0458.954.14194.93亿行业中值58.8965.713.2364.41亿1药明康德23.5427.854.392631.53亿2康龙化成 29.3530.583.91548.40亿3爱尔眼科32.8334.225.571216.96亿4诺禾致源33.3234.432.6867.76亿5普蕊斯 36.4831.242.8233.25亿6诺思格37.2138.012.8653.30亿7通策医疗40.1340.994.88205.53亿8华厦眼科 40.4739.882.90170.94亿9华康洁净40.4742.361.6 ...

Summary of the Conference Call for 康龙化成 (Crown Bioscience) Q1 2025 Company Overview - 康龙化成 reported a revenue of 30.96 billion CNY in Q1 2025, representing a year-on-year growth of 15.4% [2][3] - The company maintains its revenue growth guidance for 2025 at 10% to 15% and expects to continue generating positive free cash flow [2][9] Key Financial Performance - The adjusted net profit for Q1 2025 was 3.49 billion CNY, a year-on-year increase of 3.1%, while the net profit attributable to shareholders was 3.06 billion CNY, up 32.5% [3][4] - The laboratory services segment generated 18.57 billion CNY, with a gross margin of 45.5%, up 1.4 percentage points [2][5] - The small molecule CDMO services segment reported revenue of 6.93 billion CNY, with a gross margin of 30.4%, an increase of 2.5 percentage points [2][5] - Clinical services revenue was 4.47 billion CNY, with a gross margin of 11.8%, up 2.5 percentage points [2][5] - The revenue from large molecule and cell & gene therapy services was 99 million CNY, showing a year-on-year growth of 7.9% [2][5] Revenue Breakdown by Region and Client Type - Revenue from Chinese laboratories and factories grew by 15.7%, accounting for 88% of total revenue; overseas revenue increased by 18.3%, making up 12% [2][6] - North American client revenue rose by 16.8%, representing 65% of total revenue; European client revenue increased by 26%, accounting for 18% [2][6] Order Growth and Market Trends - New orders maintained a double-digit growth of over 10% in Q1 2025, continuing the trend from the previous year [2][7] - The CMC business is focused on early clinical stages, with expectations for several large projects to advance into later stages, which will enhance CMC revenue and overall performance [4][23] Strategic Initiatives and Future Outlook - The company is investing in advanced technologies in the biosciences field, including 3D cell culture and organ-on-a-chip models, to stay at the forefront of industry developments [4][12] - The company anticipates that the adjusted net profit growth will accelerate from Q2 2025 onwards as operational efficiencies improve [3][4] - The overall market for laboratory services and biosciences is expected to continue its recovery, with double-digit growth anticipated in both sectors [9][20] Challenges and Considerations - The company faces challenges related to increased operational costs and depreciation due to new capacity coming online in 2024 [4][3] - The impact of geopolitical factors, such as tariffs and the IRA Act, on client R&D and production needs is being monitored, but the company remains optimistic about its growth trajectory [14][19] Conclusion - 康龙化成's Q1 2025 performance reflects strong growth across its segments, with a positive outlook for the remainder of the year, driven by strategic investments and a robust order pipeline [29]