浦银国际研究 公司研究 | 医药行业 康龙化成（3759.HK/300759.CH）：新签 订单延续不错增速，维持全年收入指引 维持"买入"评级，上调港股目标价及 A 股目标价。 ●1H25 业绩大致符合此前盈利预告：公司 2Q25 实现收入人民币 33.42 亿 元（+13.9% YoY, +7.9% QoQ），接近此前盈利预告的对应的二季度中值， 符合我们在盈利预告之前的预期和 VA (Visible Alpha) 一致预期；Non- IFRS 经调整归母净利润为 4.06 亿元（+15.6% YoY, +16.3% QoQ）,同样接 近此前盈利预告对应的二季度中值，但略低于我们在盈利预告之前的预 期和 VA 一致预期，主要由于非经营性项目亏损略高于预期，包括财务 费用减值损失、外汇损失、减值损失均略高于预期。利润率方面，2Q25 毛利率为 33.7%，同比环比平稳；Non-IFRS 经调整净利率为 11.7%（+0.2 ppts YoY, +0.9 ppts QoQ）,同比环比轻微上升。 ●Top 20 药企二季收入增长强劲，下半年有望延续：1H25 来自于 Top 20 药企收入强劲增长 48% Yo ...

2025年8月22日，康龙化成披露接待调研公告，公司于8月22日接待摩根士丹利、高盛证券、中金证券、 中信证券、招商证券等30家机构调研。 公告显示，康龙化成参与本次接待的人员共1人，为首席财务官、董事会秘书李承宗。调研接待地点为 公司会议室。 据了解，康龙化成管理层对2025年半年度报告进行分析解读。上半年公司实现收入64.41亿元，同比增 长14.9%，归母净利润受上年股权处置收益影响同比下降37.0%，经调整的非《国际财务报告准则》下 归母净利润同比增长9.5%，新签订单同比增长超10%。来自MNC（Top20大药企）客户收入强劲增长 48.0%，现金流良好，新增客户超480家，活跃客户超2600家。公司推进长期战略，全球布局21个研发 中心和生产基地，人才储备充足，各板块项目丰富，还加强数智化投入。各业务板块中，实验室服务、 CMC服务、临床研究服务营收均有增长，大分子和细胞与基因治疗服务营收微增。 第一部分:公司管理层对2025年半年度报告进行分析解读。 2025年上半年,公司实现收入64.41亿元,同比增长14.9%。实现归母净利润为7.01亿元,同比下降37.0%,主 要由于上年同期处置 PRO ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 康龙化成(300759) 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] 整体业绩平稳增长，实验室服务和 CMC 服务贡 献主要增量 [Table_ReportDate] 2025 年 08 月 22 日 [Table_S 事件：2025 ummar年y]8 月 21 日，公司发布《2025 年半年度报告》。2025 年 H1 公司实现营业收入 64.41 亿元，同比增长 14.9%；实现归母净利润 7.01 亿 元，同比下滑 37.0%；实现扣非净利润 6.37 亿元，同比增长 36.66%；实 现经调整归母净利润 7.56 亿元，同比增长 9.50% ...

股票代码：300759.SZ 股票代码：3759.HK 中期业绩说明会 2 0 2 5 本文件和包含在此的信息，以及口头或其他方式提供的信息都是严格保密的，必须按保密对待。除符合适用的证券法外，本文件或本文件的任何副本所包含的信息均不得直接或间接地在美国、加拿 大、澳大利亚、日本、中华人民共和国、香港或任何其他禁止此类信息的司法管辖区获取、传播或分发。任何未能遵守此限制的行为都可能构成违反美国或其他司法管辖区的证券法。应要求，接收 方应立即归还本文件和演示文稿中提供的任何其他书面信息，而不保留任何副本。 本文件并不声称是全面的，也不包含接收方为评估集团可能需要所有信息。未作出任何明示或暗示的陈述、保证或承诺,且在法律允许的范围内,就文件及其内容的准确性、可靠性、正确性、公平或文 件其内容的完整性，任何人均不接受任何责任或义务(为免生疑问,包括但不限于公司及其子公司,控制人,董事、高管,合伙人,员工,代理人,上述任何一方的代表或顾问)。本演示文稿所传达的信息包含了 某些具有或可能具有前瞻性的陈述。这些语句通常包含诸如"will（意愿）"、"expected（期望）"、"intended（意图）"、"plans ...

| 速人工智能技术在生命科学领域的创新应用与突破，促进科研成果转 | | --- | | 化，并联合培养跨学科复合型人才，共同推动生命科学产业高质量发 | | 展。 | | 上半年各业务板块经营情况： 2025 | | 实验室服务：实现营业收入 38.9 亿元，同比增长 15.5%。毛利率 | | 45.2%，同比提升 个百分点。公司实验室服务维持了较好的盈利能 0.7 | | 力。 | | CMC（小分子 CDMO）服务：实现营业收入 13.9 亿元，同比增长 | | 个百分点。 18.2%。毛利率为 30.5%，同比提升 2.2 | | 临床研究服务：实现营业收入 9.4 亿元，同比增长 11.4%。 | | 大分子和细胞与基因治疗服务：实现营业收入 亿元，同比增长 2.1 | | 0.1%。 | | 第二部分：问答环节 | | 问：关于 MNC top20 药企增速 48%，增速驱动的原因？ | | 答：TOP20 药企占比提升，一方面是由于 项目管线愈发成熟， CMC | | 带动 MNC 客户收入增加；另一方面，实验室服务也进一步深化了和 | | 的合作。 MNC | | 问：关于生物科学业务持续能 ...

截至2025年8月7日15时，凯莱英股价报107.20元，较前一交易日下跌2.58元。当日成交量为89625手，成 交额达9.73亿元，换手率为2.83%。 风险提示：股市有风险，投资需谨慎。 公司首席运营官张达近期表示，中国药企正以更高效率和更低成本形成创新竞争力，未来5到10年将有 更多全球重磅药物来自中国。数据显示，2025年上半年中国药企海外BD交易金额达600亿美元，超过 2024年全年总量。 8月7日凯莱英主力资金净流出16957.47万元，占流通市值0.5%。近五日主力资金累计净流出46388.26万 元，占流通市值1.36%。 凯莱英是一家医药研发服务企业，主营业务涵盖创新药研发生产服务、制剂研发生产服务及临床研究服 务等。公司所属行业为医疗服务板块。 ...

Core Viewpoint - The article discusses the recent performance and challenges faced by Kanglong Chemical (康龙化成), highlighting a recent incident among employees and the company's financial forecasts for 2025, indicating a mixed outlook with revenue growth but declining net profits [3][6]. Financial Performance - Kanglong Chemical expects total revenue for the first half of 2025 to be between 6.3 billion to 6.5 billion, representing a year-on-year growth of 13% to 16%. However, net profit is projected to decline by 36% to 39%, primarily due to a significant one-time gain from equity disposal in the previous year [6]. - The company reported a total revenue of 12.28 billion in 2024, with a growth rate of 6.39% compared to 2023. The revenue breakdown shows that laboratory services accounted for 57.40% of total revenue, while CMC services contributed 24.35% [8][12]. Industry Context - Kanglong Chemical is a prominent Contract Research Organization (CRO) in China, assisting clients in accelerating drug innovation through various services, including laboratory services and clinical research [7]. - The CRO sector was previously highly sought after in the capital market, with Kanglong Chemical's stock price increasing over 26 times within three years post-IPO, reaching a market capitalization close to 200 billion [9]. - The company has faced challenges since the US-China trade tensions, leading to a significant slowdown in growth, with 2024 revenue growth dropping to single digits [12]. Operational Strategy - To mitigate market challenges, Kanglong Chemical has established 21 R&D centers and production bases across China, the UK, and the US, with North America being the primary revenue source, contributing over 60% [17]. - The company reported a 16% year-on-year revenue growth in Q1 2025, indicating a positive trend despite previous high growth rates [22]. Shareholder Activity - Since its IPO, major shareholders, including the controlling shareholder and executives, have continuously reduced their holdings, with total cashing out amounting to 21.45 billion in the A-share market [25][26].

Core Viewpoint - Boji Pharmaceutical's stock closed at 8.89 yuan, down 2.20%, with a rolling PE ratio of 210.74 times, significantly higher than the industry average of 40.82 times [1][2] Company Overview - Boji Pharmaceutical provides comprehensive "one-stop" CRO services for domestic and international pharmaceutical companies and research institutions, focusing on new drug and medical device development [1] - The company's main products include clinical research services, preclinical research services, independent preclinical R&D, and other consulting services [1] Financial Performance - In Q1 2025, the company reported revenue of 139 million yuan, a year-on-year decrease of 17.06%, and a net profit of 3.90 million yuan, down 76.38% [2] - The sales gross margin stood at 30.60% [2] Shareholder Information - As of March 31, 2025, Boji Pharmaceutical had 26,693 shareholders, an increase of 2,742 from the previous period, with an average holding value of 352,800 yuan and an average holding of 27,600 shares per shareholder [1] Industry Comparison - Boji Pharmaceutical ranks 43rd in the medical services industry based on PE ratio, with the industry median at 45.93 times and the average at 40.82 times [1][2] - The company has received several accolades, including being ranked 8th among the top 20 CRO companies in China for 2024 and recognized in various industry events [1]

Core Viewpoint - Boji Pharmaceutical's stock closed at 8.38 yuan, with a PE ratio of 198.65, significantly higher than the industry average of 38.49 [1][2] Company Overview - Boji Pharmaceutical provides comprehensive CRO services for pharmaceutical companies and research institutions, focusing on new drug and medical device development [1] - The company has participated in various academic events, enhancing its brand image and industry connections [1] Financial Performance - For Q1 2025, Boji Pharmaceutical reported revenue of 139 million yuan, a year-on-year decrease of 17.06%, and a net profit of 3.90 million yuan, down 76.38% [2] - The company's gross profit margin stands at 30.60% [2] Market Position - Boji Pharmaceutical ranks 43rd in the medical services industry based on PE ratio, with a total market capitalization of 3.211 billion yuan [1][2] - The company has received several accolades, including being ranked 8th among the top 20 CRO companies in China for 2024 [1]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company reported a strong recovery in Q1 2025, with revenue and profit both achieving double-digit growth. Q1 revenue reached 3.099 billion, a year-on-year increase of 16.03%, while net profit attributable to shareholders was 306 million, up 32.54% year-on-year [4][6] - All major business segments experienced growth, with laboratory services revenue at 1.857 billion (up 15.74% year-on-year) and a gross margin increase to 45.54%. CMC (small molecule CDMO) services revenue was 693 million (up 19.05% year-on-year) with a significant gross margin improvement to 30.44% [7] - The company is seeing strong growth from European clients, with revenue from North America and Europe increasing by 16.81% and 26.57% year-on-year, respectively. Revenue from global top 20 pharmaceutical companies grew by 29.05% year-on-year [7] - New orders are accelerating, with Q1 2025 new orders up over 10% year-on-year, and the company maintains its full-year guidance of 10%-15% revenue growth for 2025 [7] Financial Data and Profit Forecast - The company forecasts total revenue of 13.795 billion for 2025, with a year-on-year growth rate of 12.4%. The net profit attributable to shareholders is projected to be 1.819 billion, reflecting a growth rate of 1.4% [6][9] - The earnings per share (EPS) is expected to be 1.02 for 2025, with a gross margin forecasted to improve to 35.8% [6] - The return on equity (ROE) is projected to be 12.1% for 2025, with corresponding price-to-earnings (PE) ratios of 23, 20, and 17 for the years 2025, 2026, and 2027, respectively [6][7]