Core Insights - The report from Xinda Securities highlights that Jiuzhou Pharmaceutical's CDMO business is experiencing high growth, with new molecular business layouts expected to create additional growth points [1] Group 1: CDMO Business Growth - As of H1 2025, the company has undertaken a total of 1,214 projects in innovative drug raw material CDMO, including 1,086 projects in clinical phases I and II, which is an increase of 60 projects compared to the end of 2024 [1] - The number of clinical phase III projects stands at 90, reflecting an increase of 6 projects from the end of 2024, while commercial projects have reached 38, with an increase of 3 projects [1] - The projects cover various therapeutic areas such as anti-tumor, anti-heart failure, anti-viral, central nervous system, and cardiovascular treatments, indicating a growing number of late-stage and commercial projects that are likely to drive sustained performance growth for the company [1] Group 2: New Molecular Business Development - The company has established a comprehensive technical platform for new molecular businesses, including peptides, conjugates, and small nucleic acid drugs [1] - In H1 2025, the new molecular business has attracted over 20 new clients, with a rapid increase in overseas orders, having completed the delivery of more than ten projects [1] Group 3: Market Potential - According to Frost & Sullivan, the global ADC and broader conjugate drug CRDMO market was valued at $1.5 billion in 2022, with expectations to grow to $11 billion by 2030, representing a compound annual growth rate (CAGR) of 28.4% from 2022 to 2030 [1]