Core Viewpoint - Shengnuo Biotech (688117.SH) has reported significant growth in its half-year performance for 2025, with net profit expected to increase by 253.54% to 332.1% year-on-year, driven by strong performance in its peptide raw material business [1][3]. Financial Performance - The company anticipates a net profit of between 77.03 million yuan and 94.14 million yuan for the first half of 2025, with a year-on-year increase of 253.54% to 332.1% [1][3]. - The expected non-deductible net profit is projected to be between 77.35 million yuan and 94.53 million yuan, reflecting a year-on-year increase of 304.49% to 394.38% [1][3]. - In 2024, Shengnuo Biotech reported revenue of 456 million yuan, a year-on-year growth of 4.84%, while net profit decreased by 28.88% to 50.02 million yuan due to increased R&D investment and other factors [2]. Business Operations - Shengnuo Biotech is actively expanding its production capacity to meet market demand, with projects such as the "Annual Production of 395 kg Peptide Raw Material Production Line" and the expansion of raw material workshops [3]. - The company has successfully launched its 106 workshop and is in the equipment validation phase for workshops 107 and 108 [3]. Market Expansion - The global peptide CDMO market is projected to reach $11.8 billion by 2030, with the domestic market expected to reach 18.5 billion yuan, indicating a higher CAGR than the global market [4]. - Shengnuo Biotech's overseas revenue reached 148 million yuan in 2024, a significant increase of 73.93%, while domestic revenue decreased by 12.51% to 303 million yuan [4]. - The proportion of overseas revenue has increased to 32.52%, up 12.92 percentage points from 2023, reflecting the company's focus on expanding its international sales channels [4]. R&D and Product Development - The company is collaborating with external firms to develop various peptide products and has significantly increased its R&D investment, with expenses rising from 13.75 million yuan in 2021 to 49.17 million yuan in 2024 [5]. - Shengnuo Biotech provides CDMO services for over 40 peptide innovation drug projects, with two products approved for commercialization and two in the production application stage [5].

4月29日晚，皓元医药(688131.SH)发布2025年第一季度财报。2025年一季度，公司实现营业收入6.06亿 元，同比增长20.05%；归母净利润6238.44万元，同比增长272.28%；毛利率达48.58%，同比提升7.78个 百分点。截至一季度末，公司资产总额升至57.14亿元。 国产替代进程加速前端业务国际影响力持续增强 皓元医药作为国内小分子药物研发与生产领域稀缺的前后端一体化企业，公司始终将创新作为核心驱动 力，经过近二十年的快速发展，已形成了独具特色的业务模式，积累了丰富的产品种类，形成了较高竞 争壁垒，公司各业务板块均以其专业性、创新性和市场敏锐度为核心驱动力，在细分领域分别建立了独 特的竞争力和品牌影响力。 2025年一季度，公司依托上海张江、山东烟台、安徽合肥等地的研发中心，加速推进XDC、多肽药 物、小核酸药物、蛋白、抗体等前沿新分子和新工具的服务能力建设，截至2025年一季度末，公司在前 端生命科学试剂领域已完成超3.7万种产品的自主研发、合成，累计储备超14.1万种生命科学试剂，并在 全球范围内设立了8个商务中心，服务全球超13000家客户，市场地位领先，竞争优势显著。报告期 ...