特定对象调研演示材料 凯莱英医药集团（天津）股份有限公司 2025年8月 1 凯莱英（股票代码：002821.SZ/6821.HK） 本文件中若出现总计数与所列数值总和不符，均为四舍五入所致 -2- 免责声明 毛利率 43.5% +1.3pts 收入 31.88亿元 归母净利润 6.17亿元 19.4% 归母净利率 +18.2% +23.7% +0.9pts 10.88亿美元 在手订单 21.4% 经调整净利率* +5.4pts 本文件不得用于公开传播，其中所包含的信息仅供与凯莱英医药集团（天津）股份有限公司（"本公司"，连同其子公司，以下合称"本集团"）有关的人士及其顾问使用。本公司仅向有限 数量的收件人提供本文件。本文件的内容未经任何司法辖区的监管机构审阅。在某些司法辖区派发本文件可能会受到法律限制，持有本文件的任何人都应了解并且遵守该等限制。任何不遵 守该等限制的行为均可能违反美国、加拿大、中国或日本的证券法或其他类似司法辖区的法律。您一旦接收本文件，即代表您同意受到前述限制的约束。 前瞻性陈述 本演示材料本演示材料有若干前瞻性陈述， 该等前瞻性陈述并非历史事实， 乃基于本公司的信念、 管理层所作出的假 ...

天宇股份 20250824 摘要 天宇股份上半年净利润同比大幅增长，达 1.5 亿元，增幅 180.96%， 扣非净利润 1.41 亿元，同比增长 125.11%，主要得益于纺织药、原料 药、CDMO 和制剂业务的全面增长。 非沙坦类原料药及中间体业务自 2024 年以来持续增长，收入达 11.3 亿 元，市场拓展和成本控制提升显著提高毛利率；CDMO 业务收入超 2 亿 元，同比增长 44%，超出预期，战略客户项目正在推进。 制剂业务收入 1.8 亿元，同比增长 84.72%，销量突破 5 亿片，增长 71%，毛利率提升至 58%，亏损减少 2000 万元，减亏速度加快，但尚 未盈利。 公司上半年获批 12 个药品批规，累计获批 65 个，涵盖 40 个品种，积 极参与集采并成功中标江苏和广东联盟项目，销售渠道网络建设快速增 长。 2025 年上半年 CDMO 业务收入 2.5 亿元，同比增长 44%，毛利率保 持在 50%以上，预计下半年及明年客户需求将持续增长，盈利能力保持 乐观。 Q&A 请介绍一下天宇股份 2025 年上半年的整体经营情况和各业务板块的表现。 2025 年上半年，天宇股份实现营业收入 ...

Summary of Prolo Pharmaceutical Conference Call Company Overview - Prolo Pharmaceutical is engaged in the CDMO (Contract Development and Manufacturing Organization) business, which is experiencing rapid growth due to capacity expansion and enhanced R&D capabilities. The company expects revenue growth to remain above 25% over the next three years, making it a core driver of performance [2][4][31]. Key Business Segments CDMO Business - The CDMO business is entering a phase of accelerated growth, supported by an increase in project numbers and commercial orders. Significant capital investments in advanced production facilities have been made, enhancing production efficiency and R&D capabilities [4][31]. - Revenue from the CDMO segment reached 1.884 billion yuan in 2024, with a compound annual growth rate (CAGR) exceeding 20% since 2020 [14]. API and Intermediate Business - Prolo has over 30 years of experience in the API (Active Pharmaceutical Ingredient) and intermediate business, with plans to add 30 to 50 new API products in the next three years. The company aims to expand into the medical beauty and cosmetics sectors [2][5]. - The company’s API projects include 116 ongoing projects, with 22 in the commercialization stage [20]. Formulation Business - The formulation segment has benefited from national procurement policies, leading to steady revenue growth of around 10% over the next three years. The company plans to develop 25 new formulation projects annually [6][30]. Financial Outlook - In 2025, Prolo's apparent revenue may be pressured by weak antibiotic demand and the clearing of raw material trading business, but profits are expected to remain stable or grow slightly. From 2026 onwards, revenue is projected to grow by about 10%, with profits increasing by over 20%, primarily driven by the CDMO business [7][32]. - The overall gross margin is expected to improve as the CDMO revenue share increases and cost-reduction measures are implemented [13][32]. Market Dynamics - The raw material and intermediate business is facing intense competition, but the company is diversifying its product matrix to mitigate cyclical impacts. The company is also leveraging advanced production capabilities to enhance competitiveness [8][26]. - In the veterinary medicine sector, Prolo's API business, particularly with florfenicol, is expected to benefit from a recovery in livestock farming and price stabilization [3][27][28]. Strategic Initiatives - Prolo's future strategy includes enriching its product matrix with new API products and expanding into high-margin markets such as medical beauty and cosmetics [29]. - The company has established a comprehensive supply chain for its formulation business, which includes over 120 formulation varieties across various therapeutic areas [30]. R&D and Innovation - Prolo is focusing on advanced research areas such as fluid chemistry, synthetic biology, and high-activity compounds, supported by a robust R&D team [17][18]. Conclusion - Prolo Pharmaceutical is positioned for significant growth in the coming years, driven by its CDMO business and strategic expansion into new markets. The company’s proactive approach to enhancing production capabilities and diversifying its product offerings is expected to yield positive financial results and improve overall profitability [2][32].

Core Viewpoint - Tianyu Co., Ltd. (300702) expects a significant increase in net profit for the first half of 2025, projecting a profit of between 130 million to 180 million yuan, representing a growth of 144.29% to 238.25% compared to the same period last year [1] Financial Performance - The net profit attributable to shareholders is projected to be between 130 million to 180 million yuan, compared to 53.2152 million yuan in the same period last year [1] - The net profit after deducting non-recurring gains and losses is expected to be between 121 million to 171 million yuan, an increase from 62.764 million yuan year-on-year, reflecting a growth of 92.79% to 172.45% [1] Growth Drivers - The company's performance growth is driven by actively seizing market opportunities, expanding customer channels, and enhancing refined management [1] - Measures such as optimizing product structure, improving market layout, and strengthening cost control have effectively increased revenue and gross profit in non-sartans raw materials and intermediates, CDMO business, and formulation business [1]

Group 1: Financial Performance - The company's CDMO business revenue for 2025 is projected at 136 million yuan, showing a decline of approximately 4% compared to the previous year, indicating stable market demand [2] - The company has invested 105 million yuan in formulation R&D for 2024, with capitalized expenditures amounting to 23.9 million yuan [3] - The formulation business is expected to reduce losses by approximately 40 million yuan in 2024 compared to 2023 [3] Group 2: Market Position and Growth - The company achieved a sales volume of 1,744 tons for sartans in 2024, capturing about 24% of the global market demand of 7,233 tons [7] - Non-sartan revenue reached 559 million yuan in 2024, reflecting a growth of 45.5% compared to 2023, indicating a strong upward trend [7] - The company has obtained 63 formulation approvals, enhancing its product pipeline and market presence [8] Group 3: Customer Concentration - The combined sales from the top five customers accounted for 40.18% of total sales in 2024, a decrease from 44.97% in 2023, with no significant change exceeding 10 percentage points [6] Group 4: Strategic Initiatives - The company has not introduced third-party platform traffic resources for e-commerce channels [4] - Continuous investment in CDMO R&D is planned for 2024, with projected revenue of 366 million yuan primarily serving original drug companies during patent periods [5]