药明生物 20250821 摘要 药明生物 2025 年上半年收益接近 100 亿元，同比增长 16.1%，新增 项目和订单管线创新高，预示加速增长。研发和早期开发板块增长 35%，占总收入 40%以上，为公司最强劲增长点。 商业化生产（M 端）项目增至 24 个，收入增长 24.9%，预计未来五至 六年内将有 40 至 50 个新商业化生产项目，到 2030 年或超 70 个，M 端加速发展。 公司拥有强大的 backlog，R 端里程碑合同金额增至 90 亿美元，服务 backlog 达 113 亿美元，表明未来订单充足稳定。北美市场收入占比 60%，增长 20%，仍为最大市场。 药明生物在全球最具潜力的双抗和 ADC 赛道占据重要地位，分别拥有 168 个双抗/多抗和 225 个 ADC 项目，市场份额远超传统抗体，显示强 大国际影响力。 公司通过实施 follow and win molecule 战略，提高研发效率和流程， 扩大全球产能，压缩 DNA 到 IND 转换周期至 6-9 个月，有效应对全球 融资环境不确定性。 Q&A 药明生物在 2025 年上半年的业绩表现如何？ 2025 年上半年，药 ...

Group 1 - The core viewpoint of the article highlights the significant rise of the innovative drug sector, with the Hang Seng Innovative Drug Index increasing by 55.61% year-to-date, outperforming the Hang Seng Index's 17.30% growth [1] - The innovative drug industry is transitioning from experience-based competition to technology-driven competition, positioning itself as a "tech-like" asset [1][2] - The trend of Chinese innovative drugs going global is irreversible and expected to strengthen, with a focus on whether Chinese companies can outperform their overseas counterparts in new target selection [2][6] Group 2 - The current price-to-sales (PS) valuation of innovative drugs is around 4 times, which is considered neutral in the context of asset scarcity, indicating potential for continued stock price increases as clinical data and business development improve [2][7] - The innovative drug market is characterized by high unmet medical needs, particularly in areas with few available treatment options, which presents opportunities for the development of blockbuster drugs [3][8] - The "double 10" rule in new drug development indicates an average development cycle of 10 years and costs exceeding $1 billion, highlighting the high-risk nature of the industry [4] Group 3 - China's innovative drug sector has made significant progress, with over 50% contribution to the top 20 global drug targets and surpassing Europe in original drug numbers as of 2021 [5][6] - The competition landscape is evolving into a scenario where both China and the U.S. are advancing in the innovative drug sector, with increased global competitiveness for Chinese companies [6] - The innovative drug sector is expected to continue its strong performance, driven by its alignment with current market trends and the recovery of valuations after years of pressure [7][8] Group 4 - Specific areas with strong potential for new drug development include antibody-drug conjugates (ADCs), GLP-1 metabolic disease drugs, and gene therapy for rare diseases [8] - For investors looking to enter the innovative drug market, a systematic investment approach through funds is recommended due to the high barriers and complexities involved in the sector [9]