格隆汇8月29日丨泰德医药(03880.HK)公布，截至2025年6月30日止六个月，公司收益增加28.5%至人民 币253.8百万元。毛利增加44.3%至人民币155.0百万元。净利润增加101.7%至人民币102.0百万元。 截至2025年6月30日止六个月，毛利率为61.1%，较截至2024年6月30日止六个月的54.4%增加6.7个百分 点。毛利率增加主要由于销售成本的增长低于因员工薪酬、公用事业及其他开销下降而导致的收入增 长。 公司进行中的CDMO项目数量由截至2024年6月30日的332个增至截至2025年6月30日的338个。 此外，公司已建立广泛的项目管线，且公司战略性地专注于GLP-1领域的管线。截至2025年6月30日， 公司的项目管线包括338个进行中的CDMO项目，包括与七名客户进行九个NCE GLP-1分子开发项目， 开发口服及╱或注射GLP-1分子产品。 经过二十多年的不断发展及营运经验累积，公司拥有庞大的多肽API产能，配备了全面的项目研究及创 新数字化系统。公司在杭州钱塘园区的cGMP合规生产设施总建筑面积超过20,000平方米，多肽API年产 能超过500千克，每批多肽产能 ...

Core Viewpoint - Medtide Inc. is positioned to leverage the growing demand for GLP-1 drugs as it aims for a breakthrough in the capital market following its successful hearing with the Hong Kong Stock Exchange [1][7]. Group 1: Market Position - Medtide Inc. ranks third globally in the peptide-focused CRDMO sector, holding a market share of 1.5%, significantly behind Bachem (13.8%) and PolyPeptide (10.0%) [2]. - The company has established a certain level of international competitiveness within the peptide CRDMO niche [2]. Group 2: Financial Performance - In 2022, Medtide reported revenues of 351 million RMB and a net profit of 53.98 million RMB, which slightly declined to 337 million RMB and 48.91 million RMB in 2023 [3]. - However, in the first half of 2024, revenues rebounded to 197 million RMB, marking a year-on-year increase of 21.23%, while net profit surged by 110.43% to 50.57 million RMB [3]. - The growth in 2024 is primarily driven by strong performance in overseas markets, particularly the U.S., where revenue increased by 165% to 122 million RMB, raising its contribution to total revenue from 28.2% to 61.8% [3]. Group 3: Capacity Expansion - To meet increasing market demand, Medtide is actively expanding its production capacity, with a cGMP facility in China covering over 15,000 square meters and equipped with 19 peptide synthesis lines and 16 purification lines [4]. - The company plans to build or acquire new production facilities in China within the next two to three years, potentially increasing annual production capacity by approximately 2,000 kg [4]. - In the U.S., Medtide acquired a production facility in Rocklin, California, with plans to complete construction by the second half of 2025, which is expected to add 100 to 300 kg to its annual capacity [4]. - As of December 31, 2024, Medtide's project pipeline includes 1,217 ongoing CRO projects and 332 ongoing CDMO projects, including 9 NCE GLP-1 molecule development projects [4]. Group 4: Risks and Challenges - Medtide faces challenges due to high customer concentration, with revenues from the top five clients accounting for 56.2% of total revenue in the first half of 2024, up from 36.5% in 2021 [6]. - The company's valuation has experienced significant fluctuations, reflecting complexities in capital operations, with notable transactions occurring in 2015, 2020, and 2021 [6].