Core Viewpoint - The company reported significant revenue and profit growth for 2024 and Q1 2025, indicating strong operational performance and market demand for its products [1][2]. Financial Performance - In 2024, the company achieved revenue of 1.625 billion yuan, a year-on-year increase of 57.21%, and a net profit attributable to shareholders of 404 million yuan, up 148.19% [1]. - For Q1 2025, the company reported revenue of 566 million yuan, a growth of 58.96%, and a net profit of 153 million yuan, reflecting a 130.10% increase [1][2]. - The gross margin for 2024 was 67.68%, an increase of 6.71 percentage points, while the net profit margin was 24.61%, up 8.60 percentage points [2]. Product and Market Development - The company's self-selected products, including peptides, oligonucleotides, and formulations, showed robust growth, with revenue from self-selected products reaching 1.129 billion yuan, a 79.49% increase [4]. - Strategic collaborations have been established for various innovative drug raw materials and formulations, enhancing market presence and growth potential [4]. - The company is expanding its production capacity, with new facilities expected to contribute significantly to output in the coming years [4]. CDMO Business - The CDMO segment generated revenue of 494 million yuan in 2024, a 22.34% increase, with large orders being progressively delivered [5]. - Long-term contracts with major pharmaceutical companies, including a $100 million contract with a European firm, have commenced delivery, indicating strong demand for CDMO services [5]. Future Projections - Revenue forecasts for 2025-2027 are projected at 2.276 billion yuan, 3.218 billion yuan, and 4.576 billion yuan, with growth rates of 40.06%, 41.42%, and 42.19% respectively [5]. - Net profit estimates for the same period are 559 million yuan, 755 million yuan, and 1.027 billion yuan, with growth rates of 38.20%, 35.09%, and 36.02% respectively [5].

长按即可参与 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 安稳小股东 来源：雪球 最近A股最靓的仔是创新药 ，恒生医疗ETF直接冲击4连涨 ， 近一周涨幅超7.6% 。 对于创新药 ， 这肯定不是炒作 ， 而是行业周期 。 其实最近医药板块有点 " 逆市突围 " 的意思 。 本周大盘涨0.96% ， 生物医药板块整体却跌了 0.36% ， 可创新药逆势大涨 ， 背后藏着三个关键信号 。 一是政策东风 ， 北京刚出台的 《 支持创新医药高质量发展若干措施 》 堪称 " 王炸 " ， 把临 床试验启动时间压缩到20周以内 ， 多中心试验伦理审查互认率提高到90%以上 。 这意味着什么 ？ 以前药企从研发到上市可能要耗5年 ， 现在至少能缩短1-2年 。 更绝的是 ， 北京还鼓励AI赋能药物研发 ， 计划建成5个基于器官的高质量数据集 ， 数据规模达50TB 。 这 就是加速加速再加速 。 二是国产创新药正在改写全球规则 ， 比如映恩生物刚完成港股IPO ， 这家成立才6年的公司 ， 已经有12款自研ADC药物管线 ， 7款进入临床 ， 还和BioNTech 、 百 ...