Financial Performance - Revenue for Q1 2025 reached RMB 3,099 million, a 16.0% increase from RMB 2,671 million in Q1 2024 [9] - Net profit attributable to shareholders was RMB 306 million, up 32.5% from RMB 231 million in Q1 2024 [9] - Non-IFRS adjusted net profit increased by 3.1% to RMB 349 million from RMB 339 million [9] - Operating cash flow for Q1 2025 was RMB 853 million, a 14.4% increase from RMB 746 million in Q1 2024 [9] Revenue Composition - Revenue from China delivery business grew by 15.7% [11] - Revenue from overseas delivery business increased by 18.3% [11] - Laboratory services contributed 60% to revenue, with clinical research services at 14% and CDMO at 22% [11] - Revenue from top 20 pharmaceutical companies grew by 29.1% [14] Customer Growth - Revenue from North American clients increased by 16.8% [12] - Revenue from European clients rose by 26.6% [12] - Revenue from Chinese clients grew by 13.1% [12] Cost and Margin Analysis - Gross margin for laboratory services improved to 45.5% in Q1 2025 from 44.1% in Q1 2024 [17] - Gross margin for clinical services increased to 11.8% from 9.3% [19] - Gross margin for large molecule services improved despite being in a construction phase [20] Strategic Outlook - The company aims for a revenue growth target of 10-15% for the full year 2025 [33] - The company emphasizes the importance of health demand and technological innovation in driving industry growth [33]

Summary of the Conference Call for 康龙化成 (Crown Bioscience) Q1 2025 Company Overview - 康龙化成 reported a revenue of 30.96 billion CNY in Q1 2025, representing a year-on-year growth of 15.4% [2][3] - The company maintains its revenue growth guidance for 2025 at 10% to 15% and expects to continue generating positive free cash flow [2][9] Key Financial Performance - The adjusted net profit for Q1 2025 was 3.49 billion CNY, a year-on-year increase of 3.1%, while the net profit attributable to shareholders was 3.06 billion CNY, up 32.5% [3][4] - The laboratory services segment generated 18.57 billion CNY, with a gross margin of 45.5%, up 1.4 percentage points [2][5] - The small molecule CDMO services segment reported revenue of 6.93 billion CNY, with a gross margin of 30.4%, an increase of 2.5 percentage points [2][5] - Clinical services revenue was 4.47 billion CNY, with a gross margin of 11.8%, up 2.5 percentage points [2][5] - The revenue from large molecule and cell & gene therapy services was 99 million CNY, showing a year-on-year growth of 7.9% [2][5] Revenue Breakdown by Region and Client Type - Revenue from Chinese laboratories and factories grew by 15.7%, accounting for 88% of total revenue; overseas revenue increased by 18.3%, making up 12% [2][6] - North American client revenue rose by 16.8%, representing 65% of total revenue; European client revenue increased by 26%, accounting for 18% [2][6] Order Growth and Market Trends - New orders maintained a double-digit growth of over 10% in Q1 2025, continuing the trend from the previous year [2][7] - The CMC business is focused on early clinical stages, with expectations for several large projects to advance into later stages, which will enhance CMC revenue and overall performance [4][23] Strategic Initiatives and Future Outlook - The company is investing in advanced technologies in the biosciences field, including 3D cell culture and organ-on-a-chip models, to stay at the forefront of industry developments [4][12] - The company anticipates that the adjusted net profit growth will accelerate from Q2 2025 onwards as operational efficiencies improve [3][4] - The overall market for laboratory services and biosciences is expected to continue its recovery, with double-digit growth anticipated in both sectors [9][20] Challenges and Considerations - The company faces challenges related to increased operational costs and depreciation due to new capacity coming online in 2024 [4][3] - The impact of geopolitical factors, such as tariffs and the IRA Act, on client R&D and production needs is being monitored, but the company remains optimistic about its growth trajectory [14][19] Conclusion - 康龙化成's Q1 2025 performance reflects strong growth across its segments, with a positive outlook for the remainder of the year, driven by strategic investments and a robust order pipeline [29]

投资者关系活动记录表 编号：2025-001 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（请文字说明其他活动内容） 参与单位名称及 人员姓名 参加"金凯生科 2024 年度网上业绩说明会"的全体投资者 时间 2025 年 4 月 28 日(周一)下午 15:00-16:00 地点 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） 采用网络远程的方式召开业绩说明会 上市公司接待人 员姓名 1、金凯生科董事长兼总裁 FUMIN WANG（王富民）先生； 2、金凯生科董事会秘书兼财务总监王琦先生； 3、金凯生科独立董事郭玉坤先生； 4、保荐代表人逯金才先生。 投资者关系活动 主要内容介绍 投资者提出的问题及公司回复情况 公司就投资者在本次说明会中提出的问题进行了回复： 问题 1、公司 2025 年一季度业绩大增的主要原因是什么？ 回复：尊敬的投资者，您好！2024 年，受国际贸易政策环 境等因素的不利变化影响，公司迅速做出调整，通过强化全面服 务能力、综合协同能力、特色反应能力等能力建设，不断加大研 发投入、加 ...