【药康生物】25年业绩超预期，海外及药效服务高增长，看好临床前CRO复苏【东吴医药朱国广团队】 2月3日业绩快报：25FY营收7.93亿元（+15.5%），归母1.44亿元（+31.5%），扣非1.18亿元（+55.8%）；25Q4营 收2.18亿元（+22.9%），归母0.35亿元（+197%），扣非0.25亿元。 点评：小鼠模型销售双位数增长，功能药效CRO增速30-40%。 1）国内行业景气度提升，工业端需求恢复，26Q1国内趋势持续向好；2）海外增速40-50%，欧美亚三大区域网络 不断完善，预期26年保持海外高增长。 总结：短期看好26年临床前CRO贝塔，长期看好中国工程师红利下，基因编辑小鼠全球领先的业务模式。 标的推荐：百奥赛图、药康生物、南模生物。 2月3日业绩快报：25FY营收7.93亿元（+15.5%），归母1.44亿元（+31.5%），扣非1.18亿元（+55.8%）；25Q4营 收2.18亿元（+22.9%），归母0.35亿元（+197%），扣非0.25亿元。 点评：小鼠模型销售双位数增长，功能药效CRO增速30-40%。 < 【药康生物】25年业绩超预期，海外及药效服务高增长，看好临 ...

Core Insights - The article highlights the significant role of Shanghai Pudong Development Bank (SPDB) in promoting technology finance in the Yangtze River Delta region, particularly in cities like Nanjing and Hangzhou, since the establishment of the Sci-Tech Innovation Board six years ago [1][10] - SPDB has successfully supported over 240,000 technology enterprises and accounted for more than 70% of the companies listed on the Sci-Tech Innovation Board, with technology finance loans exceeding 100 billion yuan [1][9] Group 1: Technology Finance Development - SPDB is expanding its technology finance services by adopting a "technology finance + industry characteristics" approach, focusing on high-end manufacturing and high-tech enterprises [1][2] - The bank has established a comprehensive financial irrigation network for chain-leading enterprises through project loans, merger loans, and supply chain finance [2][3] - SPDB's supply chain finance solutions have alleviated financial pressures for upstream and downstream enterprises, enhancing cash flow and operational efficiency [3][5] Group 2: Case Studies of SPDB's Support - Nanjing Estun Automation Co., Ltd. is a representative case where SPDB provided tailored financial solutions to support its extensive supply chain, which includes over 1,000 customers and 800 suppliers [2][3] - Zhejiang Wusiyuan Communication Technology Co., Ltd. received support from SPDB for its industrial park construction and equipment procurement, showcasing the bank's commitment to fostering innovation in the robotics sector [4][5] - SPDB's rapid response to the needs of innovative companies like Jiachen Xihai Biotechnology Co., Ltd. demonstrates its ability to provide timely funding, such as a 60 million yuan research loan, to help them navigate the challenges of the biopharmaceutical industry [6][7] Group 3: Strategic Initiatives and Future Outlook - SPDB has positioned technology finance as a primary strategic focus, enhancing its organizational structure to better serve technology enterprises [6][9] - The bank's innovative financing models, such as the "domestic guarantee + overseas loan" approach for mergers and acquisitions, have facilitated significant transactions for companies like Estun [8] - SPDB aims to become a key partner in the technology finance ecosystem, driving high-quality economic development and supporting the modernization of the industrial system in China [9][10]