在过去一年席卷全球的GLP-1类减肥药浪潮中，公众的目光大多聚焦于诺和诺德、礼来等制药巨头，以 及其带来的巨大市场空间与商业回报。 然而，在这类多肽药物从分子式变为产品的复杂链条中，一个关键但隐蔽的环节在于其高纯度的合成与 纯化过程。这高度依赖于一类被称为"固相合成载体"的上游关键材料和"层析填料"下游分离纯化材料。 在这一高度专业的上游材料领域，蓝晓科技（300487）是国内主要的突破者之一。其吸附分离材料与系 统，不仅应用于半导体超纯水制备，也广泛覆盖了生命科学、盐湖提锂、节能环保、食品加工等基础工 业。 围绕吸附分离技术主业，强化底层基础，做强主业，同时从全行业技术进步角度推动吸附分离技术向更 广更深的新技术领域拓展与进步。 得注意的是，这家以解决工业分离纯化难题见长的公司，正展现出强劲的多元化增长。根据其最新财 报，生命科学板块已跃升为公司主力增长引擎，其产品线正从传统的原料药纯化再到多肽药物合成，延 伸至核酸药物化学合成所需的关键材料等领域。 当生物医药的创新前沿不断向核酸药物等更上游的源头拓展时，对合成与纯化环节的精度、效率和成本 提出了前所未有的要求。 对此，21世纪经济报道专访蓝晓科技副总工程 ...

Group 1: CRO Industry Recovery - The clinical and preclinical CRO industry is gradually recovering, with an expected improvement in order structure [1] - Domestic R&D demand is showing marginal improvement, driven by the resurgence of innovative drug development and stabilization of order prices [1] - Companies like Tigermed, Nossan, and Proprius are projected to see revenue growth turning positive by 2025, with significant contributions from overseas business [1] Group 2: CDMO Industry Growth - The CDMO sector has reached a bottom and is on a recovery trajectory, with new orders continuing to improve [2] - The global demand for innovative drug R&D is driving growth in new orders and backlog, with a strong certainty of performance and profitability improvement [2] - Companies are expected to maintain excellent growth trends in 2026 due to robust demand for new molecules [2] Group 3: Life Sciences Sector Dynamics - The life sciences upstream sector is experiencing a dual drive from domestic substitution and overseas expansion, with urgent demand for domestic alternatives [3] - Companies are likely to capture market share in low-penetration segments by leveraging new molecular categories or high-cost performance products [3] - The demand for specific segments such as drug efficacy, antibodies, and proteins is increasing, indicating a clear long-term growth logic [3] Group 4: API Market Conditions - The raw material pharmaceutical industry is currently in a price bottom and supply surplus adjustment phase, with traditional product performance under pressure [4] - Companies are extending their business into generics, innovative drugs, and specialty APIs, which may lead to value reconstruction through business structure optimization [4] - The valuation of raw material pharmaceutical companies is at a bottom range, highlighting potential opportunities from new business layouts [4]

Core Viewpoint - The domestic R&D demand is showing marginal improvement, driven by the overseas expansion of innovative drugs, leading to a recovery in R&D orders and stabilization of industry prices after a decline in 2023. The CRO sector is expected to see better performance growth by 2026, while the CDMO industry has also reached a bottom and is poised for continued strong growth due to robust demand for new molecules and new orders [1][2][3]. CRO Sector - The domestic R&D demand is recovering, with an increase in orders and stabilization of prices, indicating a clear upward trend for CRO companies. Clinical CROs like Tigermed, Nossan, and Prasis are expected to see revenue growth turning positive by 2025, with significant contributions from overseas business [2][3]. - The recognition of domestic CRO clinical data is improving, which is beneficial for companies like Tigermed [2]. CDMO Sector - The CDMO sector has seen a recovery in performance, with new orders continuing to improve quarterly. The global demand for innovative drug R&D is driving growth in new orders and backlog [3]. - The industry is benefiting from increased capacity utilization and profitability, with a strong certainty of performance and profit growth expected to continue into 2026 [3]. Life Sciences Sector - The life sciences upstream sector is experiencing a dual drive from domestic substitution and overseas expansion, with urgent demand for domestic alternatives in areas like cell culture media and biological reagents. Companies are expected to capture market share through new product categories and cost-effective offerings [4]. - The demand for specific segments such as drug efficacy, antibodies, and proteins is increasing, indicating a clear long-term growth logic for the industry [4]. API Sector - The raw material pharmaceutical industry is currently in a phase of price bottoming and supply surplus, with traditional product performance under pressure. However, companies are extending their business into generics, innovative drugs, and specialty APIs, which may lead to value reconstruction through business structure optimization [5]. - The valuation of raw material pharmaceutical companies is at a low point, presenting opportunities based on changes in new business layouts [5]. Investment Recommendations - For clinical and preclinical CROs, companies like Tigermed, Nossan, and Yinos are recommended due to the gradual recovery of the industry and expected improvement in order structure [6]. - In the CDMO sector, companies such as WuXi AppTec, WuXi Biologics, and others with strong fundamentals and capacity advantages are highlighted for their potential benefits from industry recovery and high demand for new molecules [6]. - In the life sciences upstream sector, companies like Baitai Biotechnology and others are recommended due to accelerated domestic substitution and strong overseas growth [6]. - Companies like Pro Pharma and Huahai Pharmaceutical are noted for their new business layouts that are expected to contribute significant value increments [6].

Core Viewpoint - GLP-1 related business is a significant growth driver for the company's life sciences segment, with a focus on market share and collaboration with major clients [1] Group 1: Market Position and Revenue - The company maintains a market share of over 70% for GLP-1 peptide solid-phase synthesis carriers in the domestic clinical pipeline [1] - In the first half of 2025, the company's revenue from the life sciences sector reached 320 million yuan [1] Group 2: Product Range and Client Base - The company offers a diverse range of products in the life sciences field, including solid-phase synthesis carriers for peptides, small nucleic acid synthesis carriers, chromatography fillers, chromatography media, and enzyme carriers [1] - The main downstream customers for the company's peptide solid-phase synthesis carriers are CDMO enterprises, although specific sales revenue and client information for each product type have not been disclosed [1] Group 3: Collaboration with Major Clients - The company is in collaboration with leading clients such as Eli Lilly and Novo Nordisk, focusing on long-term supply agreements and product delivery schedules [1]

Core Insights - 蓝晓科技 reported a revenue of 1.933 billion yuan for the first three quarters of 2025, a year-on-year increase of 2.2%, and a net profit attributable to shareholders of 652 million yuan, up 9.3% year-on-year [1] - In Q3 2025, the company achieved a revenue of 686 million yuan, marking a 14.9% year-on-year increase and a 2.3% quarter-on-quarter increase, with a net profit of 207 million yuan, up 7.7% year-on-year but down 17.6% quarter-on-quarter [1] - The gross profit margin for the first three quarters of 2025 was 52.81%, with Q3 gross profit margin reaching a record high of 55.6%, driven by an increase in high-margin businesses such as life sciences and metal resources [1] Financial Performance - The sales net profit margin for Q3 2025 was 30.42%, showing a decline both year-on-year and quarter-on-quarter due to increased expense ratios and higher income tax [2] - The expense ratio in Q3 was 14.3%, with financial expenses incurred, contrasting with the previous three quarters where financial income was recorded [2] - Income tax for Q3 2025 was 62 million yuan, an increase of 31 million yuan year-on-year and 44 million yuan quarter-on-quarter, significantly impacting net profit [2] Strategic Developments - 蓝晓科技 is constructing a high-end materials industrial park for life sciences, planning to purchase 270 acres of land in Pucheng High-tech Development Zone [3] - The company has established a subsidiary in Sweden and a European regional headquarters for life sciences, appointing industry expert Hans Johansson as the general manager to oversee operations and strategic development in the region [3] - This strategic move reflects the company's commitment to deepening its presence in the European market and aligning with global cutting-edge technologies [3] Profit Forecast - The profit forecast for 蓝晓科技 remains at 1.011 billion yuan, 1.322 billion yuan, and 1.596 billion yuan for 2025, 2026, and 2027 respectively, maintaining a "buy" rating [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Insights - The company achieved a record high single-quarter gross margin of 55.6% in Q3 2025, driven by an increase in high-margin businesses such as life sciences and metal resources [2][4]. - For the first three quarters of 2025, the company reported a revenue of 1.933 billion yuan, a year-on-year increase of 2.2%, and a net profit attributable to the parent company of 652 million yuan, up 9.3% year-on-year [1][2]. - The third quarter of 2025 saw a revenue of 686 million yuan, marking a 14.9% year-on-year increase and a 2.3% quarter-on-quarter increase [1][2]. Financial Performance - The gross margin for the first three quarters of 2025 was 52.81%, with the third quarter achieving a gross margin of 55.6%, the highest since the company's listing [2]. - The net profit margin for Q3 2025 was 30.42%, showing a decline due to increased expense ratios and higher income tax [3]. - The company plans to invest in a high-end materials industrial park for life sciences, purchasing 270 acres of land in Pucheng High-tech Zone [4]. Future Outlook - The company has set profit forecasts for 2025-2027 at 1.011 billion yuan, 1.322 billion yuan, and 1.596 billion yuan respectively, indicating a positive growth trajectory [4]. - The establishment of a subsidiary in Sweden aims to strengthen the company's presence in the European life sciences market [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's profitability quality continues to improve, with a historical high sales gross margin of 52.81% achieved in the first three quarters of 2025 [4] - The life sciences segment shows promising growth, with significant investments in high-end materials and breakthroughs in lithium extraction and water treatment [5] - The company reported a revenue of 1.933 billion yuan in Q3 2025, a year-on-year increase of 2.20%, and a net profit attributable to shareholders of 652 million yuan, up 9.27% year-on-year [4] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 1.933 billion yuan, with a net profit of 652 million yuan and a basic earnings per share of 1.28 yuan [3][4] - The revenue from the adsorption separation materials business reached 1.565 billion yuan, accounting for 80.95% of total revenue, while the system device business contributed 248 million yuan, representing 12.83% [4] - The company expects net profits of 919 million yuan, 1.085 billion yuan, and 1.262 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 30x, 26x, and 22x [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported steady growth in its core business for Q3, with a significant acceleration in the life sciences segment [5][6] - For Q3 2025, the company achieved operating revenue of 6.86 billion yuan, a year-on-year increase of 14.86% and a quarter-on-quarter increase of 2.29% [5] - The net profit attributable to the parent company for Q3 was 2.07 billion yuan, reflecting a year-on-year increase of 7.72% but a quarter-on-quarter decline of 17.58% due to increased income tax expenses [6] Summary by Sections Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 19.33 billion yuan, a year-on-year increase of 2.20%, and a net profit of 6.52 billion yuan, up 9.27% year-on-year [5] - The gross profit margin for Q3 2025 was 52.81%, an increase of 4 percentage points year-on-year, driven by higher contributions from high-margin businesses [5] Business Segments - The adsorption materials segment showed robust growth, with revenue from adsorption separation materials reaching 15.65 billion yuan, a year-on-year increase of 7.19% [5] - The life sciences business is expected to continue its strong growth trajectory, particularly in the peptide solid-phase synthesis carrier business, with several key GLP-1 peptide projects progressing well [5][8] Future Outlook - The company plans to invest 1.15 billion yuan in a high-end materials industrial park for life sciences, which is expected to enhance production capacity and support future growth [8] - Projections for net profit from 2025 to 2027 are 9.69 billion yuan, 11.89 billion yuan, and 14.49 billion yuan, respectively, with corresponding P/E ratios of 29, 24, and 19 [9]

Core Insights - The company achieved a record high gross margin of 55.62% in Q3 2025, driven by an increase in high-margin businesses such as life sciences and metal resources, alongside a decrease in the price of core raw material styrene by 22.51% year-on-year and 4.93% quarter-on-quarter [1] - The company plans to build a high-end materials industrial park for life sciences in Pucheng, Shaanxi, focusing on high-value-added products, which is expected to enhance the long-term return on equity (ROE) [2] - The establishment of a subsidiary in Sweden and a European regional headquarters for life sciences is aimed at attracting top global talent and enhancing the company's technological and customer resource accumulation in the life sciences sector [3] - Revenue forecasts for 2025-2027 are projected at 2.74 billion, 3.298 billion, and 4.018 billion yuan, with year-on-year growth rates of 7.28%, 20.35%, and 21.84% respectively, indicating a strong growth trajectory [4] Financial Performance - In Q3 2025, the company reported a gross margin of 55.62%, an increase of 4.42 percentage points quarter-on-quarter, although the net profit margin decreased by 1.84 percentage points due to rising expense ratios [1] - The company’s revenue for the first three quarters of 2025, excluding the impact of lithium project income, grew by 8% year-on-year, with continued growth in life sciences, metal resources, water treatment, and ultra-pure water businesses [1] Strategic Developments - The company is focusing capital expenditures on high-value-added life sciences businesses, with a strategic shift from industrial products to life sciences products, which is expected to improve the revenue structure and ROE levels [2] - The appointment of Hans Johansson as the general manager of the new Swedish subsidiary is expected to leverage his extensive experience in chromatography and bioprocessing to enhance the company's capabilities in life sciences [3]

Investment Rating - The report maintains a "Buy-B" rating for the company [1] Core Views - The company has shown steady revenue growth and is heavily investing in the life sciences sector, which is expected to benefit from the industrialization of Direct Air Capture (DAC) technology [1][3] - The company's revenue for the first half of 2025 was 1.247 billion yuan, a decrease of 3.64% year-on-year, while the total profit reached 501 million yuan, an increase of 12.35% year-on-year [1] - The gross profit margin improved to 51.26%, up 3.8 percentage points year-on-year, driven by a higher proportion of high-margin products and a decline in raw material prices [2] Financial Performance - The company is projected to achieve revenues of 3.094 billion yuan, 3.844 billion yuan, and 4.703 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 21.15%, 24.24%, and 22.36% [4] - The net profit attributable to the parent company is expected to be 1.011 billion yuan, 1.254 billion yuan, and 1.560 billion yuan for the years 2025, 2026, and 2027, reflecting year-on-year growth rates of 28.40%, 24.05%, and 24.39% [4] - The company’s earnings per share (EPS) are projected to be 1.99 yuan, 2.47 yuan, and 3.07 yuan for the years 2025, 2026, and 2027, with corresponding price-to-earnings (P/E) ratios of 27.62, 22.27, and 17.90 [4] Market Data - As of September 4, 2025, the closing price of the company's stock was 53.48 yuan, with a market capitalization of 27.15 billion yuan [7] - The company’s circulating A-shares account for 3.07 billion out of a total of 5.08 billion shares [7] Strategic Initiatives - The company plans to invest 1.15 billion yuan in a high-end materials industrial park focused on life sciences, which will include various chromatography media and separation materials [2] - The company is expected to benefit from the DAC market, projected to grow from 62 million USD in 2023 to 1.727 billion USD by 2030, with a compound annual growth rate (CAGR) of 60.9% [3]