Investment Rating - The report maintains an "Outperform" rating for Genscript Biotech [2][22]. Core Insights - Genscript Biotech reported a revenue of US$519 million for 1H25, representing a year-on-year increase of 81.9%. The net loss attributable to shareholders narrowed to US$25 million, while the adjusted net profit from continuing operations rose to US$178 million, a significant increase of 509.6% [3][15]. Summary by Sections Life Sciences Services and Products - Revenue for this segment in 1H25 was approximately US$247.6 million, an increase of 11.3%. The adjusted gross margin slightly decreased from 53.9% to 51.0%, and adjusted operating profit decreased from approximately US$47.8 million to US$46.4 million. Growth was driven by platform innovation and automation upgrades, improved operational efficiency in production sites, and enhanced customer engagement. The decline in operating profit was attributed to increased investments in marketing transformation and R&D [4][16]. Biologics Development Services - This segment saw revenue increase to US$246.9 million, a year-on-year growth of 511.1%. The adjusted gross margin improved significantly from 14.7% to 73.6%, with adjusted operating profit reaching US$149.6 million, compared to a loss of US$18.9 million in the same period last year. The growth was primarily due to sublicensing revenue from Lixin Pharmaceutical. Excluding this effect, the segment still achieved double-digit growth driven by GMP order completions and global expansion of the viral vector business [5][17]. Industrial Synthetic Biology Products - Revenue for this segment was approximately US$28.3 million, reflecting an 8.4% year-on-year increase. However, it reported an adjusted operating loss of US$0.6 million, compared to a profit of US$2.3 million in the same period last year. The revenue increase was attributed to the expansion of synthetic biology operations in China and the establishment of sales channels and local teams overseas. The operating loss was due to increased R&D expenses, which are expected to support future innovation and revenue growth [6][18]. Valuation - The report employs a segment-based valuation approach, estimating the total equity value of Genscript Biotech at approximately US$6.866 billion, which translates to HK$53.7 billion. This corresponds to a target price of HK$24.62 per share based on the company's total share count of 2.181 billion shares [8][22].

生物制剂开发服务业务表现疲软拖累整体表现 生物制剂开发服务业务在2024年表现不佳，外部收益约占集团总收益的14.8％，收益同比下降13.2％至 约9502.1万美元。该业务板块的经调整经营亏损约为4336.7万美元，同比扩大46.1％，对公司整体盈利 能力造成明显拖累。 金斯瑞生物科技2024年扭亏为盈背后存在会计处理争议，持续经营业务增长乏力引发关注。截至2024年 12月31日，该公司实现收益约5.945亿美元，较上年同期的5.605亿美元增长6.1％。公司股东应占利润达 到29.62亿美元，相比2023年亏损9547.7万美元，实现大幅扭亏为盈。 然而，这一亮眼业绩背后主要得益于会计处理变化。2024年10月18日，金斯瑞解除对传奇生物的合并， 此举为集团带来约32亿美元的一次性收益。剔除这一非经常性项目后，公司持续经营业务的经调整净利 润仅约5980万美元，较上期的5810万美元增长2.9％，增幅相对有限。 生命科学业务保持稳健增长但面临竞争压力 生命科学服务及产品作为金斯瑞的核心业务，2024年外部收益约占集团总收益的75.8％。该业务板块收 益同比增长10.2％，主要受益于持续投入商业推广，特别 ...

Core Insights - Kingsray Biotechnology reported a significant increase in revenue for the six months ending June 30, 2025, with total revenue reaching $519 million, representing a year-on-year growth of 81.92% [1] - The loss attributable to the parent company narrowed to $25.462 million, a reduction of 85.46% compared to the previous period [1] Revenue Breakdown - Revenue from life sciences services and products was approximately $248 million, reflecting a year-on-year increase of 11.3% [1] - Adjusted gross profit was about $126 million, showing a year-on-year growth of 5.3%, although the adjusted gross margin slightly decreased to 51.0% [1] Profitability and Investment - Adjusted operating profit was approximately $46.4 million, which saw a slight decline compared to the previous period [1] - The growth in revenue and adjusted gross profit was primarily driven by platform innovations and automation upgrades, such as protein and gene editing platforms, improved operational efficiency at production bases, and increased customer engagement [1] - The decrease in adjusted operating profit was attributed to increased investments in marketing transformation and research and development to enhance long-term competitiveness [1]

Core Viewpoint - Kingsray Biotechnology (01548) reported a significant increase in revenue and a reduction in losses for the six months ending June 30, 2025, indicating strong operational performance and strategic investments in innovation and marketing [1] Financial Performance - Revenue from continuing operations reached $519 million, an increase of 81.92% year-on-year [1] - Loss attributable to equity holders narrowed to $25.462 million, a reduction of 85.46% year-on-year [1] - Basic loss per share was 1.18 cents [1] Segment Performance - Revenue from life sciences services and products was approximately $248 million, up 11.3% from about $222 million in the previous period [1] - Adjusted gross profit was approximately $126 million, an increase of 5.3% from about $120 million [1] - Adjusted gross margin slightly decreased from 53.9% to 51.0% [1] - Adjusted operating profit decreased slightly from approximately $47.8 million to about $46.4 million [1] Growth Drivers - Revenue and adjusted gross profit growth were primarily driven by: - Platform innovation and automation upgrades, particularly in protein and gene editing platforms, leading to reliable, fast, and high-quality service and product delivery [1] - Enhanced operational efficiency at production bases in mainland China, Singapore, and the United States [1] - Targeted activities and brand revitalization efforts to improve customer engagement [1] - The decrease in adjusted operating profit was attributed to increased investments in marketing transformation and research and development activities aimed at building long-term competitiveness [1]

Core Viewpoint - Kingsoft Biotech (01548) reported a significant increase in revenue and a reduction in losses for the six months ending June 30, 2025, indicating strong operational performance and strategic investments in innovation and marketing [1] Financial Performance - Revenue from continuing operations reached $519 million, a year-on-year increase of 81.92% [1] - Loss attributable to equity holders of the parent company narrowed to $25.462 million, a reduction of 85.46% year-on-year [1] - Basic loss per share was 1.18 cents [1] Segment Performance - Revenue from life sciences services and products was approximately $248 million, up 11.3% from about $222 million in the previous period [1] - Adjusted gross profit was around $126 million, an increase of 5.3% from approximately $120 million [1] - Adjusted gross margin slightly decreased from 53.9% to 51.0% [1] - Adjusted operating profit decreased from about $47.8 million to approximately $46.4 million [1] Growth Drivers - Revenue and adjusted gross profit growth were primarily driven by: - Platform innovation and automation upgrades, particularly in protein and gene editing platforms, leading to reliable, fast, and high-quality service and product delivery [1] - Enhanced operational efficiency at production bases in mainland China, Singapore, and the United States [1] - Targeted activities and brand revitalization efforts to improve customer engagement [1] - The decrease in adjusted operating profit was attributed to increased investments in marketing transformation and research and development activities aimed at building long-term competitiveness [1]