每经AI快讯，有投资者在投资者互动平台提问：GLP‑1相关业务为公司生命科学增长的重要驱动。请说 明：GLP‑1多肽固相合成载体在国内临床阶段管线的市占率是否维持在70%+区间，以及该口径的统计 范围与时间点；与礼来、诺和诺德等头部客户的合作进展（如是否签订长期供货协议、订单覆盖的产品 与阶段、交付节奏与产能预留情况；除GLP‑1外，抗体、小核酸、多肽药物在生命科学板块的收入占比 与近两年增速，以及Top5客户的收入占比与变化？ 蓝晓科技（300487.SZ）11月19日在投资者互动平台表示，投资者您好。公司在生命科学领域产品种类 丰富，包括多肽固相合成载体、小核酸合成载体、色谱填料、层析介质、酶载体等多款产品。2025年上 半年，公司生命科学领域营业收入3.2亿元，公司多肽固相合成载体的主要下游客户为CDMO企业，公 司尚未披露每个具体产品品种的销售收入及客户信息。 （记者 曾健辉） ...

公司报告 | 季报点评 蓝晓科技（300487） 证券研究报告 Q3 单季度毛利率历史新高，加速布局生命科学业务 蓝晓科技发布 2025 年三季报，前三季度实现营业收入 19.33 亿元，同比 +2.2%，实现归母净利润 6.52 亿元，同比+9.3%；其中第三季度实现营业收 入 6.86 亿元，同比+14.9%，环比+2.3%，实现归母净利润 2.07 亿元，同比 +7.7%，环比-17.6%。 三季度收入续创 24 年以来新高，单季度毛利率创历史新高 公司前三季度营业收入、归母净利润同比增速分别为+2.2%/+9.3%，2025 年第三季度营业收入、归母净利润同比增速分别为 14.9%/7.7%，同比增长 提速。其中第三季度实现营业收入 6.86 亿元，为 2024 年以来新高。盈利 能力方面，公司 2025 年前三季度毛利率 52.81%，其中第三季度毛利率 55.6%，单季度毛利率创上市以来历史最高纪录，在收入增长的同时，盈利 能力也随之上行。毛利率的进一步提升，主要得益于生命科学、金属资源 等高毛利业务占比提升，体现了公司的技术优势；同时，2025 年前三季度 部分主要原材料价格呈下降趋势，对毛利率 ...

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]

Core Insights - The company reported its H1 2025 financial results, with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items at 1.25 billion, 450 million, and 440 million yuan respectively, showing a year-on-year change of -3.6%, +10%, and +11.1% [1] - In Q2 2025, the company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 670 million, 250 million, and 250 million yuan respectively, with year-on-year changes of +1%, +7%, and +8.1%, and quarter-on-quarter changes of +16.3%, +30.2%, and +29.1% [1] - The revenue growth in Q2 was primarily impacted by maintenance activities, while structural optimization contributed to improved profitability [1] Financial Performance - H1 2025 basic warehouse business revenue increased by 4.3% year-on-year, demonstrating resilience [1] - Revenue growth in specific sectors for H1 2025 included metals (+22.8%), life sciences (+12.4%), water (+11.3%), while sectors like environmental protection (-43.2%), food (+30.6%), and chemicals (-29.7%) showed varied performance [1] - The gross margin and net margin for H1 2025 increased by 3.8 and 4.3 percentage points year-on-year, respectively, driven by a higher revenue share from high-margin segments [1] Strategic Developments - The company plans to invest 1.15 billion yuan in a high-end materials industrial park for life sciences in Pucheng, Shaanxi, expanding its capital expenditure in high-ROE sectors [2] - The product range will include chromatography media, polymer chromatography fillers, enzyme carriers, and ultra-pure water-grade adsorption separation materials, marking a deeper strategic shift from industrial to pharmaceutical sectors [2] - Key focus areas for the second half of the year include lithium and life sciences, with significant developments expected in lithium business projects and commercialization of chromatography media [2] Earnings Forecast and Investment Recommendations - The company is projected to achieve revenues of 3.085 billion, 3.824 billion, and 4.679 billion yuan for 2025-2027, with year-on-year growth rates of 20.78%, 23.98%, and 22.34% respectively [3] - Net profit attributable to shareholders is expected to reach 959 million, 1.204 billion, and 1.548 billion yuan for the same period, with growth rates of 21.85%, 25.55%, and 28.53% respectively [3] - The current stock price corresponds to P/E ratios of 28.29, 22.54, and 17.53 for 2025-2027, indicating potential for valuation re-rating as the company transitions towards higher value-added pharmaceutical sectors [3]