证券代码：002821 证券简称：凯莱英 凯莱英医药集团（天津）股份有限公司 投资者关系活动记录表 编号：2025-005 | 投资者关系活动 | √ 特定对象调研 □分析师会议 | | --- | --- | | 类别 | □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 | 通讯参会：国泰海通证券、浙商证券、华泰证券、太平洋证券、 | | 人员姓名 | 中信证券、中信建投证券、中金公司、招商证券、国盛证券、 | | | 中欧基金、易方达基金、嘉实基金、中银基金、富国基金、博 | | | 时基金、3W 基金、富达基金，共计 200 余人。 | | 时间 | 2025 年 10 月 31 日 8：00-9：00 | | 地点 | 通讯参会 | | 上市公司接待人 | 首席运营官 张达先生 | | 员姓名 | 高级副总裁兼董事会秘书 徐向科先生 | | | 投资者关系执行总监 夏璐女士 | | | 一、公司 2025 年 Q1-3 经营情况介绍 | | | 请见《2025 年 10 月 31 日凯莱英特 ...

Core Insights - The report from Cinda Securities indicates a significant recovery in domestic innovative drug financing, with a total of $7.75 billion in financing from January to August 2025, representing a year-on-year increase of approximately 89% [1] - The secondary market financing reached $5.135 billion, showing a remarkable year-on-year growth of about 304% [1] - The CXO industry is experiencing an improvement in supply-demand dynamics, with leading companies expected to re-enter an expansion phase due to recovering market demand [2] Group 1: CXO Industry Overview - The CXO industry operates on a "water seller" business model, closely tied to the financing of the biopharmaceutical sector [1] - Domestic innovative drug financing has begun to recover, aided by a rebound in the Hong Kong stock market and business development (BD) opportunities abroad [1] - The overall supply-demand relationship in the CXO sector is improving, with leading companies like WuXi AppTec and WuXi Biologics planning significant capital expenditures for 2025, indicating confidence in market recovery [2] Group 2: CDMO Sector Insights - CDMO leaders are experiencing marginal improvements in performance since Q4 2024, driven by high overseas revenue and a recovery in overseas investment and financing demand [3] - The unique business model of CDMOs allows for project pipeline expansion, which can sustain performance growth even amid challenges in new project signings [3] - The demand for new molecules such as peptides and ADCs is robust, prompting CDMO leaders to strategically position themselves in these emerging markets [3] Group 3: CRO Sector Insights - The CRO sector shows performance divergence among leading companies, with some beginning to recover, likely due to their specific business characteristics and operational cycles [4] - Most CRO companies are seeing improvements in order volumes, which serve as a leading indicator for future performance [4] - The slight increase in the price of experimental monkeys suggests a potential recovery in preclinical CRO demand, highlighting the importance of companies that control these scarce resources [4] Group 4: Recommended Companies - Key companies to watch include WuXi AppTec, WuXi Biologics, WuXi AppTec's ADC business, and others, with their valuations falling within reasonable ranges based on their business characteristics and market trends [5][6] - Specific highlights include WuXi AppTec's TIDES business, WuXi Biologics' project reserves, and the resilience of Sunlight Nuohuo's CRO business [6]

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [2] Core Insights - The CXO industry is experiencing a recovery in market conditions, driven by improvements in supply-demand dynamics and a rebound in financing activities for innovative drugs [3][4] - The CDMO sector continues to show high growth potential, with leading companies improving their performance and expanding into emerging markets [5][6] - The CRO sector is approaching a turning point, with signs of demand recovery and improved order conditions [6][7] Summary by Sections CXO Industry Overview - The CXO industry operates on a "water seller" business model, closely tied to the financing of the biopharmaceutical sector. In the first eight months of 2025, overseas innovative drug financing reached $22.6 billion, a year-on-year decline of approximately 36%, while domestic innovative drug financing amounted to $7.75 billion, a year-on-year increase of about 89% [3][31] - The leading companies in the CXO sector are expected to enter an expansion phase as demand recovers, while smaller companies may face increased competition and exit the market [4][44] CDMO Sector - CDMO leading companies have begun to see marginal improvements in performance since Q4 2024, attributed to high overseas revenue and a unique business model that supports project pipeline growth [5][46] - The order situation for CDMO companies has improved significantly, with notable increases in backlogged orders for major players like WuXi AppTec and WuXi Biologics [49][50] - The CDMO business model is characterized by strong customer retention and project scalability, allowing for sustained growth despite challenges in new project signings [52] CRO Sector - The CRO sector is witnessing a divergence in performance among leading companies, with some starting to recover. The overall order situation has shown improvement, indicating a potential demand revival [6][22] - The price increase of experimental monkeys suggests a forthcoming recovery in preclinical CRO demand, highlighting the importance of resource availability for leading CRO companies [6][24] - The integration of AI in drug development processes is expected to enhance efficiency and reduce costs, with many domestic CRO leaders already adopting AI technologies [7][18] Recommended Companies - The report suggests focusing on key players in the CXO sector, including WuXi AppTec, WuXi Biologics, WuXi AppTec, and others, which are positioned well for growth based on their business characteristics and market trends [8][10]

Core Insights - In Q1 2025, the company achieved a revenue of 800 million yuan, representing an approximate 18% year-on-year growth, and significantly reduced its net loss to 4.28 million yuan [1] - The overseas market showed strong growth, with revenue from international clients reaching 609 million yuan, a year-on-year increase of about 30%, while domestic revenue declined by approximately 8% to 192 million yuan [1] - The small molecule API business generated 761 million yuan in revenue, up about 20% year-on-year, while new businesses collectively contributed 40.59 million yuan [1] Business Performance - The company's core small molecule API business demonstrated a notable improvement in profitability [1] - New businesses negatively impacted the net profit by approximately 58 million yuan, with specific contributions from small molecule formulations, gene cell therapy, and ADC business reducing net profit by 27 million yuan, 16 million yuan, and 15 million yuan respectively [1] Strategic Focus - The company aims to enhance its management capabilities, strengthen marketing, and improve core business competencies to navigate external uncertainties [2] - The goal is to restore revenue growth and gradually achieve profitability by focusing on "certainty to strengthen and adapt" in response to market volatility [2]