前三季度 CDMO 业务收入 16.9 亿元，同比增长近 20%，预计全年将保持 20%以上增长；毛利率 44.5%，较去年同期的 40.8%明显提升；业务地位：毛利总额已超越原料药，成为公司第一大业务。 公司未来 2-3 年需交付的在手订单金额达 52 亿元（不含今年 Q4 即将交付部分），主要为商业化订单 和二供转商业化生产订单，MNC 项目与国内客户项目比重相当。订单结构：DS（原料药）项目占比提 升，订单金额随 DS 项目增加而放大；多肽项目 114 个（含9 个 DS 项目）；GLP-1 项目 4 条管线已启 动，2 条管线在洽谈中。 近日，普洛药业发布三季度业绩公告，公司2025年前三季度营收约77.64亿元，同比减少16.43%；归属 于上市公司股东的净利润约7亿元，同比减少19.48%。 同日发布的投资者关系活动记录显示，今年前三季度CDMO 业务营收 16.9 亿元，API 业务营收 51.9 亿 元，药品业务营收 8.3 亿元。今年前三季度经营情况主要是API 业务板块中低毛利率业务的主动收缩和 部分品类市场需求疲软所致。 公告中同样提到，MNC 客户前 20 名中约 60%已开展研发阶段 ...

Group 1: Financial Performance - The company achieved a revenue of 7.76 billion CNY in the first three quarters, a year-on-year decrease of 16% [3] - Net profit for the same period was 700 million CNY, down 19% year-on-year [3] - Gross margin stood at 25%, showing a slight increase compared to the previous year [3] Group 2: Business Segment Performance - CDMO business revenue reached 1.69 billion CNY, with a year-on-year growth of nearly 20% [4] - API business revenue was 5.19 billion CNY, with a gross margin of approximately 20%, at a historical low [5][7] - Pharmaceutical business revenue was 830 million CNY, down about 10% year-on-year, with a gross margin maintained at 50%-60% [6] Group 3: Order and Project Status - The company has 391 commercial projects (+15%) and 853 clinical projects (+41%) [4] - The total amount of orders to be delivered in the next 2-3 years is 5.2 billion CNY, primarily from commercial orders [4] - The number of CDMO clients reached 670 in Q3, expected to exceed 700 by year-end [10] Group 4: Strategic Initiatives - The company plans to expand its R&D team to 2,000 personnel within 2-3 years, currently having about 900 in the CDMO sector [4][6] - The company is focusing on differentiating its pharmaceutical products and expanding into international markets, with U.S. generic drug shipments starting in Q4 [6] - The company is actively pursuing new projects in the peptide and ADC fields, with significant potential for growth [8][10] Group 5: Market Outlook - The company anticipates that the third quarter will be the lowest point for overall performance, with a recovery expected in Q4 [7] - The gross margin for CDMO is projected to remain between 40%-50% in the future, while API margins are expected to improve next year [7] - The company is managing exchange rate risks effectively, with 70% of exposure hedged [13]

Group 1: Company Performance Overview - API business revenue decreased by 23.41% due to industry downturn and active contraction of low-margin trading business [3] - CDMO business achieved over 20% growth with significant margin improvement, now accounting for nearly 40% of total gross profit [6] - Total number of CDMO clients exceeded 650, projected to surpass 700 by year-end [6] Group 2: Market Trends and Opportunities - China's CDMO industry has returned to a healthy growth state after disruptions in 2022 and 2023 [4] - The license-out fees for Chinese innovative drugs rose from tens of billions in 2021-2022 to nearly $50 billion in 2022, with 2023 already exceeding last year's total [3] - The US and China are leading in innovative drug development, creating significant opportunities for the CDMO sector [4] Group 3: Future Projections - CDMO business revenue is expected to reach 6-7 billion by 2030, with a balanced market share between China and the US [11] - The overall industry is anticipated to recover gradually, with a clear bottom observed in 2023 [12] - The average gross margin for CDMO projects is projected to increase from 35%-40% to 45%-55% as project structures optimize [13] Group 4: Product and Service Development - The company has over 1,180 CDMO projects, with 377 commercialized and 803 in clinical stages, reflecting a 35% year-on-year growth [6] - The multi-peptide CDMO business is expanding, with over 60 projects in various stages of development [15] - The company is enhancing its R&D capabilities, with plans to increase CDMO R&D personnel from 900 to over 2,000 by 2030 [16] Group 5: Financial Returns and Shareholder Value - Total cash dividends and buybacks have exceeded $3.2 billion, significantly higher than the total cash raised of $1.458 billion since listing [9] - The company is committed to shareholder returns while ensuring operational and developmental sustainability [10] Group 6: API Business Insights - API prices are stabilizing, with a projected recovery in the market, particularly in the antibiotic sector [17] - The company aims to adjust its product structure, reducing antibiotic reliance and increasing non-antibiotic offerings [18] - The industrial segment of API business is expected to reach 7 billion, focusing on a diverse product portfolio [18] Group 7: International Market Dynamics - Overseas revenue accounted for approximately 40% last year, expected to maintain between 40%-50% in the future [19] - The company maintains a competitive edge in API manufacturing, with expectations of limited impact from potential tariff changes [19]

（文章来源：每日经济新闻） 长城国瑞证券8月11日发布研报称，给予九洲药业（603456.SH，最新价：18.45元）买入评级。评级理 由主要包括：1）主要经营业绩回暖，现金流表现较佳；2）CDMO项目管线持续丰富，新客户拓展顺 利；3）TIDES事业部及相关技术平台快速发展，积极推进产能扩张建设；4）API业务营收略有波动， 毛利率持续修复。风险提示：重点CDMO订单放量不及预期；原料药和中间体价格波动风险；环保政策 风险；安全生产风险。 ...