FINANCIAL RESULTS OVERVIEW 4Q FY2025 November 24, 2025 Thank You for Your Attention Safe Harbor This presentation contains forward- looking statements (including, without limitation, information, and future guidance on the company's revenue, revenue growth, earnings per share, operating cash flow, capital expenditures, net interest and other/expense, impact of acquisitions and related financing, share repurchases, dividends, diluted share counts, and currency exchange rates) that involve risks and uncertain ...

截至发稿，金凯生科市值为44亿元。 每经头条（nbdtoutiao）——爱泼斯坦案文件解密倒计时，美国会"秒过"法案直通特朗普，引爆两党"极 限撕扯" （记者 胡玲） 每经AI快讯，金凯生科（SZ 301509，收盘价：36.5元）11月19日晚间发布公告称，公司股东启鹭（厦 门）股权投资合伙企业（有限合伙）持有公司股份约594万股（占公司总股本比例为4.93%）。启鹭投 资计划通过集中竞价和大宗交易方式减持公司股份不超过约361万股（占公司总股本比例为3%）。其 中，通过集中竞价方式减持股份不超过约120万股，减持比例不超过公司总股本的1%；通过大宗交易方 式减持股份不超过约241万股，减持比例不超过公司总股本的2%。集中竞价的减持期间为自本减持计划 公告之日起十五个交易日后的三个月内；大宗交易的减持期间为自本减持计划公告之日起三个交易日后 的三个月内。 公司股东青岛青松创业投资集团有限公司－青岛松凯创业投资企业（有限合伙）持有公司股份约386万 股（占公司总股本比例为3.21%）。青松投资计划通过集中竞价方式减持公司股份不超过约120万股， 减持比例不超过公司总股本的1%。集中竞价的减持期间为自本减持计划 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][2]. Core Insights - The company's traditional business faces short-term pressure, while the CDMO (Contract Development and Manufacturing Organization) business shows strong growth certainty [1][2]. - For the first three quarters of 2025, the company reported a revenue of 7.76 billion yuan, down 16.4%, and a net profit of 700 million yuan, down 19.5% [1][5]. - The CDMO segment has seen significant growth, with revenue increasing by nearly 20% year-on-year, and its gross margin rising to 44.5% [1][2]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 2.32 billion yuan, a decrease of 18.9%, and a net profit of 140 million yuan, down 44.0% [1][5]. - The gross margin for Q3 was 23.4%, an increase of 0.2 percentage points, while the net margin was 5.9%, a decrease of 2.6 percentage points [1][5]. Business Segments - The raw materials segment generated revenue of 5.19 billion yuan, significantly down due to the contraction of low-margin API trading and weak demand in some categories [1][2]. - The CDMO segment's revenue reached 1.69 billion yuan, becoming the largest gross margin contributor with a gross margin of 44.5% [1][2]. - The formulation segment's revenue was 830 million yuan, down approximately 10% due to price reductions from domestic procurement [1][2]. CDMO Growth - As of Q3 2025, the company had 391 commercial projects (+15%), 853 clinical projects (+41%), and 1,343 quoted projects (+68%) in the CDMO segment [2]. - The total order value for projects to be delivered in the next 2-3 years is expected to reach 5.2 billion yuan, supporting continued high growth in CDMO revenue [2]. Profit Forecast - The company forecasts revenues of 11.06 billion yuan, 11.67 billion yuan, and 12.92 billion yuan for 2025, 2026, and 2027, respectively, with expected growth rates of -8.0%, 5.5%, and 10.7% [2][9]. - The projected net profits for the same years are 1.00 billion yuan, 1.22 billion yuan, and 1.50 billion yuan, with growth rates of -2.5%, 21.2%, and 23.4% [2][9].

Core Viewpoint - WuXi AppTec is currently in a phase of "valuation repair + fundamental support," with short-term fluctuations expected due to sector rotation, but long-term growth prospects remain strong due to stable industry demand, the company's leading position, and solid earnings performance [5] Valuation Screening - WuXi AppTec's current PE ratio is approximately 35, which is lower than the CXO industry average of 45 and its historical range of 40-55, indicating that the stock may be undervalued [3][4] Fundamental Screening - The company reported a net profit of 12.076 billion, showing positive year-on-year growth, which alleviates previous concerns about its fundamental stability [4] - WuXi AppTec's core businesses, including preclinical CRO and CDMO, are essential segments in the innovative drug industry, with a stable order backlog extending into the next year [4] Industry Windfall Screening - The support for innovative drugs from policies remains strong, and the demand for CXO services is expected to continue, positioning WuXi AppTec favorably within the industry [4] Capital Flow Screening - Following the earnings report, there has been an increase in trading volume, indicating institutional investors are gradually entering the market, which is a positive signal for potential stock price appreciation [4] Investment Strategy - Investors are advised to avoid rushing into the stock during price increases and to consider entering positions if the stock retraces to the 20-day moving average while remaining within a reasonable valuation range [5] - It is recommended to maintain a position size of 30-50% initially, with additional investments made once the stock confirms an upward trend [5]

Core Viewpoint - Meinuo Pharma's stock has shown significant volatility, with a year-to-date increase of 75.51%, but recent trends indicate a decline over the past 20 and 60 days [1][2]. Financial Performance - For the first half of 2025, Meinuo Pharma reported revenue of 677 million yuan, representing a year-on-year growth of 11.42%, and a net profit attributable to shareholders of 49.06 million yuan, which is a substantial increase of 158.97% [2]. - The company has distributed a total of 149 million yuan in dividends since its A-share listing, with 50.58 million yuan distributed over the last three years [3]. Stock Market Activity - As of October 21, Meinuo Pharma's stock price was 22.22 yuan per share, with a market capitalization of 4.902 billion yuan. The stock experienced a trading volume of 1.05 billion yuan and a turnover rate of 2.23% [1]. - The stock has appeared on the "龙虎榜" (Dragon and Tiger List) six times this year, with the most recent appearance on August 28, where it recorded a net buy of -113 million yuan [1]. Shareholder Information - As of June 30, the number of shareholders increased to 32,400, up by 17.14%, while the average number of tradable shares per person decreased by 14.63% to 6,590 shares [2]. - Notable changes in institutional holdings include the exit of certain funds from the top ten circulating shareholders [3]. Business Overview - Meinuo Pharma, established on February 19, 2004, specializes in the research, production, and sales of specialty APIs (Active Pharmaceutical Ingredients) and finished drugs. The revenue composition includes 57.74% from intermediates and APIs, 29.53% from formulations, 8.87% from CDMO (Contract Development and Manufacturing Organization), and 3.52% from trade [1].

Group 1 - The core viewpoint of the news is that Kangpeng Technology experienced a decline in stock price and significant changes in financing activities on September 23, with a net financing outflow of 9.55 million yuan [1] - On September 23, Kangpeng Technology's stock fell by 3.91%, with a trading volume of 106 million yuan, and the total financing and securities balance reached 94 million yuan, accounting for 4.46% of the circulating market value [1] - The company has a high financing balance, exceeding the 80th percentile level over the past year, indicating a potentially elevated risk in financing activities [1] Group 2 - As of June 30, the number of shareholders of Kangpeng Technology increased by 8.34% to 10,300, while the average circulating shares per person decreased by 7.69% to 24,740 shares [2] - For the first half of 2025, Kangpeng Technology reported a revenue of 436 million yuan, representing a year-on-year growth of 27.94%, and a net profit attributable to shareholders of 31.02 million yuan, which is a significant increase of 257.08% year-on-year [2] - Since its A-share listing, Kangpeng Technology has distributed a total of 34.28 million yuan in dividends [2]

Group 1 - The core point of the article is that Jinkai Biotechnology (SZ 301509) held its 9th meeting of the 2nd Board of Directors on September 22, 2025, to discuss the adjustment of the Audit Committee members [1] - For the fiscal year 2024, Jinkai Biotechnology's revenue composition is as follows: CDMO accounts for 98.68%, trade and others account for 0.82%, and technical services account for 0.51% [1] - As of the report date, Jinkai Biotechnology has a market capitalization of 4.4 billion yuan [1]

Group 1 - The article discusses the financial performance of a Contract Development and Manufacturing Organization (CDMO), highlighting a significant loss of 1,043.09 million, indicating a decline of 113.53% [1] - The CDMO sector shows a revenue figure of 7,709.98 million, suggesting a substantial market presence despite the reported losses [1] - The article mentions various segments within the CDMO industry, including GMP, IND, NDA&ANDA, and MAH, indicating a diverse operational focus [1] Group 2 - The document references specific projects and codes such as XDC and PROTAC, which may indicate ongoing research and development efforts within the CDMO sector [1] - There is a mention of CRO (Contract Research Organization), suggesting collaboration or integration within the CDMO framework [1] - The year 2024 is highlighted with specific codes, possibly indicating future projections or planned initiatives within the industry [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in the first half of 2025 showed a decline in revenue and net profit, primarily due to increased competition in the API and formulation business, as well as price impacts from centralized procurement [5] - The CDMO business is expected to drive future growth, with a significant increase in ongoing projects and revenue [5] - The company is focusing on stabilizing its formulation business and has completed several key product approvals, which are anticipated to contribute positively to future revenue [5] Financial Performance Summary - For 2023A, the company reported revenue of 11,474 million yuan, with a year-on-year growth rate of 8.81% [2] - The projected revenue for 2025E is 12,815 million yuan, with a growth rate of 6.59% [2] - The net profit for 2023A was 1,055 million yuan, with a year-on-year growth rate of 6.69% [2] - The projected net profit for 2025E is 1,119 million yuan, with a growth rate of 8.55% [2] Business Segment Analysis - The API intermediate segment reported a revenue of 3,603 million yuan in 2025H1, down 23.41% year-on-year [5] - The CDMO segment showed a revenue increase of 20.32% in 2025H1, reaching 1,236 million yuan [5] - The formulation segment generated revenue of 583 million yuan in 2025H1, a decrease of 14.2% year-on-year [5] Future Projections - The company expects revenues of 12,815 million yuan, 14,218 million yuan, and 15,941 million yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 6.6%, 11.0%, and 12.1% [5] - The projected net profit for the same years is 1,119 million yuan, 1,270 million yuan, and 1,462 million yuan, with growth rates of 8.55%, 13.50%, and 15.06% respectively [5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 5.44 billion yuan in the first half of 2025, a decrease of 15.31%, with a net profit of 5.63 billion yuan, down by 9.89% [7] - The company's CDMO business is experiencing rapid growth, with revenue increasing by 20.32% to 12.36 billion yuan, while the raw material drug business faced challenges, with revenue declining by 23.41% to 36.03 billion yuan [7] - The company is expected to achieve revenues of 10.896 billion yuan, 11.512 billion yuan, and 13.081 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 1.028 billion yuan, 1.224 billion yuan, and 1.477 billion yuan [7] Financial Performance Summary - Revenue for 2023A was 11,474 million yuan, with a growth rate of 8.8%, while the forecast for 2025E is 10,896 million yuan, reflecting a decline of 9.4% [6][8] - The net profit for 2023A was 1,055 million yuan, with a growth rate of 6.7%, and is expected to be 1,028 million yuan in 2025E, showing a slight decline of 0.3% [6][8] - The company's gross margin for the first half of 2025 was 25.73%, an increase of 1.03 percentage points compared to the previous period [7] Business Structure and Strategy - The company has formed a "funnel" model for its CDMO project structure, with 1,180 ongoing projects, of which 377 are in the commercialization stage [7] - The company is advancing its business transformation strategy, focusing on "starting raw materials + registered intermediates + API + formulations," with a total of 134 API projects [7] - The company is accelerating its "multi-variety" strategy in the formulation business, with 68 projects under research, including a semaglutide injection that has entered phase III clinical trials [7]