图片由AI生成 CXO赛道加速分化的2025上半场，奥浦迈递上一份"高增带忧"的期中答卷。 奥浦迈最新发布的财报显示，公司上半年实现营业收入1.78亿元，同比增长23.77%，培养基主业持续大增。归母净利润3754.69万元，同比大增55.55%；扣 非净利润为2957.73万元，同比飙升76.73%，这种爆发力在二季度集中释放。 毛利率连降、净利率反升的罕见组合，让奥浦迈的成绩单呈现出另一个切面——CDMO板块成本高企，上半年再亏1058.67万元，亏损额虽环比收窄，盈亏 拐点到来仍无明确时点。 费用"瘦身"利润增速反超营收 这份期中答卷的最大亮点，莫过于利润增速对营收增速的反超，其背后是整个CXO行业逐渐走出低谷、加速回暖的清晰信号。 奥浦迈净利润增长曲线，图源：同花顺 一是第二季度的爆发式增长。奥浦迈单季度营收9406.92万元，同比增速达47.21%，归母净利润2287.89万元，同比激增401.78%，扣非净利润更是激增 3012.71%至1877.76万元。随着业务规模扩大，公司边际成本正在快速下降。 营业收入的核心动力主要源于客户管线的持续推进与海外市场的加速扩张。 其中，细胞培养基产品销售收入 ...

证券代码：688293 证券简称：奥浦迈 公告编号：2025-066 上海奥浦迈生物科技股份有限公司 关于公司 2025 年度"提质增效重回报"专项行动方 案半年度执行情况评估报告 一、持续聚焦主业，不断提升公司竞争力 （一）主业为先，持续加大研发投入 公司是一家专门从事细胞培养产品与服务的高科技生物技术企业，作为"细 胞培养第一股"，公司始终坚守提升产品品质、加快创新步伐、拓展业务领域的 承诺，秉承着"Cell Culture and Beyond"的战略方针，公司致力于为生物医药行 业打造全方位的上游产品与服务解决方案。基于良好的细胞培养技术、生产工艺 和发展理念，公司通过将细胞培养产品与服务的有机整合，为客户提供整体解决 方案，加速新药从基因（DNA）到临床申报（IND）及上市申请（BLA）的进程， 通过优化细胞培养产品和工艺降低生物制药的生产成本。公司本着"成就客户、 团队协作、开放自省、追求卓越"的核心价值观，秉承"至臻工艺、至善品质" 的质量方针，以"让生物药公司用最高性价比的细胞培养产品和服务"为使命， 提供优质的产品和服务，打造民族优质品牌，助力生物医药产业高质量发展。在 不断变化的市场环境中 ...

Core Insights - The report continues to recommend focusing on innovative drugs and the innovative industry chain, highlighting improvements in both domestic and overseas markets for July 2025 [5][4] - The investment strategy suggests a sustained focus on innovative drugs and related industries, with a specific portfolio of recommended stocks for A-shares and H-shares [5][6] Industry Overview - The pharmaceutical manufacturing industry reported a cumulative revenue of 994.79 billion yuan with a year-on-year decline of 1.4% from January to May 2025, while total profits decreased by 4.7% to 135.32 billion yuan [9][8] - The overall industrial added value for the pharmaceutical manufacturing sector grew by 0.9% during the same period, indicating a modest recovery [9][8] Market Performance - In June 2025, the pharmaceutical sector experienced a 0.70% increase, underperforming the CSI 300 index by 1.80% [10][11] - The medical service sector showed significant growth, with a 4.77% increase, while traditional Chinese medicine and medical commercial sectors faced declines of 1.86% and 1.23%, respectively [13][14] Investment Recommendations - The report emphasizes the potential for domestic innovative drugs to achieve sales growth supported by medical insurance negotiations and commercial health insurance [5][4] - Recommended companies with high-quality innovation capabilities include Kelun-Biotech, CanSino Biologics, and Innovent Biologics, among others [5][4] Valuation Insights - The overall valuation level of the pharmaceutical sector is currently at a PE (TTM) of 46.97, which is at the 73.1% historical percentile over the past five years [20][19] - The report indicates that the pharmaceutical sector's valuation has fully adjusted, with premium rates relative to the CSI 300 and the entire A-share market being at their five-year averages [20][19] Recent Approvals and Applications - In June 2025, four innovative drugs or biosimilars were approved for market entry, including three domestic products and one imported product [22][23] - The report tracks NDA and IND applications for innovative drugs, highlighting several key products and their respective companies [24][25][26]

Group 1 - The company forecasts a revenue of 20.799 billion yuan for the first half of 2025, representing a year-on-year increase of 20.64%, with a 24.24% growth in revenue from continuing operations [1] - Adjusted net profit for the first half of 2025 is expected to be 6.315 billion yuan, up 44.43%, while the net profit excluding non-recurring items is projected at 5.582 billion yuan, an increase of 26.47% [1] - For Q2 2025, the company anticipates a revenue of 11.145 billion yuan, reflecting a 20.37% year-on-year growth, with an adjusted net profit of approximately 3.637 billion yuan, up 47.90% [1] Group 2 - The CDMO sector is experiencing a recovery in orders, with a total of 43.1 billion yuan in hand orders for the first half of 2024, a year-on-year increase of 33.2%, and 52.33 billion yuan as of Q1 2025, up 47.1% [2] - The company expects revenues of 44.103 billion yuan, 51.829 billion yuan, and 60.578 billion yuan for 2025-2027, representing year-on-year growth rates of 12.39%, 17.52%, and 16.88% respectively [2] - The forecasted net profit for the same period is 13.698 billion yuan, 13.408 billion yuan, and 15.981 billion yuan, with year-on-year changes of 44.95%, -2.11%, and 19.19% respectively [2]

Core Viewpoint - The company reported a revenue of 297 million yuan for 2024, representing a year-on-year growth of 22.26%, with significant variations across different product lines and services [3][4][6]. Revenue and Gross Margin Analysis - The revenue breakdown shows that CHO culture media revenue increased by 62.83%, while CDMO service revenue declined by 25.66% [3][16]. - The gross margin for domestic CDMO services dropped significantly, while the gross margin for culture media remained relatively stable [24][25]. Product Sales Performance - CHO culture media sales in the domestic market reached 126.05 million yuan, a 33.01% increase, driven by ongoing customer projects [11][12]. - The sales volume of 293 culture media decreased by 16.28% in the domestic market due to lower demand in related application fields [12][13]. - Other products, including contract manufacturing and vaccine culture media, saw a notable increase in revenue due to stable orders from overseas clients [13][15]. CDMO Business Challenges - The CDMO business faced a significant decline in revenue, attributed to a tightening financing environment in the biopharmaceutical industry, leading to reduced project initiation and progression [35]. - The number of high-value orders (over 5 million yuan) significantly decreased, impacting overall revenue [17][35]. - The company reported a negative gross margin for CDMO services in 2024, primarily due to increased material costs and operational expenses from the new commercial production platform [35][36]. Customer and Market Dynamics - The company’s top five overseas clients contributed significantly to revenue growth, with notable increases in sales to key customers [20][22]. - The overall customer base remained stable, but the number of high-value clients decreased, reflecting a challenging market environment [7][35]. - The company continues to focus on providing high-quality CDMO services despite facing increased competition and cost pressures [35].

Core Viewpoint - 泰德医药 (Zhejiang Taide Pharmaceutical Co., Ltd.) has successfully listed on the Hong Kong Stock Exchange, with an initial trading price of 30.3 HKD and a closing price of 30.8 HKD, reflecting a slight increase of 0.65% on the first day of trading [1]. Summary by Relevant Sections IPO Details - The final offer price for the shares was set at 30.6 HKD, raising a total of 514.08 million HKD. After deducting estimated listing expenses of 85.31 million HKD, the net proceeds amounted to 428.77 million HKD [3][4]. Share Distribution - A total of 16,800,000 H-shares were issued, with an equal split of 8,400,000 shares allocated for public offering in Hong Kong and international offering [1]. Key Investors - The cornerstone investors for the IPO include Shiyao and Welight Capital [4]. Business Focus - The company primarily provides Contract Research Organization (CRO) services, focusing on peptide NCE discovery synthesis, and Contract Development and Manufacturing Organization (CDMO) services, which include peptide CMC development and commercial production. The services are mainly centered on providing Active Pharmaceutical Ingredients (API) rather than finished drugs [4]. Use of Proceeds - The funds raised will be utilized for expanding service capabilities and production capacity in the U.S. and China, increasing production capacity in China, establishing sales and after-sales service networks in more regions, and general corporate purposes [4]. Financial Performance - Projected revenues for 2022, 2023, and 2024 are 351 million RMB, 337 million RMB, and 442 million RMB, respectively. The net profits for the same years are expected to be 53.98 million RMB, 48.91 million RMB, and 59.17 million RMB [5][6].

Group 1 - The company, TIDE Pharmaceutical (03880.HK), has launched an IPO, planning to issue 16.8 million shares globally, with 15.12 million shares for international offering and 1.68 million shares for public offering in Hong Kong [1] - The expected price range for each share is between HKD 28.40 and HKD 30.60, with estimated net proceeds from the global offering around HKD 411 million after deducting underwriting commissions and other expenses [1] - The funds raised will be used to expand service capacity and production in the US and China, increase capacity at the Qiantang Park, and build facilities in the Pharmaceutical Town [1] Group 2 - TIDE Pharmaceutical has entered cornerstone investment agreements with CSPC Pharmaceutical Group (01093.HK) and Welight Capital, with a total subscription amount of approximately USD 10 million [2] - In 2023, TIDE Pharmaceutical is the third largest global CRDMO focused on peptides, holding a market share of 1.5%, providing CRO and CDMO services primarily for API rather than finished drugs [2] - The company has established stable customer relationships in over 50 countries, with peptide drugs generally showing better tolerability, specificity, and bioactivity compared to chemical drugs [2] Group 3 - TIDE Pharmaceutical's revenue fluctuated from 2022 to 2024, with revenues of approximately RMB 351 million, RMB 337 million, and RMB 442 million, and net profits of approximately RMB 53.98 million, RMB 48.90 million, and RMB 59.17 million respectively [3] - In 2024, CDMO service revenue reached RMB 330 million, accounting for 74.6% of total revenue, with 55% of revenue coming from the US market, significantly higher than the 21.4% from the Chinese market [3] - The company indicated that recent US-China trade tensions may introduce uncertainties, but believes that new tariff policies will not have a direct or immediate significant impact on its business operations or financial performance [3]

Core Viewpoint - 泰德医药 plans to issue 16.8 million shares from June 20 to June 25, 2025, with a price range of HKD 28.4 to HKD 30.6 per share, aiming for listing on June 30, 2025 [1] Company Overview - 泰德医药 is the third largest global player in the peptide-focused CRDMO market, holding a market share of 1.5% as of 2023, providing full-cycle services from early discovery to commercial production [1][2] - The company primarily offers CRO services for peptide NCE discovery synthesis and CDMO services for peptide CMC development and commercial production [2] Market Position - The global peptide-focused CRDMO market is dominated by two major players with a combined market share of 23.8%, while the remaining participants, including 泰德医药, hold approximately 1% each [1] Client Relationships - 泰德医药 has established stable client relationships in over 50 countries, including major markets such as China, the US, Japan, Europe, South Korea, and Australia [2] Fundraising and Use of Proceeds - The estimated net proceeds from the global offering are approximately HKD 411 million, assuming a share price of HKD 29.50, with 76.4% allocated for facility expansion in the US and China [3] - 4.1% of the net proceeds will be used to expand capacity in China, while 9.5% will be for establishing sales and after-sales service networks in more regions [3] - 10.0% of the net proceeds will be allocated for working capital and other general corporate purposes [3] Cornerstone Investors - The company has signed cornerstone investment agreements, with cornerstone investors agreeing to subscribe for approximately 2.66 million shares, representing about 15.84% of the global offering [2]

Group 1 - The CDMO industry is a crucial partner for pharmaceutical companies, providing process development and production services. China has over 220 million talent resources, giving the CDMO industry a strong competitive edge [3][9]. - From 2018 to 2023, the Chinese CDMO market grew at a compound annual growth rate (CAGR) of 39.9%, increasing from 16 billion RMB to 85.9 billion RMB. It is projected to reach 208.4 billion RMB by 2028 and 536.9 billion RMB by 2033 [3][9][10]. - The industry is entering a new phase characterized by "technology deepening, global expansion, and ecological integration," but it faces challenges such as geopolitical issues, overcapacity, and technological disruption [10]. Group 2 - The report highlights that the medical and pharmaceutical sectors saw mixed performance, with six sub-industries showing varied returns. Medical devices and traditional Chinese medicine led the gains, while medical services and pharmaceutical commerce had lower increases [11]. - The report indicates that the valuation levels for the chemical pharmaceutical sector were the highest at 78.81 times, followed by biological products at 61.33 times, while traditional Chinese medicine and pharmaceutical commerce had lower valuations [11]. - The report emphasizes the increasing focus on early-stage projects in the CDMO industry, with 63.2% of financing events occurring in the A+ round or earlier, indicating a trend towards supporting emerging companies [10].

Group 1 - The core viewpoint of the article is that 泰德医药 (Tide Pharmaceutical) is preparing for its IPO in Hong Kong, with a submission date of December 6, 2024, and the prospectus will expire on June 6, 2025, with Morgan Stanley and CITIC Securities as joint sponsors [1] - 泰德医药 provides a full-cycle service from early discovery, preclinical research, clinical development to commercial production, focusing on peptide-based global CRDMO market [2] - The company primarily offers CRO services for peptide NCE discovery synthesis and CDMO services for peptide CMC development and commercial production, emphasizing API provision rather than finished drugs [2] Group 2 - 泰德医药 has established stable customer relationships in over 50 countries, including major markets such as China, the USA, Japan, Europe, South Korea, and Australia, providing services compliant with global regulatory standards for peptide drug development and production [2] - As of December 31, 2024, 泰德医药 has a broad project pipeline, including 1,217 ongoing CRO projects and 332 ongoing CDMO projects, strategically focusing on GLP-1 pipeline development [3] - The company is engaged in nine NCE GLP-1 molecular development projects with seven clients, developing oral and/or injectable GLP-1 molecular products [3]