证券研究报告 2025 年 10 月 10 日 湘财证券研究所 公司研究 药明康德（603259）更新报告 R 端开源引流，D&M 潜力不断释放 相关研究： 核心要点： 全球化 CRDMO 网络不断强化，将受益小分子 CRO 发展 D&M：管线数量兼具质量，及早捕捉创新机遇 R 端引流带来源源不断的分子管线，为药明康德的长期发展提供了源泉。 根据药明康德公众号，2024 下半年到 2025 上半年的 12 个月里，在"跟随 分子"和"赢得分子"的双重驱动下，CRDMO 小分子管线持续向后端转 化，在 R 阶段成功交付了超过 44 万个新化合物，而在 D&M 阶段，2025 年上半年新增了 412 个分子，管线分子数超过 3,400 个，包括 76 个商业化 项目。从 2024 年到 2025 年上半年，在美国 FDA 批准的 40 款小分子药物 中，有 8 款药物由药明康德化学业务平台支持，占比达到 20%。2024 年， 1.《TIDES业务表现亮眼，上调全 年营收指引》 2025.07.29 公司评级：买入（维持） 近十二个月公司表现 % 1 个月 3 个月 12 个月 相对收益 3 47 136 绝对收 ...

Core Viewpoint - The global drug development model has fundamentally shifted from a "solo" approach to a collaborative one, with the rise of the CXO industry accelerating new drug development processes [1] Group 1: CRDMO Model - WuXi AppTec's CRDMO model integrates the entire drug development process from research (R) to development (D) and commercialization (M), allowing the company to capture industry innovation trends and provide downstream business support [2] - The CRDMO model has enabled WuXi AppTec to establish partnerships with over 150 companies in the targeted protein degradation (TPD) field, synthesizing more than 188,000 complex TPD compounds, with over 70 entering preclinical stages and more than 10 in late-stage development [2] Group 2: Operational Efficiency - The integrated CRDMO model facilitates seamless collaboration among multiple teams, reducing costs and project transfer risks, thus enhancing the efficiency of new drug development [3] - WuXi AppTec has expanded its global footprint from a single 650-square-meter lab to nearly 30 R&D and production bases worldwide, optimizing facility utilization and lowering investment costs and risks [4] Group 3: Financial Performance - WuXi TIDES reported a revenue of 5.03 billion yuan in the first half of 2025, reflecting a year-on-year growth of 141.6%, making it one of the fastest-growing segments for WuXi AppTec [5] - The company is also expanding its small molecule production capacity, with projections indicating that the total reactor volume at its Changzhou and Taixing facilities will exceed 4 million liters by the end of 2025 [5] Group 4: Quality and Compliance - WuXi AppTec's global operations adhere to high-quality standards, as evidenced by its two API production bases in Changzhou and Taixing passing FDA inspections without any non-compliance issues [6] Group 5: Workforce and Culture - The company has grown its team from 100 process chemists to over 3,000, enhancing its ability to meet diverse client needs without delays [7] - WuXi AppTec emphasizes its commitment to supporting drug discovery, development, and production, aiming to benefit the industry, clients, and ultimately patients [7]