2025-08-26 10:34Group 1: Financial Performance - The company achieved total revenue of 3.188 billion CNY in the first half of 2025, representing a year-on-year growth of 18.20% [2] - In Q2 2025, revenue reached 1.647 billion CNY, an increase of 6.87% compared to Q1 [2] - Net profit attributable to shareholders was 617 million CNY, up 23.71% year-on-year, with a net profit margin of 19.4%, an increase of nearly 1 percentage point [2] Group 2: Business Development and Orders - Emerging business orders saw significant growth, particularly in the fields of chemical macromolecules and biopharmaceuticals, with new signed orders for conjugated drugs increasing by over 100% year-on-year [2][3] - The company maintains a competitive advantage in small molecule business while expanding its emerging business in overseas markets [3] - The proportion of overseas orders in the biopharmaceutical CDMO business exceeded 35%, with new signed orders from overseas accounting for over 60% [9] Group 3: Capacity and Production - The company is expanding its production capacity, particularly in the ADC business, with the Shanghai Jinshan base operating at full capacity [6][9] - The peptide CDMO business is experiencing rapid growth, with a focus on weight loss applications, and the first commercialized peptide project has been approved [4][6] - The company plans to launch pre-filled syringe and cartridge production lines in Q4 2025, which are expected to contribute to revenue growth [5] Group 4: Cost Management and Efficiency - The company is implementing cost reduction and efficiency improvement measures, with a focus on optimizing overall expense ratios [5] - The overall expenses have decreased during the reporting period, and the trend is expected to continue in the second half of the year [5] Group 5: Future Outlook - The company is optimistic about the profit margins of emerging businesses, anticipating continued positive trends in gross margins [2][3] - The management expects that various projects will gradually enter the commercialization phase, contributing to future revenue growth [7][9]