天宇股份(300702) - 300702天宇股份投资者关系管理信息20260211

Group 1: R&D and Client Collaboration - The company focuses on serving large multinational pharmaceutical companies and original research drug companies, aiming to provide raw materials for 8 original drug varieties and plans to add 1-2 new commercialized raw materials annually [2] - Established long-term strategic partnerships with renowned pharmaceutical companies such as Novartis and Sanofi, expanding collaboration from sartan raw materials to non-sartan raw materials, patent-expired drugs, and innovative drug projects [2] Group 2: CDMO Business Strategy - The company has built a solid service foundation and professional competitiveness in the generic drug raw material field, leveraging a comprehensive GMP system and compliance capabilities [3] - The CDMO business focuses on strategic clients, prioritizing high-potential projects during patent periods and late-stage development, ensuring significant scale benefits and customer loyalty [3] Group 3: Business Growth Outlook for 2026 - Raw material segment: Sartan raw materials' revenue share is expected to decline, while non-sartan raw materials (e.g., sitagliptin, ezetimibe) are projected to be core growth drivers, maintaining rapid growth and potential margin improvement [4] - CDMO business: Revenue may face pressure due to changing client demands, but the company is actively pursuing new project opportunities to maintain stability [4] - Formulation business: Expected to continue rapid growth due to expanding market channels, despite a small revenue base [4] - Acetonitrile project: The annual production capacity of 20,000 tons has passed acceptance in January 2026, targeting high-end fields such as peptides and small nucleic acids [4] Group 4: Profitability and Cost Management - Sartan raw materials maintain a gross margin above 30% despite competitive pricing pressures, with expectations for stable margins as prices stabilize [5] - Non-sartan raw materials' gross margin is expected to improve as production increases and costs decrease, aiming to align closer to sartan products [5] Group 5: R&D and Sales Expenses - The company's overall R&D investment will remain stable at approximately 2.5-2.8 billion annually, with a rising proportion allocated to raw materials and CDMO R&D [5] - Sales expenses are increasing rapidly in the formulation business due to its growth, with the company enhancing marketing control through digital systems [5]