证券代码：002821 证券简称：凯莱英 公告编号：2025-033 凯莱英医药集团（天津）股份有限公司 关于召开2024年度股东大会、2025年第二次A股类别股东 大会及2025年第二次H股类别股东大会通知的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 凯莱英医药集团（天津）股份有限公司（以下简称"公司"）将于2025年6月 11日以现场和网络投票相结合的方式召开2024年度股东大会、2025年第二次A股 类别股东大会及2025年第二次H股类别股东大会。现将本次会议有关事项公告如 下： 一、召开会议的基本情况 1、股东大会届次：2024年度股东大会、2025年第二次A股类别股东大会及2025 年第二次H股类别股东大会 9:15至2025年6月11日下午15:00期间的任意时间。 5、会议召开方式：现场投票与网络投票相结合的方式 （1）现场投票：股东本人出席现场会议或者通过授权委托书（见附件）委 托他人出席现场会议；公司H股股东可以通过现场或委托投票方式参加本次股东 大会，有关具体方式参见公司发布的H股相关公告。 （2）网络投票：公司将通过深圳证券交易 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年4月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 凱萊英醫藥集團（天津）股份有限公司 呈交日期: 2025年5月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06821 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 27,553,260 | RMB | | 1 RMB | | 27,553,260 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 27,553,260 | RMB | | 1 RMB | | 27,553,260 | | 2. 股份分類 | 普通股 | 股份類別 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company reported a strong recovery in performance with a 10.10% year-on-year increase in revenue for Q1 2025, reaching 1.541 billion yuan, driven by rapid growth in emerging businesses [4][7] - The net profit attributable to shareholders increased by 15.83% year-on-year to 327 million yuan, with a notable 20.14% growth in non-recurring net profit, indicating effective cost management and improved gross margins in emerging businesses [4][7] - Emerging businesses, including peptides and oligonucleotides, showed impressive growth with revenue increasing over 80% and gross margins improving to 33.05% [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 6.468 billion yuan, with a projected year-on-year growth rate of 11.4% [6] - The net profit forecast for 2025 is 1.071 billion yuan, reflecting a 12.9% increase compared to the previous year [6] - The company expects to maintain a stable gross margin of around 43.2% in 2025, with a gradual increase in return on equity (ROE) from 6.0% in 2025 to 6.9% in 2027 [6][7]

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 97.16, compared to the current price of RMB 74.47 [1][10]. Core Insights - The company is experiencing rapid growth in emerging businesses, leading to improved profitability. The focus on polypeptide capabilities and global expansion is expected to drive long-term growth [1][10]. - In Q1 2025, the company reported revenue of RMB 1.54 billion, a 10.10% increase year-on-year, and a net profit attributable to shareholders of RMB 327 million, up 15.83% [10]. - The gross profit margin for Q1 2025 was 42.54%, showing a year-on-year decline of 0.98 percentage points but an increase of 3.28 percentage points quarter-on-quarter [10]. Financial Summary - Revenue projections for 2025-2027 are RMB 6.63 billion, RMB 7.79 billion, and RMB 9.32 billion, respectively, with expected growth rates of 14.2%, 17.5%, and 19.5% [3][5]. - Net profit attributable to shareholders is forecasted to be RMB 1.09 billion in 2025, RMB 1.28 billion in 2026, and RMB 1.53 billion in 2027, reflecting growth rates of 15.1%, 16.8%, and 19.5% [3][5]. - The earnings per share (EPS) for 2025-2027 are projected at RMB 3.03, RMB 3.54, and RMB 4.23, respectively [3][10]. Business Performance - The small molecule CDMO business remained stable, while emerging business revenues grew over 80% year-on-year, with a gross profit margin of 33.05%, up 15.75 percentage points from 2024 [10]. - The company secured a total order backlog of USD 1.052 billion, representing a growth of over 20% year-on-year, ensuring stable revenue growth [10]. - The European R&D and pilot base commenced operations in August 2024, contributing to the expansion of the company's capabilities [10].

维持2025 年和2026 年盈利预测不变。 当前股价对应2025/2026 年24.5倍/21.4 倍市盈率。维持跑赢行业 评级和102.00 元目标价，对应33.5 倍2025 年市盈率和29.3 倍2026 年市盈率，较当前股价有37.0%的上 行空间。 风险 公司发布1Q25 业绩：营业收入15.41 亿元，同比+10.10%，环比-7.4%；归母净利润3.27 亿元，同比 +15.8%，环比+36.9%；扣非归母净利润3.05亿元，同比+20.1%，环比+63.93%。盈利能力提升明显，略 高于我们预期，我们判断主要因公司经营效率提高以及规模效应。 小分子基本盘稳固，新兴业务快速增长。1Q25 小分子业务收入基本持平，毛利率维持在45.17%的高 位，表现出较强韧性。公司预计2025 年小分子验证批阶段(PPQ)项目达12 个，有充足的商业化订单储 备。新兴业务(多肽、寡核苷酸、ADC 等)成为增长新动能，Q1 收入同比增长超80%，毛利率达 33.05%，盈利能力改善，我们判断主要受益于多肽、寡核苷酸、ADC等领域的市场开拓和项目交付推 进。公司预计2025 年新兴业务PPQ 项目达13 个，同时 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 74.47 CNY [7][5]. Core Insights - The company reported a revenue of 1.541 billion CNY for Q1 2025, representing a year-on-year growth of 10.1%, and a net profit of 327 million CNY, up 15.8% year-on-year [1]. - The gross profit margin and net profit margin for Q1 2025 were 42.5% and 21.2%, respectively [1]. - The company has implemented cost reduction and efficiency improvement measures, resulting in a net profit growth rate that outpaced revenue growth by 5.7 percentage points in Q1 2025 [2]. - The small molecule CDMO business showed stable performance with a gross margin of 45.17%, while emerging businesses saw revenue growth exceeding 80% and a gross margin of 33.05% [3]. - A stock incentive plan was introduced, granting 4.896 million shares at a price of 37.52 CNY per share, aimed at enhancing employee motivation and company cohesion [4]. Financial Projections - Revenue projections for 2025-2027 are estimated at 6.617 billion CNY, 7.617 billion CNY, and 8.782 billion CNY, respectively [5]. - The expected net profit for the same period is projected to be 1.114 billion CNY, 1.310 billion CNY, and 1.532 billion CNY [5]. - The report anticipates a consistent increase in revenue and net profit margins over the forecast period [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights significant achievements in cost reduction and efficiency improvement, with a notable increase in net profit margin quarter-on-quarter [6] - Emerging businesses have shown a strong recovery with over 80% year-on-year revenue growth [6] - The company maintains its profit forecast, expecting revenue and net profit growth for the years 2025 to 2027 [6] Financial Performance Summary - For Q1 2025, the company achieved total operating revenue of 1.541 billion yuan, a year-on-year increase of 10.10%, and a net profit attributable to shareholders of 327 million yuan, up 15.83% year-on-year [5] - The gross profit margin for Q1 2025 was 42.54%, a decrease of 0.98 percentage points year-on-year, while the net profit margin recovered to 21.06%, an increase of 1.09 percentage points year-on-year and 6.91 percentage points quarter-on-quarter [6] - The company’s small molecule business maintained stable development, with revenue remaining flat and a gross margin of 45.17% [6] Profit Forecast and Valuation - The company’s projected operating revenue for 2025, 2026, and 2027 is 6.5 billion, 7.3 billion, and 8.2 billion yuan respectively, with net profits of 1.164 billion, 1.410 billion, and 1.673 billion yuan respectively [8][9] - Corresponding P/E ratios are expected to be 23x, 19x, and 16x for the years 2025, 2026, and 2027 [6][9]

Core Insights - Gao Yi Asset Management recently conducted research on a listed company, Kailai Ying, revealing positive financial performance in Q1 2025 [1] Financial Performance Summary - Kailai Ying reported a main revenue of 1.541 billion yuan, an increase of 10.1% year-on-year [1] - The net profit attributable to shareholders was 327 million yuan, reflecting a year-on-year growth of 15.83% [1] - The net profit after deducting non-recurring items was 305 million yuan, up by 20.14% year-on-year [1] - The company's debt ratio stood at 11.58% [1] - Investment income amounted to 10.2752 million yuan, while financial expenses were -44.9396 million yuan [1] - The gross profit margin was reported at 42.54% [1] Company Overview - Gao Yi Asset Management is a prominent private equity fund management company in China, known for its strong research capabilities and large management scale [2] - The firm focuses on capital markets and aims to provide top-notch research support and resources to its investment managers [2] - The investment team consists of over 30 members, including experienced managers and award-winning fund managers from leading fund companies [2] - The company is registered in Shanghai and has teams located in Shenzhen, Shanghai, and Beijing [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [2]. Core Insights - The company has shown a strong performance in Q1 2025, with revenue reaching 1.541 billion yuan, a year-on-year increase of 10.10%, and a net profit of 327 million yuan, up 15.83% year-on-year [1][4]. - Emerging business segments have experienced significant growth, with revenues from these segments increasing over 80% year-on-year [4]. - The company is positioned as a leader in the small molecule CDMO sector, with advanced technology creating a competitive advantage [4]. Financial Performance Summary - For Q1 2025, the small molecule business generated approximately 1.22 billion yuan in revenue, remaining stable year-on-year, while the emerging business segment contributed around 320 million yuan [4]. - The company’s gross margin for Q1 2025 was reported at 42.5%, with a net profit margin of 21.2% [1]. - The total order backlog as of the end of 2024 was 1.052 billion USD, reflecting a year-on-year growth of over 20% [4]. Revenue and Profit Forecast - Revenue projections for 2025-2027 are estimated at 6.572 billion yuan, 7.402 billion yuan, and 8.342 billion yuan, respectively, with a consistent growth rate of approximately 13% [5][7]. - Net profit forecasts for the same period are 1.142 billion yuan, 1.358 billion yuan, and 1.607 billion yuan, with growth rates of 20%, 19%, and 18% respectively [5][7]. - The company’s PE ratios are projected to be 23, 20, and 17 for the years 2025, 2026, and 2027 [5][7]. Business Development and Strategy - The company has initiated a stock incentive plan aimed at enhancing employee motivation and aligning interests, with performance targets set for revenue growth from 2025 to 2028 [4]. - The expansion of production capacity, particularly in peptide solid-phase synthesis, is expected to support revenue growth significantly in the coming years [4]. - The company is actively pursuing international market opportunities, with a notable increase in orders from European and American clients [4].

证券代码：002821 证券简称：凯莱英 公告编号：2025-031 凯莱英医药集团（天津）股份有限公司 第四届监事会第五十次会议决议的公告 本公司及全体监事会成员保证公告内容真实、准确和完整，不存 在虚假记载、误导性陈述或重大遗漏。 表决结果：同意2票，反对0票，弃权0票。 一、监事会会议召开情况 凯莱英医药集团（天津）股份有限公司（以下简称"公司"）第四届监事会 第五十次会议通知于 2025 年 4 月 24 日以电子邮件及书面的形式发送给各位监 事，会议于 2025 年 4 月 24 日以通讯表决方式召开，全体监事一致同意豁免本次 监事会的通知期限。公司应到监事 3 名，实到监事 3 名，会议由公司监事会主席 智欣欣女士召集，会议的召集和召开符合《公司法》及相关法律法规以及《公司 章程》的有关规定。 二、监事会议案审议情况 会议采用通讯方式进行召开，经全体监事审议并表决，通过了如下决议： 1、审议通过了《关于向激励对象首次授予 A 股限制性股票的议案》 公司监事会对本次激励计划确定的激励对象是否符合授予条件进行核实后， 认为： 本次激励计划首次授予的激励对象具备《公司法》《证券法》《公司章程》等 法律法 ...