Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting the stock to outperform the market by over 20% within the next six months [11]. Core Views - The company achieved a revenue of 5.805 billion yuan in 2024, a year-over-year decrease of 25.82%, and a net profit of 949 million yuan, down 58.17% year-over-year. The company plans to distribute a dividend of 11 yuan per 10 shares (including tax) [3]. - The company’s core small molecule chemistry business generated revenue of 4.571 billion yuan in 2024, with a year-over-year growth of 8.85% when excluding large orders. The gross margin for this segment was 47.95% [6]. - The company has signed new orders that are expected to grow by approximately 20% year-over-year, with a total order backlog of 1.052 billion USD, which is expected to significantly cover revenue for 2025 [6][7]. - The company is expanding its global footprint with the opening of the Sandwich base in the UK, which is expected to enhance its ability to meet overseas customer needs and mitigate geopolitical risks [7]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 5.805 billion yuan, with a net profit of 949 million yuan. The revenue is projected to increase to 6.700 billion yuan in 2025, with a net profit forecast of 1.126 billion yuan [5][8]. - The gross margin is expected to improve from 42.4% in 2024 to 43.7% in 2025, while the net margin is projected to rise from 16.3% to 16.8% [9]. Business Segments - The small molecule chemistry segment is expected to continue its growth trajectory, with a projected revenue increase to 6.700 billion yuan in 2025 [5][6]. - Emerging businesses, particularly in the chemical macromolecule sector, are anticipated to accelerate, with 13 new projects expected by 2025 [7]. Market Position and Strategy - The company is strategically positioning itself to capture opportunities in the peptide and small nucleic acid markets, enhancing its competitive edge [7]. - The establishment of overseas bases is aimed at attracting clients who prefer not to outsource offshore, thereby maintaining a cost advantage over local competitors [7].

Key Points Summary of Kailaiying's Conference Call Company Overview - **Company**: Kailaiying - **Fiscal Year**: 2024 - **Revenue**: 5.805 billion CNY, a decrease of 25.8% year-on-year, but a 7.4% increase when excluding COVID-related orders [3][4] Financial Performance - **Net Profit**: 149 million CNY, down 58% year-on-year; Q4 net profit was 239 million CNY, up 13% quarter-on-quarter [3][4] - **Gross Margin**: 42.4%, a decrease of 8.8 percentage points from 2023, but only a slight decline when excluding COVID orders [4] - **Small Molecule Business Revenue**: 4.57 billion CNY, with a 9% year-on-year increase when excluding COVID orders; gross margin at 47.9% [5][10] - **Emerging Business Growth**: Slowed due to domestic market impacts, but showed strong recovery in Q4 [5][8] Global Operations - **International Orders**: Backlog of 1.052 billion USD, over 20% year-on-year growth; U.S. customer revenue increased by 18%, and European customer revenue doubled [6][8] - **Net Profit Margin Decline**: Due to multiple factors including excess COVID order capacity, increased competition, and higher R&D investments [7][9] Business Segments - **Small Molecule Business**: Strong resilience with a 9% increase in orders; delivered 48 commercial projects, with a 4% revenue increase to 2.8 billion CNY [10] - **Large Molecule Business**: Revenue from alpha molecule modules grew by 13% year-on-year, with Q4 growth exceeding 200%; expected to triple revenue by 2025 [11][12] - **Peptide Capacity**: Solid-phase synthesis capacity reached 21,000 liters by the end of 2024, expected to reach 30,000 liters by mid-2025 [12] Future Outlook - **Management Confidence**: Plans to solidify small molecule advantages and expand advanced manufacturing technologies; multiple late-stage projects expected to enter delivery phases [8][22] - **Capital Expenditure**: 1.13 billion CNY in 2024, accounting for 19.5% of revenue, with a focus on emerging business and R&D platform construction [21] - **Market Expansion**: Plans to enhance market development in peptide and oligonucleotide therapies, and increase efforts in the European and U.S. markets [23][30] ESG and Sustainability - **ESG Achievements**: Significant improvements in ESG ratings, with a gold certification and an A rating in CDP climate change assessment [20] Strategic Initiatives - **Global Strategy**: Continued focus on global expansion, particularly in Europe and the U.S.; exploring commercial capacity acquisitions [19][33] - **R&D Investment**: Maintained high R&D spending at around 10% of revenue in 2024, with a focus on areas that can quickly drive revenue [18] Conclusion - **Long-term Growth**: The company is optimistic about future growth driven by strong order backlogs in emerging business segments and ongoing capacity expansions [29][36]

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company, Kailaiying, reported a revenue of 5.805 billion yuan for 2024, a year-on-year decrease of 25.82%. However, excluding the impact of large orders, revenue grew by 7.40% year-on-year, with a gross margin of 42% [3]. - The decline in revenue is primarily attributed to the high base from large orders delivered in 2023. The revenue from large pharmaceutical companies was 2.691 billion yuan, growing by 4.78% year-on-year after excluding large orders, while revenue from small and medium pharmaceutical companies was 3.114 billion yuan, growing by 9.78% [3]. - The company's small molecule CDMO business achieved a revenue of 4.571 billion yuan, with a year-on-year growth of 8.85% after excluding large orders, and a gross margin of 47.95% [3]. - Emerging businesses generated a revenue of 1.226 billion yuan, with a year-on-year growth of 2.25% and a gross margin of 21.67%, indicating room for improvement [3]. - The company has a total order backlog of 1.052 billion USD, with a year-on-year growth of over 20%, and significant growth in orders from European and American markets [3]. Financial Summary - For 2024, the company reported a net profit attributable to shareholders of 949 million yuan, a decrease of 58.17% year-on-year. The forecast for 2025 estimates a net profit of 1.141 billion yuan, reflecting a growth rate of 20.23% [4][6]. - The projected revenue for 2025 is 6.572 billion yuan, with a growth rate of 13.21% [4][6]. - The gross margin is expected to improve gradually, reaching 43.03% in 2025 and 44.51% by 2027 [4][6]. - The company's earnings per share (EPS) is projected to be 3.16 yuan in 2025, increasing to 4.46 yuan by 2027 [4][6].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong performance relative to the benchmark index [16]. Core Insights - The company's Q4 performance showed significant recovery, with a notable increase in revenue and net profit, indicating that the impact of large order declines has been largely absorbed [2][3]. - The small molecule CDMO business remains a stable growth driver, with substantial commercial potential and a robust project pipeline expected to enhance profitability [4][5]. - Emerging businesses, particularly in chemical and biological macromolecules, are showing promising growth, with expectations for improved profitability as capacity utilization increases [6][7]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 5.805 billion, a year-on-year decline of 25.82%, but a 7.40% increase when excluding the impact of large orders from the previous year [1]. - The net profit attributable to shareholders was 949 million, down 58.17% year-on-year, with a non-recurring net profit of 850 million, a decline of 59.63% [1]. - Q4 revenue reached 16.64 billion, a year-on-year increase of 15.41% and a quarter-on-quarter increase of 15.35%, with net profit soaring by 306.48% year-on-year [2]. Business Segmentation - The small molecule CDMO business generated 4.571 billion in revenue, with an 8.55% increase when excluding large orders. Clinical stage CDMO solutions contributed 1.767 billion, up 17.23% year-on-year [2][3]. - Emerging businesses achieved 1.226 billion in revenue, reflecting a 2.25% year-on-year growth [2]. Regional Performance - Revenue from the US market reached 3.371 billion, with an 18.41% increase when excluding large orders. Domestic market revenue was 1.520 billion, up 2.63%, while European market revenue surged by 101.33% to 735 million [3]. Customer Segmentation - Revenue from large pharmaceutical companies was 2.691 billion, a 4.78% increase when excluding large orders, while revenue from small and medium-sized pharmaceutical companies was 3.114 billion, up 9.78% [3]. Future Projections - The company anticipates a 20% year-on-year increase in new orders for 2024, with a total order backlog of 1.052 billion USD expected to drive stable growth in 2025 [3]. - Revenue projections for 2025-2027 are estimated at 6.621 billion, 7.554 billion, and 8.619 billion respectively, with net profits expected to rise to 1.098 billion, 1.269 billion, and 1.472 billion [9].

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company reported a revenue of 5.805 billion RMB and a net profit attributable to the parent company of 948.95 million RMB for 2024, reflecting a year-on-year decline of 25.8% and 58.2% respectively. However, excluding the impact of large orders, the revenue for 2024 is expected to grow by 7.4% year-on-year, indicating stable development in its regular business [1][4] - The company has a strong order backlog of 1.052 billion USD, which has increased by over 20% year-on-year, enhancing visibility for future performance [1] - The company is expected to maintain a positive growth trajectory in its core business in 2025, supported by a solid customer base and technological leadership [1] Summary by Sections Small Molecule Business - The revenue for 2024 is projected at 4.571 billion RMB, with a year-on-year growth of 8.9% when excluding large orders. The commercial stage CDMO revenue is expected to be 2.804 billion RMB, growing by 4.2% year-on-year, while clinical stage CDMO revenue is anticipated to reach 1.767 billion RMB, reflecting a year-on-year increase of 17.2% [2] - The number of delivered projects in this segment reached 504, up 18.3% year-on-year, indicating robust project execution capabilities [2] Emerging Business - The revenue for 2024 is expected to be 1.226 billion RMB, with a year-on-year growth of 2.3%. Notably, overseas revenue has increased by 15.4% year-on-year [3] - Various segments within the emerging business have shown positive progress, including significant growth in the biopharmaceutical sector and a strong order backlog [3] Profit Forecast and Valuation - The company is projected to achieve net profits of 1.087 billion RMB, 1.260 billion RMB, and 1.466 billion RMB for 2025, 2026, and 2027 respectively, with adjustments reflecting a decrease of 18.5% and 24.1% for 2025 and 2026 compared to previous estimates [4] - The target price is set at 105.49 RMB for A-shares and 77.45 HKD for H-shares, with corresponding price-to-earnings ratios of 35x and 24x for 2025 [4]

Group 1 - Key Point 1: As of March 28, 2025, a total of 109 institutional investors disclosed holdings in Kailaiying (002821.SZ), with a total shareholding of 193 million shares, accounting for 52.39% of the total share capital [1] - Key Point 2: The top ten institutional investors hold a combined shareholding ratio of 49.02%, with a slight decrease of 0.39 percentage points compared to the previous quarter [1] Group 2 - Key Point 1: In the public fund sector, six funds increased their holdings, including China Europe Medical Health Mixed A and China Europe Medical Innovation Stock A, with an increase ratio of 0.40% [2] - Key Point 2: Three public funds reduced their holdings, with a slight decrease in the holding ratio [2] - Key Point 3: A total of 79 new public funds were disclosed this period, including Innovative Medicine and Jiahua Medical Care Stock [2] - Key Point 4: One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.82% [2]

本公司及全体董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。 凯莱英医药集团（天津）股份有限公司（以下简称"公司"）2025 年 3 月 28 日召开第四届董事会第六十一次会议和第四届监事会第四十八次会议，审议通过 了《关于使用闲置自有资金购买理财产品的议案》，同意公司及合并报表范围内 子公司使用额度不超过 500,000 万元人民币（或等额外币，含本数）的自有资金 购买短期金融机构理财产品，使用期限自本次董事会审议通过之日起 12 个月内， 在上述额度和期限内，资金可循环使用。 根据《公司法》《深圳证券交易所股票上市规则》《深圳证券交易所上市公 司自律监管指引第 1 号—主板上市公司规范运作》和《公司章程》等有关规定， 上述额度在公司董事会审批权限范围内，无需提交公司股东大会审议。现将相关 事宜公告如下： 一、使用闲置自有资金购买理财产品的基本情况 1、投资目的 2、额度及期限 证券代码：002821 证券简称：凯莱英 公告编号：2025-023 为提高资金的使用效率，为公司及股东获取更多的回报，在不影响公司正常 经营的情况下，公司及合并报表范围内子公司使用部分暂时闲置自有资 ...

凯莱英医药集团（天津）股份有限公司 2024年度内部控制评价报告 凯莱英医药集团（天津）股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管 要求（以下简称企业内部控制规范体系），结合凯莱英医药集团（天津）股份有 限公司（以下简称公司或本公司）内部控制制度和评价办法，在内部控制日常监 督和专项监督的基础上，我们对公司截至 2024 年 12 月 31 日的内部控制有效性 进行了评价。 一、 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其 有效性，并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建 立和实施内部控制进行监督。管理层负责组织、领导企业内部控制的日常运行。 公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存在任何虚 假记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 本公司内部控制的目标是：合理保证企业经营管理的合法合规、资产安全、 财务报告及相关信息真实完整，提高经营效率和效果，促进企业实现发展战略。 由于内部控制存在固有局限性，故仅能对实现上述目标提供合理保证。此外，由 于情况 ...