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医药生产外包(CDMO)

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·医药生产外包(CDMO) ·内部研究

Asymchem Laboratories: A Proven Small-Molecule CDMO in Transition to New Modalities, Already Priced for Success

Asymchem is a founder-led Chinese CDMO anchored in commercial small-molecule process chemistry, with emerging peptide, oligonucleotide and biologics work now about 30% of revenue. 2025 revenue rose 14.9% to RMB 6.67bn with adjusted net profit of RMB 1.25bn, order backlog reached US$1.385bn (+31.65%), and Q1 2026 emerging-business revenue jumped 74.1% — yet the A-share trades near 40x trailing earnings (about a 2.4% owner-earnings yield), while founder-concentrated governance and the BIOSECURE policy overhang cap the multiple. Rating Hold: a high-quality chemistry franchise whose new-modality transition is real, but the current price already pays for most of the 2026 recovery; the ideal buy zone is CNY 68-70.

002821.SHE Asymchem Laboratories (Tianjin) Co., Ltd. #CDMO#多肽#寡核苷酸#新分子模式#BIOSECURE 政策#A/H 折价#估值#价值投资
Hold
·医药生产外包(CDMO) ·In-house Research

WuXi XDC: Scaling the ADC Manufacturing Network

WuXi XDC is a Hong Kong-listed bioconjugate CRDMO spun out of the WuXi complex that turns ADC discovery and CMC work into higher-value late-stage and commercial manufacturing, reaching RMB 5.94 billion of 2025 revenue. The investment debate centers on price rather than ADC demand: 2025 backlog grew 50.3% to US$1.489 billion and global market share climbed from 9.9% in 2022 to more than 24%, yet the stock trades around 37x trailing and 24x 2026 earnings while carrying a persistent WuXi geopolitical discount and a capex-heavy pivot into overseas commercial supply. Rating Hold: the ADC CRDMO franchise is strong and still scaling, but the current price already anticipates a large share of the next commercial leg.

2268.HK WuXi XDC Cayman Inc. #ADC#CRDMO#Bioconjugate#WuXi#CDMO
Hold
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·医药生产外包(CDMO) ·内部研究

药明生物深度研究：制造兑现走在前、估值被地缘折价拽住的生物药 CRDMO

药明生物是全球生物药 CRDMO 平台，靠「赢得分子」把早期项目一路带到后期商业化制造、转成高黏性后端收入。2025 年收入 217.9 亿元、同比增 16.7%，后端制造占比已达 43.4%，但 58.1% 收入来自北美，估值被 BIOSECURE 地缘折价压在约 22 倍静态市盈率。研报评级持有：制造兑现已被验证，但名单风险未出清、安全边际仍薄。

2269.HK 药明生物 WuXi Biologics (Cayman) Inc. #生物药 CRDMO#医药外包#BIOSECURE 法案#地缘政治折价#估值重塑#港股
持有
·医药生产外包(CDMO) ·内部研究

龙沙集团 (Lonza Group AG, LONN.SW) 横纵研报

龙沙集团是瑞士巴塞尔总部、1897 年成立的全球第二大生物制药 CDMO（合同研发生产组织），2025 年营收 CHF 6.53B，业务分 Biologics（70%，单抗 / ADC / CGT / mRNA 代工）与 Capsules & Health Ingredients（30%）；2024 年完成 USD 1.2B 收购罗氏 Vacaville（加州 330,000L 单体最大哺乳动物生物制药厂）+ Specialty Ingredients 业务剥离 + 新 CEO Wolfgang Wienand 上任三大战略重设；与三星生物形成 200,000L 以上大规模哺乳动物产能"双寡头"格局，叠加 BIOSECURE Act 对 WuXi Biologics 的政策红利。

LONN.SW Lonza Group AG #生物制药CDMO#医药外包#瑞士蓝筹#ADC抗体偶联药物#哺乳动物大规模生物制药#BIOSECURE#横纵研报
持有