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#CDMO

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EUZ.XETRA logo
·医用同位素 ·内部研究

Eckert & Ziegler SE: A Better Business, Not Yet a Better Price

Eckert & Ziegler is a Berlin-based radioisotope specialist supplying generators, isotope products and CDMO services whose Medical segment is becoming the group's real profit engine as radiopharmaceutical oncology increasingly relies on lutetium-177 and actinium-225. 2025 revenue reached €312.0 million with Medical gross margin climbing to 49% and net financial position ending the year at €115.2 million, but 2026 guidance implies only about 3% revenue and adjusted-EBIT growth. Rating Hold: at €14.43 the stock already sits close to its conservative fair-value zone of €11.0–11.8, leaving minimal margin of safety for new buyers.

EUZ.XETRA Eckert & Ziegler SE #Radiopharmaceuticals#Medical Isotopes#Actinium-225#CDMO#German Industrials#Valuation
Hold
300759.SHE logo
·医药研发外包 ·内部研究

Pharmaron Beijing: Order Momentum Returns, but the Platform Is Still Unfinished

Pharmaron Beijing is an integrated drug R&D outsourcing platform whose laboratory-services engine, RMB 8.16 billion of FY2025 revenue at a 45.1% gross margin, still funds the build-out of CMC, clinical and biologics capacity. FY2025 revenue grew 14.8% to RMB 14.10 billion while attributable profit fell 7.2% to RMB 1.66 billion on a prior-year investment-gain base, and Q1 2026 new orders grew more than 30% with CMC orders up over 50%, yet North America supplies roughly 61.8% of revenue under a sector-wide geopolitical discount. Rating Hold: a good discovery-and-chemistry franchise is funding a real but unfinished move into broader CRDMO, leaving the current CNY 29.11 price short of a margin-of-safety entry below CNY 25.

300759.SHE Pharmaron Beijing Co., Ltd. 康龙化成 #CRO#CDMO#China CXO#Pharmaceutical Outsourcing#BIOSECURE#Order Recovery
Hold
·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
5201.TSE logo
·多元化工业 ·内部研究

旭硝子AGC长期价值分析

AGC(旭硝子)是日本百年材料集团，以玻璃起家，现横跨建筑玻璃、汽车玻璃、电子材料(EUV 光掩模基板全球第二)、化学品(东南亚烧碱/PVC 第一)及生命科学 CDMO 五大分部，2025 年营收约 2.06 万亿日元；集团整体 ROE 仅 4.7%，2024-25 连续大额减值，2026 年起资本开支由 2513 亿降至 1900 亿日元进入收获期。

5201.TSE 旭硝子AGC(AGC Inc.) #日本工业#电子材料#汽车玻璃#CDMO#重资产周期
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