The Huayuan Securities Research Report pointed out that the efficient transformation of the Pharmaceutical Kangde CRDMO pipeline supports the release of performance with abundant orders in hand. The company has a unique “CRDMO” business model. The scope of services covers fields such as chemical drug development and production, biological research, pre-clinical testing and clinical research. Deeply participate in the global innovation industry chain, drain high-quality molecules from the CRDMO pipeline, and promote continuous business development. As of 2026Q1, the company's on-hand orders increased 23.6% year-on-year to 59.77 billion yuan. The amount of orders in hand is growing at a high rate to ensure the stability and resilience of the company's performance. Yao Ming Union, Gloria Ying, and Kang Longhua were selected as comparable companies. Since the company is more focused on the CRDMO core strategy, it is confident that it will reach the annual guidelines, and is expected to raise the guidelines at the right time, and is optimistic that subsequent high-quality elements will promote the continuous development of the company's business. Maintain a “buy” rating.

The Huayuan Securities Research Report pointed out that the efficient transformation of the Pharmaceutical Kangde CRDMO pipeline supports the release of performance with abundant orders in hand. The company has a unique “CRDMO” business model. The scope of services covers fields such as chemical drug development and production, biological research, pre-clinical testing and clinical research. Deeply participate in the global innovation industry chain, drain high-quality molecules from the CRDMO pipeline, and promote continuous business development. As of 2026Q1, the company's on-hand orders increased 23.6% year-on-year to 59.77 billion yuan. The amount of orders in hand is growing at a high rate to ensure the stability and resilience of the company's performance. Yao Ming Union, Gloria Ying, and Kang Longhua were selected as comparable companies. Since the company is more focused on the CRDMO core strategy, it is confident that it will reach the annual guidelines, and is expected to raise the guidelines at the right time, and is optimistic that subsequent high-quality elements will promote the continuous development of the company's business. Maintain a “buy” rating.