> 数据图表我想了解一下3.3 CXO：行业景气度逐步恢复，盈利能力有望提升2025-9-13.3 CXO：行业景气度逐步恢复，盈利能力有望提升➢ CXO板块重点公司中，CDMO企业如药明康德、康龙化成和凯莱英等业绩恢复情况相对更好，如药明康德25H1收入增速21%、扣非净利率稳步提升至27%，表现亮眼，主要得益于多肽等业绩快速发展，带动公司Chemistry业务收入快速增长。➢ CRO公司经营数据来看，仍处于底部等待拐点阶段，预计主要是近期国内生物医药行业景气度底部反转暂未体现在业绩端。图表31：CXO重点公司经营数据比较营业收入增速2024H16.4%9.3%-6.4%扣非归母净利润增速2024H12025H120.6% 18.0% 14.6%20242.5%2023AtYvg2gB8xMJKfqJsSndK/xNPvPAOe91Q8WlcrcbfOXlGwXz3i+/bx6EAA7Ole+U2024-2.7%20232.5%4.2%-2.9%-6.6% -10.6% -3.2%14.9%药明康德泰格医药康龙化成 12.4% 20.9%凯莱英昭衍新药九洲药业博腾股份 -47.9% -65.5% -17.9% 19.9% -87.5% -114.4% -209.7% -103.7% 6.8%2025H12025H126.5% 24.2% 25.6% 25.5% 26.8%6.5%9.9%-23.7% -46.5% -25.8% 18.2% -34.9% -73.6% -59.6% 26.3% 26.9% 16.6% 14.6% 17.8%4.8%3.4%-0.1% -42.1% 12.4% 18.5% 16.9% 11.5% 18.3%1.4%0.4%-15.1% -21.3% -66.9% -157.5% -93.0% -111.6% 14.2% -23.4%-6.6%-4.0% -17.0% -42.1% -67.1% 20.0% 19.1% 12.9%9.0%6.5%-31.5% -26.8% 36.7% 13.1%-12.9% -9.0%20232024H120243.9%10.5%8.3%1.2%扣非净利率资料来源：Wind、中邮证券研究所请参阅附注免责声明26中邮证券健康医疗
