Cinda Securities: Jiuzhou Pharma's DMO business maintains high growth, and the layout of new molecular business is expected to create new growth points

Cinda Securities' research report points out that Jiuzhou Pharma's DMO business maintains high growth, and the layout of new molecular business is expected to create new growth points. As of the first half of 2025, the company's innovative drug raw material CDMO has undertaken a total of 1,214 projects, including 1,086 clinical Phase I and II projects, an increase of 60 compared to the end of 2024; 90 clinical Phase III projects, an increase of 6 compared to the end of 2024; and 38 commercial projects, an increase of 3 compared to the end of 2024. The projects undertaken by the company cover treatment areas such as anti-tumor, anti-heart failure, anti-viral, central nervous system, and cardiovascular diseases, with the number of late-stage clinical and commercial projects continuously increasing, which is expected to drive the company's performance growth. In addition, the company has comprehensively laid out new molecular businesses such as peptides, conjugates, and small nucleic acid drugs, and has established a complete technical platform. In the first half of 2025, the new molecular business introduced more than 20 new customers, with overseas orders growing rapidly, and has completed the delivery of more than ten projects. According to Frost & Sullivan statistics, the global ADC and broader conjugate drug CRDMO market size was USD 1.5 billion in 2022, and it is expected to grow to USD 11 billion by 2030, with a compound annual growth rate of 28.4% during the period from 2022 to 2030