---
title: "药明合联生物技术有限公司 (02268.HK)"
type: "quote"
locale: "en"
url: "https://longbridge.com/en/quote/02268.HK.md"
symbol: "02268.HK"
name: "药明合联生物技术有限公司"
industry: "生命科学工具与服务"
---

# 药明合联生物技术有限公司 (02268.HK)

| Item | Detail |
|------|--------|
| Industry | 生命科学工具与服务 |
| Location | 港股市场 |
| Website | [wuxixdc.com](https://wuxixdc.com) |

## Company Profile

药明合联生物技术有限公司是一家主要从事提供提供抗体偶联药物 (ADC) 及其他生物偶联药物的全面合同研究、开发及制造组织 (CRDMO) 服务的投资控股公司。该公司的服务包括生物偶联药物、单克隆抗体中间体及生物偶联药物相关连接子及有效载荷的发现、工艺开发及优良生产质量管理规范 (GMP) 生产。该公司透过按有偿服务 (FFS) 基准的合约和按全时当量 (FTE) 基准的合约向客户提供 CRDMO 服务。该公司主要在国内市场、北美、欧洲和世界其他地区市场开展业务。

## Financial Score

> *Longbridge Financial Score™ — Proprietary multi-factor rating model by [Longbridge](https://longbridge.com). This score is independently calculated by Longbridge and is not affiliated with any third-party rating agency.*
> Updated: 2026-02-21T04:30:11.000Z

**Overall: B (0.24)**

**Industry**: Life Sciences Tools and Services

| Metric | Value |
|--------|-------|
| Industry Ranking | 3 / 14 |
| Industry Median | B |
| Industry Average | C |

- **Style**: Growth - Stocks whose main business is in the growth stage.
- **Scale**: Mid - The company has stable operation of a large-cap stock and the high return of a small-cap stock.

### Score Analysis

**Style Score**: 

#### Growth Score: 

| Indicator | Value | Rating |
|-----------|-------|--------|
| Revenue YoY | 82.28% |  |
| Net Profit YoY | 123.55% |  |

#### Value Score: 

| Indicator | Value | Rating |
|-----------|-------|--------|
| P/B Ratio | 10.10 |  |
| Dividend Ratio | 0.00% |  |


**Size Score**: 

#### Market Cap Score: 

| Indicator | Value | Rating |
|-----------|-------|--------|
| Market Cap | 82.40B |  |

#### Revenue Score: 

| Indicator | Value | Rating |
|-----------|-------|--------|
| Revenue | 5.52B |  |


**Multi Score**: B

#### Profit Score: A

| Indicator | Value | Rating |
|-----------|-------|--------|
| ROE | 19.76% | A |
| Profit Margin | 26.08% | A |
| Gross Margin | 36.11% | C |

#### Growth Score: A

| Indicator | Value | Rating |
|-----------|-------|--------|
| Revenue YoY | 82.28% | A |
| Net Profit YoY | 123.55% | A |
| Total Assets YoY | 48.84% | A |
| Net Assets YoY | 26.54% | A |

#### Cash Score: B

| Indicator | Value | Rating |
|-----------|-------|--------|
| Cash Flow Margin | 383.39% | C |
| OCF YoY | 82.28% | A |

#### Operating Score: B

| Indicator | Value | Rating |
|-----------|-------|--------|
| Turnover | 0.57 | B |

#### Debt Score: B

| Indicator | Value | Rating |
|-----------|-------|--------|
| Gearing Ratio | 29.94% | B |


```chart-data:radar
{
  "title": "Longbridge Financial Score - 药明合联生物技术有限公司",
  "chart_type": "radar",
  "dimensions": [
    {
      "name": "Profit",
      "grade": "A",
      "indicators": [
        {
          "name": "ROE",
          "value": "19.76%",
          "rating": "A"
        },
        {
          "name": "Profit Margin",
          "value": "26.08%",
          "rating": "A"
        },
        {
          "name": "Gross Margin",
          "value": "36.11%",
          "rating": "C"
        }
      ]
    },
    {
      "name": "Growth",
      "grade": "A",
      "indicators": [
        {
          "name": "Revenue YoY",
          "value": "82.28%",
          "rating": "A"
        },
        {
          "name": "Net Profit YoY",
          "value": "123.55%",
          "rating": "A"
        },
        {
          "name": "Total Assets YoY",
          "value": "48.84%",
          "rating": "A"
        },
        {
          "name": "Net Assets YoY",
          "value": "26.54%",
          "rating": "A"
        }
      ]
    },
    {
      "name": "Cash",
      "grade": "B",
      "indicators": [
        {
          "name": "Cash Flow Margin",
          "value": "383.39%",
          "rating": "C"
        },
        {
          "name": "OCF YoY",
          "value": "82.28%",
          "rating": "A"
        }
      ]
    },
    {
      "name": "Operating",
      "grade": "B",
      "indicators": [
        {
          "name": "Turnover",
          "value": "0.57",
          "rating": "B"
        }
      ]
    },
    {
      "name": "Security",
      "grade": "B",
      "indicators": [
        {
          "name": "Gearing Ratio",
          "value": "29.94%",
          "rating": "B"
        }
      ]
    }
  ]
}
```

### Peer Comparison

| Rank | Name | Profit | Growth | Operation | Security | Cash | Rating |
|------|------|--------|--------|-----------|----------|------|--------|
| 01 | 药明康德 (HK.2359) | A | A | C | B | B | B |
| 02 | 药明生物 (HK.2269) | B | B | D | A | B | B |
| 03 | 药明合联 (HK.2268) | A | A | B | B | B | B |
| 04 | 晶泰控股 (HK.2228) | D | A | E | A | C | B |
| 05 | 康龙化成 (HK.3759) | B | B | C | C | B | B |

## Valuation Analysis

| Metric | Current | Industry Ranking | High | Median | Low |
|--------|---------|-----------------|------|--------|-----|
| PE (TTM) | 56.62 | 8/15 | 61.11 | 56.19 | 43.32 |
| PB | 10.10 | 14/15 | 10.52 | 9.54 | 6.63 |
| PS (TTM) | 14.77 | 13/15 | 15.74 | 14.18 | 11.43 |
| Dividend Yield | 0.00% | - | - | - | - |

## Institutional View

### Analyst Rating Distribution

> As of 2026-02-15T16:00:00.000Z

Total Analysts: **25**

| Rating | Count | Percentage |
|--------|-------|-----------|
| Buy | 19 | 76% |
| Overweight | 6 | 24% |
| Hold | 0 | 0% |
| Underweight | 0 | 0% |
| Sell | 0 | 0% |

### Target Price Forecast

| Metric | Price |
|--------|-------|
| Current Price | 65.50 |
| Highest Target | 109.99 |
| Lowest Target | 72.00 |

## References

- [Company Overview](https://longbridge.com/en/quote/02268.HK/overview.md) - Shareholders, executives, business segments
- [Financials](https://longbridge.com/en/quote/02268.HK/norm.md) - Income statement, balance sheet, cash flow, distribution plan
- [Topics & Discussions](https://longbridge.com/en/quote/02268.HK/topics.md) - Community topics and discussions

---

> **Disclaimer**: This article is for reference only and does not constitute any investment advice.