华西证券研报指出，药明康德25H1实现归母净利润85.61亿元，同比增长101.92%、实现扣非净利润55.82亿元，同比增长26.47%。分业务来看，TIDES业务25H1实现收入50.3亿元，同比增长141.6%，继续为公司贡献业绩弹性、化学药D&M业务实现收入86.8亿元，同比增长17.5%，恢复相对较快增长。截止2025年6月末，公司持续经营业务在手订单为566.9亿元，同比增长37.2%，为公司未来业绩增长奠定基础。根据公司2025年中报，公司预计2025年持续经营业务收入增速从10%~15%上修至13%~17%，公司整体业绩增长中枢提升。产能供给方面，预计2025年底小分子原料药反应釜总体积将超过400万升，呈现上升趋势，为未来业绩增长奠定基础。维持“买入”评级。
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