药明生物(02269)2025年中期业绩发布，上半年新签综合项目86个，创同期历史新高，推高综合项目总数至864个，进一步巩固其拥有业界最大的复杂生物药产品线之一的领先地位。新签项目中，双抗\多抗、ADC占比超70%，引领创新生物药两大黄金赛道。业绩快速增长支撑药明生物上调2025全年收入指引至14%-16%。

截至2025年6月30日，药明生物一体化平台上的临床III期及商业化生产项目分别达67和24个，收益同比增24.9%。此外，其研究服务已经赋能50多个分子项目，并有权益收取未来的潜在里程碑付款和销售提成，将显著提升公司长期利润增长。其为GSK开发的一款分子已进入临床阶段，成为药明生物赋能的第四个进入临床阶段的TCE项目。

项目订单方面，药明生物未完成订单总额超200亿美元，达203.4亿美元。3年内未完成订单总额增长至42.1亿美元，近期收入预期增长可观。

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