近日，药明康德发布的2025年度业绩预增公告显示，公司预计营收同比增长15.84%，归母净利润同比暴增102.65%，但扣非净利润仅增长32.56%，两者70个百分点的增速差源于资产变卖带来的约55.95亿元非经常性收益。这种模式引发市场对其长期估值逻辑的讨论，市场担忧过度依赖此类操作会导致估值从成长股向价值股偏移。 此外，药明康德现阶段仍高度依赖美国市场，2025年前三季度来自美国客户的收入占...
Source Link近日，药明康德发布的2025年度业绩预增公告显示，公司预计营收同比增长15.84%，归母净利润同比暴增102.65%，但扣非净利润仅增长32.56%，两者70个百分点的增速差源于资产变卖带来的约55.95亿元非经常性收益。这种模式引发市场对其长期估值逻辑的讨论，市场担忧过度依赖此类操作会导致估值从成长股向价值股偏移。 此外，药明康德现阶段仍高度依赖美国市场，2025年前三季度来自美国客户的收入占...
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