Kelaiying: April 3rd Performance Briefing Session, Investors Welcome to Participate

Securities Star News: On April 3, 2026, Kelaiying (002821) released an announcement stating that the company held a performance briefing on April 3, 2026.

The specific details are as follows:

I. Questions raised by investors and the company’s responses

Question: Growth rate of orders in emerging businesses: How did Q4’s newly signed orders grow quarter-on-quarter? What are the specific order amount changes for emerging businesses such as polypeptides and ADC? GLP-1 polypeptide commercialization order progress: What is the actual delivery progress of GLP-1 polypeptide commercialization orders that have already been signed with major domestic customers? Is the capacity ramp-up proceeding smoothly? ·Signing with overseas major customers: With overseas newly signed orders accounting for more than 60%, what projects is this based on? Can it be sustained into 2026? Decomposition of the growth momentum for the 2026 guidance: The 19%-22% growth guidance—what specific business segments contribute to that growth?

Answer: Respected investors, hello! The following answers correspond to your concerns: 1) From Q4 2025 to Q1 2026, order growth has remained strong. As of the disclosure date of the 2025 annual report, excluding revenue already recognized in 2025, the company’s total outstanding orders amount to USD 1.39B, up 31.65% year-on-year. The drivers of order growth include: (1) the continued growth of orders for small-molecule commercialization projects; and (2) in emerging businesses, both large-molecule business lines have achieved significant results in opening new projects and in subsequent order growth. 2) The GLP-1 polypeptide commercialization orders signed with major domestic customers have been executed smoothly. The company delivers high-quality outputs according to customers’ actual needs. Currently, the polypeptide business capacity ramp-up is underway; in 2025, the chemical large-molecule gross margin has also improved. 3) As of the disclosure date of the 2025 annual report, the chemical large-molecule CDMO business segment’s outstanding order amount increased by 127.59% year-on-year, of which overseas orders accounted for 58.42%. Regarding 2026, the company will continue to disclose relevant information—please pay attention to the company’s subsequent periodic reports. 4) The company expects 19%-22% growth in operating revenue in 2026. For small-molecule business in 2026, it is still in a transition/adjustment stage; the performance of commercialization projects is promising and the company can maintain a steady overall trend. Emerging businesses are expected to maintain high growth momentum as well; the two large-molecule business segments’ performance is expected to be even more prominent. Thank you for your attention!

Question: Shareholder dividends and capital expenditure plan: What is the implementation status of the dividend plan to pay RMB 00 per 10 shares (including tax)? What is the amount of the 2026 capital expenditure plan?

Answer: Respected investors, hello! The company’s 2025 dividend plan can only be implemented after it is submitted to and approved by the shareholders’ meeting. The total amount of the company’s 2026 capital expenditure plan is approximately RMB 2.1 billion; of that, 70%-80% will be allocated to emerging business segments. Chemical large molecules and biological large molecules are the two most important capital expenditure segments. Thank you for your attention!

Question: What is the overall operating situation of the company in the first quarter of 2026? Will revenue, orders, and gross margin continue the rebound trend seen in 2025 Q4? What is the company’s specific positioning in the Novo Nordisk and Eli Lilly GLP-1 industry chains? What are the current order scale and delivery schedule? What is the current overall capacity utilization rate? Are differences significant across different sites? What are the progress updates of domestic and overseas capacity construction? Is there any pressure from recent regulatory audits by the FDA, EMA, etc.? Are compliance costs increasing? Will local conflicts and overseas supply chain adjustments affect the company’s businesses in Europe and the United States?

Answer: Respected investors, hello! 1) From 2025 Q4 to 2026 Q1, the company’s order growth has remained strong. For 2026, we expect the gross margin of emerging businesses to continue to improve compared with 2025, and we will make efforts to balance the gross margin of small-molecule businesses through process technology and related aspects. For the specific performance in Q1 2026, including revenue and gross margin, please refer to the company’s subsequent periodic report disclosures. 2) The company has been deeply involved in the CDMO industry for more than 20 years, accumulating mature R&D and production capabilities as well as a good reputation with customers, enabling it to become a reliable preferred partner for the global pharmaceutical industry. The projects undertaken cover many in-development and already-approved drugs targeting many popular therapeutic targets. 3) In the polypeptide sector, market demand is strong; when major customers advance projects, they also pay very close attention to whether the relevant capacity is sufficient. Over the past two years, the company has been rapidly advancing capacity construction, and capacity utilization continues to increase. For more information about the supply chain, capacity utilization rate, and others, please refer to the company’s “2025 Annual Report” and “Kelaiying Specific Object Research Record Table as of March 31, 2026.” Thank you for your attention!

Question: Hello, management. I would like to ask: how have the current U.S. tariff policies brought actual impacts to the company’s operating performance in 2025, especially the profitability level of the North American business? What mature measures does the company currently have in place to offset potential risks brought by tariffs? Thank you!

Answer: Respected investors, hello! The company’s profitability level in its North American business in 2025 has not been affected or disrupted by tariff policies. At the same time, the company’s position within the highly specialized supply chain of the pharmaceutical industry has gradually been formed through long-term industry development, and the industry chain system has already become relatively mature. CDMO companies have clear advantages in accelerating the launch of innovative drugs and lowering the cost of commercial-scale production. The trend of globally specialized supply chains for innovative drugs has not changed. In addition, multinational big pharmaceutical companies generally adopt an operating model with global multi-location setups, and they typically deliver in multiple regions based on customers’ global supply chain arrangements. The company always maintains close communication and cooperation with customers. The company is steadily advancing according to its annual operating plan, and at the same time we will continue to pay attention to and track the progress of this event. Thank you for your attention!

Question: Why did Kelaiying’s 2020 small-molecule reaction vessel volume of 2800 cubic meters create RMB 3.0 billion in small-molecule revenue, while in 2024 the small-molecule reaction vessel exceeded 5300 cubic meters but generated only RMB 7.1 billion in revenue? Why is Kelaiying’s small-molecule capacity idle so severely now?

Answer: Respected investors, hello! The company’s small-molecule business currently maintains an overall steady position. In terms of small-molecule capacity utilization: the TJ3 facility area is operating at high utilization. The new capacity expansion planned last year will be put into use in 2026 Q2, which can effectively alleviate the tightness in PI capacity. The Northeast facility mainly produces intermediates, and its capacity utilization rate is at a normal level. The small-molecule capacity has strong universality and also has some room for scheduling. Thank you for your attention!

II. Company’s implementation status of its market value management system for 2025

In order to effectively promote the improvement of investment value of listed companies, enhance investor returns, and safeguard the legitimate rights and interests of the company, investors, and other stakeholders, the company actively responded to and implemented regulatory requirements. In light of the company’s own circumstances, on March 28, 2025, the company deliberated and approved the proposal titled “On Formulating the ‘Market Value Management System’.” This system clearly specifies that the company shall focus on its main business, continuously improve operating efficiency and profitability. At the same time, based on its own actual situation, the company will enhance its investment value and strengthen investor confidence by improving its investment value through legally compliant ways such as merger and reorganization, equity incentives and employee stock ownership plans, cash dividends, investor relationship management, information disclosure, share repurchases, and other compliant measures. The company will drive the improvement of its investment value. In 2025, the company advanced multiple measures; the specific implementation status is as follows:

1. Focus on the main business, deepen cultivation, and continuously promote high-quality development

In 2025, against the backdrop of the pharmaceutical industry bottoming out and rebounding, the company continued to strengthen market expansion efforts by aligning with the positive signals shown by changes in the pharmaceutical industry. In particular, it focused on incremental business segments such as polypeptides, oligonucleotides, and ADC, laying a solid foundation for the company’s future ongoing steady growth in performance. Faced with uncertainty in global trade and policies, the company further deepened the construction of overseas commercialization capacity, balancing the implementation of its global development strategy with operational cost control. For specific details, please refer to the relevant sections of the company’s disclosed 2025 annual report.

2. Continuously improve the quality of information disclosure and further strengthen corporate governance.

Based on updates to regulatory rules, the company steadily advanced revisions to its various governance systems, and built a governance structure with clear responsibilities and efficient operations. The company continued to standardize the operating mechanisms of the shareholders’ meeting and the board of directors, continuously strengthening the foundation of corporate governance. During the reporting period, the company received an A-rated evaluation from the Shenzhen Stock Exchange for information disclosure, and the governance effectiveness and recognition improved in parallel.

3. Fulfill corporate responsibility and strive for sustainable development with steady steps

The company practices the concept of sustainable development and continuously improves its ESG management system. As a leading enterprise in the CDMO industry, the company actively responds to the United Nations Sustainable Development Goals (“SDGs”), continuously promotes ESG management and practices, and contributes strength to building a greener and healthier future, helping achieve sustainable development goals.

4. Improve long-term incentive mechanisms to mobilize the team’s enthusiasm

As a technology-driven enterprise, the company, to attract and retain excellent talent and fully mobilize the enthusiasm of its core teams, implemented equity incentive plans for restricted shares simultaneously in both the A-share and H-share markets in 2025. These plans effectively combine shareholders’ interests, the company’s interests, and the personal interests of the core team members, thereby better rewarding the broad investors with improved operating performance.

5. Optimize investor relationship management and effectively safeguard the shareholder return mechanism.

The company builds diversified communication channels, enabling regular and effective communication with investors through performance briefings, investor research, and platforms such as Donghu Yi, etc. It further deepens positive interactions with mainstream media. It implements investor return obligations in a solid manner: during 2025, it completed the 2024 distribution of shareholders’ rights and interests, with total cash dividends of approximately RMB 395 million. At the same time, it formulated the 2025 profit distribution proposal, proposing to pay all shareholders cash dividends of RMB 13 per 10 shares (including tax), not to send bonus shares, and not to convert capital reserve funds into share capital. It effectively rewards the broad base of shareholders.

Looking ahead, the company will continue to enhance its core competitiveness, further strengthen corporate governance, improve the quality of information disclosure, continuously place importance on shareholder returns, earnestly fulfill the responsibilities and obligations of a listed company, and continue to implement in depth the “quality improvement and value enhancement” action plan.

Kelaiying (002821) principal business: It is a globally leading, technology-driven pharmaceutical outsourcing one-stop comprehensive service provider. By providing one-stop services across the entire drug lifecycle for pharmaceutical companies and biotechnology companies at home and abroad, along with efficient and high-quality products and services, it can accelerate clinical research and commercialization applications of innovative drugs, and reduce research and production costs of innovative drugs.

Kelaiying’s 2025 annual report shows that for the year, the company’s main operating revenue was RMB 6.67 billion, up 14.91% year-on-year. Its net profit attributable to shareholders was RMB 1.13B, up 19.35% year-on-year. Its non-recurring profit and loss adjusted net profit was RMB 1.04B, up 22.01% year-on-year. In particular, in Q4 2025, the company’s single-quarter main operating revenue was RMB 2.04 billion, up 22.59% year-on-year; single-quarter net profit attributable to shareholders was RMB 332 million, up 39.27% year-on-year; single-quarter non-recurring profit and loss adjusted net profit was RMB 308 million, up 65.74% year-on-year. Its debt-to-liability ratio was 12.98%. Investment income was RMB 89.05 million. Financial expenses were RMB -65.63M. Gross margin was 41.99%.

Over the most recent 90 days, there have been 13 institutions issuing ratings for this stock: 10 gave “Buy” ratings and 3 gave “Increase Holdings” ratings; over the past 90 days, the institutions’ average target price was 139.32.

The following is detailed earnings forecast information:

The above content is organized based on publicly available information for Securities Star and generated by an AI algorithm (Cybersecurity Record No. 310104345710301240019). It does not constitute investment advice.