Market Overview - The Hong Kong stock market indices collectively declined, with the Hang Seng Index stopping a three-day rise, closing down 0.48% at 23,792.54 points, with a total turnover of HKD 235.62 billion [1] - The Hang Seng China Enterprises Index fell 0.63% to 8,629.75 points, and the Hang Seng Tech Index also dropped 0.63% to 5,286.52 points [1] - For the week, the Hang Seng Index rose 2.16%, the China Enterprises Index increased by 2.34%, and the Tech Index gained 2.25% [1] Blue Chip Performance - Kuaishou-W (01024) continued its upward trend, rising 8.44% to HKD 59.1, contributing 22.8 points to the Hang Seng Index [2] - The annualized revenue run rate for Kuaishou's AI product exceeded USD 100 million as of March, with monthly payments surpassing RMB 100 million in April and May [2] - Other blue-chip stocks included CSPC Pharmaceutical Group (01093) up 12.72%, Hansoh Pharmaceutical (03692) up 2.84%, while SMIC (00981) fell 4.85% and Trip.com Group (09961) dropped 3.31% [2] Sector Highlights - Large tech stocks generally declined, with Xiaomi down over 2% and Alibaba down over 1%, while Kuaishou rose over 8% [3] - Precious metals saw gains, with China Silver Group rising 26% and silver prices reaching a 13-year high, driven by industrial demand [3] - The innovative drug sector saw gains, with CSPC Pharmaceutical up 12.72% and other biotech firms also performing well, indicating a positive outlook for the sector [4] Stablecoin Sector - The stablecoin sector experienced a pullback after Circle's successful NYSE listing, with China Everbright Holdings (00165) dropping 17.2% [5] - The Hong Kong government announced the implementation of the Stablecoin Regulation on August 1, 2025, which aims to reshape the regulatory framework for stablecoins [6] Automotive Sector - Automotive stocks declined, with XPeng Motors (09868) down 1.77% and Great Wall Motors (02333) down 1.76% [6] - Concerns over a price war in the automotive industry were raised, with profit margins for the sector declining [6] Notable Stocks - WanGuo Gold Group (03939) reached a new high, rising 11.73% to HKD 30, supported by positive mining contracts [7] - Xinyi Energy (03868) increased by 7.07% as it submitted listing materials for a solar power infrastructure REIT in China [8] - Juzhibio (02367) faced pressure, down 3.04%, amid ongoing controversies regarding its product composition [9]

| 代码 名称 | 现价 | 涨跌 涨幅↓ | | --- | --- | --- | | 300255 常山药业 | 13.78 | +2.30 +20.03% | | 300363 博腾股份 | 29.64 | +4.18 +16.42% | | 002038 双鹭药业 | 11.74 | +1.07 +10.03% | | 000813 德展健康 | 4.54 | +0.41 +9.93% | | 688166 博瑞医药 | 29.39 | +2.29 +8.45% | | 688076 诺泰牛物 | 39.66 | +2.97 +8.09% | | 301393 吴帆生物 | 78.79 | +4.59 +6.19% | | 600721 百花医药 | 8.47 | +0.47 +5.88% | | 605116 奥锐特 | 23.01 | +1.20 +5.50% | | 301092 争光股份 | 32.62 | +1.24 =+1.95% | 自9月8日以来，医药各细分板块进入稳步上行阶段，其中涨幅最大的减肥药板块，14个交易日内涨超 22%。 今日，医药板块情绪格外高涨。 A股方面，CRO概念 ...

Core Insights - Synthetic biology is at a pivotal growth point in China, attracting significant attention from global investors due to its unique innovation potential and broad application prospects [1] - The Chinese synthetic biology market comprises 116 listed companies, including technology platform providers, CXO companies offering biosynthesis solutions, and chemical and pharmaceutical companies seeking transformation [1] - The industry showcases a mix of established players with decades of experience and newly founded companies, highlighting the vast development potential and imagination space behind synthetic biology [1] Industry Overview - Enabling technology companies in synthetic biology are experiencing rapid growth, leveraging cutting-edge technologies such as gene editing, gene synthesis, gene sequencing, big data, and machine learning [1] - Current enabling technologies are still in their early stages, with high technical barriers, leading companies to pursue collaborations with universities, research institutions, and other enterprises to advance R&D [1] Leading Companies - BGI Genomics and Berry Genomics are recognized as leaders among enabling technology companies in China's synthetic biology sector [2] - BGI Genomics focuses on gene sequencing instruments, laboratory automation, and new business areas, enhancing its global influence in precision medicine and health [3] - Berry Genomics, a leader in gene sequencing, offers services in reproductive health, genetic disease detection, and tumor detection, supported by proprietary technologies like PCR-free methods [6] Platform Companies - Synthetic biology platform companies primarily provide services related to process improvement and enzyme engineering, with few achieving the functionality of cell factories [9] - Kingfisher Biotech is a prominent global gene supplier, evolving into a leading provider of research and production services with a strong reputation in life sciences [11] - Yikole Biotech specializes in synthetic biology technology, focusing on biomanufacturing and possessing a vast library of over 20,000 enzymes [13][16] Emerging Trends - The Chinese synthetic biology sector is witnessing a surge in investment opportunities driven by policy guidance and market demand, with companies increasing their focus on technological innovation and R&D [22] - Key application areas include biopharmaceutical raw materials, bio-based materials, and the development of cell and gene therapy drugs, supported by integrated R&D and production capabilities [16][20]

Core Viewpoint - The CSI Hong Kong Stock Connect Medical Theme Index has shown significant growth, with a 14.60% increase over the past month and a 17.07% increase year-to-date, reflecting strong performance in the medical sector within the Hong Kong stock market [1][2]. Group 1: Index Performance - The CSI Hong Kong Stock Connect Medical Theme Index rose by 0.59% to 787.2 points, with a trading volume of 16.351 billion yuan [1]. - The index has increased by 10.23% over the past three months [1]. Group 2: Index Composition - The index comprises 50 listed companies involved in medical devices, medical services, pharmaceuticals, and biotechnology [1]. - The top ten weighted stocks in the index include WuXi Biologics (16.41%), JD Health (10.86%), and Alibaba Health (7.38%) [1]. Group 3: Sector Allocation - The sector allocation of the index shows that medical services and commercial services account for 34.97%, while pharmaceuticals and biotechnology services account for 31.72% [2]. - Medical devices represent 12.28%, chemical drugs 10.50%, biological drugs 10.12%, and traditional Chinese medicine 0.42% of the index [2]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2].

Group 1 - The company, King’s Ray Biotechnology, announced a share transfer agreement to acquire 300 million shares of Probio Cayman Class A preferred shares for approximately $225 million (around HKD 1.7 billion) [1] - Following the transaction, the company's direct and indirect ownership in Probio Cayman will increase from 71.72% to 85.09% [1] - Probio Cayman will continue to be an indirect non-wholly owned subsidiary of the company after the completion of the transaction [1] Group 2 - Probio Cayman and its subsidiaries provide comprehensive Contract Development and Manufacturing Organization (CDMO) services in the biotechnology and pharmaceutical sectors, including antibody drug discovery and clinical development [2] - The company has established Probio Cayman as a leading CDMO service provider, empowering innovators in antibody development, protein therapy, cell therapy, and gene therapy [2] - Probio Cayman is expected to generate cash inflows from a licensing agreement with Lixin Pharmaceutical Technology Co., Ltd. regarding the PD-1 VHH antibody, which will further enhance its future development prospects [2]

Core Insights - The global and US innovative drug VC&PE financing amounts are expected to grow by 1.93% and 5.29% respectively in 2024, indicating a recovery in the innovative drug financing environment [1] - The demand for research and development in fields such as peptides and ADCs is strong, leading to an increase in outsourcing needs in these areas [1][2] Macro Perspective - The global innovative drug financing environment is recovering, with significant growth in the demand for innovative research in specific fields like peptides and ADCs, which is expected to enhance the CXO industry's outlook [1] - According to Crunchbase, the VC&PE financing for innovative drugs in 2024 shows positive growth, marking an improvement in the financing environment [1] Micro Perspective - CXO listed companies are seeing a recovery in new orders, with many companies like WuXi AppTec, WuXi Biologics, and others reporting a year-on-year increase of over 20% in new orders [3] - The production capacity of domestic CXO companies is mature, ensuring timely delivery of orders, which is expected to lead to double-digit revenue growth for several companies in 2025 [3] Target Companies - Recommended companies to watch include WuXi AppTec (603259.SH, 02359), WuXi Biologics (02269), WuXi AppTec (02268), Kelun Pharmaceutical (002821.SZ, 06821), and others [4]

4月27日，副省长方伟赴镇江检查安全生产工作。省政府副秘书长徐华勤参加检查。市委常委、常 务副市长张克陪同检查。 在江苏金斯瑞生物科技有限公司，方伟深入企业生产和研发一线，详细了解企业安全管理体系建设 和安全生产责任制落实情况。得知企业建立了EHS基本安全准则，成立了安全生产委员会，配备专职安 全管理机构EHS部门，方伟给予肯定。他指出，生物科技行业技术密集、工艺复杂，安全风险点多、管 理要求高，企业必须树牢底线思维，强化安全管理，持续完善安全生产各项制度，提升本质安全水平， 切实将安全责任落实到每一个岗位、每一名员工。 随后，方伟来到镇江信缘康米山颐养院，实地检查消防控制室、消防设施设备运行状况以及疏散通 道设置情况，仔细询问火灾防控、应急预案制定、日常巡查制度和员工安全培训等工作落实情况。在认 真听取养老机构负责人介绍后，方伟指出，养老机构入住人员多为高龄老人，行动不便、应急反应能力 弱，消防安全责任重大。要深刻吸取近期各地火灾事故教训，进一步压实安全管理责任，全面开展风险 隐患排查整治，完善应急处置预案，加强员工技能培训和演练，做到早发现、早处置，确保遇到突发情 况能够及时组织有效应对，切实守护入住老人 ...

Group 1 - The core index, the CESHKB, closed flat with a trading volume of 0.0 billion, reflecting a recent decline of 6.54% over the past month, but an increase of 26.60% over the last three months and a year-to-date rise of 21.09% [1] - The CESHKB index is compiled by China Securities Index Co., Ltd. under the commission of China Securities Trading Service Co., Ltd., aiming to reflect the overall performance of biotechnology companies listed in Hong Kong [1] - The base date for the index is December 12, 2014, with a base point of 2000.0 [1] Group 2 - The top ten holdings of the CESHKB index include: CanSino Biologics (11.12%), Innovent Biologics (10.75%), BeiGene (10.09%), WuXi Biologics (9.6%), China National Pharmaceutical Group (9.38%), Zai Lab (5.61%), 3SBio (5.2%), WuXi AppTec (4.56%), Kelun-Biotech (4.25%), and Genscript Biotech (3.54%) [1] - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange, with the biotechnology sector representing 60.67%, pharmaceutical and biotechnology services at 22.64%, chemical drugs at 13.14%, and medical devices at 3.55% [2]

Company Overview - The company operates in over 100 countries and regions, with a professional team of approximately 5,568 members as of December 31, 2024[8]. - The company serves over 225,100 customers from more than 100 countries, impacting various fields such as vaccine development and diagnostics[94]. - The company was established as an exempted limited company in the Cayman Islands on May 21, 2015, and its shares were listed on the main board of the Stock Exchange on December 30, 2015[145]. Financial Performance - The group's revenue from continuing operations for the reporting period was approximately $594.5 million, representing a 6.1% increase from approximately $560.5 million in the previous year[17]. - The adjusted net profit for the group during the reporting period was approximately $59.8 million, an increase of 2.9% compared to approximately $58.1 million in the previous period[16]. - The gross profit for the group during the reporting period was approximately $272.1 million, remaining stable compared to the previous period[17]. - The group reported a profit of approximately $2.9 billion during the reporting period, compared to a loss of approximately $355.1 million in the previous period[17]. - The revenue from the cell therapy business contributed approximately $3.2 billion, significantly boosting the group's profit growth during the reporting period[16]. - The total assets of the group increased to approximately $4.32 billion in the fiscal year 2024, up from $2.04 billion in the previous year[19]. - The cash and cash equivalents decreased to approximately $131.99 million in fiscal year 2024, down from $1.45 billion in the previous year[19]. - The company achieved a profit attributable to owners of approximately $3 billion, compared to a loss of $95.5 million in the previous period[32]. Revenue Breakdown - Revenue from the United States, Mainland China, Europe, Asia-Pacific (excluding Mainland China), and other regions for the year ended December 31, 2024, was approximately $265.1 million, $176.9 million, $80.9 million, $53.1 million, and $18.5 million, respectively, accounting for 44.6%, 29.8%, 13.6%, 8.9%, and 3.1% of total revenue[10]. - External revenue from life sciences services and products accounted for 75.8% of total revenue, while biopharmaceutical development services and industrial synthetic biology products contributed 14.8% and 9.0%, respectively[32]. - Life Sciences segment revenue reached approximately $454.9 million, a 10.2% increase from $412.9 million in the previous year[35]. - The TurboCHO® cell expression platform saw over 100% sales growth compared to the previous year[20]. Operational Highlights - The life sciences services and products platform continues to provide stable revenue, covering gene synthesis, oligonucleotide synthesis, peptide synthesis, protein production, antibody development, and life science equipment and consumables[4]. - The CDMO platform, known as Probio, empowers global biopharmaceutical innovation by providing seamless end-to-end solutions, enhancing project success rates and reducing development time[8]. - The industrial synthetic products platform, known as Basij, utilizes advanced protein engineering technology to develop products for the feed, food, grain processing, and household care industries[9]. - The company aims to optimize operational processes and enhance quality and delivery times to improve competitiveness[7]. - The company is focused on establishing strategic collaborations with business partners to build a healthy biotechnology ecosystem[7]. Investments and R&D - The company has made significant investments in cell therapy, which is expected to bring long-term value to the company and its shareholders[7]. - The company has made significant investments in R&D and talent development, which may not yield immediate profit growth but are expected to create long-term value[21]. - The company plans to invest in R&D for antibody drug development and AI drug development to accelerate innovation[36]. - The company is focused on enzyme product business growth through innovation and process optimization[42]. Employee and Management Structure - As of December 31, 2024, the total number of employees in the group is 5,568, with 53.6% in production, 11.2% in sales and marketing, 13.2% in administration, 8.8% in R&D, and 13.2% in management[102]. - The company has implemented continuous education and training programs for employees to enhance their skills and knowledge[102]. - The board of directors currently consists of 12 members, including 4 executive directors, 1 non-executive director, and 7 independent non-executive directors[105]. Strategic Initiatives - The company plans to expand its market penetration in North America and Europe by acquiring new customers in advanced therapy fields[39]. - The company is focused on expanding its product portfolio and enhancing operational efficiency through digital transformation and lean management[96]. - The company is actively pursuing new strategies in market expansion and product development to enhance its competitive position[124]. - The company aims to strengthen its position in the life sciences sector through strategic partnerships and investments in innovative technologies[125]. Governance and Compliance - The company has established a robust governance structure with various committees, including audit and compensation committees, to oversee operations[119]. - The company has adopted various share option and restricted share award plans to incentivize employees and selected participants for their contributions[101]. - The board's composition aims to improve oversight in areas such as data security and geopolitical resilience, aligning with current market trends[132]. Shareholder Information - The board of directors did not recommend the distribution of a final dividend for the year ending December 31, 2024, to retain resources for business development[148]. - The company has not reported any distributable reserves as of December 31, 2024[155]. - The company has authorized a maximum of 212,768,651 shares for issuance under the share option and incentive plans, representing 10% of the total shares issued as of the 2024 annual general meeting date[171].

Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Views - Kingsray Biotechnology (1548.HK) reported a significant profit increase, with net profit reaching $2.961 billion in 2024, primarily due to the gain from the demerger of its cell therapy business [7][8]. - The company’s revenue for 2024 was $594.49 million, reflecting a 29.19% decline, but is expected to rebound with a projected revenue of $937.21 million in 2025, representing a 57.65% growth [2][9]. - The life sciences segment showed steady growth, with external revenue of approximately $450 million in 2024, up 10.2%, driven by platform upgrades and operational efficiency improvements [7][8]. Financial Summary - **Revenue Forecast**: Expected revenues for 2025, 2026, and 2027 are $937.21 million, $829.90 million, and $981.93 million respectively [2][9]. - **Net Profit Forecast**: Projected net profits for the same years are $309.95 million, $130.72 million, and $208.01 million [2][9]. - **Earnings Per Share (EPS)**: EPS is expected to decline from $1.37 in 2024 to $0.14 in 2025, before recovering to $0.10 in 2027 [2][9]. - **Return on Equity (ROE)**: ROE is projected to decrease significantly from 68.54% in 2024 to 6.69% in 2025, before gradually increasing to 4.19% in 2027 [2][9]. Business Segments - **Life Sciences Services and Products**: Revenue is expected to grow at rates of 15%, 20%, and 20% from 2025 to 2027, with stable pricing and improving gross margins [8][9]. - **Biologics Development Services**: Anticipated revenue growth of 20% in 2025, followed by 10% in the subsequent years, with a focus on expanding market penetration in North America and Europe [8][9]. - **Industrial Synthetic Biology Products**: Expected to see revenue growth of 25% in 2025, driven by new product launches and a focus on large clients [8][9].