长江商报消息 ●长江商报记者 沈右荣 中国医药外包（CXO）行业的头部企业?康龙化成（300759.SZ，03759.HK）筹划的收购，引发市场质 疑。 财务承压仍现金收购 康龙化成的现金收购资产公告，惹来争议。 近期，康龙化成公告称，为践行公司的"全流程、一体化、国际化、多疗法"的核心战略，强化技术平台 建设，公司拟收购佰翱得82.54%的股份，交易对价约为13.46亿元。 本次交易存在高溢价。截至2025年9月末，佰翱得总资产约6.72亿元，总负债6317.04万元，净资产约为 6.08亿元。如果以交易对价13.46亿元获得标的公司对应的82.54%股权来计算，标的公司100%股权的估 值约为16.31亿元，较其净资产增值168.21%。 根据此前公告，康龙化成拟出资13.46亿元收购无锡佰翱得生物科学股份有限公司（以下简称"佰翱 得"或"标的公司"）82.54%的股份。 此次收购，康龙化成践行"全流程、一体化、国际化、多疗法"的核心战略，强化技术平台建设。 康龙化成主营提供药物研究、开发与生产及临床全流程的一体化服务，在业内具有一定的市场地位。 康龙化成的本次收购，引发市场关注的是关联交易。如果本次交易 ...

1、港股通最新日占比增持榜（前20名） | 公司名称 | 占比值变动 | 最新持股比例 | | --- | --- | --- | | 恆生中国企业(02828) | +6.14% | 6.97% | | 盈富基金(02800) | +4.94% | 7.09% | | 南方恆生科技(03033) | +1.25% | 63.41% | | 长飞光纤光缆(06869) | +1.18% | 60.26% | | 中国中免(01880) | +0.97% | 40.40% | | 南方港美科技(03442) | +0.95% | 24.99% | | 迈富时(02556) | +0.67% | 21.34% | | 北京北辰实业股份(00588) | +0.65% | 42.22% | | 广和通(00638) | +0.59% | 2.36% | | 安井食品(02648) | +0.39% | 37.59% | | 南方东西精选(03441) | +0.38% | 9.85% | | 佑驾创新(02431) | +0.37% | 3.52% | | 寧德时代(03750) | +0.36% | 3.96% ...

长江商报消息 ●长江商报记者 沈右荣 中国医药外包（CXO）行业的头部企业?康龙化成（300759.SZ，03759.HK）筹划的收购，引发市场质 疑。 根据此前公告，康龙化成拟出资13.46亿元收购无锡佰翱得生物科学股份有限公司（以下简称"佰翱 得"或"标的公司"）82.54%的股份。 此次收购，康龙化成践行"全流程、一体化、国际化、多疗法"的核心战略，强化技术平台建设。 康龙化成主营提供药物研究、开发与生产及临床全流程的一体化服务，在业内具有一定的市场地位。 康龙化成的本次收购，引发市场关注的是关联交易。如果本次交易完成，公司关联方将套现约5亿元。 本次收购采用现金支付，而康龙化成财务承压。截至2025年9月末，公司有息负债约60亿元，前三季度 财务费用1.53亿元。 2025年前三季度，康龙化成实现营业收入100.86亿元，创新高，但归母净利润同比下降19.76%。 二级市场上，11月24日，康龙化成的收盘价为29元/股，较2021年8月5日的巅峰下跌了逾70%。 财务承压仍现金收购 康龙化成的现金收购资产公告，惹来争议。 近期，康龙化成公告称，为践行公司的"全流程、一体化、国际化、多疗法"的核心战略， ...

（文章来源：每日经济新闻） 每经AI快讯，CRO概念股集体回暖。截至发稿，泰格医药(03347.HK)涨9.19%，报39.92港元；药明康德 (02359.HK)涨4.43%，报106港元；康龙化成(03759.HK)涨4.15%，报21.58港元；药明生物(02269.HK)涨 3.27%，报31.56港元。 ...

从整体来看，当前创新药产业正迎来政策推动、需求爆发的双重利好，二者正共同激活新药研发需求， 并进一步传导至产业链上游的CXO板块。 智通财经APP获悉，创新药领域呈现三大趋势：国际化2.0纵深发展，2025年license-out交易数达103个、 首付款84.5亿美元创历史新高，自主出海企业享受估值溢价；政策支持力度空前，医保谈判效率提升并 首次设立商保创新药目录；技术驱动持续突破，ADC、IO双抗、GLP-1减重、小核酸药物多点开花。 招银国际认为，资本市场融资活动恢复，创新药出海交易规模扩张，国内创新药研发需求回暖，加上美 国进入降息周期，CXO企业下半年业绩表现有望复苏，招银国际预期已授权的创新药管线在海外的临 床发展可成为创新药板块最重要催化剂。 Wind资讯数据显示，在A股CXO板块29家上市公司中，有20家公司实现前三季度营收同比增长。 中信建投证券发布研究报告称，创新药领域呈现三大趋势：国际化2.0纵深发展，2025年license-out交易 数达103个、首付款84.5亿美元创历史新高，自主出海企业享受估值溢价；政策支持力度空前，医保谈 判效率提升并首次设立商保创新药目录；技术驱动持续突破 ...

Core Viewpoint - The acquisition of 82.54% of Wuxi Baiaode Biological Science Co., Ltd. by Kanglong Chemical for 1.346 billion yuan is a related party transaction, with the valuation of Wuxi Baiaode set at 1.63 billion yuan, reflecting a significant discount compared to its previous valuations [3][4][12]. Group 1: Acquisition Details - Kanglong Chemical plans to fund the acquisition through bank loans (at least 50%) and some of its own funds [4]. - The valuation of Wuxi Baiaode has decreased by 41.6% from its 2023 post-investment valuation of approximately 2.57 billion yuan to 1.5 billion yuan [4]. - The price-to-earnings ratio for the acquisition valuation is 26, which is considered reasonable compared to industry averages [4][5]. Group 2: Shareholder Structure and Returns - The existing shareholders of Wuxi Baiaode include controlling shareholders, management team shareholders, and other financial investors, with the controlling shareholders holding approximately 47.22% of the shares [5]. - The investment returns for related parties involved in the acquisition are substantial, with Kang Junningyuan achieving a return rate of 151%, Kang Junzhongyuan at 58.57%, and Yufeng Investment at 38.17% [6][7][9]. Group 3: Company Performance and Future Outlook - Wuxi Baiaode has maintained steady performance, with revenues of 241 million yuan and 200 million yuan for 2024 and the first nine months of 2025, respectively [10]. - Kanglong Chemical's revenue for the first three quarters of 2025 was 10.086 billion yuan, showing a year-on-year growth of 14.38% [13]. - The acquisition aims to enhance Kanglong Chemical's capabilities in early antibody discovery and optimization, integrating Wuxi Baiaode's strengths in structural biology and drug discovery services [12].

Group 1 - CRO concept stocks collectively declined, with Kingsray Biotechnology down 6.05% at HKD 14.92, Kanglong Chemical down 4.67% at HKD 20.8, Viatris down 4.57% at HKD 1.88, and Tigermed down 3.71% at HKD 36.9 [1] - The U.S. non-farm payroll data for September exceeded expectations, leading to a reduced likelihood of a Federal Reserve rate cut in December [1] - Zhongtai Securities anticipates that while there may be fluctuations in overseas CPI data, there is a gradual shift towards a rate cut cycle in 2024, which could improve investment and financing expectations [1] Group 2 - Some companies have already seen a recovery in orders, indicating potential valuation recovery opportunities for overseas CRO/CDMO and domestic preclinical CRO sectors [1] - The CRO sector has been significantly impacted by domestic and international investment and financing environments, but with the gradual implementation of domestic policies, a recovery in the sector is expected [1] - Continuous focus on clinical CRO investment opportunities is recommended as the sector shows signs of gradual recovery [1]

Core Viewpoint - The CRO sector has experienced a collective decline in stock prices, influenced by recent economic data and expectations regarding interest rate changes in the U.S. [1] Group 1: Stock Performance - King’s Ray Biotechnology (01548) fell by 6.05%, trading at 14.92 HKD - Kanglong Chemical (03759) decreased by 4.67%, trading at 20.8 HKD - Via Biotechnology (01873) dropped by 4.57%, trading at 1.88 HKD - Tigermed (03347) declined by 3.71%, trading at 36.9 HKD [1] Group 2: Economic Context - The U.S. non-farm payroll data for September exceeded expectations, leading to a reduced likelihood of interest rate cuts by the Federal Reserve in December - Despite fluctuations in overseas CPI data, there is an expectation for a gradual shift towards interest rate cuts starting in 2024, which may improve investment and financing conditions [1] Group 3: Future Outlook - Zhongtai Securities anticipates that the CRO/CDMO sector may see a valuation recovery due to improving external demand and some companies already observing order recovery - The CRO sector has been significantly affected by domestic and international investment environments, but with the gradual implementation of domestic policies, a recovery in the sector is expected, particularly in clinical CRO investment opportunities [1]

Core Viewpoint - The CRO sector experienced a collective decline in stock prices, influenced by recent economic data and expectations regarding interest rate changes in the U.S. [1] Group 1: Stock Performance - King’s Ray Biotechnology (01548) fell by 6.05%, trading at 14.92 HKD [1] - Kanglong Chemical (300759) decreased by 4.67%, trading at 20.8 HKD [1] - Via Biotechnology (01873) dropped by 4.57%, trading at 1.88 HKD [1] - Tigermed (300347) declined by 3.71%, trading at 36.9 HKD [1] Group 2: Economic Context - The U.S. non-farm payroll data for September exceeded expectations, leading to a reduced likelihood of interest rate cuts by the Federal Reserve in December [1] - Despite fluctuations in overseas CPI data, there is an expectation for a gradual shift towards interest rate cuts starting in 2024, which may improve investment and financing conditions [1] Group 3: Industry Outlook - Zhongtai Securities (600918) anticipates a recovery in external demand for CRO/CDMO services and domestic preclinical CROs, suggesting potential valuation recovery opportunities [1] - The CRO sector has been significantly impacted by domestic and international financing environments, but with the gradual implementation of domestic policies, a recovery in the sector is expected [1] - Continuous focus on investment opportunities in clinical CROs is recommended as the sector shows signs of recovery [1]

Core Viewpoint - The domestic R&D demand is showing marginal improvement, driven by the overseas expansion of innovative drugs, leading to a recovery in R&D orders and stabilization of industry prices after a decline in 2023. The CRO sector is expected to see better performance growth by 2026, while the CDMO industry has also reached a bottom and is poised for continued strong growth due to robust demand for new molecules and new orders [1][2][3]. CRO Sector - The domestic R&D demand is recovering, with an increase in orders and stabilization of prices, indicating a clear upward trend for CRO companies. Clinical CROs like Tigermed, Nossan, and Prasis are expected to see revenue growth turning positive by 2025, with significant contributions from overseas business [2][3]. - The recognition of domestic CRO clinical data is improving, which is beneficial for companies like Tigermed [2]. CDMO Sector - The CDMO sector has seen a recovery in performance, with new orders continuing to improve quarterly. The global demand for innovative drug R&D is driving growth in new orders and backlog [3]. - The industry is benefiting from increased capacity utilization and profitability, with a strong certainty of performance and profit growth expected to continue into 2026 [3]. Life Sciences Sector - The life sciences upstream sector is experiencing a dual drive from domestic substitution and overseas expansion, with urgent demand for domestic alternatives in areas like cell culture media and biological reagents. Companies are expected to capture market share through new product categories and cost-effective offerings [4]. - The demand for specific segments such as drug efficacy, antibodies, and proteins is increasing, indicating a clear long-term growth logic for the industry [4]. API Sector - The raw material pharmaceutical industry is currently in a phase of price bottoming and supply surplus, with traditional product performance under pressure. However, companies are extending their business into generics, innovative drugs, and specialty APIs, which may lead to value reconstruction through business structure optimization [5]. - The valuation of raw material pharmaceutical companies is at a low point, presenting opportunities based on changes in new business layouts [5]. Investment Recommendations - For clinical and preclinical CROs, companies like Tigermed, Nossan, and Yinos are recommended due to the gradual recovery of the industry and expected improvement in order structure [6]. - In the CDMO sector, companies such as WuXi AppTec, WuXi Biologics, and others with strong fundamentals and capacity advantages are highlighted for their potential benefits from industry recovery and high demand for new molecules [6]. - In the life sciences upstream sector, companies like Baitai Biotechnology and others are recommended due to accelerated domestic substitution and strong overseas growth [6]. - Companies like Pro Pharma and Huahai Pharmaceutical are noted for their new business layouts that are expected to contribute significant value increments [6].