证券代码：300759 证券简称：康龙化成 公告编号：2025-072 2、股东减持股份情况 股东名称 减持方式 减持期间 减持均价（元 /股） 减持价格区 间（元/股） 减持股数 （股） 减持比例 （%） 康龙化成（北京）新药技术股份有限公司 关于持股 5%以上股东减持计划实施完成的公告 公司持股 5%以上股东深圳市信中康成投资合伙企业（有限合伙）及其一致行 动人深圳市信中龙成投资合伙企业（有限合伙）保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 康龙化成（北京）新药技术股份有限公司（以下简称"公司"）于 2025 年 11 月 14 日在巨潮资讯网（www.cninfo.com.cn）披露了《关于持股 5%以上股东 减持股份的预披露公告》（公告编号：2025-064）。公司持股 5%以上股东深圳 市信中康成投资合伙企业（有限合伙）（以下简称"信中康成"）计划自该公告 披露之日起 15 个交易日后（2025 年 12 月 8 日）的 3 个月内以集中竞价、大宗 交易等深圳证券交易所认可的合法方式减持公司股 ...

证券代码：300759 证券简称：康龙化成 公告编号：2025-071 康龙化成（北京）新药技术股份有限公司 2、本次股份解除质押基本情况 | 股 东 | 是否为控 股股东或 | 质押数量 | 占其所 | 占公司 | 是否 | 是否 为补 | 质押起 | 原质押 | 延期购 | 质权 | 质押用 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名 称 | 第一大股 东及其一 | （股） | 持股份 比例 | 总股本 比例 | 为限 售股 | 充质 押 | 始日 | 到期日 | 回后质 押到期 日 | 人 | 途 | | | 致行动人 | | | | | | | | | | | | 龙 泰 | 实际控制 人的一致 | 4,580,000 | 11.41% | 0.26% | 否 | 否 | 年 2024 月 12 25 日 | 年 2025 月 12 25 日 | 2026 年 12 月 25 日 | 中信 证券 股份 | 置换存 量金融 机构融 | | 康 | 行动人 | 8,200,000 | 20. ...

Group 1 - The core transaction on December 23 involved a block trade of 1.5 million shares of Kanglong Chemical, with a transaction value of 42.825 million yuan, at a price of 28.55 yuan, reflecting a discount of 0.90% compared to the closing price of the day [1][3] - In the last three months, Kanglong Chemical has recorded a total of 8 block trades, amounting to 226 million yuan [2] - The closing price of Kanglong Chemical on the day of the transaction was 28.81 yuan, with a daily turnover rate of 0.96% and a total trading volume of 394 million yuan, indicating a net outflow of 28.5335 million yuan in main funds for the day [2] Group 2 - The latest margin financing balance for Kanglong Chemical is 1.118 billion yuan, with an increase of 16.7614 million yuan over the past five days, representing a growth rate of 1.52% [3] - Kanglong Chemical (Beijing) New Drug Technology Co., Ltd. was established on July 1, 2004, with a registered capital of 1.778 billion yuan [3]

两融数据显示，该股最新融资余额为10.93亿元，近5日增加2938.29万元，增幅为2.76%。 据天眼查APP显示，康龙化成(北京)新药技术股份有限公司成立于2004年07月01日，注册资本 177819.5525万人民币。（数据宝） 康龙化成12月22日大宗交易平台出现一笔成交，成交量150.00万股，成交金额4312.50万元，大宗交易成 交价为28.75元，相对今日收盘价折价0.90%。该笔交易的买方营业部为机构专用，卖方营业部为中信证 券华南股份有限公司广州万博证券营业部。 进一步统计，近3个月内该股累计发生7笔大宗交易，合计成交金额为1.83亿元。 证券时报·数据宝统计显示，康龙化成今日收盘价为29.01元，下跌1.46%，日换手率为1.43%，成交额为 5.92亿元，全天主力资金净流入975.79万元，近5日该股累计上涨0.55%，近5日资金合计净流入95.00万 元。 12月22日康龙化成大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元 ...

| 权益类证券大宗交易(协议交易) | | | | | | | 团 下载 | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | 2025-12-22 | 300759 | 康龙化成 | 28.75 | 150.00 | 4,312.凯构专用 | | 中信证券华南股份 | | | | | | | | | 有限公司广州万博 | | | | | | | | | 证券营业部 | 12月22日，康龙化成大宗交易成交150万股，成交额4312.5万元，占当日总成交额的6.79%，成交价 28.75元，较市场收盘价29.01元折价0.9%。 ...

Group 1 - The CRO sector is under pressure, with notable declines in stock prices: Kanglong Chemical down 4.32% to HKD 21.24, Zhaoyan New Drug down 3.29% to HKD 21.16, Kylin Pharmaceutical down 2.31% to HKD 78.15, and Weiya Bio down 1.98% to HKD 1.98 [1] - The revised U.S. Biodefense Act was passed in the Senate with a vote of 77 to 20 and is set to be signed into law by the President, marking a significant legislative step [1] - The Biodefense Act has been a key factor in suppressing the valuation of the CXO sector over the past two years, but the final version is considered relatively moderate compared to the initial draft, as it does not specifically name companies [1] Group 2 - With the Federal Reserve entering a rate-cutting phase, there is potential for marginal improvement in global biopharmaceutical investment and financing [1] - The implementation of the Biodefense Act is expected to lead to a dual recovery in both performance and valuation for the CXO sector [1]

Group 1 - The CRO sector is under pressure, with notable declines in stock prices: Kanglong Chemical down 4.32% to HKD 21.24, Zhaoyan New Drug down 3.29% to HKD 21.16, Kylin Pharmaceutical down 2.31% to HKD 78.15, and Weiya Bio down 1.98% to HKD 1.98 [1][1][1] - The revised U.S. Biodefense Law, part of the 2026 National Defense Authorization Act (NDAA), has passed the Senate with a vote of 77 to 20 and is expected to be signed by the President, completing the legislative process [1][1][1] - According to Cinda Securities, the Biodefense Law has been a significant factor in suppressing the valuation of the CXO sector over the past two years, but the final version is relatively moderate compared to the initial draft, as it does not specifically name companies [1][1][1] Group 2 - With the Federal Reserve entering a rate-cutting cycle, global biopharmaceutical investment and financing are expected to improve marginally [1][1][1] - The implementation of the Biodefense Law is anticipated to lead to a dual recovery in both performance and valuation for the CXO sector [1][1][1]

Group 1 - CRO concept stocks are under pressure, with notable declines in share prices: Kanglong Chemical down 4.32% to HKD 21.24, Zhaoyan New Drug down 3.29% to HKD 21.16, Kelaiying down 2.31% to HKD 78.15, and Weiya Bio down 1.98% to HKD 1.98 [1] - The revised U.S. Biodefense Law was passed in the Senate with a vote of 77 in favor and 20 against, completing the main legislative process and is set to be signed by the President [1] - According to Xinda Securities, the Biodefense Law has been a significant factor suppressing the valuation of the CXO sector over the past two years, but the final version is relatively mild compared to the initial draft, as it does not name specific companies [1] Group 2 - With the Federal Reserve entering a rate-cutting phase, global biopharmaceutical investment and financing are expected to improve marginally [1] - The implementation of the Biodefense Law is anticipated to lead to a dual recovery in performance and valuation for the CXO sector [1]

Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The biopharmaceutical investment and financing environment has shown significant recovery since the second half of 2025, with a total financing amount of USD 30.32 billion from July to November 2025, representing a year-on-year increase of 30.90% [4] - The number of new drug IND applications stabilized in 2025, with approximately 1,897 applications from January to November, reflecting a year-on-year growth of about 7.91% [4] - The demand for CRO services has shown a clear turning point, and the report continues to recommend opportunities in the innovative drug industry chain (CXO + research services) for 2026 [4] Summary by Sections Industry Performance - The biopharmaceutical sector experienced a decline of 0.14% in the third week of December 2025, outperforming the CSI 300 index by 0.14 percentage points, ranking 22nd among 31 sub-industries [7][14] - The offline pharmacy sector saw the highest increase, rising by 5.59%, while the chemical preparation sector had the largest decline at 2.1% [18][22] Investment Opportunities - The report highlights the strong performance of leading CXO and research service companies, with many exceeding earnings expectations. Companies like WuXi AppTec and Tigermed have raised their earnings guidance for 2025 [5] - The report recommends a valuation switch opportunity for leading CXO and research service companies, given the continuous improvement in demand [5] Clinical Research Organizations (CRO) - There has been a notable improvement in orders for preclinical and clinical CROs, with expectations for significant improvements in financial statements for 2026 [6] - The report anticipates that the market demand will continue to focus on leading companies as the capacity of clinical CROs is expected to be streamlined [6] Monthly and Weekly Recommendations - The report recommends a monthly investment portfolio including companies such as Sanofi, Innovent Biologics, and others, focusing on innovative drug opportunities and valuation switch [8]

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Insights - The report highlights the promising data from CTLA-4 drugs, suggesting potential investment opportunities in related areas [3][5] - The pharmaceutical index experienced a slight decline of 0.14% from December 15 to December 19, 2025, but showed a relative outperformance of 0.14% against the CSI 300 index [5] - The report emphasizes the importance of innovative drugs as a key investment theme for 2026, with a focus on companies that are expected to show clear performance trends and potential reversals in operations [5][41] Summary by Sections 1. CTLA-4 Target - CTLA-4 is identified as a significant immune checkpoint that can inhibit T cell activation, presenting potential value in cancer immunotherapy [8][9] - The CTLA-4 monoclonal antibody Gotistobart shows promising clinical trial results for squamous non-small cell lung cancer (sqNSCLC) patients who are resistant to immunotherapy [14][15] - Gotistobart's innovative mechanism targets Treg cells in the tumor microenvironment, potentially leading to a new paradigm in tumor immunotherapy [20][24] 2. Industry Perspective - The report maintains that innovative drugs should be the main focus for the year, while also considering manufacturing exports and aging-related consumption as relatively undervalued assets [25][41] - The pharmaceutical index has shown a year-to-date increase of 14.49%, with a notable number of stocks experiencing significant gains [25][26] - The report suggests that the Chinese pharmaceutical industry has completed a transition from old to new growth drivers, with innovative drugs opening new growth avenues for companies [41][42] 3. Investment Recommendations - Recommended stocks include innovative drug companies such as Xinyi Tai, Zai Jian Pharmaceutical, and others, as well as companies in the medical device sector [5][45] - The report advises focusing on companies with strong performance trends and those expected to benefit from the aging population and outpatient consumption [42][44] - The report also highlights the potential of AI in the pharmaceutical sector, suggesting that related stocks may perform well in the coming years [42][44]