Investment Rating - The report indicates a positive outlook for the pharmaceutical sector, particularly for innovative drugs and companies expected to reach profitability in 2025 [1][9][15]. Core Insights - The innovative drug sector is anticipated to see significant growth due to the commercialization of core products and contributions from business development (BD) revenues, with companies like BeiGene, Innovent Biologics, and others expected to achieve profitability [1][9]. - The Pharma sub-sector is projected to experience a revenue growth rate of 15-20% in 2025, with notable companies such as Hansoh Pharmaceutical and China Biologic Products leading this growth [2][10]. - The CXO sector is also expected to report strong performance, with companies like WuXi AppTec forecasting substantial revenue and profit increases [3][11]. - The medical services sector is currently valued at historical lows, with a projected revenue growth of 13% for Genscript Biotech, highlighting the importance of monitoring industry changes [4][12]. Summary by Sections Innovative Drugs - Companies expected to achieve profitability in 2025 include BeiGene, Innovent Biologics, and others, driven by increased commercialization and BD revenues [1][9]. Pharma - Revenue growth of 15-20% is expected for leading companies such as Hansoh Pharmaceutical and China Biologic Products, with a significant boost anticipated for 3SBio due to a major BD deal with Pfizer [2][10]. CXO - WuXi AppTec is projected to achieve approximately 454.56 billion RMB in revenue, reflecting a year-on-year growth of about 15.84%, with adjusted net profits expected to rise significantly [3][11]. Medical Services - Genscript Biotech is expected to see a revenue increase of 13% in 2025, emphasizing the need to focus on overseas business expansion and AI integration in traditional medicine [4][12].

Investment Rating - The report maintains a positive outlook on the pharmaceutical sector, indicating an "Overweight" rating for the industry, suggesting it will outperform the overall market [1]. Core Insights - The report highlights that the commercialization of innovative drugs, combined with licensing income, is expected to lead to profitability for several companies in 2025, including BeiGene, Innovent Biologics, and others [1][9]. - The Pharma sub-sector is projected to achieve a revenue growth rate of 15-20% in 2025 for companies like Hansoh Pharmaceutical and China Biologic Products, with a significant revenue increase expected for 3SBio due to a major business development deal with Pfizer [2][10]. - The CXO sector is also expected to show strong performance, with companies like WuXi AppTec forecasting a revenue increase of approximately 15.84% and a net profit growth of about 102.65% in 2025 [3][11]. - In the medical services sector, the report notes that valuations are at historical lows, with a projected revenue growth of 13% for GuoShengTang in 2025, emphasizing the importance of overseas business expansion and AI integration in traditional Chinese medicine [4][12]. Summary by Sections Innovative Drugs - The report anticipates that several innovative drug companies will reach profitability in 2025 due to increased commercialization and business development income [9][15]. Pharma - The Pharma sub-sector is expected to see a revenue growth of 15-20% in 2025 for key players, with 3SBio projected to achieve over 100% growth due to a significant partnership with Pfizer [2][10]. CXO - WuXi AppTec is expected to report a revenue of approximately 454.56 billion RMB in 2025, with a net profit growth of around 102.65% [3][11]. Medical Services - GuoShengTang is projected to have a revenue growth of 13% in 2025, with a focus on overseas acquisitions and AI applications in traditional medicine [4][12].

Group 1 - Norges Bank reduced its stake in 康龙化成 (03759) by 1.8342 million shares at a price of 20.4681 HKD per share, totaling approximately 37.5426 million HKD [1] - After the reduction, Norges Bank's latest holding amounts to approximately 20.7372 million shares, representing a holding percentage of 5.88% [1]

Group 1 - Norges Bank reduced its stake in Kanglong Chemical (300759) by 1.8342 million shares at a price of HKD 20.4681 per share, totaling approximately HKD 37.5426 million [1] - After the reduction, Norges Bank's latest shareholding stands at approximately 20.7372 million shares, representing a holding percentage of 5.88% [1]

Group 1 - Norges Bank reduced its stake in Kanglong Chemical (03759.HK) by selling 1.8342 million shares at an average price of HKD 20.4681 per share, amounting to approximately HKD 37.5426 million [1] - Following the sale, Norges Bank's total shareholding decreased to 20.737224 million shares, representing a reduction in ownership from 6.40% to 5.88% of the total issued shares [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 康龍化成（北京）新藥技術股份有限公司 (於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03759 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 301,537,125 | RMB | | 1 | RMB | | 301,537,125 | | 增加 / 減少 (-) | | | 58,440,762 | | | | RMB | | 58,440,762 | | 本月底結存 | | | 359,977,887 | ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 康龍化成（北京）新藥技術股份有限公司 (於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03759 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 301,537,125 | RMB | | 1 | RMB | | 301,537,125 | | 增加 / 減少 (-) | | | 58,440,762 | | | | RMB | | 58,440,762 | | 本月底結存 | | | 359,977,887 | ...

Group 1 - The core viewpoint of the news highlights the positive performance of the medical innovation sector, with the CSI Medical and Medical Device Innovation Index showing mixed results among its constituent stocks, led by Aimeike with a 2.18% increase [1] - The Medical Innovation ETF has seen continuous net inflows over the past 12 days, with a peak single-day net inflow of 41.83 million yuan, totaling 234 million yuan, averaging 19.54 million yuan per day [1] - Policy support for the pharmaceutical industry is ongoing, with Shanghai accelerating the implementation of major industrial projects in fields such as integrated circuits, biomedicine, and artificial intelligence [1] Group 2 - The CSI Medical and Medical Device Innovation Index consists of 30 listed companies with good profitability, growth potential, and research innovation capabilities, reflecting the overall performance of profitable and growth-oriented pharmaceutical and medical device companies [2] - As of January 30, 2026, the top ten weighted stocks in the index include WuXi AppTec, Mindray Medical, and Heng Rui Medicine, accounting for 63.9% of the total index weight [2] - The success rate of Phase I clinical trials for dozens of AI-derived pipelines entering trials in 2025 is projected to be as high as 80%-90%, significantly exceeding traditional levels of 40%-65% [1]

"这个领域已经证明，中国效率比美国要高。" 现在，潮水已经退去。目前，还在中国开展CDMO业务的跨国企业几乎只有德国的勃林格殷格翰了。 进退之间 2025年，昭衍生物向前一步。 2025年9月份，昭衍生物技术（广州）有限公司开业。它的制造基地位于广州知识城，聚焦于大分子药物的CDMO。这一基地拥有17000平方米的实验室及 生产车间，配备国际领先的模块化生产设施,建有多条200升、500升、2000升一次性原液生产线，及水针、冻干高端制剂线，并具备连续化生产工艺及数 字化控制系统。 "不光是在收缩，是在消失。"澳斯康创始人罗顺近期接受第一财经记者采访时，这样评价跨国CDMO在华业务。 CDMO是指合同研发和生产组织，它是制药产业链分工日益专业化的结果。2020年左右，一大批知名跨国企业如龙沙、赛默飞世尔、默克等都在中国投资 了CDMO业务，并对中国业务寄予厚望。 当时，广州昭衍生物总经理贺涛表示，这一制造基地的投运，标志着昭衍生物"南北协同、中外联动"战略迈出实质性一步。该基地提升昭衍生物在大湾区 的产能供给，更为集团打造辐射东南亚及其他海外地区的生物医药创新协同平台打下基础。 2025年，龙沙（Lonza） ...

Summary of Key Points Core Viewpoint - On January 29, a total of 4 companies had their restricted shares unlocked, with a combined unlock volume of 85.25 million shares, amounting to a market value of 36.8 million yuan based on the latest closing prices [1]. Group 1: Unlock Volume - The companies with the highest unlock volumes were Aonong Biological, Kanglong Chemical, and New Wind Light, with unlock shares of 84.45 million, 647,300, and 92,100 respectively [1]. Group 2: Unlock Market Value - In terms of unlock market value, Aonong Biological, Kanglong Chemical, and New Wind Light led with values of 34.3 million yuan, 1.93 million yuan, and 522,960 yuan respectively [1]. Group 3: Unlock Ratio - Regarding the proportion of unlock shares to total share capital, Aonong Biological, New Wind Light, and Kanglong Chemical had the highest ratios at 3.24%, 0.07%, and 0.04% respectively [1].