Group 1 - The core point of the news is the performance and holdings of the China Europe Medical Health Mixed Fund C, which has shown a recent net value increase of 0.94% but a one-month return of -0.94% [1] - The fund's three-month return is 16.34%, ranking 306 out of 1238 similar funds, while its year-to-date return is 10.10%, ranking 434 out of 1218 [1] - The top ten stock holdings of the fund account for a total of 55.30%, with significant positions in companies such as Heng Rui Pharmaceutical (10.60%) and WuXi AppTec (9.95%) [1] Group 2 - The China Europe Medical Health Mixed Fund C was established on September 29, 2016, and as of March 31, 2025, it has a total scale of 15.566 billion yuan [1] - The fund is managed by two key managers: Ms. Ge Lan, who has been managing it since its inception, and Ms. Zhao Lei, who took over management on July 4, 2025 [2]

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: 2025年7月7日 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: 2025年6月30日 狀態: 新提交 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 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 301,537,125 | RMB | | 1 RMB | | 301,537,125 | | ...

Summary of Conference Call Records Industry Overview - The innovative drug industry chain is gradually stabilizing and recovering, with CXO orders rebounding since last year, leading to strong mid-year performance in key segments [1][2][3] - The overall trend for the pharmaceutical sector in Q2 2025 is positive, particularly in innovative drugs and their supply chains, despite recent market fluctuations [2][3] Key Companies and Performance - **Hengrui, Huadong, and China Biopharmaceutical** are expected to achieve double-digit growth in Q2 and for the entire year [1][6] - **WuXi AppTec** aims for a revenue target of 43 billion, with an expected growth of over 15% and faster net profit growth; **WuXi AppTec's** revenue growth is projected at over 35% for the year [1][11] - **Kelaiying** anticipates a revenue growth of over 15% for the year, while **Kanglong Huacheng** expects around 10% growth in revenue and profit for Q2 [1][11][13] - **BaiPuSi and Haoyuan Pharmaceutical** are performing well, with most companies expecting revenue growth of over 20% [1][15] Market Catalysts - Recent adjustments in medical insurance policies and industry conferences (WCLC, ESMO, Ash) are seen as potential catalysts for growth in the innovative drug sector [1][7][9] - The upcoming medical insurance negotiations and directory adjustments are expected to be significant driving forces in the second half of the year [9][10] Investment Opportunities - Despite a recent decline in market sentiment, large-cap companies like **BaiJi, Hengrui, XinDa, Kangfang, and Shiyao** are recommended for investment, along with smaller companies like **Dizhe and Yifangzejin** [10] - The CXO and upstream sectors are highlighted as key investment areas, with strong performance expected due to improved orders and geopolitical factors [19][20] Sector Performance - The medical device sector is still in a clearing inventory phase, with some companies showing good growth, particularly in overseas markets [17][18] - The OTC and traditional Chinese medicine sectors have not shown significant improvement but may see recovery in the second half of the year [5][18] Future Outlook - The overall outlook for the second half of 2025 remains optimistic, with expectations of continued growth in the innovative drug sector and supportive external factors [9][24] - The domestic financing environment is expected to improve, with a notable increase in activity anticipated in the latter half of the year [26][38] Conclusion - The innovative drug industry chain, particularly the CXO segment, is positioned for strong growth, supported by favorable market conditions and strategic company performances. Investors are encouraged to focus on key players within this sector for potential opportunities.

Core Viewpoint - 康龙化成's management structure has undergone changes, particularly regarding the voting rights and equity ownership among its key executives, which may impact the company's governance and decision-making processes [1][2][3] Group 1: Management Changes - The voting rights agreement established by the company's chairman, CEO, and COO ensures that they act in concert regarding any proposals presented to the board and shareholders [1] - 郑北 has stepped down as a general partner of the employee stockholding platforms, leading to a redistribution of voting rights associated with the A-shares held by these platforms [2] Group 2: Equity Ownership - Following the changes in general partners, the combined equity ownership of 楼柏良, 楼小强, and 郑北 in the company decreased from approximately 19.36% to 18.18% [3]

Group 1 - The core viewpoint of the news is the performance and holdings of the China Europe Medical Health Mixed A Fund, which has shown a net value increase of 1.77% recently and a year-to-date return of 8.30% [1] - The fund's recent one-month return is 0.30%, with a six-month return of 8.30%, ranking 628 out of 1722 in its category for both periods [1] - The top ten stock holdings of the fund account for a total of 55.30%, with significant positions in companies such as Heng Rui Pharmaceutical (10.60%) and WuXi AppTec (9.95%) [1] Group 2 - The China Europe Medical Health Mixed A Fund was established on September 29, 2016, and has a total scale of 15.613 billion yuan as of March 31, 2025 [1] - The fund is managed by Guo Lan, who has extensive experience in the investment management field, having previously worked at various financial institutions [2]

证券代码：300759 证券简称：康龙化成 公告编号：2025-036 康龙化成（北京）新药技术股份有限公司 | 1. 基本情况 | | | | | --- | --- | --- | --- | | 信息披露义务人（一） | Pharmaron Holdings Limited | | | | 住所 | CO Services Cayman Limited, P.O' Box 10008, Willow House, Cricket Square, Grand Cayman, KY1-1001, Cayman lslands | | | | 信息披露义务人（二） 楼小强 | | | | | 住所 | 北京市通州区马驹桥**** | | | | 信息披露义务人（三） | 宁波龙泰康投资管理有限公司 | | | | 住所 | 浙江省宁波杭州湾新区启源路 号 幢 室 39 1 341 | | | | 信息披露义务人（四） 郑北 | | | | | 住所 | 北京市通州区马驹桥**** | | | | 信息披露义务人（五） | 北海多泰创业投资有限公司 | | | | 住所 | 广西壮族自治区北海市银海区湖北路 2 ...

康龙化成（北京）新药技术股份有限公司 关于股东解除一致行动关系的公告 证券代码：300759 证券简称：康龙化成 公告编号：2025-033 本公司股东厦门龙泰鼎盛企业管理合伙企业（有限合伙）、厦门龙泰汇盛企业 管理合伙企业（有限合伙）、厦门龙泰汇信企业管理合伙企业（有限合伙）、厦门龙 泰众盛企业管理合伙企业（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。 特别提示： 1、本次解除一致行动关系是因公司股东的普通合伙人暨执行事务合伙人发 生变更所致，不涉及股东持股数量变动； 2、本次一致行动关系解除不会导致公司实际控制人发生变化。 一、基本情况 郑北女士是公司实际控制人之一、董事、执行副总裁，在公司首次公开发行 股票并上市时，其作为员工持股平台的普通合伙人暨执行事务合伙人，实际控制 员工持股平台所持有公司股份的表决权，员工持股平台为郑北女士的一致行动人。 在一致行动关系存续期间，各方在公司重大事项的决策上始终保持一致意见，严 格履行相关承诺事项，不存在滥用自身控制地位的情形。 2025 年 6 月 ...

Core Insights - Ningbo Qianwan New Area is emerging as a hub for "unicorn" companies, with 11 enterprises listed in the 2025 Zhejiang Province unicorn company rankings, accounting for nearly one-third of Ningbo's total of 37 listed companies [1] - The total valuation of the 11 listed companies in Qianwan is approximately 25.25 billion yuan, driven by strong technological research and development capabilities [4] Unicorn Companies - The unicorn companies in Qianwan are primarily focused on "hard technology," with all 11 companies listed being categorized as such [1] - Kanglong Huacheng (Ningbo) Biopharmaceutical Co., Ltd. is the only unicorn in the life sciences sector, aiming to establish a world-class CGT (cell and gene therapy) drug R&D and production platform [2] Semiconductor Industry - Six of the listed companies in Qianwan are from the semiconductor industry, which is known for housing many unicorns and gazelles [2] - Qingchun Semiconductor, incubated by Fudan University Ningbo Research Institute, launched its first car-grade silicon carbide diode and MOSFET products within a year, filling domestic gaps [3] R&D Investment - Qianwan's total R&D expenditure surpassed 5 billion yuan for the first time in 2023, reaching 5.098 billion yuan, with an average growth rate of nearly 30% over the past three years [4] Digital Economy and Innovation - The Qianwan Digital Economy Industrial Park hosts over 40 companies engaged in R&D and production, with a total valuation exceeding 15 billion yuan [5] - The area has implemented forward-looking development policies for smart connected vehicles, digital economy, and biomedicine to attract potential projects [6] Financial Ecosystem - The financial ecosystem in Qianwan is continuously optimized to support the growth of unicorn companies, with nearly 100 capital matching events arranged annually [7] - Qianwan has established a leading capital market policy package, ensuring that companies receive necessary support at every growth stage [8] Investment and Collaboration - Qianwan has formed 31 sub-funds in collaboration with social capital, with a total scale approaching 25 billion yuan [9] - The region is focusing on AI and big data sectors, seeking professional fund collaboration teams to build an AI innovation industry cluster [9]

Core Viewpoint - The Hong Kong stock market is expected to open higher, with a positive pre-market performance in the innovative drug sector, driven by significant approvals for new drugs in China [1] Group 1: Market Performance - The Hong Kong innovative drug index constituents saw notable gains, with Innovent Biologics rising over 6%, and other companies like Zai Lab and WuXi AppTec increasing by over 2% [1] - The Hong Kong innovative drug ETF (159567) experienced a net inflow of over 165 million yuan in the past 20 trading days, indicating high market enthusiasm [1] - The price-to-earnings ratio of the Hong Kong innovative drug index decreased from 64 times on February 21 to 27 times on June 4, highlighting improved value for investors [1] Group 2: Regulatory Developments - On May 29, the National Medical Products Administration of China approved 11 innovative drugs, including 7 first-class innovative drugs, marking a historic moment for the sector [1] - Over 20 first-class innovative drugs have been approved from January to May, setting a record for the same period in the past five years [1] - The Chinese pharmaceutical industry is transitioning from "follow-up innovation" to "global leadership," focusing on clinical value in key areas like targeted cancer therapies and immunotherapy [1] Group 3: Investment Opportunities - The innovative drug ETF (159567) tracks the National Index of Hong Kong Innovative Drugs, with 90% of its weight in innovative drug companies, positioning it to benefit from trends like AI-enabled drug development and the expansion of domestic innovative drugs [1] - The innovative drug ETF (159992) encompasses leading companies in the innovative drug industry chain, benefiting from AI advancements and the introduction of new drug reimbursement policies [2] - The domestic innovative drug sector is expected to show strong growth and investment value in the first half of 2025, driven by ongoing international collaborations and the approval of new drugs [2]

Group 1 - The US government is pressuring countries to submit their best trade negotiation proposals by June 4, including tariffs and quotas for purchasing US agricultural products, or face punitive measures [1] - The Chinese government is tightening controls to prevent illegal outflow of strategic minerals, with various provinces enhancing regulatory measures [2] - The weakening of the US dollar is becoming a consensus among Wall Street banks, with the ICE dollar index down 8.9% year-to-date, leading to a rise in gold prices [3] Group 2 - Circle, a major stablecoin company, is set to go public on June 5, marking the first IPO in the stablecoin sector, which has positively impacted related stocks [4] - The Chinese government has issued new policies to improve the electricity service environment, which is expected to lower costs for small private enterprises and benefit power equipment companies [7] - Pharmaron, a leading CRO, is expanding its reach into overseas markets by investing in a healthcare fund, with a significant increase in revenue and new orders reported [8][10]