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8月31日 狀態: 新提交 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9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 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 301,537,125 | RMB | | 1 RMB | | 301,537,125 | | 2. 股份分類 | 普通股 ...

Investment Rating - The industry is rated as "Outperforming the Market" with an expected relative increase of over 10% in the next six months compared to the market index [4][32]. Core Insights - In the first half of 2025, the pharmaceutical research outsourcing industry showed robust revenue growth of 13.77% year-on-year and a significant profit increase of 63.82% [2][22]. - The recovery in global financing has led to a resurgence in demand for early-stage drug discovery, shortening the order conversion cycle for CRO (Contract Research Organization) services, which has driven performance [3][30]. - The demand for production outsourcing has been boosted by innovative drugs entering late-stage clinical trials and commercialization, contributing to the growth of CDMO (Contract Development and Manufacturing Organization) services [3][30]. - High-value-added services, such as peptide production, have generated additional revenue streams [2][22]. Summary by Sections 1. Pharmaceutical Sector Performance Review - From January to August 31, 2025, the pharmaceutical sector achieved a 25.50% increase, outperforming the CSI 300 index by 11.22 percentage points, ranking 9th among 31 sectors [9][11]. - The medical research outsourcing sub-sector led the performance with a remarkable increase of 62.37% [13][14]. 2. Pharmaceutical Sector Earnings Review - In the first half of 2025, only the medical services sector among six secondary sub-sectors showed positive growth, while the biopharmaceutical sector experienced the largest decline [18]. - The medical research outsourcing and other biopharmaceutical sub-sectors achieved high profit growth rates of 63.82% and 51.47%, respectively [19]. 3. Medical Services Outsourcing Sector Performance - The medical research outsourcing sector's overall revenue increased by 13.77% year-on-year, with net profit rising by 63.82% in the first half of 2025 [22][27]. - The sector's gross margin improved from 37.95% in 2024 to 39.77% in the first half of 2025, while net margin rose from 14.73% to 24.36% [25]. 4. Investment Recommendations - The report suggests focusing on leading companies benefiting from the increasing industry concentration and those engaged in high-value-added businesses like CDMO and peptides [3][30].

Group 1 - The core viewpoint of the news is that 康龙化成 (Crown Bioscience) has shown a mixed performance in its recent financial results, with revenue growth but a significant decline in net profit due to previous year's investment gains [1][2] - For the six months ending June 30, 2025, the company reported revenue of 6.441 billion RMB, a year-on-year increase of 14.93% [1] - The net profit attributable to shareholders was 701 million RMB, a decrease of 37% compared to the same period last year, primarily due to the impact of large investment gains from the disposal of PROTEOLOGIX, INC. in the previous year [1] Group 2 - 中银国际 (BOCI) reported that 康龙化成's revenue in the first half of the year grew by 15%, driven mainly by contributions from the top 20 multinational pharmaceutical companies and the European market [2] - The core business segments, particularly laboratory services and CMC, maintained good growth, while clinical CRO stabilized, and the large molecule and cell gene therapy segments remained weak [2] - The company expects new orders to grow by over 10% year-on-year in the first half of 2025, with laboratory services and CMC growing by 10% and 20% respectively, and has added 9 new Phase III and commercialization projects [2]

Core Viewpoint - The innovative drug sector is experiencing strong performance due to favorable policies and positive earnings reports, with significant gains in Hong Kong-listed innovative drug stocks [1][2]. Policy Aspects - The National Healthcare Security Administration has introduced a "newly listed drug initial pricing mechanism" to encourage drug research and innovation, marking the first public announcement of this mechanism since last year's consultation [1]. - The mechanism aims to ensure that high-level innovative drugs can achieve returns that correspond to their high investment and risk during the initial listing period [1]. Performance Aspects - In the first half of this year, among 80 listed companies in the innovative drug sector, 34 companies reported year-on-year growth in net profit attributable to shareholders, excluding companies that turned losses into profits or reduced losses [2]. - For instance, Heng Rui Medicine achieved revenue of 15.76 billion yuan, a year-on-year increase of 15.88%, and a net profit of 4.45 billion yuan, up 29.67% [2]. - In the medical device sector, United Imaging Healthcare reported revenue of 6.02 billion yuan, a 12.79% increase, and a net profit of 998 million yuan, up 5.03% [2]. - The continuous optimization of the medical insurance catalog adjustment mechanism by the government has stimulated companies' enthusiasm for innovation, as they see increased chances of their products entering insurance and commercial insurance catalogs [2].

Core Viewpoint - 康龙化成's recent financial performance shows a mixed picture with revenue growth but a significant decline in net profit due to prior year investment gains [1][2] Group 1: Financial Performance - 康龙化成 reported revenue of 6.441 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 14.93% [1] - The company's net profit attributable to shareholders was 701 million RMB, a decrease of 37% compared to the previous year, primarily due to substantial investment gains from the disposal of PROTEOLOGIX, INC. in the prior period [1] - Basic earnings per share were reported at 0.3984 RMB [1] Group 2: Business Segments and Growth - The revenue growth was driven by contributions from the top 20 multinational pharmaceutical companies and the European market [2] - Core business segments, particularly laboratory services and CMC, showed strong growth, while clinical CRO remained stable, and the large molecule and cell gene therapy segments continued to be weak [2] - New orders for the first half of 2025 increased by over 10% year-on-year, with laboratory services and CMC growing by 10% and 20% respectively, and the addition of 9 new Phase III and commercialization projects [2] Group 3: Future Outlook - The company maintains its full-year revenue growth guidance of 10% to 15%, with expectations for improved profit margins in the second half of the year due to CMC scale effects, stable contributions from laboratory services, and stabilization of clinical CRO pricing [2] - The large molecule and cell gene therapy segments are expected to continue to drag on profits in the short term, but there is potential for breakeven in the medium to long term [2]

Group 1 - The core transaction on September 1 involved a block trade of 1.3 million shares of Kanglong Chemical, with a transaction value of 40.417 million yuan, at a price of 31.09 yuan, representing a discount of 0.80% compared to the closing price of the day [2][3] - In the last three months, Kanglong Chemical has recorded a total of 9 block trades, with a cumulative transaction value of 271 million yuan [3] - The closing price of Kanglong Chemical on the day of the report was 31.34 yuan, reflecting an increase of 3.57%, with a daily turnover rate of 4.68% and a total trading volume of 2.052 billion yuan [3] Group 2 - The latest margin financing balance for Kanglong Chemical is 1.474 billion yuan, with an increase of 4.7021 million yuan over the past five days, representing a growth rate of 0.32% [4] - In terms of institutional ratings, one institution has provided a rating for the stock in the past five days, with the highest target price estimated by浦银国际证券 at 39.00 yuan, as reported on August 26 [4]

Group 1 - CRO concept stocks have shown significant gains, with WuXi AppTec (603259) up 6.3% at HKD 114.7, WuXi Biologics (02269) up 6.02% at HKD 35.2, and others like Kanglong Chemical (300759) and Kelaiying (002821) also experiencing notable increases [1] - Dongwu Securities reports that 22 CXO listed companies are expected to see revenue, net profit attributable to shareholders, and net profit excluding non-recurring gains and losses grow by 14.16%, 64.03%, and 24.82% year-on-year for the first half of 2025, respectively [1] - The second quarter of 2025 is projected to show further improvement in revenue and profit growth rates, with expected increases of 15.15% in revenue and 53.58% in net profit attributable to shareholders [1] Group 2 - Xiangcai Securities highlights the active performance of the innovative drug industry chain under the backdrop of national encouragement for innovation, despite ongoing pressures from medical insurance cost control [2] - The establishment of a multi-tiered payment system and the rigid demand for medical services are expected to stabilize and rebound the industry [2] - Companies in the pharmaceutical outsourcing services sector, particularly in ADC CDMO and peptide CDMO for weight loss drugs, are recommended for attention, including WuXi AppTec, Haoyuan Pharmaceutical, and WuXi Biologics [2]

Group 1 - CRO concept stocks have shown significant gains, with WuXi AppTec (02359) up 6.3% to HKD 114.7, WuXi Biologics (02269) up 6.02% to HKD 35.2, and others also experiencing notable increases [1] - Dongwu Securities reports that 22 CXO listed companies are expected to see revenue, net profit attributable to parent, and net profit excluding non-recurring gains and losses grow by 14.16%, 64.03%, and 24.82% year-on-year for the first half of 2025, respectively [1] - The second quarter of 2025 is projected to show further improvement in revenue and profit growth rates, with expected increases of 15.15% in revenue and 53.58% in net profit attributable to parent [1] Group 2 - Xiangcai Securities highlights the active performance of the innovative drug industry chain under the backdrop of national encouragement for innovation, despite ongoing pressures from medical insurance cost control [2] - The establishment of a multi-tiered payment system and the rigid demand for medical services are expected to stabilize and rebound the industry [2] - Companies such as WuXi AppTec, Haoyuan Pharmaceutical, and WuXi Biologics are recommended for attention in the ADC CDMO and peptide CDMO sectors [2]

Group 1 - The core viewpoint of the news is that 康龙化成 (Crown Bioscience) has shown a mixed performance in stock price and financial results, with a notable increase in stock price year-to-date but a decline in net profit [1][2] - As of September 1, 康龙化成's stock price increased by 2.05% to 30.88 CNY per share, with a total market capitalization of 549.11 billion CNY and a trading volume of 6.28 billion CNY [1] - The company has experienced a year-to-date stock price increase of 21.10%, but a decline of 2.95% over the last five trading days [1] Group 2 - For the first half of 2025, 康龙化成 reported a revenue of 64.41 billion CNY, representing a year-on-year growth of 14.93%, while the net profit attributable to shareholders decreased by 37.00% to 7.01 billion CNY [2] - The company has distributed a total of 17.94 billion CNY in dividends since its A-share listing, with 10.07 billion CNY distributed over the last three years [3] - As of June 30, 2025, the number of shareholders increased by 10.12% to 87,900, indicating growing interest in the company's stock [2][3]

机构评级来看，近5日共有2家机构给予该股评级，预计目标价最高的是浦银国际证券，8月26日浦银国 际证券发布的研报预计公司目标价为39.00元。（数据宝） 8月29日康龙化成大宗交易一览 康龙化成8月29日大宗交易平台出现一笔成交，成交量120.00万股，成交金额3601.20万元，大宗交易成 交价为30.01元，相对今日收盘价折价0.83%。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8笔大宗交易，合计成交金额为2.30亿元。 证券时报·数据宝统计显示，康龙化成今日收盘价为30.26元，上涨2.79%，日换手率为3.53%，成交额为 15.02亿元，全天主力资金净流入7505.21万元，近5日该股累计上涨0.53%，近5日资金合计净流出2.42亿 元。 两融数据显示，该股最新融资余额为14.57亿元，近5日增加848.06万元，增幅为0.59%。 | 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） ...