Group 1 - Norges Bank increased its stake in Kelaiying (002821) (06821) by 213,700 shares at a price of HKD 86.6001 per share, totaling approximately HKD 18.5064 million [1] - After the increase, Norges Bank's total shareholding in Kelaiying reached 3.7222 million shares, representing a holding percentage of 13.51% [1]

Core Viewpoint - Schroders PLC has reduced its stake in Kelaiying (002821) to 21.94% after selling 28,100 shares at a price of HKD 86.1644 per share, totaling approximately HKD 2.4212 million [1] Summary by Category Shareholding Changes - Schroders PLC sold 28,100 shares of Kelaiying on October 30, resulting in a decrease in its shareholding [1] - After the sale, Schroders PLC's total shareholding in Kelaiying is now 6.0458 million shares [1] - The new ownership percentage of Schroders PLC in Kelaiying is 21.94% [1]

Group 1 - Schroders PLC reduced its stake in Kelaiying (06821) by 28,100 shares at a price of HKD 86.1644 per share, totaling approximately HKD 2.4212 million [1] - After the reduction, Schroders PLC's latest holding is 6.0458 million shares, representing a holding percentage of 21.94% [1]

Core Viewpoint - Norges Bank increased its stake in Kairong (06821) by purchasing 213,700 shares at a price of HKD 86.6001 per share, totaling approximately HKD 18.5064 million, raising its total holdings to 3.7222 million shares, which represents 13.51% of the company [1] Summary by Category - **Share Purchase Details** - Norges Bank acquired 213,700 shares of Kairong at HKD 86.6001 per share [1] - The total investment amounted to approximately HKD 18.5064 million [1] - **Ownership Status** - Following the purchase, Norges Bank's total shareholding in Kairong increased to 3.7222 million shares [1] - The new ownership percentage stands at 13.51% [1]

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a 6-month target price of 128.10 CNY per share [5][6]. Core Insights - The company achieved a revenue of 4.63 billion CNY in the first three quarters of 2025, representing a year-on-year growth of 11.82%. The net profit attributable to shareholders was 800 million CNY, up 12.66% year-on-year [2][3]. - The revenue for 2025 is expected to grow by 13%-15%, driven by a significant increase in the order delivery scale in Q4 compared to Q3 [2][3]. - The company is actively expanding its market presence, resulting in double-digit growth in new orders, particularly in the fields of peptides, oligonucleotides, and ADCs [3][4]. - The company has a rich pipeline of mid-to-late stage projects, which is expected to support long-term stable growth. There are 11 small molecule projects in the validation batch stage and 9 emerging business projects expected in the second half of 2025 [4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported revenues of 4.63 billion CNY, with a year-on-year increase of 11.82%. The net profit was 800 million CNY, reflecting a growth of 12.66% [2][3]. - The projected net profits for 2025 to 2027 are 1.13 billion CNY, 1.32 billion CNY, and 1.52 billion CNY, with year-on-year growth rates of 19.4%, 16.6%, and 15.1% respectively [5][11]. Market Expansion - The company is increasing its market development efforts, leading to a significant rise in new orders. The global investment in innovative drugs has seen a notable recovery, with VC&PE funding in 2025 increasing by 32% globally, 33% in the U.S., and 72% domestically [3]. Project Pipeline - The company has a strong project pipeline with over 10 mid-to-late stage clinical projects in popular targets such as peptides and small nucleic acids. Additionally, there are 8 NDA projects for toxin conjugates [4].

Core Viewpoint - The company, Kailaiying Pharmaceutical Group, reported a significant increase in revenue and operational efficiency in the third quarter of 2025, driven by growth in emerging business sectors and a positive outlook for the pharmaceutical industry [3]. Financial Performance - In the first three quarters of 2025, the company achieved total revenue of 4.63 billion yuan, representing a year-on-year growth of 11.82% [3]. - Revenue from emerging businesses increased by 71.87%, while revenue from chemical macromolecule businesses grew by over 150% [3]. - Revenue from large pharmaceutical companies was 2.05 billion yuan, up 1.98%, and revenue from small and medium-sized pharmaceutical companies reached 2.58 billion yuan, up 21.14% [3]. - The overall gross profit margin for the company was 42.44%, with the gross profit margin for emerging businesses improving by 10.57 percentage points to 30.55% [3]. Future Outlook - The company anticipates that the delivery scale in the fourth quarter will significantly exceed that of the third quarter, projecting an annual revenue growth of 13% to 15% [3].

智通财经APP获悉，香港联交所最新资料显示，10月28日，Schroders PLC增持凯莱英(06821)8.74万股， 每股作价88.3138港元，总金额约为771.86万港元。增持后最新持股数目约为607.39万股，持股比例为 22.04%。 ...

Core Viewpoint - Morgan Stanley has reduced its stake in Kelaiying (06821) by 19,400 shares at a price of HKD 88.2767 per share, totaling approximately HKD 1.7126 million, resulting in a new holding of about 2.1962 million shares, representing 7.97% of the company [1] Summary by Category - **Shareholding Changes** - Morgan Stanley sold 19,400 shares of Kelaiying on October 28 [1] - The sale price was HKD 88.2767 per share, amounting to approximately HKD 1.7126 million [1] - After the reduction, Morgan Stanley's remaining shares are approximately 2.1962 million, which is 7.97% of the total shares [1]

Group 1 - Morgan Stanley reduced its stake in Kelaiying (002821)(06821) by 19,400 shares at a price of HKD 88.2767 per share, totaling approximately HKD 1.7126 million [1] - After the reduction, Morgan Stanley's latest holding is approximately 2.1962 million shares, representing a holding percentage of 7.97% [1]

香港联交所最新资料显示，10月28日，Schroders PLC增持凯莱英（002821）(06821)8.74万股，每股作价 88.3138港元，总金额约为771.86万港元。增持后最新持股数目约为607.39万股，持股比例为22.04%。 ...