Summary of Key Points Core Viewpoint - As of November 21, 14 stocks reached their 52-week highs, with Hengfa Optical (01134), Chaowei Holdings (08059), and Cassava Resources (00841) leading the gains at 42.11%, 30.56%, and 22.49% respectively [1]. 52-Week Highs - Hengfa Optical (01134) closed at 0.375, with a peak price of 0.540, marking a 42.11% increase [1]. - Chaowei Holdings (08059) closed at 0.030, reaching a high of 0.047, reflecting a 30.56% rise [1]. - Cassava Resources (00841) closed at 0.200, with a maximum price of 0.207, indicating a 22.49% increase [1]. - Other notable stocks include Sibor Systems (08319) at 15.04%, MOS HOUSE (01653) at 11.46%, and Tianjin Jianfa (02515) at 5.19% [1]. 52-Week Lows - China Pengfei Group (03348) reached a low of 1.100, down 20.09% from its peak [1]. - China Information Technology (08178) closed at 0.285, reflecting a 19.35% decrease [1]. - XL Ernan Strategy - U (09799) saw a decline of 14.27% [1]. - Other significant declines include Hesai - W (02525) at -10.54% and MBC Bitcoin - U (03425) at -9.09% [1]. Additional Notable Stocks - Stocks like MBC Bitcoin (03430) and Tongyuan Kang Pharmaceutical - B (02410) also experienced declines of 6.64% and 6.62% respectively [2]. - The overall trend indicates a mix of significant gains in certain stocks while others are facing substantial losses, reflecting a volatile market environment [1][2].

值得关注的是，此次交易对应的EV/EBITDA倍数仅为7倍左右，相较于临床前CRO领域百奥赛图、药康 生物等公司普遍超过50倍的市盈率，显示出显著的估值优势。这标志着艾迪康控股正式从ICL 领域 向"临床检测+药物研发服务"双赛道转型，也为全球医药研发服务行业格局注入新的变量。 兴业证券认为，本次收购将为艾迪康注入新的增长动能。公司独立临床实验室(ICL)业务产生的稳定现 金流，将与冠科生物高利润率的合同研究组织(CRO)服务形成互补，共同构建更平衡、更具扩展性的商 业模式。预计艾迪康2025-2027年归母净利润为0.56、0.67、0.94亿元，同比增长19.79%、18.59%、 41.47%，并首次覆盖该公司，给予"增持"评级。 近期，CRO赛道的资本收购动作频繁落地。前有高瓴资本斥资28亿元接盘药明康德（603259）临床 CRO业务，后有第三方独立医学检验(ICL)加码收购冠科生物。11月13日，艾迪康控股(09860)发布公 告，拟以约2.04亿美元的基础对价收购全球领先的肿瘤学专业CRO——冠科生物(Crown Bioscience)100%已发行股份，并预计于2026年年中完成。 据了解，此 ...

Group 1 - The core viewpoint of the news highlights the recent surge in capital acquisitions within the CRO sector, with notable transactions including Hillhouse Capital's investment of 2.8 billion yuan in WuXi AppTec's clinical CRO business and Eddycon Holdings' announcement to acquire Crown Bioscience for approximately 204 million USD [1][2] - Eddycon Holdings plans to acquire 100% of Crown Bioscience, a leading oncology-focused CRO, which boasts a comprehensive library of patient-derived xenograft (PDX) models and organoid technology, along with over 5,000 high-quality in vivo and in vitro tumor models [1] - The acquisition is expected to be completed by mid-2026, marking a strategic shift for Eddycon from the ICL field to a dual-track model of "clinical testing + drug development services" [1][2] Group 2 - The transaction's EV/EBITDA multiple is approximately 7 times, significantly lower than the over 50 times multiples seen in the preclinical CRO sector, indicating a notable valuation advantage [2] - This acquisition is anticipated to inject new growth momentum into Eddycon, as the stable cash flow from its independent clinical laboratory (ICL) business will complement the high-margin CRO services of Crown Bioscience, creating a more balanced and scalable business model [2] - Eddycon's projected net profit for 2025-2027 is estimated at 56 million, 67 million, and 94 million yuan, reflecting year-on-year growth rates of 19.79%, 18.59%, and 41.47% respectively, with the company receiving an "overweight" rating from Industrial Securities [2]

Core Insights - The acquisition of Crown Bioscience by Adicon Holdings marks a strategic shift from ICL to a dual focus on "clinical testing + drug development services" [1][9] - The deal is valued at approximately $204 million, with an EV/EBITDA multiple of around 7, significantly lower than the industry average of over 50 for similar companies [1][9] Timing - The macro environment and industry policies are creating a favorable window for the transaction, with a resurgence in global pharmaceutical R&D and a growing demand for outsourcing services [2] - The CRO market is projected to grow from $98.4 billion in 2024 to $139.8 billion by 2029, with China being a key growth driver [2] Location - Adicon's acquisition targets the high-growth oncology CRO sector, which is experiencing rapid expansion due to high R&D investments and outsourcing penetration [4] - Crown Bioscience is recognized as a leading oncology CRO with a unique asset advantage, including a vast library of patient-derived xenograft (PDX) models and over 5,000 high-quality tumor models [4][5] People - The strategic vision of both companies aligns well, supported by the backing of Carlyle Group, which enhances the transaction's potential for long-term value creation [6][7] - The merger will enable a comprehensive end-to-end service from target discovery to clinical trials, significantly improving drug development efficiency [6][7] Financial Impact - The acquisition is expected to contribute approximately 28% to Adicon's total revenue, facilitating its transition from a local leader to a global integrated laboratory service platform [7][8] - The combination of Adicon's clinical data and Crown's preclinical capabilities will create a robust data resource for AI-driven drug discovery and patient stratification [8] Industry Implications - This acquisition could reshape the landscape of the ICL and CRO industries in China, prompting local companies to pursue cross-border competition and global integration [9] - The collaboration between Adicon and Crown Bioscience is anticipated to establish a new force in the global pharmaceutical R&D services sector [9]

Core Insights - Eddycon Holdings Limited has signed a definitive share purchase agreement to acquire all issued shares of Crown Bio for $204 million, including performance-related payments, with the transaction expected to close by mid-2026 [1][2] - The acquisition aims to enhance Eddycon's R&D capabilities in high-growth therapeutic areas, capitalizing on the increasing demand for precision diagnostics in China and global biopharmaceutical innovation trends [1] - Post-acquisition, approximately 23.1% of the company's combined revenue will come from outside China, providing a new growth engine for Eddycon's stable diagnostic business [1] Company Strategy - The acquisition represents a key milestone in Eddycon's development, expanding its business footprint across the entire healthcare value chain, from clinical testing to drug discovery and translational research [2] - Eddycon aims to become a trusted partner in the biopharmaceutical innovation and precision diagnostics sectors, leveraging Crown Bio's world-class CRO service capabilities [2] Financial Impact - The stable cash flow generated from Eddycon's Independent Clinical Laboratory (ICL) business will complement Crown Bio's high-margin CRO services, creating a more balanced and scalable business model [1]

Core Viewpoint - Aidi Kang Holdings (09860.HK) experienced a significant increase in stock price, opening over 7% higher and reaching a current price of 7.51 HKD, with a trading volume of 5.2683 million HKD [1] Summary by Category - **Stock Performance** - Aidi Kang Holdings opened with a rise of over 7% [1] - The current stock price is 7.51 HKD, reflecting a gain of 7.59% [1] - The trading volume recorded is 5.2683 million HKD [1]

Core Viewpoint - Eddiecon Holdings (09860) experienced a significant stock price increase of 7.59%, reaching HKD 7.51, following the announcement of a strategic acquisition of Crown Bioscience International for USD 204 million, which aligns with the company's growth strategy in expanding its product portfolio [1] Group 1: Acquisition Details - The acquisition agreement was established between Miramar Lifesciences Limited (a wholly-owned subsidiary of the buyer) and JSR Life Sciences, LLC, concerning the purchase of 100% of the issued shares of Crown Bioscience International [1] - Upon completion of the transaction, Crown Bioscience will become a wholly-owned subsidiary of Miramar Lifesciences Limited [1] Group 2: Target Company Profile - Crown Bioscience International is a global Contract Research Organization (CRO) focused on advancing precision medicine in oncology, immuno-oncology, and other therapeutic areas [1] - The target company collaborates with biotechnology and pharmaceutical companies to accelerate drug development through integrated preclinical, translational, and clinical biomarker services [1] Group 3: Strategic Rationale - The board of directors believes that the acquisition aligns with the company's development strategy to expand its product offerings and will provide long-term and strategic benefits [1]

Core Viewpoint - Aidi Kang Holdings (09860) has seen a significant stock price increase of 7.59%, reaching HKD 7.51, following the announcement of a strategic acquisition of Crown Bioscience International for USD 204 million, which aligns with the company's growth strategy in expanding its product portfolio [1][1][1] Group 1: Acquisition Details - Aidi Kang Holdings announced a share purchase agreement with Miramar Lifesciences Limited and JSR Life Sciences, LLC to acquire 100% of Crown Bioscience International [1] - The acquisition is valued at USD 204 million and is expected to be completed after the trading period on November 13, 2025 [1][1] - Following the completion of the acquisition, Crown Bioscience will become a wholly-owned subsidiary of Aidi Kang Holdings [1] Group 2: Strategic Implications - The target company, Crown Bioscience, is a global Contract Research Organization (CRO) focused on advancing precision medicine in oncology, immuno-oncology, and other therapeutic areas [1] - Crown Bioscience collaborates with biotech and pharmaceutical companies to accelerate drug development through integrated preclinical, translational, and clinical biomarker services [1] - The board of Aidi Kang Holdings believes that this acquisition aligns with the group's development strategy to expand its product offerings and will provide long-term strategic benefits [1][1]

Performance Highlights - Tencent Holdings (00700.HK) reported Q3 revenue of 192.87 billion yuan, a year-on-year increase of 15% and a quarter-on-quarter increase of 5%. Net profit reached 63.13 billion yuan, up 19% year-on-year and 13% quarter-on-quarter [2] - Semiconductor Manufacturing International Corporation (00981.HK) achieved Q3 sales revenue of 2.38 billion USD, a quarter-on-quarter increase of 7.8% and a year-on-year increase of 9.7%. Gross margin improved to 22.0%, up 1.6 percentage points quarter-on-quarter [3] - JD Group (09618.HK) reported Q3 total revenue of 299.06 billion yuan, a year-on-year increase of 14.85%, while net profit decreased by 55.03% to 5.28 billion yuan [4] - JD Logistics (02618.HK) recorded Q3 revenue of 55.08 billion yuan, a year-on-year increase of 24.1%, with operating profit rising by 125.3% to 1.24 billion yuan [5] - Bilibili (09626.HK) achieved Q3 net revenue of 7.69 billion yuan (1.08 billion USD), a year-on-year increase of 5%, and turned a profit with a net profit of 469 million yuan (65.9 million USD) [6] Company News - Heng Rui Medicine (01276.HK) received clinical trial approval for its drug, with similar products expected to generate global sales of approximately 11.04 billion USD in 2024 [7] - China Pacific Insurance (02601.HK) reported that for the first ten months, life insurance premium income reached 241.32 billion yuan, a year-on-year increase of 9.9% [8] - Zhong An Online (06060.HK) reported total original insurance premium income of approximately 29.82 billion yuan for the first ten months, a year-on-year increase of 5.18% [9] Buyback Activities - Yongsheng Services (01995.HK) plans to repurchase up to approximately 173 million shares, accounting for about 10% of the issued share capital [12] - Kintor Pharmaceutical (02171.HK) intends to repurchase up to approximately 25.46 million shares [13] - China Feihe (06186.HK) spent 87.86 million HKD to repurchase 20 million shares at prices ranging from 4.37 to 4.40 HKD [14]

11月13日，艾迪康控股（09860.HK）发布公告，11月13日交易时段后，公司已与JSR Life Sciences, LLC 签署最终股份购买协议，拟收购JSR Life Sciences, LLC所持Crown Bioscience International（"冠科生 物"）全部已发行股份。本次交易基础对价为2.04亿美元(包括业绩对价)，最终金额将根据交割后常规调 整情况作相应调整。交易预计将于2026年年中完成。 同时，冠科生物为全球超过1100家生物制药及生物技术公司提供服务，客户群体涵盖全球前20大制药公 司。此次交易将整合冠科生物的全球客户资源，与艾迪康控股在中国医院及医疗机构的稳固合作关系形 成协同，构建起连接早期药物发现与临床验证的创新生态系统。此次交易完成后，艾迪康控股合并收入 中将有约23.1%来自境外，进一步推动国际化平台转型。 艾迪康控股指出，本次收购将为公司稳健的检测业务注入新的增长动能。公司独立临床实验室（ICL） 业务产生的稳定现金流，将与冠科生物高利润率的合同研究组织（CRO）服务形成互补，共同构建更 平衡、更具扩展性的商业模式，这一整合预计将带来新的收入增长点。 艾迪 ...