FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 無錫藥明康德新藥開發股份有限公司 呈交日期： 2025年7月25日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | | 說明 | 於上海證券交易所上市 | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry, expecting the industry index to outperform the market index by over 10% in the next six months [1][40]. Core Insights - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, rising by 7.84% from July 11 to July 24, 2025, exceeding the CSI 300's performance by approximately 4.13 percentage points [4][14]. - Most sub-sectors within the industry recorded positive returns during the same period, with the medical research outsourcing and raw materials sectors leading with increases of 14.23% and 9.30%, respectively [4][15]. - Approximately 91% of stocks in the industry achieved positive returns, with notable performers including Borui Pharmaceutical, which saw a weekly increase of 78.98% [16]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, with a rise of 7.84% from July 11 to July 24, 2025, surpassing the CSI 300 by about 4.13 percentage points [14]. - Most sub-sectors recorded positive returns, particularly medical research outsourcing and raw materials, which increased by 14.23% and 9.30%, respectively [15]. - About 91% of stocks in the industry had positive returns, with Borui Pharmaceutical leading at 78.98% [16]. 2. Industry News - The report highlights the ongoing progress of the 11th batch of national drug procurement, with significant updates provided during a government open day event on July 22, 2025 [4][28]. - The announcement of the 11th batch of national drug procurement included a notification for drug information submission, which was highly anticipated [4][28]. 3. Company Announcements - Yekang Pharmaceutical announced that its subsidiary received FDA approval for clinical trials of YKYY029 injection for hypertension treatment [29]. 4. Industry Outlook - The report maintains an "Overweight" rating for the industry, citing a continuous rise in the pharmaceutical and biotechnology sector driven by positive sentiment towards innovative drugs and improved financing data [30]. - The report suggests focusing on investment opportunities within the innovative drug supply chain and highlights several companies across various segments, including medical devices, pharmaceutical commerce, and innovative drugs [30][32].

Core Viewpoint - The CXO (Contract Research Organization) sector is experiencing a significant performance improvement, driven by favorable policies and increased demand for innovative drug development in China [1][4]. Group 1: Industry Performance - CXO concept stocks have shown strong activity, with companies like Boteng Co. rising nearly 10% and others like Kanglong Chemical and Yiqiao Shenzhou increasing over 5% [1]. - WuXi AppTec and Boteng Co. have reported mid-year performance forecasts that confirm the trend of improving performance in CXO companies, indicating a potential reversal in industry prosperity [1][2]. - The overall order volume in the CXO industry has shown positive growth, with KaiLaiYing reporting a 20% increase in new orders for 2024 and Kanglong Chemical's laboratory services seeing over 15% growth [3]. Group 2: Company-Specific Insights - WuXi AppTec expects to achieve approximately 20.64% revenue growth year-on-year for the first half of 2025, with adjusted net profit expected to grow by 44.43% [2]. - Boteng Co. anticipates a revenue increase of 15% to 20% for the first half of 2025, marking a significant turnaround to profitability [2][3]. - The improvement in Boteng Co.'s gross margin and overall profitability is attributed to strict cost control and enhanced operational efficiency [3]. Group 3: Market Trends and Valuation - The CXO sector is poised for a "Davis Double Play," where both profitability and valuation are expected to rise simultaneously due to improved demand and a recovering investment environment [4]. - The current valuation of the CXO sector is at a mid-low level compared to historical highs, suggesting potential for upward movement as the market stabilizes [4]. - Analysts predict that the demand for innovative drug development will continue to grow, particularly in the context of new technologies like ADCs (Antibody-Drug Conjugates) [5].

Core Viewpoint - The Hong Kong Stock Connect Innovative Drug ETF (159570) has seen significant inflows and performance, indicating strong investor interest in the innovative drug sector [1][2][5]. Group 1: ETF Performance - The Hong Kong Stock Connect Innovative Drug ETF (159570) rose nearly 2% today, with a trading volume exceeding 1.3 billion CNY [1]. - As of July 24, the ETF's latest scale surpassed 10.2 billion CNY, leading its peers in the same category [1]. - The ETF's underlying index has shown a 62.78% increase in the first half of 2025, outperforming other medical indices [5][6]. Group 2: Market Dynamics - The ETF has experienced a net inflow of over 230 million CNY in the past four days, reflecting strong market interest [1]. - The financing net purchase amount for the ETF reached 6.2352 million CNY, with the latest financing balance at 206 million CNY [2]. Group 3: Sector Developments - The National Healthcare Security Administration (NHSA) has announced changes to the selection process for medical insurance, moving away from solely considering the lowest bid [3]. - The NHSA's new guidelines are expected to enhance the confidence of companies in R&D investments, particularly in innovative drugs [4]. - The collaboration between dynamic adjustments to the medical insurance catalog and procurement policies is anticipated to shorten the commercialization cycle for innovative drugs [5].

Group 1 - US stock indices showed mixed performance, with the Chinese concept index down by 1.54%. Hong Kong's three major indices opened lower, with the Hang Seng Index down 0.53% and the Hang Seng Tech Index down 0.51% [1] - CXO concept stocks in Hong Kong saw initial gains, with Kanglong Chemical rising over 10%, and other companies like WuXi Biologics and Tigermed also experiencing significant increases [1] - The Hang Seng Medical ETF (513060) opened high and saw a nearly 2% increase, with active trading and a turnover of nearly 800 million yuan, indicating strong investor interest [1] Group 2 - CXO industry leaders are showing signs of stabilization, with expectations for marginal improvements in the second half of the year due to steady growth in R&D investments from the top 30 global pharmaceutical companies [2] - The GLP-1 peptide and small molecule weight loss drug sectors are experiencing high demand, with ample customer orders, while the international situation is expected to stabilize following recent trade negotiations [2] - The anticipated interest rate cuts by the Federal Reserve by 2025 are expected to improve liquidity and revive the global innovative drug industry [2] Group 3 - Focus on the equipment sector's resilience and new technology directions such as AI in healthcare and brain-computer interfaces, as the medical industry faces fewer compliance impacts [3] - The Hang Seng Medical ETF (513060) is highlighted for its efficient layout and strong representation of the medical device, pharmaceutical, and biotechnology sectors, with a low tracking error and high liquidity [3]

Group 1 - The CXO concept stocks in the Hong Kong market experienced an initial rise, with Kanglong Chemical (300759) increasing by over 10% [1] - Zhaoyan New Drug (603127) saw a rise of over 6%, while WuXi Biologics increased by over 4% [1] - Other companies such as Tigermed (300347) and WuXi AppTec (603259) also followed the upward trend [1] Group 2 - Investors can buy Hong Kong stocks through A-share accounts without the need for the Hong Kong Stock Connect, allowing for T+0 trading [1]

Summary of Conference Call Records Industry Overview - The conference call discusses the **clinical CRO (Contract Research Organization)** sector, particularly focusing on the impact of recent order improvements on companies like **Madpace** and **Charles River** [1][2][4]. Key Points and Arguments - **Madpace's Stock Performance**: Madpace's stock price increase reflects improved order conditions, with the net book to bill ratio rising from below 0.9 to above 1, indicating a potential acceleration in future revenue growth [1][2]. - **Global CRO Sector Recovery**: The global clinical CRO sector shows signs of recovery, with Charles River reporting better-than-expected order data and a net book to bill value exceeding 1 for the first time, suggesting a demand-side recovery that may continue [1][4]. - **Importance of CRO Services for Biotech**: Biotech companies, which often lack commercialized products, rely heavily on CRO services to accelerate clinical trials and attract investment. This reliance is crucial for their survival and competitiveness [5][6]. - **Domestic CDMO Landscape**: The domestic pharmaceutical industry is primarily led by export-oriented CDMO companies. After significant expansion from 2020 to 2022, the industry faced a downturn, but is expected to recover in 2024, with leading companies achieving full capacity first [1][8]. - **Geopolitical Impact**: Geopolitical relations affect domestic CXO companies' operations in the U.S. Companies like WuXi Biologics have stable orders due to their production capabilities, while WuXi AppTec's reliance on local raw materials makes it more vulnerable [1][9]. - **Innovation-Driven Market Cycles**: The pharmaceutical industry's development cycles depend on innovation in areas like ADCs, small nucleic acids, and peptides. Breakthroughs in these fields could lead to a new upward market cycle [3][10][11]. - **Market Sentiment and New Drug Categories**: Emerging drug categories, such as weight loss medications, are expected to influence market dynamics and sentiment, indicating a shift in consumer demand [3][10]. Additional Important Insights - **CRO Response to Order Fluctuations**: Companies in the clinical sector may face overcapacity during order declines, leading to potential layoffs. Conversely, when orders exceed a certain level, companies may consider expanding capacity [7]. - **CDMO Pricing Strategies**: In a low-capacity environment, CDMO companies may lower prices to secure orders, but as demand increases, they can achieve both volume and price growth [8]. - **Generational Changes in Pharma**: The pharmaceutical industry has undergone several generational changes, with each new major product category influencing market conditions. For instance, breakthroughs in small nucleic acids have significantly impacted market performance [11][12].

Group 1: Biovaccine ETFs - There are two ETFs named Biovaccine ETF, one managed by Penghua Fund tracking the Guozhen Vaccine and Biotechnology Index, consisting of 50 companies with an average market capitalization of approximately 53.9 billion yuan [1][3] - The second Biovaccine ETF is managed by Harvest Fund, tracking the Zhongzheng Vaccine and Biotechnology Index, which includes up to 50 companies involved in vaccine research and production, with an average market capitalization of about 22 billion yuan [3][5] - The two indices share 19 overlapping constituent stocks, with the Guozhen index having 31 unique stocks and the Zhongzheng index having 24 unique stocks [5][6] - In terms of past performance, the Zhongzheng Vaccine and Biotechnology Index has outperformed the Guozhen index over one, three, and five years, with a notably higher increase in the past year [6][7] Group 2: Biopharmaceutical ETFs - There are two ETFs named Biopharmaceutical ETF, one managed by Tianhong Fund tracking the Guozhen Biopharmaceutical Index, which includes the top 30 companies based on market capitalization and liquidity, with an average market capitalization of around 45.2 billion yuan [11][13] - The second Biopharmaceutical ETF is managed by Guotai Fund, tracking the Zhongzheng Biopharmaceutical Index, which selects companies providing cell therapy, gene sequencing, and other biopharmaceutical services, with an average market capitalization of approximately 71.9 billion yuan [13][15] - The two indices have 18 overlapping constituent stocks, with each index having 12 unique stocks [15][16] - The Zhongzheng Biopharmaceutical Index has consistently outperformed the Guozhen index over one, three, and five years, while the Guozhen index exhibits higher annualized volatility [15][17]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 無錫藥明康德新藥開發股份有限公司 呈交日期： 2025年7月24日 | 1). | 購回股份(或其他證券)但沒有註銷 | 302,500 | 0.01 % | RMB | 66.14 | | --- | --- | --- | --- | --- | --- | | | 茲提述本公司於2025年3月17日刊發的公告，於2025年3月26日刊發的 | | | | | | | 通函，及於2025年4月29日刊發的投票結果公告。 | | | | | | | 於2025年6月26日，本公司實施2025年以集中競價交易方式回購本公司 | | | | | | | A股股份方案（"2025年第一次回購"），并回購302,500股A股股份。 | | | | | | | 變動日期 2025年6月26日 | | | | | | | 購回股份(或其他證券)但沒有註銷 | | | | | | 2). | | 303,367 | 0.01 % | RMB | 65.96 | | | ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 無錫藥明康德新藥開發股份有限公司 呈交日期： 2025年7月24日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | | 說明 | 於上海證券交易所上市 | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 ...