Group 1 - The core point of the article is that Chengdu Xian Dao (688222.SH) announced a share reduction by its shareholder Shenzhen Jun Tian, who reduced their holdings by 1.8594 million shares, accounting for 0.46% of the company's total share capital [1]

证券代码：688222 证券简称：成都先导 公告编号：2025-052 成都先导药物开发股份有限公司 股东深圳市钧天投资企业（有限合伙） 减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 重要内容提示： 股东持有的基本情况 本次减持计划实施前，成都先导药物开发股份有限公司（以下简称"公司"） 股东深圳市钧天投资企业（有限合伙）（以下简称"深圳钧天"）持有公司股份 11,927,164 股，占公司总股本的 2.98%。上述股份为公司 IPO 前取得股份，该 部分股份于 2021 年 4 月 16 日起解禁上市流通。 减持计划的实施结果情况 公司于 2025 年 8 月 5 日在上海证券交易所网站披露《关于股东减持股份计 划公告》（公告编号：2025-029）： 深圳钧天拟通过集中竞价交易的方式减持其所持有的公司股份合计 2,000,000 股，拟减持股份占公司总股本的比例约为 0.50%，自减持计划发布之 日起 3 个交易日之后的 3 个月内（2025 年 8 月 8 日至 2025 年 11 月 ...

Group 1 - The core point of the article is that Chengdu Xian Dao (SH 688222) announced a share reduction by its shareholder Shenzhen Jun Tian, which involved a total of approximately 1.8594 million shares, accounting for 0.46% of the company's total share capital [1] - The revenue composition for Chengdu Xian Dao in 2024 is reported to be 99.95% from scientific research and technical services, with other businesses contributing only 0.05% [1] - As of the report, Chengdu Xian Dao has a market capitalization of 9.3 billion yuan [1]

Core Viewpoint - Chengdu Xian Dao announced that its shareholder, Shenzhen Jun Tian Investment Enterprise (Limited Partnership), has reduced its stake in the company by 1,859,413 shares, representing 0.46% of the total share capital [1] Summary by Sections Shareholding Changes - After the reduction, Shenzhen Jun Tian Investment Enterprise (Limited Partnership) holds 10,067,751 shares, which is 2.51% of the total share capital [1] - The reduction price ranged from 24.01 to 30.05 yuan per share, with a total amount of 49.1493 million yuan [1] Reduction Plan Details - The reduction plan was disclosed on August 5, 2025, with an original plan to reduce no more than 2,000,000 shares, approximately 0.50% of the total share capital [1] - The intended reduction period was from August 8, 2025, to November 7, 2025, but the actual reduction occurred from August 28, 2025, to November 3, 2025 [1] - The uncompleted portion of the reduction plan is 140,587 shares [1]

Investment Rating - The investment rating for Chengdu Xian Dao (688222.SH) is "Outperform the Market" [5][3]. Core Views - The company achieved significant revenue and profit growth in the first three quarters of 2025, with revenue reaching 370 million yuan (+23.98%) and net profit attributable to shareholders at 93 million yuan (+208.34%) [8][3]. - The core business and self-developed pipeline are progressing smoothly, with clinical trials for HG146 targeting solid tumors advancing well [19][3]. - The "DEL+AI+Automation" platform has shown promising results, enhancing drug discovery and optimization processes [20][3]. Summary by Sections Financial Performance - In the first three quarters of 2025, the company reported revenue of 370 million yuan, a year-on-year increase of 23.98%, and a net profit of 93 million yuan, up 208.34% [8][3]. - The third quarter alone saw revenue of 143 million yuan (+37.89%) and net profit of 43 million yuan (+114.98%) [8][3]. - The overall gross margin for the first three quarters was 54.9%, an increase of 5.5 percentage points, and the net profit margin was 25.1%, up 15 percentage points [13][3]. Business Development - The core business has seen continuous growth, with an increase in commercial projects and successful collaborations with global partners [19][3]. - The DEL and FBDD/SBDD segments have achieved milestone payments from various projects [23][3]. - The company has initiated two new self-developed projects, leveraging the "DEL+AI+Automation" platform for drug discovery [20][3]. Future Outlook - The revenue forecasts for 2025-2027 are projected at 505 million yuan, 608 million yuan, and 744 million yuan, representing year-on-year growth rates of 18.3%, 20.5%, and 22.3% respectively [3][4]. - The net profit forecasts for the same period are 103 million yuan, 124 million yuan, and 152 million yuan, with growth rates of 99.7%, 20.5%, and 22.6% respectively [3][4]. - The current price-to-earnings ratios are projected at 94.4, 78.3, and 63.9 for 2025, 2026, and 2027 respectively [3][4].

Core Viewpoint - Chengdu XianDao's stock price has seen a significant increase of 92.99% year-to-date, despite a recent decline in the last five trading days [1][2]. Company Overview - Chengdu XianDao Pharmaceutical Development Co., Ltd. was established on February 22, 2012, and went public on April 16, 2020. The company specializes in drug discovery services using its core DEL technology and new drug development project transfers [1]. - The company's main revenue source is drug research and development services, accounting for 99.97% of total revenue, with customized services making up 59.92% [1]. Financial Performance - For the period from January to September 2025, Chengdu XianDao reported a revenue of 370 million yuan, representing a year-on-year growth of 23.98%. The net profit attributable to the parent company was 92.87 million yuan, showing a substantial increase of 208.34% [2]. - The company has distributed a total of 134 million yuan in dividends since its A-share listing, with 43.94 million yuan distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Chengdu XianDao increased by 13.63% to 20,700, while the average circulating shares per person decreased by 11.99% to 19,312 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the seventh largest, holding 9.15 million shares, an increase of 7.20 million shares compared to the previous period [3].

Group 1 - The CRO index experienced fluctuations and a downward trend on November 4th [1] - Among the constituent stocks, Shengnuo Bio, Hongbo Pharmaceutical, and Chengdu XianDao had the largest declines, with decreases of 3.80%, 3.79%, and 3.53% respectively [1]

Summary of Chengdu XianDao Conference Call Company Overview - Chengdu XianDao reported a gross margin of 57% for Q3 2025, a 2% increase year-on-year, with its own business gross margin at 63% and Vanance at 46% [2][7][15] - The company is focusing on self-developed drug pipelines, with project 146 entering Phase II clinical trials [2][8] Key Financial Metrics - Total revenue for Bananas in Q1-Q3 2025 was approximately 108 million RMB, a 19% year-on-year increase [2][10] - Gross margin for Bananas improved to 39% and net profit to 23% due to milestone payments [2][10] - The overall gross margin and net profit for the year are expected to maintain levels seen in the first three quarters, subject to currency fluctuations and subsidiary performance [2][7] Industry Trends - There is a diversification in global demand for innovative drug development, with increased exploration of new molecules including small molecules, covalent molecules, macrocyclic molecules, and peptides [3] - Chengdu XianDao has launched multiple DEL4 series products, indicating ongoing innovation in research capabilities [3] Research and Development - The company has screened and transferred approximately 120 early-stage molecules, with over 85% being novel structures with high patent potential [2][12] - The overall screening success rate exceeds 70% [12] AI Integration - Chengdu XianDao has made significant progress in building an AI platform for drug development, collaborating with Nvidia to create a large-scale AI platform expected to impact business by 2030 [3][18] - The integration of AI is seen as a tool to enhance drug discovery and development processes [19][20] Collaboration and Partnerships - Chengdu XianDao has a long-standing partnership with Pfizer, with recent discussions indicating a trend towards deeper collaboration [16][17] - The partnership focuses on DNA-encoded compound technology and exploring new opportunities in biology and intellectual property protection [17] Future Outlook - The company is exploring mergers and acquisitions to enhance its capabilities in small molecule clinical services and new generation DELL technology [14] - Future development will focus on strengthening core technology platforms, expanding customer bases, and optimizing business operations [21] Conclusion - Chengdu XianDao is positioned for growth through strategic partnerships, innovative research, and a focus on AI integration, while maintaining strong financial performance and a robust pipeline of drug candidates [2][3][21]

Core Viewpoint - Chengdu Xian Dao is a leading enterprise in the global DEL technology drug research and development field, with significant technical advantages in new drug discovery and optimization, making it highly valuable for investment [1] Business Performance - In Q3 2025, Chengdu Xian Dao reported revenue of 370 million yuan, ranking 23rd among 29 companies in the industry, while the industry leader, WuXi AppTec, achieved revenue of 32.857 billion yuan [2] - The company's net profit for the same period was 91.758 million yuan, ranking 13th in the industry, with the top performer, WuXi AppTec, reporting a net profit of 12.206 billion yuan [2] Financial Ratios - As of Q3 2025, Chengdu Xian Dao's debt-to-asset ratio was 22.56%, slightly below the industry average of 22.79% [3] - The company's gross profit margin was 54.85%, higher than the industry average of 37.70% [3] Leadership and Compensation - The chairman and general manager, Jin Li, received a salary of 3.3408 million yuan in 2024, unchanged from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 13.63% to 20,700, while the average number of circulating A-shares held per shareholder decreased by 11.99% [5] - Chengdu Xian Dao focuses on small molecule and nucleic acid new drug discovery and optimization, supported by four core technology platforms [5] Revenue Projections - Revenue projections for Chengdu Xian Dao from 2025 to 2027 are 504 million yuan, 608 million yuan, and 739 million yuan, representing year-on-year growth rates of 17.95%, 20.70%, and 21.57% respectively [5]

Core Insights - Chengdu Xian Dao (688222.SH) reported a total operating revenue of 370 million yuan for Q3 2025, ranking 34th among disclosed peers. The net profit attributable to shareholders was 92.87 million yuan, with a net cash inflow from operating activities of 162 million yuan [1]. Financial Performance - The latest asset-liability ratio stands at 22.56%, which is an increase of 1.64 percentage points from the previous quarter and an increase of 3.94 percentage points year-on-year [3]. - The company's gross profit margin is reported at 54.85%, with a return on equity (ROE) of 6.32% [4]. - The diluted earnings per share (EPS) is 0.23 yuan, ranking 21st among disclosed peers. The total asset turnover ratio is 0.20 times, ranking 33rd, while the inventory turnover ratio is 4.54 times, ranking 21st, showing a decrease of 0.66 times or 12.74% year-on-year [5]. Shareholder Structure - The number of shareholders is 20,700, with the top ten shareholders holding a total of 221 million shares, accounting for 55.17% of the total share capital. The largest shareholder is LI.JIN, holding 20.43% [5].