Core Viewpoint - Chengdu Xian Dao (688222.SH) announced a shareholding change involving a reduction in shareholding by Huabo Medical Instrument Co., Ltd. [1] Summary by Relevant Sections - **Shareholding Change** - Huabo Medical Instrument reduced its shareholding from 11.17% to 10.92% through the sale of 1 million shares between August 29, 2025, and September 3, 2025 [1] - **Transaction Method** - The shares were sold via centralized bidding [1] - **Regulatory Notification** - The change in shareholding triggered a notification due to the reduction touching the 1% threshold [1]

Group 1 - The innovative drug concept stocks are experiencing significant activity, with Jimin Health hitting the daily limit up [1] - JianKai Technology has seen an increase of over 10% [1] - Other companies such as YueKang Pharmaceutical, NuoSiGe, QianYan Bio, XinLiTai, and Chengdu XianDao are also following the upward trend [1]

Core Viewpoint - The CXO industry is experiencing a recovery after a period of decline, driven by increased profitability among companies and a favorable capital market environment for stock prices [1][4][10]. Group 1: Industry Performance - In the first half of this year, 16 out of 28 A-share CXO companies reported a year-on-year increase in net profit, a significant rise from only 7 companies in the same period last year, indicating a recovery trend [1][3]. - Among the 28 stocks, 8 companies achieved a net profit increase of over 100%, with Chengdu Xian Dao leading at 390.72% [4]. - The total revenue for WuXi AppTec reached approximately 20.8 billion yuan, a year-on-year increase of 20.64%, with a net profit of about 8.56 billion yuan, up 101.92% [4]. Group 2: Market Dynamics - The recovery in the CXO industry is attributed to three main drivers: active pharmaceutical investment and business development transactions, a shift in global pharmaceutical research focus towards biologics and complex molecules, and technological innovations such as AI in drug development [5][11]. - The overall market for CXO services is expanding as pharmaceutical companies increasingly outsource research and development to specialized firms, which helps reduce costs and improve efficiency [5][11]. Group 3: Company-Specific Insights - Despite the overall recovery, some companies like Tigermed reported declines in both revenue and net profit, highlighting a disparity in performance within the industry [6][8]. - Tigermed's revenue fell to approximately 3.25 billion yuan, a decrease of 3.21%, with a net profit of about 383 million yuan, down 22.22% [6][7]. - Companies with diversified client bases and technological advantages are better positioned to capitalize on market recovery, while those reliant on single business lines may face longer adjustment periods [8]. Group 4: Stock Market Performance - All 28 CXO stocks have seen price increases this year, reflecting the industry's recovery [9][10]. - The stock price increases range from 10% to over 100%, with Nanjing Momo Bio leading at a 142.21% increase [10]. - The stock price performance correlates with improved company earnings, indicating a supportive fundamental backdrop for the sector [10].

Core Viewpoint - The CXO industry is experiencing a recovery after a challenging period, with a significant increase in the number of companies reporting profit growth in the first half of the year, indicating a positive trend in the sector [1][3][4]. Financial Performance - In the first half of this year, 16 out of 28 A-share CXO companies reported profit growth, representing approximately 57.14% of the sector [4]. - Notably, 8 companies achieved a doubling of net profit, with Chengdu Xian Dao leading at a 390.72% increase, followed by Nanmo Biology at 298.69% [4]. - Wu Ming Kang De reported the highest net profit among the companies, with approximately 8.56 billion yuan in net profit, a 101.92% year-on-year increase, and revenue of about 20.80 billion yuan, up 20.64% [4]. - Kang Long Hua Cheng, despite a 37% decline in net profit to approximately 701 million yuan, achieved a record high revenue of 6.44 billion yuan, a 14.93% increase [4][5]. Market Dynamics - The recovery in the CXO industry is driven by three main factors: increased activity in pharmaceutical investment and business development transactions, a shift in global pharmaceutical research focus towards biopharmaceuticals and complex molecules, and technological innovations such as AI in drug development [5][6]. - The overall market for CXO services is expanding as pharmaceutical companies increasingly outsource research and development to specialized firms, which helps reduce costs and improve efficiency [5][6]. Performance Disparities - Despite the overall recovery, some companies like Tai Ge Yi Yao and Yi Nuo Si reported declines in both revenue and net profit, indicating uneven recovery across the sector [6][8]. - Tai Ge Yi Yao's revenue fell by 3.21% to approximately 3.25 billion yuan, with a net profit decline of 22.22% to about 383 million yuan, primarily due to decreased income from clinical trial services [6][7]. Stock Market Trends - All 28 CXO stocks have seen price increases this year, reflecting the industry's recovery [9][10]. - The stock price increases range from 10% to over 100%, with Nanmo Biology achieving the highest increase of 142.21% [10]. - The positive stock performance is supported by improved financial results and a favorable global investment environment in pharmaceuticals [10][11]. Future Outlook - The CXO industry is expected to continue its growth trajectory, driven by an aging global population and increasing health demands, although only companies with core competitive advantages will thrive [11][12].

Group 1 - The recombinant protein concept sector rose by 0.03%, ranking fifth among concept sectors, with 17 stocks increasing in value [1] - Leading stocks in the sector included Chengdu Xian Dao, Baipu Sais, and Rejing Bio, which saw increases of 13.74%, 12.10%, and 5.07% respectively [1] - Stocks with the largest declines included Saiseng Pharmaceutical, *ST Wanfang, and Huiyu Pharmaceutical, which fell by 5.45%, 4.89%, and 3.31% respectively [1] Group 2 - The main capital flow into the recombinant protein concept sector showed a net outflow of 86 million yuan, with 15 stocks experiencing net inflows [2] - The stock with the highest net inflow was Dezhan Health, which saw a net inflow of 124 million yuan, followed by Yipin Hong, Chengdu Xian Dao, and Haoyuan Pharmaceutical with net inflows of 96.47 million yuan, 79.22 million yuan, and 65.75 million yuan respectively [2][3] Group 3 - In terms of capital inflow ratios, Dezhan Health, Haoyuan Pharmaceutical, and Yipin Hong had the highest net inflow rates at 15.06%, 10.07%, and 9.66% respectively [3] - The top stocks in the recombinant protein concept based on capital flow included Dezhan Health, Yipin Hong, Chengdu Xian Dao, and Haoyuan Pharmaceutical, with respective daily price changes of 4.85%, 1.29%, 13.74%, and 4.14% [3]

Market Overview - The Shanghai Composite Index fell by 0.96% to 3820.98 points, while the Shenzhen Component Index decreased by 0.63% to 12474.44 points. The ChiNext Index remained flat at 2872.11 points [3][4] - The total trading volume in the Shanghai and Shenzhen markets reached 1.45 trillion yuan, with over 4300 stocks declining and nearly 1000 stocks rising [3] Sector Performance - The gaming and film sectors showed strong performance, with notable gains in stocks such as Chengdu Xian Dao, which rose over 10%, and other pharmaceutical companies like Baihua Medicine and Renfu Medicine hitting the daily limit [4][5] - The robotics sector also performed well, with stocks like Zhejiang Rongtai and Qin Chuan Machine Tool experiencing significant increases [7][8] Key Stock Movements - Chengdu Xian Dao increased by 10.43% to 28.03 yuan, while Baihua Medicine rose by 10.03% to 10.42 yuan [5] - The gold sector saw a rise, with spot gold prices surpassing $3545 per ounce, marking a new high [12] Economic Indicators - The People's Bank of China conducted a reverse repurchase operation of 229.1 billion yuan at an interest rate of 1.40%, unchanged from previous rates [10]

每经AI快讯，民生证券9月2日发布研报称，给予成都先导（688222.SH，最新价：25.68元）推荐评级。 评级理由主要包括：1）盈利能力同比改善明显；2）核心业务DEL板块收入超预期；3）AI持续赋能底 层平台完善，开始兑现阶段性成果。风险提示：下游需求风险、项目运营风险、核心技术人员流失风 险、政策变化风险、汇率风险等。 每经头条（nbdtoutiao）——阿里的双向突围 （记者 王瀚黎） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 ...

Group 1 - The CRO concept sector increased by 2.88%, ranking 8th among concept sectors, with 56 stocks rising, including Baohua Pharmaceutical, Dezhan Health, and ST Unimed hitting the daily limit [1] - Notable gainers in the CRO sector included Yiqiao Shenzhou, Puris, and Baicheng Pharmaceutical, which rose by 10.65%, 8.59%, and 8.46% respectively [1] - The sector saw a net inflow of 1.876 billion yuan, with 39 stocks receiving net inflows, and 7 stocks exceeding 50 million yuan in net inflow, led by WuXi AppTec with 1.04 billion yuan [2][3] Group 2 - The top stocks by net inflow ratio included Dezhan Health, ST Unimed, and Baohua Pharmaceutical, with net inflow ratios of 26.23%, 17.45%, and 16.34% respectively [3] - The top stocks in the CRO concept by net inflow included WuXi AppTec, Fosun Pharma, and Dezhan Health, with net inflows of 1.04 billion yuan, 233.4 million yuan, and 126.1 million yuan respectively [3][4] - Stocks with significant declines included Sichuan Shuangma, ST Biology, and Hitec Biotech, which fell by 3.73%, 3.03%, and 2.67% respectively [1][6]

Group 1 - The company is committed to high-quality development and has launched the "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" action plan, set to be implemented by April 2025 [2][3] - The company focuses on the discovery and optimization of small molecules and nucleic acid drugs, utilizing four core technology platforms: DEL technology, FBDD/SBDD, OBT, and TPD [2][3] - As of mid-2025, the company has synthesized over 1.2 trillion structurally diverse DNA-encoded compounds and holds multiple internal drug projects at various clinical stages [3][4] Group 2 - The DEL segment generated revenue of 102.19 million yuan, a year-on-year increase of 40.45%, driven by flexible and diversified services [4] - The FBDD/SBDD segment reported revenue of 65.24 million yuan, up 4.15%, bolstered by milestone income from the UK subsidiary Vernalis [4] - The company has achieved a net profit of 53.91 million yuan, reflecting a year-on-year growth of 2,517.66% [3][4] Group 3 - The company has obtained 143 invention patents and 14 software copyrights, with over 300 additional patents pending [3][4] - The company was recognized as one of the "Top 20 Excellent CRO Brands in China" for 2025 [3][4] Group 4 - The company emphasizes stable profit distribution, having distributed cash dividends of 23.97 million yuan in June 2025 [5][6] - The controlling shareholder plans to increase their stake in the company by investing between 25 million and 50 million yuan within 12 months [6] Group 5 - The company has expanded its DEL library to over 12 trillion small molecules, making it the largest known library of its kind [7] - The company has developed over 50 novel E3 ligases and constructed over 100 protein constructs for drug discovery [7] Group 6 - The company maintains a strong focus on investor relations, holding a shareholder meeting and utilizing various communication channels to engage with investors [9][10] - The company has implemented a governance structure that includes regular updates to the board and training for directors to enhance operational efficiency [11] Group 7 - The company has established a performance-based compensation system for management, linking bonuses to company performance to align interests with shareholders [12] - The company aims to enhance its core competitiveness through continuous innovation and effective management practices [12]

Core Insights - Chengdu XianDao reported a significant increase in revenue and net profit for H1 2025, with revenue reaching 227 million yuan, up 16.59% year-on-year, and net profit of 50 million yuan, up 390.59% year-on-year [1] - The company's gross margin improved to 53.81%, an increase of 7.18 percentage points year-on-year, while the net profit margin rose to 22.04%, up 16.80 percentage points year-on-year [1] Financial Performance - For Q2 2025, the company achieved revenue of 120 million yuan, a year-on-year increase of 37.71%, but net profit decreased to 22 million yuan, down 681.82% year-on-year [1] - R&D expenses for H1 2025 were 29 million yuan, a decrease of 6.28% year-on-year, as the company adjusted its R&D resource allocation to focus on commercial projects [2] Business Segments - The DEL segment outperformed expectations with revenue of 102 million yuan, up 40.45% year-on-year, driven by strong progress in customized libraries [2] - The FBDD/SBDD segment generated revenue of 65 million yuan, a 4.15% increase year-on-year, mainly due to milestone revenue recognized by the UK subsidiary Vernalis [2] - The OBT segment saw revenue of 28 million yuan, down 3.35% year-on-year, while the TPD segment's revenue was 7 million yuan, down 8.67% year-on-year due to project execution timelines [2] Technological Advancements - The company is advancing its AI capabilities in drug discovery, with the HAILO platform achieving significant milestones in model and data development, high-throughput chemical platform integration, and project pipeline initiation [3] - New self-research projects have been launched based on the HAILO platform, entering the evaluation and optimization stages [3] Future Outlook - The company aims for continued global expansion and operational efficiency, projecting revenues of 515 million yuan, 617 million yuan, and 740 million yuan for 2025-2027, with year-on-year growth rates of 20.6%, 19.9%, and 19.9% respectively [4] - Expected net profits for the same period are 90 million yuan, 107 million yuan, and 131 million yuan, with growth rates of 75.5%, 19.0%, and 22.0% respectively [4]