| 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 相 | | --- | --- | --- | --- | --- | --- | | | 股份數目 | 原因 | | | ( 請參閱上述 * 註 有投票權股 (日 / 月 / 年) 權 | | | | | | | 西昌 份百分比 | | | | | | | ( % ) | | CS20250904E00034 | Schroders PLC | 1101(L) | 94,000(L) | HKD 96.8184 | 4,991,500(L) 18.12(L)02/09/2025 | 追加内容 本文作者可以追加内容哦 ! 格隆汇9月5日丨根据联交所最新权益披露资料显示，2025年9月2日，凯莱英(06821.HK)获Schroders PLC在场内以每股均价96.8184港元增持9.4万股，涉资约 910.09万港元。 增持后，Schroders PLC最新持股数目为499.15万股，持股比例由17.77%上升至18.12%。 | 股份代號: | 0 ...

| 股份代號: | 06821 | | --- | --- | | 上市法國名稱: | 凱萊英醫藥集團(天津)股份有限公司 - H層 | | 日期 (日 / 月 / 年): | 05/08/2025 - 05/09/2025 | 格隆汇9月5日丨根据联交所最新权益披露资料显示，2025年9月2日，凯莱英(06821.HK)获Schroders PLC在场内以每股均价96.8184港元增持9.4万股，涉资约 910.09万港元。 增持后，Schroders PLC最新持股数目为499.15万股，持股比例由17.77%上升至18.12%。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 相 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 股份數目 | | | ( 請參閱上述 * 註 | 有投票權股(日 / 月 / 年) 福 | | | | | | | | | 份百分比 | | | | | | | | | (%) | ...

智通财经APP获悉，香港联交所最新资料显示，9月2日，Schroders PLC增持凯莱英(06821)9.4万股，每 股作价96.8184港元，总金额约为910.09万港元。增持后最新持股数目为499.15万股，最新持股比例为 18.12%。 ...

Market Overview - On September 4, the medical services sector declined by 4.28%, with Bid Pharma leading the drop [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Notable gainers in the medical services sector included: - Zihua Pharmaceutical (600721) with a closing price of 11.07, up 6.24% [1] - Innovation Medical (002173) with a closing price of 24.99, up 5.31% [1] - Wisdom Pharmaceutical (300149) with a closing price of 13.17, up 4.36% [1] - Major decliners included: - Bid Pharma (688073) with a closing price of 62.65, down 9.44% [2] - WuXi AppTec (603259) with a closing price of 101.94, down 8.06% [2] - Zhaoyan New Drug (603127) with a closing price of 30.92, down 7.48% [2] Capital Flow - The medical services sector experienced a net outflow of 1 billion yuan from institutional investors, while retail investors saw a net inflow of 359 million yuan [2][3] - Key stocks with significant capital flow included: - Innovation Medical (002173) with a net inflow of 136 million yuan from institutional investors [3] - Wisdom Pharmaceutical (300149) with a net inflow of 79 million yuan from institutional investors [3] - Meinian Health (002044) with a net inflow of 64 million yuan from institutional investors [3]

Investment Rating - The industry is rated as "Outperforming the Market" with an expected relative increase of over 10% in the next six months compared to the market index [4][32]. Core Insights - In the first half of 2025, the pharmaceutical research outsourcing industry showed robust revenue growth of 13.77% year-on-year and a significant profit increase of 63.82% [2][22]. - The recovery in global financing has led to a resurgence in demand for early-stage drug discovery, shortening the order conversion cycle for CRO (Contract Research Organization) services, which has driven performance [3][30]. - The demand for production outsourcing has been boosted by innovative drugs entering late-stage clinical trials and commercialization, contributing to the growth of CDMO (Contract Development and Manufacturing Organization) services [3][30]. - High-value-added services, such as peptide production, have generated additional revenue streams [2][22]. Summary by Sections 1. Pharmaceutical Sector Performance Review - From January to August 31, 2025, the pharmaceutical sector achieved a 25.50% increase, outperforming the CSI 300 index by 11.22 percentage points, ranking 9th among 31 sectors [9][11]. - The medical research outsourcing sub-sector led the performance with a remarkable increase of 62.37% [13][14]. 2. Pharmaceutical Sector Earnings Review - In the first half of 2025, only the medical services sector among six secondary sub-sectors showed positive growth, while the biopharmaceutical sector experienced the largest decline [18]. - The medical research outsourcing and other biopharmaceutical sub-sectors achieved high profit growth rates of 63.82% and 51.47%, respectively [19]. 3. Medical Services Outsourcing Sector Performance - The medical research outsourcing sector's overall revenue increased by 13.77% year-on-year, with net profit rising by 63.82% in the first half of 2025 [22][27]. - The sector's gross margin improved from 37.95% in 2024 to 39.77% in the first half of 2025, while net margin rose from 14.73% to 24.36% [25]. 4. Investment Recommendations - The report suggests focusing on leading companies benefiting from the increasing industry concentration and those engaged in high-value-added businesses like CDMO and peptides [3][30].

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 - Schroders PLC increased its stake in Kairong Pharmaceutical (06821) by 78,400 shares at a price of HKD 91.2894 per share, totaling approximately HKD 7.1571 million [1] - After the increase, Schroders PLC's total shareholding in Kairong Pharmaceutical reached 4.7466 million shares, representing a holding percentage of 17.23% [1]

Group 1 - Schroders PLC increased its stake in Kelaiying (002821) by purchasing 78,400 shares at a price of HKD 91.2894 per share, totaling approximately HKD 7.1571 million [1] - After the purchase, Schroders PLC's total shareholding in Kelaiying reached 4.7466 million shares, representing a holding percentage of 17.23% [1]

Core Viewpoint - The innovative drug sector is experiencing strong performance due to favorable policies and positive earnings reports, with significant gains in Hong Kong-listed innovative drug stocks [1][2]. Policy Aspects - The National Healthcare Security Administration has introduced a "newly listed drug initial pricing mechanism" to encourage drug research and innovation, marking the first public announcement of this mechanism since last year's consultation [1]. - The mechanism aims to ensure that high-level innovative drugs can achieve returns that correspond to their high investment and risk during the initial listing period [1]. Performance Aspects - In the first half of this year, among 80 listed companies in the innovative drug sector, 34 companies reported year-on-year growth in net profit attributable to shareholders, excluding companies that turned losses into profits or reduced losses [2]. - For instance, Heng Rui Medicine achieved revenue of 15.76 billion yuan, a year-on-year increase of 15.88%, and a net profit of 4.45 billion yuan, up 29.67% [2]. - In the medical device sector, United Imaging Healthcare reported revenue of 6.02 billion yuan, a 12.79% increase, and a net profit of 998 million yuan, up 5.03% [2]. - The continuous optimization of the medical insurance catalog adjustment mechanism by the government has stimulated companies' enthusiasm for innovation, as they see increased chances of their products entering insurance and commercial insurance catalogs [2].