Group 1 - Schroders PLC reduced its stake in Kelaiying (06821) by 28,100 shares at a price of HKD 86.1644 per share, totaling approximately HKD 2.4212 million [1] - After the reduction, Schroders PLC's latest holding is 6.0458 million shares, representing a holding percentage of 21.94% [1]

Core Viewpoint - Norges Bank increased its stake in Kairong (06821) by purchasing 213,700 shares at a price of HKD 86.6001 per share, totaling approximately HKD 18.5064 million, raising its total holdings to 3.7222 million shares, which represents 13.51% of the company [1] Summary by Category - **Share Purchase Details** - Norges Bank acquired 213,700 shares of Kairong at HKD 86.6001 per share [1] - The total investment amounted to approximately HKD 18.5064 million [1] - **Ownership Status** - Following the purchase, Norges Bank's total shareholding in Kairong increased to 3.7222 million shares [1] - The new ownership percentage stands at 13.51% [1]

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a 6-month target price of 128.10 CNY per share [5][6]. Core Insights - The company achieved a revenue of 4.63 billion CNY in the first three quarters of 2025, representing a year-on-year growth of 11.82%. The net profit attributable to shareholders was 800 million CNY, up 12.66% year-on-year [2][3]. - The revenue for 2025 is expected to grow by 13%-15%, driven by a significant increase in the order delivery scale in Q4 compared to Q3 [2][3]. - The company is actively expanding its market presence, resulting in double-digit growth in new orders, particularly in the fields of peptides, oligonucleotides, and ADCs [3][4]. - The company has a rich pipeline of mid-to-late stage projects, which is expected to support long-term stable growth. There are 11 small molecule projects in the validation batch stage and 9 emerging business projects expected in the second half of 2025 [4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported revenues of 4.63 billion CNY, with a year-on-year increase of 11.82%. The net profit was 800 million CNY, reflecting a growth of 12.66% [2][3]. - The projected net profits for 2025 to 2027 are 1.13 billion CNY, 1.32 billion CNY, and 1.52 billion CNY, with year-on-year growth rates of 19.4%, 16.6%, and 15.1% respectively [5][11]. Market Expansion - The company is increasing its market development efforts, leading to a significant rise in new orders. The global investment in innovative drugs has seen a notable recovery, with VC&PE funding in 2025 increasing by 32% globally, 33% in the U.S., and 72% domestically [3]. Project Pipeline - The company has a strong project pipeline with over 10 mid-to-late stage clinical projects in popular targets such as peptides and small nucleic acids. Additionally, there are 8 NDA projects for toxin conjugates [4].

Core Viewpoint - Huazhong Securities report indicates that Kailaiying achieved a net profit attributable to shareholders of 800 million yuan in the first three quarters of 2025, representing a year-on-year growth of 12.66%. However, the net profit for Q3 alone was 183 million yuan, showing a year-on-year decline of 13.46% [1] Financial Performance - In Q3 2025, the company's performance experienced slight fluctuations primarily due to the impact of order delivery schedules. It is expected that the delivery scale in Q4 will significantly exceed that of Q3 based on the distribution of pending orders from the second half of the year [1] - The company maintains its full-year performance guidance, projecting an annual revenue growth of 13%-15% [1] Order and Business Growth - In Q3 2025, the company signed new orders with double-digit growth, which has improved compared to the growth rate in the first half of the year. The new business segments, including chemical macromolecules and biological macromolecules, have shown strong growth in new orders [1] Capital Expenditure Plans - The company plans to increase its capital expenditure significantly, raising the expected amount for 2025 to 1.3-1.4 billion yuan, primarily focusing on emerging business areas. Capital expenditure is expected to further increase in 2026 [1] Profitability Outlook - Given that the current gross margin level of emerging businesses is relatively low, an increase in revenue share from these areas is anticipated to lower the overall gross margin of the company. Consequently, the profit forecasts for 2025-2027 have been revised downward [1] - The company maintains a "Buy" rating despite the adjustments to profit forecasts [1]

Core Viewpoint - The company, Kailaiying Pharmaceutical Group, reported a significant increase in revenue and operational efficiency in the third quarter of 2025, driven by growth in emerging business sectors and a positive outlook for the pharmaceutical industry [3]. Financial Performance - In the first three quarters of 2025, the company achieved total revenue of 4.63 billion yuan, representing a year-on-year growth of 11.82% [3]. - Revenue from emerging businesses increased by 71.87%, while revenue from chemical macromolecule businesses grew by over 150% [3]. - Revenue from large pharmaceutical companies was 2.05 billion yuan, up 1.98%, and revenue from small and medium-sized pharmaceutical companies reached 2.58 billion yuan, up 21.14% [3]. - The overall gross profit margin for the company was 42.44%, with the gross profit margin for emerging businesses improving by 10.57 percentage points to 30.55% [3]. Future Outlook - The company anticipates that the delivery scale in the fourth quarter will significantly exceed that of the third quarter, projecting an annual revenue growth of 13% to 15% [3].

Financing and Strategic Partnerships - Vanke A has signed a framework agreement with its largest shareholder, Shenzhen Metro Group, to provide a loan limit of up to 22 billion yuan [3] - Betta Pharmaceuticals has reached a strategic cooperation with Shengsi Biotech, obtaining exclusive distribution rights for a long-acting recombinant factor VIII product in Greater China [4] - Nenghui Technology has established a joint venture with Zhejiang Lisan, investing 10 million yuan to capitalize on opportunities in the "computing power + AI" and "computing power + new energy" sectors [6] Market Performance - Seres reported a total vehicle sales of 54,384 units in October 2025, with new energy vehicle sales reaching 51,456 units, marking a year-on-year increase of 42.89% [9] - BAIC Blue Valley's subsidiary achieved a 112.02% year-on-year increase in sales for October 2025, totaling 30,542 units [10] - Changan Automobile's new energy vehicle sales grew by 36.14% year-on-year in October 2025, with total sales of 278,400 units for the month [12] - Great Wall Motors reported October sales of 143,100 units, reflecting a year-on-year increase of 22.5% [13] - BYD exported a total of 83,904 new energy vehicles in October 2025, with a total battery installation capacity of approximately 27.362 GWh for the month [14] Shareholding Changes - Jintai Technology's shareholder, Gaoxin Investment, plans to reduce its stake by up to 3% through various trading methods [16] - Yongzhen Co., Ltd. announced that two shareholders intend to reduce their holdings by up to 3% [17] - Huafeng Measurement Control's controlling shareholder plans to reduce its stake by up to 2% [18] - Rongqi Technology's employee strategic placement asset management plan intends to reduce its holdings by up to 1.32% [19] - Jinli Permanent Magnet's directors and senior management plan to collectively reduce their holdings by up to 0.15% [20] Major Contracts - ST Yifei signed an overseas procurement order worth approximately 190 million yuan, accounting for 27.46% of its audited revenue for 2024 [21] - Lanjian Intelligent signed a daily operational contract worth 138 million yuan [22] - Jingye Intelligent won a bid for a process equipment project valued at 134 million yuan [23] - Daye Intelligent's subsidiary signed a bareboat charter contract for two vessels, with total rental income projected at approximately 48.73 million USD over 1,095 days [24]

智通财经APP获悉，香港联交所最新资料显示，10月28日，Schroders PLC增持凯莱英(06821)8.74万股， 每股作价88.3138港元，总金额约为771.86万港元。增持后最新持股数目约为607.39万股，持股比例为 22.04%。 ...

Core Viewpoint - Morgan Stanley has reduced its stake in Kelaiying (06821) by 19,400 shares at a price of HKD 88.2767 per share, totaling approximately HKD 1.7126 million, resulting in a new holding of about 2.1962 million shares, representing 7.97% of the company [1] Summary by Category - **Shareholding Changes** - Morgan Stanley sold 19,400 shares of Kelaiying on October 28 [1] - The sale price was HKD 88.2767 per share, amounting to approximately HKD 1.7126 million [1] - After the reduction, Morgan Stanley's remaining shares are approximately 2.1962 million, which is 7.97% of the total shares [1]

Group 1 - Morgan Stanley reduced its stake in Kelaiying (002821)(06821) by 19,400 shares at a price of HKD 88.2767 per share, totaling approximately HKD 1.7126 million [1] - After the reduction, Morgan Stanley's latest holding is approximately 2.1962 million shares, representing a holding percentage of 7.97% [1]

香港联交所最新资料显示，10月28日，Schroders PLC增持凯莱英（002821）(06821)8.74万股，每股作价 88.3138港元，总金额约为771.86万港元。增持后最新持股数目约为607.39万股，持股比例为22.04%。 ...