证券代码：002821 证券简称：凯莱英 公告编号：2025-060 凯莱英医药集团（天津）股份有限公司（以下简称"公司"）第五届董事会 第三次会议通知于 2025 年 9 月 9 日以电子邮件和书面形式发送给各位董事及高 级管理人员，会议于 2025 年 9 月 15 日以通讯方式召开。公司应到董事 9 名，实 到董事 9 名，公司部分高级管理人员列席了本次会议。会议由公司董事长 HAO HONG 先生召集并主持，会议的召集和召开符合《公司法》及相关法律、法规以 及《公司章程》的有关规定。 二、董事会议案审议情况 会议采用通讯方式进行表决，经全体与会董事审议并表决，通过了如下决议： 1、审议通过了《关于使用部分暂时闲置募集资金进行现金管理的议案》 凯莱英医药集团（天津）股份有限公司 第五届董事会第三次会议决议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 具体内容详见同日刊登于《中国证券报》、《证券时报》和巨潮资讯网 （http://www.cninfo.com.cn/）的公告信息。 三、备查文件 1、公司第五届董事会第三次会 ...

Group 1 - The CRO concept sector rose by 1.44%, ranking 8th among concept sectors, with 42 stocks increasing in value, including notable gainers such as Dezheng Health, Zhaoyan New Drug, and ST Weiming, which hit the daily limit, while Boteng Co., Haofan Bio, and Kanglong Chemical saw significant increases of 9.21%, 9.10%, and 6.37% respectively [1][2] - The sector experienced a net inflow of 778 million yuan from main funds, with 35 stocks receiving net inflows, and 7 stocks attracting over 50 million yuan, led by Kanglong Chemical with a net inflow of 172 million yuan, followed by Kailaiying, WuXi AppTec, and Dezheng Health with net inflows of 159 million yuan, 148 million yuan, and 148 million yuan respectively [2][3] Group 2 - In terms of fund inflow ratios, Dezheng Health, Haoyuan Pharmaceutical, and New World had the highest net inflow ratios at 30.08%, 12.93%, and 11.07% respectively [3] - The CRO concept fund inflow rankings showed that Kanglong Chemical had a daily increase of 6.37% with a turnover rate of 6.31%, while Kailaiying and WuXi AppTec also performed well with increases of 4.11% and 1.45% respectively [4][5] - The overall performance of the CRO sector was mixed, with some stocks like ST Weiming and *ST Shuangcheng experiencing declines of 2.19% and 1.92% respectively, indicating volatility within the sector [1][6]

第一创业证券承销保荐有限责任公司 关于凯莱英医药集团（天津）股份有限公司 使用暂时闲置募集资金进行现金管理的核查意见 第一创业证券承销保荐有限责任公司（以下简称"一创投行"或"保荐机构"） 作为凯莱英医药集团（天津）股份有限公司（以下简称"凯莱英"或"公司"）的保 荐机构，根据《证券发行上市保荐业务管理办法》、《深圳证券交易所股票上市规 则》、《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运 作》、《上市公司募集资金监管规则》等法律和规范性文件的要求，对凯莱英医 药集团（天津）股份有限公司使用暂时闲置募集资金进行现金管理情况进行了审 慎核查。具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会证监许可[2020]1912 号文《关于核准凯莱英医药 集团（天津）股份有限公司非公开发行股票的批复》核准，公司于 2020 年 9 月 向特定投资者发行人民币普通股（A 股）股票 10,178,731.00 股，每股发行价为 227.00 元/股，募集资金总额为人民币 2,310,571,937.00 元，扣除承销费用（不含 税）32,696,772.70 元，公司实际收到募集资金人民币 ...

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of September 15, 2025 [1] Core Insights - The trend of Chinese innovative drugs going overseas continues, with a focus on selective opportunities. The report highlights that the global pharmaceutical transaction volume reached 456 deals in the first half of 2025, a 32% year-on-year increase, with upfront payments totaling $11.8 billion, a 136% surge, and total transaction value hitting $130.4 billion, up 58% year-on-year [2] - The report emphasizes the promising clinical data from Chinese innovative drugs presented at the World Lung Cancer Conference, particularly in the ADC (Antibody-Drug Conjugate) field, showcasing significant efficacy advantages [3] - The report discusses the potential of small nucleic acid drugs and innovative delivery systems, indicating new market opportunities arising from strategic collaborations between Chinese companies and multinational corporations [4] - The CXO (Contract Research Organization) sector is expected to gradually recover, with a notable increase in orders anticipated in the third quarter of 2025, driven by improved innovation environments and funding from license-out transactions [5] - The 2025 medical insurance negotiation and commercial insurance innovative drug directory work has commenced, with a focus on orphan drugs and breakthrough treatment varieties [6] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry underperformed the CSI 300 index by 1.75% in the past week, with a recent one-month increase of 3.32%, lagging behind the CSI 300 by 5.81% [22][26] - The medical device sector showed the highest weekly increase of 2.23%, while the chemical pharmaceutical sector experienced a decline of 2.57% [31] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical industry index's current PE (TTM) stands at 40.60, above the five-year historical average of 31.60 [46] - The report notes that the pharmaceutical sector has shown a 15.06% increase over the past three months, outperforming the CSI 300 by 16.11% [43] 3. Recent Research Achievements - The report outlines recent research achievements by the Huaxin pharmaceutical team, including various in-depth and commentary reports on innovative drug developments and market trends [50] 4. Recent Industry Policies and News - The report details recent policy updates from the National Healthcare Security Administration regarding the 2025 drug directory adjustments and the approval of new drug applications [52][55]

Market Overview - On September 15, the medical services sector rose by 1.58%, led by Zhaoyan New Drug, while the Shanghai Composite Index closed at 3860.5, down 0.26% [1] - The Shenzhen Component Index closed at 13005.77, up 0.63% [1] Top Performers - Zhaoyan New Drug (603127) closed at 41.65, with a gain of 10.01% and a trading volume of 597,900 shares, amounting to a transaction value of 2.418 billion [1] - Boteng Co., Ltd. (300363) closed at 28.59, up 9.21%, with a trading volume of 571,200 shares, totaling 1.633 billion [1] - Kanglong Chemical (300759) closed at 35.90, increasing by 6.37%, with a trading volume of 895,600 shares, amounting to 3.178 billion [1] Underperformers - Jukang Life (300143) closed at 12.19, down 5.21%, with a trading volume of 245,900 shares, totaling 306 million [2] - Digital Human (835670) closed at 17.13, down 3.22%, with a trading volume of 55,800 shares, amounting to 9.562 million [2] - BGI Genomics (300676) closed at 53.20, down 3.11%, with a trading volume of 152,700 shares, totaling 81.5 million [2] Capital Flow - The medical services sector saw a net inflow of 502 million from institutional investors, while retail investors experienced a net outflow of 423 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional buying contrasting with retail selling [2] Individual Stock Capital Flow - Kailaiying (002821) had a net inflow of 1.90 billion from institutional investors, while retail investors saw a net outflow of 1.87 billion [3] - Kanglong Chemical (300759) experienced a net inflow of 184 million from institutional investors, with retail investors seeing a net outflow of 1.51 billion [3] - Jiuzhou Pharmaceutical (603456) had a net inflow of 47.19 million from institutional investors, while retail investors experienced a net outflow of 81.89 million [3]

Core Insights - Kailaiying's stock increased by 5.27% on September 15, reaching a price of 117.99 CNY per share, with a trading volume of 1.247 billion CNY and a turnover rate of 3.43%, resulting in a total market capitalization of 42.546 billion CNY [1] Company Overview - Kailaiying Pharmaceutical Group (Tianjin) Co., Ltd. is located in Tianjin Economic and Technological Development Zone, established on October 7, 1998, and listed on November 18, 2016 [1] - The company's main business involves providing CMO (Contract Manufacturing Organization) pharmaceutical outsourcing services, with revenue composition as follows: 76.19% from small molecule CDMO solutions, 23.71% from emerging services, and 0.10% from other sources [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Jiashi Fund has a significant position in Kailaiying. Jiashi Healthcare Stock Fund (000711) held 387,100 shares in the second quarter, accounting for 4.14% of the fund's net value, ranking as the eighth largest holding [2] - The Jiashi Healthcare Stock Fund was established on August 13, 2014, with a latest scale of 825 million CNY. Year-to-date returns are 41.32%, ranking 748 out of 4222 in its category; the one-year return is 53.88%, ranking 1833 out of 3802; and since inception, the return is 131.9% [2] - The fund manager, Hao Miao, has been in position for 6 years and 244 days, with total assets under management of 3.652 billion CNY. The best fund return during his tenure is 183.83%, while the worst is -28.36% [2]

Group 1 - The core point of the news is that Kailaiying's stock price increased by 5.27% to 117.99 CNY per share, with a trading volume of 1.245 billion CNY and a turnover rate of 3.43%, resulting in a total market capitalization of 42.546 billion CNY [1] - Kailaiying Pharmaceutical Group (Tianjin) Co., Ltd. is located in Tianjin Economic and Technological Development Zone and was established on October 7, 1998, with its listing date on November 18, 2016 [1] - The company's main business involves providing CMO (Contract Manufacturing Organization) pharmaceutical outsourcing services, with revenue composition being 76.19% from small molecule CDMO solutions, 23.71% from emerging services, and 0.10% from other sources [1] Group 2 - From the perspective of major fund holdings, one fund under China Ocean Fund has a significant position in Kailaiying, specifically the China Ocean Medical Mixed A Fund (000878), which increased its holdings by 73,900 shares in the second quarter, bringing the total to 224,300 shares, accounting for 6.25% of the fund's net value [2] - The China Ocean Medical Mixed A Fund (000878) was established on December 17, 2014, with a latest scale of 230 million CNY, achieving a year-to-date return of 29.89% and a one-year return of 41.89% [2] - The fund manager, Yao Wei, has been in position for 6 years and 281 days, with the fund's total asset scale at 456 million CNY, achieving the best return of 65.93% and the worst return of -38.1% during his tenure [2]

Group 1 - CRO concept stocks experienced a rise in early trading, with notable increases in share prices for companies such as 康龙化成 (up 8.11% to HKD 25.58), 昭衍新药 (up 6.27% to HKD 24.76), 药明生物 (up 4.88% to HKD 38.26), and 凯莱英 (up 4.33% to HKD 101.3) [1] - On September 12, the National Medical Products Administration of China announced a new policy to complete the review and approval of clinical trial applications for innovative drugs within 30 working days, effective immediately [1] - The new policy applies to clinical trial applications for innovative drugs that meet one of three specified criteria, further accelerating the approval process for certain applications [1] Group 2 - Concerns have arisen in the market regarding the U.S. administrative draft, with 华福证券 noting that the "Biological Safety Act" has undergone 10 changes since the end of 2023 [2] - The stock price response of representative CXO companies to the progress of the "Biological Safety Act" has shown a trend of desensitization, with current stock prices recovering and reaching new highs [2] - The ongoing BD wave in China's innovative drug sector reflects the advantages of talent resources, research efficiency, and cost, indicating that U.S. policies will not significantly impact the competitiveness of China's innovative drug industry [2]

Group 1: Macro and Strategy - The report highlights the impact of the Federal Reserve's quantitative easing (QE) policies on U.S. Treasury yields, indicating that while QE provides liquidity, its long-term effects significantly lower yields [8][9]. - The report outlines four phases of the Federal Reserve's bond purchasing history, detailing the transition from traditional monetary policy to QE during the 2008 financial crisis and the COVID-19 pandemic [9][10]. - Recent economic data indicates a potential rebound in the bond market, with expectations for improved performance following the release of economic growth data on September 15 [11][12]. Group 2: Industry and Company Insights - The semiconductor industry, particularly the analog chip sector, is expected to see growth, with global market sizes projected to increase by 3.3% and 5.1% in 2025 and 2026, respectively [16][17]. - Domestic companies in the analog chip market are anticipated to benefit from increased demand in industrial, automotive, and AI applications, with significant potential for domestic market share growth [17][18]. - The renewable energy sector, particularly wind power, is experiencing favorable pricing outcomes, with competitive bidding results indicating strong investment returns for wind projects [19][20]. - Agricultural products are projected to enter a bullish cycle, with expectations for rising prices in beef and milk, driven by supply dynamics and market recovery [21][22][23]. - The report notes that the company Golden Meat Industry has seen a significant increase in profits from its beef and lamb business, despite challenges in its pig farming segment [35][36]. Group 3: Company-Specific Developments - Daikin Heavy Industries has secured a large contract worth approximately 1.25 billion yuan for offshore wind turbine foundations, which is expected to positively impact its financial performance in 2026 [24][25]. - Kelaiying, a leading CDMO in China, is expanding its service offerings and is projected to achieve steady revenue growth, with a forecasted revenue of 66.8 billion yuan in 2025 [26][28]. - Aibo Medical has reported a significant increase in net profit driven by high-end artificial crystal products, with a 30% quarter-on-quarter growth in the second quarter [29][30][31]. - Bluko is launching new products to enhance its IP portfolio, which is expected to drive revenue growth, particularly in the lower-priced market segment [33][34].

Group 1 - The core point of the news is that Kailaiying's stock price dropped by 5.86% to 104.50 CNY per share, with a trading volume of 282 million CNY and a turnover rate of 0.86%, resulting in a total market capitalization of 37.682 billion CNY [1] - Kailaiying Pharmaceutical Group (Tianjin) Co., Ltd. is located in Tianjin Economic and Technological Development Zone and was established on October 7, 1998, with its listing date on November 18, 2016 [1] - The company's main business involves providing CMO pharmaceutical outsourcing services, with revenue composition being 76.19% from small molecule CDMO solutions, 23.71% from emerging services, and 0.10% from other sources [1] Group 2 - From the perspective of Kailaiying's top ten circulating shareholders, Huabao Fund's ETF reduced its holdings by 1.0921 million shares in the second quarter, now holding 6.6467 million shares, which accounts for 1.93% of circulating shares [2] - The estimated floating loss for Huabao Zhongzheng Medical ETF today is approximately 43.2035 million CNY [2] - Huabao Zhongzheng Medical ETF was established on May 20, 2019, with a latest scale of 26.147 billion CNY, and has achieved a year-to-date return of 19.93% [2]