香港联交所最新资料显示，12月30日，小摩增持康龙化成（300759）(03759)145.6225万股，每股作价 19.388港元，总金额约为2823.33万港元。增持后最新持股数目约为1581.03万股，最新持股比例为 5.24%。 ...

Group 1 - CRO concept stocks are performing strongly, with notable increases in share prices: Zhaoyan New Drug up 11.52% to HKD 22.26, Tigermed up 5.98% to HKD 44.98, WuXi AppTec up 4.65% to HKD 105.7, and Kanglong Chemical up 4.59% to HKD 20.74 [1] - Huafu Securities reports that external demand for CXO companies has significantly improved since 2024, with a recovery in year-on-year growth expected from Q4 2024 through Q3 2025, indicating a clear trend of industry rebound [1] - Yongxing Securities notes that the domestic CXO industry is experiencing an upward trend in light of improved investment and financing conditions for innovative drugs, with strong demand for specialized CDMO services driven by the expanding market for emerging fields such as peptides, CGT, ADC, and nucleic acid drugs [1] Group 2 - The domestic CXO sector has shown relatively weaker performance compared to external demand since the beginning of 2025, but there is a strong certainty of recovery from the front-end to the back-end, suggesting potential left-side opportunities [1] - Chinese CDMO companies are expected to open growth ceilings through capacity expansion, technological layout, and model innovation, building barriers in niche markets while accommodating global orders [1]

Core Viewpoint - The A-share pharmaceutical sector in 2025 exhibits structural differentiation, with innovative drugs and CXO sectors thriving due to overseas demand and business development, while traditional Chinese medicine, medical devices, and pharmaceutical commerce face performance pressures [3][20]. Summary by Category Overall Market Performance - The A-share pharmaceutical and biotechnology sector saw an overall increase of 25.64% from January 1 to December 30, 2025, despite a slight decline in revenue and a stabilization in profits, with total revenue of 18,544.52 billion yuan, down 1.42% year-on-year, and net profit of 1,407.32 billion yuan, down 1.65% year-on-year [4][21]. Innovative Drug Sector - The innovative drug sector was a standout performer in 2025, with the chemical pharmaceutical segment rising by 32.58% and the medical services segment by 32.91% [4][21]. - Companies like BeiGene (百济神州) reported significant growth, achieving revenue of 27.595 billion yuan, a 44.2% increase year-on-year, surpassing the total revenue of 27.21 billion yuan for 2024 [4][22]. Business Development (BD) Trends - The business development landscape for innovative drug companies is evolving, with significant partnerships such as the 11.4 billion USD deal between Innovent Biologics and Takeda, and a 12.5 billion USD collaboration between Hengrui Medicine and GlaxoSmithKline [5][22][24]. - The total value of business development transactions reached approximately 94.158 billion USD in the first three quarters of 2025, significantly exceeding the total for 2024 [25]. CXO Sector Performance - The CXO sector, driven by the demand for innovative drug research, achieved a 32.91% increase in 2025, with total revenue of 1,365.72 billion yuan, up 3.63% year-on-year, and net profit of 209.12 billion yuan, up 36.47% year-on-year [10][27]. - Leading companies like WuXi AppTec (药明康德) and Kanglong Chemical (康龙化成) returned to growth, with WuXi AppTec reporting a revenue increase of 18.61% and net profit growth of 84.84% [28][31]. Traditional Chinese Medicine and Medical Devices - The traditional Chinese medicine sector experienced a modest increase of 6.75% in 2025, with total revenue of 2,590.69 billion yuan, down 4.33% year-on-year, and net profit of 294.99 billion yuan, down 1.53% year-on-year [36]. - The medical device sector reported a revenue of 1,792.10 billion yuan, down 2.24% year-on-year, with notable performance differences among sub-sectors, where companies like Mindray Medical (迈瑞医疗) showed strong overseas revenue growth [33][34].

Group 1: Core Insights - The report maintains a strong market rating for the pharmaceutical industry, indicating a clear upward trend driven by recovering demand and improved performance in the CXO sector [1][2] - The CXO sector has shown significant stock price increases, with some companies experiencing nearly 100% growth since the beginning of 2025, driven by the innovative drug market and a recovery in orders [3][6] Group 2: CXO Sector Analysis - The CXO sector's overall revenue increased by 11.8% year-on-year in the first three quarters of 2025, with a notable profit increase of 58.1% [13] - External demand for CXO services has rebounded, with significant order growth from leading CDMO companies, indicating a clear recovery trend [22][31] - Internal demand for CXO services has lagged behind external demand, but there are signs of strong growth in domestic innovative drug projects and increased investment in the domestic market [3][22] Group 3: Life Sciences Upstream - The life sciences upstream sector has seen a 37.7% increase in stock prices year-to-date, outperforming the pharmaceutical and biotechnology index by 18% [3] - Revenue for the upstream sector increased by 8.8% year-on-year in the first three quarters of 2025, with net profit rising by 27.7% [3] Group 4: Investment Recommendations - The report suggests a strategic investment focus on companies such as WuXi AppTec, WuXi Biologics, and Tigermed, while also highlighting more flexible investment options like Zhaoyan New Drug and Nossan [3]

Group 1 - The Hong Kong stock market saw a decline in CRO (Contract Research Organization) concept stocks, with notable drops in several companies [1] - Zhaoyan New Drug fell over 7%, while Kanglong Chemical and King’s Ray dropped over 4% [1] - Kylin and Weiya Bio experienced declines of over 2% [1]

23 December 2025 Equity Research Report China CXOs Equities Key changes to ratings and estimates | Company | Ticker | Currency | Current | | ______ TP _______ ____Rating ___ | | | Upside/ | Rev growth | Rev growth | NP growth | NP growth | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | price | Old | New | Old | | New downside | 2025e | 2026e | 2025e | 2026e | | Wuxi Apptec – A | 603259 CH | RMB | 90.59 | 137.00 | 137.00 | Buy | Buy | 51.2% | 12% | 10% | 37% | 11% | | ...

（编辑 袁冠琳） 证券日报网讯 12月24日，康龙化成发布公告称，公司实际控制人楼小强质押限售股5，220，000股，占 其持股8.62%；一致行动人龙泰康、北海多泰合计解除质押6，930，000股，并将15，970，000股质押 延期至2026年12月25日。 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 （「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 Pharmaron Beijing Co., Ltd. 康 龍 化 成（ 北 京 ）新 藥 技 術 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3759） 海外監管公告 本公告乃康龍化成（北京）新藥技術股份有限公司（「本公司」）根據香港聯合交易所 有限公司證券上市規則第13.10B條作出。 茲載列本公司於深圳證券交易所網站刊登公告如下，僅供參閱。 承董事會命 康龍化成（北京）新藥技術股份有限公司 主席 樓柏良博士 中華人民共和國，北京 2025年12月24日 於本公告日期，董事會包括執行董事樓柏良博士、樓小強先生及鄭北女士；職工 代表董事李承宗先生；非執行董事李家慶先生及萬璇女士；獨立非執行董事李麗 華女士、曾勁峰教授及余堅先生。 证券代码：300759 证券简称：康龙化成 公告编号：2025-071 关于公司实际控 ...

Group 1 - The core point of the news is that Kanglong Chemical conducted a block trade on December 24, with a transaction volume of 1.38 million shares and a transaction amount of 39.5363 million yuan, at a price of 28.65 yuan, which is a 0.90% discount compared to the closing price of the day [2][3] - In the last three months, Kanglong Chemical has recorded a total of 9 block trades, with a cumulative transaction amount of 266 million yuan [2] - The closing price of Kanglong Chemical on the day of the report was 28.91 yuan, reflecting a 0.35% increase, with a daily turnover rate of 0.95% and a total transaction amount of 391 million yuan, alongside a net inflow of main funds amounting to 6.1722 million yuan [2][3] Group 2 - The latest margin financing balance for Kanglong Chemical is 1.111 billion yuan, which has increased by 14.5693 million yuan over the past five days, representing a growth rate of 1.33% [3] - Kanglong Chemical (Beijing) New Drug Technology Co., Ltd. was established on July 1, 2004, with a registered capital of 1.778195525 billion yuan [3]

证券代码：300759 证券简称：康龙化成 公告编号：2025-072 2、股东减持股份情况 股东名称 减持方式 减持期间 减持均价（元 /股） 减持价格区 间（元/股） 减持股数 （股） 减持比例 （%） 康龙化成（北京）新药技术股份有限公司 关于持股 5%以上股东减持计划实施完成的公告 公司持股 5%以上股东深圳市信中康成投资合伙企业（有限合伙）及其一致行 动人深圳市信中龙成投资合伙企业（有限合伙）保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 康龙化成（北京）新药技术股份有限公司（以下简称"公司"）于 2025 年 11 月 14 日在巨潮资讯网（www.cninfo.com.cn）披露了《关于持股 5%以上股东 减持股份的预披露公告》（公告编号：2025-064）。公司持股 5%以上股东深圳 市信中康成投资合伙企业（有限合伙）（以下简称"信中康成"）计划自该公告 披露之日起 15 个交易日后（2025 年 12 月 8 日）的 3 个月内以集中竞价、大宗 交易等深圳证券交易所认可的合法方式减持公司股 ...