证券代码：300759 证券简称：康龙化成 公告编号：2024-072 康龙化成（北京）新药技术股份有限公司 关于召开 2024 年第二次临时股东大会、2024 年第二次 A 股 类别股东大会及 2024 年第二次 H 股类别股东大会的通知 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 经康龙化成（北京）新药技术股份有限公司（以下简称"公司"）于 2024 年 11 月 27 日召开的第三届董事会第十一次会议审议通过，决定召开公司 2024 年 第二次临时股东大会、2024 年第二次 A 股类别股东大会及 2024 年第二次 H 股 类别股东大会（以下简称"本次股东大会"），现将 A 股股东参与本次股东大会 相关事项通知如下： 一、召开会议的基本情况 1、股东大会届次：2024 年第二次临时股东大会、2024 年第二次 A 股类别 股东大会及 2024 年第二次 H 股类别股东大会 2、股东大会的召集人：公司董事会。 3、会议召开的合法、合规性：本次股东大会的召集、召开程序符合有关法 律、行政法规、部门规章、规范性文件和《公司章程》的规定。 4、会议召开的时 ...

康龙化成（北京）新药技术股份有限公司 独立非执行董事工作制度 第一章 总 则 第一条 为完善康龙化成（北京）新药技术股份有限公司("公司")治理结 构，规范公司运作，更好的维护公司整体利益，保障全体股东特别是中小股东的 合法权益不受损害，根据《中华人民共和国公司法》（"《公司法》"）、中国证券监 督管理委员会（"中国证监会"）、公司股票上市地证券交易所的上市规则(包括但 不限于《香港联合交易所有限公司证券上市规则》（"《上市规则》"）)、和 《康龙化成（北京）新药技术股份有限公司章程》（"《公司章程》"）的规定，制 定《康龙化成（北京）新药技术股份有限公司独立非执行董事工作制度》（"本制 度"）。 第二条 独立非执行董事系指不在公司担任除独立非执行董事外的任何其他 职务，并与公司及其主要股东、实际控制人不存在直接或者间接利害关系，或者 其他可能影响其进行独立客观判断的关系的董事。 独立非执行董事应当独立履行职责，不受公司及其主要股东、实际控制人等 单位或者个人的影响。 独立非执行董事对公司及全体股东负有忠实与勤勉义务，应当按照法律、行 政法规、中国证监会规定、公司股票上市地证券交易所的上市规则和《公司章程》 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Insights - The company reported a revenue of 8.817 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 3.00%. The net profit attributable to shareholders was 1.422 billion yuan, up 24.82% year-on-year. However, the adjusted net profit under non-IFRS was 1.107 billion yuan, a decrease of 21.60% compared to the same period last year [3][4]. - In Q3, the company achieved a revenue of 3.213 billion yuan, which is a 10.02% increase year-on-year and a 9.51% increase quarter-on-quarter. The adjusted net profit for this quarter was 417 million yuan, down 13.20% year-on-year, but the decline has narrowed [3]. - The revenue breakdown shows that North American clients contributed 5.731 billion yuan (64.99% of total revenue), European clients contributed 1.527 billion yuan (17.32%), Chinese clients contributed 1.329 billion yuan (15.07%), and other regions contributed 230 million yuan (2.62%) [3]. - New orders have shown a continuous recovery, with a year-on-year increase of over 18% in new contracts for the first three quarters of 2024, driven by the gradual recovery of overseas client demand and more services entering mid-to-late clinical development stages [3]. - The company is focusing on CDMO and clinical business as key breakthrough areas while advancing its layout in large molecules and CGT. The integrated platform is becoming increasingly robust, with traditional businesses improving alongside the recovery of overseas markets, and emerging businesses showing promising future potential [3]. Financial Summary - For 2024, the company is projected to achieve net profits of 1.865 billion yuan, 1.816 billion yuan, and 2.105 billion yuan for the years 2024, 2025, and 2026, respectively, corresponding to a PE ratio of 30, 30, and 26 times [3][7]. - The total revenue for 2023 is estimated at 11.538 billion yuan, with a projected increase to 12.051 billion yuan in 2024 and further growth to 15.720 billion yuan by 2026 [7]. - The company’s net profit for 2023 is expected to be 1.582 billion yuan, with projections of 1.832 billion yuan in 2024 and 2.073 billion yuan in 2026 [7]. Market Performance - The current stock price is 30.93 yuan, with a total share capital of 178.739 million shares. The highest and lowest prices in the last 12 months were 37.00 yuan and 17.70 yuan, respectively [4]. - The company’s market performance is benchmarked against the CSI 300 index, with a target of outperforming the index by more than 10% for a "Buy" rating [8].

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next 6 months [1][9] Core Views - The company's 3Q performance showed sequential improvement, with CMC new order growth accelerating [1] - The company's four major business segments are Laboratory Services, CMC Services, Clinical Research Services, and Large Molecule and Cell & Gene Therapy Services [1] - In the first three quarters of 2024, the company achieved revenue of 8.817 billion yuan, a year-on-year increase of 3.0%, and net profit attributable to the parent company of 1.422 billion yuan, a year-on-year increase of 24.8% [1] - The company's new order signings increased by over 18% year-on-year, with CMC new orders growing by over 30% [1][2] Business Segment Analysis Laboratory Services - Contributed 5.219 billion yuan in revenue in the first three quarters of 2024, a 2.95% year-on-year increase, with a gross margin of 44.76% [1] - New orders increased by over 12% year-on-year [1] - The company's drug safety evaluation laboratory passed national GLP certification in July 2024 [1] CMC Services - Generated 1.977 billion yuan in revenue in the first three quarters of 2024, a 3.29% year-on-year increase [1] - Third-quarter revenue reached 801 million yuan, a 34.9% sequential increase and 20.9% year-on-year growth [2] - New orders increased by over 30% year-on-year [2] Clinical Research Services - Achieved 1.306 billion yuan in revenue in the first three quarters of 2024, a 3.48% year-on-year increase [2] - Gross margin declined to 13.20%, down 5.04 percentage points year-on-year [2] Large Molecule and Cell & Gene Therapy Services - Recorded 311 million yuan in revenue in the first three quarters of 2024, a slight 0.11% year-on-year increase [2] - Gross margin was negative at -42.81%, primarily due to ongoing construction and investment phase [2] Financial Performance - The company's comprehensive gross margin for the first three quarters of 2024 was 33.87%, a decrease of 2.09 percentage points year-on-year [1] - Sales net margin increased to 15.53%, up 2.28 percentage points year-on-year [1] - The company's price-to-earnings ratio for 2024-2026 is projected at 31.58x, 28.17x, and 23.77x respectively [3][4] Future Outlook - The company is expected to achieve EPS of 0.98 yuan, 1.10 yuan, and 1.30 yuan for 2024-2026 [3] - Revenue is projected to grow from 12.190 billion yuan in 2024 to 16.302 billion yuan in 2026 [4] - Net profit is forecasted to increase from 1.751 billion yuan in 2024 to 2.326 billion yuan in 2026 [4]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 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） 呈交日期: 2024年11月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03759 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 301,537,125 | RMB | | 1 RMB | | 301,537,125 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 301,537,125 | RMB | | 1 RMB | | 301,537,125 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a continuous improvement in new orders, indicating a steady recovery in overall business performance. The growth in new orders is attributed to the gradual recovery of overseas client demand and the advancement of more service projects into the later stages of clinical development [1][2] - The financial forecasts indicate a projected revenue increase from 11,538 million yuan in 2023 to 15,979 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 15.11% [1][10] - The net profit is expected to grow from 1,601.10 million yuan in 2023 to 2,223.19 million yuan by 2026, with a net profit margin improvement anticipated [1][11] Financial Performance Summary - **Revenue (in million yuan)**: - 2022: 10,266.29 - 2023: 11,538.00 - 2024E: 12,072.30 - 2025E: 13,881.54 - 2026E: 15,979.41 - Year-on-Year Growth Rate: 2023: 12.39%, 2024E: 4.63%, 2025E: 14.99%, 2026E: 15.11% [1] - **Net Profit (in million yuan)**: - 2022: 1,374.60 - 2023: 1,601.10 - 2024E: 1,718.27 - 2025E: 1,876.64 - 2026E: 2,223.19 - Year-on-Year Growth Rate: 2023: 16.48%, 2024E: 7.32%, 2025E: 9.22%, 2026E: 18.47% [1] - **Earnings Per Share (in yuan)**: - 2022: 0.77 - 2023: 0.90 - 2024E: 0.96 - 2025E: 1.05 - 2026E: 1.24 [1] - **Price-to-Earnings (P/E) Ratio**: - 2022: 37.44 - 2023: 32.14 - 2024E: 29.95 - 2025E: 27.42 - 2026E: 23.15 [1] - **Price-to-Book (P/B) Ratio**: - 2022: 4.88 - 2023: 4.10 - 2024E: 3.59 - 2025E: 3.17 - 2026E: 2.79 [1] Market Trends and Order Growth - The company reported a new order growth of over 3.00 billion yuan in the first three quarters of 2024, driven by the recovery of overseas client demand and the expansion of service projects into advanced clinical stages [1][2] - The overall gross margin for the company is expected to stabilize as the business gradually recovers, with a focus on maintaining competitive advantages in integrated and multi-therapy platforms [1][10]

Investment Rating - The report maintains a "Buy" rating for 康龙化成 (300759) [4][3] Core Views - The company shows improvement in gross margin, a continuation of new order growth, and an optimized customer structure, indicating a positive long-term growth outlook [3] - Revenue for Q1-Q3 2024 reached 8.817 billion yuan, up 3.0% year-on-year, with net profit attributable to shareholders at 1.422 billion yuan, up 12.5% [3] - The report adjusts the EPS forecast for 2025-2026 to 1.10 yuan and 1.31 yuan respectively, down from previous estimates of 1.13 yuan and 1.35 yuan, while maintaining the 2024 EPS forecast at 0.98 yuan [3] - The target price is raised to 33.90 yuan from 27.16 yuan, reflecting a valuation premium based on comparable company valuations and the gradual ramp-up of backend business [3] Summary by Sections Financial Performance - Q3 2024 single-quarter revenue was 3.213 billion yuan, up 10.0%, with net profit at 308 million yuan, down 12.62% [3] - Laboratory services revenue for Q1-Q3 2024 was 5.219 billion yuan, up 2.95%, with a gross margin of 44.76% [3] - CMC revenue was 1.977 billion yuan, up 3.29%, with a gross margin of 30.82% [3] - Clinical research services revenue was 1.306 billion yuan, up 3.48%, with a gross margin of 13.20% [3] Order Growth and Customer Structure - New orders for Q1-Q3 2024 increased by over 18% year-on-year, with laboratory services and CMC new orders growing by over 12% and 30% respectively [3] - Revenue from the top 20 global pharmaceutical companies reached 1.293 billion yuan, accounting for 14.66% of total revenue [3] - Revenue from European clients grew by 15.74% to 1.527 billion yuan, while North American clients contributed 5.731 billion yuan, up 4.29% [3] Business Outlook - The report highlights improved operational efficiency and a favorable investment environment, suggesting that backend business development may exceed expectations [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown a steady growth in new orders, achieving a mild recovery for three consecutive quarters, with a year-on-year increase of over 18% in new orders for Q1-Q3 2024 [1][3] - The company is expected to maintain its long-term development outlook, with profit forecasts for 2024-2026 being 1.784 billion, 2.003 billion, and 2.398 billion yuan respectively, and corresponding EPS of 1.00, 1.12, and 1.34 yuan [1][2] Financial Performance Summary - For Q1-Q3 2024, the company achieved operating revenue of 8.82 billion yuan, a year-on-year increase of 24.8% [2] - The adjusted net profit for Q1-Q3 2024 was 1.42 billion yuan, a year-on-year decline of 12.6% [2] - The laboratory services segment generated revenue of 5.22 billion yuan, up 3.0% year-on-year, with a strong growth in the biological sciences business [3] - The CMC business achieved revenue of 1.98 billion yuan, a year-on-year increase of 3.3%, with new orders growing over 30% [3] - Clinical research services generated revenue of 1.31 billion yuan, a year-on-year increase of 3.5% [4] Earnings Forecast Summary - The company forecasts operating revenues of 12.746 billion, 14.470 billion, and 16.526 billion yuan for 2024E, 2025E, and 2026E respectively, with year-on-year growth rates of 10.5%, 13.5%, and 14.2% [5] - The net profit attributable to the parent company is projected to be 1.784 billion, 2.003 billion, and 2.398 billion yuan for the same periods, with year-on-year growth rates of 11.4%, 12.3%, and 19.7% [5]

Investment Rating - The report maintains a "Buy" rating for the Hong Kong stock with a target price of HKD 16.8, and a "Hold" rating for the A-share with a target price of RMB 22.4 [2][6][7]. Core Insights - The company's 3Q24 performance met expectations, with revenue of RMB 3.21 billion, reflecting a year-on-year increase of 10.0% and a quarter-on-quarter increase of 9.5%. The adjusted net profit was RMB 420 million, down 13.2% year-on-year but up 18.7% quarter-on-quarter [3][4]. - The company has adjusted its full-year revenue guidance down to a mid-to-high single-digit growth rate, primarily due to slower-than-expected recovery in laboratory services and delays in major clinical service orders [5][7]. Financial Performance - For 3Q24, the CMC segment showed the fastest revenue growth at 20.9% year-on-year and 34.9% quarter-on-quarter, with a gross margin increase [4]. - The laboratory services segment also experienced a revenue increase of 9.4% year-on-year, driven by growth in the biosciences sector [4]. - The company reported a gross margin of 34.4% for 3Q24, with an adjusted net profit margin of 13% [3][4]. Revenue Breakdown - In the first nine months of 2024, new orders increased by over 18% year-on-year, with significant contributions from the top 20 pharmaceutical companies, which saw a revenue growth of 3.4% year-on-year [3][4]. - North American customer revenue grew by 4.3% year-on-year, while European customer revenue accelerated to 15.7% year-on-year [3][4]. Future Outlook - The company expects to achieve over 10% year-on-year revenue growth in the second half of 2024, with a projected full-year revenue growth in the mid-to-high single digits [5][7]. - The adjusted non-IFRS net profit forecast for 2024 has been reduced by 5% due to lower revenue expectations and higher gross margin forecasts [7].

Financial Performance - Revenue for 3Q2024 reached RMB 3,213 million, showing a 9.5% increase QoQ and a 10.0% increase YoY [3] - Net profit for 3Q2024 was RMB 308 million, a decline of 65.1% QoQ and 12.6% YoY [3] - Non-IFRS adjusted net profit for 3Q2024 was RMB 417 million, up 18.7% QoQ but down 13.2% YoY [3] - Total revenue for 1-3Q2024 was RMB 8,817 million, a 3.0% increase YoY [4] - Net profit for 1-3Q2024 was RMB 1,422 million, a 24.8% increase YoY [4] Revenue Composition - Laboratory Services accounted for 59% of total revenue, followed by Small Molecule CDMO Services at 22%, Clinical Development Services at 15%, and Biologics & CGT Services at 4% [5] - North America contributed 65% of revenue, Europe 17%, China 15%, and the rest of the world (ROW) 3% [5] - Revenue from North America grew by 4.3%, while Europe saw a growth of 15.7%. Conversely, revenue from China declined by 12.1% [5] Customer Base and Orders - New purchase orders (POs) for 1-3Q2024 increased by over 18% YoY, indicating a modest recovery [4] - Revenue from the top 20 pharmaceutical customers grew by 3.4%, while other customers saw a growth of 2.9% [6] - The company has a diversified customer base, with 15% revenue from the top 20 pharma companies, 82% from other repeat customers, and 4% from new customers [6] Segment Performance - Bioscience services generated strong revenue growth in 3Q2024, accounting for approximately 54% of the segment's revenue in 1-3Q2024 [7] - CMC (Small Molecule CDMO) Services achieved a record revenue of RMB 801 million in 3Q2024, a 34.9% increase QoQ and a 20.9% increase YoY [8] - Clinical Development Services revenue was RMB 463 million in 3Q2024, with a slight growth of 1.3% YoY [9] - Biologics & CGT Services faced challenges, with revenue declining by 16.7% QoQ and 9.6% YoY [10] Expense Management - Selling and distribution expenses as a percentage of total revenue remained stable at around 2.1% to 2.2% from 2021 to 1-3Q2024 [11] - R&D costs as a percentage of total revenue increased slightly to 3.8% in 1-3Q2024 from 3.5% in 1-3Q2023 [11] Future Outlook - The company expects to achieve over 10% revenue growth in the second half of 2024 [17] - Positive free cash flow is anticipated for 2024, with net operating cash flow projected to improve [13]