香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任 何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （股份代號：3759） 2025年第一次臨時股東大會通告 茲通告康龍化成（北京）新藥技術股份有限公司（「本公司」）謹定於2025年12月18 日（星期四）下午2時30分在中國北京市經濟技術開發區泰河路6號召開2025年第一次臨 時股東大會（「臨時股東大會」），以審議及酌情批准以下決議案。除文義另有所指外， 本通告所用詞彙與本公司日期為2025年11月27日的通函（「通函」）所界定者具有相同涵 義。 普通決議案 特別決議案 – 1 – 1. 建議補選第三屆董事會獨立非執行董事。 2. 建議修訂《關聯╱關連交易管理制度》。 3. 建議修訂《對外擔保管理制度》。 4. 建議修訂《獨立非執行董事工作制度》。 5. 建議修訂《對外投資管理制度》。 6. 建議修訂《募集資金專項存儲及使用管理制度》。 7. 建議修訂《累積投票制實施細則》。 8. 建議修訂《股東提名個別人士為本公司董事之程序》。 9. 建議修訂《公司 ...

此乃要件 請即處理 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通函全部或任何部分內容而產生的或因依賴該等內容而引致的 任何損失承擔任何責任。 本通函僅作參考，並不構成收購、購買或認購康龍化成（北京）新藥技術股份有限公司任何證券的邀請或 要約。 閣下如對本通函任何內容或將採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券交易商、 銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有的康龍化成（北京）新藥技術股份有限公司股份，應立即將本通函送交買主 或承讓人或經手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買主或承讓人。 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） (1) 建議補選第三屆董事會獨立非執行董事； (2) 建議修訂《公司章程》； 董事會函件載於本通函第3至10頁。本公司謹訂於2025年12月18日（星期四）下午2時30分假座中國北京 市經 ...

Market Overview - The medical services sector increased by 0.56% on November 25, with ST Zhongzhu leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Top Gainers in Medical Services - ST Zhongzhu (600568) closed at 2.57, up 4.90% with a trading volume of 53,900 shares and a turnover of 13.85 million yuan [1] - Chengda Pharmaceutical (301201) closed at 47.78, up 2.97% with a trading volume of 112,700 shares and a turnover of 540 million yuan [1] - Boji Pharmaceutical (300404) closed at 10.10, up 2.75% with a trading volume of 108,600 shares and a turnover of 10.9 million yuan [1] Top Losers in Medical Services - Jiuzhou Pharmaceutical (603456) closed at 18.75, down 0.85% with a trading volume of 181,100 shares and a turnover of 343 million yuan [2] - Tongce Medical (600763) closed at 41.95, down 0.66% with a trading volume of 49,600 shares and a turnover of 210 million yuan [2] - Yingkang Life (300143) closed at 10.12, down 0.49% with a trading volume of 44,700 shares and a turnover of 4.56 million yuan [2] Capital Flow Analysis - The medical services sector experienced a net outflow of 113 million yuan from institutional investors, while retail investors saw a net inflow of 30.37 million yuan [2][3] - Major stocks like WuXi AppTec (603259) had a net inflow of 67.13 million yuan from institutional investors, while Sunshine Nuohua (688621) saw a net outflow of 2.29 million yuan from retail investors [3] Summary of Individual Stock Performance - Sunshine Nuohua (688621) had a net inflow of 38.24 million yuan from institutional investors, but a net outflow of 3.59 million yuan from retail investors [3] - Chengda Pharmaceutical (301201) also saw a significant net inflow of 36.45 million yuan from institutional investors, with a net outflow of 13.58 million yuan from retail investors [3] - New Mileage (002219) had a net inflow of 14.15 million yuan from institutional investors, while retail investors experienced a net outflow of 6.70 million yuan [3]

Core Viewpoint - The acquisition plan by Kanglong Chemical (康龙化成) to purchase 82.54% of Wuxi Baiaode Bio-Science Co., Ltd. for approximately 1.346 billion yuan has raised market concerns regarding the high premium and financial pressure on the company [1][4][7]. Group 1: Acquisition Details - Kanglong Chemical aims to enhance its technological platform and implement its core strategy of "full-process, integrated, international, and multi-therapy" through this acquisition [2][8]. - The acquisition price represents a significant premium, valuing Baiaode at approximately 1.631 billion yuan, which is an increase of 168.21% over its net assets [7]. - The valuation of Baiaode has been supported by previous market financing rounds, with post-investment valuations reaching approximately 1.57 billion yuan in 2021 and 2.57 billion yuan in 2023 [7]. Group 2: Financial Performance - For the first three quarters of 2025, Kanglong Chemical reported a revenue of 10.086 billion yuan, marking a record high, but its net profit attributable to shareholders decreased by 19.76% [5][15]. - As of September 2025, the company had interest-bearing liabilities of approximately 6 billion yuan, with financial expenses exceeding 150 million yuan for the first three quarters [4][11]. Group 3: Market Reaction and Shareholder Actions - The stock price of Kanglong Chemical has seen a significant decline, closing at 29 yuan per share on November 24, 2025, down over 70% from its peak of 244.60 yuan per share in August 2021 [6][15]. - Major shareholders have been actively reducing their stakes, with significant cash-outs totaling around 12 billion yuan since 2022 [14][15].

Core Viewpoint - The acquisition plan by Kanglong Chemical (康龙化成) to purchase 82.54% of Wuxi Baiaode Biological Science Co., Ltd. for approximately 1.346 billion yuan has raised market skepticism due to financial pressures and high premium valuation [1][3]. Group 1: Acquisition Details - Kanglong Chemical plans to acquire 82.54% of Baiaode for 1.346 billion yuan, aiming to enhance its "full-process, integrated, international, and multi-therapy" strategy [1][3]. - The acquisition price reflects a significant premium, valuing Baiaode at approximately 1.631 billion yuan, which is a 168.21% increase over its net assets [3]. - The valuation of Baiaode at 1.5 billion yuan was deemed reasonable by Kanglong, supported by previous market financing rounds [3]. Group 2: Financial Performance - As of September 2025, Kanglong Chemical reported total liabilities of approximately 6 billion yuan and financial expenses of 153 million yuan for the first three quarters of 2025 [2][7]. - The company achieved a record revenue of 10.086 billion yuan in the first three quarters of 2025, but its net profit decreased by 19.76% year-on-year [2][11]. Group 3: Market Reactions and Concerns - The acquisition has raised concerns about related party transactions, as approximately 500 million yuan will be cashed out by related parties through this deal [2][8]. - Kanglong's stock price has significantly declined, dropping over 70% from its peak in August 2021, closing at 29 yuan per share on November 24, 2025 [2][11]. - There has been a notable trend of major shareholders reducing their stakes, with significant cash-outs totaling around 12 billion yuan since 2022 [10][11].

Core Viewpoint - The acquisition of 82.54% of Wuxi Baiaode Biological Science Co., Ltd. by Kanglong Chemical for 1.346 billion yuan is a related party transaction, with the valuation of Wuxi Baiaode set at 1.63 billion yuan, reflecting a significant discount compared to its previous valuations [3][4][12]. Group 1: Acquisition Details - Kanglong Chemical plans to fund the acquisition through bank loans (at least 50%) and some of its own funds [4]. - The valuation of Wuxi Baiaode has decreased by 41.6% from its 2023 post-investment valuation of approximately 2.57 billion yuan to 1.5 billion yuan [4]. - The price-to-earnings ratio for the acquisition valuation is 26, which is considered reasonable compared to industry averages [4][5]. Group 2: Shareholder Structure and Returns - The existing shareholders of Wuxi Baiaode include controlling shareholders, management team shareholders, and other financial investors, with the controlling shareholders holding approximately 47.22% of the shares [5]. - The investment returns for related parties involved in the acquisition are substantial, with Kang Junningyuan achieving a return rate of 151%, Kang Junzhongyuan at 58.57%, and Yufeng Investment at 38.17% [6][7][9]. Group 3: Company Performance and Future Outlook - Wuxi Baiaode has maintained steady performance, with revenues of 241 million yuan and 200 million yuan for 2024 and the first nine months of 2025, respectively [10]. - Kanglong Chemical's revenue for the first three quarters of 2025 was 10.086 billion yuan, showing a year-on-year growth of 14.38% [13]. - The acquisition aims to enhance Kanglong Chemical's capabilities in early antibody discovery and optimization, integrating Wuxi Baiaode's strengths in structural biology and drug discovery services [12].

Group 1 - CRO concept stocks collectively declined, with Kingsray Biotechnology down 6.05% at HKD 14.92, Kanglong Chemical down 4.67% at HKD 20.8, Viatris down 4.57% at HKD 1.88, and Tigermed down 3.71% at HKD 36.9 [1] - The U.S. non-farm payroll data for September exceeded expectations, leading to a reduced likelihood of a Federal Reserve rate cut in December [1] - Zhongtai Securities anticipates that while there may be fluctuations in overseas CPI data, there is a gradual shift towards a rate cut cycle in 2024, which could improve investment and financing expectations [1] Group 2 - Some companies have already seen a recovery in orders, indicating potential valuation recovery opportunities for overseas CRO/CDMO and domestic preclinical CRO sectors [1] - The CRO sector has been significantly impacted by domestic and international investment and financing environments, but with the gradual implementation of domestic policies, a recovery in the sector is expected [1] - Continuous focus on clinical CRO investment opportunities is recommended as the sector shows signs of gradual recovery [1]

Core Viewpoint - The CRO sector has experienced a collective decline in stock prices, influenced by recent economic data and expectations regarding interest rate changes in the U.S. [1] Group 1: Stock Performance - King’s Ray Biotechnology (01548) fell by 6.05%, trading at 14.92 HKD - Kanglong Chemical (03759) decreased by 4.67%, trading at 20.8 HKD - Via Biotechnology (01873) dropped by 4.57%, trading at 1.88 HKD - Tigermed (03347) declined by 3.71%, trading at 36.9 HKD [1] Group 2: Economic Context - The U.S. non-farm payroll data for September exceeded expectations, leading to a reduced likelihood of interest rate cuts by the Federal Reserve in December - Despite fluctuations in overseas CPI data, there is an expectation for a gradual shift towards interest rate cuts starting in 2024, which may improve investment and financing conditions [1] Group 3: Future Outlook - Zhongtai Securities anticipates that the CRO/CDMO sector may see a valuation recovery due to improving external demand and some companies already observing order recovery - The CRO sector has been significantly affected by domestic and international investment environments, but with the gradual implementation of domestic policies, a recovery in the sector is expected, particularly in clinical CRO investment opportunities [1]

Core Viewpoint - The CRO sector experienced a collective decline in stock prices, influenced by recent economic data and expectations regarding interest rate changes in the U.S. [1] Group 1: Stock Performance - King’s Ray Biotechnology (01548) fell by 6.05%, trading at 14.92 HKD [1] - Kanglong Chemical (300759) decreased by 4.67%, trading at 20.8 HKD [1] - Via Biotechnology (01873) dropped by 4.57%, trading at 1.88 HKD [1] - Tigermed (300347) declined by 3.71%, trading at 36.9 HKD [1] Group 2: Economic Context - The U.S. non-farm payroll data for September exceeded expectations, leading to a reduced likelihood of interest rate cuts by the Federal Reserve in December [1] - Despite fluctuations in overseas CPI data, there is an expectation for a gradual shift towards interest rate cuts starting in 2024, which may improve investment and financing conditions [1] Group 3: Industry Outlook - Zhongtai Securities (600918) anticipates a recovery in external demand for CRO/CDMO services and domestic preclinical CROs, suggesting potential valuation recovery opportunities [1] - The CRO sector has been significantly impacted by domestic and international financing environments, but with the gradual implementation of domestic policies, a recovery in the sector is expected [1] - Continuous focus on investment opportunities in clinical CROs is recommended as the sector shows signs of recovery [1]

Core Insights - The oncology CRO (Contract Research Organization) services focus on specialized outsourcing for cancer drug development, addressing challenges such as long R&D cycles, high difficulty, and significant risks, thereby efficiently advancing drugs from preclinical stages to market [1][5][4] - The global oncology CRO services market is projected to grow from $7.2 billion in 2020 to $16.2 billion in 2024, with an expected increase to $18.6 billion by 2025 [1][5] - The oncology CRO sector is a highly specialized segment within the broader CRO market, providing comprehensive or partial outsourcing services for clinical trials of anti-cancer drugs [3][4] Industry Definition and Segmentation - CROs provide professional services to pharmaceutical companies and research institutions throughout the drug development process, covering drug discovery, preclinical research, clinical trials, data management, and regulatory submissions [2][4] - Oncology CRO services include preclinical, clinical, and post-marketing services, with preclinical services further divided into hematological cancers, solid tumors, and others [3][4] Current Industry Status - The CRO industry is experiencing significant growth, reflecting a revitalization of the entire pharmaceutical innovation ecosystem [4][5] - The global CRO services market is expected to expand from $62 billion in 2020 to $98.4 billion in 2024, with China's market growing from $7 billion to $10.5 billion in the same period [5] Industry Value Chain - The upstream of the oncology CRO service industry includes basic chemical raw materials, pharmaceutical intermediates, and various scientific instruments [6] - The midstream consists of oncology CRO service providers, which are the core of the industry chain, characterized by technology and talent intensity [6] - The downstream includes demand-side entities such as pharmaceutical and biotechnology companies, medical institutions, and clinical trial researchers [6] Competitive Landscape - The oncology CRO industry in China features a dynamic and layered competitive landscape, with significant differences in scale, service range, client base, and core competencies among companies [9][10] - Key players in the oncology CRO sector include WuXi AppTec, Kanglong Chemical, and others, with a focus on comprehensive services from target validation to new drug registration [10][11] Development Trends - The oncology CRO service industry reflects the pulse of China's pharmaceutical R&D, transitioning from a traditional labor-intensive service sector to a modern, technology-driven, data-intensive industry [13] - The trend towards intelligent systems in clinical CRO services is seen as an inevitable evolution [13]