Core Viewpoint - Kanglong Chemical (300759) announced that one of its actual controllers, Mr. Lou Xiaoqiang, has pledged part of his shares, while Ningbo Longtai Kang Investment Management Co., Ltd. has released part of its pledged shares [1] Summary by Relevant Sections - Share Pledge: Mr. Lou Xiaoqiang pledged 2.154 million shares of the company [1] - Share Release: Longtai Kang released 3.75 million shares from pledge [1]

智通财经APP讯，康龙化成(03759)发布公告，近日接到公司实际控制人之一楼小强先生及其一致行动人 宁波龙泰康投资管理有限公司(以下简称"龙泰康")的函告，获悉楼小强先生将其所持有的公司部分股份 进行了质押，龙泰康将其所持有的公司部分股份进行了解除质押。楼小强质押215.4万股公司股份,龙泰 康解除质押375万股公司股份。 ...

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） 中華人民共和國，北京 2025年11月3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；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、曾坤鴻先生及余堅 先生。 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 证券代码：300759 证券简称：康龙化成 公告编号：2025-063 康龙化成（北京）新药技术股份有限 ...

Core Viewpoint - Goldman Sachs has slightly reduced its net profit forecasts for Kanglong Chemical (03759) for the years 2025 to 2027, while maintaining a "Buy" rating for its H-shares and a neutral rating for its A-shares [1] Group 1: Financial Performance - Kanglong Chemical's Q3 revenue reached 3.65 billion RMB, representing a year-on-year growth of 13.4% and a quarter-on-quarter growth of 9.1%, slightly exceeding Goldman Sachs' previous expectation of 3.48 billion RMB [1] - The adjusted non-IFRS net profit margin improved to 12.9%, compared to 11.3% in Q1 and 12.2% in Q2, benefiting from increased utilization and operational leverage [1] Group 2: Management Guidance - The management has raised its full-year revenue growth guidance from 10%-15% to 12%-16%, indicating a Q4 year-on-year growth of 6%-20% [2] - The management remains confident in achieving the revised guidance, citing strong growth in CMC orders, ongoing capacity expansion, and improved core business profit margins [2] Group 3: Strategic Outlook - Continued investment in the biopharmaceutical sector and strategic acquisitions are expected to strengthen Kanglong Chemical's growth and leadership position in the CDMO field [2]

Core Viewpoint - Goldman Sachs has slightly reduced its net profit forecasts for Kanglong Chemical (300759) for the years 2025 to 2027 by 0.1%, 0.1%, and 0.5% respectively, while maintaining a "Buy" rating for its H-shares and a neutral rating for its A-shares [1] Group 1: Financial Performance - Kanglong Chemical reported third-quarter revenue of 3.65 billion RMB, representing a year-on-year growth of 13.4% and a quarter-on-quarter increase of 9.1%, slightly above Goldman Sachs' previous expectation of 3.48 billion RMB [1] - The growth in revenue was primarily driven by sustained momentum in the CMC and bioscience sectors, with contributions from the top twenty pharmaceutical clients increasing [1] - The non-IFRS adjusted net profit margin improved to 12.9%, compared to 11.3% in the first quarter and 12.2% in the second quarter, benefiting from increased utilization and operational leverage [1] Group 2: Management Guidance - The management of Kanglong Chemical has raised its full-year revenue growth guidance from 10%-15% year-on-year to 12%-16%, indicating a fourth-quarter growth of 6%-20% [2] - It is expected that the profit margin in the fourth quarter will further improve compared to the first three quarters, although the overall non-IFRS profit margin for the year may be slightly lower than in 2024 due to profit margin dilution from new capacity released in the first quarter [2] - Management remains confident in achieving the revised guidance, citing strong growth in CMC orders, ongoing capacity expansion, and improvements in core business profit margins [2]

关于公司实际控制人及其一致行动人股份质押和解除质押 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、股东股份质押及解除质押的基本情况 康龙化成（北京）新药技术股份有限公司（以下简称"公司"）近日接到公 司实际控制人之一楼小强先生及其一致行动人宁波龙泰康投资管理有限公司（以 下简称"龙泰康"）的函告，获悉楼小强先生将其所持有的公司部分股份进行了 质押，龙泰康将其所持有的公司部分股份进行了解除质押，具体情况如下： | | 是否为控股 | | 占其所 | 占公 司总 | 是否 | 是否 为补 | 质押起 | 质押到 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股东或第一 | 本次质押 | 持股份 | | 为限 | | | | | 质权人 | 质押用 | | 名称 | 大股东及其 | 数量（股） | 比例 | 股本 | 售股 | 充质 | 始日 | 期日 | | | 途 | | | 一致行动人 | | | 比例 | | 押 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an increased target price of HKD 30 for the Hong Kong stock and RMB 39.6 for the A-share [10][19]. Core Insights - The company has experienced a significant acceleration in new orders, particularly in the laboratory services segment, leading to an upward revision of the full-year revenue growth guidance to 12%-16% [3][10]. - The acquisition of Bai Aode is expected to enhance the company's service capabilities in the laboratory services sector, attracting more clients and projects [2][9]. - The revenue for Q3 2025 was approximately RMB 3.64 billion, reflecting a year-on-year increase of 13.4% and a quarter-on-quarter increase of 9.1%, aligning with expectations [2][3]. Summary by Sections Revenue and Profitability - For the first nine months of 2025, the overall new orders increased by over 13% year-on-year, with laboratory services showing a growth rate of over 12% [3][4]. - The CMC segment achieved a revenue growth of 12.7% year-on-year and 29.6% quarter-on-quarter in Q3 2025, driven by strong new orders and project deliveries [9][10]. - The gross margin for Q3 2025 was 34.3%, stable year-on-year and up 0.6 percentage points quarter-on-quarter [2][3]. Client Contributions - The top 20 pharmaceutical companies contributed a revenue growth of 22.2% year-on-year in Q3 2025, despite a slight slowdown from the first half of the year [4][10]. - The management indicated that the strategic expansion with top clients has led to impressive growth across CMC, laboratory services, and bioscience services [4][9]. Future Outlook - The company anticipates that the recovery of overseas financing and a strong performance in the Chinese capital market will lead to a more pronounced recovery among small and medium clients in 2026 [3][10]. - The report projects a slight adjustment in the company's adjusted net profit for 2025E to RMB 1.664 billion, reflecting a year-on-year decrease of 7.2% [11][12].

Core Insights - Goldman Sachs reported that Kanglong Chemical's third-quarter revenue reached 3.65 billion yuan, representing a year-on-year growth of 13.4% and a quarter-on-quarter growth of 9.1%, slightly above Goldman Sachs' original expectation of 3.48 billion yuan [1] - Revenue growth was primarily driven by the continued momentum in the CMC and bioscience sectors, with an increased contribution from the top twenty pharmaceutical clients [1] - The non-IFRS adjusted net profit margin improved to 12.9%, compared to 11.3% in the first quarter and 12.2% in the second quarter, benefiting from increased utilization and operational leverage [1] - Management raised the full-year revenue growth guidance from 10%-15% year-on-year to 12%-16% [1] - Goldman Sachs slightly lowered its net profit forecasts for 2025 to 2027 by 0.1%, 0.1%, and 0.5% respectively; the H-share rating was upgraded to "Buy" with a target price raised from 26.6 HKD to 30 HKD, while the A-share rating was maintained at "Neutral" with a target price increased from 36.6 CNY to 38.5 CNY [1]

高盛发表报告指，康龙化成第三季度收入为36.5亿元，按年增长13.4%，按季增长9.1%，略高于高盛原 预期的34.8亿元。收入增长主要由CMC和生物科学板块的持续动能推动，前二十大制药客户贡献度提 升。non-IFRS调整后净利润率提升至12.9%，对比第一季度11.3%及第二季度12.2%，受益于利用率提升 和经营杠杆。管理层将全年收入增长指引从按年10%至15%，上调至12%至16%。高盛对其2025至2027 年各年净利润预测微降0.1%、0.1%及0.5%；H股评级"买入"，目标价由26.6港元上调至30港元，A股评 级"中性"，目标价由36.6元上调至38.5元。 ...

Core Insights - The Biotech Index (970038) closed at 2279.35 points, up 0.77%, with a trading volume of 28.709 billion yuan and a turnover rate of 1.85% [1] - Among the index constituents, 41 stocks rose, with Hualan Vaccine leading at a 17.88% increase, while 8 stocks fell, with Deep Technology leading the decline at 6.38% [1] Index Performance - The Biotech Index saw a net inflow of 140 million yuan from institutional investors, while retail investors contributed a net inflow of 210 million yuan, and there was a net outflow of 350 million yuan from speculative funds [1] Top Constituents - The top ten constituents of the Biotech Index include: - Mindray Medical (sz300760) with a weight of 13.81%, latest price at 215.04, and a decrease of 0.76% [1] - Changchun High-tech (sz000661) with a weight of 5.41%, latest price at 112.26, and a decrease of 2.55% [1] - Kanglong Chemical (sz300759) with a weight of 4.66%, latest price at 33.51, and an increase of 1.12% [1] - Other notable constituents include Muyuans (sz002714) and Aimeike (sz300896) with respective weights of 3.66% and 3.44% [1] Capital Flow Details - Detailed capital flow for key stocks includes: - Mindray Medical saw a net inflow of 26.2 million yuan from institutional investors [2] - Muyuans had a net inflow of 203 million yuan from institutional investors [2] - Hualan Vaccine experienced a net inflow of 74.8 million yuan from institutional investors [2]