Performance Overview - Revenue for 2024 reached RMB 12,276 million, with a year-over-year growth of 6.4%. The second half of 2024 saw revenue of RMB 6,671 million, growing 13.1% year-over-year [13] - Net profit for 2024 was RMB 1,793 million, reflecting a year-over-year increase of 12.0% [13] - Non-IFRS adjusted net profit was RMB 1,607 million, showing a year-over-year decline of 15.6% [13] - New purchase orders (POs) increased by over 20% year-over-year [13] Segment Highlights - The company has over 900 new customers and more than 3,000 active customers, including all of the top 20 global pharmaceutical companies [14] - The company operates 21 R&D and manufacturing facilities across China, the UK, and the US, providing integrated services for small molecules (SM), large molecules (LM), and cell and gene therapy (CGT) [14] - The company has a rich pipeline with 781 drug discovery projects, 1,062 clinical research organization (CRO) projects, and 24 CGT release testing projects [14] Financial Highlights - Revenue composition for 2024: 87% from China entities and 13% from overseas subsidiaries [17] - Revenue from laboratory services accounted for 57%, small molecule CDMO services for 24%, clinical development services for 15%, and biologics & CGT services for 3% [17] - North America contributed 64% of revenue, Europe 19%, and China 15%, with North America revenue growing 6.1% and Europe 23.2% year-over-year [18] Future Outlook - The company expects to deliver 10-15% revenue growth in 2025, driven by improved customer demand and recovery signs in purchase orders [41] - The company aims to enhance its fully integrated services platform to support pharmaceutical R&D and manufacturing needs [41]

Investment Rating - The investment rating for 康龙化成 (300759) is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance and growth expectations outlined in the report [2][3]. Core Insights - The company achieved a revenue of 12.276 billion yuan in 2024, representing a year-on-year growth of 6.4%, and a net profit attributable to shareholders of 1.793 billion yuan, which is a 12.0% increase compared to the previous year [2][3]. - The company expects to recover to double-digit growth in 2025, with a target revenue growth of 10-15% [4][7]. Summary by Sections Performance Overview - In 2024, the company reported quarterly revenues of 2.671 billion yuan, 2.934 billion yuan, 3.213 billion yuan, and 3.458 billion yuan, with Q1 showing a decline of 2.0% year-on-year, while Q2, Q3, and Q4 showed growth rates of 0.6%, 10.0%, and 16.1% respectively [3]. - The company added over 900 new clients in 2024, contributing 655 million yuan to revenue, while existing clients contributed 11.621 billion yuan, an 8.8% increase [3]. Revenue Breakdown - Revenue from North American clients was 7.853 billion yuan, a 6.1% increase, while European clients contributed 2.272 billion yuan, a 23.2% increase. Revenue from Chinese clients was 1.847 billion yuan, a decline of 6.5% [4]. - The major growth driver was the contribution from the top 20 global pharmaceutical companies, which accounted for 2.189 billion yuan, a 26.9% increase [4]. Business Segments - Laboratory services generated 7.047 billion yuan in revenue, a 5.8% increase, with a gross margin of 44.92% [5]. - CMC services achieved 2.989 billion yuan in revenue, a 10.2% increase, with a gross margin of 33.62% [5]. - Clinical research services reported 1.826 billion yuan in revenue, a 5.1% increase, but faced margin pressure due to competitive pricing [6]. - The large molecule and cell & gene therapy services generated 408 million yuan, a decline of 4.1%, with a gross margin of -50.07% due to high operational costs [6]. Financial Projections - The company forecasts revenues of 13.926 billion yuan, 15.661 billion yuan, and 17.641 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 1.702 billion yuan, 1.974 billion yuan, and 2.298 billion yuan [9][10]. - The expected EPS for 2025 is 0.96 yuan, with corresponding P/E ratios of 28.92 times [9].

2024 年业绩符合我们预期 公司公布2024 年业绩：收入122.76 亿元，同比+6.4%；归母净利润17.93亿元，同比+12.0%，对应净利 率14.6%，同比+0.7ppt；经调整净利润16.07 亿元，同比-15.6%，对应净利率13.1%，同比-3.4ppt。符合 我们预期，归母净利润金额较高，主要因2024 年6 月21 日参股子公司Proteologix 被Johnson&Johnson 合 并收购，公司收到0.86 亿美元。 4Q24 小分子CDMO 收入10.12 亿元，同比+26.9%，环比+26.4%，毛利率为38.4%，同比+2.2ppt，环比 +4.3ppt，公司小分子CDMO 大规模生产项目持续增加，带动板块新签订单和收入持续增长。宁波原料 药生产车间于2024 年10 月-11 月接受了美国食品药品监督管理局（FDA）新药批准前检查（PAI），检 查结果良好，我们认为这充分验证了公司质量管理体系完善，具有API 和制剂产品的GMP 商业化生产 能力。 着力加强ADC、多肽、寡核苷酸等新型药物分子的服务能力建设。公司已经初步建立"抗体制备—弹头 分子合成—连接子合成—生物偶联— ...

Investment Rating - The investment rating for 康龙化成 (300759) is not explicitly stated in the provided documents, but the overall sentiment suggests a positive outlook for the company's performance in the coming years [2][3]. Core Insights - The company reported a revenue of 12.276 billion yuan in 2024, representing a year-on-year growth of 6.4%, and a net profit attributable to shareholders of 1.793 billion yuan, which is a 12.0% increase compared to the previous year [2][3]. - The company aims for a revenue growth of 10-15% in 2025, supported by a significant increase in new orders, which are expected to grow by over 20% [4][7]. Summary by Sections Financial Performance - In 2024, the company achieved quarterly revenues of 2.671 billion yuan, 2.934 billion yuan, 3.213 billion yuan, and 3.458 billion yuan, with Q4 showing a year-on-year growth of 16.1% [3]. - The Non-IFRS net profit for 2024 was 1.607 billion yuan, reflecting a decline of 15.6% year-on-year [2][3]. Customer and Revenue Breakdown - The company added over 900 new clients in 2024, contributing 655 million yuan to revenue, while existing clients generated 11.621 billion yuan, an 8.8% increase [3][4]. - Revenue from the top 20 global pharmaceutical clients reached 2.189 billion yuan, a 26.9% increase, accounting for approximately 17.8% of total revenue [4]. Regional Revenue Distribution - Revenue from North American clients was 7.853 billion yuan, up 6.1%, while European clients contributed 2.272 billion yuan, a 23.2% increase. Revenue from Chinese clients decreased by 6.5% to 1.847 billion yuan [4][5]. Business Segment Performance - Laboratory services generated 7.047 billion yuan in 2024, with a gross margin of 44.92%, and new orders increased by over 15% [5][6]. - CMC services reported 2.989 billion yuan in revenue, a 10.2% increase, with new orders growing by over 35% [5][6]. - Clinical research services achieved 1.826 billion yuan, a 5.1% increase, but faced margin pressure due to competitive pricing [6][7]. - The large molecule and cell & gene therapy services generated 408 million yuan, down 4.1%, with a negative gross margin as the business is still in the investment phase [6][7]. Earnings Forecast - The company is projected to achieve revenues of 13.926 billion yuan, 15.661 billion yuan, and 17.641 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 1.702 billion yuan, 1.974 billion yuan, and 2.298 billion yuan [8][9].

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company reported a revenue of 12.276 billion RMB and a non-IFRS net profit of 1.607 billion RMB for 2024, which aligns with performance expectations, showing a year-on-year revenue growth of 6.4% and a decline in net profit of 15.6% [1] - The company is expected to see improved performance in 2025, driven by a recovery in industry demand and its leading technological capabilities [1][4] - The laboratory services segment generated a revenue of 7.047 billion RMB in 2024, with a year-on-year growth of 5.8%, and is projected to maintain steady growth in 2025 [2] - The CMC segment achieved a revenue of 2.989 billion RMB in 2024, reflecting a year-on-year increase of 10.2%, with significant new orders expected to drive growth in 2025 [3] - The clinical CRO segment reported a revenue of 1.826 billion RMB in 2024, with a year-on-year growth of 5.1%, and is anticipated to perform steadily in 2025 [3] Summary by Sections Financial Performance - The company’s 2024 revenue was 12.276 billion RMB, with a year-on-year increase of 6.39% [6] - The adjusted net profit for 2024 was 1.607 billion RMB, down 3.67% from the previous year [6] - The gross margin for 2024 was 34.2%, a decrease of 1.5 percentage points year-on-year [1] Revenue Forecast - The company is projected to achieve revenues of 13.685 billion RMB in 2025, representing an increase of 11.48% [6] - The net profit forecast for 2025 is 1.728 billion RMB, reflecting a decrease of 3.67% compared to 2024 [6] Valuation - The target price for the A/H shares is set at 36.92 RMB and 20.79 HKD for 2025, based on a price-to-earnings ratio of 38x for A shares and 20x for H shares [4][8] - The company is considered a rare platform-type enterprise in the industry, with significant global operational advantages [4]

Investment Rating - The investment rating for the company is "Buy" [7][8] Core Views - The company is expected to see a recovery in demand in 2025, leading to improved performance throughout the year [1] - The company reported a revenue of 12.276 billion RMB for 2024, with a year-on-year growth of 6.39%, and an adjusted net profit of 1.793 billion RMB, reflecting a decrease of 3.67% [6][4] - The company has a strong order intake, with new orders exceeding 20% year-on-year in 2024, indicating robust growth potential [1][2] Summary by Sections Financial Performance - In 4Q24, the company achieved a revenue of 4.08 billion RMB, representing a year-on-year increase of 16.1% and a quarter-on-quarter increase of 7.6% [1] - The gross margin for 2024 was 34.2%, a decrease of 1.5 percentage points year-on-year, attributed to long-term development strategies and increased competition [1] Laboratory Services - The laboratory services segment generated revenue of 7.047 billion RMB in 2024, with a year-on-year growth of 5.8% [2] - The segment's gross margin improved to 44.9%, up 0.6 percentage points year-on-year, driven by advancements in core business capabilities and new technology applications [2] Other Business Segments - CMC (Contract Manufacturing and Consulting) revenue reached 2.989 billion RMB in 2024, with a year-on-year growth of 10.2% [3] - Clinical CRO (Contract Research Organization) revenue was 1.826 billion RMB, reflecting a year-on-year increase of 5.1% [3] - The large molecule and CGT (Cell and Gene Therapy) segment reported revenue of 408 million RMB, a decrease of 4.1% year-on-year, but is expected to trend upwards in 2025 [3] Profit Forecast and Valuation - The forecasted net profit for 2025 is 1.728 billion RMB, with a decrease of 3.67% compared to previous estimates [4] - The target price is set at 36.92 RMB for A-shares and 20.79 HKD for H-shares, based on a price-to-earnings ratio of 38x for A-shares and 20x for H-shares [4]

Core Insights - The company reported a revenue of 12.276 billion yuan for 2024, marking a growth of 6.39% year-on-year, with net profit reaching 1.793 billion yuan, up 12.01% year-on-year [1] - This is the first time the company's revenue growth has fallen to single digits since its listing, indicating a slowdown in growth [1] - Despite the overall slowdown, the company experienced over 10% year-on-year revenue growth in Q3 and Q4 of 2024, attributed to a preliminary recovery in global biopharmaceutical investment [1] Revenue Breakdown - Revenue from North American clients reached 7.853 billion yuan, growing 6.11% year-on-year, accounting for 63.97% of total revenue [2] - Revenue from European clients (including the UK) was 2.272 billion yuan, with a significant increase of 23.18% year-on-year, representing 18.51% of total revenue [2] - Revenue from Chinese clients declined to 1.847 billion yuan, down 6.46% year-on-year, making up 15.05% of total revenue [2] - Revenue from other regions decreased to 304 million yuan, down 4.44% year-on-year, contributing 2.47% to total revenue [2] Strategic Initiatives - The company emphasized the importance of "AI empowerment in drug development reliability and sustainability" in its annual report [2] - In February, the company announced the acquisition of a controlling stake in Zhejiang Haixin Zhihui Technology Co., a firm focused on AI in oncology, aimed at improving patient recruitment efficiency [2]

康龙化成（北京）新药技术股份有限公司 内部控制审计报告 三、内部控制的固有局限性 2024年12月31日 内部控制审计报告 安永华明(2025) 专字第70034577_A01号 康龙化成（北京）新药技术股份有限公司 康龙化成（北京）新药技术股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了 康龙化成（北京）新药技术股份有限公司2024年12月31日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价 指引》的规定，建立健全和有效实施内部控制，并评价其有效性是康龙化成（北京）新药 技术股份有限公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意见， 并对注意到的非财务报告内部控制的重大缺陷进行披露。 中国 北京 2025 年 3 月 26 日 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的变 化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控制审 计结果推测未来内部控制的有效 ...

2024年度 康龙化成（北京）新药技术股份有限公司 已审财务报表 审计报告 目 录 安永华明（2025）审字第70034577_A01号 康龙化成（北京）新药技术股份有限公司 康龙化成（北京）新药技术股份有限公司全体股东： 一、审计意见 我们审计了康龙化成（北京）新药技术股份有限公司的财务报表，包括2024年12 月31日的合并及公司资产负债表，2024年度的合并及公司利润表、股东权益变动表和 现金流量表以及相关财务报表附注。 我们认为，后附的康龙化成（北京）新药技术股份有限公司的财务报表在所有重 大方面按照企业会计准则的规定编制，公允反映了康龙化成（北京）新药技术股份有 限公司2024年12月31日的合并及公司财务状况以及2024年度的合并及公司经营成果和 现金流量。 | | 页 次 | | --- | --- | | 审计报告 | 1 – 7 | | 财务报表 | | | 合并资产负债表 | 8 – 10 | | 合并利润表 | 11 – 12 | | 合并股东权益变动表 | 13 – 14 | | 合并现金流量表 | 15 – 16 | | 公司资产负债表 | 17 – 18 | | 公司利润表 | 1 ...

康龙化成（北京）新药技术股份有限公司 （"本公司"） 注： 1. 根据《香港上市规则》第13.70 条规定，股东在股东大会通知发出后提名董事候选人，发行 人须在股东大会举行日期不少于7日前刊登公告或发出补充通函，向股东提供包括被提名人 数据在内的相关信息。 – 1 – 1. 根据公司章程第一百一十条，董事会换届改选或者现任董事会增补董事时， 单独或者合计持有公司3%以上股份的股东可以按照不超过拟选任的人数， 提名由非职工代表担任的下一届董事会的董事候选人或者增补董事的候选 人。独立董事的提名方式及程序按照法律、行政法规、部门规章、公司股 票上市地证券交易所的上市规则或公司章程的有关规定执行。单独或者合 计持有公司3% 以上股份的股东，应在不早于股东大会会议通知发出之日 且不迟于股东大会召开10 日前提出提名董事候选人的提案并书面提交召集 人。召集人应当在收到提案后2 日内发出股东大会补充通知，公告临时提 案的内容注1。 2. 书面通知须包括(i) 有关提名董事的意图以及被提名人表明愿意接受提名 的，以及(ii) 被提名人情况的有关书面材料。被提名人的资料和简历须包 括香港联合交易所有限公司证券上市规则（《香港 ...