转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院医药研发外包(CRO)研究小组发布的《中国医药研发外包（CRO） 行业市场前瞻与投资战略规划分析报告》。 行业主要上市公司：目前国内CRO行业主要的上市公司有药明康德(603259.SH)、康龙化成(300759.SZ)、泰 格医药(300347.SZ)、凯莱英(002821.SZ)、昭衍新药(603127.SH)、九洲药业(603456.SH)、皓元医药 (688131.SH)、博腾股份(300363.SZ)、成都先导(688222.SH)、药石科技(300725.SZ)等。 1、"十五"到"十五五"：中国CRO行业政策聚焦 作为支撑医药创新的战略新兴产业，CRO是我国从医药大国迈向医药强国的关键力量。从"十五"到"十五 五"，我国从生物医药行业逐步聚焦到CRO专项领域，持续完善政策体系。"十五"将生物医药置于重要位 置，强调结构调整;"十一五"列为重点发展领域，支持产业集群;"十二五"提升至战略地位，明确支持CRO等 专业服务;"十三五"纳入战略性新兴产业，出台专项政策;"十四五"定位为生物医药高质量发展的"关键基础 设施";"十五五"则从单纯鼓励创 ...

智通财经获悉，1月22日，由中欧基金葛兰与赵磊共同管理的中欧医疗健康混合披露2025年四季报。截至2025年12 月末，葛兰旗下在管基金总规模由去年三季度末的435.44亿元降至353.89亿元。目前，葛兰在管3只公募基金，分 别是中欧医疗健康、中欧医疗创新、中欧明睿新起点混合，其中规模最大的产品是中欧医疗健康。报告期内，中 欧医疗健康混合基金A类份额净值增长率为-14.81%，同期业绩比较基准收益率为-8.21%；基金C 类份额净值增长 率为-14.98%，同期业绩比较基准收益率为-8.21%。 持仓方面，中欧医疗健康的前十大重仓股依次为：药明康德(603259.SH)、恒瑞医药(600276.SH)、康龙化成 (300759.SZ)、泰格医药(300347.SZ)、百利天恒(688506.SH)、凯莱英(002821.SZ)、信立泰(002294.SZ)、海思科 (002653.SZ)、科伦药业(002422.SZ)、百济神州-U(688235.SH)。其中，海思科、泰格医药获增持，科伦药业、信立 泰等多只个股遭减仓。 | | | ○ 中欧医疗健康混合A 2025年4季度股票投资明细 | | | | | ...

康龙化成成立于2004 年，是中国最早布局一体化CXO 的企业之一，现已发展成为具备国际认可度的中 国CXO 领军企业。公司为全球客户提供覆盖药物研发全生命周期的服务。凭借其端到端服务能力，公 司有望充分受益于全球医药研发外包需求的持续增长。我们首次覆盖康龙化成，给予"买入"评级，目标 价38.08 元人民币。 受益于行业需求复苏。作为全球医药研发体系的深度参与者，康龙化成的业务表现与全球生命科学行业 的宏观趋势高度关联。从融资与药企投入两大维度看，全球创新药研发需求在2H25 已实现明显回暖。 据医药魔方数据，2H25 全球创新药融资额同比增长22.5%，其中中国同比激增215.4%。随着美联储有 望延续降息周期，我们判断融资回暖趋势大概率延续至2026 年。此外，全球Top 10 药企1H25 合计研发 投入同比增长5.3%，重回正增长轨道，头部Biotech 公司研发支出亦趋于稳定，进一步夯实CXO 行业需 求基础。 首次覆盖给予"买入"评级，目标价38.08 元人民币。预计公司2025E/2026E/ 2027E 收入将分别同比增长 14.2%/ 14.8%/ 16.3%，non-IFRS 净利润同比 ...

1月22日，由中欧基金葛兰与赵磊共同管理的中欧医疗健康混合披露2025年四季报。截至2025年12月末，葛兰旗下 在管基金总规模由去年三季度末的435.44亿元降至353.89亿元。目前，葛兰在管3只公募基金，分别是中欧医疗健 康、中欧医疗创新、中欧明睿新起点混合，其中规模最大的产品是中欧医疗健康。报告期内，中欧医疗健康混合 基金A类份额净值增长率为-14.81%，同期业绩比较基准收益率为-8.21%；基金C 类份额净值增长率为-14.98%，同 期业绩比较基准收益率为-8.21%。 持仓方面，中欧医疗健康的前十大重仓股依次为：药明康德(603259.SH)、恒瑞医药(600276.SH)、康龙化成 (300759.SZ)、泰格医药(300347.SZ)、百利天恒(688506.SH)、凯莱英(002821.SZ)、信立泰(002294.SZ)、海思科 (002653.SZ)、科伦药业(002422.SZ)、百济神州-U(688235.SH)。其中，海思科、泰格医药获增持，科伦药业、信立 泰等多只个股遭减仓。 | | | ○ 中欧医疗健康混合A 2025年4季度股票投资明细 | | | | | 来源:天天基金 ...

Group 1 - The core viewpoint of the news highlights the performance of the medical innovation sector, with the China Securities Medical and Medical Device Innovation Index (931484) rising by 0.51% and notable increases in constituent stocks such as Ganli Pharmaceutical (3.05%) and Zhejiang Pharmaceutical (2.29%) [1] - The Medical Innovation ETF (516820) has seen a net inflow of funds over the past five days, with a peak single-day net inflow of 40.537 million yuan, totaling 62.4623 million yuan, averaging a daily net inflow of 12.4925 million yuan [1] - Baichuan Intelligent has launched the Baichuan-M3 Plus evidence-enhanced medical model, achieving a hallucination rate of 2.6%, the lowest globally, and introduced the "Evidence Anchoring" technology to provide citation sources for medical conclusions [1] Group 2 - Everbright Securities emphasizes that the AI+ healthcare sector should focus on several core areas: AI drug development, AI medical imaging, AI chronic disease management, and AI surgical robots, highlighting the strong willingness of pharmaceutical companies to invest in AI drug development due to its potential to significantly shorten drug development cycles [2] - The China Securities Medical and Medical Device Innovation Index selects 30 publicly listed companies with good profitability and growth potential from the pharmaceutical and healthcare sector, reflecting the overall performance of profitable and growth-oriented companies [2] - As of December 31, 2025, the top ten weighted stocks in the index include WuXi AppTec, Hengrui Medicine, Mindray Medical, and others, accounting for 63.75% of the total index weight [2]

Investment Rating - The report initiates coverage on 康龙化成 with a "Buy" rating and a target price of 38.08 RMB, indicating a potential upside of 21.7% from the current price of 31.30 RMB [1][3]. Core Insights - 康龙化成 is recognized as a leading integrated CXO company in China, established in 2004, providing comprehensive services throughout the drug development lifecycle. The company is expected to benefit from the growing global demand for pharmaceutical R&D outsourcing [1][7]. - The report highlights the company's strategic expansion into various sectors, including small molecule CDMO, clinical development, and large molecule & cell and gene therapy (CGT), which positions 康龙化成 as a competitive player in the global market [7]. - The company is projected to achieve revenue growth rates of 14.2%, 14.8%, and 16.3% for FY25E, FY26E, and FY27E, respectively, with adjusted net profit growth rates of 12.3%, 17.8%, and 18.7% for the same periods [7][11]. Financial Summary - For FY23A, 康龙化成 reported sales revenue of 11,538 million RMB, with a year-on-year growth of 12.4%. The adjusted net profit for the same period was 1,903 million RMB, reflecting a growth of 3.8% [2][11]. - The company’s sales revenue is expected to reach 14,022 million RMB in FY25E, with a projected growth of 14.2% year-on-year [2][11]. - The adjusted net profit is forecasted to be 1,804 million RMB in FY25E, with a year-on-year increase of 12.3% [2][11]. Shareholder Structure - The shareholder structure indicates that 19.3% of the shares are held by Hong Kong investors, while the actual controller holds 17.7% [4]. Stock Performance - The stock has shown a 1-month absolute return of 8.6% and a 6-month return of 15.1%, indicating positive market sentiment [5].

Investment Rating - The report initiates coverage on 康龙化成 (300759 CH) with a "Buy" rating and a target price of 38.08 RMB, indicating a potential upside of 21.7% from the current price of 31.30 RMB [1][3]. Core Insights - 康龙化成 is recognized as a leading integrated CXO service provider in China, benefiting from the growing global demand for pharmaceutical R&D outsourcing. The company offers end-to-end services across the entire drug development lifecycle, positioning itself to capitalize on the increasing outsourcing needs in the pharmaceutical industry [1][7]. - The report highlights the company's strategic expansion into small molecule CDMO, clinical development, and large molecule & cell and gene therapy (CGT) sectors, creating a comprehensive one-stop CXO platform that reduces operational risks and costs for clients [7]. - The company is expected to see revenue growth of 14.2% in 2025, 14.8% in 2026, and 16.3% in 2027, with adjusted net profit growth projected at 12.3%, 17.8%, and 18.7% for the same years [7][8]. Financial Summary - For FY23A, 康龙化成 reported sales revenue of 11,538 million RMB, with a year-on-year growth of 12.4%. The adjusted net profit for the same period was 1,903 million RMB, reflecting a growth of 3.8% [2][11]. - The company’s sales revenue is projected to reach 14,022 million RMB in FY25E, with a corresponding adjusted net profit of 1,804 million RMB, indicating a year-on-year increase of 12.3% [2][11]. - The adjusted earnings per share (EPS) for FY25E is estimated at 1.01 RMB, with a forward P/E ratio of 30.8 times [2][11]. Shareholder Structure - The shareholder structure indicates that 19.3% of the shares are held by Hong Kong investors, while the actual controller holds 17.7% [4]. Stock Performance - The stock has shown a 1-month absolute return of 8.6% and a 6-month return of 15.1%, outperforming the market in these periods [5].

Group 1: Market Overview - Global stock markets showed mixed performance, with the Hang Seng Index closing at 26,630, up 0.17% for the day and 3.90% year-to-date [1] - The Shanghai Composite Index rose by 0.14% to 4,123, while the Shenzhen Composite Index increased by 0.69% to 2,714, reflecting a positive trend in the Chinese market [1] - The US markets also experienced gains, with the Dow Jones up 0.63% and the S&P 500 up 0.55%, indicating a favorable environment for equities [1] Group 2: Sector Performance - In the Hong Kong market, the real estate sector led gains with a 1.62% increase, while the financial sector saw a decline of 0.37% [2] - The energy, real estate, and public utilities sectors in Hong Kong outperformed, while materials, healthcare, and information technology sectors lagged [3] - The A-share market saw significant gains in construction materials, defense, and oil & petrochemicals, while beauty care, banking, and pharmaceuticals underperformed [3] Group 3: Company Analysis - 康龙化成 (300759 CH) - 康龙化成 is recognized as a leading integrated CXO service provider in China, offering comprehensive drug development services [4] - The company is expected to benefit from the growing global demand for pharmaceutical R&D outsourcing, with a target price set at 38.08 RMB and a "buy" rating [4][8] - The company has established a one-stop CXO service platform, significantly reducing operational risks and costs for clients, which is crucial in the current biopharmaceutical landscape [4] Group 4: Business Growth and Projections - 康龙化成's laboratory services are projected to see over 15% growth in new orders in 2024, providing a solid foundation for revenue [5] - The small molecule CDMO segment is expected to grow over 35% in new orders in 2024, driven by commercialized projects [5] - The company anticipates revenue growth of 14.2% in 2025, with non-IFRS net profit expected to increase by 12.3% [8]

智通财经APP获悉，香港联交所最新资料显示，1月22日，康龙化成(03759)股东将股票存入摩根士丹利 香港证券，存仓市值12.83亿港元，占比19.38%。 同日，康龙化成发布公告，已达成所有条件并于2026年1月22日完成配售。配售代理已根据配售协议的 条款及条件，按每股配售股份配售价22.82港元，成功向不少于6名独立承配人配售合共5844.08万股配售 股份。 配售的募集资金净额为13.19亿港元，将按以下方式投入使用：约70%将用于公司的项目建设，以加强 公司实验室服务设施、药物工艺开发及生产设施的能力及产能；约10%将用于偿还银行贷款及其他借 款，以优化公司的资本结构；及约20%将用于补充营运资金及作其他一般公司用途。 ...

同日，康龙化成发布公告，已达成所有条件并于2026年1月22日完成配售。配售代理已根据配售协议的 条款及条件，按每股配售股份配售价22.82港元，成功向不少于6名独立承配人配售合共5844.08万股配售 股份。 配售的募集资金净额为13.19亿港元，将按以下方式投入使用：约70%将用于公司的项目建设，以加强 公司实验室服务设施、药物工艺开发及生产设施的能力及产能；约10%将用于偿还银行贷款及其他借 款，以优化公司的资本结构；及约20%将用于补充营运资金及作其他一般公司用途。 香港联交所最新资料显示，1月22日，康龙化成（300759）(03759)股东将股票存入摩根士丹利香港证 券，存仓市值12.83亿港元，占比19.38%。 ...