Group 1 - The company 康龙化成 has received a notification letter from 信中康成 and its concerted party 深圳市信中龙成投资合伙企业 regarding the completion of a share reduction plan [1] - 信中康成 has cumulatively reduced its holdings by 26.6729 million shares [1]

Group 1 - The core point of the article is that 康龙化成 (Kanglong Chemical) has received a notification from 信中康成 (Xinchong Kangcheng) and its associated party, 深圳市信中龙成投资合伙企业 (Shenzhen Xinchong Longcheng Investment Partnership), regarding the completion of a share reduction plan [1] - 信中康成 has cumulatively reduced its holdings by 26.6729 million shares [1]

Group 1 - The core point of the article is that Kanglong Chemical (SZ 300759) announced the completion of a share reduction plan by its shareholder, Xincheng Kangcheng, who reduced approximately 26.67 million shares, accounting for 1.50% of the company's total shares [1] - As of the report date, Kanglong Chemical's market capitalization is 52.7 billion yuan [2] - For the year 2024, Kanglong Chemical's revenue composition is primarily from scientific research and technical services, which accounts for 99.95%, while other businesses contribute only 0.05% [1]

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） 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。 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 中華人民共和國，北京 2025年9月4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 行董事萬璇女士及李家慶先生；獨立非執行董事李麗華女士、曾坤鴻先生及余堅 先生。 康龙化成（北京）新药技术股份有限公司（以下简称"公司"）于 2025 年 5 月 16 日在巨潮资讯网（www.c ...

本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 康龙化成（北京）新药技术股份有限公司（以下简称"公司"）于 2025 年 5 月 16 日在巨潮资讯网（www.cninfo.com.cn）披露了《关于持股 5%以上股东减 持股份的预披露公告》（公告编号：2025-027）。公司持股 5%以上股东深圳市 信中康成投资合伙企业（有限合伙）（以下简称"信中康成"）计划自上述减持 公告披露之日起 15 个交易日（2025 年 6 月 10 日）后的 3 个月内以集中竞价交 易或大宗交易等深圳证券交易所认可的合法方式减持公司股份不超过 26,672,932 股（占公司总股本的 1.50%）。 公司于近日收到信中康成和其一致行动人深圳市信中龙成投资合伙企业（有 限合伙）（以下简称"信中龙成"）出具的告知函，获悉信中康成本次减持计划 已实施完毕，现将减持计划实施情况公告如下： 一、股东减持情况 证券代码：300759 证券简称：康龙化成 公告编号：2025-050 康龙化成（北京）新药技术股份有限公司 关于持股 5%以上股东减持计划实施完成的公告 公司持股 5%以上股东深圳市信中康成投资合伙企业（有限合 ...

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: 2025年8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: 2025年9月4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 | | ...

Market Overview - On September 4, the medical services sector declined by 4.28%, with Bid Pharma leading the drop [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Notable gainers in the medical services sector included: - Zihua Pharmaceutical (600721) with a closing price of 11.07, up 6.24% [1] - Innovation Medical (002173) with a closing price of 24.99, up 5.31% [1] - Wisdom Pharmaceutical (300149) with a closing price of 13.17, up 4.36% [1] - Major decliners included: - Bid Pharma (688073) with a closing price of 62.65, down 9.44% [2] - WuXi AppTec (603259) with a closing price of 101.94, down 8.06% [2] - Zhaoyan New Drug (603127) with a closing price of 30.92, down 7.48% [2] Capital Flow - The medical services sector experienced a net outflow of 1 billion yuan from institutional investors, while retail investors saw a net inflow of 359 million yuan [2][3] - Key stocks with significant capital flow included: - Innovation Medical (002173) with a net inflow of 136 million yuan from institutional investors [3] - Wisdom Pharmaceutical (300149) with a net inflow of 79 million yuan from institutional investors [3] - Meinian Health (002044) with a net inflow of 64 million yuan from institutional investors [3]

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: 2025年8月31日 狀態: 新提交 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: 2025年9月4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 | | 2. 股份分類 | 普通股 ...

Investment Rating - The industry is rated as "Outperforming the Market" with an expected relative increase of over 10% in the next six months compared to the market index [4][32]. Core Insights - In the first half of 2025, the pharmaceutical research outsourcing industry showed robust revenue growth of 13.77% year-on-year and a significant profit increase of 63.82% [2][22]. - The recovery in global financing has led to a resurgence in demand for early-stage drug discovery, shortening the order conversion cycle for CRO (Contract Research Organization) services, which has driven performance [3][30]. - The demand for production outsourcing has been boosted by innovative drugs entering late-stage clinical trials and commercialization, contributing to the growth of CDMO (Contract Development and Manufacturing Organization) services [3][30]. - High-value-added services, such as peptide production, have generated additional revenue streams [2][22]. Summary by Sections 1. Pharmaceutical Sector Performance Review - From January to August 31, 2025, the pharmaceutical sector achieved a 25.50% increase, outperforming the CSI 300 index by 11.22 percentage points, ranking 9th among 31 sectors [9][11]. - The medical research outsourcing sub-sector led the performance with a remarkable increase of 62.37% [13][14]. 2. Pharmaceutical Sector Earnings Review - In the first half of 2025, only the medical services sector among six secondary sub-sectors showed positive growth, while the biopharmaceutical sector experienced the largest decline [18]. - The medical research outsourcing and other biopharmaceutical sub-sectors achieved high profit growth rates of 63.82% and 51.47%, respectively [19]. 3. Medical Services Outsourcing Sector Performance - The medical research outsourcing sector's overall revenue increased by 13.77% year-on-year, with net profit rising by 63.82% in the first half of 2025 [22][27]. - The sector's gross margin improved from 37.95% in 2024 to 39.77% in the first half of 2025, while net margin rose from 14.73% to 24.36% [25]. 4. Investment Recommendations - The report suggests focusing on leading companies benefiting from the increasing industry concentration and those engaged in high-value-added businesses like CDMO and peptides [3][30].

Core Viewpoint - The CXO industry is experiencing a recovery after a period of decline, driven by increased profitability among companies and a favorable capital market environment for stock prices [1][4][10]. Group 1: Industry Performance - In the first half of this year, 16 out of 28 A-share CXO companies reported a year-on-year increase in net profit, a significant rise from only 7 companies in the same period last year, indicating a recovery trend [1][3]. - Among the 28 stocks, 8 companies achieved a net profit increase of over 100%, with Chengdu Xian Dao leading at 390.72% [4]. - The total revenue for WuXi AppTec reached approximately 20.8 billion yuan, a year-on-year increase of 20.64%, with a net profit of about 8.56 billion yuan, up 101.92% [4]. Group 2: Market Dynamics - The recovery in the CXO industry is attributed to three main drivers: active pharmaceutical investment and business development transactions, a shift in global pharmaceutical research focus towards biologics and complex molecules, and technological innovations such as AI in drug development [5][11]. - The overall market for CXO services is expanding as pharmaceutical companies increasingly outsource research and development to specialized firms, which helps reduce costs and improve efficiency [5][11]. Group 3: Company-Specific Insights - Despite the overall recovery, some companies like Tigermed reported declines in both revenue and net profit, highlighting a disparity in performance within the industry [6][8]. - Tigermed's revenue fell to approximately 3.25 billion yuan, a decrease of 3.21%, with a net profit of about 383 million yuan, down 22.22% [6][7]. - Companies with diversified client bases and technological advantages are better positioned to capitalize on market recovery, while those reliant on single business lines may face longer adjustment periods [8]. Group 4: Stock Market Performance - All 28 CXO stocks have seen price increases this year, reflecting the industry's recovery [9][10]. - The stock price increases range from 10% to over 100%, with Nanjing Momo Bio leading at a 142.21% increase [10]. - The stock price performance correlates with improved company earnings, indicating a supportive fundamental backdrop for the sector [10].