两融数据显示，该股最新融资余额为14.48亿元，近5日增加2384.00万元，增幅为1.67%。（数据宝） 8月22日康龙化成大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘折 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 159.97 | 4776.67 | 29.86 | -0.80 | 机构专用 | 中信证券华南股份有限公司 广州万博证券营业部 | | 7.00 | 210.70 | 30.10 | 0.00 | 华泰证券股份有限 | 中信证券股份有限公司上海 | | | | | | 公司泰州分公司 | 分公司 | （文章来源：证券时报网） 康龙化成8月22日大宗交易平台共发生2笔成交，合计成交量166.97万股，成交金额4987.37万元。以折溢 价进行统计，今日有1笔为折价交易，折价率最高达0.80%。从参与大宗交易营业部来看，机构专用席 位共出现在1笔成交的买方或卖方营业部中，合计成交金额为4776.67万元 ...

Core Viewpoint - Kanglong Chemical achieved significant growth in revenue and non-net profit in the first half of the year, despite a decrease in net profit due to a one-time gain from a previous equity transfer [1][2][4] Financial Performance - In the first half of the year, Kanglong Chemical reported revenue of 6.441 billion yuan, a year-on-year increase of 14.93%, and a non-net profit of 637 million yuan, up 36.66% year-on-year [1] - The company's net profit attributable to shareholders was 701 million yuan, a decrease of 37% year-on-year, primarily due to a large equity transfer gain in the same period last year [1] - Revenue for Q1 and Q2 of this year was 3.099 billion yuan and 3.342 billion yuan, respectively, with non-net profits of 292 million yuan and 345 million yuan, both showing positive growth [1] Historical Context - Kanglong Chemical's average quarterly revenue over the past 22 quarters is approximately 2.4135 billion yuan, with an average non-net profit of about 310 million yuan, indicating current performance is significantly above historical averages [4] - The company has consistently generated over 3 billion yuan in quarterly revenue for four consecutive quarters, suggesting a recovery towards historical best performance [2] Market Position - As of August 22, Kanglong Chemical's A-shares closed at 30.1 yuan per share, with a market capitalization of 53.524 billion yuan, while H-shares closed at 21.68 HKD per share, with a market capitalization of 38.394 billion HKD [5] - The company is one of the leading players in the domestic pharmaceutical outsourcing industry, which has experienced fluctuations in performance over the past five years [5] Business Segments - Kanglong Chemical's main business includes laboratory services, small molecule process development, clinical research services, and large molecule and cell and gene therapy services, with the latter being a focus since 2019 [8] - As of mid-2025, the large molecule and cell and gene therapy segment generated revenue of 211 million yuan, with a year-on-year growth of 0.13%, but a negative gross margin of -54.71% [8] Industry Trends - The domestic pharmaceutical outsourcing industry is showing signs of recovery, with leading companies like WuXi AppTec reporting significant revenue growth [9] - Kanglong Chemical's revenue from North American clients was 4.073 billion yuan, a year-on-year increase of 11.02%, accounting for 63.23% of total revenue [9] - The global pharmaceutical investment landscape is recovering, with projections indicating a rise in investment scale from 71 billion USD in 2023 to 102 billion USD in 2024 [10]

第2笔成交价格为29.86元，成交159.97万股，成交金额4,776.67万元，溢价率为-0.80%，买方营业部为机 构专用，卖方营业部为中信证券华南股份有限公司广州万博证券营业部。 进一步统计，近3个月内该股累计发生3笔大宗交易，合计成交金额为7390.91万元。该股近5个交易日累 计下跌0.43%，主力资金合计净流出2.6亿元。 责任编辑：小浪快报 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 8月22日，康龙化成收涨0.30%，收盘价为30.10元，发生2笔大宗交易，合计成交量166.97万股，成交金 额4987.37万元。 第1笔成交价格为30.10元，成交7.00万股，成交金额210.70万元，溢价率为0.00%，买方营业部为华泰证 券股份有限公司泰州分公司，卖方营业部为中信证券股份有限公司上海分公司。 ...

Core Viewpoint - 康龙化成 reported a strong performance in the first half of 2025, with a revenue increase of 14.9% year-on-year, driven by significant growth in orders and robust demand from top pharmaceutical clients [1][4]. Financial Performance - The company achieved a revenue of 6.441 billion yuan in the first half of 2025, reflecting a year-on-year growth of 14.9% [4]. - The net profit attributable to shareholders was 701 million yuan, a decrease of 37.0% year-on-year, primarily due to last year's substantial gains from the disposal of PROTEOLOGIX, INC. shares [4]. - Adjusted net profit under non-IFRS standards was 756 million yuan, representing a year-on-year increase of 9.5% [4]. - New orders signed in the first half of 2025 increased by over 10% year-on-year [4]. Client and Market Dynamics - Revenue from MNC (Top 20 pharmaceutical companies) clients grew significantly by 48.0% year-on-year, attributed to the maturity of CMC project pipelines and deepened collaboration in laboratory services [2][4][9]. - The company added over 480 new clients, with active clients exceeding 2,600 [4]. Strategic Development - 康龙化成 is committed to its long-term development strategy, having established 21 R&D centers and production bases globally, including in China, the UK, and the US [5]. - The company has a workforce of 22,908 employees, with over 1,700 based overseas, and more than 90% of employees engaged in R&D, production, and clinical services [5]. Business Segment Performance - Laboratory services generated revenue of 3.89 billion yuan, up 15.5% year-on-year, with a gross margin of 45.2% [6]. - CMC (small molecule CDMO) services achieved revenue of 1.39 billion yuan, reflecting an 18.2% increase year-on-year, with a gross margin of 30.5% [6]. - Clinical research services reported revenue of 940 million yuan, a year-on-year growth of 11.4% [7]. - Revenue from large molecule and cell & gene therapy services was 210 million yuan, showing a slight increase of 0.1% [8]. Technological and Operational Advancements - The company is enhancing its AI capabilities by integrating clinical data resources with AI technology, aiming to improve service efficiency [6]. - Continuous investments in various technologies, including continuous flow technology and high-throughput experimentation, are being made to support the CMC service segment [11]. Industry Outlook - The company perceives good resilience in overseas client demand, while domestic client demand is expected to gradually recover [3][12].

Core Viewpoint - The overall performance of the company is steadily growing, with laboratory services and CMC services contributing the main incremental growth [2] Group 1: Financial Performance - The revenue from large multinational clients has significantly increased, indicating a positive trend in demand [2] - There is a noticeable recovery in demand from Chinese clients, suggesting a potential market rebound [2] Group 2: Industry Context - The company faces risks related to geopolitical uncertainties and tariffs, which could impact future performance [2] - The investment and financing in the biopharmaceutical industry are below expectations, posing a challenge for growth [2] - The competitive landscape in the industry is intensifying, which may affect market positioning [2]

Investment Rating - The report assigns a "Buy" rating for Kanglong Chemical (300759) based on its performance and growth potential [13]. Core Views - The overall performance of the company shows steady growth, with laboratory services and CMC services contributing significantly to revenue increases [2][3]. - The company maintains a full-year revenue growth guidance of 10-15% for 2025, supported by stable new order growth across its four main business segments [3]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 6.441 billion yuan, a year-on-year increase of 14.9%, and a net profit attributable to shareholders of 700 million yuan, a decline of 37.0% [1]. - The adjusted net profit attributable to shareholders was 756 million yuan, up 9.5% year-on-year, with operating cash flow increasing by 28.06% to 1.408 billion yuan [1]. Business Segments - **Laboratory Services**: Revenue reached 3.892 billion yuan, up 15.5% year-on-year, with a gross margin of 44.9%, an increase of 0.9 percentage points. New orders in this segment grew by over 10% [2]. - **CMC Services**: Revenue was 1.390 billion yuan, an 18.2% increase year-on-year, with a gross margin of 30.2%, up 2.4 percentage points. New orders in this segment grew by approximately 20% [2]. - **Clinical Research Services**: Revenue was 939 million yuan, an 11.4% increase year-on-year, with a gross margin of 12.3%, slightly down by 0.3 percentage points [3]. - **Large Molecule and Cell & Gene Therapy Services**: Revenue was 211 million yuan, remaining stable year-on-year, but with a gross margin of -54.7%, indicating losses due to high operational costs [3]. Customer and Regional Analysis - The company added over 480 new clients in H1 2025, contributing 128 million yuan, while existing clients generated 6.313 billion yuan, accounting for 98.01% of total revenue [4]. - Revenue from the top 20 global pharmaceutical companies was 1.168 billion yuan, a significant increase of 47.98% year-on-year [5]. - Revenue distribution by region showed North America contributing 4.073 billion yuan (up 11.02%), Europe 1.234 billion yuan (up 30.52%), and China 973 million yuan (up 15.48%) [5]. Financial Projections - Revenue projections for 2025-2027 are 13.865 billion yuan, 15.591 billion yuan, and 17.560 billion yuan, respectively, with net profits of 1.718 billion yuan, 1.985 billion yuan, and 2.302 billion yuan [7]. - The expected EPS for the same period is 0.97 yuan, 1.12 yuan, and 1.29 yuan, with corresponding P/E ratios of 31.16, 26.96, and 23.25 [7].

Performance Overview - Revenue for 2Q2025 reached RMB 3,342 million, a 7.9% increase QoQ and a 13.9% increase YoY [14] - Net profit for 2Q2025 was RMB 396 million, reflecting a 29.5% increase QoQ but a 55.2% decrease YoY due to prior investment income [14] - Non-IFRS net profit for 2Q2025 was RMB 406 million, showing a 16.3% increase QoQ and a 15.6% increase YoY [14] Financial Highlights - Total revenue for 1H2025 was RMB 6,441 million, a 14.9% increase YoY [15] - Net profit for 1H2025 was RMB 701 million, down 37.0% YoY [15] - Non-IFRS net profit for 1H2025 was RMB 756 million, a 9.5% increase YoY [15] Customer and Market Insights - New purchase orders (POs) increased by over 10% YoY [15] - Revenue from the top 20 global pharmaceutical companies increased by 48.0% YoY [15] - Active customer base includes over 2,600 customers, with 480+ new customers added [16] Revenue Composition - Revenue from China entities accounted for 88%, while overseas subsidiaries contributed 12% [19] - Laboratory services made up 60% of total revenue, followed by small molecule CDMO services at 22% and clinical development services at 15% [19] Global Presence and Projects - The company is involved in 795 drug discovery projects and 1,027 clinical CRO projects, including 89 in Phase III [17] - The company operates 21 R&D and manufacturing facilities across China, the UK, and the US [16] Future Outlook - The company expects to maintain a full-year 2025 revenue growth guidance of 10-15% [15] - Anticipated recovery in demand from Chinese customers, alongside sustained global customer demand [54]

Financial Performance - Revenue for Q2 2025 reached RMB 3,342 million, a 7.9% increase from Q1 2025 and a 13.9% increase year-over-year from Q2 2024 [14] - Net profit attributable to shareholders for Q2 2025 was RMB 396 million, a 29.5% increase from Q1 2025 but a 55.2% decrease year-over-year from Q2 2024 [14] - Non-IFRS adjusted net profit for Q2 2025 was RMB 406 million, reflecting a 16.3% increase from Q1 2025 and a 15.6% increase year-over-year [14] Revenue Breakdown - For 1H 2025, total revenue was RMB 6,441 million, a 14.9% increase compared to 1H 2024 [15] - New orders increased by over 10% year-over-year, with revenue from top 20 pharmaceutical companies growing by 48% [15] - Revenue composition: 88% from domestic delivery and 12% from overseas delivery [18] Client and Market Insights - Active clients exceeded 2,600, including over 480 new clients, with significant contributions from the top 20 pharmaceutical companies [16] - Revenue growth from North American clients was 11%, European clients 30.5%, and Chinese clients 15.5% [19] - The company maintains a target of 10-15% revenue growth for the full year 2025 [55] ESG and Sustainability Initiatives - The company achieved an AA rating in the latest MSCI ESG assessment [24] - It has joined the United Nations Global Compact and aims for the highest ESG ratings in the Asia-Pacific region by 2025 [28][29] - Efforts include achieving 100% renewable electricity usage in some facilities and expanding information security management systems [26] Operational Highlights - The company participated in 795 drug discovery projects and has a robust pipeline for long-term growth [16] - Clinical research services included 1,027 projects, with 89 in Phase III trials [36] - The company is enhancing its AI capabilities through partnerships and new technology integrations [16]

Financial Performance - In the first half of 2025, the company achieved revenue of 6.441 billion yuan, a year-on-year increase of 14.9% [2] - The net profit attributable to shareholders was 701 million yuan, a decrease of 37.0% compared to the previous year, primarily due to significant investment gains from equity disposals in the same period last year [2] - Adjusted net profit under IFRS was 756 million yuan, reflecting a year-on-year growth of 9.5% [2] Client and Order Growth - New orders signed in the first half of the year increased by over 10% year-on-year, continuing a trend of rapid growth [2] - Revenue from the top 20 global pharmaceutical clients grew by 48% year-on-year, driven by strong performance in CMC services and laboratory services [3] Cash Flow and Financial Outlook - The company reported a net cash flow from operating activities of 1.408 billion yuan and expects to achieve positive free cash flow for the second consecutive year in 2025 [3] - The company added over 2,600 new clients, with active clients exceeding 480 [3] Business Segment Performance - Laboratory services generated revenue of 3.89 billion yuan, up 15.5% year-on-year, with a gross margin of 45.2% [4] - CMC services reported revenue of 1.39 billion yuan, a growth of 18.2%, with a gross margin of 30.5% [4] - Clinical research services achieved revenue of 940 million yuan, reflecting an 11.4% increase [4] - Revenue from large molecule and cell & gene therapy services was 0.1 billion yuan, showing a growth of 2.1% [4] Strategic Developments - The company has established 21 R&D centers and production bases globally, providing integrated R&D and production services for various therapies [3] - Continuous investment in AI and collaboration with Zhejiang University to enhance service efficiency and innovation in life sciences [4] Industry Outlook - The company perceives a resilient demand from overseas clients, with domestic demand expected to gradually recover [5]

证券研究报告|公司点评报告 [Table_Date] 2025 年 08 月 22 日 [Table_Title] 业绩符合预期，新签订单延续快速增长 [Table_Title2] 康龙化成(300759) 分析判断: ► 业绩符合预期，新签订单延续快速增长 公司 25Q2 实现收入 33.4 亿元，同比增长 13.9%，经调整净利润 4.06 亿元，同比增长 15.6%，对应经调整净利率为 12.2%，环比 25Q1 呈现改善。分业务来看，实验室业务 25Q2 实现收入 20.4 亿 元，同比增长 15.2%，其中生物科学业务增速更快、CMC 业务 25Q2 实现收入 6.97 亿元，同比增长 17.4%，呈现快速增长趋 势。公司 25H1 新签订单增速超过 10%，其中 CMC 业务 25H1 新签 订单增速超 20%，超过 25Q1 的 10%+增长，呈现加速趋势，核心 受益于临床后期以及工艺验证&商业化项目增多；实验室业务在 25Q1 和 25H1 新签订单均有超 10%的增长。展望未来，考虑到订 单呈现快速增长（25H1 新签订单金额同比增长 10%+），以及继续 降本增效，及公司维持 25 年收入 ...