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 ...

康龙化成（北京）新药技术股份有限公司 2024 年度独立非执行董事述职报告 （独立非执行董事：余坚） 各位股东及股东代表： 作为康龙化成（北京）新药技术股份有限公司（以下简称"公司"）董事会 独立非执行董事，本人在 2024 年度工作中，严格按照《公司法》《上市公司治 理准则》《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指 引第 2 号——创业板上市公司规范运作》《香港联合交易所有限公司证券上市规 则》等有关法律法规、规范性法律文件以及《公司章程》《独立非执行董事工作 制度》等公司相关的规定和要求，积极出席公司股东大会、董事会及各专门委员 会会议，认真审议各项议案，审慎决策，全面关注公司的发展状况，及时了解公 司的生产经营信息，忠实履行独立非执行董事的职责，勤勉尽责，充分发挥独立 非执行董事的独立性和专业性作用，对公司规范、稳定、健康的发展起到应有的 作用，切实维护公司和全体股东特别是中小股东的合法权益。现将本人 2024 年 度的履职情况汇报如下： 一、独立非执行董事的基本情况 （一）工作履历、专业背景以及兼职情况 余坚先生，50 岁，于 2020 年 7 月 23 日获任公司独立非执行董事 ...

康龙化成（北京）新药技术股份有限公司 股东大会议事规则 中国 北京 2025 年 3 月 康龙化成（北京）新药技术股份有限公司 股东大会议事规则 第一章 总则 第一条 为规范公司行为，保证股东大会依法行使职权，根据《中华人民共 和国公司法》（"《公司法》"）、《中华人民共和国证券法》（"《证券法》"）、公 司股票上市地证券交易所上市规则(包括但不限于《香港联合交易所有限公司证 券上市规则》（"《上市规则》"）)等有关规定和《康龙化成（北京）新药技术 股份有限公司章程》（"《公司章程》"）的规定，制定本规则。 第二条 公司应当严格按照法律、行政法规、公司股票上市地证券交易所上 市规则、《公司章程》及本规则的相关规定召开股东大会，保证股东依法行使权 利。 公司董事会应当切实履行职责，认真、按时组织股东大会。公司全体董事应 当勤勉尽责，确保股东大会正常召开和依法行使职权。 第三条 股东大会应当在《公司法》等法律、行政法规、部门规章及公司股 票上市地上市规则和《公司章程》规定的范围内行使职权。 第四条 股东大会分为年度股东大会和临时股东大会。年度股东大会每年召 开一次，应当于上一会计年度结束后的 6 个月内举行。 公 ...

康龙化成（北京）新药技术股份有限公司 信息披露管理制度 第一章 总则 第一条 为了促进康龙化成（北京）新药技术股份有限公司（以下简称"公 司"）的规范运作，规范信息披露行为，加强信息披露事务管理，确保信息披露 的真实、准确、完整、及时、公平，维护公司和投资者的合法权益，根据《中华 人民共和国公司法》《中华人民共和国证券法》（以下简称"《证券法》"）、《深圳 证券交易所创业板股票上市规则》（以下简称"《上市规则》"）、《香港联合交易所 有限公司证券上市规则》（以下简称"《香港上市规则》"）、香港《证券及期货条 例》等法律、法规、规范性文件及《康龙化成（北京）新药技术股份有限公司章 程》（以下简称"《公司章程》"）的规定，结合公司实际，特制订本制度。 康龙化成（北京）新药技术股份有限公司 信息披露管理制度 中国 北京 2025 年 3 月 第二条 信息披露制度适用于如下人员和机构： 上述信息披露义务人出现或知悉本制度涉及需披露的信息内容时，也应及时、 主动通报董事会秘书或证券事务部，视情况履行相应的披露义务。 第二章 信息披露的基本原则 1 （一）公司； （二）公司董事会秘书和证券事务部； （三）公司董事和董事会 ...