FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 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） 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 03759 | 說明 H股 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的 ...

香港交易及結算所有限公司及香港聯合交易所有限公司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，並表明概不就因本公告全部或任何部份內容而產生或因倚賴該等 內容而引致的任何損失承擔任何責任。 本公告或其任何副本概不得直接或間接在美國，或在刊發或派發本公告屬違法的任何其他司法 權區內刊發或派發。 本公告僅供參考，並不構成收購、購買或認購本公司任何證券的邀請或要約。 本公告並非，亦不構成於美國（定義見1933年《美國證券法》（「《證券法》」）S規例）出售證券的 要約或邀請及其任何部分。本公告或其任何內容或其副本亦不得攜進美國境內或於美國境內或 在刊發或派發本公告屬違法的任何其他司法權區內直接或間接派發。除非本公告所指證券根據 《證券法》辦理登記或獲豁免遵守《證券法》的登記規定，否則有關證券未曾亦不會根據《證券 法》登記，且不得在美國境內提呈發售、出售或以其他方式轉讓。本公司並無計劃在美國登記 本公告所述任何證券或在美國公開發售任何證券。 配售的募集資金淨額為1,318.7百萬港元，將按以下方式投入使用： Pharmaron Beijing Co., Ltd. 康 龍 化 成（ 北 京 ）新 藥 技 術 ...

Market Overview - The medical services sector experienced a decline of 0.25% on January 22, with Chengda Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] Stock Performance - Notable gainers in the medical services sector included: - Yinos (688710) with a closing price of 66.35, up 5.96% [1] - Hite Bio (300683) at 30.94, up 4.28% [1] - Puri Eye (301239) at 34.79, up 3.73% [1] - Conversely, significant decliners included: - Chengda Pharmaceutical (301201) at 39.67, down 4.16% [2] - Nanmo Bio (688265) at 48.21, down 3.17% [2] - Pruis (301257) at 66.99, down 2.63% [2] Capital Flow - The medical services sector saw a net outflow of 313 million yuan from institutional investors, while retail investors experienced a net inflow of 89.45 million yuan [2] - The capital flow for specific stocks showed: - Innovation Medical (002173) had a net inflow of 89.74 million yuan from institutional investors [3] - Kanglong Chemical (300759) saw a net inflow of 44.95 million yuan from institutional investors [3] - Chengda Pharmaceutical (301201) had a net outflow of 20.46 million yuan from retail investors [3]

Market Overview - The medical services sector increased by 0.18% on January 21, with Nanmo Biology leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Top Gainers in Medical Services - Nanmo Biology (688265) closed at 49.79, up 7.01% with a trading volume of 20,000 shares and a transaction value of 98.02 million [1] - Hite Biology (300683) closed at 29.67, up 5.74% with a trading volume of 107,800 shares and a transaction value of 32.2 million [1] - Dean Diagnostics (300244) closed at 26.46, up 5.59% with a trading volume of 796,300 shares and a transaction value of 2.13 billion [1] - ST Zhongzhu (600568) closed at 2.64, up 5.18% with a trading volume of 376,500 shares and a transaction value of 9.81 million [1] - Tongce Medical (600763) closed at 46.51, up 4.99% with a trading volume of 198,600 shares and a transaction value of 911 million [1] Top Losers in Medical Services - Digital Human (920670) closed at 18.72, down 4.44% with a trading volume of 74,500 shares and a transaction value of 143 million [2] - Hongbo Pharmaceutical (301230) closed at 46.36, down 1.88% with a trading volume of 131,200 shares and a transaction value of 614 million [2] - Chengda Pharmaceutical (301201) closed at 41.39, down 1.76% with a trading volume of 36,600 shares and a transaction value of 153 million [2] Capital Flow in Medical Services - The medical services sector saw a net inflow of 50.51 million from institutional investors, while retail investors experienced a net outflow of 375 million [2] - The sector's overall capital flow indicates a strong interest from institutional and speculative investors, with retail investors pulling back [2][3] Notable Capital Inflows - Sanbo Brain Science (301293) had a net inflow of 91.48 million, representing 9.03% of its total capital [3] - Tongce Medical (600763) saw a net inflow of 83.46 million, accounting for 9.16% of its total capital [3] - BGI Genomics (300676) recorded a net inflow of 51.81 million, which is 8.37% of its total capital [3]

Core Insights - The CRO industry in China is experiencing significant growth, with the market size expected to expand from 90 billion yuan in 2021 to 126 billion yuan by 2024, reflecting a compound annual growth rate (CAGR) of 28%, which is substantially higher than the global average of 10% [13][26] - The industry is characterized by a clear competitive landscape, with WuXi AppTec as the dominant player, achieving revenue exceeding 20 billion yuan, while other key players include Kanglong Chemical, Tigermed, and Kelun Pharmaceutical [17][20] Industry Overview - Contract Research Organizations (CROs) are specialized entities that undertake drug development responsibilities on behalf of pharmaceutical companies, helping to reduce costs and risks while ensuring compliance [1] - The CRO industry is divided into preclinical and clinical segments, with preclinical CROs focusing on drug discovery and safety evaluations, while clinical CROs handle clinical trials and data management [1] Industry Development History - The CRO industry in China began in 1996 with the establishment of the first joint venture, and has evolved from a lack of formal organizations to a competitive landscape dominated by local leaders [9] - The industry has undergone significant changes, including the implementation of Good Clinical Practice (GCP) in 2003 and the introduction of the Marketing Authorization Holder (MAH) system, which has facilitated the growth of CRO services [11] Market Demand and Growth - The number of New Drug Applications (NDA) in China has been increasing, from 210 in 2021 to an expected 320 by 2024, driving demand for CRO services [14] - The global CRO market is projected to grow from 71 billion USD in 2021 to 90 billion USD by 2024, driven by increased healthcare demands due to aging populations and the COVID-19 pandemic [13] Competitive Landscape - The competitive structure of the Chinese CRO industry is categorized into three tiers, with WuXi AppTec leading the first tier, followed by Kanglong Chemical and Tigermed in the second tier, and smaller firms in the third tier [17] - Most companies are diversifying their services to include both CRO and CDMO (Contract Development and Manufacturing Organization) capabilities, enhancing operational efficiency [20] Regional Market Dynamics - The Yangtze River Delta region dominates the CRO market in China, accounting for approximately 43% of the market share, followed by the Beijing-Tianjin-Hebei region at 23% and the Pearl River Delta at 19% [23] Future Outlook - The Chinese CRO market is expected to continue its growth trajectory, potentially exceeding 144 billion yuan by 2028, supported by favorable policies and increasing demand for innovative therapies [26] - Despite challenges such as rising compliance costs and market saturation, the overall outlook remains positive, with expectations of sustained double-digit growth over the next five years [26]

Group 1 - The core viewpoint of the news is that the Medical ETF (512170) has experienced a decline of 1.61%, with the latest price at 0.366 yuan and a turnover rate of 2.25% [1] - The Medical ETF closely tracks the CSI Medical Index, which includes companies involved in medical devices, medical services, and medical information technology [1] - The latest scale of the Medical ETF is 26.117 billion yuan, with a total of 70.245 billion shares, indicating an increase of 524 million yuan in fund size over the past month [1] Group 2 - As of the previous trading day, the Medical ETF (512170) saw a net inflow of 26.1418 million yuan [2] - The top ten weighted stocks in the CSI Medical Index include WuXi AppTec, Mindray Medical, United Imaging Healthcare, Aier Eye Hospital, Kanglong Chemical, Tigermed, Lepu Medical, Yuyue Medical, New Industry, and Meinian Onehealth [2]

Group 1 - The core viewpoint of the articles indicates a mixed performance in the medical and healthcare sector, with the China Medical and Medical Device Innovation Index experiencing a decline of 0.85% as of January 20, 2026, while certain stocks like Xinhecheng and Xingqi Eye Medicine showed gains [1] - The medical innovation ETF saw a decrease of 0.80%, with the latest price at 0.37 yuan, reflecting the overall market sentiment [1] - The brain-computer interface concept is gaining traction, supported by a significant investment of over 730 billion yuan in technology loans by the China Export-Import Bank, focusing on AI, brain-computer interfaces, humanoid robots, and high-end instruments [1] Group 2 - According to J.P. Morgan's conference, over 20 Chinese companies participated, highlighting the growing global interest in domestic innovative drugs and medical devices, which is expected to boost industry sentiment [1] - The China Medical and Medical Device Innovation Index includes 30 companies with strong profitability and growth potential, with the top ten stocks accounting for 63.75% of the index [2] - Recent data shows a net inflow of 1.8727 million yuan into the medical innovation ETF, with a total of 59.7643 million yuan over the past five trading days, indicating a positive trend in investor interest [2]

Core Viewpoint - The Hong Kong capital market has seen a significant increase in refinancing activities at the beginning of 2026, with over HKD 27 billion raised, marking a more than 20-fold increase compared to the same period in 2025, setting a vibrant tone for the year ahead [1][3]. Group 1: Active Refinancing at the Start of 2026 - As of January 18, 2026, Hong Kong-listed companies have raised over HKD 27 billion through various methods such as placements and rights issues, compared to HKD 1.1 billion in the same period of 2025 [1][3]. - The robust refinancing activity is built on the historical high of HKD 325.32 billion in 2025, which surpassed the IPO fundraising scale for the first time [3]. - Major companies like BYD and Xiaomi have completed significant fundraising projects, contributing to a trend of continuous capital replenishment [3]. Group 2: Structural Characteristics of Refinancing - The refinancing activities in early 2026 are characterized by a diverse industry distribution, including sectors like oil and gas, construction, software services, and healthcare [7]. - Notable companies such as SF Express and Jitu Express have raised over HKD 1 billion, indicating a clear differentiation in fundraising scales [7]. - The use of raised funds is closely aligned with core business strategies, including international expansion, technology R&D, and financial structure optimization [7]. Group 3: Advantages of Hong Kong's Refinancing Market - The efficiency of Hong Kong's refinancing system allows companies to quickly seize market opportunities without prior regulatory approval for placements [4]. - The flexible and diverse financing tools available in the Hong Kong market cater to various corporate needs, enhancing the ability to raise funds [5]. - The market's recovery and valuation improvements since Q3 2024 have created a favorable environment for refinancing activities [5]. Group 4: Emerging Trends in Refinancing - The refinancing landscape is evolving, with a notable increase in strategic mutual holdings among companies, exemplified by the collaboration between SF Express and Jitu Express [8]. - The current refinancing structure shows a higher proportion of traditional and consumer industries compared to emerging sectors, highlighting the complementary nature of Hong Kong and A-share markets [8]. - Future trends indicate that refinancing will remain high but with a more stable growth rate, and the focus will shift towards optimizing capital structures and enhancing R&D capabilities [10].

Group 1 - The core viewpoint of the article highlights that 康龙化成 (Crown Bioscience) is experiencing a decline in stock price, dropping over 3% to HKD 22.12, with a trading volume of HKD 113 million [2] - On January 15, 康龙化成 announced a plan to place nearly 58.44 million new H-shares at a price of HKD 22.82 per share, representing an approximate 8.5% discount to the closing price on January 14, aiming to raise a net amount of about HKD 1.319 billion [2] - Approximately 70% of the funds raised will be allocated to project construction to enhance laboratory service facilities, drug process development, and production capacity [2] Group 2 - 康龙化成 recently released an earnings forecast, projecting a net profit attributable to shareholders for 2025 to be between HKD 1.614 billion and HKD 1.686 billion, reflecting a decrease of 6% to 10% compared to the previous year [2] - During the reporting period, the company's operating revenue is expected to grow by 13% to 16%, while the net profit after excluding non-recurring gains and losses is anticipated to increase by 36% to 41% year-on-year [2]

每经AI快讯，康龙化成(03759.HK)再跌超3%，截至发稿跌3.41%，报22.12港元，成交额1.13亿港元。 ...