Investment Rating - The investment rating for the company is "Buy - A" with a target price of 24.75 CNY for the next six months [6][11]. Core Views - The company achieved a revenue of 11.538 billion CNY in 2023, representing a year-on-year growth of 12.39%, and a net profit attributable to shareholders of 1.601 billion CNY, up 16.48% year-on-year [2][11]. - The steady growth in various business segments, including laboratory services, CMC, clinical research services, and large molecule and cell & gene therapy services, has contributed to the overall performance [2][3]. - The company is actively expanding into new business areas such as peptides, oligonucleotides, ADCs, and antibodies, which supports the stable growth of laboratory services [3]. - The CMC services are expected to grow rapidly due to the company's integrated business layout, with a significant increase in commercial projects from 15 in 2022 to 29 in 2023 [4]. - The clinical research services are also thriving, with ongoing clinical trial projects reaching 1,035 and site management projects exceeding 1,450 [5]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 11.538 billion CNY, a 12.39% increase from the previous year, and a net profit of 1.601 billion CNY, reflecting a 16.48% growth [2][12]. - The revenue breakdown includes laboratory services at 6.660 billion CNY (+9.38%), CMC at 2.711 billion CNY (+12.64%), clinical research services at 1.737 billion CNY (+24.66%), and large molecule and cell & gene therapy services at 0.425 billion CNY (+21.06%) [2][12]. Business Development - The company is diversifying its service offerings to include peptides, oligonucleotides, ADCs, and antibodies, which has helped maintain stable growth in laboratory services [3]. - The CMC service segment is benefiting from a strong client base, with approximately 85% of its revenue coming from existing clients in drug discovery services [4]. - The clinical research service segment is expanding rapidly, with a significant number of ongoing projects, indicating a robust market position [5]. Future Projections - The company expects net profits to reach 1.768 billion CNY in 2024, 1.980 billion CNY in 2025, and 2.208 billion CNY in 2026, with an estimated EPS of 0.99 CNY for 2024 [11][12].

Investment Rating - The report maintains a "Recommended" rating for 康龙化成 (300759.SZ) [2][3] Core Views - 康龙化成 achieved a total revenue of 11.538 billion yuan in 2023, representing a year-on-year growth of 12.4%. The net profit attributable to shareholders was 1.601 billion yuan, up 16.5% year-on-year [2][3] - The company is actively expanding its global capacity to support business growth, with an expected revenue growth rate of over 10% in 2024 [2][3] - The integrated platform is steadily growing, with emerging businesses such as clinical research and CGT (Cell and Gene Therapy) rapidly expanding [2][3] Financial Performance Summary - Total revenue for 2023 was 11.538 billion yuan, with a growth rate of 12.4% [3] - Net profit attributable to shareholders for 2023 was 1.601 billion yuan, with a growth rate of 16.5% [3] - The projected revenues for 2024, 2025, and 2026 are 12.705 billion yuan, 14.613 billion yuan, and 16.770 billion yuan, respectively, with growth rates of 10.1%, 15.0%, and 14.8% [3][7] - The projected net profit for 2024, 2025, and 2026 is 1.653 billion yuan, 1.967 billion yuan, and 2.313 billion yuan, respectively [3][7] - The PE ratios for 2024, 2025, and 2026 are projected to be 22, 19, and 16, respectively [3][7] Business Segment Performance - Laboratory services revenue reached 6.660 billion yuan, growing 9.4% year-on-year, with over 51% of revenue coming from biological sciences [2] - CMC (Chemistry, Manufacturing, and Controls) revenue was 2.711 billion yuan, up 12.6% year-on-year, with approximately 85% of revenue from drug discovery clients [2] - Clinical research services generated 1.737 billion yuan, reflecting a 24.7% year-on-year increase, with a gross margin improvement of 5.59 percentage points to 17.1% [2] - Revenue from large molecules and CGT reached 425 million yuan, growing 21.2% year-on-year [2]

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the year, representing a growth of 25% compared to the previous year[9]. - The company's operating revenue for 2023 was ¥11,537,996,314.78, representing a 12.39% increase from ¥10,266,288,179.53 in 2022[12]. - The net profit attributable to shareholders for 2023 was ¥1,601,096,033.08, a 16.48% increase compared to ¥1,374,604,224.18 in 2022[12]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,513,870,443.51, up 6.51% from ¥1,421,388,329.84 in 2022[12]. - The gross margin improved to 45%, up from 40% in the previous year, reflecting better operational efficiency[9]. - The company achieved a net profit margin of 15%, up from 12% in the previous year, indicating improved operational efficiency[145]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB for the year, representing a growth of 25% compared to the previous year[142]. Cash Flow and Investments - The net cash flow from operating activities increased by 28.50% to ¥2,753,538,934.89 in 2023 from ¥2,142,816,416.93 in 2022[12]. - Cash inflow from financing activities surged by 532.02% to CNY 5,141,463,853.58, compared to CNY 813,499,418.23 in 2022[71]. - The net increase in cash and cash equivalents was CNY 4,429,401,928.89, a significant rise of 414.14% from a decrease of CNY 1,409,996,718.41 in the prior year[71]. - The total investment during the reporting period was RMB 3.55 billion, a decrease of 46% compared to RMB 6.58 billion in the same period last year[84]. - The company plans to invest $20 million in technology innovation to strengthen its core competitiveness[120]. Research and Development - The report outlines the company's commitment to research and development in new drug technologies and services[6]. - The company is investing 200 million RMB in R&D for new technologies, focusing on biologics and personalized medicine[9]. - The total R&D expenditure for 2023 was 448,277,931.00 CNY, representing 3.89% of operating revenue, up from 2.75% in 2022[70]. - The company plans to increase its R&D budget by 25% to support ongoing and future projects[142]. - The company is actively developing new technologies, including applications of artificial intelligence in drug research and green chemistry technologies[69]. Market Expansion and Strategic Initiatives - The company is actively expanding its market presence and exploring strategic partnerships and acquisitions[6]. - The company is expanding its market presence in Europe, targeting a 10% market share within the next two years[9]. - The company is expanding its market presence in Europe, targeting a 15% market share by 2025[116]. - The company is exploring potential acquisitions to enhance its product portfolio, targeting a deal by mid-2024[146]. - The company aims to enhance its market presence through strategic partnerships and operational efficiency[134]. Corporate Governance and Management - The management team consists of experienced professionals, with nearly 100 leaders in various disciplines, including 2 national-level talents and 16 Beijing-level talents[57]. - The company has established performance evaluation standards and incentive mechanisms for senior management, ensuring transparency and compliance with legal requirements[122]. - The board of directors has reduced its size from 11 to 9 members, increasing the proportion of independent non-executive directors from 36% to 44%[121]. - The company has implemented a robust internal management and control system to ensure transparency and compliance in its operations[120]. - The company has a strong emphasis on corporate governance, with independent directors providing oversight and strategic guidance[135]. Profit Distribution - The profit distribution plan approved by the board is to distribute a cash dividend of 2 RMB per 10 shares to all shareholders, based on a total share capital of 1,787,394,297 shares[3]. - The proposed profit distribution plan includes a cash dividend of RMB 2 per 10 shares, amounting to a total cash dividend of RMB 357,478,859.40 (including tax)[182]. - The cash dividend represents 100% of the total profit distribution amount, adhering to the company's policy of maintaining a minimum cash dividend ratio of 20% during significant capital expenditures[183]. Client Engagement and User Data - User data showed an increase in active clients, reaching 500 clients, which is a 15% increase year-over-year[9]. - User data showed a total of 1.5 million active users, representing a 30% increase compared to the previous year[113]. - The company served over 2,800 global clients in 2023, with 74.89% of revenue coming from clients using multiple service segments[31]. - The company introduced over 800 new clients in 2023, with over 90% of revenue coming from a loyal and diverse customer base[59]. Risk Management and Compliance - The company emphasizes the importance of accurate financial reporting, with the responsible parties confirming the completeness and truthfulness of the annual report[2]. - The company has established strict risk control measures for its foreign exchange hedging activities, ensuring compliance with internal regulations[90]. - The company has achieved a high level of compliance with regulatory requirements in major markets, including the US and China, and will continue to monitor and adapt to regulatory changes[105]. - The company faces significant foreign exchange risks, particularly with revenues from overseas clients being predominantly in USD, while most operational costs are in RMB[106]. Employee Development and Training - The company emphasizes employee development and has implemented various training programs to enhance staff capabilities and cohesion[58]. - The training for new employees includes a comprehensive introduction to company culture, safety knowledge, compliance, and professional skills enhancement[179]. - The company has implemented multiple stock incentive plans to align long-term development with employee career growth[175]. - The company has a total of 20,295 employees receiving compensation during the reporting period[173].

Financial Performance - For the year ended December 31, 2023, the total revenue was approximately RMB 11,538 million, an increase of about RMB 1,272 million or 12.4% compared to the previous year[4]. - The profit attributable to equity holders of the parent company was approximately RMB 1,601 million, representing an increase of 16.5% from RMB 1,375 million in 2022[4]. - The net cash flow from operating activities was approximately RMB 2,754 million, up 28.5% from RMB 2,143 million in the prior year[4]. - The basic earnings per share for the year was RMB 0.9033, compared to RMB 0.7750 in 2022, reflecting a significant increase[5]. - The company reported a total comprehensive income of RMB 1,580 million for the year, compared to RMB 1,475 million in 2022, indicating overall growth in profitability[7]. - The company reported a pre-tax profit of RMB 1,837,887 thousand for the year, compared to RMB 1,666,391 thousand in the previous year, indicating a growth of about 10.3%[21]. - The company achieved revenue of RMB 424.9 million from its macromolecule and cell and gene therapy services, representing a year-on-year growth of 21.1%[80]. - The company’s net profit attributable to the parent company was approximately RMB 1,601.1 million, an increase of 16.5% compared to RMB 1,374.6 million for the year ended December 31, 2022[84]. Revenue Breakdown - Total revenue for the year ended December 31, 2023, reached RMB 11,537,996 thousand, an increase from RMB 10,266,288 thousand in 2022, representing a growth of approximately 12.4%[26]. - The laboratory services segment generated revenue of RMB 6,660,117 thousand, accounting for 57.8% of total revenue, while the CMC services segment contributed RMB 2,711,039 thousand, or 23.5%[21]. - North America was the largest revenue contributor with RMB 7,400,776 thousand, up from RMB 6,644,016 thousand in 2022, reflecting a growth of approximately 11.4%[22]. - Revenue from the top 20 global pharmaceutical customers was RMB 1,722.7 million, a year-on-year increase of 14.9%, representing 14.9% of total revenue[61]. - Revenue from North American customers was RMB 7,400.8 million, a year-on-year increase of 11.4%, accounting for 64.1% of total revenue[61]. Asset and Liability Management - Non-current assets totaled RMB 15,602 million as of December 31, 2023, compared to RMB 13,957 million in 2022, indicating growth in asset base[9]. - Current assets increased to RMB 10,874 million from RMB 6,536 million in the previous year, showing a strong liquidity position[9]. - The total liabilities increased to RMB 13,238 million in 2023 from RMB 10,840 million in 2022, primarily due to an increase in interest-bearing bank borrowings[10]. - As of December 31, 2023, the company had interest-bearing bank borrowings of approximately RMB 5,035.6 million, an increase of 247.0% compared to December 31, 2022, primarily due to the borrowing of syndicated loans to repay convertible bonds[92]. - The company's leverage ratio as of December 31, 2023, was 50.0%, up from 47.1% as of December 31, 2022[92]. Research and Development - Research and development expenses rose to RMB 448 million from RMB 282 million, reflecting the company's commitment to innovation[5]. - The company participated in 764 drug discovery projects in 2023, an increase of approximately 17% compared to the previous year[66]. - The company published 40 articles in international academic journals and obtained or submitted 40 patents, including 8 proprietary patents[60]. - The biocatalysis department has developed over 800 new enzymes in 2023, with 10 enzymes successfully used in kilogram and hundred-kilogram scale production[157]. Dividend and Shareholder Returns - The company proposed a final dividend of RMB 2.0 per share, amounting to approximately RMB 358 million[4]. - The proposed final dividend for the year ending December 31, 2023, is RMB 0.20 per share, totaling approximately RMB 357,479,000, compared to RMB 0.30 per share in 2022, totaling RMB 357,367,000[38]. Employee and Workforce Management - The company increased its workforce by 814 to a total of 20,295 employees, with R&D, production technology, and clinical service personnel making up 89.9% of the total[62]. - As of December 31, 2023, the company employed a total of 20,295 staff, including over 1,000 new graduates from campus recruitment[191]. Market and Industry Trends - The global pharmaceutical market's R&D and production investment is projected to grow from approximately $625.1 billion in 2023 to $825.0 billion by 2028, with a CAGR of 5.7%[180]. - China's pharmaceutical market's R&D and production investment is expected to increase from approximately ¥686.8 billion in 2023 to ¥1,035.6 billion by 2028, with a CAGR of 8.6%[180]. - The global drug discovery CRO services market is expected to grow from $11.9 billion in 2023 to $19.1 billion by 2028, with a CAGR of 10.0% and a penetration rate increasing from 47.6% to 65.9%[182]. Risk Management - The company has identified potential risks, including a decline in demand for drug development services and the loss of qualified research personnel, which could adversely affect its operations[194]. - The company is closely monitoring environmental protection policies, as stricter regulations could increase compliance costs[197]. - The rise of international trade protectionism may negatively impact the company's operations, particularly as a significant portion of clients are overseas pharmaceutical and biotech companies[199]. Strategic Initiatives - The company aims to enhance its integrated drug development service platform while expanding into new drug areas such as oligonucleotides, peptides, and gene therapies[185]. - The company plans to strengthen its international competitiveness in small molecule drug research services while diversifying its service offerings[187]. - The company is focused on expanding its capabilities in large molecule and cell and gene therapy service platforms, enhancing its end-to-end drug development service offerings[164].

2023 環境、社會及管治報告 康龍化成（北京）新藥技術股份有限公司 目 录 | 关于本报告 | 2 | | --- | --- | | 董事长致辞 | 4 | | 董事会声明 | 6 | | 关于我们 | 8 | 德业并举 行稳致远 01 | 1.1. | 企业管治 | 16 | | --- | --- | --- | | 1.2. | ESG治理 | 20 | | 1.3. | 多元化建设 | 25 | | 1.4. | 诚信合规 | 30 | 恪守道德 责任运营 02 | 2.1. | 伦理道德 | 36 | | --- | --- | --- | | 2.2. | 责任营销 | 43 | | 2.3. | 信息安全 | 43 | | 2.4. | 供应链管理 | 46 | 质量为本 服务为先 03 | 3.1. | 质量保障 | 52 | | --- | --- | --- | | 3.2. | 创新研发 | 55 | | 3.3. | 安全运营 | 63 | | 3.4. | 品质服务 | 66 | | 附录1 | 联合国2030可持续发展目标响应 | 116 | 附录5 | 法律法规及内部制度表 ...

康龙化成（北京）新药技术股份有限公司 章程 （ 2024 年 3 月） 中国 北京 | 第一章 | 总则 1 | | --- | --- | | 第二章 | 经营宗旨和经营范围 2 | | 第三章 | 股份 3 | | 第一节 | 股份发行 3 | | 第二节 | 股份增减和回购 6 | | 第三节 | 股份转让 8 | | 第四章 | 股东和股东大会 10 | | 第一节 | 股东 10 | | 第二节 | 股东大会的一般规定 14 | | 第三节 | 股东大会的召集 21 | | 第四节 | 股东大会的提案与通知 23 | | 第五节 | 股东大会的召开 26 | | 第六节 | 股东大会的表决和决议 31 | | 第五章 | 董事会 40 | | 第一节 | 董事 40 | | 第二节 | 董事会 44 | | 第三节 | 独立非执行董事 51 | | 第四节 | 董事会秘书 56 | | 第六章 | 经理及其他高级管理人员 58 | | 第七章 | 监事会 60 | | 第一节 | 监事 60 | | 第二节 | 监事会 62 | | 第八章 | 财务会计制度、利润分配和审计 64 | | 第一节 | ...

证券代码：300759 证券简称：康龙化成 公告编号：2024-011 康龙化成（北京）新药技术股份有限公司 关于注册资本增加、修订《公司章程》的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 康龙化成（北京）新药技术股份有限公司（以下简称"公司"）于 2024 年 3 月 27 日召开了第三届董事会第六次会议，审议通过了《关于增加注册资本、 修订<公司章程>的议案（一）》《关于增加注册资本、修订<公司章程>的议案 （二）》，现将具体内容公告如下： 公司于 2023 年 6 月 21 日召开 2022 年年度股东大会、2023 年第一次 A 股类 别股东大会及 2023 年第一次 H 股类别股东大会审议通过了《关于 2022 年度利 润分配及资本公积转增股本预案的议案》，并于 2023 年 7 月 20 日披露了《2022 年年度权益分派实施公告》，以公司当时总股本 1,191,154,804 股为基数，每 10 股派发现金红利 3 元（含税），送红股 0 股，以资本公积向全体股东每 10 股转 增 5 股。公司 2022 年度资本公积转增股本工作已实施 ...

康龙化成（北京）新药技术股份有限公司董事会 关于独立非执行董事独立性自查情况的专项意见 根据公司独立非执行董事自查及其在公司的履职情况，董事会认为：公司独 立非执行董事均能够胜任独立非执行董事的职责要求，其未在公司担任除独立非 执行董事以外的任何职务，也未在公司主要股东公司担任任何职务，与公司以及 主要股东之间不存在妨碍进行独立客观判断的关系，不存在影响独立非执行董事 独立性的情况，符合《上市公司独立董事管理办法》等法律法规及《公司章程》 中关于独立董事的任职资格及独立性的相关要求。 康龙化成（北京）新药技术股份有限公司董事会 2024 年 3 月 28 日 根据《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》"）、《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》（以下简称"《规范运作》"）、《上市公司独立董事管理办法》的规定，独立 非执行董事应当每年对独立性情况进行自查，并将自查情况提交董事会。董事会 提名委员会负有评核独立非执行董事独立性的职责。董事会应当每年对在任独立 非执行董事独立性情况进行评估并出具专项意见，与年度报告同时披露。 康龙化成（北京）新药技 ...

康龙化成（北京）新药技术股份有限公司 2023 年度非经营性资金占用 及其他关联资金往来情况的专项说明 2023 年 12 月 31 日 关于康龙化成（北京）新药技术股份有限公司 2023 年度非经营性资金占用及其他关联资金往来情况的专项说明 安永华明(2024)专字第 70034577_A02 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： 我们接受委托，审计了康龙化成（北京）新药技术股份有限公司（以下简称"贵公司"） 及其子公司（以下统称"贵集团"）的财务报表，包括 2023 年 12 月 31 日的合并及公司的 资产负债表，2023 年度合并及公司的利润表、股东权益变动表、现金流量表以及财务报表附 注，于 2024 年 3 月 27 日出具了报告号为安永华明(2024)审字第 70034577_A01 号的无保留 意见的审计报告。我们的审计是依据《中国注册会计师审计准则》进行的。 按照《上市公司监管指引第 8 号——上市公司资金往来、对外担保的监管要求》的要求 和贵集团 2023 年度财务会计资料，贵公司编制了后附的 2023 年度非经营性资金占用及其他 关联资 ...

中国 北京 2024 年 3 月 康龙化成（北京）新药技术股份有限公司 对外担保管理制度 康龙化成（北京）新药技术股份有限公司 对外担保管理制度 第一章 总 则 第一条 为规范康龙化成（北京）新药技术股份有限公司（"公司"）对外担 保管理，规范公司担保行为，控制公司经营风险，根据《中华人民共和国公司法》 （"《公司法》"）、《中华人民共和国民法典》、公司股票上市地证券交易所的上市 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》"）) 等有关法律、法规、规范性文件及《公司章程》的有关规定，制订本制度。 第二条 本制度所称对外担保，是指公司为他人提供的担保，包括公司对控 股子公司（含全资子公司，"子公司"）的担保。本制度所称"公司及子公司的对 外担保总额"，是指包括公司对子公司担保在内的公司对外担保总额与子公司对 外担保总额之和。 第三条 公司股东大会和董事会是对外担保的决策机构，公司一切对外担保 行为，须按程序经公司股东大会或董事会批准。 未经公司股东大会或董事会的批准，公司不得对外提供担保。 第二章 对外担保的审批权限 第四条 公司下列提供担保行为（含向控股子公司提供担保），应当在董 ...