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，並明確表示，概不對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。 Asymchem Laboratories (Tianjin) Co., Ltd. 凱萊英醫藥集團（天津）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：6821） 海外監管公告 本海外監管公告乃由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。 茲載列本公司在深圳證券交易所網站刊登的以下資料中文全文，僅供參閱。 承董事會命 凱萊英醫藥集團（天津）股份有限公司 凯莱英医药集团（天津）股份有限公司 关于 A 股限制性股票预留授予登记完成的公告 本公司及全体董事会成员保证公告内容真实、准确和完整，不存在虚 假记载、误导性陈述或重大遗漏。 Hao Hong博士 董事長、執行董事兼首席執行官 中國天津，二零二五年十一月二十七日 於本公告日期，本公司董事會由董事長兼執行董事 Hao Hong 博士，執行董事楊蕊女士 、張達先生及洪亮先生，非執行董事 Ye Song 博士及張 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 120 yuan [2][7]. Core Insights - The company's Q3 2025 performance met expectations, with new business segments showing strong growth. Revenue for the first three quarters of 2025 reached 4.63 billion yuan, up 11.82%, while net profit attributable to shareholders was 800 million yuan, up 12.66% [2][4]. - The report highlights that the small molecule CDMO business remains stable, contributing significantly to the company's revenue, despite some fluctuations due to adjustments in client pipelines [2][7]. - Emerging businesses have shown remarkable growth, with a 71.9% year-on-year increase in revenue for the first three quarters of 2025, and an improvement in gross margin [2][7]. Financial Performance Summary - For 2025, the company is projected to achieve total revenue of 6.63 billion yuan, with a year-on-year growth rate of 14.2%. Net profit attributable to shareholders is expected to be 1.18 billion yuan, reflecting a growth rate of 24.1% [2][8]. - The earnings per share (EPS) are forecasted to be 3.26 yuan for 2025, with a price-to-earnings (P/E) ratio of 28 times [2][8]. - The report anticipates continued growth in net profit for 2026 and 2027, with projected figures of 1.45 billion yuan and 1.76 billion yuan, respectively [2][8]. Business Segment Analysis - The small molecule CDMO business has maintained a gross margin of 47.0%, which is crucial for the company's foundation [2][7]. - The chemical macromolecule CDMO segment has seen over 150% revenue growth, driven by increasing demand for new drug types [2][7]. - The biopharmaceutical CDMO segment is entering a rapid growth phase, with significant contributions from overseas clients [2][7]. - The formulation CDMO business is expected to benefit from new production capacities coming online in 2025 [2][7]. - The clinical CRO business is projected to recover steadily as the innovative drug sector sees increased investment [2][7].

Core Viewpoint - Kailaiying's stock price has experienced fluctuations, with a year-to-date increase of 21.46% but a recent decline over various trading periods, indicating potential volatility in the market [1][2]. Financial Performance - For the period from January to September 2025, Kailaiying achieved a revenue of 4.63 billion yuan, representing a year-on-year growth of 11.82%. The net profit attributable to shareholders was 800 million yuan, reflecting a growth of 12.66% [2]. - Since its A-share listing, Kailaiying has distributed a total of 2.405 billion yuan in dividends, with 1.701 billion yuan distributed over the past three years [3]. Stock Market Activity - As of November 19, Kailaiying's stock price was 91.09 yuan per share, with a market capitalization of 32.846 billion yuan. The stock saw a trading volume of 185 million yuan and a turnover rate of 0.63% [1]. - The stock has been on the "龙虎榜" (a list of stocks with significant trading activity) once this year, with the last appearance on August 8, where it recorded a net buy of -180 million yuan [1]. Shareholder Information - As of September 30, 2025, Kailaiying had 60,100 shareholders, an increase of 45.37% from the previous period. The average number of circulating shares per person remained at 0 [2]. - The top shareholders include various funds, with notable increases in holdings from 中欧医疗健康混合A and 香港中央结算有限公司 [3].

香港联交所最新资料显示，11月12日，摩根大通减持凯莱英（002821）(06821)7.07万股，每股作价 84.704港元，总金额约为598.86万港元。减持后最新持股数目约为188.79万股，最新持股比例为6.85%。 ...

智通财经APP获悉，香港联交所最新资料显示，11月12日，摩根大通减持凯莱英(06821)7.07万股，每股 作价84.704港元，总金额约为598.86万港元。减持后最新持股数目约为188.79万股，最新持股比例为 6.85%。 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a total revenue of 4.63 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 11.82%. The net profit attributable to shareholders was 800 million yuan, up 12.66% year-on-year [1] - The company expects a full-year revenue growth of 13%-15%, driven by the ramp-up of emerging businesses and improved client delivery schedules [1] - Emerging businesses, including peptides, oligonucleotides, and ADCs, showed significant growth, with a 71.87% increase in revenue year-on-year for the first three quarters [2] Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 1.44 billion yuan, a slight decrease of 0.09% year-on-year, and a net profit of 183 million yuan, down 13.46% year-on-year [1] - The net cash flow from operating activities for the first three quarters was 1.144 billion yuan, an increase of 8.67% year-on-year [1] Business Segments - Small molecule business revenue remained stable with a gross margin of 46.99% [2] - Emerging businesses (including peptides, oligonucleotides, ADCs) saw a revenue increase of 71.87% with a gross margin of 30.55%, up 10.57 percentage points year-on-year [2] - The chemical macromolecule business experienced over 150% revenue growth, marking it as the fastest-growing segment [2] Customer Structure - Revenue from large pharmaceutical companies was 2.053 billion yuan, a year-on-year increase of 1.98%, while revenue from small and medium-sized pharmaceutical companies reached 2.577 billion yuan, up 21.14% year-on-year [3] - The company is actively expanding its diversified customer base to enhance business resilience [3] Profit Forecast and Investment Advice - The company’s projected net profits for 2025-2027 are 1.186 billion yuan, 1.324 billion yuan, and 1.568 billion yuan, with growth rates of 25.0%, 11.6%, and 18.5% respectively [3]

Group 1 - JPMorgan Chase & Co. increased its stake in Kailaiying (06821.HK) by purchasing 61,900 shares at an average price of HKD 83.8905 per share, totaling approximately HKD 5.1928 million [1] - Following this transaction, JPMorgan's total holdings in Kailaiying rose to 1,962,942 shares, increasing its ownership percentage from 6.89% to 7.12% [1]

Group 1 - Morgan Stanley increased its stake in Kairong (06821) by 61,900 shares at an average price of HKD 83.8905 per share, totaling approximately HKD 5.1928 million [1] - After the increase, Morgan Stanley's total shareholding in Kairong is approximately 1.9629 million shares, representing a holding percentage of 7.12% [1]

Group 1 - Morgan Stanley increased its stake in Kairong Pharmaceutical (002821)(06821) by 61,900 shares at an average price of HKD 83.8905 per share, totaling approximately HKD 5.1928 million [1] - After the increase, the total number of shares held by Morgan Stanley is approximately 1.9629 million, representing a holding percentage of 7.12% [1]

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company reported a revenue of 46.30 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 11.82%, with a net profit attributable to shareholders of 8.00 billion yuan, up 12.66% year-on-year [1]. - In Q3 2025, the company achieved a revenue of 14.4 billion yuan, a slight decline of 0.09% year-on-year, with the small molecule business revenue declining over 20% year-on-year, while emerging businesses saw a significant growth of 114% year-on-year [2]. - The company expects a revenue growth of 13% to 15% for the full year 2025, translating to an estimated revenue of 65.6 to 66.8 billion yuan, with Q4 revenue projected to be between 19.3 and 20.5 billion yuan, indicating a year-on-year growth of 15.9% to 22.9% [2]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved a revenue of 46.30 billion yuan and a net profit of 8.00 billion yuan, with a non-GAAP net profit of 7.28 billion yuan [1]. - The company’s Q3 revenue was 14.4 billion yuan, with a decline in small molecule business revenue but a doubling in emerging business revenue [2]. Future Outlook - The company is focused on expanding its market presence, with new orders showing double-digit growth, which adds certainty to future performance [2]. - The company anticipates a significant increase in Q4 deliveries compared to Q3, supporting the revenue growth guidance for 2025 [2]. Investment Recommendations - The company is positioned as a leading domestic small molecule CDMO supplier, with ongoing enhancements in its integrated service capabilities in small molecules and continued investment in large and biological molecules [3]. - Adjusted revenue forecasts for 2025-2027 are 66.09 billion, 77.48 billion, and 89.30 billion yuan, respectively, with EPS estimates revised to 3.05, 3.66, and 4.50 yuan [3].