Core Viewpoint - Kanglong Chemical (300759) has signed a formal agreement to acquire 82.54% of Wuxi Baiaode Biological Science Co., Ltd. and its subsidiaries for approximately 1.346 billion yuan, with the transaction expected to complete upon meeting customary closing conditions [1] Group 1: Acquisition Details - The acquisition involves Wuxi Baiaode, which focuses on innovative drug research and development, providing drug discovery scientific research services based on complex drug target protein preparation and structural biology [1] - The total consideration for the acquisition is about 1.346 billion yuan [1] Group 2: Strategic Importance - Wuxi Baiaode is recognized as a leading CRO in China and one of the few globally with comprehensive service capabilities from gene to protein to cryo-electron microscopy structure [1] - The structural analysis biology business of Wuxi Baiaode has natural synergy with Kanglong Chemical's biological science service business, extending the company's capabilities in this sector [1] Group 3: Business Growth - Kanglong Chemical's biological science business segment has seen continuous improvement in service capabilities and rapid revenue growth in recent years [1] - The integration of Wuxi Baiaode's structural biology capabilities is expected to further enhance the company's service capacity and strengthen its leadership position in the global early-stage biological science service market [1]

Core Viewpoint - Kanglong Chemical's stock rose by 5.04% to 33.58 CNY per share, with a trading volume of 837 million CNY and a market capitalization of 59.712 billion CNY as of October 29 [1] Company Overview - Kanglong Chemical (Beijing) New Drug Technology Co., Ltd. was established on July 1, 2004, and went public on January 28, 2019. The company is located at No. 6 Taihe Road, Beijing Economic and Technological Development Zone [1] - The main business segments include laboratory services (60.43%), CMC (small molecule CDMO) services (21.58%), clinical research services (14.58%), and large molecule and cell & gene therapy services (3.28%) [1] Fund Holdings - Ping An Fund has a significant holding in Kanglong Chemical, with the Ping An CSI Medical Innovation ETF (516820) holding 1.3004 million shares, representing 3.04% of the fund's net value, ranking as the tenth largest holding [2] - The fund has generated an estimated floating profit of approximately 2.0936 million CNY today [2] Fund Performance - The Ping An CSI Medical Innovation ETF (516820) was established on June 9, 2021, with a current size of 1.532 billion CNY. Year-to-date returns are 16.05%, ranking 3225 out of 4216 in its category, while the one-year return is 7.22%, ranking 3400 out of 3877 [2] - Since inception, the fund has experienced a loss of 61.1% [2] Fund Management - The fund is managed by Ong Xin and Bai Guiyao. Ong Xin has been in the position for 1 year and 320 days, with a total asset size of 3.68 billion CNY, achieving a best return of 53.13% and a worst return of -15.51% during his tenure [3] - Bai Guiyao has been managing the fund for 127 days, with a total asset size of 4.23 billion CNY, achieving a best return of 25.61% and a worst return of -0.69% during his tenure [3]

Investment Rating - The investment rating for the company is "Buy" for both A and H shares, maintained from previous assessments [7]. Core Insights - The company has demonstrated steady performance with a revenue of 10.086 billion RMB and a non-IFRS adjusted net profit of 1.227 billion RMB for the first three quarters of 2025, reflecting year-on-year growth of 14.4% and 10.8% respectively [1]. - The company has raised its revenue growth guidance for 2025 from 10-15% to 12-16%, indicating strong confidence in its growth prospects [1]. - The acquisition of Wuxi Bai'ao is expected to enhance the company's integrated service capabilities and international reach, aligning with its strategic focus on a comprehensive, integrated, and multi-therapy approach [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a gross margin of 34.2%, an increase of 0.4 percentage points year-on-year, supported by scale effects and improved capacity utilization in its CMC business [1]. - The net cash flow from operating activities reached 2.436 billion RMB, marking a year-on-year increase of 37.6% [1]. - The company’s new order intake grew by over 13% year-on-year, with a notable acceleration in the third quarter [2]. Business Segments - The laboratory services segment, as the flagship business, generated 6.004 billion RMB in revenue, up 15.0% year-on-year, with new orders increasing by over 12% [2]. - The CMC segment reported revenue of 2.293 billion RMB, reflecting a year-on-year growth of 16.0%, with new orders increasing by approximately 20% [2]. - The clinical CRO segment achieved revenue of 1.440 billion RMB, up 10.3% year-on-year, while the large molecules and CGT segment saw revenue of 336 million RMB, an 8.1% increase [2]. Acquisition Details - The company plans to acquire 82.54% of Wuxi Bai'ao for approximately 1.346 billion RMB, which is positioned as a leading CRO in structural biology [3]. - The acquisition is expected to create strong synergies, leveraging Bai'ao's advanced capabilities in structural biology and protein preparation, enhancing the company's service offerings [4]. Profit Forecast and Valuation - The projected net profits for the company from 2025 to 2027 are 1.729 billion RMB, 2.105 billion RMB, and 2.529 billion RMB respectively, with slight upward adjustments from previous estimates [5]. - The company is assigned a PE ratio of 37x for A shares and 26x for H shares in 2026, with target prices set at 43.81 RMB and 33.69 HKD respectively [5].

Group 1 - Kanglong Chemical (300759.SZ) reported its Q3 2025 results, with 93 institutional investors holding a total of 748 million shares, representing 42.06% of the total share capital [1] - The top ten institutional investors collectively hold 38.17% of the shares, with a decrease of 0.58 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 22 funds increased their holdings, accounting for 1.13% of the total, while 27 funds decreased their holdings, representing a reduction of 0.87% [2] - A total of 36 new public funds were disclosed this period, while 489 funds were not disclosed compared to the previous quarter [2] - Foreign investment sentiment showed an increase in holdings from one foreign fund, Hong Kong Central Clearing Limited, with an increase of 0.58% [2]

智通财经APP讯，康龙化成(300759.SZ)发布2025年三季度报告，该公司前三季度营业收入为100.86亿 元，同比增长14.38%。归属于上市公司股东的净利润为11.41亿元，同比减少19.76%。归属于上市公司 股东的扣除非经常性损益的净利润为10.34亿元，同比增长32.04%。基本每股收益为0.6477元。 ...

Core Viewpoint - 康龙化成 (300759.SZ) reported a mixed financial performance for the first three quarters of 2025, with revenue growth but a decline in net profit attributable to shareholders [1] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 10.086 billion yuan, an increase of 14.38% year-on-year [1] - The net profit attributable to shareholders was 1.141 billion yuan, a decrease of 19.76% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.034 billion yuan, an increase of 32.04% year-on-year [1] - Basic earnings per share were 0.6477 yuan [1] Quarterly Performance Summary - In the third quarter of 2025, the company achieved operating revenue of 3.645 billion yuan, an increase of 13.44% year-on-year [1] - The net profit attributable to shareholders for the third quarter was 440 million yuan, an increase of 42.52% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 397 million yuan, an increase of 25.25% year-on-year [1] - Basic earnings per share for the third quarter were 0.2493 yuan [1]

Group 1: Company Performance - Kanglong Chemical reported Q3 performance with revenue of approximately 10.086 billion yuan, an increase of 14.38% year-on-year [1] - The net profit attributable to shareholders was approximately 1.141 billion yuan, a decrease of 19.76% year-on-year [1] - Basic earnings per share were 0.6477 yuan, down 19.32% year-on-year [1] Group 2: Market Context - As of the report, Kanglong Chemical's market capitalization was 56.8 billion yuan [2] - The A-share market has surpassed 4000 points, indicating a significant market resurgence after a decade of stagnation, with a new "slow bull" market pattern emerging [2]

康龙化成（300759）(03759)发布公告，曾坤鸿先生已自愿辞去其担任的第三届董事会独立非执行董事 职务，以及董事会审计委员会、薪酬与考核委员会及提名委员会委员职务。2025年10月28日，董事会审 议并通过一项决议，提名曾劲峰教授为第三届董事会独立非执行董事的补选候选人。在曾教授于临时股 东大会获委任的前提下，董事会已批准选举曾教授担任董事会审计委员会、薪酬与考核委员会及提名委 员会委员。 ...

证券日报网讯10月28日晚间，康龙化成（300759）发布公告称，董事会同意提名曾劲峰教授为公司第三 届董事会独立非执行董事候选人。 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 （「香港結算」）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 示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 Pharmaron Beijing Co., Ltd. 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） （股份代號：3759） 海外監管公告 本公告乃康龍化成（北京）新藥技術股份有限公司（「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。 茲載列本公司於深圳證券交易所網站刊登公告如下，僅供參閱。 承董事會命 康龍化成（北京）新藥技術股份有限公司 主席 樓柏良博士 中華人民共和國，北京 2025年10月28日 於本公告日期，董事會包括執行董事樓柏良博士、樓小強先生及鄭北女士；非執 行董事李家慶先生及萬璇女士；獨立非執行董事李麗華女士、曾坤鴻先生及余堅 先生。 证券代码：300759 证券简称：康龙化成 公告编号：2025-055 康龙化成（北京）新药技术股份有限公司 ...