此乃要件 請即處理 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通函的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通函全部或任何部分內容而產生的或因依賴該等內容而引致的 任何損失承擔任何責任。 本通函僅作參考，並不構成收購、購買或認購康龍化成（北京）新藥技術股份有限公司任何證券的邀請或 要約。 閣下如對本通函任何內容或將採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券交易商、 銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有的康龍化成（北京）新藥技術股份有限公司股份，應立即將本通函送交買主 或承讓人或經手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買主或承讓人。 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） (1) 建議補選第三屆董事會獨立非執行董事； (2) 建議修訂《公司章程》； 董事會函件載於本通函第3至10頁。本公司謹訂於2025年12月18日（星期四）下午2時30分假座中國北京 市經 ...

Core Viewpoint - The acquisition plan by Kanglong Chemical (康龙化成) to purchase 82.54% of Wuxi Baiaode Bio-Science Co., Ltd. for approximately 1.346 billion yuan has raised market concerns regarding the high premium and financial pressure on the company [1][4][7]. Group 1: Acquisition Details - Kanglong Chemical aims to enhance its technological platform and implement its core strategy of "full-process, integrated, international, and multi-therapy" through this acquisition [2][8]. - The acquisition price represents a significant premium, valuing Baiaode at approximately 1.631 billion yuan, which is an increase of 168.21% over its net assets [7]. - The valuation of Baiaode has been supported by previous market financing rounds, with post-investment valuations reaching approximately 1.57 billion yuan in 2021 and 2.57 billion yuan in 2023 [7]. Group 2: Financial Performance - For the first three quarters of 2025, Kanglong Chemical reported a revenue of 10.086 billion yuan, marking a record high, but its net profit attributable to shareholders decreased by 19.76% [5][15]. - As of September 2025, the company had interest-bearing liabilities of approximately 6 billion yuan, with financial expenses exceeding 150 million yuan for the first three quarters [4][11]. Group 3: Market Reaction and Shareholder Actions - The stock price of Kanglong Chemical has seen a significant decline, closing at 29 yuan per share on November 24, 2025, down over 70% from its peak of 244.60 yuan per share in August 2021 [6][15]. - Major shareholders have been actively reducing their stakes, with significant cash-outs totaling around 12 billion yuan since 2022 [14][15].

Core Viewpoint - The acquisition plan by Kanglong Chemical (康龙化成) to purchase 82.54% of Wuxi Baiaode Biological Science Co., Ltd. for approximately 1.346 billion yuan has raised market skepticism due to financial pressures and high premium valuation [1][3]. Group 1: Acquisition Details - Kanglong Chemical plans to acquire 82.54% of Baiaode for 1.346 billion yuan, aiming to enhance its "full-process, integrated, international, and multi-therapy" strategy [1][3]. - The acquisition price reflects a significant premium, valuing Baiaode at approximately 1.631 billion yuan, which is a 168.21% increase over its net assets [3]. - The valuation of Baiaode at 1.5 billion yuan was deemed reasonable by Kanglong, supported by previous market financing rounds [3]. Group 2: Financial Performance - As of September 2025, Kanglong Chemical reported total liabilities of approximately 6 billion yuan and financial expenses of 153 million yuan for the first three quarters of 2025 [2][7]. - The company achieved a record revenue of 10.086 billion yuan in the first three quarters of 2025, but its net profit decreased by 19.76% year-on-year [2][11]. Group 3: Market Reactions and Concerns - The acquisition has raised concerns about related party transactions, as approximately 500 million yuan will be cashed out by related parties through this deal [2][8]. - Kanglong's stock price has significantly declined, dropping over 70% from its peak in August 2021, closing at 29 yuan per share on November 24, 2025 [2][11]. - There has been a notable trend of major shareholders reducing their stakes, with significant cash-outs totaling around 12 billion yuan since 2022 [10][11].

Core Viewpoint - The acquisition of 82.54% of Wuxi Baiaode Biological Science Co., Ltd. by Kanglong Chemical for 1.346 billion yuan is a related party transaction, with the valuation of Wuxi Baiaode set at 1.63 billion yuan, reflecting a significant discount compared to its previous valuations [3][4][12]. Group 1: Acquisition Details - Kanglong Chemical plans to fund the acquisition through bank loans (at least 50%) and some of its own funds [4]. - The valuation of Wuxi Baiaode has decreased by 41.6% from its 2023 post-investment valuation of approximately 2.57 billion yuan to 1.5 billion yuan [4]. - The price-to-earnings ratio for the acquisition valuation is 26, which is considered reasonable compared to industry averages [4][5]. Group 2: Shareholder Structure and Returns - The existing shareholders of Wuxi Baiaode include controlling shareholders, management team shareholders, and other financial investors, with the controlling shareholders holding approximately 47.22% of the shares [5]. - The investment returns for related parties involved in the acquisition are substantial, with Kang Junningyuan achieving a return rate of 151%, Kang Junzhongyuan at 58.57%, and Yufeng Investment at 38.17% [6][7][9]. Group 3: Company Performance and Future Outlook - Wuxi Baiaode has maintained steady performance, with revenues of 241 million yuan and 200 million yuan for 2024 and the first nine months of 2025, respectively [10]. - Kanglong Chemical's revenue for the first three quarters of 2025 was 10.086 billion yuan, showing a year-on-year growth of 14.38% [13]. - The acquisition aims to enhance Kanglong Chemical's capabilities in early antibody discovery and optimization, integrating Wuxi Baiaode's strengths in structural biology and drug discovery services [12].

Group 1 - CRO concept stocks collectively declined, with Kingsray Biotechnology down 6.05% at HKD 14.92, Kanglong Chemical down 4.67% at HKD 20.8, Viatris down 4.57% at HKD 1.88, and Tigermed down 3.71% at HKD 36.9 [1] - The U.S. non-farm payroll data for September exceeded expectations, leading to a reduced likelihood of a Federal Reserve rate cut in December [1] - Zhongtai Securities anticipates that while there may be fluctuations in overseas CPI data, there is a gradual shift towards a rate cut cycle in 2024, which could improve investment and financing expectations [1] Group 2 - Some companies have already seen a recovery in orders, indicating potential valuation recovery opportunities for overseas CRO/CDMO and domestic preclinical CRO sectors [1] - The CRO sector has been significantly impacted by domestic and international investment and financing environments, but with the gradual implementation of domestic policies, a recovery in the sector is expected [1] - Continuous focus on clinical CRO investment opportunities is recommended as the sector shows signs of gradual recovery [1]

Core Viewpoint - The CRO sector has experienced a collective decline in stock prices, influenced by recent economic data and expectations regarding interest rate changes in the U.S. [1] Group 1: Stock Performance - King’s Ray Biotechnology (01548) fell by 6.05%, trading at 14.92 HKD - Kanglong Chemical (03759) decreased by 4.67%, trading at 20.8 HKD - Via Biotechnology (01873) dropped by 4.57%, trading at 1.88 HKD - Tigermed (03347) declined by 3.71%, trading at 36.9 HKD [1] Group 2: Economic Context - The U.S. non-farm payroll data for September exceeded expectations, leading to a reduced likelihood of interest rate cuts by the Federal Reserve in December - Despite fluctuations in overseas CPI data, there is an expectation for a gradual shift towards interest rate cuts starting in 2024, which may improve investment and financing conditions [1] Group 3: Future Outlook - Zhongtai Securities anticipates that the CRO/CDMO sector may see a valuation recovery due to improving external demand and some companies already observing order recovery - The CRO sector has been significantly affected by domestic and international investment environments, but with the gradual implementation of domestic policies, a recovery in the sector is expected, particularly in clinical CRO investment opportunities [1]

Core Viewpoint - The CRO sector experienced a collective decline in stock prices, influenced by recent economic data and expectations regarding interest rate changes in the U.S. [1] Group 1: Stock Performance - King’s Ray Biotechnology (01548) fell by 6.05%, trading at 14.92 HKD [1] - Kanglong Chemical (300759) decreased by 4.67%, trading at 20.8 HKD [1] - Via Biotechnology (01873) dropped by 4.57%, trading at 1.88 HKD [1] - Tigermed (300347) declined by 3.71%, trading at 36.9 HKD [1] Group 2: Economic Context - The U.S. non-farm payroll data for September exceeded expectations, leading to a reduced likelihood of interest rate cuts by the Federal Reserve in December [1] - Despite fluctuations in overseas CPI data, there is an expectation for a gradual shift towards interest rate cuts starting in 2024, which may improve investment and financing conditions [1] Group 3: Industry Outlook - Zhongtai Securities (600918) anticipates a recovery in external demand for CRO/CDMO services and domestic preclinical CROs, suggesting potential valuation recovery opportunities [1] - The CRO sector has been significantly impacted by domestic and international financing environments, but with the gradual implementation of domestic policies, a recovery in the sector is expected [1] - Continuous focus on investment opportunities in clinical CROs is recommended as the sector shows signs of recovery [1]

可資比較公司及佰翱得的各估值詳情概述如下： 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） 補充公告 有關收購佰翱得82.54%股份構成關連交易 茲提述本公司日期為2025年10月28日內容有關收購佰翱得82.54%股份的公告 （「該公告」）。除另有界定者外，本公告所用詞彙與該公告所用者具有相同涵義。 除該公告所披露的資料外，本公司謹此提供有關本公司達致本次收購的對價時所 考慮因素的其他詳情。 於釐定本次收購的對價時，本公司已基於其對CRO服務市場的了解及其自身於該 業務的經驗，對佰翱得進行全面估值。誠如該公告所披露，本公司透過與在同行 業經營的四家可資比較公司進行比較而達致其對佰翱得的估值，該等公司均已上 市，就比較而言可提供公開可得且可靠的財務數據。下文概述 ...

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） 補充公告 有關收購佰翱得82.54%股份構成關連交易 茲提述本公司日期為2025年10月28日內容有關收購佰翱得82.54%股份的公告 （「該公告」）。除另有界定者外，本公告所用詞彙與該公告所用者具有相同涵義。 除該公告所披露的資料外，本公司謹此提供有關本公司達致本次收購的對價時所 考慮因素的其他詳情。 於釐定本次收購的對價時，本公司已基於其對CRO服務市場的了解及其自身於該 業務的經驗，對佰翱得進行全面估值。誠如該公告所披露，本公司透過與在同行 業經營的四家可資比較公司進行比較而達致其對佰翱得的估值，該等公司均已上 市，就比較而言可提供公開可得且可靠的財務數據。下文概述所有經選定可資比 較公司的主要營業地點位於中國，並經營與佰翱得業務相似的CRO業務，且均為 上市公司中業務最接近佰翱得業務的上市公司。由於市銷率及市盈率是評估CRO 業務常用的財務指標，因此我們在對佰翱得的全面估值中參考該等可資比較公司 的市銷率及市盈率 ...

Group 1 - Kanglong Chemical (03759.HK) has seen a decline of over 5% in its stock price, with a cumulative drop exceeding 15% within the month [1] - As of the latest update, the stock is down 5.41%, trading at 22.04 HKD, with a transaction volume of 129 million HKD [1]