Summary of Pharmaron (300759 CH/3759 HK) Equity Research Report Company Overview - **Company**: Pharmaron - **Ticker**: 300759 CH / 3759 HK - **Industry**: Healthcare Providers & Services - **Market Cap**: HKD 53,568 million / USD 6,843 million - **Free Float**: 80% (A shares) / 17% (H shares) Key Points Strategic Partnership - Pharmaron announced a **USD 200 million collaboration** with Eli Lilly on March 11, 2026, for the ex-US drug product manufacturing of **Orforglipron**, an oral GLP-1 receptor agonist [2][19] - This partnership is the first confirmed CDMO collaboration linked to Lilly's **USD 3 billion** manufacturing expansion in China, positioning Pharmaron as a key player in the global GLP-1 supply chain [2][19] Market Reaction - Despite the strategic significance of the partnership, the market reaction has been muted, with Pharmaron A/H shares down **3.5%** and up **1.2%** YTD, compared to CSI300 (+0.4%) and HSI (-1.5%) [2] - Investors are concerned about limited near-term revenue contributions and domestic clinical trial pricing pressures [2] Revenue Projections - Near-term financial contributions from Orforglipron are expected to be limited, with revenue growth projected at **0.4%** and **0.9%** for 2027 and 2028, respectively [20] - Pharmaron is estimated to supply approximately **40%** of Orforglipron's ex-US drug product manufacturing demand, leading to incremental revenues of **RMB 74 million** in 2027 and **RMB 205 million** in 2028 [3][19] - GLP-1 revenue is projected to grow at a **CAGR of 89%** from 2026 to 2035, with overall revenue growth forecasted at **17% CAGR** from 2025 to 2027 [3] Competitive Positioning - The partnership with Eli Lilly is viewed as a strategic validation of Pharmaron's competitiveness in small-molecule CRO/CDMO manufacturing, highlighting the reliance of multinational pharma on China's advanced manufacturing ecosystem [4] - The Chinese CDMO market for GLP-1 therapeutics is highly competitive, with Pharmaron's capacity in Beijing and Shanghai being critical for its role in the global supply chain [30][31] Financial Valuation - Pharmaron maintains a **Buy** rating with target prices of **RMB 40.50** for A shares and **HKD 29.20** for H shares, implying upside potential of **45.7%** and **47.8%**, respectively [5][35] - The valuation is based on a DCF model with a WACC of **8.7%** and a terminal growth rate of **3.0%** [34] Risks and Catalysts - Key catalysts include recovery in global healthcare financing, capacity ramp-up in new facilities, and progress in major commercialization projects [39] - Downside risks involve geopolitical tensions, margin pressure from competition, and regulatory challenges [39] Financial Metrics - Revenue projections for 2026 are **RMB 16,430 million**, with net profit expected to be **RMB 2,109 million** [10] - The company is expected to maintain a gross margin of **35.9%** in 2026 [33] Conclusion - Pharmaron's strategic partnership with Eli Lilly positions it well within the growing GLP-1 market, despite short-term revenue limitations. The company's competitive advantages and projected revenue growth present a compelling investment opportunity, supported by a strong valuation outlook.

Group 1 - Norges Bank increased its stake in 康龙化成 (03759.HK) by purchasing 557,500 shares at an average price of HKD 19.5974 per share, totaling approximately HKD 10.93 million [1] - Following the acquisition, Norges Bank's total shareholding in 康龙化成 rose to 24,944,324 shares, increasing its ownership percentage from 6.91% to 7.07% [1]

Group 1 - The core point of the article is that the Central Bank of Norway has increased its stake in Kanglong Chemical (300759) by acquiring 2.2182 million shares at a price of HKD 20.0864 per share, totaling approximately HKD 44.5557 million [1] - After the acquisition, the Central Bank of Norway's total holdings in Kanglong Chemical amount to approximately 22.9594 million shares, representing a holding percentage of 6.51% [1]

Group 1 - The core point of the article is that the Central Bank of Norway has increased its stake in Kanglong Chemical (03759) by acquiring 2.2182 million shares at a price of HKD 20.0864 per share, totaling approximately HKD 44.5557 million [1] - After the acquisition, the total number of shares held by the Central Bank of Norway is approximately 22.9594 million, representing a holding percentage of 6.51% [1]

Core Viewpoint - Norges Bank increased its stake in Kanglong Chemical (03759) by purchasing 557,500 shares at a price of HKD 19.5974 per share, totaling approximately HKD 10.926 million, raising its total holdings to about 24.944 million shares, which represents a 7.07% ownership stake [1] Summary by Category Shareholding Activity - Norges Bank acquired 557,500 shares of Kanglong Chemical on March 16 [1] - The purchase price per share was HKD 19.5974, leading to a total investment of approximately HKD 10.926 million [1] - Following this transaction, Norges Bank's total shareholding in Kanglong Chemical increased to approximately 24.944 million shares [1] Ownership Percentage - After the increase, Norges Bank's ownership percentage in Kanglong Chemical stands at 7.07% [1]

Group 1 - Norges Bank increased its stake in Kanglong Chemical (300759) by 557,500 shares at a price of HKD 19.5974 per share, totaling approximately HKD 10.9256 million [1] - After the increase, Norges Bank's total shareholding in Kanglong Chemical is approximately 24.9443 million shares, representing a holding percentage of 7.07% [1]

（股份代號：3759） 董事會會議通告 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） 康龍化成（北京）新藥技術股份有限公司（「本公司」）董事會（「董事會」）謹此宣 佈，董事會會議將於2026年3月30日（星期一）舉行，藉以（其中包括）審議及批准 本公司及其附屬公司截至2025年12月31日止年度業績，並考慮建議派發末期股息 （如有）。 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 2026年3月16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；職工 代表董事李承宗先生；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、曾勁峰教授及余堅先生。 ...

Group 1 - The company, Kanglong Chemical (03759.HK), announced that its board meeting will be held on March 30, 2026, to review and approve the annual performance for the year ending December 31, 2025 [1] - The board will also consider the proposal for the distribution of a final dividend, if any [1]

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。 康龍化成（北京）新藥技術股份有限公司（「本公司」）董事會（「董事會」）謹此宣 佈，董事會會議將於2026年3月30日（星期一）舉行，藉以（其中包括）審議及批准 本公司及其附屬公司截至2025年12月31日止年度業績，並考慮建議派發末期股息 （如有）。 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 2026年3月16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；職工 代表董事李承宗先生；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、曾勁峰教授及余堅先生。 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） 董事會會議通告 ...

Investment Rating - The report assigns a "Buy" rating for Kanglong Chemical's Hong Kong stock with a target price of HKD 30.7, and a "Neutral" rating for its A-share with a target price of RMB 38 [1]. Core Insights - Kanglong Chemical has entered into a partnership with Eli Lilly to support the local supply of Orforglipron in China, with Eli Lilly expected to invest USD 200 million to enhance Kanglong's technical capabilities, potentially expanding the collaboration as the project progresses [1]. - Eli Lilly plans to invest a total of USD 3 billion over the next decade to expand its supply chain capacity in China, focusing on establishing a localized manufacturing and supply system for oral solid formulations, particularly for Orforglipron [1]. - The commitment from Eli Lilly reflects confidence in the long-term growth potential of the obesity drug market in China [1]. Financial Impact and Strategic Significance - The assessment of the partnership's impact on Kanglong Chemical's profitability and strategic significance will depend on further disclosures expected during the upcoming earnings call, including details on the collaboration model, potential order sizes, and the commercialization trajectory of Orforglipron in China [2]. - The partnership is anticipated to generate a positive market response, highlighting Eli Lilly's recognition of Kanglong Chemical as a qualified partner within the local GLP-1 supply chain [2].