Core Viewpoint - 康龙化成 announced a share reduction plan by major shareholders, which may impact the stock's market performance and investor sentiment [1] Shareholder Reduction Plans - 深圳市信中康成投资合伙企业 plans to reduce its holdings by up to 8,890,977 shares, representing approximately 0.50% of the total share capital, within three months starting from December 8, 2025 [1] - 深圳市信中龙成投资合伙企业 intends to reduce its holdings by up to 17,781,955 shares, accounting for about 1% of the total share capital, also within three months starting from December 8, 2025 [1] - 信中康成 currently holds 223,488,310 shares, which is about 12.57% of the total share capital, while 信中龙成 holds 28,498,500 shares, approximately 1.60% of the total share capital [1]

Pharmaron Beijing Co., Ltd. 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。 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11月14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：2025-064 康龙化成（北京）新药技术股份有限公司 ...

人民财讯11月14日电，康龙化成（300759）11月14日公告，合计持股14.17%的公司股东深圳市信中康 成投资合伙企业(有限合伙)(简称"信中康成"))及其一致行动人深圳市信中龙成投资合伙企业(有限合伙) 计划合计减持公司股份不超过2667.29万股，占公司总股本的1.5%。 ...

康龙化成(300759.SZ)公告称，持股5%以上股东信中康成计划减持不超过889.10万股（占公司总股本的 0.50%），一致行动人信中龙成计划减持不超过1,778.20万股（占公司总股本的1.00%），合计减持不超 过2,667.30万股（占公司总股本的1.50%）。减持方式为集中竞价交易或大宗交易，减持原因为合伙企 业存续期限即将到期及自身资金需求，减持期间为公告披露之日起15个交易日后的3个月内。 ...

证券代码：300759 证券简称：康龙化成 公告编号：2025-064 康龙化成（北京）新药技术股份有限公司 关于持股 5%以上股东减持股份的预披露公告 公司持股 5%以上股东深圳市信中康成投资合伙企业（有限合伙）及其一致行 动人深圳市信中龙成投资合伙企业（有限合伙）保证向本公司提供的信息内容真实、 准确和完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 康龙化成（北京）新药技术股份有限公司（以下简称"公司"）于近日收到 公司持股 5%以上股东深圳市信中康成投资合伙企业（有限合伙）（以下简称"信 中康成"）及其一致行动人深圳市信中龙成投资合伙企业（有限合伙）（以下简称 "信中龙成"）出具的《股份减持计划告知函》。信中康成持有公司股份 223,488,310 股（约占公司总股本的 12.57%），计划自本公告披露之日起 15 个交 易日后（2025 年 12 月 8 日）的 3 个月内以集中竞价、大宗交易等深圳证券交易 所认可的合法方式减持公司股份不超过 8,890,977 股（占公司总股本的 0.50%）； 信中龙成持有公司股份 28, ...

智通财经APP获悉，香港联交所最新资料显示，11月12日，Norges Bank增持康龙化成(03759)70.02万 股，每股作价23.8072港元，总金额约为1666.98万港元。增持后最新持股数目约为1827.04万股，最新持 股比例为6.21%。 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [6]. Core Views - The company's performance in Q3 2025 met market expectations, with a significant acceleration in new orders. The revenue for Q1-Q3 2025 reached 10.086 billion yuan, a year-on-year increase of 14.38%, while the net profit attributable to shareholders was 1.141 billion yuan, a decrease of 19.76% year-on-year [1][2]. - The company expects a revenue growth guidance of 12% to 16% for 2025, supported by a strong order growth trend and ongoing cost reduction efforts [2][4]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 3.645 billion yuan, a year-on-year increase of 13.4%, and an adjusted profit of 471 million yuan, up 12.9% year-on-year. The new orders for Q1-Q3 2025 grew by over 13% year-on-year, showing an acceleration compared to the 10% growth in H1 2025 [2][3]. - The laboratory services segment generated 2.11 billion yuan in revenue in Q3 2025, growing 14.3% year-on-year, while the CMC business reported 900 million yuan, up 12.7% year-on-year [3]. Client Contributions - The top 20 global pharmaceutical clients contributed 616 million yuan in revenue in Q3 2025, reflecting a year-on-year growth of 22.19%, indicating strong performance resilience [3]. Future Outlook - The company is expected to benefit from a global economic recovery, with adjusted revenue forecasts for 2025-2027 slightly modified to 13.995 billion yuan, 16.183 billion yuan, and 18.877 billion yuan respectively. The earnings per share (EPS) estimates were adjusted to 0.88 yuan, 1.10 yuan, and 1.38 yuan for the same period [4][10].

Core Insights - The company maintains a "buy" rating with an upward revision of the annual performance guidance based on strong revenue growth and new order trends [1][3] Financial Performance - For Q1-Q3 2025, the company reported revenue of 10.086 billion yuan, a year-on-year increase of 14.38%, and an adjusted net profit of 1.227 billion yuan, up 10.76% year-on-year [1] - The gross margin stood at 34.22%, reflecting a slight increase of 0.35 percentage points year-on-year, while the adjusted net profit margin was 12.16%, down 0.40 percentage points year-on-year [1] - In Q3 alone, revenue reached 3.645 billion yuan, a 13.44% increase year-on-year, with an adjusted net profit of 471 million yuan, up 12.88% year-on-year [1] Segment Performance - Laboratory services generated revenue of 6.004 billion yuan in Q1-Q3 2025, a 15.04% increase year-on-year, with a gross margin of 45.13% [2] - The small molecule CDMO segment reported revenue of 2.293 billion yuan, up 15.99% year-on-year, with a gross margin of 32.10% [2] - Clinical research revenue was 1.440 billion yuan, a 10.26% increase year-on-year, but with a lower gross margin of 11.79% [2] - The large molecule and cell & gene therapy segment saw revenue of 336 million yuan, an 8.13% increase year-on-year, but with a negative gross margin of -49.15% [2] Order Trends - New orders for Q1-Q3 2025 increased by over 13% year-on-year, with laboratory services and CMC new orders growing by over 12% and approximately 20%, respectively [3] - The company has revised its full-year revenue guidance upward to a growth range of 12%-16% based on the new order trends [3] Catalysts - Improved investment and financing conditions, along with better-than-expected development in backend operations and enhanced operational efficiency, are seen as key catalysts for future growth [4]

Core Insights - The company reported a revenue of 10.086 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 14.4%, while the net profit attributable to shareholders decreased by 19.8% to 1.141 billion yuan [1] - The company raised its revenue growth target for 2025 to 12%-16% from the previous 10%-15%, indicating confidence in performance growth [1] Financial Performance - In Q3 2025, the company achieved a revenue of 3.645 billion yuan, a year-on-year increase of 13.4% and a quarter-on-quarter increase of 9.1%, marking a recent high for quarterly revenue [1] - The adjusted net profit margin for Q3 2025 was 10.89%, the best level since Q1 2024, reflecting improved operational efficiency as revenue scales up [1] Business Segment Analysis - The laboratory services segment generated revenue of 6.004 billion yuan in the first three quarters of 2025, with a gross margin of 45.1%, an increase of 0.3 percentage points year-on-year [2] - The CMC segment reported revenue of 2.293 billion yuan, with a gross margin of 32.1%, up 1.3 percentage points year-on-year, and is expected to see further improvements in Q4 2025 [2] Profit Forecast and Valuation - Revenue projections for 2025 to 2027 are set at 14.053 billion yuan, 16.034 billion yuan, and 18.090 billion yuan, with year-on-year growth rates of 14.5%, 14.1%, and 12.8% respectively [3] - Net profit forecasts for the same period are 1.669 billion yuan, 2.140 billion yuan, and 2.565 billion yuan, with growth rates of -6.9%, +28.2%, and +19.9% respectively [3]

Investment Rating - The investment rating for the company is "Buy" [1][3] Core Insights - The company has raised its revenue guidance for 2025, reflecting confidence in growth, with a target increase of 12%-16% compared to the previous 10%-15% [7] - The company's operating quality continues to improve, with significant growth in core business segments and a notable increase in new orders [7] - The financial forecasts for 2025 to 2027 indicate a steady revenue growth trajectory, with expected revenues of 140.53 billion yuan, 160.34 billion yuan, and 180.90 billion yuan respectively [4][7] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 100.86 billion yuan, a year-on-year increase of 14.4%, while the net profit attributable to shareholders was 11.41 billion yuan, down 19.8% [7] - The company reported a significant improvement in quarterly performance, with Q3 2025 revenue reaching 36.45 billion yuan, a 13.4% year-on-year increase and a 9.1% quarter-on-quarter increase [7] Business Segments - The laboratory services segment generated revenue of 60.04 billion yuan in the first three quarters of 2025, with a gross margin of 45.1%, reflecting a 0.3 percentage point increase year-on-year [7] - The CMC business segment reported revenue of 22.93 billion yuan, with a gross margin of 32.1%, up 1.3 percentage points year-on-year, indicating potential for further improvement [7] Profitability Forecast - The projected net profit for 2025 is 16.69 billion yuan, with a year-on-year growth rate of -6.9%, followed by a recovery in 2026 and 2027 with growth rates of 28.2% and 19.9% respectively [4][7] - The earnings per share (EPS) is expected to be 0.94 yuan in 2025, increasing to 1.20 yuan in 2026 and 1.44 yuan in 2027 [4][7]