格隆汇3月13日丨康龙化成(300759.SZ)在投资者互动平台表示，公司与泓博医药没有合作，对该公司情 况不了解，亦无相关收购计划。 ...

Core Viewpoint - Pharmaron has entered a significant partnership with Eli Lilly to commercialize the small molecule oral GLP-1 drug Orforglipron, with Eli Lilly investing $200 million to enhance Pharmaron's production capacity, indicating a strategic shift in the competitive landscape of oral GLP-1 drugs in China [1][2]. Group 1: Partnership and Investment - Eli Lilly's investment of $200 million in Pharmaron is aimed at establishing local production capabilities for Orforglipron, which has already submitted a market application in China [1]. - The collaboration is notable as Eli Lilly chose Pharmaron over its existing major CDMO supplier, WuXi AppTec, suggesting a strategic pivot in its supply chain [1][2]. Group 2: Company Background and Business Model - Pharmaron, founded in 2004, has primarily focused on preclinical CRO development, with a smaller proportion of its business in CDMO, contrasting with WuXi AppTec's integrated model [1][2]. - As of 2024, Pharmaron's revenue composition shows 57% from laboratory services, 24% from small molecule CDMO, and 15% from clinical services, indicating a less diversified revenue stream compared to competitors [2][4]. Group 3: Market Context and Competitive Landscape - The rising labor costs in China have impacted the profitability of traditional laboratory services, with Pharmaron's net profit margin at 11.5%, significantly lower than WuXi AppTec's 24% [4]. - The investment trend among foreign pharmaceutical companies in Beijing, including AstraZeneca and Sanofi, highlights a growing focus on the region for production and R&D capabilities [4][6]. Group 4: Future Prospects - Pharmaron's collaboration with Eli Lilly positions it to potentially secure stable revenue growth in the oral GLP-1 market, although its current CDMO capabilities are not as robust as those of its competitors [6]. - The new production base for large molecules and CGT in Ningbo is expected to contribute to future growth, although its current output remains low [6].

Core Viewpoint - 康龙化成 has confirmed its production collaboration with a leading international pharmaceutical company's Chinese subsidiary, which is part of its routine business operations [1] Group 1 - The collaboration was established during the company's normal business activities and aims to advance its business development goals [1] - 康龙化成 engages in partnerships with various companies across different sectors as part of its operational strategy [1] - The company is not aware of any information that needs to be disclosed to prevent the creation of a false market for its securities [1]

Core Viewpoint - 康龙化成 confirmed its production cooperation with a leading international pharmaceutical company's Chinese subsidiary is part of its routine business operations [1] Group 1: Company Operations - The cooperation is established during the company's normal business activities to advance its development goals [1] - The company engages in collaborations with various companies across different sectors as part of its operational strategy [1] Group 2: Disclosure and Compliance - 康龙化成 is not aware of any information that needs to be disclosed to prevent the creation of a false market for its securities [1] - The company does not possess any insider information that requires disclosure under the relevant listing rules and regulations [1]

就近期有關本集團與某國際領先製藥企業之中國附屬公司開展生產合作的新聞報 導，本公司經在有關情況下作出合理查詢後確認，上述生產合作乃於本集團日常 及一般業務過程中訂立並將予進行。本集團在日常經營過程中，會與不同領域的 多家公司開展合作，以推進自身業務發展目標。 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） 根據上市規則第13.10條作出之公告 本公告乃由康龍化成（北京）新藥技術股份有限公司（「本公司」，連同其附屬公司 「本集團」）應香港聯合交易所有限公司（「聯交所」）要求，並根據《聯交所證券上 市規則》（「上市規則」）第13.10條而作出。 本公司並不知悉任何須予公佈以避免本公司證券出現虛假市場的資料，亦不知悉 ...

Core Viewpoint - The stock prices of Kanglong Chemical (300759) surged following the announcement of a strategic partnership with Eli Lilly, which plans to invest $3 billion over the next decade to expand its supply chain capacity in China, particularly focusing on the production of the oral GLP-1 receptor agonist orforglipron [1][3]. Group 1: Investment and Strategic Partnership - Eli Lilly announced a $3 billion investment to enhance its supply chain capacity in China, focusing on local production of oral solid formulations [1][3]. - The investment will involve both internal expansion and partnerships with local manufacturers, leveraging Eli Lilly's Suzhou factory for capacity collaboration [3]. - The initial phase of the partnership with Kanglong Chemical includes a $200 million investment to support its technical capabilities, with potential for future scale expansion [3]. Group 2: Market Impact and Financial Projections - Following the announcement, Kanglong Chemical's A-shares opened up 7.1% and peaked at over 8%, while H-shares rose over 13% [1][3]. - Kanglong Chemical is expected to benefit from this partnership, which is seen as a significant milestone for its CDMO (Contract Development and Manufacturing Organization) business [5]. - Financial forecasts indicate that Kanglong Chemical's net profit for 2025 is expected to decline by 6% to 10%, with projected net profit between 1.614 billion to 1.686 billion yuan, primarily due to a decrease in non-recurring gains [5]. Group 3: Product Focus and Market Position - The oral GLP-1 receptor agonist orforglipron is the first of its kind to be registered globally, with Eli Lilly submitting its application for the treatment of type 2 diabetes and obesity to the National Medical Products Administration in China by the end of 2025 [4]. - The investment aims to capture the growing market for oral GLP-1 medications in China, enhancing Eli Lilly's competitive advantage globally [5].

Group 1 - Goldman Sachs reports that Kanglong Chemical (03759) has reached a cooperation agreement with Eli Lilly (LLY.US) to support the local supply of Orforglipron in China, with Eli Lilly expected to invest $200 million to enhance Kanglong's technical capabilities [1] - Eli Lilly plans to invest a total of $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] - Goldman Sachs 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-shares with a target price of RMB 38 [1] Group 2 - The fundamental impact on Kanglong Chemical's earnings and strategic significance will depend on further disclosures, with expectations for management to provide more details during the upcoming earnings call, including cooperation models and potential order sizes [2] - The partnership emphasizes Eli Lilly's recognition of Kanglong Chemical as a qualified partner within the local GLP-1 supply chain, which is anticipated to result in a positive market response for Kanglong [2]

就对康龙化成的基本面影响而言，对盈利贡献及战略意义的更实质评估将取决于进一步披露，该行预期 管理层将在即将举行的业绩电话会议上提供更多细节，包括合作模式、潜在订单规模，以及 Orforglipron在中国获批后的商业化轨迹。尽管如此，该行预期康龙化成将录得正面市场反应，因该合 作伙伴关系强调礼来对康龙化成作为本地GLP-1供应链内合格合作伙伴的认可。 高盛发布研报称，康龙化成（300759）(03759)与礼来(LLY.US)达成合作协议，支持Orforglipron在中国 的本地供应，礼来预期向康龙化成投资2亿美元，以支持其技术能力建设，并随着项目进展，有望进一 步扩大合作范围。予康龙化成港股"买入"评级，目标价为30.7港元；予康龙化成(300759.SZ)A股"中 性"评级，目标价为38元人民币。 同时，礼来计划在未来十年累计投资30亿美元，与多家本地企业全面扩大其在中国的供应链产能，目标 是为口服固体制剂建立本地化制造及供应体系，特别专注于建设Orforglipron的生产产能。礼来中国已 于2025年底向国家药监局提交Orforglipron用于治疗2型糖尿病及肥胖症的上市申请。该行认为，礼来对 本 ...

Core Viewpoint - Goldman Sachs reports that Kanglong Chemical has reached a cooperation agreement with Eli Lilly to support the local supply of Orforglipron in China, with Eli Lilly expected to invest $200 million to enhance Kanglong's technical capabilities [1] Group 1: Partnership Details - The partnership is anticipated to expand as the project progresses, with further assessments of its impact on Kanglong's fundamentals depending on additional disclosures [1] - The upcoming earnings call is expected to provide more details on the cooperation model, potential order scale, and the commercialization trajectory of Orforglipron in China [1] Group 2: Market Reaction and Ratings - The partnership is expected to generate a positive market response for Kanglong, highlighting Eli Lilly's recognition of Kanglong as a qualified partner in the local GLP-1 supply chain [1] - Goldman Sachs has assigned a "Buy" rating for Kanglong's Hong Kong shares with a target price of HKD 30.7, and a "Neutral" rating for its A-shares with a target price of CNY 38 [1]

Group 1 - Goldman Sachs reports that Kanglong Chemical has reached a cooperation agreement with Eli Lilly to support the local supply of Orforglipron in China [1] - Eli Lilly is expected to invest $200 million in Kanglong Chemical to enhance its technical capabilities, with potential for further expansion of the partnership as the project progresses [1] - The impact on Kanglong Chemical's fundamentals, including profit contribution and strategic significance, will depend on further disclosures expected during the upcoming earnings call [1] Group 2 - The report anticipates that Kanglong Chemical will receive a positive market response due to the partnership highlighting Eli Lilly's recognition of Kanglong Chemical as a qualified local GLP-1 supply chain partner [1] - Goldman Sachs 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-shares with a target price of CNY 38 [1]