来源：新浪港股 香港联交所最新资料显示，12月5日，Qatar Investment Authority减持药明康德（02359）86.94万股，每 股作价为102.7651港元，总金额约为8934.4万港元。减持后最新持股数目为2989.57万股，持股比例为 5.86%。 ...

责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 香港联交所最新资料显示，12月5日，Qatar Investment Authority减持药明康德（02359）86.94万股，每 股作价为102.7651港元，总金额约为8934.4万港元。减持后最新持股数目为2989.57万股，持股比例为 5.86%。 责任编辑：卢昱君 香港联交所最新资料显示，12月5日，Qatar Investment Authority减持药明康德（02359）86.94万股，每 股作价为102.7651港元，总金额约为8934.4万港元。减持后最新持股数目为2989.57万股，持股比例为 5.86%。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 ...

香港联交所最新资料显示，12月5日，Qatar Investment Authority减持药明康德(02359)86.94万股，每股作 价为102.7651港元，总金额约为8934.4万港元。 香港联交所最新资料显示，12月5日，Qatar Investment Authority减持药明康德(02359)86.94万股，每股作 价为102.7651港元，总金额约为8934.4万港元。减持后最新持股数目为2989.57万股，持股比例为 5.86%。 ...

智通财经APP获悉，香港联交所最新资料显示，12月5日，Qatar Investment Authority减持药明康德 (02359)86.94万股，每股作价为102.7651港元，总金额约为8934.4万港元。减持后最新持股数目为 2989.57万股，持股比例为5.86%。 ...

辉瑞与 药明康德 达成独家合作及许可协议。 ...

辉瑞与药明康德达成独家合作及许可协议。 ...

进入12月，药明康德迎来了成立的第25个年头。四分之一世纪的时光，这家CXO企业从上海一间650平 方米的实验室，成长为在亚洲、欧洲、北美拥有超过20个研发生产基地、服务全球数千家客户的一体化 CRDMO赋能平台。在这段发展历程中，药明康德用实践诠释了何谓穿越周期的"长期主义"。 一体化CRDMO模式打通增长通路 药明康德得以在多个经济与行业周期中持续增长，核心驱动力正是其长期坚持的"一体化，端到 端"CRDMO业务模式。这一模式实现了药物发现与研究(R)、工艺开发(D)和商业化生产(M)的无缝贯 通，通过内部高效协同形成增长飞轮。 例如，药明康德在靶向蛋白降解(TPD)领域的发展，正是其CRDMO模式优势的重要体现。早在科学转 化的初期，药明康德就从R端捕捉到创新趋势，于近10年前开始布局相关能力和技术，并跟随前沿科学 陆续构建了涵盖多种分子类型的技术平台。另一方面，R端对下游D&M端业务起到引流作用。如今， 已有超过18.8万种复杂的TPD化合物从药明康德的赋能平台走出，其中70多种已进入临床前候选药物阶 段，10多种已进入后期开发阶段。 在下游，D&M端的规模化、一体化能力，实现技术的快速放大与高效产出 ...

Core Viewpoint - WuXi AppTec reported a significant increase in revenue and net profit for the first three quarters of 2025, but underlying issues such as reliance on non-recurring income, stagnant domestic growth, and reduced R&D investment pose risks to its financial health [1][6]. Group 1: Financial Performance - The company achieved a revenue of 32.857 billion yuan, representing an 18.61% year-on-year growth [1][6]. - Net profit reached 12.076 billion yuan, showing a substantial increase of 84.84% compared to the previous year [1][6]. - Non-recurring gains contributed 2.553 billion yuan to net profit, indicating a reliance on non-core income sources [2][7]. Group 2: Profit Structure Concerns - The growth in net profit is heavily influenced by non-recurring income, which accounted for over 40% of the total, raising sustainability concerns [2][8]. - After excluding non-recurring items, the adjusted net profit growth rate fell to 42.51%, lagging behind peers like Kelaiying and Kanglong Huacheng [2][7]. Group 3: Geographic Revenue Disparities - Revenue from Chinese clients grew only 0.5%, indicating stagnation in the domestic market, while revenue from U.S. clients surged by 31.9% and European revenue increased by 13.5% [3][9]. - The company's heavy reliance on the U.S. market exposes it to geopolitical risks, particularly with potential regulatory changes like the U.S. Biosecurity Act [3][9]. Group 4: Business and Financial Pressures - Internal business segments showed uneven performance, with strong growth in chemical and TIDES businesses, while testing services remained flat and other segments declined by over 10% [4][10]. - R&D expenses decreased by 13.46%, which could impact long-term competitiveness in the innovation-driven pharmaceutical industry [4][10]. - Financial pressures are evident, with financial expenses shifting from a net gain to a loss of 191 million yuan, and short-term borrowings increasing by 324.9% compared to the end of 2024 [4][10]. Group 5: Strategic Challenges Ahead - The company faces a critical juncture: whether to continue relying on non-recurring income or to enhance core business competitiveness and profitability [5][11]. - The ability to adapt to geopolitical fluctuations and diversify its client base will be crucial for sustaining innovation and project conversion efficiency [5][11].

【导读】药明生物、药明康德领涨蓝筹，澳达控股狂飙超370% 12月4日，港股震荡攀升，恒生指数收涨0.68%，报25935.9点；恒生科技指数上涨1.45%，报5615.43点；恒生中国企业指数上涨0.86%，报9106.48点。市场 成交1793.06亿港元，较前一交易日有所增加。 | 恒生指数 | 恒生国灭 | 恒生科技 | | --- | --- | --- | | 25935.90 9106.48 | | 5615.43 | | +175.17 +0.68% +77.93 +0.86% +80.51 +1.45% | | | 恒生指数成份股中65只上涨、21只下跌。其中，药明生物涨7.09%，药明康德（603259）涨5.44%，小米集团涨4.38%。 | 序号 | 名称 | 代码 | 现价 | 淵跌 | 涨跌幅 ▼ | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 药明生物 | 2269 | 32.940 c | 2.180 | 7.09% | 19.91亿 | 87.59% | | 2 | 药明康德 | 2 ...

Core Insights - Hillhouse Capital has completed the acquisition of Nanjing Mingjie Biomedical Testing Co., Ltd, marking another strategic move in the pharmaceutical outsourcing sector [1][4] - This acquisition follows Hillhouse's previous purchase of WuXi AppTec's subsidiaries, indicating a trend of divesting non-core assets by WuXi AppTec to focus on CRDMO models [3][7] Company Overview - Mingjie Biomedical, established in 2016 and headquartered in Nanjing, was previously a subsidiary of WuXi AppTec, which acquired 60% of its shares in 2020 to enhance its drug quality control and analysis capabilities [1][4] - The company provides a comprehensive drug quality research technology platform compliant with global regulatory standards, including FDA, EMA, and NMPA [2][5] Service Capabilities - Mingjie Biomedical's service offerings include small molecule drugs, biopharmaceuticals, complex formulations, excipients, packaging materials, cell and gene therapy products, and medical devices [2][5] - The company operates modern laboratories in Nanjing and Shanghai, adhering to cGMP standards, and offers services such as trace residue analysis, impurity separation and purification, structural identification, and compatibility studies [2][5] Regulatory Compliance - In 2023, both laboratories successfully passed FDA inspections and multiple CFDA audits, demonstrating a robust international quality management system and compliance capabilities [2][5]