Group 1 - The core viewpoint of the article is that 康龙化成 (300759.SZ) is increasing its investment in 宁波甬康 by 50 million RMB to enhance its investment capabilities and promote high-quality development in the pharmaceutical industry [1] - After this additional investment, the total contribution of the company to 宁波甬康 will amount to 150 million RMB, representing 87.1343% of the total subscribed capital of the fund [1] - The company signed a limited partnership agreement regarding 宁波甬康 on January 9, 2026 [1]

二、进展事项 近日，公司已获得北京市发展和改革委员会、北京市商务局等主管单位对本 次追加投资的备案。根据《Share Subscription Agreement (Capital Increase)》的约 定，本次追加投资的全部交割先决条件已满足，截至 2026 年 1 月 8 日，全体投 资人已向合资公司足额支付追加投资款，合资公司已完成股东名册更新登记。 证券代码：300759 证券简称：康龙化成 公告编号：2026-001 康龙化成（北京）新药技术股份有限公司 关于追加投资境外参股公司暨关联交易的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、关联交易概述 2025 年 8 月 21 日，康龙化成（北京）新药技术股份有限公司（以下简称"公 司"）召开了第三届董事会独立董事专门会议第二次会议、第三届董事会第十五 次会议和第三届监事会第十三次会议，审议通过了《关于追加投资境外参股公司 暨 关 联交 易 的 议案 》， 同 意公 司 通 过 全资 子 公 司 Pharmaron (Hong Kong) International Limited ...

证券代码：300759 证券简称：康龙化成 公告编号：2026-002 一、投资事项概述 2025 年 3 月，康龙化成（北京）新药技术股份有限公司（以下简称"公司"） 签署了《关于宁波甬康股权投资合伙企业（有限合伙）（拟）之有限合伙协议》， 作为有限合伙人出资 10,000 万元人民币参与投资宁波甬康股权投资合伙企业（有 限合伙）（以下简称"宁波甬康"或"基金"）。具体内容详见公司于 2025 年 3 月 20 日在巨潮资讯网（http://www.cninfo.com.cn）披露的《关于参与私募股权 投资基金的公告》（公告编号：2025-010）。 康龙化成（北京）新药技术股份有限公司 关于追加认购投资基金份额的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 2025 年 4 月，宁波甬康已取得了宁波市市场监督管理局下发的《营业执照》， 并在中国证券投资基金业协会完成基金的备案手续，并取得《私募投资基金备案 证 明 》 。 具 体 内 容 详 见 公 司 于 2025 年 4 月 12 日 在 巨 潮 资 讯 网 （http://www.cninfo ...

Summary of Conference Call Records Industry Overview - The life sciences service sector, particularly the CXO segment, continues to experience high growth and is expected to deliver strong performance in 2026, benefiting from the upward cycle in innovative drugs and improved investment conditions [1][2][3] Key Companies and Performance - Notable companies in the life sciences service industry include: - **Hao Yuan Medicine**: Q3 revenue growth close to 30%, with a non-recurring profit growth of 70%. The company has secured orders exceeding 630 million yuan, a 50% year-on-year increase [2][8] - **Bai Ao Sai Tu**: Achieved a revenue growth of 60% in Q3 and recorded its first annual profit, with significant potential in humanized mouse sales and antibody business [2][8] - **WuXi AppTec**: Expected to see over 60% revenue growth in the ADC sector in the first half of 2026, with a strong order backlog [10][19] - **Kailai Ying**: Positioned well in the ADC market, with significant growth potential [10][19] - **Yangguang Nuohe**: Anticipated to achieve a profit of 300 million yuan in 2026, with a promising drug pipeline [20] Financial Performance - In the first three quarters of 2025, 16 representative life sciences service companies reported revenue and profit growth rates of high single digits and double digits, respectively. In Q3 alone, revenue and profit growth rates were double digits and 50%, indicating significant operational improvement [4][6] - The gross profit margin is expected to improve due to a clearer competitive landscape, leading to enhanced industry profitability [4] Market Trends - The overseas market is benefiting from improved investment conditions and the Federal Reserve's interest rate cuts, leading to an increase in the share of overseas business and expanding global market potential [7] - The domestic CRO market is experiencing a price recovery trend after years of intense competition, with expectations for more significant price improvements by 2027 as supply conditions stabilize [11][12] Growth Opportunities - The ADC and small nucleic acid sectors are projected to bring substantial order increases in 2026, with companies like WuXi AppTec and Hao Yuan Medicine expected to lead this growth [10][19] - The CRO sector is seeing a shift towards innovation, with companies like Yangguang Nuohe and Chengdu Xian Dao making progress in developing innovative drugs [13] Investment Recommendations - Recommended companies for investment include: - **WuXi AppTec**: Strong growth in peptide business and expected to achieve significant revenue increases [14][17] - **Kailai Ying**: Leading in peptide capacity expansion [14] - **Tigermed**: Positioned well in the CRO market with growth potential [21] - **Norseg and Prasis**: Expected to benefit from overall industry trends [17] Conclusion - The life sciences service industry is poised for continued growth, driven by innovative drug development, improved investment conditions, and a recovering market landscape. Key players are expected to deliver strong financial performance, making them attractive investment opportunities.

Summary of Conference Call Records Industry Overview: CRO (Contract Research Organization) Industry - The CRO industry experienced a significant valuation decline after peaking in 2021 and facing challenges from the dual-antibody legislation in 2024. However, the long-term trend for the innovative drug industry is clear, with demand improvement and supply-side clearing supporting industry chain recovery. Leading companies are showing signs of performance recovery, indicating that the CRO industry is in the early stages of valuation recovery, with an optimistic long-term outlook [1][4]. Key Insights and Arguments - The CXO sector has performed well, with several companies seeing their stock prices double or nearly double. The overall performance remains stable, with a double-digit revenue growth rate and profit growth close to 60% in the first three quarters [1][6]. - Domestic clinical project numbers increased by 13%, and the BD (Business Development) amount exceeded the primary market financing amount, indicating a significant improvement in financing conditions [3][11]. - The latest biobusiness safety legislation clarifies that U.S. multinational corporations (MNCs) will not lose their Medicare reimbursement qualifications due to suppliers being listed, alleviating operational constraints for MNCs [1][9]. Company Recommendations - Recommended strategic combinations include leading companies such as WuXi AppTec, Kanglong Chemical, and Tigermed, as well as upstream companies like Baiao Saitu. Companies like Kangdelai are considered undervalued, with potential for exceeding profit expectations if certain drug volumes surpass forecasts [3][5][15]. - Tigermed is highlighted as a strategic recommendation, with visible order inflection points and improving performance outlook in the coming years [3][15]. Market Dynamics - The overseas market for CROs has shown steady growth, with pharmaceutical companies maintaining mid-single-digit growth in R&D investments and a clinical project count that remains robust. The financing environment is expected to improve due to anticipated interest rate cuts in the U.S., which will boost CRO order growth [1][7][8]. - The domestic market is also seeing a trend of increasing R&D investments among listed companies, with a rising R&D expense ratio, ensuring future demand for domestic CRO orders [3][12]. Pricing Trends - The domestic market has reached a price increase inflection point across various segments, particularly in the safety evaluation segment, where prices have rebounded significantly. Clinical order prices and SMO prices have also seen increases, indicating a clear recovery trend across different stages of the industry [3][13][14]. Future Outlook - The CRO industry is expected to continue its recovery, with a positive long-term outlook supported by both domestic and international market dynamics. The anticipated improvements in financing conditions and the ongoing demand for innovative drugs will likely drive growth in the sector [1][4][8].

行业多项关键政策突破与落地，首版《商业健康保险创新药品目录》于2025年12月正式发布，其构建 的"基本医保保基本，商保保创新"的多层次支付体系，为高值创新药开辟出市场新通路。 展望2026年，业内人士普遍看好，在产业政策对真创新、高水平创新的支持下，大量创新药BD将密集 落地。 商保实施与集采优化双轮推动下，创新药产业链高景气度有望延续，高价值创新药有望迎来第二增长曲 线。 港股创新药板块企业包括： 智通财经APP获悉，记者从国家药监局获悉，为加快临床急需境外已上市药品在境内上市，满足患者临 床用药迫切需求，国家药监局进一步优化这类药品审评审批。国家药监局表示，坚持以临床价值为导 向，鼓励申请人在中国开展全球同步研发、同步申报上市;鼓励临床急需境外已上市的原研药及仿制药 在境内申报，对于符合要求的可纳入优先审评审批范围。 公告显示，国家药监局将优化审评机制，加快审评速度;同时，也将完善检验制度，体现品种特点。 2025年我国已批准上市的创新药达76个，大幅超过2024年全年48个，创历史新高。此外，2025年我国创 新药对外授权交易总金额超过1300亿美元，授权交易数量超过150笔，同样创历史新高。 据了解 ...

Core Viewpoint - The National Medical Products Administration (NMPA) is optimizing the review and approval process for urgently needed foreign drugs already on the market to meet the pressing clinical needs of patients in China [1][2]. Group 1: Regulatory Changes - The NMPA will enhance the review mechanism and accelerate the review speed while improving the inspection system to reflect the characteristics of various drug types [2]. - The NMPA encourages applicants to conduct global synchronous research and simultaneous application for market approval in China for urgently needed foreign drugs [1]. Group 2: Market Performance - In 2025, China approved a record 76 innovative drugs, significantly surpassing the 48 approved in 2024 [2]. - The total amount of authorized transactions for innovative drugs in 2025 exceeded $130 billion, with over 150 transactions, marking another historical high [2]. Group 3: Drug Composition - The 76 innovative drugs approved in 2025 include 47 chemical drugs, 23 biological products, and 6 traditional Chinese medicines [2]. - Among the 47 chemical drugs, 38 are domestic innovations, and 9 are imported, with domestic innovations accounting for 80.85% [2]. - For the 23 biological products, 21 are domestic innovations, and 2 are imported, with domestic innovations making up 91.30% [2]. Group 4: Industry Outlook - The release of the first version of the "Commercial Health Insurance Innovative Drug Directory" in December 2025 establishes a multi-layered payment system, creating new market pathways for high-value innovative drugs [2]. - Industry insiders are optimistic about 2026, anticipating a surge in innovative drug business development (BD) due to supportive industrial policies for true and high-level innovations [2]. - The dual push from commercial insurance implementation and procurement optimization is expected to sustain high prosperity in the innovative drug industry, with high-value innovative drugs likely to experience a second growth curve [2]. Group 5: Key Companies - Notable companies in the Hong Kong innovative drug sector include: Heng Rui Medicine, Kelun-Botai Biological, and others [3]. - Leading companies in the CXO sector include: Kailai Ying, Kanglong Chemical, and others [4].

| 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的 | | | --- | --- | --- | --- | --- | --- | --- | | | | 份數目 | | | (請參閱上述*註解)有投票權股 (日 / 月 / 年 | | | | | | | | 份百分比 | | | | | | | | % | | | CS20260106E00581 | Norges Bank 1201(L) | | 3.659.500(L) | HKD 20.6572 | 14.545.724(L) | 4.94(L)05/01/2026 | | 股份代號: | | --- | | 上市法國名稱: | | 日期(日 / 月 / 年): | 格隆汇1月8日丨根据联交所最新权益披露资料显示，2026年1月5日，康龙化成(03759.HK)遭Norges Bank在场内以每股均价20.6572港元减持365.95万股，涉 资约7559.5万港元。 减持后，Norges Bank最新持股数目为14,545,724股，持 ...

香港联交所最新资料显示，1月5日，Norges Bank减持康龙化成（300759）(03759)365.95万股，每股作 价20.6572港元，总金额约为7559.50万港元。减持后最新持股数目约为1454.57万股，最新持股比例为 4.94%。 ...

智通财经APP获悉，香港联交所最新资料显示，1月5日，Norges Bank减持康龙化成(03759)365.95万股， 每股作价20.6572港元，总金额约为7559.50万港元。减持后最新持股数目约为1454.57万股，最新持股比 例为4.94%。 ...