Group 1 - The core viewpoint of the article highlights a general increase in the pharmaceutical outsourcing sector, with notable stock price rises for companies such as WuXi Biologics (6.11%), Kelun Pharmaceutical (5.52%), and others [1] - According to a report from Century Securities, the recent NDAA legislation has led to a reduction in geopolitical risks, positively impacting the industry [1] - In the first three quarters, the total amount of license-out agreements for innovative drugs in China reached a historical high, indicating a continuous improvement in the innovation drug sector [1] Group 2 - The CXO sector is experiencing a recovery in performance and new orders, with market attention shifting towards preclinical safety evaluation assets [1] - The CXO industry, as an upstream segment of the innovative drug supply chain, is expected to benefit from the enhanced competitiveness of domestic innovative drugs, leading to a rebound in industry prosperity [1] - The outlook for CXO is positive, with expectations for both performance and valuation recovery following a complete industry cycle [1]

Group 1 - The pharmaceutical outsourcing sector is experiencing a general increase, with notable stock price rises for companies such as WuXi Biologics (6.11%), Kelun Pharmaceutical (5.52%), and others [1] - A recent report from Century Securities indicates that the NDAA bill has been implemented, leading to a reduction in geopolitical risks [1] - In the first three quarters, the total amount of license-out agreements for innovative drugs in China reached a historical high, indicating a continuous improvement in the innovative drug industry [1] Group 2 - The performance and new orders for CXO companies are showing signs of improvement, with the market beginning to focus on preclinical safety evaluation assets [1] - CXO companies, as part of the upstream of the innovative drug industry chain, are expected to benefit from the enhanced competitiveness of domestic innovative drugs, leading to a recovery in industry prosperity [1] - The industry is anticipated to see a dual recovery in both performance and valuation for CXO companies [1]

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） 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12月19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。 证券代码：300759 证券简称：康龙化成 公告编号：2025-070 康龙化成（北京 ...

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《股份减持进展告知函》，获悉信中康成和信中龙成因减持 导致股份变动触及 1%的整数倍。现将有关情况公告如下： 康龙化成（北京）新药技术股份有限公司 关于持股 5%以上股东持股变动触及 1%整数倍的公告 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、完整，没有虚假记载、误导性陈述或重大遗漏。 1.基本情况 信息披露义务人 （一） 深圳市信中康成投资合伙企业（有限合伙） 住所 深圳市前海深港合作区南山街道兴海大道3046号香江金融 大厦 1314-B8 信息披露义务人 （二） 深圳市信中龙成投资合伙企业（有限合伙） 住所 深圳市前海深港合作区前湾一路 1 号 A 栋 201 室(入驻深圳 市前海商务秘书有限公司) 权益变动时间 2025 年 12 月 19 日 权益变动过程 ...

据天眼查APP显示，康龙化成(北京)新药技术股份有限公司成立于2004年07月01日，注册资本 177819.5525万人民币。（数据宝） 康龙化成12月19日大宗交易平台出现一笔成交，成交量150.00万股，成交金额4377.00万元，大宗交易成 交价为29.18元，相对今日收盘价折价0.88%。该笔交易的买方营业部为机构专用，卖方营业部为中信证 券华南股份有限公司广州万博证券营业部。 进一步统计，近3个月内该股累计发生6笔大宗交易，合计成交金额为1.40亿元。 证券时报·数据宝统计显示，康龙化成今日收盘价为29.44元，上涨1.52%，日换手率为1.40%，成交额为 5.87亿元，全天主力资金净流入4647.67万元，近5日该股累计下跌1.57%，近5日资金合计净流出4224.61 万元。 两融数据显示，该股最新融资余额为10.76亿元，近5日减少2250.19万元，降幅为2.05%。 12月19日康龙化成大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | ...

证券日报网讯 12月18日晚间，康龙化成（300759）发布公告称，选举曾劲峰教授为公司第三届董事会 独立非执行董事。 ...

Group 1: Policy and Regulatory Developments - The National Healthcare Security Administration and the Ministry of Human Resources and Social Security announced the "National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog (2025)" and the "Commercial Health Insurance Innovative Drug Catalog (2025)", effective from January 1, 2026, nationwide [1] - The medical insurance catalog adds 114 new drugs, including 50 innovative first-class drugs, with an overall success rate of 88%, a 12 percentage point increase from 2024 [1] - The first version of the commercial health insurance innovative drug catalog includes 19 drugs, marking a significant breakthrough in the "medical insurance + commercial insurance" multi-layered medical security system [1] Group 2: Market Trends and Investment Opportunities - The Chinese innovative drug sector is experiencing active out-licensing (BD) transactions, with a total transaction amount exceeding $92 billion and 103 deals completed in the first three quarters of 2025, indicating strong international recognition of Chinese R&D achievements [2] - The innovative drug R&D is entering a harvest period, with pipeline values gradually being realized, supported by overseas payment capabilities and a shift towards hard-core technology-driven growth [2] - Emerging technologies such as small nucleic acids, in vivo CAR-T, and AI drug development platforms are expected to see a clinical value explosion, while the CXO industry remains robust, benefiting from new tracks like ADC, peptides, and CGT [2] Group 3: ETF Performance and Market Sentiment - As of December 18, 2025, the Hong Kong innovative drug ETF (513120) has seen a strong increase of 10.56% over the past six months, with significant contributions from major stocks like WuXi Biologics and 3SBio [3] - The latest scale of the Hong Kong innovative drug ETF reached 24.322 billion yuan, making it the largest in the Hong Kong market for pharmaceutical ETFs, with a net inflow of 327 million yuan over the past five trading days [3] - The innovative drug ETF (515120) also experienced a rise, with major stocks like Zai Lab and WuXi AppTec contributing to the gains, indicating a positive market sentiment towards innovative drug investments [4]

Core Insights - The article highlights the performance of the Tianhong Innovation Drug ETF (517380), which has seen a trading volume of 14.27 million yuan and a nearly 3% increase in the tracked Hang Seng Shanghai-Shenzhen Hong Kong Innovation Drug Select 50 Index (HSSSHID) [1] - The article discusses a new three-year enhancement plan for the biopharmaceutical industry in Xi'an, indicating a new policy support cycle for the innovative drug sector [1][2] Product Highlights - The Tianhong Innovation Drug ETF (517380) spans the Shanghai, Hong Kong, and Shenzhen markets, selecting 50 leading innovative drug companies, with 40% from Hong Kong and 60% from A-shares, covering core areas such as biopharmaceuticals and chemical pharmaceuticals [1] - Related products include the Tianhong Innovation Drug ETF and its corresponding off-market connection funds (Class A: 014564, Class C: 014565) [1] Industry Developments - Xi'an's government has released an implementation plan for 2025-2027, aiming to achieve breakthroughs in key drug development technologies in areas such as stem cell drugs, peptide drugs, liver-targeted innovative drugs, and anesthetics [2] - By 2027, Xi'an aims to have one clinically approved drug and one production-approved drug in the innovative drug R&D field, along with 40 Class III and 400 Class II medical devices approved [2] - The innovative drug sector is entering a new policy support cycle, with various cities like Beijing and Shanghai implementing supportive policies for the pharmaceutical and health industry [2] Institutional Perspectives - Zhongtai Securities views innovative drugs as the most important theme in the pharmaceutical sector, noting that the recent 2-3 month market adjustment has brought stock prices, market expectations, and capital allocation back to relatively reasonable and low levels, highlighting investment safety margins and return value [2]

Group 1: Pharmaceutical Sector - The innovation drug sector is expected to be the main focus, with particular attention on small nucleic acid technology and its accelerated development by 2026 [1][2] - The pharmaceutical industry is driven by supply creating demand, with significant trends observed from 2018 to 2024, including breakthroughs in PD-1, ADC technology, and new generation immunotherapy [2] - Key companies to watch in the pharmaceutical sector include Heng Rui Medicine, Hansoh Pharmaceutical, China National Pharmaceutical Group, and others involved in small nucleic acid and weight loss drug development [2] Group 2: CXO and Upstream Life Sciences - The CXO sector is expected to see continued improvement in fundamentals and valuation recovery, with a focus on companies like WuXi AppTec and Kanglong Chemical [3] - Upstream life sciences are benefiting from improved domestic research conditions, with companies like BGI Genomics and Bidu Pharmaceutical showing positive performance trends [3] - The raw material drug sector is entering a bottom price range, with companies that have quality clients and orders likely to see improved profit margins [3] Group 3: Medical Devices - The medical device sector is anticipated to benefit from improved hospital demand and inventory optimization, with a potential turning point in 2026 [4] - High-value consumables are expected to gain from collective procurement, enhancing domestic production capabilities [4] - Key players in the medical device sector include Mindray Medical, United Imaging Healthcare, and others [4] Group 4: Healthcare Consumption - The healthcare service sector is under pressure in 2025, but a mild recovery is expected in 2026, particularly in essential medical services and products [5] - Traditional Chinese medicine is projected to stabilize and grow, with a focus on OTC and prescription drug innovations [5] - The pharmacy sector is experiencing increased concentration due to regulatory changes, with companies like Yifeng Pharmacy and Dazhong Pharmacy showing improved performance [5]

证券日报网讯 12月18日晚间，康龙化成发布公告称，公司于2025年12月18日召开职工代表大会，同意 选举李承宗先生为公司第三届董事会职工代表董事，任期自2025年12月18日起至第三届董事会届满之日 止，李承宗先生担任职工代表董事一职不会另行获取薪酬。 （编辑 王雪儿） ...