此乃要件 請即處理 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通函全部或任何部分內容而產生的或因依賴該等內容而引致的 任何損失承擔任何責任。 本通函僅作參考，並不構成收購、購買或認購康龍化成（北京）新藥技術股份有限公司任何證券的邀請或 要約。 閣下如對本通函任何內容或將採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券交易商、 銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有的康龍化成（北京）新藥技術股份有限公司股份，應立即將本通函送交買主 或承讓人或經手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買主或承讓人。 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） (1) 建議補選第三屆董事會獨立非執行董事； (2) 建議修訂《公司章程》； 董事會函件載於本通函第3至10頁。本公司謹訂於2025年12月18日（星期四）下午2時30分假座中國北京 市經 ...

Core Viewpoint - The overseas CXO industry has shown resilience under macroeconomic pressure, with overall sentiment stabilizing after hitting a bottom, suggesting a recovery in the domestic CXO sector as macro indicators like interest rates and financing improve [1] Group 1: Industry Overview - The overseas CXO industry has confirmed its bottom and is showing a structural recovery trend, with significant differentiation in recovery across sectors [2] - Clinical CROs, represented by companies like IQVIA and Medpace, are leading the recovery due to strong orders and forward guidance [2] - CDMOs, exemplified by Lonza, demonstrate resilience through long-term contracts, while preclinical CROs and research services are still in a bottoming phase [2] Group 2: Clinical CRO Insights - IQVIA shows positive data with a net book-to-bill ratio of 1.15 and a 20% year-on-year increase in RFP flow, with cancellations returning to a normalized $2.2 billion from over $3 billion [3] - Medpace exhibits the strongest performance with a net book-to-bill ratio of 1.20 and a pre-backlog exceeding $3 billion, indicating high revenue visibility for 2026 [3] - ICON is experiencing demand recovery, but short-term performance is affected by project execution volatility, with a net book-to-bill ratio of 1.02 due to $900 million in project cancellations [3] Group 3: CDMO Insights - Lonza maintains stable performance with strategic long-term contracts and a structure that provides immunity to biotech financing fluctuations [4] - Samsung Biologics keeps its revenue growth guidance unchanged at approximately 25%-30%, with total contract amounts exceeding $20 billion, showcasing strong order reserves [4] - Syngene faces short-term profitability pressure but is entering a critical phase of capacity upgrades and order increases with new global clinical orders [4] Group 4: Investment Recommendations - Companies with global competitive advantages in the CXO sector include WuXi AppTec, WuXi Biologics, and others [4] - Focus on innovative drug industry chain companies with improving profitability, such as Haoyuan Pharmaceutical [4] - Attention is also recommended for companies primarily generating domestic revenue, expected to recover as innovative drugs expand internationally, like Tigermed [4]

Investment Rating - The report indicates a positive outlook for the Chinese biopharmaceutical industry, highlighting significant advancements in drug development efficiency and global collaboration strategies. Core Insights - Chinese biopharmaceutical companies have significantly shortened drug development cycles through streamlined decision-making processes and enhanced research capabilities, with some drugs taking only four years from clinical trials to NDA acceptance [1][2] - External licensing has become a crucial strategy for Chinese companies to globalize, with many firms actively building business development teams to foster collaborations with large multinational pharmaceutical companies [1][5] - There is a strong interest in emerging drug modalities such as ADCs, small nucleic acid drugs, and in vivo CAR-T therapies, which are becoming integral parts of the R&D pipeline and are expected to drive next-generation product innovation [1][6] - Global investors are particularly focused on weight loss products and Lipoprotein A (Lp(a)) projects, indicating substantial growth potential in cardiovascular disease-related products [1][4] Summary by Sections Drug Development Efficiency - Chinese companies like Heng Rui have demonstrated impressive development timelines, with processes from GLP E Tox to IND taking only six months and clinical trials to NDA acceptance completed in four years [2] Globalization Strategies - Chinese biopharmaceutical firms are addressing globalization challenges by collaborating with multinational pharmaceutical companies, moving from traditional licensing to co-development models [5] Emerging Drug Modalities - The report emphasizes the enthusiasm of Chinese companies in exploring new drug forms, particularly ADCs and small nucleic acid drugs, which are becoming key components of their R&D pipelines [2][6] Market Focus Areas - Investors are keenly interested in weight loss products and Lp(a) projects, with significant attention on cardiovascular disease collaborations, indicating a robust growth trajectory in these areas [4] Company-Specific Developments - He Yu Pharmaceutical's Pimiatinib is projected to capture a 25% global market share in key indications, with peak sales potentially reaching $1.6 billion [7] - Kangnuo's Sluqi monoclonal antibody is expected to exceed RMB 5 billion in peak sales by 2035, with promising prospects in multiple indications [10] - Hanlin Pharmaceutical is recognized for its high-margin biosimilar business, supporting its innovative pipeline, with the PD-L1 ADC HLX43 expected to achieve peak sales of $3.8 billion [11][12]

Group 1 - The launch of the "创业板50ETF-DR" on the Thailand Stock Exchange provides Thai investors with direct access to the Chinese ChiNext 50 Index, marking a significant milestone in cross-border investment products [1] - This product is the first depositary receipt linked to a Chinese ETF in Thailand and represents China's core technology assets expanding into the Southeast Asian market [1] - The listing coincides with the 50th anniversary of diplomatic relations between China and Thailand, highlighting a significant innovation in financial and industrial cooperation [1] Group 2 - The ChiNext 50 Index focuses on high-tech industries such as new energy, advanced manufacturing, and biomedicine, positioning it as a direct investment vehicle for capturing the benefits of China's technological development [1] - The index's strong liquidity, market performance, and profitability of constituent stocks are key factors attracting Thai investors [1] - The internationalization of the ChiNext 50 Index has progressed steadily, with successful listings in major European exchanges and now in Thailand, enhancing its global presence [2] Group 3 - The Shenzhen Stock Exchange emphasizes the importance of internationalizing ChiNext products, having facilitated multiple listings across over ten global exchanges, creating a cross-border product network [2] - The launch of the ETF-DR is seen as an opportunity to further enhance the international investment landscape for ChiNext, allowing global investors to share in China's technological innovation [2] - On the listing day, representatives from leading ChiNext companies participated in discussions in Thailand, focusing on how market leaders can drive the next wave of growth [2] Group 4 - 康龙化成 is a leading global provider of integrated drug development services, serving around 3,000 clients annually, with 85% of its revenue coming from overseas [3] - 亿纬锂能 has achieved international leadership in consumer, power, and energy storage battery sectors, planning to continue focusing on lithium battery development and global operations [3] - 蓝思科技, a leader in consumer electronics and smart automotive cockpit products, has established a production base in Thailand to better meet the needs of smart automotive clients [3]

Group 1: Company Overview - Company generates approximately 85% of its revenue from overseas clients, serving around 3,000 global customers annually, including the top 20 pharmaceutical companies [1] - Company is recognized as a leading provider of integrated, international, and multi-therapy innovative drug research and development services, offering a one-stop solution from drug discovery to commercialization [1] Group 2: Industry Performance - In the first three quarters, the company's power battery shipments reached 34.59 GWh, representing a year-on-year increase of 66.98%, ranking second globally [1] - The company's energy storage battery shipments reached 48.41 GWh, with a year-on-year growth of 35.51%, placing it among the top three globally [1] - The company's overseas sales percentages for 2022, 2023, and 2024 are projected to be 34.79%, 27.27%, and 24.25%, respectively, indicating steady growth [1] Group 3: Future Outlook - The company plans to continue focusing on its lithium battery core business, increasing R&D investment, and enhancing global operational capabilities through technology upgrades and capacity optimization [1] - The company is expanding its global footprint by establishing new production bases, including a recent facility in Thailand, which is expected to create around 2,000 jobs and meet the demand for smart automotive products [1] - Future plans include further establishing production bases to provide AI-related hardware products to overseas clients [1]

Group 1 - The ChiNext 50 Index has successfully launched its ETF-DR in Thailand, marking it as the first depositary receipt linked to a Chinese ETF in the Thai market and the first of its kind to go overseas from China [1] - The underlying asset of the ChiNext 50 ETF-DR is the Invesco Great Wall ChiNext 50 ETF, which tracks the ChiNext 50 Index, focusing on high-tech industries such as new energy, high-end manufacturing, and biomedicine [1] - The ChiNext 50 Index component stocks reported an average revenue growth of 21.07% year-on-year in the first half of the year, with net profit growth averaging 16.63% [1] Group 2 - The Shenzhen Stock Exchange is committed to the internationalization of ChiNext products, having facilitated the listing of multiple ChiNext index products across over 10 global exchanges, creating a cross-border product network [2] - The launch of the ChiNext 50 ETF-DR is seen as an opportunity to enhance the international investment level of the ChiNext, promoting Chinese technological innovation to global investors [2] - A roadshow was organized to introduce quality companies in sectors like innovative pharmaceuticals and new energy to Thai investors [2] Group 3 - EVE Energy, a leading company in the new energy battery sector, reported a battery shipment of 34.59 GWh in the first three quarters, representing a year-on-year increase of 66.98%, ranking second globally [3] - The company’s energy storage battery shipments reached 48.41 GWh, with a year-on-year growth of 35.51%, placing it among the top three globally [3] - EVE Energy plans to continue focusing on lithium battery operations, increasing R&D investment, and enhancing global operational capabilities [3] Group 4 - Lens Technology is expanding its global footprint, having established a production base in Thailand to meet the demand for smart automotive products [3] - The new production facility in Thailand covers over 50,000 square meters and is expected to create approximately 2,000 jobs [3] - The company aims to further establish production bases to provide AI-related hardware products to overseas clients [3]

Core Viewpoint - The listing of the ChiNext 50 ETF-DR on the Thailand Stock Exchange marks a significant step in the internationalization of Chinese ETFs, providing Thai investors access to China's new economy and core technology assets [1][3][6]. Group 1: ETF Details - The ChiNext 50 ETF-DR is based on the Invesco Great Wall ChiNext 50 ETF, which was established in December 2022 and has a total scale exceeding 50 billion [3][4]. - The ETF maintains a low comprehensive fee rate of 0.2%, making it an attractive investment vehicle [3]. - The ChiNext 50 Index focuses on high-tech industries such as new energy, advanced manufacturing, and biomedicine, allowing investors to capture the benefits of China's technological development [3][4]. Group 2: Market Impact - The ChiNext 50 Index consists of the 50 largest and most actively traded companies on the ChiNext board, reflecting a higher concentration of technology stocks [4]. - The successful internationalization of the ChiNext 50 Index demonstrates the global appeal of Chinese entrepreneurial and innovative assets, broadening the channels for overseas capital allocation [4][6]. - The listing is part of a broader trend of increasing investment demand from Thai investors for Chinese core assets, driven by China's high-quality economic development and capital market reforms [6]. Group 3: Future Prospects - The listing of the ChiNext 50 ETF-DR is seen as a milestone in the index's international expansion, following its successful entry into major European exchanges [6]. - The Shenzhen Stock Exchange aims to enhance the internationalization of the ChiNext market and facilitate global investors' access to China's technological innovation [6][7]. - Chinese asset management institutions are expected to leverage local technological advantages to fill the investment gap for international investors in emerging markets [6][7].

Core Viewpoint - The Biotech Index (970038) closed at 2135.75 points on November 25, with a gain of 0.48% and a trading volume of 15.716 billion yuan, indicating a positive market sentiment in the biotech sector [1]. Group 1: Index Performance - The Biotech Index had 35 stocks rising and 14 stocks falling on the reporting day, with Hualan Vaccine leading the gainers at an increase of 11.25%, while Palin Bio led the decliners with a drop of 1.69% [1]. - The turnover rate for the Biotech Index was 1.21%, reflecting moderate trading activity [1]. Group 2: Top Constituents - The top ten constituents of the Biotech Index include: - Mindray Medical (12.58% weight) at 193.88 yuan, up 0.46%, with a market cap of 235.068 billion yuan [1]. - Changchun High-tech (4.87% weight) at 99.46 yuan, up 0.10%, with a market cap of 40.573 billion yuan [1]. - Other notable constituents include Kanglong Chemical, Tigermed, and Muyuans, all within the biotech and related sectors [1]. Group 3: Capital Flow - The net outflow of main funds from the Biotech Index constituents totaled 36.3674 million yuan, while retail investors experienced a net outflow of 27.1 million yuan [1]. - Conversely, there was a net inflow of 307 million yuan from speculative funds, indicating a mixed sentiment among different investor types [1].

Market Overview - The medical services sector increased by 0.56% on November 25, with ST Zhongzhu leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Top Gainers in Medical Services - ST Zhongzhu (600568) closed at 2.57, up 4.90% with a trading volume of 53,900 shares and a turnover of 13.85 million yuan [1] - Chengda Pharmaceutical (301201) closed at 47.78, up 2.97% with a trading volume of 112,700 shares and a turnover of 540 million yuan [1] - Boji Pharmaceutical (300404) closed at 10.10, up 2.75% with a trading volume of 108,600 shares and a turnover of 10.9 million yuan [1] Top Losers in Medical Services - Jiuzhou Pharmaceutical (603456) closed at 18.75, down 0.85% with a trading volume of 181,100 shares and a turnover of 343 million yuan [2] - Tongce Medical (600763) closed at 41.95, down 0.66% with a trading volume of 49,600 shares and a turnover of 210 million yuan [2] - Yingkang Life (300143) closed at 10.12, down 0.49% with a trading volume of 44,700 shares and a turnover of 4.56 million yuan [2] Capital Flow Analysis - The medical services sector experienced a net outflow of 113 million yuan from institutional investors, while retail investors saw a net inflow of 30.37 million yuan [2][3] - Major stocks like WuXi AppTec (603259) had a net inflow of 67.13 million yuan from institutional investors, while Sunshine Nuohua (688621) saw a net outflow of 2.29 million yuan from retail investors [3] Summary of Individual Stock Performance - Sunshine Nuohua (688621) had a net inflow of 38.24 million yuan from institutional investors, but a net outflow of 3.59 million yuan from retail investors [3] - Chengda Pharmaceutical (301201) also saw a significant net inflow of 36.45 million yuan from institutional investors, with a net outflow of 13.58 million yuan from retail investors [3] - New Mileage (002219) had a net inflow of 14.15 million yuan from institutional investors, while retail investors experienced a net outflow of 6.70 million yuan [3]

Group 1: Market Overview - The Hong Kong stock market experienced a rebound, with the Hang Seng Index rising by 1.97%, the Hang Seng China Enterprises Index increasing by 1.79%, and the Hang Seng Tech Index climbing by 2.78% [2] - Northbound capital saw a net inflow of HKD 8.571 billion, with Alibaba, Tencent, and Kuaishou being the most actively traded stocks [2] - The technology sector showed significant growth, driven by positive news from various tech companies, including Alibaba's AI assistant app surpassing 10 million downloads in its first week [3][4] Group 2: Company Analysis - Haiwei Co., Ltd. - Haiwei Co., Ltd. is a leader in China's capacitor film market, established in 2006, with a market share of 10.9% in capacitor base films as of 2024 [7] - Revenue projections for Haiwei are expected to reach RMB 330 million in 2024, with a net profit of RMB 86.42 million, despite a slight decline in early 2025 [7] - The company benefits from strong R&D capabilities, a diversified product portfolio, and an experienced management team [9] Group 3: Industry Outlook - The Chinese capacitor base film market is projected to grow at a CAGR of 19.7%, increasing from 46,000 tons in 2019 to 113,000 tons by 2024, and expected to reach 224,000 tons by 2029 [8] - The market for capacitor base films used in electric vehicles is anticipated to grow from 48,000 tons in 2025 to 87,000 tons by 2029, with a CAGR of 16.2% [8] - The market for capacitor base films in new energy power systems is expected to grow from 34,000 tons in 2025 to 80,000 tons by 2029, with a CAGR of 23.6% [8]