Core Viewpoint - 康龙化成 announced a share reduction plan by major shareholders, which may impact the stock's market performance and investor sentiment [1] Shareholder Reduction Plans - 深圳市信中康成投资合伙企业 plans to reduce its holdings by up to 8,890,977 shares, representing approximately 0.50% of the total share capital, within three months starting from December 8, 2025 [1] - 深圳市信中龙成投资合伙企业 intends to reduce its holdings by up to 17,781,955 shares, accounting for about 1% of the total share capital, also within three months starting from December 8, 2025 [1] - 信中康成 currently holds 223,488,310 shares, which is about 12.57% of the total share capital, while 信中龙成 holds 28,498,500 shares, approximately 1.60% of the total share capital [1]

Pharmaron Beijing Co., Ltd. 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。 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11月14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；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、曾坤鴻先生及余堅 先生。 证券代码：300759 证券简称：康龙化成 公告编号：2025-064 康龙化成（北京）新药技术股份有限公司 ...

人民财讯11月14日电，康龙化成（300759）11月14日公告，合计持股14.17%的公司股东深圳市信中康 成投资合伙企业(有限合伙)(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) 计划合计减持公司股份不超过2667.29万股，占公司总股本的1.5%。 ...

康龙化成(300759.SZ)公告称，持股5%以上股东信中康成计划减持不超过889.10万股（占公司总股本的 0.50%），一致行动人信中龙成计划减持不超过1,778.20万股（占公司总股本的1.00%），合计减持不超 过2,667.30万股（占公司总股本的1.50%）。减持方式为集中竞价交易或大宗交易，减持原因为合伙企 业存续期限即将到期及自身资金需求，减持期间为公告披露之日起15个交易日后的3个月内。 ...

证券代码：300759 证券简称：康龙化成 公告编号：2025-064 康龙化成（北京）新药技术股份有限公司 关于持股 5%以上股东减持股份的预披露公告 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、 准确和完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 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《股份减持计划告知函》。信中康成持有公司股份 223,488,310 股（约占公司总股本的 12.57%），计划自本公告披露之日起 15 个交 易日后（2025 年 12 月 8 日）的 3 个月内以集中竞价、大宗交易等深圳证券交易 所认可的合法方式减持公司股份不超过 8,890,977 股（占公司总股本的 0.50%）； 信中龙成持有公司股份 28, ...

智通财经APP获悉，香港联交所最新资料显示，11月12日，Norges Bank增持康龙化成(03759)70.02万 股，每股作价23.8072港元，总金额约为1666.98万港元。增持后最新持股数目约为1827.04万股，最新持 股比例为6.21%。 ...

Core Insights - The healthcare innovation sector is showing positive momentum, with the China Securities Medicine and Medical Device Innovation Index (931484) rising by 0.31% as of November 14, 2025, and several key stocks, including Sanofi and Ganli Pharmaceutical, experiencing significant gains [1] Group 1: Market Performance - The China Securities Medicine and Medical Device Innovation Index has seen a 0.31% increase, with notable stock performances: Sanofi up 4.64%, Ganli Pharmaceutical up 3.28%, and Jiutian Pharmaceutical up 1.83% [1] - The Medical Innovation ETF (516820) has also risen by 0.26%, marking its third consecutive increase [1] Group 2: Clinical Developments - AstraZeneca announced successful Phase III clinical trials for Baxdrostat, which significantly reduced 24-hour average systolic blood pressure in patients with resistant hypertension over 12 weeks, indicating a new treatment pathway for hypertension [1] Group 3: Industry Trends - According to Dongfang Caifu Securities, the pharmaceutical industry showed improvement in Q3 2025, with the medical device sector experiencing a turning point, achieving positive year-on-year revenue growth and a notable narrowing of net profit declines [1] - The CXO sector performed exceptionally well in the first three quarters of 2025, with medical R&D outsourcing revenue increasing by 12.2% and net profit rising by 56.8%, particularly in ADC CDMO and peptide CDMO fields [2] - The index reflects the performance of 30 profitable and growth-oriented companies in the pharmaceutical and medical device sectors, with the top ten stocks accounting for 64.12% of the index [2]

Core Viewpoint - The Hong Kong medical sector is experiencing significant growth, as evidenced by the performance of the Hong Kong Medical ETF, which has increased over 50% since its launch this year, indicating strong market resilience [1] Industry Summary - The CXO (Contract Research Organization) sector is seeing robust order volumes, with major companies like WuXi AppTec reporting an order backlog of 59.88 billion yuan, a year-on-year increase of 41.2% [2] - WuXi Biologics has an unfulfilled order total of 20.3 billion USD (approximately 147 billion yuan), showcasing strong demand in the sector [2] - Other CXO companies, such as Kanglong Chemical and Tigermed, are also reporting double-digit growth in new orders, driven by high demand from multinational pharmaceutical companies [2] Company Summary - ADC (Antibody-Drug Conjugate) related CDMO companies are experiencing significant growth, with Pharmaron reporting a 15% year-on-year increase in new CDMO orders, and orders for ADC-related new business growing over 100% [3] - BeiGene has shown remarkable performance, with a 10% increase in its US stock price following positive regulatory developments, indicating a favorable environment for pharmaceutical companies [5] - Pfizer has initiated a new clinical trial for a dual-target PD-1/VEGF antibody drug, signaling ongoing innovation in drug development [5]

Investment Rating - The report maintains an "Accumulate" rating for the company [6]. Core Views - The company's performance in Q3 2025 met market expectations, with a significant acceleration in new orders. The revenue for Q1-Q3 2025 reached 10.086 billion yuan, a year-on-year increase of 14.38%, while the net profit attributable to shareholders was 1.141 billion yuan, a decrease of 19.76% year-on-year [1][2]. - The company expects a revenue growth guidance of 12% to 16% for 2025, supported by a strong order growth trend and ongoing cost reduction efforts [2][4]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 3.645 billion yuan, a year-on-year increase of 13.4%, and an adjusted profit of 471 million yuan, up 12.9% year-on-year. The new orders for Q1-Q3 2025 grew by over 13% year-on-year, showing an acceleration compared to the 10% growth in H1 2025 [2][3]. - The laboratory services segment generated 2.11 billion yuan in revenue in Q3 2025, growing 14.3% year-on-year, while the CMC business reported 900 million yuan, up 12.7% year-on-year [3]. Client Contributions - The top 20 global pharmaceutical clients contributed 616 million yuan in revenue in Q3 2025, reflecting a year-on-year growth of 22.19%, indicating strong performance resilience [3]. Future Outlook - The company is expected to benefit from a global economic recovery, with adjusted revenue forecasts for 2025-2027 slightly modified to 13.995 billion yuan, 16.183 billion yuan, and 18.877 billion yuan respectively. The earnings per share (EPS) estimates were adjusted to 0.88 yuan, 1.10 yuan, and 1.38 yuan for the same period [4][10].

Investment Rating - The investment rating for the biopharmaceutical industry is "Outperform the Market" (maintained) [2] Core Insights - The biopharmaceutical industry in A-shares has shown marginal improvement in revenue and profit performance in Q3 2025, with a continued high prosperity in innovative drugs and the industry chain [6][7] - The innovative drug sector has demonstrated robust growth, with a revenue increase of 21.41% year-on-year in the first three quarters of 2025, while the CXO sector also showed significant growth [6][10] - There is a focus on undervalued turnaround targets in the medical device and pharmacy sectors, which have shown signs of stabilization and recovery [6][20] Summary by Sections Financial Summary - In the first three quarters of 2025, A-share pharmaceutical companies achieved a total revenue of 17,480.2 billion yuan, a year-on-year decrease of 1.22%, and a net profit of 1,355.8 billion yuan, down 1.00% year-on-year [6][7] - The innovative drug sector generated revenue of 485.6 billion yuan (+21.41%) and a net profit of -4.6 billion yuan, significantly reducing losses [6][10] - The CXO sector reported revenue of 698.7 billion yuan (+11.66%) and a net profit of 163.9 billion yuan (+56.78%) [6][15] Innovative Drug Sector - The innovative drug sector's revenue for Q3 2025 reached 191.7 billion yuan (+50.66%), with a net profit of 13.1 billion yuan (+155.49%) [10] - The growth in revenue is attributed to the rapid commercialization of innovative drug products and milestone payments from product licensing [10][11] CXO Sector - The CXO sector's revenue for Q3 2025 was 247.5 billion yuan (+10.03%), with a net profit of 51.1 billion yuan (+47.69%) [15] - The sector continues to show mid-to-high-speed growth, although there is some internal differentiation among companies [15] Medical Device Sector - The medical device sector reported revenue of 1,776.8 billion yuan (-2.26%) and a net profit of 265.9 billion yuan (-14.05%) in the first three quarters of 2025 [20] - The sector is expected to recover gradually, with recommendations to focus on leading companies benefiting from domestic demand and international expansion [20] Traditional Chinese Medicine Sector - The traditional Chinese medicine sector achieved revenue of 2,548.7 billion yuan (-3.58%) and a net profit of 302.6 billion yuan (-0.85%) in the first three quarters of 2025 [18] - The sector is stabilizing, with ongoing risks from national procurement policies [18] Life Sciences Upstream - The life sciences upstream sector reported revenue of 96.6 billion yuan (+7.96%) and a net profit of 8.6 billion yuan (+32.08%) in the first three quarters of 2025 [24] - The sector is expected to see improvements in demand as inventory depletion phases out and companies increase R&D investments [25]