长江商报消息 ●长江商报记者 沈右荣 中国医药外包（CXO）行业的头部企业?康龙化成（300759.SZ，03759.HK）筹划的收购，引发市场质 疑。 财务承压仍现金收购 康龙化成的现金收购资产公告，惹来争议。 近期，康龙化成公告称，为践行公司的"全流程、一体化、国际化、多疗法"的核心战略，强化技术平台 建设，公司拟收购佰翱得82.54%的股份，交易对价约为13.46亿元。 本次交易存在高溢价。截至2025年9月末，佰翱得总资产约6.72亿元，总负债6317.04万元，净资产约为 6.08亿元。如果以交易对价13.46亿元获得标的公司对应的82.54%股权来计算，标的公司100%股权的估 值约为16.31亿元，较其净资产增值168.21%。 根据此前公告，康龙化成拟出资13.46亿元收购无锡佰翱得生物科学股份有限公司（以下简称"佰翱 得"或"标的公司"）82.54%的股份。 此次收购，康龙化成践行"全流程、一体化、国际化、多疗法"的核心战略，强化技术平台建设。 康龙化成主营提供药物研究、开发与生产及临床全流程的一体化服务，在业内具有一定的市场地位。 康龙化成的本次收购，引发市场关注的是关联交易。如果本次交易 ...

长江商报消息 ●长江商报记者 沈右荣 中国医药外包（CXO）行业的头部企业?康龙化成（300759.SZ，03759.HK）筹划的收购，引发市场质 疑。 根据此前公告，康龙化成拟出资13.46亿元收购无锡佰翱得生物科学股份有限公司（以下简称"佰翱 得"或"标的公司"）82.54%的股份。 此次收购，康龙化成践行"全流程、一体化、国际化、多疗法"的核心战略，强化技术平台建设。 康龙化成主营提供药物研究、开发与生产及临床全流程的一体化服务，在业内具有一定的市场地位。 康龙化成的本次收购，引发市场关注的是关联交易。如果本次交易完成，公司关联方将套现约5亿元。 本次收购采用现金支付，而康龙化成财务承压。截至2025年9月末，公司有息负债约60亿元，前三季度 财务费用1.53亿元。 2025年前三季度，康龙化成实现营业收入100.86亿元，创新高，但归母净利润同比下降19.76%。 二级市场上，11月24日，康龙化成的收盘价为29元/股，较2021年8月5日的巅峰下跌了逾70%。 财务承压仍现金收购 康龙化成的现金收购资产公告，惹来争议。 近期，康龙化成公告称，为践行公司的"全流程、一体化、国际化、多疗法"的核心战略， ...

Core Viewpoint - Xinhecheng (002001) focuses on two main sectors: nutrition and health, and high polymer new materials, emphasizing an integrated, series, and collaborative development strategy [1] Group 1: Business Strategy - The company aims to leverage its advantages in "technology + resources + market" to achieve a series, scale, and high value-added layout [1] - Xinhecheng is committed to extending the industrial chain around its existing business segments, fostering synergistic effects with its current industries [1] Group 2: Research and Development - All segments of the company are advancing research and development projects, indicating a rich reserve of projects [1]

Financial Performance - Revenue for Q3 2025 reached RMB 3,645 million, a 9.1% increase QoQ and a 13.4% increase YoY [9] - Net profit attributable to shareholders for Q3 2025 was RMB 440 million, up 11.0% QoQ and 42.5% YoY [9] - Non-IFRS adjusted net profit for Q3 2025 was RMB 471 million, reflecting a 15.9% QoQ increase and a 12.9% YoY increase [9] Year-to-Date Performance - Total revenue for the first three quarters of 2025 was RMB 10,086 million, a 14.4% increase YoY [10] - Net profit attributable to shareholders for the first three quarters of 2025 was RMB 1,141 million, down 19.8% YoY [10] - Non-IFRS adjusted net profit for the first three quarters of 2025 was RMB 1,227 million, a 10.8% increase YoY [10] Order Growth and Client Performance - New orders increased by over 13% YoY, with growth accelerating compared to the first half of the year [10] - Revenue from top 20 pharmaceutical companies grew by 37.9% YoY [15] - Cash flow from operating activities was RMB 2,436 million, with free cash flow at RMB 536 million [10] Revenue Composition - Revenue breakdown for Q3 2025: - Small Molecules: 60% - CDMO: 23% - Clinical Research Services: 14% - Laboratory Services: 12% [12] - Revenue from North American clients grew by 11.9%, European clients by 23.2%, and Chinese clients by 16.1% [13] Cost and Expense Ratios - Selling and distribution expenses as a percentage of revenue remained stable at 2.2% [22] - R&D expenses as a percentage of revenue were 3.9% for the first three quarters of 2025 [25] - Net interest expenses as a percentage of revenue were 0.8% for the first three quarters of 2025 [29] Strategic Outlook - The company aims for a revenue growth target of 12-16% for the full year 2025 [35] - The strategic focus includes enhancing R&D and production efficiency while expanding market share [35]

Investment Rating - The investment rating for the company is "Buy" for both A and H shares, maintained from previous assessments [7]. Core Insights - The company has demonstrated steady performance with a revenue of 10.086 billion RMB and a non-IFRS adjusted net profit of 1.227 billion RMB for the first three quarters of 2025, reflecting year-on-year growth of 14.4% and 10.8% respectively [1]. - The company has raised its revenue growth guidance for 2025 from 10-15% to 12-16%, indicating strong confidence in its growth prospects [1]. - The acquisition of Wuxi Bai'ao is expected to enhance the company's integrated service capabilities and international reach, aligning with its strategic focus on a comprehensive, integrated, and multi-therapy approach [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a gross margin of 34.2%, an increase of 0.4 percentage points year-on-year, supported by scale effects and improved capacity utilization in its CMC business [1]. - The net cash flow from operating activities reached 2.436 billion RMB, marking a year-on-year increase of 37.6% [1]. - The company’s new order intake grew by over 13% year-on-year, with a notable acceleration in the third quarter [2]. Business Segments - The laboratory services segment, as the flagship business, generated 6.004 billion RMB in revenue, up 15.0% year-on-year, with new orders increasing by over 12% [2]. - The CMC segment reported revenue of 2.293 billion RMB, reflecting a year-on-year growth of 16.0%, with new orders increasing by approximately 20% [2]. - The clinical CRO segment achieved revenue of 1.440 billion RMB, up 10.3% year-on-year, while the large molecules and CGT segment saw revenue of 336 million RMB, an 8.1% increase [2]. Acquisition Details - The company plans to acquire 82.54% of Wuxi Bai'ao for approximately 1.346 billion RMB, which is positioned as a leading CRO in structural biology [3]. - The acquisition is expected to create strong synergies, leveraging Bai'ao's advanced capabilities in structural biology and protein preparation, enhancing the company's service offerings [4]. Profit Forecast and Valuation - The projected net profits for the company from 2025 to 2027 are 1.729 billion RMB, 2.105 billion RMB, and 2.529 billion RMB respectively, with slight upward adjustments from previous estimates [5]. - The company is assigned a PE ratio of 37x for A shares and 26x for H shares in 2026, with target prices set at 43.81 RMB and 33.69 HKD respectively [5].

Core Insights - The article emphasizes the transition of the public fund industry from scale expansion to quality enhancement, driven by the "Action Plan for Promoting High-Quality Development of Public Funds" [1] Group 1: Platform-Based Investment Research - Platform-based investment research aims to address the chaotic nature of retail investment by leveraging the strong research platforms built by fund companies, enhancing the effectiveness of investment performance [2] - The establishment of a unified data platform, knowledge base, and toolchain allows for the sharing of research reports, models, and risk control standards across the company, significantly improving research efficiency and investment performance [2] - The construction of a "research-investment-risk control" knowledge graph enables the reuse of research outcomes in core areas, enhancing risk control capabilities and creating a feedback loop that improves investment capabilities [2] Group 2: Integrated Research-Investment-Risk Control - The integrated system creates a feedback loop that connects research signals to investment decisions, performance feedback to research optimization, and risk control adjustments to investment strategies, addressing traditional disconnects between research, investment, and risk control [3] - Implementing an integrated reform is expected to significantly enhance the relevance of research, the effectiveness of investment strategies, and the monitoring of risk control [3] Group 3: Multi-Strategy Adaptability - The development of a diverse strategy library, including value, growth, event-driven, and quantitative hedging strategies, allows for dynamic adjustments to optimize risk and return in volatile market conditions [4] - Establishing cross-asset investment collaboration breaks down the research silos between equities and bonds, creating a research team focused on macro rates, credit cycles, and asset comparisons [4] - The combination of platform-based, integrated, and multi-strategy research systems will help fund companies build their core competitiveness and lay the foundation for high-quality development in the fund industry [4]

Core Insights - The recycling of steel materials in China is entering a period of rapid development, with the industry accelerating its transformation towards intelligent, integrated, and refined operations, which supports the green and low-carbon development of the steel industry [1] Group 1: Industry Development - As of the end of 2024, 910 enterprises will have entered the Ministry of Industry and Information Technology's list of approved steel processing companies, with an annual processing capacity of 180 million tons and an annual sales volume of approximately 110 million tons [1] - The technological and equipment levels in China's steel recycling industry have significantly improved, with advanced equipment such as large hydraulic scrap shears and metal crushing production lines being widely adopted [1] - The "integrated" development model is being actively promoted, connecting the entire industry chain from recycling, processing, and distribution to steel production, achieving efficient resource integration [1] Group 2: Future Projections - By 2025, China's total scrap steel resources are expected to reach 253 million tons, with approximately 210 million tons available for steelmaking; this figure is projected to increase to 282 million tons by 2030 [2] - Using scrap steel as a substitute for iron ore can save nearly 1.7 tons of iron ore, 350 kilograms of standard coal, and reduce carbon dioxide emissions by 1.6 tons for every ton of steel produced, highlighting its growing green value [2]

Core Viewpoint - Strengthening investment research capabilities is essential for public funds to implement the "investor-centric" philosophy and is fundamental to the industry's survival and development [1] Group 1: Investment Research System - The China Securities Regulatory Commission (CSRC) issued an action plan in May to enhance the core investment research capabilities of public funds, emphasizing the establishment of an evaluation index system for investment research capabilities [1] - The strategic deployment aims to address issues such as the disconnection between research and investment, as well as conflicts between investment and risk control, guiding the industry to reduce reliance on "star fund managers" and shift from individualistic approaches to systematic and team-based strategies [1] Group 2: Longsheng Fund's Approach - Longsheng Fund has a well-established investment research foundation and continuously upgrades its "platform-based, integrated, multi-strategy" investment research system, emphasizing collective decision-making to mitigate risks [1][2] - The company has developed a vertical system from teams to fund managers, along with a parallel system among fund managers of different styles, ensuring thorough discussions on investment targets, including market styles, industry patterns, competitive advantages, and shareholder structures [2] Group 3: Research and Decision-Making Mechanisms - Longsheng Fund has implemented a three-tiered fixed investment research discussion mechanism, including weekly report meetings, monthly simulated portfolio meetings, and quarterly investment committee meetings, to maintain information freshness and timely industry insights [3] - The company also conducts daily morning meetings and ad-hoc industry discussions to complete the loop from research output to investment conversion, effectively integrating team intelligence and covering a wide range of industries [3]

Group 1 - The core viewpoint of the article is the launch of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission, marking a new phase of reform and efficiency improvement in the public fund industry [1] - The public fund industry in China has seen significant growth, with assets under management increasing from 8 trillion yuan to 36 trillion yuan over the past decade, highlighting its importance in the capital market [2] - The industry is shifting focus from scale to investor returns, emphasizing the need for a systematic capability building that resonates with investors, industries, and market demands [2] Group 2 - The article discusses the establishment of a platform-based research and investment (R&I) system by companies like Harvest Fund, which has been in place since 2009, focusing on an "all-weather, multi-strategy" investment approach [2] - Harvest Fund has developed a comprehensive talent cultivation system, covering over 20 sub-industries, and has formed cross-industry research groups to enhance collaborative research efforts [3] - The company is leveraging digital tools and technologies, such as big data and machine learning, to create a standardized R&I data system that facilitates high-quality investment decision-making [3] Group 3 - Harvest Fund emphasizes deep fundamental research as a core aspect of its investment strategy, with significant holdings in manufacturing, information technology, and scientific research sectors, totaling over 220 billion yuan [4] - The company is focusing on strategic emerging industries such as semiconductors, artificial intelligence, and biomedicine, having conducted over 2,000 company research sessions in the past year [4] - The implementation of the "Action Plan" is expected to enhance the role of public funds in wealth management, capital market stability, and support for the real economy and national strategies [4] Group 4 - The future outlook for the public fund industry is positive, with expectations for the emergence of outstanding investment institutions and long-lasting firms [5]

Group 1 - The importance of high-quality development in the context of the new era is increasingly emphasized, with the Beijing Securities Regulatory Bureau guiding the launch of a series of activities aimed at promoting high-quality development in public funds [1] - The China Securities Regulatory Commission issued an action plan in May 2023, urging fund companies to enhance resource investment and shift from a "solo operation" model to a collaborative team approach in investment research [1][2] - As of July 2025, the net asset value of China's public funds reached 35.08 trillion yuan, marking a significant milestone, which necessitates the establishment of platform-based fund companies with professional division of labor and stable performance [3] Group 2 - Yin Hua Fund is responding to policy calls by implementing an "industrialization" strategy in investment, moving away from the star fund manager model to a modular capability approach [2] - The "Little Giant Plan" is being promoted within Yin Hua Fund's investment department to enhance the stability of fund managers' investment styles and improve the matching of fund manager styles with product styles [2] - Yin Hua Fund aims to focus on enhancing active management capabilities to create high-quality long-term returns for clients [3]