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公告之內容概不負責，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之任何損失承擔任何責任。 （股份代號：2359） 海外監管公告 本海外監管公告乃由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。 茲載列本公司在上海證券交易所網站刊登的以下資料中文全文，僅供參閱。 承董事會命 無錫藥明康德新藥開發股份有限公司 董事長 李革博士 香港，2026年3月23日 WUXI APPTEC CO., LTD. * 無錫藥明康德新藥開發股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 截至本公告日期，本公司董事會包括執行董事李革博士、陳民章博士、楊青博士及張朝暉先生； 非執行董事童小幪先生及吳亦兵博士；以及獨立非執行董事盧韶華女士、俞衛博士、張新博士、 詹智玲女士及冷雪松先生。 * 僅供識別 无锡药明康德新药开发股份有限公司 2025 年年度报告摘要 公司代码：603259 公司简称：药明康德 无锡药明康德新药开发股份有限公司 2025 年年度报告摘要 无锡药明康德新药开发股份有 ...

Core Viewpoint - Tianxing Medical is a leading domestic company in the field of sports medicine, focusing on minimally invasive surgical products and aiming for a public listing on the Hong Kong Stock Exchange after multiple attempts [3][4]. Company Overview - Tianxing Medical specializes in medical devices for sports medicine, with core products including implants and surgical equipment for arthroscopic surgeries [3]. - The company has established a presence in over 3,000 hospitals in China and exports to more than 50 countries [3]. Financial Performance - Revenue increased from 147 million RMB in 2022 to 327 million RMB in 2024, with a compound annual growth rate (CAGR) of 49.1% [25]. - In the first three quarters of 2025, revenue reached 273 million RMB, with a net profit of 89.9 million RMB [25]. Market Position - As of 2024, Tianxing Medical holds a 6.5% market share, ranking as the fourth largest sports medicine device provider in China and the largest domestic provider [3][4]. - The sports medicine market in China is projected to grow from 5.4 billion RMB in 2024 to 12.1 billion RMB by 2030, with a CAGR of 14.3% [35]. Product Development - The company has developed 62 registered products, the highest number among domestic sports medicine companies, including 27 Class III and 24 Class II medical devices [24]. - Tianxing Medical's products are characterized by innovative technologies, such as absorbable implants, which are priced significantly lower than foreign counterparts [23]. Competitive Landscape - The market is dominated by international giants, but the introduction of national procurement policies has reduced foreign market share from 80% to around 50%, creating opportunities for domestic manufacturers [35][36]. - The company is positioned to benefit from favorable policies that expedite product approvals and enhance reimbursement processes for domestic devices [36]. Future Prospects - Tianxing Medical is expanding its product line to include surgical robots and AI-driven rehabilitation systems, aiming to provide comprehensive treatment and recovery solutions [31][40]. - The company is also exploring regenerative medicine, indicating a strategic move towards a more integrated business model [31].

Group 1: Iran-U.S. Nuclear Negotiations - The second round of nuclear negotiations between Iran and the U.S. is set to take place in Geneva on the 17th, with Iranian Foreign Minister Zarif leading the Iranian delegation [2][5] - The talks will continue to be indirect, with Oman acting as a mediator, emphasizing the need for mutual understanding and consensus to reach an agreement that aligns with the interests of all parties involved [5][3] Group 2: U.S. Military Deployment - The U.S. Air Force has deployed 18 F-35A Lightning II fighter jets to the Middle East, marking one of the largest single deployments in recent months, reflecting the current military strategy due to tensions with Iran [6][8] Group 3: Chemical Industry Outlook for 2026 - The chemical sector has shown strong performance at the beginning of 2026, with increasing transaction volumes and institutional investment, alongside a steady rise in prices of mainstream chemical products [10] - Market analysts predict a "volatile upward trend with structural differentiation" for the chemical sector, with potential risks from international commodity market fluctuations and domestic production resumption rates affecting demand [11][12] - The chemical industry is expected to gradually recover from a low valuation and profit situation, driven by the elimination of outdated capacity and structural optimization [12][15] - Investment opportunities in the chemical sector include "tight balance" products like PX and PTA, as well as innovative products in semiconductor materials and new energy materials, which are seen as long-term growth drivers [15]

Core Viewpoint - WuXi AppTec has reported impressive financial results for 2025, exceeding market expectations and achieving record-high performance in the company's history [1] Group 1: Financial Performance - The company expects a revenue of approximately 45.46 billion yuan for 2025, representing a year-on-year growth of about 15.8%, with a 21.4% increase in revenue from continuing operations [1] - WuXi AppTec has raised its annual revenue guidance twice prior, with the latest target set between 43.5 billion and 44 billion yuan, and an adjusted growth rate for continuing operations set at 17%-18% [1] - The projected net profit attributable to shareholders is approximately 19.15 billion yuan, with an adjusted Non-IFRS net profit of about 14.96 billion yuan, reflecting a year-on-year growth of approximately 41.3% [1] Group 2: Business Strategy and Growth Drivers - The company's growth is attributed to its unique "integrated, end-to-end" CRDMO (Contract Research, Development, and Manufacturing) business model, which focuses on meeting customer needs and expanding capabilities [1] - Orders in the R&D segment have increased approximately twofold compared to 2018, driving a 17-fold increase in orders for development and manufacturing [2] - The company has divested non-core assets, including its cell and gene therapy businesses, to concentrate on its CRDMO model, which has shown positive results with a 21.4% growth in continuing operations revenue [2] Group 3: Shareholder Returns - WuXi AppTec plans to implement record-high dividends in 2025, with cash dividends and share buybacks totaling nearly 7 billion yuan, representing over 70% of the company's net profit attributable to shareholders for 2024 [2] - The anticipated dividends for 2025 may double compared to the previous year, supported by rapid revenue and profit growth [2]

Core Viewpoint - Kanglong Chemical announced its annual performance forecast, expecting a decrease in net profit attributable to shareholders for 2025, while projecting significant growth in net profit excluding non-recurring items [1] Financial Performance Summary - The company anticipates a net profit attributable to shareholders for 2025 to be between RMB 1614.02 million and RMB 1685.75 million, representing a year-on-year decrease of 6.00% to 10.00% [1] - The expected net profit excluding non-recurring items is projected to be between RMB 1506.76 million and RMB 1562.16 million, indicating a year-on-year increase of 36.00% to 41.00% [1] - Revenue for 2025 is expected to grow by 13% to 16% year-on-year [1] Quarterly Projections - For Q4 2025, the company estimates a revenue growth of 14.79% year-on-year and a net profit growth excluding non-recurring items of 54.09% [1] - Adjusted net profit under non-IFRS is expected to grow by 16.36% in Q4 2025 [1] Non-Recurring Items Impact - Non-recurring gains for the reporting period are estimated to be between RMB 110 million and RMB 130 million, a significant decrease from RMB 685.44 million in the same period last year [1] - The decline in non-recurring gains is expected to contribute to the overall decrease in net profit attributable to shareholders, despite strong performance in core business operations [1]

Core Viewpoint - WuXi AppTec (603259.SH) expects to achieve a net profit attributable to shareholders of approximately RMB 19.151 billion in 2025, representing a year-on-year growth of about 102.65% [1] Group 1: Business Model and Strategy - The company continues to focus on its unique "integrated, end-to-end" CRDMO (Contract Research, Development, and Manufacturing Organization) business model [1] - WuXi AppTec is committed to meeting customer demands for empowerment and is continuously expanding new capabilities and building new production capacity [1] - The company is dedicated to optimizing production processes and improving operational efficiency to drive steady business growth [1] Group 2: Commitment to Clients and Market Impact - WuXi AppTec aims to empower clients effectively and is committed to bringing more new and effective drugs to global patients [1]

Core Viewpoint - WuXi AppTec (603259.SH) expects to achieve a net profit attributable to shareholders of approximately RMB 19.151 billion in 2025, representing a year-on-year growth of about 102.65% [1] Group 1: Business Model and Strategy - The company continues to focus on its unique "integrated, end-to-end" CRDMO (Contract Research, Development, and Manufacturing Organization) business model [1] - It is committed to meeting customer demands for empowerment and is continuously expanding new capabilities and building new production capacity [1] - The company aims to optimize production processes and improve operational efficiency to drive steady business growth [1] Group 2: Commitment to Clients and Market - WuXi AppTec is dedicated to empowering clients efficiently and aims to bring more new and effective drugs to patients worldwide [1]

Group 1 - The company expects a revenue increase of approximately 15.84% for the fiscal year ending December 31, 2025, with projected revenue of about RMB 45,456.17 million [1] - The adjusted net profit attributable to shareholders is anticipated to be around RMB 14.957 billion, reflecting a year-on-year growth of approximately 41.33% [1] - The net profit attributable to shareholders is projected to reach approximately RMB 19.151 billion, representing a significant year-on-year increase of about 102.65% [1] Group 2 - The company continues to focus on its unique "integrated, end-to-end" CRDMO (Contract Research, Development, and Manufacturing) business model, enhancing capabilities and optimizing production processes to drive steady growth [2] - Non-recurring profit items impacting net profit include expected net gains of approximately RMB 4.161 billion from the sale of part of its stake in WuXi XDC Cayman Inc. and about RMB 1.434 billion from the sale of 100% stakes in two clinical research companies [2]

Core Insights - In 2025, the public fund industry achieved remarkable performance, with the average return rate of the top 20 funds reaching 141.87%, and the top fund achieving a record return of 233.29% [1] - Unlike previous years, the 2025 performance champion was notably low-key, with less emphasis on marketing and promotion by fund companies, indicating a shift towards a more systematic and refined operational approach in the industry [2] Group 1: Fund Performance and Manager Characteristics - The 2025 top-performing funds showcased a significant evolution in their investment research and management structure, moving towards a "platform-based, integrated, multi-strategy" research system [3] - The average tenure of fund managers in the top 20 funds was 4.66 years, the lowest in the past decade, indicating a trend towards younger managers with diverse professional backgrounds [4] - 95% of the fund managers in the top 20 had a master's degree or higher, with a notable presence of managers from science and engineering backgrounds, enhancing their ability to understand emerging sectors [4] Group 2: Investment Strategies and Trends - The investment style of top-performing funds shifted from "high-frequency trading" to a more "steady and in-depth" approach, with a median turnover rate of 309.49%, a decrease of over 30% from 2024 [4] - The top 20 funds concentrated their investments in industries such as electronics and communications, with significant returns driven by deep industry research rather than mere speculation [5][6] - The evolution of investment methodology reflects a transition from short-term market speculation to long-term value creation, with the median annualized excess return rate reaching 121.45%, a ten-year high [7][8] Group 3: Risk Management and Stability - The average Calmar ratio of the top 20 funds reached 5.3 in 2025, indicating a significant improvement in risk-adjusted returns compared to previous years [9] - The median annual profit percentage for these funds was 66.67%, an increase of 8.33 percentage points from 2024, showcasing enhanced stability in performance [9] - The overall investment approach has shifted towards a more refined and systematic strategy, focusing on quality factors for long-term growth while balancing risk and return [10] Group 4: Future Directions and Industry Evolution - The public fund industry is moving towards a more refined and systematic operation, with an emphasis on multi-strategy approaches and a focus on value creation [11][12] - The release of the "Action Plan for Promoting High-Quality Development of Public Funds" marks a significant turning point, indicating the arrival of a more tool-oriented era in public funds [12] - Fund companies are increasingly adopting diversified asset allocation strategies to mitigate market volatility and enhance long-term stability [13]

Core Viewpoint - The article emphasizes the need for a systematic approach to develop a "Core Competency and Equipment Configuration Reference List" for soil monitoring, aimed at supporting ecological environment departments and research institutions during the "14th Five-Year Plan" period [1][6]. Group 1: Policy and Strategic Framework - The Ministry of Ecology and Environment highlighted the importance of continuing pollution prevention efforts and optimizing ecosystems during the "14th Five-Year Plan" period, focusing on collaborative efforts in pollution reduction and environmental protection [2][3]. - The modernization and intelligence of the ecological monitoring system are deemed essential to meet the new goals set forth in the strategic framework [3]. Group 2: Technological Advancements in Soil Monitoring - The "Core Competency and Equipment Configuration Reference List" covers the entire process from sample drying, preparation, pre-treatment, to physical and chemical analysis, reflecting modern monitoring concepts of "intelligence, integration, and domestication" [6][7]. - The new laboratories will increasingly utilize robotics for tasks such as sample transportation and pre-treatment, indicating a significant shift towards automation in the industry [6]. Group 3: Equipment and Functional Overview - The reference list includes various advanced equipment such as: - Automatic soil samplers with environmental sensing and geographic information capabilities [6]. - Sample drying platforms that maintain a controlled environment to prevent cross-contamination [6][9]. - Fully automated soil sample preparation systems that streamline the entire process from sample entry to analysis [10]. - The integration of automated systems for tasks like pH measurement and organic matter analysis is expected to enhance efficiency and data consistency in soil monitoring [10][11]. Group 4: Future Implications - The shift towards intelligent and automated soil monitoring systems may significantly impact job roles and the workforce within the industry, raising questions about the future of certain positions [6].