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港股通 公 司 1-3Q25 收 入 / 经 调 整 non-IFRS 归母净利 100.86/12.27 亿 元 （yoy+14.4%/+10.8%），其中 3Q25 收入/经调整 non-IFRS 归母净利 yoy+13.4%/+12.9%，qoq+9.1%/+15.9%，整体业绩保持稳健增长。公司 1-3Q25 毛利率 34.2%（yoy+0.4pct），规模效应及 CMC 业务产能利用率 提升助力毛利率稳中有升。公司 1-3Q25 经营活动现金流量净额 24.36 亿元 （yoy+37.6%），现金流水平进一步改善。公司 1-3Q25 新签订单金额同比 增长超 13%（较 1H25 继续提速），且公司将 25 年收入增速指引从 10-15% 上调至 12-16%，彰显发展信心。考虑行业需求积极回暖，叠加公司业务能 力持续提升，看好公司中长期成长性。公司 A、H 股均维持"买入"。 实验室服务及 CMC 服务板块领衔增长 公司四大业务板块齐头并进，势头良好：1）实验室服务：公司旗舰业务， 1-3Q25 收入 60.04 亿元（yoy+15.0%），1-3Q25 板块新签订单金额同增超 12%，3Q25 ...

Core Viewpoint - A recent incident of violence in a laboratory of Kanglong Chemical has raised concerns about the company's internal culture and management, coinciding with a disappointing earnings forecast that highlights declining profitability despite revenue growth [3][4][5]. Financial Performance - Kanglong Chemical's revenue forecast for the first half of 2025 is projected to be between 6.3 billion and 6.5 billion yuan, representing a year-on-year growth of 13% to 16%. However, net profit is expected to decline by 36% to 39%, amounting to 679 million to 713 million yuan [3][4]. - The company's revenue for 2023 was 11.538 billion yuan, a growth of 12.39%, marking the lowest growth rate since 2015 and the first time in nine years that growth fell below 20% [4]. - The forecast for 2024 indicates a further slowdown, with revenue growth expected to drop to single digits at 6.39%, and a significant decline in net profit by 26.8% [4]. Business Segments - Kanglong Chemical's CGT and large molecule business has been identified as a drag on overall performance, with revenue for this segment in 2024 expected to be 408 million yuan, a decline of 4%, while costs surged by 33% to 612 million yuan, resulting in a record loss of 204 million yuan [6]. - The company has been facing challenges in the CGT sector due to a slowdown in global drug development demand and increased competition, leading to downward pressure on service prices [6][7]. Market Dynamics - Domestic revenue from Chinese clients is projected to decline by 6.46% to 1.847 billion yuan, while revenue from North American clients is expected to grow by 6.11% to 7.853 billion yuan, indicating a disparity in performance across regions [8]. - The company is advised to enhance early-stage development collaborations and explore new service models to improve client retention and pricing power [8]. Shareholder Activity - Significant shareholder sell-offs have raised concerns, with major shareholders having reduced their holdings by 77.95 million shares since 2022, equivalent to 4.835 billion yuan, which is nearly three times the company's projected net profit for 2024 [9][10]. - The accelerated pace of share reduction and the loosening of concentrated shareholding structures may weaken governance and control within the company, potentially impacting strategic decision-making [10].