五、关于本次发行上市及"全流通"：(1)请按照《监管规则适用指引——境外发行上市类第2号》的要 求，说明本次发行上市方案，备案材料及招股说明书关于发行上市方案内容不一致的原因;(2)请说明本 次拟参与"全流通"股东所持股份是否存在被质押、冻结或其他权利瑕疵的情形。 六、请说明你公司前期在全国股转系统挂牌的详细情况及终止挂牌原因，前期进行A股上市辅导备案的 详细情况，是否继续推进A股上市计划及具体安排，是否存在对本次发行上市产生重大影响的情形。 二、关于股东情况：(1)请说明最近12个月内新增股东入股价格的合理性，该等入股价格之间存在差异 的原因，并就是否存在利益输送出具明确结论性意见;(2)请说明4名通过股转系统交易方式取得你公司股 票的股东其所持股份是否存在被质押、冻结或其他权利瑕疵的情形。 三、请说明你公司及下属公司经营范围包含"医学研究和试验发展;人体基因诊断与治疗技术开发;细胞技 术研发和应用;国家重点保护陆生野生动物人工繁育;驯养繁殖国家重点保护野生动物;畜禽养殖"的具体 情况，是否实际开展相关业务及具体运营情况，是否已取得必要的资质许可，经营范围及实际业务是否 涉及外商投资准入限制或禁止领域及相关 ...

2025年，美迪西进一步深化客户服务，助力多项IND在中美等地获批临床，覆盖siRNA、ADC、 GLP1、活菌生物药及创新中药等多个前沿领域。其中，为纳安生物ADC药物实现中美澳"三报"，凸显 了其跨区域注册申报的综合能力。公司累计赋能数十个ADC项目完成临床前研究，其中多项获 NMPA/FDA批准进入临床，在核酸、PROTAC、细胞治疗等新兴领域持续构建专业口碑。 2025年初，英矽智能授予美迪西DMPK团队2024年度"团队卓越表现奖"，作为英矽智能长期合作的临床 前研发服务商，美迪西在AI制药浪潮中扮演着关键赋能角色，其"AI+CRO"协同模式正在重新定义新药 研发的效率和边界。 AI与CRO深度融合推动新药研发范式变革 在英矽智能多个肿瘤项目的PK研究、IND申报及NonGLP安全性评价中，美迪西团队以高效、稳定的交 付能力，助力AI发现的分子快速走向临床。尤其是在紧急任务中展现的响应速度与数据质量，使英矽 智能得以维持其"快速发现、快速验证"的AI研发节奏。 这种合作不仅是服务采购，更是技术流程的深度融合。英矽智能依托其Pharma.AI平台，在靶点发现、 分子生成等前端环节实现突破；而美迪西则在 ...

Core Viewpoint - Shanghai Yinos Biotechnology Co., Ltd. has been awarded the "2025 Most Socially Responsible Listed Company Award" for its outstanding practices in social responsibility and professional service capabilities, highlighting its deep accumulation and core value in the CRO professional segment [1][3] Company Overview - Yinos is a comprehensive R&D service (CRO) company specializing in non-clinical research services for biomedicine, adhering to the core values of "science-led, quality-first, integrity, and win-win cooperation" [3] - The company focuses on major national biomedicine development needs and plays a significant role in drug evaluation services, contributing to the high-quality development of the biomedicine industry [3] Business Performance - In Q3 2025, Yinos achieved operating revenue of 195 million yuan, a quarter-on-quarter increase of 17.71%, maintaining a steady growth trend [4] - The company saw a 29.37% year-on-year increase in new order amounts, with significant growth in new drug clinical trial applications (IND) and new drug marketing applications (NDA), which rose by 30.71% and 23.06% respectively [4] Market Position and Strategy - Yinos is positioned as a leading enterprise in the CRO industry, benefiting from a high-growth cycle and possessing technical advantages that meet high-end demand across the entire service chain [4] - The company has established a non-clinical drug metabolism platform compliant with ICH, FDA, and NMPA standards, enhancing its capabilities in radiolabeled isotopes and imaging evaluation research [4] Innovation and International Expansion - Yinos is continuously advancing frontier technologies, particularly in small nucleic acid drugs and CAR-T cell therapy, establishing a comprehensive technical service matrix [5][6] - The company has expanded its international market presence, with significant growth in new order amounts from overseas, enhancing its brand influence and recognition [6] Future Outlook - The award received is not only a recognition of past achievements but also an expectation for future development, as CRO companies play an increasingly important role in new drug development [6] - Yinos aims to leverage this award to strengthen its professional advantages while actively fulfilling social responsibilities, contributing to the high-quality development of China's biomedicine industry [6]

Fortrea Holdings (NasdaqGS:FTRE) FY 2025 Conference December 02, 2025 01:00 PM ET Company ParticipantsJill McConnell - CFOAnshul Thakral - CEOConference Call ParticipantsNone - Analyst 2None - Analyst 1Patrick Donnelly - AnalystPatrick DonnellyAll right. We can look to get started. Thank you for joining us. I'm Patrick Donnelly, the tools diagnostics CRO analyst here at Citi. Happy to have Anshul and Jill with us from Fortrea, and we can just dive in. Anshul, I guess to start, 3Q obviously saw a nice bounce ...

Fortrea Holdings (NasdaqGS:FTRE) FY 2025 Conference December 02, 2025 01:00 PM ET Company ParticipantsJill McConnell - CFOAnshul Thakral - CEOConference Call ParticipantsNone - Analyst 2None - Analyst 1Patrick Donnelly - AnalystPatrick DonnellyAll right. We can look to get started. Thank you for joining us. I'm Patrick Donnelly, the tools diagnostics CRO analyst here at Citi. Happy to have Anshul and Jill with us from Fortrea, and we can just dive in. Anshul, I guess to start, 3Q obviously saw a nice bounce ...

Financial Data and Key Metrics Changes - The company reported a book-to-bill ratio of 1.13 times in Q3, indicating a recovery from Q2 [3] - The management highlighted a significant improvement in cash flow and a reduction in debt, having paid down approximately $77 million of senior secured notes [38][39] Business Line Data and Key Metrics Changes - The company has seen an increase in RFP volumes, particularly from new clients across various phases of clinical trials, including small biotech and large pharma [5][6] - The phase one business has continued to grow, contributing positively to the overall performance [50] Market Data and Key Metrics Changes - The biotech funding environment is showing signs of improvement, although it has not yet returned to the levels seen in 2018 and 2019 [12] - The company has not experienced significant cancellations, maintaining a consistent cancellation rate in line with historical norms [85][86] Company Strategy and Development Direction - The company is focusing on operational excellence, project management, and financial discipline to enhance profitability and growth [20][21] - A bespoke go-to-market strategy is being implemented to better serve biotech clients, emphasizing the right resource allocation and project-level profitability [10][11][72] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the market, noting a return to growth and improved customer sentiment following a leadership transition [2][3] - The company is committed to continuous improvement in project management and operational efficiency, with a focus on long-term growth [20][21][72] Other Important Information - The company has set a revenue guidance of $2.7-$2.75 billion for the year, with a focus on maintaining margins despite the impact of pass-throughs [58][60] - Cost-saving initiatives are on track, with a target of $150 million in gross savings, of which a portion is being reinvested in employee development [52][53] Q&A Session Summary Question: How does the company view the current debt situation? - The company has focused on debt repayment since the spin-off, successfully reducing debt by approximately 30% and continuing to prioritize debt pay down alongside targeted investments for growth [38][39][44] Question: What is the company's approach to pricing in the competitive landscape? - The company has chosen not to engage in aggressive pricing strategies, focusing instead on maintaining healthy margins and project profitability [30][31][32] Question: How does the company plan to manage operational changes moving forward? - Management emphasized the importance of project-level profitability and the need for the right systems and processes to manage projects effectively [72][73][74] Question: What is the outlook for cancellations in the industry? - The company has maintained a consistent cancellation rate, with no significant deviations from historical norms, unlike some competitors facing higher cancellation rates due to specific market exposures [85][86] Question: How is the company responding to the evolving pharma landscape? - Management noted a shift in customer willingness to move forward with trials, indicating a more stable operating environment following recent policy changes [87][89]

□ 本报记者杨易臻 一种药物从最初的靶点确认到最后的成功上市，要经历漫长的研发过程。在当今精细化的医药分工中， CRO(合同研究组织)企业为医药企业、科研机构的药物研发提供专业外包服务。假若把一家创新药企比 作一家"大饭店"，那么CRO企业的任务就是根据饭店老板的需求协助研发"新菜品"。 成立于2020年6月的南京科默生物医药有限公司(简称"科默医药")，正是一家CRO企业。短短5年，科默 医药迅速扩张至500余人，完成数亿元融资。该公司2023年成为"江苏潜在独角兽企业"，今年进入"科创 未来之星"企业行列。近日，记者走进科默医药，了解其在全链条新药研发赛道上的发展路径。 把握"风口"努力消除行业弊端 记者走进科默医药的实验室，第一印象是"满"。600多台高端分析仪器日夜运转，数百名身穿白大褂的 研发人员在实验台前忙碌。 企业创始人张孝清博士，毕业于南京医科大学，此后留校任教，在管理医药研发平台、开发候选药物研 究、建立新药研发合作等方面具有20余年的丰富经验。他曾创立南京华威医药科技集团有限公司，在华 威医药与新疆百花村股份有限公司进行重大资产重组上市后，又创办科默医药。 这个二次创业项目，既在于把握政策 ...

Summary of Charles River Laboratories Conference Call Company Overview - **Company**: Charles River Laboratories (NYSE: CRL) - **Industry**: Contract Research Organizations (CROs) Key Points Demand Environment - The company reported a net book-to-bill ratio of 0.82, unchanged from Q2, primarily due to a lull in biotech during Q3 [4][5] - There has been an improvement in bookings in biotech over the last few months, indicating a positive trend moving into the fall and winter [4][5] - Proposal volume in both biotech and global segments has been strong, providing confidence for future quarters [4] Pricing Strategy - Charles River holds approximately 30% market share in the safety assessment market, with competitors significantly smaller [7] - The company is strategically using pricing to maintain market share and attract new clients, especially in a softer demand environment [8][9] - Pricing has stabilized, with no significant headwinds anticipated in the safety assessment business [10] Discovery Services - Discovery services represent about 10% of the DSA segment and have been soft due to tight biotech funding [11] - The company expects a rebound in discovery services as biotech funding improves [11] Sales Strategy - The DSA business operates holistically, allowing for better utilization of resources and maximizing client wallet share [14][15] - The sales strategy is not heavily dependent on pull-through from discovery services due to the small size of the discovery segment [13] China Market Dynamics - About 30% of all programs are now in-licensed from China, which poses minimal preclinical work for Charles River [18] - The company is monitoring the trend of drug discovery moving to China and the competitive landscape with local providers [19][20] - Charles River is interested in both servicing Western companies and the domestic Chinese market, but is cautious due to geopolitical pressures [21] Non-Human Primate (NHP) Market - NHP shipments were pulled forward from Q4 to Q3, with stable supply chains established [22][23] - The company has closed investigations by the DOJ and SEC, indicating no concerns regarding animal welfare [24] Research Models Segment - North America has seen a decline in research model volumes, primarily driven by the biotech segment, while Europe and China have held up better [28][30] - The company believes that research model volumes will rebound with improved biotech funding [30] Cost-Saving Initiatives - Charles River announced an additional $70 million in cost savings, building on a previous $225 million initiative [31] - Cost-saving measures include site consolidations, efficiency improvements in G&A, and digital automation [31] Acquisition Strategy - The company has a clear roadmap for acquisitions, focusing on core business areas to enhance client wallet share, particularly in bioanalytical services and potential opportunities in China [36] Additional Insights - The company is committed to refining its service portfolio to remain competitive [12] - The strategic review may lead to share repurchases or acquisitions, depending on market conditions [34][36]

Core Insights - The acquisition of 100% equity in Guankao Biotechnology by Aidi Kang for $204 million marks a strategic shift from a single diagnostic service provider to a global integrated laboratory service platform [2][4] - This transaction reflects an accelerated capital consolidation trend in the CRO sector in 2024, indicating a new industry landscape [2][4] Transaction Structure - The deal employs an Earn-out payment model, with an initial payment of $120 million and a contingent payment of $84 million based on future performance metrics [3] - Specific performance targets include an adjusted EBITDA of $18.9 million by 2025 and $26 million by 2027, with penalties for underperformance [3] Industry Trends - The CRO market has seen significant growth, with global market size increasing from $58.2 billion in 2019 to $84.7 billion in 2023, and projected to exceed $93.5 billion by 2025 [6] - The Chinese CRO market has experienced even faster growth, with a compound annual growth rate of 19.35% from 2019 to 2023 [6] Strategic Implications - The acquisition allows Aidi Kang to transition from a medical testing service provider to a participant in new drug development, enhancing its service offerings [4][7] - The deal is expected to contribute approximately 28% to Aidi Kang's total revenue, significantly optimizing its business structure [7] Market Dynamics - The increasing costs of innovative drug development have led pharmaceutical companies to outsource R&D, creating stable demand for CRO services [6] - The current market conditions present a unique opportunity for capital to acquire undervalued CRO assets, potentially leading to significant returns once the market rebounds [6] Competitive Landscape - The trend of traditional medical service providers extending into the drug development value chain is evident, with international examples such as LabCorp's acquisition of Covance [7] - Aidi Kang's acquisition positions it to expand its global footprint and enhance its competitive edge in the biopharmaceutical innovation and precision testing sectors [8]

Core Viewpoint - Eddiecon Holdings (09860) experienced a significant stock price increase of 7.59%, reaching HKD 7.51, following the announcement of a strategic acquisition of Crown Bioscience International for USD 204 million, which aligns with the company's growth strategy in expanding its product portfolio [1] Group 1: Acquisition Details - The acquisition agreement was established between Miramar Lifesciences Limited (a wholly-owned subsidiary of the buyer) and JSR Life Sciences, LLC, concerning the purchase of 100% of the issued shares of Crown Bioscience International [1] - Upon completion of the transaction, Crown Bioscience will become a wholly-owned subsidiary of Miramar Lifesciences Limited [1] Group 2: Target Company Profile - Crown Bioscience International is a global Contract Research Organization (CRO) focused on advancing precision medicine in oncology, immuno-oncology, and other therapeutic areas [1] - The target company collaborates with biotechnology and pharmaceutical companies to accelerate drug development through integrated preclinical, translational, and clinical biomarker services [1] Group 3: Strategic Rationale - The board of directors believes that the acquisition aligns with the company's development strategy to expand its product offerings and will provide long-term and strategic benefits [1]