□ 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]

Core Viewpoint - Aidi Kang Holdings (09860) has seen 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][1][1] Group 1: Acquisition Details - Aidi Kang Holdings announced a share purchase agreement with Miramar Lifesciences Limited and JSR Life Sciences, LLC to acquire 100% of Crown Bioscience International [1] - The acquisition is valued at USD 204 million and is expected to be completed after the trading period on November 13, 2025 [1][1] - Following the completion of the acquisition, Crown Bioscience will become a wholly-owned subsidiary of Aidi Kang Holdings [1] Group 2: Strategic Implications - The target company, Crown Bioscience, is a global Contract Research Organization (CRO) focused on advancing precision medicine in oncology, immuno-oncology, and other therapeutic areas [1] - Crown Bioscience collaborates with biotech and pharmaceutical companies to accelerate drug development through integrated preclinical, translational, and clinical biomarker services [1] - The board of Aidi Kang Holdings believes that this acquisition aligns with the group's development strategy to expand its product offerings and will provide long-term strategic benefits [1][1]

Core Insights - Eddycon Holdings announced the signing of a definitive share purchase agreement to acquire all issued shares of Crown Bioscience International for a base consideration of $204 million, which includes performance-based payments [1] - The transaction is expected to be completed by mid-2026, with adjustments based on customary post-closing conditions [1] - Crown Bioscience is a global contract research organization (CRO) focused on drug discovery, preclinical, and translational research, particularly in oncology and immuno-oncology [1] Company Strategy - The acquisition aims to leverage the growing demand for precision diagnostics in China and the global biopharmaceutical innovation trends, presenting dual growth opportunities for Eddycon [1] - Post-acquisition, Crown Bioscience will operate as an independent entity under Eddycon, maintaining its research leadership and global client relationships while utilizing Eddycon's resources for further development [1] Financial Details - The total purchase price of $204 million includes a one-time profit payment of up to $40 million and a second profit payment of up to $44 million, contingent on the target group's adjusted EBITDA [1]

Core Viewpoint - Eddiecon Holdings (09860.HK) announced the acquisition of 100% of the issued shares of Crown Bioscience International for a total purchase price of $204 million [1] Group 1: Acquisition Details - The buyer is Miramar Lifesciences Limited, a wholly-owned subsidiary of Eddiecon Holdings [1] - The seller is JSR Life Sciences, LLC, a company established under Delaware law [1] - The acquisition agreement was signed on November 13, 2025 [1] Group 2: Target Company Profile - Crown Bioscience International is a company registered in the Cayman Islands and wholly owned by the seller [1] - The target company operates as a global Contract Research Organization (CRO) [1] - Crown Bioscience focuses on advancing precision medicine in oncology, immuno-oncology, and other therapeutic areas [1] - The company collaborates with biotechnology and pharmaceutical companies to accelerate drug development through integrated preclinical, translational, and clinical biomarker services [1]

Core Viewpoint - 鼎泰药研 is seeking to list on the Hong Kong Stock Exchange to alleviate financial burdens and pursue transformation amidst a structural crisis [1] Financial Performance - Revenue from 2022 to 2024 remains stable at around 700 million RMB, with figures of 725 million, 767 million, and 713 million respectively [2] - Net profit has deteriorated significantly, with a profit of 143 million RMB in 2022 turning into a loss of 51.946 million RMB in 2023, and further losses of 252 million RMB in 2024, totaling over 300 million RMB in losses over two years [2] Key Assets and Cash Flow - The company owns over 20,000 experimental monkeys, a core resource for non-clinical CRO research, but high procurement costs have led to negative cash flow [3] - The price of experimental monkeys peaked at 200,000 RMB each, leading to substantial investments that have drained cash flow, resulting in negative cash flows of 66 million, 252 million, and 161 million RMB for 2023, 2024, and the first half of 2025 respectively [3] - The fair value fluctuations of these monkeys have contributed to losses of 17 million and 58 million RMB in 2023 and 2024 respectively [3] Debt and Liquidity Issues - The company faces a significant redemption liability of 2.727 billion RMB, which could be triggered if it fails to complete a qualified listing [4] - Losses from the changes in the redemption liability's book value reached 196 million and 206 million RMB in 2023 and 2024 respectively, contributing to overall net losses [4] - As of June 30, 2025, the company has a substantial liquidity gap of 1.956 billion RMB, with current liabilities totaling 3.534 billion RMB against current assets of only 1.578 billion RMB [4] Competitive Position and Strategic Plans - Compared to industry leaders, 鼎泰药研's scale is significantly smaller, with a revenue of 713 million RMB in 2024 compared to WuXi AppTec's nearly 40 billion RMB [5] - The company is expanding its clinical trial services to enhance its business chain, but this segment has lower profit margins, leading to a decline in overall gross margin from 48.4% in 2022 to 38.9% in the first half of 2025 [5] - The company plans to use funds from its H-share IPO for capacity expansion, facility upgrades, and to strengthen its new methods platform, while also seeking acquisitions to fill gaps in its business chain [5]

Core Viewpoint - Jiangsu Dingtai Pharmaceutical Research (Dingtai) is seeking an IPO on the Hong Kong Stock Exchange after delisting from the New Third Board, facing significant financial challenges including ongoing losses and high redemption liabilities [1][4]. Financial Performance - Dingtai's revenue has remained stable, with figures of 725 million yuan, 767 million yuan, and 713 million yuan for 2022, 2023, and 2024 respectively [2]. - Despite stable revenue, Dingtai reported net losses of 519.46 million yuan in 2023 and 2.52 billion yuan in 2024, totaling approximately 3 billion yuan in losses over two years [2][5]. - The company’s cash flow has been under pressure, with negative cash flows reported for 2023, 2024, and the first half of 2025, amounting to outflows of 66 million yuan, 252 million yuan, and 161 million yuan respectively [5]. Key Variables Affecting Performance - The price of experimental monkeys, a critical resource for preclinical research, has significantly impacted Dingtai's financial performance. Prices peaked at 200,000 yuan per monkey before dropping to around 100,000 yuan [2][3]. - Dingtai owns over 20,000 experimental monkeys, ranking third in China, which incurs high maintenance costs despite the price drop [2][3]. Redemption Liabilities - Dingtai faces substantial redemption liabilities amounting to 2.727 billion yuan, which poses a structural risk if the IPO does not succeed [1][4]. - The company has a total current liability of 3.534 billion yuan against current assets of only 1.578 billion yuan, indicating a liquidity gap [4]. Market Position and Competition - Dingtai ranks first in the cardiovascular and metabolic disease preclinical CRO market in mainland China and third in efficacy research [7]. - However, Dingtai's revenue is significantly lower than leading CRO firms, with a projected revenue of only 713 million yuan in 2024 compared to WuXi AppTec's nearly 40 billion yuan [7]. - The company is attempting to expand its service offerings into clinical trial services, which have lower profit margins, contributing to a decline in gross margin from 48.4% in 2022 to 38.9% in the first half of 2025 [8]. Challenges in Business Development - Dingtai's transition to a more comprehensive service model faces challenges due to the need for specialized talent and complex regulatory requirements in clinical trial services [8]. - The CRO industry is experiencing deep differentiation, with a widening gap between niche leaders and integrated platform companies, making it difficult for Dingtai to scale effectively [8].

Core Viewpoint - Jiangsu Dingtai Pharmaceutical Research (Group) Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, aiming to list on the main board [1]. Company Overview - Established in 2008, Dingtai Pharmaceutical Research is a contract research organization (CRO) providing integrated solutions based on disease biology for global pharmaceutical companies and research institutions. The company is headquartered in Nanjing and has facilities in Kunming, Shanghai, Wenchang, and Pennsylvania, USA [2]. - The company specializes in "non-clinical research + clinical trials" end-to-end outsourcing, covering the entire process from drug discovery to NDA submission [2]. Market Position - According to Frost & Sullivan, Dingtai ranks first in the non-clinical CRO market for cardiovascular and metabolic diseases in mainland China by revenue in 2024. It ranks third in the efficacy research field and has one of the largest non-human primate (NHP) disease model libraries in the country, with a population of over 20,000 [4]. - The company has extensive project experience in various advanced therapies, including oligonucleotide therapies, monoclonal and bispecific antibodies, antibody-drug conjugates (ADCs), and cell gene therapy (CGT) [4]. - Dingtai has provided non-clinical services to over 700 clients and clinical services to over 130 clients, assisting in obtaining more than 200 approvals from the National Medical Products Administration (NMPA) and over 40 approvals from overseas regulatory bodies [4]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was RMB 725 million, RMB 767 million, RMB 713 million, and RMB 377 million, respectively. The corresponding net profits were RMB 143 million, a loss of RMB 52 million, a loss of RMB 252 million, and a profit of RMB 65 million, resulting in a total loss of RMB 96 million over three and a half years [5]. - The gross profit margin decreased from 48.4% to 30%, primarily due to an increase in the proportion of low-margin clinical trials [5]. Cash Flow and Liquidity - In 2022, the company had a net cash inflow from operating activities of RMB 254 million, but in 2023 and 2024, it experienced outflows of RMB 66 million and RMB 252 million, respectively, mainly due to significant NHP purchases to expand its population [8]. - As of the end of June 2025, the company had cash and cash equivalents of RMB 419 million [8].