2025年9月25日，由于市场环境变化，投资基金全体合伙人一致决议对投资基金财产进行清算。投资基 金尚无已完成交割的投资项目。截至本公告披露日，药明一期对投资基金实缴出资人民币2.4亿元。药 明一期预计将收回投资本金2.4亿元及相关利息收益。 药明康德(02359)公布，2023年10月20日，公司全资子企业无锡药明康德一期投资企业(有限合伙)(以下 简称"药明一期")与上海华平私募基金管理有限公司及其他合伙人签署有限合伙协议，约定由药明一期 认缴华平大健康产业投资(无锡宜兴)合伙企业(有限合伙)(以下简称"投资基金")不超过6亿元人民币的投 资基金份额。 ...

2025 年 9 月 25 日，由于市场环境变化，投资基金全体合伙人一致决议对投资基金财产进行清算。投资 基金尚无已完成交割的投资项目。截至本公告披露日，药明一期对投资基金实缴出资人民币2.4亿元。 药明一期预计将收回投资本金2.4亿元及相关利息收益。 智通财经APP讯，药明康德(02359)公布，2023 年 10 月 20 日，公司全资子企业无锡药明康德一期投资 企业(有限合伙)(以下简称"药明一期")与上海华平私募基金管理有限公司及其他合伙人签署有限合伙协 议，约定由药明一期认缴华平大健康产业投资(无锡宜兴)合伙企业(有限合伙)(以下简称"投资基金")不超 过6亿元人民币的投资基金份额。 ...

Investment Rating - The report gives a "Buy" rating for the company, 康龙化成, for the first time [1][9]. Core Views - 康龙化成 is positioned as a leading global drug research and development enterprise with a comprehensive, integrated, international, and multi-therapy approach. The company is expected to experience significant growth across its various service segments, including laboratory services, small molecule CDMO, clinical CRO, and large molecule and cell gene therapy services [6][8][9]. Financial Summary - Total revenue projections for 康龙化成 are as follows: - 2024: 12,276 million CNY - 2025: 13,816 million CNY - 2026: 15,688 million CNY - 2027: 17,879 million CNY - The expected growth rates are 6.4% for 2024, 12.5% for 2025, 13.5% for 2026, and 14.0% for 2027 [2]. - Net profit attributable to shareholders is projected to be: - 2024: 1,793 million CNY - 2025: 1,689 million CNY - 2026: 1,959 million CNY - 2027: 2,257 million CNY - The expected growth rates for net profit are 12.0% for 2024, -5.8% for 2025, 15.9% for 2026, and 15.2% for 2027 [2]. Business Segments Laboratory Services - Laboratory services are the most competitive segment for 康龙化成, contributing significantly to revenue and profit. In 2024, this segment is expected to generate revenue of 70.47 billion CNY, accounting for 57.4% of total revenue [23]. - The segment has shown a compound annual growth rate (CAGR) of 24.25% in revenue from 2015 to 2024 [23][26]. CMC (Small Molecule CDMO) Services - The CMC segment is entering a commercialization phase, with revenue expected to reach 29.89 billion CNY in 2024, representing 24% of total revenue [45]. - The company has established four FDA-approved production bases in China, the UK, and the US, enhancing its capacity for global clients [49][53]. Clinical CRO Services - The clinical CRO segment is expected to generate revenue of 18.26 billion CNY in 2024, accounting for 14.87% of total revenue [63]. - The company has built a comprehensive clinical CRO service platform across China, the US, and the UK, which is anticipated to enhance efficiency and profitability [66]. Large Molecule and Cell Gene Therapy Services - The company is rapidly advancing in large molecule and cell gene therapy services, with expectations of approximately 10% revenue growth over the next three years [6][20]. Valuation and Price Target - The target price for 康龙化成 is set at 47.73 CNY based on a 40x PE ratio for 2026 adjusted net profit. The corresponding target price for the Hong Kong market is 39.34 HKD based on a 30x PE ratio [2][9].

Core Viewpoint - The article emphasizes that Kanglong Chemical has established itself as a leading global drug research and development service enterprise, with significant growth potential across its various service segments, including laboratory services, small molecule CDMO, clinical CRO, and large molecule and cell gene therapy services [3][4][5]. Group 1: Laboratory Services - The laboratory services segment is the most competitive and currently the primary source of revenue and profit for the company, with expectations for rapid growth driven by competitive advantages in compound design and synthesis [3]. - The biological science services are anticipated to leverage the existing customer base from laboratory chemistry services, leading to sustained high growth in both customer numbers and performance [3]. Group 2: CMC (Small Molecule CDMO) Services - The CMC services are expected to experience rapid growth due to a burgeoning client base and the successful conversion of commercial orders, with a significant increase in the proportion of process validation and commercial orders expected by the first half of 2025 [4]. - The company has established four FDA-approved API commercial production bases across China, the UK, and the US, enabling it to provide innovative drug raw material production solutions globally [4]. Group 3: Clinical CRO Services - The company has completed the establishment of an integrated global clinical CRO service platform, which is expected to enhance efficiency and profitability as industry conditions improve [4]. - The synergy between clinical CRO, preclinical CRO, and CDMO services is anticipated to strengthen further, contributing to accelerated performance [4]. Group 4: Large Molecule and Cell Gene Therapy Services - The company is rapidly advancing its capabilities in large molecule and cell gene therapy services through external resource integration and personnel recruitment, with projected revenue growth of around 10% over the next three years [5]. - This segment is expected to gradually reduce losses, opening up greater long-term growth opportunities for the company [5]. Group 5: Investment Recommendations - The projected net profits for the company from 2025 to 2027 are estimated at 1.689 billion, 1.959 billion, and 2.257 billion yuan, with adjusted net profits of 1.750 billion, 2.122 billion, and 2.438 billion yuan, reflecting year-on-year growth rates of 8.9%, 21.2%, and 14.9% respectively [5]. - The current stock price corresponds to PE ratios of 36, 31, and 27 for 2025-2027, with a recommendation for a higher valuation level based on the company's growth prospects and competitive advantages in the CXO industry [5].

Core Viewpoint - The recent surge in Via Biotechnology's stock price reflects growing confidence in the AI drug development sector, with significant contracts being signed and a shift from conceptual to practical applications of AI in pharmaceuticals [1] Company Summary - Via Biotechnology's stock rose over 5%, currently trading at 2.59 HKD with a transaction volume of 20.26 million HKD [1] - The company has been involved in AI drug development for five years, with AI-related orders now accounting for 12% of new contracts, showing a growth trend [1] - Via Biotechnology's CRO business focuses on early-stage drug discovery, integrating AI to enhance research efficiency and success rates [1] - The AIDD platform has participated in the development of 175 projects, with AI-enabled CRO services contributing 10% to total revenue [1] Industry Summary - GF Securities reports a recent increase in global AI drug development contracts, indicating a clearer recognition of the strategic value of AI in pharmaceuticals by major companies [1] - The industry is transitioning from the conceptual phase of AI drug development to tangible applications and platform integration [1] - The trend of accelerated development in the AIDD sector is expected to become more pronounced by mid-next year [1]

Group 1 - The core viewpoint of the news is that Tiger Med has seen a significant increase in its stock price, rising by 5.17% to reach 60.79 CNY per share, with a total market capitalization of 52.342 billion CNY [1] - Tiger Med, established on December 15, 2004, and listed on August 17, 2012, specializes in providing professional clinical research services for pharmaceutical and health-related products, covering a range of services from Phase I to IV clinical trials [1] - The company's main revenue sources include clinical trial-related services and laboratory services, accounting for 52.60%, clinical trial technical services at 45.21%, and other supplementary services at 2.19% [1] Group 2 - Morgan Fund has a significant holding in Tiger Med, with the Morgan CSI Innovative Drug Industry ETF (560900) reducing its stake by 3,000 shares in the second quarter, now holding 18,100 shares, which represents 2.76% of the fund's net value [2] - The Morgan CSI Innovative Drug Industry ETF has a total scale of 34.9084 million CNY and has achieved a year-to-date return of 36.18%, ranking 1270 out of 4220 in its category [2] - The fund manager, Mao Shichao, has been in charge for 5 years and 140 days, with the best fund return during his tenure being 56.22% and the worst being -24.75% [3]

Group 1 - The report details a fatal incident that occurred on June 3 at the Kanglong Chemical (Beijing) New Drug Technology Co., resulting in the deaths of two employees due to asphyxiation [1] - The incident involved a project for an innovative drug DT-818, which is in the IND approval stage and is sensitive to oxygen, requiring strict control of oxygen levels during production [1] - The two deceased employees had significant tenure at the company, with one having worked there for 6 years and the other for 8 years [1] Group 2 - The investigation identified nine responsible individuals, recommending fines based on their level of responsibility, with the main responsible person facing a penalty of 40% of their annual income [2] - Specific recommendations for fines include the China Regional Production Vice President facing a penalty between 20% and 50% of their annual income [2] - The report highlights a lack of adherence to safety protocols by the deceased employees, which contributed to the incident [1][2]

Group 1 - The core viewpoint of the news is that普蕊斯 experienced a decline in stock price, dropping by 5.02% to 51.10 CNY per share, with a trading volume of 169 million CNY and a turnover rate of 4.27%, resulting in a total market capitalization of 4.037 billion CNY [1] - 普蕊斯 is a pharmaceutical technology development company established on February 22, 2013, and listed on May 17, 2022, with its main business involving technology development, transfer, consulting, and services in the pharmaceutical field, generating 100% of its revenue from services [1] -融通基金's融通健康产业灵活配置混合A/B fund increased its holdings in普蕊斯 by 100,000 shares in the second quarter, bringing its total to 1 million shares, which represents 1.33% of the circulating shares, with an estimated floating loss of approximately 2.7 million CNY as of the report date [2] Group 2 - The融通健康产业灵活配置混合A/B fund, managed by万民远, has a total asset size of 5.629 billion CNY, with a best fund return of 160.26% and a worst return of -15.45% during his tenure of nearly 10 years [3]

Summary of Key Points Core Viewpoint - Four companies are set to present their IPO applications at the upcoming listing committee meetings of the Shenzhen Stock Exchange, Shanghai Stock Exchange, and Beijing Stock Exchange, indicating a robust pipeline of new listings in the market [1]. Group 1: Upcoming IPOs - Yuan Chuang Co., Ltd. plans to list on the Shenzhen Main Board, focusing on the research, production, and sales of rubber track products [3]. - Xin Guang Yi intends to list on the ChiNext Board, specializing in high-performance special functional materials, including anti-adhesion special films and strong resistance special films [4]. - You Xun Co., Ltd. and Bai Ao Sai Tu are both targeting the Sci-Tech Innovation Board (STAR Market) for their IPOs, with You Xun focusing on optical communication front-end transceiver chips and Bai Ao Sai Tu providing innovative model animals and preclinical pharmaceutical research services based on self-developed gene editing technology [5]. Group 2: Fundraising Details - Bai Ao Sai Tu is expected to raise the highest amount of 1.185 billion yuan, with funds allocated for early drug research service platform construction, working capital, and various R&D projects [1]. - You Xun plans to raise 808 million yuan, while Xin Guang Yi aims for 638 million yuan in their respective fundraising efforts [1]. - The geographical distribution of the upcoming IPOs includes one company each from Beijing, Fujian, Jiangsu, and Zhejiang provinces [1]. Group 3: Underwriting Institutions - You Xun and Xin Guang Yi are both backed by CITIC Securities as their underwriting institution [2]. - Bai Ao Sai Tu is sponsored by China International Capital Corporation (CICC), while Yuan Chuang is underwritten by Guotai Junan Securities [5].

Core Insights - The establishment of the Boston R&D Center marks a significant milestone in the global strategic layout of the company, enhancing its international collaboration and innovation capabilities in drug development [1][3][4] Group 1: Boston R&D Center - The Boston R&D Center is strategically located in the heart of the Boston biotech corridor, facilitating deep integration with leading pharmaceutical companies and research institutions [4] - The center offers comprehensive R&D services covering the entire chain from early discovery to IND application, helping North American clients avoid cross-border logistics limitations and shorten development cycles [4] - The facility spans 13,800 square feet and is equipped with world-class laboratory equipment, led by a team of experienced scientists [4] Group 2: Leadership and Vision - The company's Chairman and CEO, Hu Ruilian, emphasized the need for localized and agile R&D collaborations to meet the growing industry demand [4][6] - Hu Ruilian articulated the company's vision to inject strong momentum into local and global life sciences innovation through its leading technological capabilities and full-chain service offerings [6] Group 3: Financial Performance - The company reported a revenue of 534 million yuan for the first half of 2025, representing a year-on-year growth of 14.75%, with a net profit of 25.38 million yuan, a significant increase of 140.35% [12] - The gross margin for the pharmaceutical R&D services and production business improved to 29.17%, with specific revenue growth in efficacy and pharmacokinetics services by 13.44% and large molecule services by 54.68% [12] Group 4: Strategic Transformation - The company is transitioning from traditional CRO services to a full-chain CXO service model, focusing on a one-stop service platform from target discovery to IND [13] - The strategic shift includes enhancing investments in new modality drug development and AI technology applications to expand business boundaries and improve core competitiveness [13] - Hu Ruilian stated that the establishment of the Boston R&D Center is a strategic move to achieve zero-distance collaboration with clients amid industry uncertainties and high R&D costs [13]