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].

本资料难以设置访问权限，若给您造成不便，敬请谅解。感谢您的理解与配合。 摘要 全流程、一体化、国际化、多疗法的全球药物研发领军企业。 康龙化成于2004 年在北京设立，二十 余年的时间已成长为一家国际领先的生命科学研发服务企业。站在当前时点来看，我们认为公司实验 室服务、小分子CDMO、临床CRO、大分子和细胞基因治疗服务仍具备充足的成长动力和广阔的成长 空间，向全球一体化研发生产服务巨头迈进。 实验室服务：一体化服务优势显著，长周期快速增长可期。 实验室服务业务是公司最具全球竞争力的 业务单元，也是公司目前最主要的收入及利润来源。展望未来，我们认为：1）公司在化合物设计和 合成领域积累的竞争优势有望不断强化，公司实验室化学业务仍有望在长周期中保持较快的增长趋 势。2）公司的生物科学服务仍将在较长周期中共享实验室化学业务的客户资源，依托优势业务的导 流，并持续拓展新分子类型业务，实现客户数量和业绩体量的持续高增长。 CMC（小分子CDMO）服务：商业化订单进入兑现周期，发展潜力及利润弹性均值得高度期待。 短 中期来看，公司快速增长的客户群体及实验室业务的导流仍将为公司CMC业务提供充裕的订单来源， 保障CMC ...

智通财经APP获悉，维亚生物(01873)再涨超5%，截至发稿，涨4.44%，报2.59港元，成交额2025.89万港 元。 国元国际此前指出，维亚生物自5年前已经布局AI制药，目前AI订单占比：AI相关订单占比达到新签订 单的12%，且呈增长趋势。华鑫证券则表示，维亚生物CRO业务主要服务于药物发现的早期，是AI应用 的重要场景，可提升药物研发的效率和成功率，因此公司为客户推出了整合了AI的药物研发平台—— AIDD，截止2025年上半年，AIDD已累计参与175个项目的开发，AI赋能的CRO业务占总收入的10%。 广发证券发布研报称，近期全球AI制药新增多单合同；大型制药公司越来越清晰地认识到AIDD的战略 价值；近期多起事件共同反映出，AI制药从概念期逐步进入实质落地与平台化应用阶段。该行预计， 明年年中AIDD行业加速发展的趋势将更加明显。 ...

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].

睿智医药波士顿研发中心 波士顿研发中心的正式启用彰显了睿智医药全球化战略的实质性推进——通过国际化的研发平台建设，深化与全球合作伙伴的技术协同，为创新药物研发注 入新动能。 波士顿研发中心：全球布局的关键落子 作为睿智医药"全球布局，本地服务"战略的重要落子，波士顿研发中心具备多重核心优势。在战略区位上，它坐落于波士顿生物科技走廊核心地带，直连全 球最顶尖的药企与科研机构，深度融入全球生命科学创新高地；全链条能力方面，覆盖从早期发现到IND申报的全链条研发服务，能够有效帮助北美客户规 避跨境物流限制，缩短研发周期，加速药物推向市场。硬件与人才上，占地13800平方英尺，配备世界一流实验设备，由资深科学家团队领衔。 睿智医药董事长兼CEO胡瑞连表示："随着行业对本地化、敏捷化研发合作需求的增长，我们在波士顿建立研发中心，正是为了突破地域限制，实现与客户 的'零距离'协作。我们期待为合作伙伴提供更高效、更个性化的服务。" 在全球生物医药产业蓬勃发展的当下，医药研发领域的创新与合作成为推动行业进步的关键力量。2025年9月，全球领先的一体化医药研发服务平台睿智医 药重资投入，迎来全球战略布局的重要里程碑——波士顿研 ...