Core Viewpoint - 康龙化成 has signed a placement agreement with Goldman Sachs (Asia) LLC and HSBC Hong Kong to issue 58,440,762 new H-shares at a price of HKD 22.82 per share, aiming to raise approximately HKD 1,333.6 million [1][2] Group 1 - The placement shares represent approximately 19.86% of the existing issued H-shares and 3.30% of the total issued shares as of the announcement date [1] - If fully subscribed, the net proceeds from the placement are expected to be around HKD 1,318.7 million, with a net price per share of approximately HKD 22.56 [2] - The company plans to allocate about 70% of the net proceeds for project construction to enhance laboratory service facilities and production capacity [2] Group 2 - Approximately 10% of the proceeds will be used to repay bank loans and other borrowings to optimize the company's capital structure [2] - About 20% of the funds will be allocated to supplement working capital and other general corporate purposes [2] - The board believes that this issuance will strengthen the company's financial position, capture industry opportunities, and support capacity investment and business expansion [2]

董事会认为，公司是一家领先的全流程一体化医药研发生产服务平台，业务遍及全球，致力于进一步巩 固服务能力，加速全球药物创新。进行本次发行事项将进一步加强本公司的资金实力，把握行业机遇， 助力产能投入与业务拓展。本次发行也将为公司引入国际优质机构投资者群体，进一步扩大股东基础， 并有望显着增强H股的交易流动性，有助于加强公司的国际资本运作能力。另外，通过偿还部分现有债 务，公司的资本结构将得到进一步优化。此次发行将支持公司继续保持在医药研发服务领域的领先地 位，符合公司的长期发展战略。 配售股份数目分别占：(a)截至本公告日期现有已发行H股总数及现有已发行股份总数约19.86%及 3.30%；及(b)假设于本公告日期至完成期间配售股份均获认购，且除公司发行配售股份外，已发行股份 总数无其他变动，则配售完成后，配售股份数目分别占经配售股份发行扩大的已发行H股总数及已发行 股份总数约16.57%及3.19%。 假设配售股份获全数认购，配售所得款项总额预期约为1,333.6百万港元。配售所得款项净额预期约为 1,318.7百万港元，每股配售股份的净价约为22.56港元，公司拟将所得款项净额用作以下用途：(1)约 70% ...

来源：格隆汇APP 利润端表现尤为突出，增长幅度显著高于营收：归母净利润预计约191.51亿元，同比大幅增长 102.65%；经调整non-IFRS归母净利润约149.57亿元，同比增长41.33%；扣非后归母净利润约132.41亿 元，同比增长32.56%。 据此预增数据，药明康德2025年在营收及上述三项利润指标上均创历史新高。 根据其公布的演示材料，药明康德的小分子原料药合成反应釜已在2025年底达到400万升。这意味着， 经过二十五年在全球范围内的能力与规模积累，公司已建立起强劲的商业化供应体系。 此外，数据显示，截至去年第三季度，药明康德小分子CDMO管线总数已达3430个，其中商业化分子数 量首次增至80个，占全球临床阶段小分子新药比例的16%。 本周早些时候，药明康德发布2025年度业绩预增公告。公司预计全年实现营业收入约454.56亿元，同比 增长15.84%；其中持续经营业务收入同比增长21.4%，显示主营业务增长强劲。 2026年1月14日，药明康德(603259.SH/2359.HK)在第44届JPM医疗健康大会上发表主题演讲，并更新了 公司业务进展。 ...

Core Insights - WuXi AppTec (603259.SH/2359.HK) presented at the 44th JPM Healthcare Conference, updating on its business progress [1] Business Development - The company’s small molecule API synthesis capacity reached 4 million liters by the end of 2025, indicating a robust commercial supply system built over 25 years [1] - As of Q3 last year, WuXi AppTec's small molecule CDMO pipeline totaled 3,430, with 80 commercial molecules, representing 16% of the global clinical stage small molecule new drugs [1] Financial Performance - WuXi AppTec expects a revenue of approximately 45.456 billion yuan for the full year 2025, a year-on-year increase of 15.84%, with a 21.4% growth in continuing operations revenue [1] - The profit performance is particularly strong, with a projected net profit attributable to shareholders of about 19.151 billion yuan, a significant year-on-year increase of 102.65% [1] - Adjusted non-IFRS net profit is expected to be around 14.957 billion yuan, up 41.33% year-on-year, while the net profit after deducting non-recurring items is projected at approximately 13.241 billion yuan, a 32.56% increase year-on-year [1] - The pre-announcement data indicates that WuXi AppTec will achieve historical highs in revenue and the three profit metrics for 2025 [1]

利润端表现尤为突出，多项指标呈现高速增长：经调整non-IFRS归母净利润约149.57亿元，同比增长 41.33%；归母净利润约191.51亿元，同比大幅增长102.65%；扣非后归母净利润约132.41亿元，同比增 长32.56%。 据此次披露，药明康德2025年在营收及上述三大利润指标上均创下历史新高，展现出整体经营的强劲态 势与盈利质量的持续提升。 就在本周早些时候，药明康德发布了2025年度业绩预增公告。公告显示，公司全年预计实现营业收入约 454.56亿元，同比增长15.84%；其中持续经营业务收入同比增长21.4%，增长势头稳健。 2026年1月14日，药明康德(603259.SH/2359.HK)在第44届摩根大通医疗健康大会上发表主题演讲，根据 公司所披露的财务数据显示，公司2025年经调整non-IFRS利润率近33%，创历史新高。 ...

康龙化成在香港交易所公告称，同意以每股22.82港元的价格配售约5800万股新H股。配售价格较周三收 盘价折让约8.5%。配售股份占扩大后已发行股份总数的3.19%。公司将通过此次配售筹资约13.3亿港 元，所得款项将用于项目建设、营运资金、偿还银行贷款及其他借款。高盛和汇丰是联席全球协调人。 ...

Group 1 - The company, Kanglong Chemical (300759.SZ), plans to issue new H-shares based on the authorization granted by the shareholders' meeting for the board to increase the issuance of H-shares [1] - On January 14, 2026, the company signed a placement agreement with Goldman Sachs (Asia) LLC and HSBC Hong Kong, appointing them as placement agents [1] - The company intends to issue 58,440,762 new H-shares at a subscription price of HKD 22.82 per share according to the terms of the placement agreement [1]

2、公司股东张晶持有公司股份916,826股，占本公司总股本比例1.1605%。股东张晶计划自本公告发布 之日起3个交易日后的3个月内以大宗交易方式和/或以集中竞价交易方式减持本公司股份不超过916,826 股（占本公司总股本比例1.1605%）。 格隆汇1月14日丨普蕊斯(301257.SZ)公布，1、普蕊斯（上海）医药科技开发股份有限公司股东上海弘 甲私募基金管理有限公司－宁波汇桥弘甲创业投资合伙企业（有限合伙）（简称"汇桥弘甲"）持有公司 股份557,320股，占本公司总股本比例0.7054%。汇桥弘甲计划自本公告发布之日起3个交易日后的3个月 内以大宗交易方式和/或以集中竞价交易方式减持本公司股份不超过557,320股（占本公司总股本比例 0.7054%）。 ...

Core Viewpoint - Hongbo Pharmaceutical (301230.SZ) announced that the direct revenue from its DiOrion platform drug development services currently constitutes a small proportion of the company's overall operating income, and does not significantly impact the company's overall business performance [1] Group 1 - The company reported unusual stock trading fluctuations and severe abnormal trading activity [1] - An internal review found no undisclosed significant information in public media that could have substantially affected the company's stock price [1]

Fixed Income Research - The issuance rates for credit bonds have generally increased, with changes ranging from 0 BP to 8 BP, leading to a significant increase in credit bond issuance volume due to a low base effect [2] - The net financing amount for credit bonds has increased, while the net financing for targeted tools has decreased; corporate bonds have a negative net financing amount, while other types have positive net financing [2] - The secondary market saw an increase in transaction amounts for credit bonds, with most types experiencing growth [2] - Credit spreads have narrowed for most mid-term notes, corporate bonds, and urban investment bonds, as credit bonds continue to perform better than interest rate bonds [2] - The overall conditions for a bear market in credit bonds are insufficient, with a long-term downward trend in yields expected [2] Company Research: WuXi AppTec (药明康德) - WuXi AppTec expects to achieve a revenue of approximately 45.456 billion yuan in 2025, representing a year-on-year growth of about 15.84%, with continuous operating business revenue expected to grow by approximately 21.40% [6][7] - The adjusted non-IFRS net profit is projected to be around 14.957 billion yuan, a year-on-year increase of about 41.33%, while the net profit attributable to shareholders is expected to reach approximately 19.151 billion yuan, reflecting a growth of about 102.65% [6][7] - The strong growth is attributed to the advantages of the CRDMO model, with a focus on integrated services and continuous optimization of production processes [7] - The company plans to focus on its CRDMO business model and has sold parts of its equity in joint ventures, contributing to its profit growth [7] Industry Research: Metal Industry - The steel industry is expected to maintain production levels due to acceptable profit margins, although demand is in a seasonal decline [13] - Copper prices are influenced by market sentiment and resource competition, with potential for high volatility [13] - Aluminum prices are supported by high copper prices and strategic resource concerns, while supply remains ample [13] - Gold prices are expected to remain strong due to geopolitical risks and mixed U.S. employment data [13] - The rare earth market is anticipated to strengthen due to export control measures and strategic importance [14]