截至9月20日，睿智医药股东户数4.47万，较上期减少5.99%；人均流通股10626股，较上期增加6.37%。 2025年1月-6月，睿智医药实现营业收入5.34亿元，同比增长14.75%；归母净利润2538.21万元，同比增 长140.35%。 分红方面，睿智医药A股上市后累计派现1.80亿元。近三年，累计派现0.00元。 机构持仓方面，截止2025年6月30日，睿智医药十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股2433.19万股，持股数量较上期不变。 责任编辑：小浪快报 9月30日，睿智医药跌0.78%，成交额1.19亿元。两融数据显示，当日睿智医药获融资买入额916.92万 元，融资偿还2227.71万元，融资净买入-1310.79万元。截至9月30日，睿智医药融资融券余额合计2.03 亿元。 融资方面，睿智医药当日融资买入916.92万元。当前融资余额2.03亿元，占流通市值的3.58%，融资余 额超过近一年70%分位水平，处于较高位。 融券方面，睿智医药9月30日融券偿还5300.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量4200.00股，融券 ...

港交所消息：截至9月30日，瑞银集团持有的 药明康德 （）H股多头头寸从5.05%降至3.98%。 ...

2025年三季度的全球医药市场，简直像坐过山车——有的板块涨得让人拍腿，有的还在磨底，美国那边 还时不时扔个"政策炸弹"。 今天用大白话跟大家掰扯掰扯：这季度医药到底咋走的？接下来哪些方向值得盯？ 01、先划重点：这3个方向闭眼先关注 全球医药里有几条主线已经明明白白了，新手也能看懂： 港/A股里最值得看的，是帮药企做研发、生产服务的公司（业内叫"医药研发外包"或者"CXO"）。这些 公司就像"卖铲子的"——只要全球药企愿意搞新药，它们就有订单、能赚钱。 现在这波公司有两个硬优势：一是业绩增速又回到高位了，手里还攥着大笔订单，赚钱稳得很；二是估 值不算贵，业绩增速推动估值修复，还有上涨空间。 美股：盯紧两个基金（IBB跟踪纳指生物科技指数，XBI跟踪标普生物科技指数），再加上两家行业老 大（联合健康+诺和诺德）。 核心原因就一个：美联储要降息了！这对医药公司是"双重好事"：一方面，药企搞研发更容易拿到钱 （市场上的钱变多了）；另一方面，算公司未来收益时，"贴现利率"会变低，估值自然会往上提。 翻历史数据就知道，每次美联储降息后，医疗股尤其是生物科技板块，往往能涨一波。现在美股医药刚 好在"估值低、资金少、逻辑 ...

关于委托博济医药技术开发中药1.1类新药 "复方侧柏酊"（脱发适应症）的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 特别提示： ■ 登录新浪财经APP 搜索【信披】查看更多考评等级 上海小方制药股份有限公司 ● 事项概述：上海小方制药股份有限公司（以下简称"公司"）近日与博济医药科技股份有限公司（以下 简称"博济医药"）签署了《技术委托（开发）合同》，博济医药将协助公司完成中药1.1类复方侧柏酊 新药临床研究及注册，推动其完成临床试验及上市。 ● 本次交易不构成《上市公司重大资产重组管理办法》规定的重大资产重组， 亦不构成关联交易。 ● 本次交易对公司本年度经营成果无重大影响。 前期，公司与上海市皮肤病医院签署了《复方侧柏酊合作开发协议》，双方拟共同开展复方侧柏酊的新 药转化开发，具体内容详见公司于2025年6月13日披露的《关于自愿披露与上海皮肤病医院合作开发治 疗脱发中药1.1类新药复方侧柏酊的公告》（公告编号：2025-027）。为了完成复方侧柏酊的新药开 发，公司近日与博济医药签署了《技术委托（开发）合同》，博济医药将协助公司完成中药1.1类 ...

Core Viewpoint - Wanbang Pharmaceutical experienced a decline of 1.48% in stock price on September 23, with a trading volume of 39.30 million yuan. The company is facing challenges in financing and revenue generation, as indicated by the significant drop in both financing net buy and revenue figures [1][2]. Financing Summary - On September 23, Wanbang Pharmaceutical had a financing buy amount of 3.08 million yuan and a financing repayment of 5.33 million yuan, resulting in a net financing buy of -2.26 million yuan. The total financing and securities balance reached 50.98 million yuan, accounting for 5.25% of the circulating market value, which is above the 50% percentile level over the past year [1]. - The company had no shares sold or repaid in the securities lending market on the same day, with a securities lending balance of 0.00 yuan, indicating a high position relative to the past year [1]. Business Performance Summary - As of September 19, the number of shareholders for Wanbang Pharmaceutical was 8,292, a decrease of 0.81% from the previous period. The average circulating shares per person increased by 0.82% to 2,704 shares [2]. - For the first half of 2025, Wanbang Pharmaceutical reported a revenue of 147 million yuan, a year-on-year decrease of 21.57%. The net profit attributable to the parent company was 26.81 million yuan, down 51.28% year-on-year [2]. Dividend Information - Since its A-share listing, Wanbang Pharmaceutical has distributed a total of 56.61 million yuan in dividends [3].

Core Viewpoint - The investigation report on a safety incident at Kanglong Chemical, a leading CRO in China, reveals that two employees died due to asphyxiation during a production operation, highlighting significant management failures and safety protocol violations [2][3][4]. Company Overview - Kanglong Chemical (SZ300759) is a prominent CRO providing comprehensive R&D services to pharmaceutical companies, with a current stock price of 35.25 yuan and a market capitalization of 62.681 billion yuan [2]. Incident Details - The incident occurred on June 3, resulting in the deaths of two night shift operators during the crystallization experiment of a new drug, DP818. The accident was classified as a general production safety incident due to violations of operational protocols [2][3][4]. - The specific operation involved 248 steps, with the incident occurring during step 193, where operators were required to monitor and record temperatures [3]. Investigation Findings - The investigation identified that the operators failed to use an oxygen content detection device while releasing nitrogen gas, leading to their asphyxiation. The report indicated multiple management failures, including inadequate safety training and lack of adherence to safety protocols [4][5]. - The company’s management, including the COO, faces penalties, with suggested fines ranging from 20% to 50% of their annual salaries [5]. Financial Implications - Kanglong Chemical may face fines between 300,000 to 1 million yuan, which is relatively minor compared to its 2024 projected revenue of 12.276 billion yuan and net profit of 1.793 billion yuan [5]. Disclosure Obligations - The incident does not fall under mandatory disclosure requirements for listed companies as it is classified as a general accident. However, the company may still have obligations to disclose the incident if it significantly impacts financial performance or reputation [6].

Core Viewpoint - WuXi AppTec (603259.SH/2359.HK) announced its first interim dividend plan, distributing a total cash dividend of 1.03 billion yuan, reflecting strong financial performance in the first half of the year [1] Financial Performance - For the first half of the year, WuXi AppTec achieved a revenue of 20.799 billion yuan, a year-on-year increase of 20.6% [1] - The net profit attributable to shareholders reached 8.287 billion yuan, up 95.5% year-on-year [1] - In Q2, the company reported revenue of 11.145 billion yuan, marking the first time it surpassed 10 billion yuan in a single quarter [1] Dividend Distribution - The total cash dividends distributed to investors this year, including annual, special, and interim dividends, amounted to 4.88 billion yuan [1] - The total cash dividends and share buybacks reached 6.88 billion yuan, accounting for over 70% of the company's projected net profit for 2024 [1] Order Backlog and Revenue Sources - As of June 2025, the company had a backlog of orders amounting to 56.69 billion yuan, a year-on-year growth of 37.2% [2] - Revenue from U.S. clients was 14.03 billion yuan, up 38.4% year-on-year, while revenue from European clients was 2.33 billion yuan, a 9.2% increase [2] Business Model and Growth Drivers - The growth is attributed to the focus on an "integrated, end-to-end" CRDMO business model, enhancing operational efficiency and expanding capabilities [4] - The sale of partial equity in the joint venture WuXi XDC Cayman Inc. is expected to yield an investment income of approximately 3.21 billion yuan [4] Future Projections - The company expects revenue growth for its ongoing business to return to double digits, with the growth rate adjusted from 10%-15% to 13%-17% [4] - Overall revenue projections for the year have been revised from 41.5-43 billion yuan to 42.5-43.5 billion yuan [4] Accounts Receivable Trends - Accounts receivable increased from 3.665 billion yuan in 2020 to 7.918 billion yuan in Q1 2025, with the proportion of accounts receivable to revenue rising from 15.18% in 2022 to 19.59% in 2023 [5]

证券研究报告 | 2025年09月11日 凯莱英（002821.SZ） 小分子CDMO行业引领，新兴业务扬帆起航 公司研究 · 深度报告 医药生物 · 医药研发外包 投资评级：优于大市（首次覆盖） 0755-81982723 pengsiyu@guosen.com.cn S0980521060003 证券分析师：陈曦炳 0755-81982939 chenxibing@guosen.com.cn S0980521120001 证券分析师：彭思宇 联系人：凌珑 021-60375401 linglong@guosen.com.cn 请务必阅读正文之后的免责声明及其项下所有内容 1 投资建议 n 凯莱英：全球领先、技术驱动型的一站式CDMO综合服务商 凯莱英成立于1998年，是中国第二大化学药物CDMO企业。公司以化学小分子CDMO业务为基石，逐步拓展业务边界，技术创新能力行业领先， 研发费用率长期居于行业领先水平，服务辉瑞、默沙东等全球超1100家客户。 n 小分子业务：基石业务稳健 小分子CDMO作为公司的业务根基，依托连续流化学(CFCT)、酶催化等核心技术，持续攻克高难度分子合成壁垒，巩固在抗肿瘤、抗病毒 ...

Core Viewpoint - 康龙化成's recent financial performance shows a mixed picture with revenue growth but a significant decline in net profit due to prior year investment gains [1][2] Group 1: Financial Performance - 康龙化成 reported revenue of 6.441 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 14.93% [1] - The company's net profit attributable to shareholders was 701 million RMB, a decrease of 37% compared to the previous year, primarily due to substantial investment gains from the disposal of PROTEOLOGIX, INC. in the prior period [1] - Basic earnings per share were reported at 0.3984 RMB [1] Group 2: Business Segments and Growth - The revenue growth was driven by contributions from the top 20 multinational pharmaceutical companies and the European market [2] - Core business segments, particularly laboratory services and CMC, showed strong growth, while clinical CRO remained stable, and the large molecule and cell gene therapy segments continued to be weak [2] - New orders for the first half of 2025 increased by over 10% year-on-year, with laboratory services and CMC growing by 10% and 20% respectively, and the addition of 9 new Phase III and commercialization projects [2] Group 3: Future Outlook - The company maintains its full-year revenue growth guidance of 10% to 15%, with expectations for improved profit margins in the second half of the year due to CMC scale effects, stable contributions from laboratory services, and stabilization of clinical CRO pricing [2] - The large molecule and cell gene therapy segments are expected to continue to drag on profits in the short term, but there is potential for breakeven in the medium to long term [2]

Core Viewpoint - Via Biotechnology (01873) experienced a significant stock price increase of over 20% following the release of its interim results, indicating positive market sentiment despite a decline in revenue [1] Financial Performance - For the six months ending June 30, 2025, the company reported revenue of 832 million RMB, a year-on-year decrease of 15.27% [1] - Shareholder profit attributable to the company was 122 million RMB, reflecting a year-on-year increase of 4.28% [1] - Basic earnings per share were reported at 0.06 RMB [1] - The gross profit margin improved to 40.8%, an increase of 6.3 percentage points compared to the same period last year, attributed to optimization in business structure and operational efficiency [1] AI Pharmaceutical Development - Via Biotechnology has been investing in AI pharmaceutical development for the past five years, with AI-related orders now accounting for 12% of new signed orders, showing a growth trend [1] - According to Guojun International, significant transactions in AI drug development have occurred in the last five years, totaling over 50 billion USD [1] - The development of generative AI in pharmaceuticals emphasizes the importance of building leading model barriers over time, with efficiency in model development and training experience being crucial [1] - Collaborations with large pharmaceutical companies in AI research and development create a positive feedback loop in data and model construction, enhancing the competitive moat of leading firms [1]