近日，阳光诺和（688621.SH）公告终止收购江苏朗研生命科技控股有限公司100%股权及配套募资事 项，这已是该公司第二次在推进收购朗研生命的过程中主动喊停。从2022年首次启动收购，到2023年首 次终止，再到2025年重启后又再度撤回，这场持续近三年的收购拉锯战背后，暴露出阳光诺和在战略执 行、公司治理与标的整合方面的多重隐忧。 一、战略摇摆："再而衰"的收购决策 阳光诺和对朗研生命的收购可谓一波三折。2022年10月首次启动，2023年8月以"市场环境变化"为由终 止；2025年4月再度启动，如今又以相似理由终止。尽管公司强调终止是为"维护公司及全体股东利 益"，但两次推进又两次撤回的行为，难免引发市场对其战略定力与决策严谨性的质疑。 尤其是在2024年公司业绩出现"增收不增利"的背景下，重启收购曾被视作拓展产业链、增强生产协同的 关键举措。然而，随着收购再度终止，公司通过并购实现垂直整合的战略路径明显受阻，未来增长依赖 仍将集中于原有CRO业务及授权合作模式，成长天花板可能渐显。 二、关联交易与估值公允性疑云难散 本次交易中，阳光诺和实控人利虔同时也是朗研生命的控股股东，交易本质是上市公司收购实控人 ...

转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院医药研发外包(CRO)研究小组发布的《中国医药研发外包（CRO） 行业市场前瞻与投资战略规划分析报告》。 行业主要上市公司：目前国内CRO行业主要的上市公司有药明康德(603259.SH)、康龙化成(300759.SZ)、泰 格医药(300347.SZ)、凯莱英(002821.SZ)、昭衍新药(603127.SH)、九洲药业(603456.SH)、皓元医药 (688131.SH)、博腾股份(300363.SZ)、成都先导(688222.SH)、药石科技(300725.SZ)等。 1、"十五"到"十五五"：中国CRO行业政策聚焦 作为支撑医药创新的战略新兴产业，CRO是我国从医药大国迈向医药强国的关键力量。从"十五"到"十五 五"，我国从生物医药行业逐步聚焦到CRO专项领域，持续完善政策体系。"十五"将生物医药置于重要位 置，强调结构调整;"十一五"列为重点发展领域，支持产业集群;"十二五"提升至战略地位，明确支持CRO等 专业服务;"十三五"纳入战略性新兴产业，出台专项政策;"十四五"定位为生物医药高质量发展的"关键基础 设施";"十五五"则从单纯鼓励创 ...

转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院医药研发外包(CRO)研究小组发布的《中国医药研发外包（CRO）行 业市场前瞻与投资战略规划分析报告》。 行业主要上市公司：目前国内CRO行业主要的上市公司有药明康德(603259.SH)、康龙化成(300759.SZ)、泰 格医药(300347.SZ)、凯莱英(002821.SZ)、昭衍新药(603127.SH)、九洲药业(603456.SH)、皓元医药 (688131.SH)、博腾股份(300363.SZ)、成都先导(688222.SH)、药石科技(300725.SZ)等。 本文核心数据：CRO产业市场规模 行业概况 2、CRO行业产业链剖析 中国 CRO 产业链贯穿药品全生命周期，可以分为三个阶段。研发阶段CRO，含临床前药物发现、化合物合 成等基础研发与临床阶段试验等;生产阶段CMO/CDMO，覆盖化学原料药、生物药、化学药制剂等不同类型 药物的生产环节;销售阶段CSO，以渠道管理为核心，配套推广营销与市场监测，服务企业、科研机构、医 1、CRO的定义 合同研究组织 (Contract Research Organization, CRO) 是指 ...

实验动物是药物临床前评价的主要实验对象，实验猴更是临床前研究的重要品种。公开资料显示：70% 以上大分子药物都需要用猴做临床前试验，而小分子化学药也约有20%-30%会用到猴。食蟹猴是实验用 猴中用量最大的品种，占比接近70%。食蟹猴与人类的遗传相似性超过90%，这使其在现有实验动物中 显得尤为珍贵，常被用于各类复杂的医学研究。 昭衍新药的业务涵盖药物非临床服务、药物临床服务、实验模型研究三方面。早在2022年，昭衍新药不 惜累计斥资18亿元收购了广西玮美生物和云南英茂生物这两家实验猴公司。除了并购外，公司还自建了 梧州实验猴繁殖基地。 昭衍新药表示，本报告期内，生物资产市场价格上涨叠加自身自然生长增值，双重因素驱动其公允价值 正向变动，为公司业绩做出积极贡献。 昭衍新药所谓的生物资产，主要是实验猴。 1月20日晚间，CRO（医药研发外包）公司昭衍新药（603127.SH、06127.HK）发布年报业绩预告称， 预计2025年实现归属于上市公司股东的净利润约2.33亿元到3.49亿元，同比增长增加约214.0%到 371.0%。 实验猴的价格，与创新药研发的景气度密切相关。2020年新冠疫情出现后，随着多款新 ...

转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院医药研发外包(CRO)研究小组发布的《中国医药研发外包（CRO） 行业市场前瞻与投资战略规划分析报告》。 行业主要上市公司：目前国内CRO行业主要的上市公司有药明康德(603259.SH)、康龙化成(300759.SZ)、泰 格医药(300347.SZ)、凯莱英(002821.SZ)、昭衍新药(603127.SH)、九洲药业(603456.SH)、皓元医药 (688131.SH)、博腾股份(300363.SZ)、成都先导(688222.SH)、药石科技(300725.SZ)等。 本文核心数据：企业主营业务收入、企业经营毛利率 1、中国CRO产业链全景梳理 中国CRO产业链贯穿研发阶段、生产阶段和产品销售整个药品生命周期，分别对应药物研发服务(CRO)、 医药生产服务(CMO/CDMO)以及医药销售服务(CSO)。研发阶段覆盖临床前与临床两大核心环节，其中临 床前主要做有关药物发现、化合物合成、合成工艺研发及制剂研发等早期基础研发工作;临床阶段主要进行 临床试验、医学统计、数据整理与数据分析等流程。生产阶段，针对不同药物类型提供生产服务，化学原 料药包含了 ...

Core Viewpoint - Jiangsu Dingtai Pharmaceutical Research (Group) Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, attracting market attention due to its integrated solutions in the CRO sector and the recent recovery in the innovative drug industry [1][2]. Company Overview - Established in 2008, Dingtai Pharmaceutical is a new type of CRO that provides integrated solutions based on disease biology for global pharmaceutical companies and research institutions [1]. - The company offers comprehensive non-clinical safety, efficacy, and DMPK research, as well as integrated clinical trial services from concept validation to pivotal trials, supporting clients throughout the drug development lifecycle [1]. Financial Performance - Despite a recovering industry, Dingtai Pharmaceutical's internal operations show a "hot outside, cold inside" situation, with stable revenue but declining net profits [2]. - Revenue for 2022, 2023, and 2024 was approximately 725 million, 767 million, and 713 million RMB, while net profits were about 143 million, -51.94 million, and -251.99 million RMB, indicating two consecutive years of losses [2][3]. - In the first half of 2025, revenue grew by 21.41% year-on-year to 377 million RMB, with a profit of 64.71 million RMB, but the gross margin remains below the 2022 level of 48.44% [2][3]. Business Strategy - Since 2021, the company has strategically expanded its clinical services, increasing its revenue share from 10.9% to 23.7% over three years, marking it as the most significant growth area [4]. - The company has also made progress in international expansion, with overseas revenue share rising from 10.8% to 30.2% in the first half of 2025 [4]. Market Position and Competition - Dingtai Pharmaceutical has established one of the most comprehensive NHP disease model portfolios in China, ranking as the third-largest CRO in the efficacy research field by revenue in 2024 [6]. - The CRO industry in China is experiencing significant differentiation, with some leading companies performing well while others, like Tigermed, face declines in revenue and profit [10][11]. Industry Dynamics - The price volatility of experimental monkeys, a critical resource for drug safety evaluation, has significantly impacted industry profitability, with prices fluctuating from 42,000 RMB to 184,000 RMB between 2020 and 2022, and then stabilizing around 92,000 RMB in 2025 [7][9]. - The competitive landscape is intensifying as more mature pharmaceutical companies build in-house clinical teams, reducing reliance on traditional clinical CRO services [10][11]. Financial Challenges - Dingtai Pharmaceutical's financial situation remains concerning, with significant losses attributed to changes in redeemable debt values, totaling 196 million and 206 million RMB in 2023 and 2024, respectively [5]. - As of June 30, 2025, the company had total current liabilities of 3.534 billion RMB against current assets of only 1.578 billion RMB, indicating a liquidity gap of nearly 2 billion RMB [5]. - The company's cash flow has been negative in most reporting periods, with only 254 million RMB of operating cash inflow recorded in 2022 [5].

Core Viewpoint - Jiangsu Dingtai Pharmaceutical Research (Group) Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, attracting attention due to its integrated solutions for pharmaceutical companies and research institutions [1] Company Overview - Established in 2008, Dingtai Pharmaceutical is a new type of Contract Research Organization (CRO) providing integrated solutions based on disease biology [1] - The company offers comprehensive non-clinical safety, efficacy, and drug metabolism and pharmacokinetics (DMPK) research, as well as integrated clinical trial services [1] - Dingtai Pharmaceutical's business model allows it to generate stable revenue regardless of the success of new drug development projects [1] Financial Performance - Revenue has remained stable, with figures of approximately 725 million RMB, 767 million RMB, and 713 million RMB for 2022, 2023, and 2024 respectively [2] - Net profit has shown a downward trend, with losses of approximately 51.95 million RMB in 2023 and 251.99 million RMB in 2024 [2] - In the first half of 2025, revenue increased by 21.41% to 377 million RMB, with a profit of 64.71 million RMB and a gross margin recovery to 38.9% [2][4] Market Dynamics - The CRO sector has seen a strong recovery since 2025, with a 45% year-on-year increase in financing in the domestic innovative drug primary market, reaching 32 billion RMB [1] - The number of business development transactions exceeded 80, with an average upfront payment of 850 million RMB [1] - Dingtai Pharmaceutical's listing plan has become a focal point in the current market due to this strong industry momentum [1] Business Strategy - The company has strategically expanded its clinical services, increasing their revenue share from 10.9% in 2022 to 23.7% in 2025 [4] - International expansion has also shown results, with overseas revenue share rising from 10.8% to 30.2% in the first half of 2025 [6] Industry Challenges - Despite signs of recovery, Dingtai Pharmaceutical faces financial challenges, including significant losses due to changes in redeemable debt values [6] - As of June 30, 2025, the company had total current liabilities of 3.534 billion RMB against current assets of only 1.578 billion RMB, indicating a liquidity gap of nearly 2 billion RMB [6] - The volatility in the price of non-human primates (NHP) has significantly impacted profitability, with prices fluctuating from 42,000 RMB to 184,000 RMB between 2020 and 2022 [7][10] Competitive Landscape - The CRO industry in China is experiencing significant differentiation, with some leading companies performing well while others, like Tigermed, are struggling [11] - Dingtai Pharmaceutical's revenue of 377 million RMB in the first half of 2025 is significantly lower than competitors like Kanglong Chemical and Tigermed, which reported revenues of 6.441 billion RMB and 3.250 billion RMB respectively [11] - The company has established a competitive advantage in NHP resources and disease models, but faces challenges in profitability, debt structure, and liquidity [11]

Core Viewpoint - Yinosh experienced a 4.93% increase in stock price on November 5, with a trading volume of 83.7251 million yuan, indicating a positive market response despite a net financing outflow [1] Financing Summary - On November 5, Yinosh had a financing buy-in of 3.1131 million yuan and a financing repayment of 9.9966 million yuan, resulting in a net financing outflow of 6.8835 million yuan [1] - As of November 5, the total financing and securities lending balance for Yinosh was 72.5176 million yuan, which represents 1.76% of its market capitalization, indicating a low financing balance compared to the past year [1] Securities Lending Summary - On November 5, Yinosh had no shares repaid or sold in securities lending, with a total lending balance of 0 shares, which is at a high level compared to the past year [1] Company Overview - Shanghai Yinosh Biotechnology Co., Ltd. was established on May 12, 2010, and is located in the China (Shanghai) Pilot Free Trade Zone [1] - The company specializes in providing comprehensive research and development services (CRO) primarily focused on non-clinical research services, with 96.31% of its revenue coming from non-clinical services [1] Financial Performance - For the period from January to September 2025, Yinosh reported a revenue of 571 million yuan, a year-on-year decrease of 35.33%, and a net profit attributable to shareholders of -14.7881 million yuan, reflecting a year-on-year decrease of 111.14% [2] - Since its A-share listing, Yinosh has distributed a total of 45.1135 million yuan in dividends [2] Shareholder Information - As of September 30, 2025, Yinosh had 4,849 shareholders, a decrease of 9.97% from the previous period, with an average of 18,703 circulating shares per shareholder, an increase of 257.28% [2] - New institutional shareholders include Huatai-PineBridge Healthcare Mixed Fund and Huaxia Stable Growth Mixed Fund, while several funds exited the top ten circulating shareholders list [2]

Core Viewpoint - The company, Kanglong Chemical (康龙化成), has announced the acquisition of 82.54% of Baiaode for approximately RMB 1.346 billion, which will enhance its capabilities in drug discovery and development services [1][2]. Group 1: Acquisition Details - The acquisition will result in Baiaode becoming a subsidiary of Kanglong Chemical, directly held at 82.54% [2]. - The total consideration for the acquisition is approximately RMB 1.346 billion [1]. Group 2: Strategic Benefits - Baiaode specializes in innovative drug research and development, focusing on complex drug target protein preparation and structural biology, which aligns with Kanglong Chemical's existing biological science services [2][3]. - The integration of Baiaode's structural biology capabilities with Kanglong Chemical's existing services is expected to strengthen the company's position in the global early-stage biological science service market [2][3]. Group 3: Operational Enhancements - Baiaode has advanced hardware and a skilled research team, particularly in protein preparation, which will enhance Kanglong Chemical's capabilities in early antibody discovery and optimization [3]. - The acquisition will allow for the sharing of data and resources, particularly in AI technology development, improving drug discovery efficiency and service quality [3]. Group 4: Financial Impact - Post-acquisition, Baiaode will be consolidated into Kanglong Chemical's financial statements using the cost method, which is anticipated to have a positive impact on the group's operating performance [4]. - The acquisition is expected to have a short-term and manageable impact on the company's finances, with the potential for sustainable bank loans based on Baiaode's profitability and debt repayment capacity [4].

Core Viewpoint - 康龙化成 is acquiring 82.54% of佰翱得 for approximately RMB 1.346 billion, enhancing its capabilities in the biopharmaceutical sector and solidifying its leadership in early-stage biological science services globally [1][2] Group 1: Acquisition Details - 康龙化成 will directly hold 82.54% of佰翱得 after the acquisition, making it a subsidiary of the company [1] - The total consideration for the acquisition is approximately RMB 1.346 billion [1] Group 2: Business Synergies - 佰翱得 specializes in innovative drug research and development, focusing on complex drug target protein preparation and structural biology [1] - The acquisition will combine 佰翱得's structural biology capabilities with 康龙化成's existing biological science services, enhancing service offerings to global clients [1] Group 3: Technological Advancements - 佰翱得 possesses advanced hardware and a skilled research team, leading the industry in complex protein preparation [2] - The integration of 佰翱得's capabilities will strengthen 康龙化成's early antibody discovery and optimization within its large molecule business segment [2] - The acquisition will also enhance data capabilities through AI technology, improving drug discovery service efficiency [2]