相关事件 大行评级丨大摩：药明系估值水平具吸引力，最看好药明康德 研报掘金丨东方证券：维持药明康德"买 入"评级，业绩高增，上调全年指引 大行评级丨高盛：药明合联订单势头持续强劲且客户需求稳健 目标 价63.3港元 药明合联(02268.HK)根据认购协议发行2413.4万股 大行评级丨大摩：药明系估值水平具吸引 力，最看好药明康德 研报掘金丨东方证券：维持药明康德"买入"评级，业绩高增，上调全年指引 药明 生物(02269.HK)根据购股权计划获行使增发300万股 药明生物(02269.HK)根据股份计划获行使增发4.6万 股 该行提到，药明康德A股为投资者带来理想的买入机会，上调公司2025至27年盈测3至4%，并列为首选 股；将药明生物2025至27年盈测调升6至13%；药明合联盈测上调7至8%。综合而言，三间公司2024至 27年的盈利复合年增长率分别为24%、23%及37%。 摩根士丹利发表研究报告指，药明系在基本面持续稳健的背景下，估值水平更具吸引力。大摩最看好药 明康德，因此该公司不仅上调业绩指引，更进行大规模产能扩张，且在下一代GLP-1领域参与度高。 ...

中证2000（563300）基金经理为柳军、李沐阳。 11月24日，成都先导涨5.12%，截至发稿，报22.58元/股，成交1.02亿元，换手率1.14%，总市值90.47亿 元。 资料显示，成都先导药物开发股份有限公司位于四川省成都天府国际生物城(双流区生物城中路二段18 号)，成立日期2012年2月22日，上市日期2020年4月16日，公司主营业务涉及利用其核心技术-DEL技术 提供药物早期发现阶段的研发服务以及新药研发项目转让。主营业务收入构成为：新药研发服务 99.97%，其中:客户定制服务59.92%，其中:全时当量服务27.20%，其中:其他12.84%，其他(补 充)0.03%。 从基金十大重仓股角度 数据显示，华泰柏瑞基金旗下1只基金重仓成都先导。中证2000（563300）三季度持有股数45.39万股， 占基金净值比例为0.52%，位居第八大重仓股。根据测算，今日浮盈赚取约49.93万元。 中证2000（563300）成立日期2023年9月6日，最新规模21.68亿。今年以来收益23.2%，同类排名 1657/4208；近一年收益17.97%，同类排名1859/3981；成立以来收益25.1 ...

Core Viewpoint - The acquisition of 82.54% of Wuxi Baiaode Biological Science Co., Ltd. by Kanglong Chemical for 1.346 billion yuan is a related party transaction, with the valuation of Wuxi Baiaode set at 1.63 billion yuan, reflecting a significant discount compared to its previous valuations [3][4][12]. Group 1: Acquisition Details - Kanglong Chemical plans to fund the acquisition through bank loans (at least 50%) and some of its own funds [4]. - The valuation of Wuxi Baiaode has decreased by 41.6% from its 2023 post-investment valuation of approximately 2.57 billion yuan to 1.5 billion yuan [4]. - The price-to-earnings ratio for the acquisition valuation is 26, which is considered reasonable compared to industry averages [4][5]. Group 2: Shareholder Structure and Returns - The existing shareholders of Wuxi Baiaode include controlling shareholders, management team shareholders, and other financial investors, with the controlling shareholders holding approximately 47.22% of the shares [5]. - The investment returns for related parties involved in the acquisition are substantial, with Kang Junningyuan achieving a return rate of 151%, Kang Junzhongyuan at 58.57%, and Yufeng Investment at 38.17% [6][7][9]. Group 3: Company Performance and Future Outlook - Wuxi Baiaode has maintained steady performance, with revenues of 241 million yuan and 200 million yuan for 2024 and the first nine months of 2025, respectively [10]. - Kanglong Chemical's revenue for the first three quarters of 2025 was 10.086 billion yuan, showing a year-on-year growth of 14.38% [13]. - The acquisition aims to enhance Kanglong Chemical's capabilities in early antibody discovery and optimization, integrating Wuxi Baiaode's strengths in structural biology and drug discovery services [12].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688621 证券简称：阳光诺和公告编号：2025-103 北京阳光诺和药物研究股份有限公司 关于公司诉讼事项的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 案件所处的诉讼阶段：二审已立案，尚未开庭 ● 上市公司所处的当事人地位：上诉人及被上诉人（一审被告及反诉原告） ● 涉案金额：原起诉状中涉案金额为20,000,000.00元；反诉金额为7,407,283.51元；一审判决金额为 2,403,230.253元。 ● 是否会对上市公司损益产生负面影响：公司根据审慎性原则按照会计准则已对恒生制药应收账款和合 同资产全额计提了坏账准备，因此该诉讼事项对公司当期及期后利润不会构成负面影响。截至本公告 日，本次诉讼二审尚未开庭审理，最终执行情况尚存在不确定性，对公司造成的具体影响需以生效判决 的实际执行情况为准。 一、本次重大诉讼的基本情况 北京阳光诺和药物研究股份有限公司（以下简称"阳光诺和"或"公司"）收到湖南省衡阳市中级人民法院 送 ...

值得关注的是，此次交易对应的EV/EBITDA倍数仅为7倍左右，相较于临床前CRO领域百奥赛图、药康 生物等公司普遍超过50倍的市盈率，显示出显著的估值优势。这标志着艾迪康控股正式从ICL 领域 向"临床检测+药物研发服务"双赛道转型，也为全球医药研发服务行业格局注入新的变量。 兴业证券认为，本次收购将为艾迪康注入新的增长动能。公司独立临床实验室(ICL)业务产生的稳定现 金流，将与冠科生物高利润率的合同研究组织(CRO)服务形成互补，共同构建更平衡、更具扩展性的商 业模式。预计艾迪康2025-2027年归母净利润为0.56、0.67、0.94亿元，同比增长19.79%、18.59%、 41.47%，并首次覆盖该公司，给予"增持"评级。 近期，CRO赛道的资本收购动作频繁落地。前有高瓴资本斥资28亿元接盘药明康德（603259）临床 CRO业务，后有第三方独立医学检验(ICL)加码收购冠科生物。11月13日，艾迪康控股(09860)发布公 告，拟以约2.04亿美元的基础对价收购全球领先的肿瘤学专业CRO——冠科生物(Crown Bioscience)100%已发行股份，并预计于2026年年中完成。 据了解，此 ...

Group 1 - The core point of the article is that Zhaoyan New Drug (SH 603127) announced the release of share pledges by Gu Meifang, who holds approximately 10.32 million shares, accounting for 1.38% of the company's total share capital [1] - After the release of the pledge, Gu Meifang has a total of 5 million shares pledged, which represents 48.44% of her holdings [1] - For the year 2024, Zhaoyan New Drug's revenue composition is projected to be 95.0% from preclinical research services, 4.95% from clinical services, and 0.04% from sales of laboratory animals and related products [1] Group 2 - As of the announcement, Zhaoyan New Drug has a market capitalization of 23.8 billion yuan [1]

Core Viewpoint - Kanglong Chemical experienced a decline of 5.02% on November 17, with a stock price of 29.90 yuan per share and a total market capitalization of 53.168 billion yuan [1] Company Overview - Kanglong Chemical (Beijing) New Drug Technology Co., Ltd. was established on July 1, 2004, and went public on January 28, 2019. The company is located in Beijing Economic and Technological Development Zone [1] - The main business segments include laboratory services (60.43%), CMC (small molecule CDMO) services (21.58%), clinical research services (14.58%), and large molecule and cell & gene therapy services (3.28%) [1] Fund Holdings - The Xinda Australia Fund has a significant holding in Kanglong Chemical, with the Xinda Health China Mixed A Fund (003291) holding 959,400 shares, representing 5.41% of the fund's net value, making it the third-largest holding [2] - The fund has experienced a floating loss of approximately 1.5159 million yuan as of the latest data [2] Fund Manager Performance - The fund manager Li Junzhou has been in position for 165 days, with a total fund size of 634 million yuan and a best return of 11.17% during his tenure [3] - Yang Ke, another fund manager, has been in position for 5 years and 190 days, managing a total fund size of 1.324 billion yuan, with a best return of 43.77% during his tenure [3]

Core Viewpoint - WuXi AppTec (603259.SH) announced that the recent share reduction does not involve company executives, and it is a decision made by shareholders based on their own needs and plans [1] Group 1 - The share reduction is a decision made by shareholders who have the right to own and dispose of their shares [1] - The company respects the rights and choices of all shareholders [1]

Group 1 - The core point of the article is that Boji Pharmaceutical's subsidiary has received approval for a clinical trial of a new drug, "Qingzhi Ointment," from the National Medical Products Administration [1] - As of January to June 2025, Boji Pharmaceutical's revenue composition shows that 99.46% comes from services, while other businesses account for 0.54% [1] - The current market capitalization of Boji Pharmaceutical is 3.9 billion yuan [1] Group 2 - The article also mentions that prior to the arrest of the chairman of Peking University Pharmaceutical, police had investigated the group's factory, indicating potential issues within the company [1] - Internal sources suggest that the group's assets have been disposed of by the chairman, with significant funds remaining unaccounted for [1]

Core Insights - Company reported a revenue of 856 million yuan for the first three quarters of 2025, a year-on-year decrease of 6.65% [1] - Net profit attributable to shareholders was 163 million yuan, down 21.38% year-on-year [1] - In Q3 alone, revenue was 265 million yuan, reflecting a 24.97% decline, while net profit dropped 43.41% to 33 million yuan [1] Financial Performance - Revenue for the first three quarters of 2025: 856 million yuan, down 6.65% year-on-year [1] - Net profit for the first three quarters of 2025: 163 million yuan, down 21.38% year-on-year [1] - Q3 revenue: 265 million yuan, down 24.97% year-on-year [1] - Q3 net profit: 33 million yuan, down 43.41% year-on-year [1] R&D and Innovation - R&D expenses accounted for 13.50% of revenue in the first three quarters of 2025 [2] - Over 20 innovative drug candidates are in the pipeline, with more than 460 research projects completed [2] - STC007 injection for postoperative pain has successfully reached its Phase II clinical trial goals and is progressing to Phase III [2] - STC008 injection for treating advanced solid tumors is currently in Phase I clinical trials [2] Strategic Investments - Company invested 15 million yuan in Shanghai Yuanma Zhiyao Biotechnology Co., acquiring an 8.20% stake [2] - This investment aims to enhance the company's strategic positioning in cell therapy and nucleic acid drugs [2] - The collaboration is expected to accelerate clinical transformation and global advancement of multi-target cooperation pipelines [2] Future Outlook - Revenue projections for 2025-2027 are adjusted to 1.179 billion, 1.384 billion, and 1.539 billion yuan, with growth rates of 9.3%, 17.4%, and 11.2% respectively [3] - Net profit projections for 2025-2027 are adjusted to 201 million, 253 million, and 276 million yuan, with growth rates of 13.5%, 25.5%, and 9.1% respectively [3] - Company maintains a "buy" rating despite short-term performance pressures [3]