1月14日，药明合联发布2025财年盈喜公告，同时还披露其发起以现金要约方式收购东曜药业股份。 从盈喜公告可见，药明合联2025年营收同比增长超45%；毛利同比增长超70%；经调整净利润(不含利息 收入和支出)同比增长超45%，扣除汇率变动影响后，该增长率预期将超过65%。 此次收购东曜药业，药明合联旨在拓展并获取在中国的额外营运产能，强化整体产能实力，从而更好地 为生物科技公司赋能和提供增值服务。同时，通过此次控股收购，药明合联亦希望进一步丰富其项目组 合并扩大其客户群，稳固其在ADC(抗体药物偶联物)CDMO(药物合同研发生产服务)领域的领导地位。 据弗若斯特沙利文统计，2025年全球ADC药物市场规模约172亿美元，2023-2032年复合年增长率达 30.6%，预计2032年市场规模将突破1151亿美元；而全球ADC外包服务市场同样增长强劲，2030年规模 预计攀升至110亿美元，2022-2030年复合年增长率达28.4%，双赛道的高增速为CDMO企业带来了广阔 的成长空间。 对于头部CDMO企业而言，自建产线需历经选址、建设、认证等多环节，周期通常长达3-5年，难以匹 配生物偶联药赛道商业化需求的 ...

点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 配售价22.82港元较前一交易日收市价24.94港元折让约8.5%，较前五个交易日平均收市价23.20港元折让 约1.6%。配售股份占现有已发行股本约3.3%，完成后占扩大股本约3.2%。 康龙化成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。所得款项中，约9.3亿港 元将用于项目建设以加强实验室及生产设施能力，约1.3亿港元用于偿还借款优化资本结构，约2.6亿港 元用于补充营运资金及一般公司用途。本次发行根据股东大会授予的一般授权实施，预计于2026年1月 22日完成。 来源：新浪港股-好仓工作室 2026年1月15日，康龙化成（股份代号：3759）公告称，通过 ...

Core Viewpoint - Aopu Mai's asset acquisition plan has been approved by the Shanghai Stock Exchange's M&A Committee, marking it as the first case in the A-share market to utilize a "staged payment mechanism" for share consideration since the release of the "Six M&A Rules" [1][2] Group 1: Company Overview - Aopu Mai, listed on the Sci-Tech Innovation Board in 2022, focuses on the research and production of cell culture media and provides contract development and manufacturing organization (CDMO) services [1] - The target company, Pengli Bio, specializes in drug and medical device research and preclinical research services (CRO), recognized as a national-level specialized and innovative small giant and a high-tech enterprise [1] Group 2: Strategic Rationale - Both companies operate within the pharmaceutical research and production service sector, indicating significant synergy and complementary industrial advantages [1] - The merger aims to create an integrated service platform combining "culture media + CRO + CDMO," which is expected to meet clients' needs from early research to commercial production, enhancing one-stop service capabilities and integrated competitive levels [1] Group 3: Financial Data - As of the end of 2024, Aopu Mai's total assets are 2.272 billion yuan, with annual revenue and net profit attributable to shareholders at 297 million yuan and 21.0523 million yuan, respectively [2] - Pengli Bio's total assets are 1.216 billion yuan, exceeding Aopu Mai's total assets by 50%, with annual revenue and net profit at 330 million yuan and 45.15 million yuan, respectively, both surpassing Aopu Mai's figures [2] Group 4: Regulatory Context - The asset restructuring plan was likely to be classified as a "restructuring listing" prior to the release of the "Six M&A Rules," which would have subjected it to stricter scrutiny and a slower process [2] - The approval of Aopu Mai's restructuring project is seen as a typical case of implementing the "Six M&A Rules," aligning with the need for new productive forces and enhancing the resource allocation function of mergers and acquisitions [2]

Core Viewpoint - Aopu Mai's asset acquisition through share issuance has been approved by the Shanghai Stock Exchange's M&A Committee, marking the first use of a phased payment mechanism for share consideration in the A-share market since the introduction of the "Six M&A Guidelines" [2] Group 1: Aopu Mai's Acquisition - Aopu Mai (688293.SH), listed on the Sci-Tech Innovation Board in 2022, focuses on cell culture medium R&D and biopharmaceutical contract development and manufacturing services (CDMO) [2] - The target company, Pengli Bio, specializes in drug and device R&D clinical research services (CRO) and is recognized as a national-level specialized and innovative small giant [2] - Post-transaction, the target company will become a wholly-owned subsidiary of Aopu Mai, enhancing the company's profitability and core competitiveness through synergistic effects [2] Group 2: Phased Payment Mechanism - The phased payment mechanism for share consideration significantly enhances payment flexibility, safeguarding the interests of the listed company [3] - The listed company will pay the target company's controlling shareholders and management team in installments based on the target's future operational performance, allowing for adjustments in share quantity based on performance completion [3] - This mechanism binds the core team of the target company to the long-term interests of the listed company, promoting collaborative development [3] Group 3: Reverse Linkage Policy - The "reverse linkage" policy encourages private equity funds to participate in M&A by linking the investment period with the lock-up period for shares acquired through the restructuring [3] - Private equity funds holding shares of the target company for over 48 months prior to the restructuring will have a 6-month lock-up period for shares obtained through this transaction [3] - This policy fosters "patient capital" and promotes a healthy cycle of fundraising, investment, management, and exit [3] Group 4: "Six M&A Guidelines" Impact - The "Six M&A Guidelines" introduce a comprehensive set of reform measures aimed at invigorating the M&A market, enhancing regulatory inclusiveness, and improving payment flexibility and review efficiency [4] - Since the implementation of these guidelines, various policies such as inter-company mergers, phased payment mechanisms, and the reverse linkage for private equity funds have been successfully executed [4] - These measures are expected to strengthen the role of capital markets in corporate M&A, supporting economic transformation and high-quality development [4]

Group 1 - The core viewpoint of the news is that Aopu Mai's asset acquisition through share issuance has been approved, marking a significant step in the implementation of the "Six Merger Guidelines" aimed at enhancing the value of listed companies by injecting quality assets [1] - Aopu Mai's restructuring project is the first in the A-share market to adopt a phased payment mechanism for share consideration since the release of the "Six Merger Guidelines" [1] - The target company, Pengli Bio, specializes in preclinical research services for drugs and devices and is recognized as a national-level "little giant" enterprise, which will enhance Aopu Mai's profitability and core competitiveness post-acquisition [1] Group 2 - The phased payment mechanism for share consideration enhances payment flexibility and better protects the interests of the listed company, allowing for adjustments based on the target company's future performance [2] - The "reverse linkage" mechanism encourages private equity funds to participate in mergers and acquisitions by linking the investment period with the lock-up period of shares obtained through the restructuring [2] - The implementation of the "Six Merger Guidelines" has led to a series of reforms aimed at invigorating the merger and acquisition market, improving regulatory tolerance, and supporting industrial integration [3]

Core Viewpoint - Aopu Mai's asset acquisition application has been approved by the Shanghai Stock Exchange's M&A Committee, marking the first A-share market project to utilize a phased payment mechanism for share-based acquisitions since the introduction of the "Six Merger Guidelines" [1] Group 1: Transaction Details - Aopu Mai is primarily engaged in the research and production of cell culture media and provides CDMO services, while the target company, Pengli Bio, focuses on preclinical research services in drug and device development [1] - Upon completion of the transaction, the target company will become a wholly-owned subsidiary of the listed company, enhancing profitability and core competitiveness through synergistic effects [1] Group 2: Policy Implications - The approval of Aopu Mai's restructuring project exemplifies the implementation of the "Six Merger Guidelines" and highlights the policy direction to strengthen the resource allocation function of mergers and acquisitions [1] - The phased payment mechanism for share-based acquisitions enhances payment flexibility and better safeguards the interests of the listed company, allowing for adjustments in share payments based on the target company's operational performance [1] Group 3: Private Equity Involvement - The "reverse linkage" mechanism encourages private equity funds to participate in mergers and acquisitions by linking the investment period with the lock-up period for shares acquired through restructuring [2] - Private equity funds that have held shares in the target company for over 48 months will have a lock-up period of 6 months for shares obtained through this restructuring, promoting a "patient capital" approach [2] - The implementation of the "Six Merger Guidelines" and related policies has led to various measures such as mergers and acquisitions among peer companies and phased payment mechanisms, further supporting economic transformation and high-quality development [2]

Group 1: Company Performance - The significant growth in Q1 2025 performance is attributed to enhanced service capabilities, increased R&D investment, and concentrated order deliveries [2] - Future performance may experience volatility due to macroeconomic factors, industry developments, and trade policy uncertainties [2] Group 2: Impact of U.S. Tariff Policies - U.S. tariff policies may affect the company's overseas business, particularly as the company primarily exports products [3] - The company has developed specialized CDMO services and has a mature R&D, production, and sales system, which provides some resilience against tariff risks [3] Group 3: U.S. Production Base - The U.S. production base in Wisconsin has passed FDA cGMP inspections and focuses on GMP intermediates and API products [3] - Plans for 2025 include upgrading the Wisconsin facility to expand capacity and enhance service capabilities, leveraging its strategic location for business growth [3]