Core Viewpoint - The company, Boji Pharmaceutical, has not yet developed its own drugs but is providing clinical research services for various treatments related to influenza and other acute respiratory infections, leveraging AI technology to enhance efficiency and quality [1] Group 1 - The company is currently not engaged in the independent development of related drugs [1] - Boji Pharmaceutical offers clinical research services targeting different patient populations for treatments of type A influenza, common influenza, and other acute upper respiratory infections [1] - The company is actively utilizing AI technology to improve the efficiency and quality of its services [1]

Group 1 - The core viewpoint of the news is that Yinosh has experienced a decline in both revenue and net profit, indicating potential challenges in its business performance [2] - As of November 20, Yinosh's stock price increased by 0.69%, with a trading volume of 57.54 million yuan, while the net financing buy was negative at -397,600 yuan [1] - The financing balance of Yinosh is 59.99 million yuan, which accounts for 1.43% of its market capitalization, indicating a low level compared to the past year [1] Group 2 - 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 -14.79 million yuan, a decline of 111.14% [2] - The number of shareholders decreased by 9.97% to 4,849, while the average circulating shares per person increased by 257.28% to 18,703 shares [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]

博济医药所属申万行业为：医药生物-医疗服务-医疗研发外包。所属概念板块包括：幽门螺杆概念、肝 炎治疗、中药、小盘、多肽药等。 11月13日，博济医药盘中上涨2.19%，截至13:09，报10.74元/股，成交1.31亿元，换手率4.45%，总市值 41.43亿元。 资金流向方面，主力资金净流出92.84万元，特大单买入523.74万元，占比4.00%，卖出629.01万元，占 比4.81%；大单买入1706.09万元，占比13.04%，卖出1693.66万元，占比12.94%。 博济医药今年以来股价涨23.19%，近5个交易日涨7.51%，近20日涨9.15%，近60日跌4.11%。 资料显示，博济医药科技股份有限公司位于广东省广州市天河区华观路1933号万科云广场A栋7楼，成 立日期2002年9月29日，上市日期2015年4月24日，公司主营业务涉及为医药企业和其他新药研发机构的 新药研发提供临床前研究服务、临床研究服务、技术成果转化服务以及与新药研发有关的其他咨询服务 等,协助客户快速、高效地完成新药研发的各个阶段。主营业务收入构成为：临床研究服务80.18%，临 床前研究服务11.31%，其他咨询服务6 ...

Core Insights - Boji Pharmaceutical is a leading provider of new drug research and development outsourcing services in China, established in 2002 and listed on the Shenzhen Stock Exchange in 2015 [1] Group 1: Business Overview - Boji Pharmaceutical offers comprehensive new drug R&D services, including preclinical research, clinical research, technology transfer, and consulting services [1] - The company operates in the pharmaceutical and biotechnology sector, specifically in medical services and R&D outsourcing, with relevant concepts including Helicobacter pylori and hepatitis treatment [1] Group 2: Financial Performance - For Q3 2025, Boji Pharmaceutical reported revenue of 584 million yuan, ranking 16th out of 29 in the industry, significantly lower than the top competitor WuXi AppTec at 32.857 billion yuan [2] - The net profit for the same period was 23.8675 million yuan, placing the company 21st in the industry, again far behind WuXi AppTec's 12.206 billion yuan [2] Group 3: Financial Ratios - As of Q3 2025, Boji Pharmaceutical's debt-to-asset ratio was 33.62%, higher than the previous year's 31.81% and above the industry average of 22.79% [3] - The gross profit margin was 28.83%, down from 32.19% year-on-year and below the industry average of 37.70% [3] Group 4: Leadership and Shareholder Information - The chairman and controlling shareholder, Wang Tingchun, saw his salary decrease from 414,000 yuan in 2023 to 391,000 yuan in 2024 [4] - As of September 30, 2025, the number of A-share shareholders increased by 18.91% to 29,600, while the average number of circulating A-shares held per shareholder decreased by 15.21% [5] Group 5: Business Developments - Clinical business showed stable growth with clinical research service revenue of 290 million yuan and new contract value of 752 million yuan, achieving a business gross margin of 30.6% [5] - Non-clinical business performance varied, with preclinical research service revenue at 40.87 million yuan and other consulting services at 23.49 million yuan [5] - The company has made progress in self-developed projects, including innovative traditional Chinese medicine [5]

Core Viewpoint - 康龙化成's stock has shown a significant increase in price and trading activity, reflecting positive market sentiment despite a decline in net profit year-over-year [1][2]. Financial Performance - As of September 30, 康龙化成 reported a revenue of 100.86 billion yuan for the first nine months of 2025, representing a year-over-year growth of 14.38% [2]. - The company's net profit attributable to shareholders was 11.41 billion yuan, which is a decrease of 19.76% compared to the previous year [2]. Stock Performance - 康龙化成's stock price increased by 32.63% year-to-date, with a recent 5-day increase of 4.58% and a 20-day decline of 2.25% [1]. - The stock was trading at 33.82 yuan per share with a market capitalization of 601.39 billion yuan as of October 31 [1]. Shareholder Information - The number of shareholders decreased by 1.62% to 86,500 as of September 30, 2025 [2]. - Major shareholders include 中欧医疗健康混合A and 香港中央结算有限公司, with both increasing their holdings [3]. Business Segmentation - 康龙化成's main business segments include laboratory services (60.43%), CMC services (21.58%), clinical research services (14.58%), and other services [1].

Financial Performance - Revenue for Q3 2025 reached RMB 3,645 million, a 9.1% increase QoQ and a 13.4% increase YoY [9] - Net profit attributable to shareholders for Q3 2025 was RMB 440 million, up 11.0% QoQ and 42.5% YoY [9] - Non-IFRS adjusted net profit for Q3 2025 was RMB 471 million, reflecting a 15.9% QoQ increase and a 12.9% YoY increase [9] Year-to-Date Performance - Total revenue for the first three quarters of 2025 was RMB 10,086 million, a 14.4% increase YoY [10] - Net profit attributable to shareholders for the first three quarters of 2025 was RMB 1,141 million, down 19.8% YoY [10] - Non-IFRS adjusted net profit for the first three quarters of 2025 was RMB 1,227 million, a 10.8% increase YoY [10] Order Growth and Client Performance - New orders increased by over 13% YoY, with growth accelerating compared to the first half of the year [10] - Revenue from top 20 pharmaceutical companies grew by 37.9% YoY [15] - Cash flow from operating activities was RMB 2,436 million, with free cash flow at RMB 536 million [10] Revenue Composition - Revenue breakdown for Q3 2025: - Small Molecules: 60% - CDMO: 23% - Clinical Research Services: 14% - Laboratory Services: 12% [12] - Revenue from North American clients grew by 11.9%, European clients by 23.2%, and Chinese clients by 16.1% [13] Cost and Expense Ratios - Selling and distribution expenses as a percentage of revenue remained stable at 2.2% [22] - R&D expenses as a percentage of revenue were 3.9% for the first three quarters of 2025 [25] - Net interest expenses as a percentage of revenue were 0.8% for the first three quarters of 2025 [29] Strategic Outlook - The company aims for a revenue growth target of 12-16% for the full year 2025 [35] - The strategic focus includes enhancing R&D and production efficiency while expanding market share [35]

Financial Performance - In Q3 2025, the company achieved a revenue of CNY 3.645 billion, a 9.1% increase from Q2 and a 13.4% increase year-on-year [2] - The net profit attributable to shareholders was CNY 440 million, reflecting an 11.0% increase from Q2 and a 42.5% increase year-on-year [2] - For the first three quarters of 2025, the company reported a revenue of CNY 10.086 billion, a 14.4% year-on-year increase, while net profit decreased by 19.8% due to a high base effect from a significant investment gain in Q2 of the previous year [3] Order and Revenue Growth - New orders signed in the first three quarters increased by over 13% year-on-year, with acceleration compared to the first half of the year [3] - Revenue from multinational clients grew significantly, with income from the top 20 global pharmaceutical companies increasing by 37.9% year-on-year, contributing to strong performance in services and laboratory services [3] Cash Flow - The company generated a net cash flow from operating activities of CNY 2.436 billion in the first three quarters, with free cash flow reaching CNY 536 million [3] Business Segment Performance - Laboratory Services: Q3 revenue reached CNY 6.004 billion, a 14.3% year-on-year increase, with a gross margin maintained around 45% [4] - CMC Services: Q3 revenue was CNY 903 million, a 29.6% increase from Q2 and a 12.7% increase year-on-year, with a gross margin of 34.6% [4] - Clinical Research Services: Q3 revenue was CNY 501 million, reflecting an 8.2% year-on-year increase [4] - Large Molecule and CGT Services: Q3 revenue was CNY 125 million, a 25.1% year-on-year increase [4] Acquisition of Bai Ao De - The company announced the acquisition of Wuxi Bai Ao De Biological Science Co., which will enhance its "full-process, integrated, international, multi-therapy" service platform [5] - Bai Ao De specializes in drug discovery services and is recognized as a leading CRO with comprehensive capabilities from gene to protein to cryo-EM structure analysis [5] Market Position and Strategy - The acquisition is expected to strengthen the company's service capabilities in structural biology and early-stage research, enhancing competitiveness in the global early research market [6] - The laboratory services segment is experiencing growth above industry levels, driven by strategic partnerships with multinational clients and resilient demand from smaller clients [8] Future Outlook - The company plans to maintain CAPEX at over CNY 2 billion, focusing on expanding laboratory services and small molecule service capacities [8] - The CMC segment is expected to see continued improvement in gross margins as revenue grows [8]

Core Insights - Kanglong Chemical experienced a stock price decline of 2.03% on October 30, trading at 33.36 CNY per share with a market capitalization of 59.32 billion CNY [1] - The company reported a year-to-date stock price increase of 30.82%, with a 6.11% rise over the last five trading days [1][2] Financial Performance - For the period from January to September 2025, Kanglong Chemical achieved a revenue of 10.09 billion CNY, reflecting a year-on-year growth of 14.38%, while the net profit attributable to shareholders decreased by 19.76% to 1.14 billion CNY [2] - Cumulative cash dividends since the company's A-share listing amount to 1.79 billion CNY, with 1.00 billion CNY distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 1.62% to 86,500, with an average of 0 circulating shares per person [2] - Notable institutional shareholders include China Europe Medical Health Mixed Fund, which increased its holdings by 8.96 million shares, and Hong Kong Central Clearing Limited, which raised its stake by 1.02 million shares [3]

Investment Rating - The report assigns a "Buy" rating for Kanglong Chemical (300759) based on its strong performance and growth prospects [1]. Core Insights - The company has shown robust growth in laboratory services and CMC (Contract Manufacturing Organization) segments, leading to an upward revision of its annual performance guidance [2][3]. - For the first three quarters of 2025, the company achieved a total revenue of 60.04 billion yuan in laboratory services, a year-on-year increase of 15.0%, with a gross margin of 45.1% [2]. - The CMC segment generated revenue of 22.93 billion yuan, reflecting a 16.0% year-on-year growth, with a gross margin of 32.1% [2]. - The company plans to acquire 82.54% of Wuxi Bai'ao, which focuses on structural biology, enhancing its capabilities in early-stage drug development [4][5]. Financial Performance Summary - In Q1-3 2025, the company reported total revenue of 100.86 billion yuan, a 14.4% increase year-on-year, and a net profit attributable to shareholders of 11.41 billion yuan, down 19.8% year-on-year [1]. - Adjusted net profit for the same period was 12.27 billion yuan, up 10.8% year-on-year [1]. - The company has revised its full-year revenue growth target for 2025 to 12-16%, up from the previous 10-15% [3]. Revenue Breakdown - Revenue from the top 20 global pharmaceutical clients grew by 37.9%, accounting for approximately 18% of total revenue [2]. - Revenue from other clients increased by 10.3%, making up about 79% of total revenue, while new clients contributed around 3% [2]. - Geographically, revenue from North American clients rose by 11.9%, European clients by 23.2%, and Chinese clients by 16.1% [3]. Earnings Forecast - The company is projected to achieve revenues of 140.86 billion yuan, 162.03 billion yuan, and 186.47 billion yuan for the years 2025, 2026, and 2027, respectively [7]. - Net profit attributable to shareholders is expected to be 16.71 billion yuan, 20.21 billion yuan, and 24.23 billion yuan for the same years [7]. - The diluted EPS is forecasted to be 0.94 yuan, 1.14 yuan, and 1.36 yuan for 2025, 2026, and 2027, respectively [7].

Core Viewpoint - Kanglong Chemical's stock rose by 5.04% to 33.58 CNY per share, with a trading volume of 837 million CNY and a market capitalization of 59.712 billion CNY as of October 29 [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 at No. 6 Taihe Road, 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 - Ping An Fund has a significant holding in Kanglong Chemical, with the Ping An CSI Medical Innovation ETF (516820) holding 1.3004 million shares, representing 3.04% of the fund's net value, ranking as the tenth largest holding [2] - The fund has generated an estimated floating profit of approximately 2.0936 million CNY today [2] Fund Performance - The Ping An CSI Medical Innovation ETF (516820) was established on June 9, 2021, with a current size of 1.532 billion CNY. Year-to-date returns are 16.05%, ranking 3225 out of 4216 in its category, while the one-year return is 7.22%, ranking 3400 out of 3877 [2] - Since inception, the fund has experienced a loss of 61.1% [2] Fund Management - The fund is managed by Ong Xin and Bai Guiyao. Ong Xin has been in the position for 1 year and 320 days, with a total asset size of 3.68 billion CNY, achieving a best return of 53.13% and a worst return of -15.51% during his tenure [3] - Bai Guiyao has been managing the fund for 127 days, with a total asset size of 4.23 billion CNY, achieving a best return of 25.61% and a worst return of -0.69% during his tenure [3]