格隆汇1月30日丨益诺思(688710.SH)公布，公司为一家专业提供生物医药非临床研究服务为主的综合研 发服务（CRO）企业，为全球的医药企业和科研机构提供全方位的符合国内及国际申报标准的新药研 究服务。为进一步完善上下游产业链布局，构建一体化服务解决方案，建立覆盖药物研发早期概念验证 至产业孵化的全链条新型服务体系，公司基于长期战略目标规划，与益临思、医工总院达成初步合作意 愿，已签署收购意向协议，拟以现金方式收购益临思控股权。 益临思为控股股东中国医药工业研究总院有限公司所属临床研究中心，是国家高新技术企业、上海市专 精特新中小企业及科技型中小企业，在临床研究服务领域具备成熟体系和专业能力。本次并购将推动公 司业务正式进入临床研究服务领域，不仅有助于完善公司现有的一站式服务平台，更能形成覆盖研发关 键环节的完整服务链条，显著增强公司综合服务能力，为长期发展和行业竞争力提升奠定坚实基础。 益临思成立于2004年2月，为一家以临床试验服务为主营业务的公司，主要从事临床CRO服务业务，益 临思核心业务聚焦新药Ⅰ期至Ⅳ期临床试验、人体药物代谢与动力学研究、生物等效性研究；随机对照 临床试验；国际多中心临床试验； ...

本次交易是公司积极响应国家鼓励上市公司围绕主业及产业链上下游实施并购重组的相关政策、落实自 身通过战略性并购完善上下游布局、构建一体化服务解决方案这一战略规划的重要举措。通过本次并 购，公司将有效延伸业务链条，拓展服务环节，强化各业务板块间的协同联动，有利于把握政策机遇、 夯实产业基础、提升发展质量。 益临思成立于2004年2月，为一家以临床试验服务为主营业务的公司，主要从事临床CRO服务业务，益 临思核心业务聚焦新药Ⅰ期至Ⅳ期临床试验、人体药物代谢与动力学研究、生物等效性研究；随机对照 临床试验；国际多中心临床试验；各类临床试验的监查、项目管理、受试者招募、数据管理、生物统 计、医学翻译、医学报告撰写、市场调研和产品开发战略咨询等；此外，还提供医疗器械和功能性保健 品的临床试验服务。 格隆汇1月30日丨益诺思(688710.SH)公布，公司为一家专业提供生物医药非临床研究服务为主的综合研 发服务（CRO）企业，为全球的医药企业和科研机构提供全方位的符合国内及国际申报标准的新药研 究服务。为进一步完善上下游产业链布局，构建一体化服务解决方案，建立覆盖药物研发早期概念验证 至产业孵化的全链条新型服务体系，公司基 ...

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 ...

Investment Rating - The investment rating for the company is "Buy" for both A and H shares, maintained from previous assessments [7]. Core Insights - The company has demonstrated steady performance with a revenue of 10.086 billion RMB and a non-IFRS adjusted net profit of 1.227 billion RMB for the first three quarters of 2025, reflecting year-on-year growth of 14.4% and 10.8% respectively [1]. - The company has raised its revenue growth guidance for 2025 from 10-15% to 12-16%, indicating strong confidence in its growth prospects [1]. - The acquisition of Wuxi Bai'ao is expected to enhance the company's integrated service capabilities and international reach, aligning with its strategic focus on a comprehensive, integrated, and multi-therapy approach [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a gross margin of 34.2%, an increase of 0.4 percentage points year-on-year, supported by scale effects and improved capacity utilization in its CMC business [1]. - The net cash flow from operating activities reached 2.436 billion RMB, marking a year-on-year increase of 37.6% [1]. - The company’s new order intake grew by over 13% year-on-year, with a notable acceleration in the third quarter [2]. Business Segments - The laboratory services segment, as the flagship business, generated 6.004 billion RMB in revenue, up 15.0% year-on-year, with new orders increasing by over 12% [2]. - The CMC segment reported revenue of 2.293 billion RMB, reflecting a year-on-year growth of 16.0%, with new orders increasing by approximately 20% [2]. - The clinical CRO segment achieved revenue of 1.440 billion RMB, up 10.3% year-on-year, while the large molecules and CGT segment saw revenue of 336 million RMB, an 8.1% increase [2]. Acquisition Details - The company plans to acquire 82.54% of Wuxi Bai'ao for approximately 1.346 billion RMB, which is positioned as a leading CRO in structural biology [3]. - The acquisition is expected to create strong synergies, leveraging Bai'ao's advanced capabilities in structural biology and protein preparation, enhancing the company's service offerings [4]. Profit Forecast and Valuation - The projected net profits for the company from 2025 to 2027 are 1.729 billion RMB, 2.105 billion RMB, and 2.529 billion RMB respectively, with slight upward adjustments from previous estimates [5]. - The company is assigned a PE ratio of 37x for A shares and 26x for H shares in 2026, with target prices set at 43.81 RMB and 33.69 HKD respectively [5].

Investment Rating - The report gives a "Buy" rating for the company, 康龙化成, for the first time [1][9]. Core Views - 康龙化成 is positioned as a leading global drug research and development enterprise with a comprehensive, integrated, international, and multi-therapy approach. The company is expected to experience significant growth across its various service segments, including laboratory services, small molecule CDMO, clinical CRO, and large molecule and cell gene therapy services [6][8][9]. Financial Summary - Total revenue projections for 康龙化成 are as follows: - 2024: 12,276 million CNY - 2025: 13,816 million CNY - 2026: 15,688 million CNY - 2027: 17,879 million CNY - The expected growth rates are 6.4% for 2024, 12.5% for 2025, 13.5% for 2026, and 14.0% for 2027 [2]. - Net profit attributable to shareholders is projected to be: - 2024: 1,793 million CNY - 2025: 1,689 million CNY - 2026: 1,959 million CNY - 2027: 2,257 million CNY - The expected growth rates for net profit are 12.0% for 2024, -5.8% for 2025, 15.9% for 2026, and 15.2% for 2027 [2]. Business Segments Laboratory Services - Laboratory services are the most competitive segment for 康龙化成, contributing significantly to revenue and profit. In 2024, this segment is expected to generate revenue of 70.47 billion CNY, accounting for 57.4% of total revenue [23]. - The segment has shown a compound annual growth rate (CAGR) of 24.25% in revenue from 2015 to 2024 [23][26]. CMC (Small Molecule CDMO) Services - The CMC segment is entering a commercialization phase, with revenue expected to reach 29.89 billion CNY in 2024, representing 24% of total revenue [45]. - The company has established four FDA-approved production bases in China, the UK, and the US, enhancing its capacity for global clients [49][53]. Clinical CRO Services - The clinical CRO segment is expected to generate revenue of 18.26 billion CNY in 2024, accounting for 14.87% of total revenue [63]. - The company has built a comprehensive clinical CRO service platform across China, the US, and the UK, which is anticipated to enhance efficiency and profitability [66]. Large Molecule and Cell Gene Therapy Services - The company is rapidly advancing in large molecule and cell gene therapy services, with expectations of approximately 10% revenue growth over the next three years [6][20]. Valuation and Price Target - The target price for 康龙化成 is set at 47.73 CNY based on a 40x PE ratio for 2026 adjusted net profit. The corresponding target price for the Hong Kong market is 39.34 HKD based on a 30x PE ratio [2][9].

Core Viewpoint - The article emphasizes that Kanglong Chemical has established itself as a leading global drug research and development service enterprise, with significant growth potential across its various service segments, including laboratory services, small molecule CDMO, clinical CRO, and large molecule and cell gene therapy services [3][4][5]. Group 1: Laboratory Services - The laboratory services segment is the most competitive and currently the primary source of revenue and profit for the company, with expectations for rapid growth driven by competitive advantages in compound design and synthesis [3]. - The biological science services are anticipated to leverage the existing customer base from laboratory chemistry services, leading to sustained high growth in both customer numbers and performance [3]. Group 2: CMC (Small Molecule CDMO) Services - The CMC services are expected to experience rapid growth due to a burgeoning client base and the successful conversion of commercial orders, with a significant increase in the proportion of process validation and commercial orders expected by the first half of 2025 [4]. - The company has established four FDA-approved API commercial production bases across China, the UK, and the US, enabling it to provide innovative drug raw material production solutions globally [4]. Group 3: Clinical CRO Services - The company has completed the establishment of an integrated global clinical CRO service platform, which is expected to enhance efficiency and profitability as industry conditions improve [4]. - The synergy between clinical CRO, preclinical CRO, and CDMO services is anticipated to strengthen further, contributing to accelerated performance [4]. Group 4: Large Molecule and Cell Gene Therapy Services - The company is rapidly advancing its capabilities in large molecule and cell gene therapy services through external resource integration and personnel recruitment, with projected revenue growth of around 10% over the next three years [5]. - This segment is expected to gradually reduce losses, opening up greater long-term growth opportunities for the company [5]. Group 5: Investment Recommendations - The projected net profits for the company from 2025 to 2027 are estimated at 1.689 billion, 1.959 billion, and 2.257 billion yuan, with adjusted net profits of 1.750 billion, 2.122 billion, and 2.438 billion yuan, reflecting year-on-year growth rates of 8.9%, 21.2%, and 14.9% respectively [5]. - The current stock price corresponds to PE ratios of 36, 31, and 27 for 2025-2027, with a recommendation for a higher valuation level based on the company's growth prospects and competitive advantages in the CXO industry [5].

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 136.15 CNY based on a valuation of 35 times the expected earnings per share in 2026 [3][10]. Core Views - The company has established a strong foundation in small molecule CDMO (Contract Development and Manufacturing Organization) services and is gradually entering a harvest phase with its emerging businesses. The dual growth drivers are expected to position the company as a leading technology-driven one-stop CDMO service provider [2][8]. Summary by Sections Small Molecule CDMO - The small molecule CDMO business is the cornerstone of the company's operations, leveraging advanced technologies such as continuous reaction and biocatalysis to create competitive advantages in cost and efficiency. The company is expected to maintain steady growth in this segment due to increasing demand for high-value orders and expansion into international markets [9][26]. - In 2024, the small molecule business is projected to generate revenue of 45.71 billion CNY, with a gross margin of 47.95%. The company anticipates 12 projects in the validation phase for 2025, ensuring a robust order backlog for sustained growth [26][49]. Emerging Businesses - The company has diversified into several emerging business segments, including chemical macromolecule CDMO, clinical CRO (Contract Research Organization), and biopharmaceutical services. These segments are expected to contribute significantly to revenue growth, with the emerging business generating 12.26 billion CNY in 2024, reflecting a year-on-year growth of 2.25% [57][60]. - The chemical macromolecule CDMO segment, which includes peptides and oligonucleotides, is experiencing rapid commercialization, with a revenue increase of 13.3% in 2024 [59]. Financial Projections - The company is projected to achieve net profits of 11.70 billion CNY, 14.04 billion CNY, and 17.00 billion CNY for the years 2025, 2026, and 2027, respectively, with corresponding growth rates of 23.3%, 20.0%, and 21.1% [10][16]. - Earnings per share (EPS) are expected to rise from 3.24 CNY in 2025 to 4.71 CNY by 2027, indicating a strong upward trajectory in profitability [10][16]. Market Position and Strategy - The company aims to enhance its global footprint by expanding its production capabilities in Europe and Japan, particularly through the acquisition of the Sandwich Site in the UK, which is expected to bolster its service offerings and client penetration in these regions [54][56]. - The report highlights the company's commitment to maintaining a high level of research and development investment, which is crucial for sustaining its competitive edge in the rapidly evolving pharmaceutical landscape [21][22].

Core Viewpoint - The company reported a revenue of 590 million yuan for the first half of 2025, reflecting a year-on-year growth of 4.87%, while the net profit attributable to shareholders decreased by 12.61% to 130 million yuan [1] Financial Performance - The company achieved a revenue of 359 million yuan in Q2 2025, representing a year-on-year increase of 15.73%, with a net profit attributable to shareholders of 100 million yuan, up by 32.23% [1] - For the first half of 2025, the clinical CRO revenue was 279 million yuan, showing a significant year-on-year growth of 29.05%, while the pharmaceutical research revenue decreased by 40.80% to 203 million yuan [2] - The overall gross margin for H1 2025 was 51.63%, a decrease of 4.36 percentage points, but slightly improved by 1.45 percentage points compared to the end of 2024 [2] Business Segments - The clinical service gross margin was 35.82%, down by 2.37 percentage points, while the pharmaceutical research gross margin was 47.72%, down by 19.06 percentage points [2] - The company expects stable overall gross margins due to steady clinical margins and contributions from high-margin projects resulting from strategic improvements and self-research outcomes [2] Innovation and Pipeline - The company emphasizes its innovative drug layout, with over 20 types of proprietary Class 1 new drugs in the pipeline as of H1 2025 [3] - Several pipelines are progressing well in clinical stages, including ST007 for postoperative pain and ST008 for advanced solid tumors, with ongoing clinical trials [3] Future Outlook - Revenue projections for 2025-2027 are 1.253 billion, 1.442 billion, and 1.656 billion yuan, with year-on-year growth rates of 16.20%, 15.07%, and 14.84% respectively [3] - Net profit forecasts for the same period are 230 million, 272 million, and 320 million yuan, with growth rates of 29.66%, 18.34%, and 17.53% respectively [3]

Investment Rating - The investment rating for the CXO industry is "Outperform the Market" [1] Core Insights - The CXO index has increased by over 50% in the past year due to the easing of geopolitical risks, recovery in investment, and the digestion of high pandemic baselines [2] - Chinese CXO companies are analyzed from short-term, medium-term, and long-term perspectives to understand their global competitiveness [2] - Major players in the large molecule CDMO sector include WuXi Biologics and WuXi AppTec, with over 70% of their revenue coming from overseas [2] - The small molecule CDMO sector shows strong recovery in domestic companies, with significant order growth and a favorable competitive landscape [2] - Clinical and preclinical CROs are currently in an adjustment phase, with domestic order prices stabilizing but showing no significant recovery [2] Summary by Sections Large Molecule CDMO - Short-term performance shows high growth with competition from Japan, South Korea, and Europe [2] - Medium-term order growth is led by South Korean companies like Samsung Biologics, indicating intense competition for Chinese firms [2] - Long-term capital expenditures remain high, reflecting confidence in future demand [2] Small Molecule CDMO - Domestic companies are recovering from pandemic-related performance dips, with overall growth expected in 2025 [2] - Order growth is robust, with WuXi AppTec's orders increasing by 47% year-on-year by the end of 2024 [2] - Long-term capital expenditures show divergence, with some leaders like WuXi AppTec expected to continue increasing investments [2] Clinical/Preclinical CRO - Both domestic and international CROs are in an adjustment period, with 2022-2023 investment cooling reflected in 2024 performance [2] - Medium-term order volumes and values are beginning to show growth, while international orders remain stable [2] - Long-term capital expenditures vary among companies, indicating potential supply-demand mismatches in the short term [2] Emerging Business Opportunities - Rapid development in new molecular businesses such as peptides and oligonucleotides is expected to open up growth opportunities in the CXO sector [3] - Generic drug CROs are actively pursuing innovative transformations to seek new growth points [3]

Summary of Conference Call Records Industry Overview - The conference call discusses the **clinical CRO (Contract Research Organization)** sector, particularly focusing on the impact of recent order improvements on companies like **Madpace** and **Charles River** [1][2][4]. Key Points and Arguments - **Madpace's Stock Performance**: Madpace's stock price increase reflects improved order conditions, with the net book to bill ratio rising from below 0.9 to above 1, indicating a potential acceleration in future revenue growth [1][2]. - **Global CRO Sector Recovery**: The global clinical CRO sector shows signs of recovery, with Charles River reporting better-than-expected order data and a net book to bill value exceeding 1 for the first time, suggesting a demand-side recovery that may continue [1][4]. - **Importance of CRO Services for Biotech**: Biotech companies, which often lack commercialized products, rely heavily on CRO services to accelerate clinical trials and attract investment. This reliance is crucial for their survival and competitiveness [5][6]. - **Domestic CDMO Landscape**: The domestic pharmaceutical industry is primarily led by export-oriented CDMO companies. After significant expansion from 2020 to 2022, the industry faced a downturn, but is expected to recover in 2024, with leading companies achieving full capacity first [1][8]. - **Geopolitical Impact**: Geopolitical relations affect domestic CXO companies' operations in the U.S. Companies like WuXi Biologics have stable orders due to their production capabilities, while WuXi AppTec's reliance on local raw materials makes it more vulnerable [1][9]. - **Innovation-Driven Market Cycles**: The pharmaceutical industry's development cycles depend on innovation in areas like ADCs, small nucleic acids, and peptides. Breakthroughs in these fields could lead to a new upward market cycle [3][10][11]. - **Market Sentiment and New Drug Categories**: Emerging drug categories, such as weight loss medications, are expected to influence market dynamics and sentiment, indicating a shift in consumer demand [3][10]. Additional Important Insights - **CRO Response to Order Fluctuations**: Companies in the clinical sector may face overcapacity during order declines, leading to potential layoffs. Conversely, when orders exceed a certain level, companies may consider expanding capacity [7]. - **CDMO Pricing Strategies**: In a low-capacity environment, CDMO companies may lower prices to secure orders, but as demand increases, they can achieve both volume and price growth [8]. - **Generational Changes in Pharma**: The pharmaceutical industry has undergone several generational changes, with each new major product category influencing market conditions. For instance, breakthroughs in small nucleic acids have significantly impacted market performance [11][12].