本资料难以设置访问权限，若给您造成不便，敬请谅解。感谢您的理解与配合。 摘要 全流程、一体化、国际化、多疗法的全球药物研发领军企业。 康龙化成于2004 年在北京设立，二十 余年的时间已成长为一家国际领先的生命科学研发服务企业。站在当前时点来看，我们认为公司实验 室服务、小分子CDMO、临床CRO、大分子和细胞基因治疗服务仍具备充足的成长动力和广阔的成长 空间，向全球一体化研发生产服务巨头迈进。 实验室服务：一体化服务优势显著，长周期快速增长可期。 实验室服务业务是公司最具全球竞争力的 业务单元，也是公司目前最主要的收入及利润来源。展望未来，我们认为：1）公司在化合物设计和 合成领域积累的竞争优势有望不断强化，公司实验室化学业务仍有望在长周期中保持较快的增长趋 势。2）公司的生物科学服务仍将在较长周期中共享实验室化学业务的客户资源，依托优势业务的导 流，并持续拓展新分子类型业务，实现客户数量和业绩体量的持续高增长。 CMC（小分子CDMO）服务：商业化订单进入兑现周期，发展潜力及利润弹性均值得高度期待。 短 中期来看，公司快速增长的客户群体及实验室业务的导流仍将为公司CMC业务提供充裕的订单来源， 保障CMC ...

Core Viewpoint - The Jiangsu Wuxi Biopharmaceutical Industry Special Fund aims to promote the development of strategic emerging industries in Jiangsu Province, with a total scale of 4 billion yuan [1]. Group 1: Fund Structure and Investment Strategy - The fund is established in collaboration with Wuxi City to support the integration and development of strategic emerging industry clusters [1]. - Investment methods include setting up sub-funds or direct project investments, with direct investments generally not exceeding 30% of the actual investment amount of the special fund [1]. - The special fund's contribution to sub-funds will not exceed 30% of the sub-fund's total size, and investments in individual direct projects will not exceed 20% of the total paid-in capital of the special fund [1]. Group 2: Investment Focus Areas - The fund primarily invests in pharmaceuticals (including innovative drugs, high-end raw materials, traditional Chinese medicine, cell gene therapy, synthetic biology, etc.), medical devices (including in vitro diagnostic reagents and supporting instruments), and supportive medical industries (including research instruments, synthetic biology, CXO, new medical infrastructure, MAH platform companies, etc.) [2]. - Additional focus areas include consumer healthcare and improving national health quality (including health management, medical aesthetics, special medical foods, and functional foods), as well as AI in pharmaceuticals [2].