在披露2025年三季报之际，康龙化成（300759）抛出了大额并购计划。 10月29日，康龙化成发布公告称，公司拟出资13.46亿元购买无锡佰翱得生物科学股份有限公司（以下简称"佰翱得"）82.54%的股份。 公告显示，佰翱得专注于创新药研发的药物发现阶段，致力于为全球新药研发机构提供以复杂药靶蛋白制备为基础、以结构生物学为核 心、以冷冻电镜解析为优势的药物发现科学研究服务，推动创新药物的研发进程。 康龙化成表示，佰翱得结构分析生物学业务与康龙化成生物科学服务业务具有天然的协同性，是康龙化成生物科学业务板块的延伸。本次 交易有助于补充公司在结构生物学、复杂药靶蛋白制备及分析等方面的技术平台和服务能力，与公司现有业务平台和客户服务能力构成良 好的协同，进而践行公司"全流程、一体化、国际化、多疗法"的核心战略。 此外，康龙化成提到，本次交易的资金安排对于公司自有资金影响是短期且可控的，拟使用的银行并购贷款从目标公司自身的盈利能力及 偿债能力考量，也具备可持续性。因此，本次交易整体而言不会对公司现金流及未来经营产生不利影响。 财务数据显示，截至三季度末，佰翱得净资产为6.08亿元。这也意味着，此次交易存在一定溢价。 ...

Core Viewpoint - 康龙化成 plans to invest 1.346 billion yuan to acquire 82.54% of Wuxi Baiaode Biotechnology Co., Ltd, enhancing its capabilities in structural biology and drug discovery services [1][4]. Group 1: Acquisition Details - 康龙化成 will acquire 82.54% of Baiaode for a total valuation of 1.5 billion yuan, which corresponds to a price-to-sales ratio of 6.2 times and a price-to-earnings ratio of 26 times [1][5]. - The acquisition is expected to complement 康龙化成's existing biological science services, aligning with its core strategy of "full-process, integrated, international, and multi-therapy" [4]. Group 2: Financial Performance of Baiaode - As of the end of Q3, Baiaode reported a net asset value of 608 million yuan, indicating a premium in the acquisition price [5]. - Projected revenues for Baiaode are approximately 241 million yuan for 2024 and 200 million yuan for the first three quarters of 2025, with net profits of about 57.77 million yuan and 41.80 million yuan respectively [5]. Group 3: Market Context and Strategic Implications - The acquisition is seen as a strategic move to enhance 康龙化成's technical platform and service capabilities in complex drug target protein preparation and analysis [4]. - Industry expert Lin Xianping emphasizes that resource barriers provide short-term stability, while long-term success relies on continuous innovation and brand trust [5]. Group 4: Related Party Transactions - The transaction involves related parties, including significant shareholders and management, indicating a complex ownership structure [6]. Group 5: 康龙化成's Financial Performance - In the first three quarters of 2023, 康龙化成 reported revenues of 10.086 billion yuan, a year-on-year increase of 14.38%, while net profit decreased by 19.76% to 1.141 billion yuan [7]. - For Q3 alone, revenues were 3.645 billion yuan, up 13.44%, with net profit rising by 42.52% to 440 million yuan [7].

Core Viewpoint - Kanglong Chemical (300759) has signed a formal agreement to acquire 82.54% of Wuxi Baiaode Biological Science Co., Ltd. and its subsidiaries for approximately 1.346 billion yuan, with the transaction expected to complete upon meeting customary closing conditions [1] Group 1: Acquisition Details - The acquisition involves Wuxi Baiaode, which focuses on innovative drug research and development, providing drug discovery scientific research services based on complex drug target protein preparation and structural biology [1] - The total consideration for the acquisition is about 1.346 billion yuan [1] Group 2: Strategic Importance - Wuxi Baiaode is recognized as a leading CRO in China and one of the few globally with comprehensive service capabilities from gene to protein to cryo-electron microscopy structure [1] - The structural analysis biology business of Wuxi Baiaode has natural synergy with Kanglong Chemical's biological science service business, extending the company's capabilities in this sector [1] Group 3: Business Growth - Kanglong Chemical's biological science business segment has seen continuous improvement in service capabilities and rapid revenue growth in recent years [1] - The integration of Wuxi Baiaode's structural biology capabilities is expected to further enhance the company's service capacity and strengthen its leadership position in the global early-stage biological science service market [1]

Core Viewpoint - Kanglong Chemical plans to invest 1.346 billion yuan to acquire 82.54% of Wuxi Bai'ao Bio-Science Co., Ltd, enhancing its capabilities in drug discovery services [1] Group 1: Acquisition Details - The acquisition amount is 1.346 billion yuan [1] - Kanglong Chemical aims to strengthen its biological science service capabilities through this acquisition [1] Group 2: Company Profile of Bai'ao Bio - Bai'ao Bio focuses on innovative drug research and development, particularly in the drug discovery phase [1] - The company provides scientific research services based on complex drug target protein preparation, with a core emphasis on structural biology and advantages in cryo-electron microscopy [1] Group 3: Strategic Rationale - The structural analysis biology business of Bai'ao Bio is naturally synergistic with Kanglong Chemical's biological science service business [1] - The acquisition is expected to enhance the service capabilities of Kanglong Chemical's biological science business segment, which has seen rapid and steady revenue growth in recent years [1]

Core Viewpoint - The company, Kanglong Chemical (03759), has announced an agreement to acquire 82.54% of Baiaode for approximately RMB 1.346 billion, which will make Baiaode a subsidiary of the company [1][2]. Group 1: Acquisition Details - The acquisition will result in Baiaode being directly held by the company, enhancing its position in the innovative drug research and development sector [2]. - Baiaode specializes in drug discovery services based on complex drug target protein preparation, with a focus on structural biology and advantages in cryo-electron microscopy [2][3]. - The acquisition is expected to strengthen the company's biological science service capabilities and enhance its leadership in the global early biological science service sector [2]. Group 2: Synergies and Capabilities - Baiaode possesses advanced hardware and a research team with extensive experience in protein preparation, which will complement the company's large molecule business segment [3]. - The integration of Baiaode's capabilities in complex protein preparation and structural analysis will enhance the company's early antibody discovery and optimization capabilities [3]. - The acquisition will also allow for the sharing of data between Baiaode and the company, leveraging AI technology for improved drug discovery efficiency [3]. Group 3: Financial Impact - Following the acquisition, Baiaode will be consolidated into the company's financial statements using the cost method, which is expected to positively impact the company's operating performance [4]. - The company anticipates that the acquisition will have a short-term and manageable impact on its finances, with the potential for sustainable bank loans based on Baiaode's profitability and debt repayment capacity [4].

Core Viewpoint - The company, Kanglong Chemical (康龙化成), has announced the acquisition of 82.54% of Baiaode for approximately RMB 1.346 billion, which will enhance its capabilities in drug discovery and development services [1][2]. Group 1: Acquisition Details - The acquisition will result in Baiaode becoming a subsidiary of Kanglong Chemical, directly held at 82.54% [2]. - The total consideration for the acquisition is approximately RMB 1.346 billion [1]. Group 2: Strategic Benefits - Baiaode specializes in innovative drug research and development, focusing on complex drug target protein preparation and structural biology, which aligns with Kanglong Chemical's existing biological science services [2][3]. - The integration of Baiaode's structural biology capabilities with Kanglong Chemical's existing services is expected to strengthen the company's position in the global early-stage biological science service market [2][3]. Group 3: Operational Enhancements - Baiaode has advanced hardware and a skilled research team, particularly in protein preparation, which will enhance Kanglong Chemical's capabilities in early antibody discovery and optimization [3]. - The acquisition will allow for the sharing of data and resources, particularly in AI technology development, improving drug discovery efficiency and service quality [3]. Group 4: Financial Impact - Post-acquisition, Baiaode will be consolidated into Kanglong Chemical's financial statements using the cost method, which is anticipated to have a positive impact on the group's operating performance [4]. - The acquisition is expected to have a short-term and manageable impact on the company's finances, with the potential for sustainable bank loans based on Baiaode's profitability and debt repayment capacity [4].

Core Viewpoint - 康龙化成 is acquiring 82.54% of佰翱得 for approximately RMB 1.346 billion, enhancing its capabilities in the biopharmaceutical sector and solidifying its leadership in early-stage biological science services globally [1][2] Group 1: Acquisition Details - 康龙化成 will directly hold 82.54% of佰翱得 after the acquisition, making it a subsidiary of the company [1] - The total consideration for the acquisition is approximately RMB 1.346 billion [1] Group 2: Business Synergies - 佰翱得 specializes in innovative drug research and development, focusing on complex drug target protein preparation and structural biology [1] - The acquisition will combine 佰翱得's structural biology capabilities with 康龙化成's existing biological science services, enhancing service offerings to global clients [1] Group 3: Technological Advancements - 佰翱得 possesses advanced hardware and a skilled research team, leading the industry in complex protein preparation [2] - The integration of 佰翱得's capabilities will strengthen 康龙化成's early antibody discovery and optimization within its large molecule business segment [2] - The acquisition will also enhance data capabilities through AI technology, improving drug discovery service efficiency [2]