风险提示：投资有风险，入市需谨慎。 公司8月7日在互动平台表示，美国加征关税对公司业务影响有限。公司主要为客户提供研发服务，涉及 商业化货物出口的业务占比较小。目前未收到客户反馈关税问题影响业务合作。 8月7日主力资金净流出1.59亿元，近五个交易日累计净流出4.71亿元。 康龙化成股价报28.90元，较前一交易日下跌1.83%。盘中最高触及29.62元，最低下探至28.58元，成交 金额达11.84亿元。 该公司属于医疗服务板块，是一家提供药物研发服务的CRO企业。业务涵盖实验室化学、生物科学、 临床研究服务等多个领域。 ...

Financial Data and Key Metrics Changes - The company's total revenue for H1 2025 reached RMB 20.8 billion, with revenue from continuing operations growing 24.2% year over year to RMB 20.4 billion [7] - Adjusted non-IFRS net profit increased 44.4% year over year to RMB 6.31 billion, with a net profit margin of 30.4% [7][25] - The adjusted IFRS gross profit margin improved from 41.6% in 2024 to 44.5% in H1 2025 [25] Business Line Data and Key Metrics Changes - WuXi Chemistry's revenue grew 33.5% year over year to RMB 16.3 billion, with an adjusted non-IFRS gross profit margin of 49% [11] - Revenue from the small molecule DNM business grew 17.5% year over year to RMB 8.68 billion [12] - WuXi Testing revenue slightly declined to RMB 2.69 billion in H1 2025, with lab testing services revenue reaching RMB 1.89 billion, almost flat year over year [18][19] - WuXi Biology revenue increased 7.1% year over year to RMB 1.25 billion, with a gross profit margin of 36.4% [22] Market Data and Key Metrics Changes - Revenue from US companies grew 38.4% year over year, while revenue from European companies grew 9.2% and revenue from Japan, Korea, and other regions grew 7.6% [8] - China experienced a decline in revenue, indicating a diversified revenue stream that supports financial stability [9] Company Strategy and Development Direction - The company focuses on enhancing core capabilities and expanding capacity to meet customer needs, with a record backlog for continuing operations growing 37.2% year over year [8][10] - The company aims to accelerate global expansion and capacity building while promoting lean management and operational efficiency [29] - Full year guidance for continuing operations revenue has been raised to a growth rate of 13% to 17% [30] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a dynamic and complex global macro environment but expresses confidence in the company's operational execution and customer demand [29] - The company anticipates continued growth in late-stage clinical and commercial projects, contributing to sustained business growth [29][31] Other Important Information - The company achieved a triple-A rating from MSCI for the first time, marking a significant milestone in sustainability efforts [10] - Cash dividends distributed in 2025 totaled RMB 3.84 billion, with share repurchases amounting to RMB 1.1 billion in the first half [32][33] Q&A Session Summary Question: What are the key drivers for the second quarter revenue and earnings exceeding expectations? - Management clarified that the outperformance was due to high operational efficiency and not customer front-loading orders due to tariffs [38] Question: What considerations led to the raised full year guidance? - The company noted that despite uncertainties, operational momentum and capacity validation were key factors in raising guidance [39] Question: How should new order growth be interpreted? - New orders signed in Q2 increased by approximately 12% year over year, indicating strong growth momentum [43] Question: What is the outlook for margin improvement in the second half? - Management expects margin improvement due to increased delivery of large late-stage and commercial orders, along with the divestiture of loss-making businesses [47] Question: How is the company addressing pricing impacts in the testing business? - The company maintains competitive pricing while emphasizing the need for high-quality services, despite price competition in the market [70] Question: What is the impact of tariffs on customer behavior? - Management has not observed significant changes in customer behavior due to tariffs, focusing instead on delivering high-quality services [57]

Group 1 - Mergers and acquisitions (M&A) are important market tools supporting economic transformation and high-quality development, with a significant focus on technological innovation [1] - The current round of M&A respects market rules and has fully mobilized the enthusiasm of listed companies to participate [1] - Cross-industry mergers and vertical integration of industrial chains are becoming new opportunities for listed companies to break through [1] Group 2 - A total of 86 A-share listed companies have disclosed M&A progress since April, excluding ST and failed restructurings [2] - Notable companies involved in M&A include Shenyang Machine Tool, Binhai Energy, and China Shipbuilding, among others [2] - The disclosed M&A activities include various types of transactions such as capital increases, asset acquisitions, and mergers [4][5][6] Group 3 - Xunjie Technology plans to acquire 100% equity of Shenzhen Jiahong Electronics through share issuance and cash payment, enhancing its position in the flexible printed circuit board sector [6] - Chenghe Technology intends to acquire at least 51% of Yuhua Yingri Technology, with an estimated valuation of 1.8 billion RMB, aiming to strengthen its presence in the display materials market [8] - Sunshine Nuohe plans to acquire 100% of Jiangsu Langyan Life Science Technology through share issuance and convertible bonds, focusing on drug research and development [10]