Group 1 - Morgan Stanley reduced its stake in Kelaiying (06821) by 19,800 shares at a price of HKD 78.6378 per share, totaling approximately HKD 1.557 million [1] - After the reduction, Morgan Stanley's latest holding is approximately 1.668 million shares, representing a holding percentage of 5.99% [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 凱萊英醫藥集團（天津）股份有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06821 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 27,553,260 | RMB | | 1 RMB | | 27,553,260 | | 增加 / 減少 (-) | | | 281,250 | | | RMB | | 281,250 | | 本月底結存 | | | 27,834,510 | RMB | | 1 RMB | | 27,834,510 | | 2. 股份分類 | 普通股 ...

本月底法定/註冊股本總額： RMB 360,874,970 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06821 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 27,553,260 | RMB | | 1 RMB | | 27,553,260 | | 增加 / 減少 (-) | | | 281,250 | | | RMB | | 281,250 | | 本月底結存 | | | 27,834,510 | RMB | | 1 RMB | | 27,834,510 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- ...

Summary of Key Points Core Viewpoint - Morgan Stanley has reduced its stake in Kelaiying (06821) by 7800 shares at a price of HKD 80.8366 per share, totaling approximately HKD 630,500, resulting in a new holding of about 1.6627 million shares, representing 5.97% of the company [1]. Group 1 - On January 28, Morgan Stanley sold 0.78 million shares of Kelaiying [1]. - The sale price per share was HKD 80.8366 [1]. - The total amount from the sale was approximately HKD 630,500 [1]. Group 2 - After the reduction, Morgan Stanley's remaining shares in Kelaiying are approximately 1.6627 million [1]. - The new holding percentage of Morgan Stanley in Kelaiying is 5.97% [1].

Group 1 - Morgan Stanley reduced its stake in Kelaiying (002821) (06821) by 0.78 million shares at a price of 80.8366 HKD per share, totaling approximately 630,500 HKD [1] - After the reduction, Morgan Stanley's latest holding is approximately 1.6627 million shares, representing a holding percentage of 5.97% [1]

智通财经APP获悉，香港联交所最新数据显示，1月28日，摩根大通减持凯莱英(06821)0.78万股，每股 作价80.8366港元，总金额约为63.05万港元。减持后最新持股数目约为166.27万股，持股比例为5.97%。 ...

Group 1 - Norges Bank increased its stake in Kailaiying (06821.HK) by purchasing 99,700 shares at an average price of HKD 80.6683 per share, amounting to approximately HKD 8.0426 million [1] - Following this transaction, Norges Bank's total shareholding in Kailaiying rose to 4.2353 million shares, increasing its ownership percentage from 14.86% to 15.22% [1]

智通财经APP获悉，香港联交所最新资料显示，1月28日，Norges Bank增持凯莱英(06821)9.97万股，每 股作价80.6683港元，总金额约为804.26万港元。增持后最新持股数目为423.53万股，最新持股比例为 15.22%。 ...

Group 1 - Norges Bank increased its stake in Kelaiying (002821) by purchasing 99,700 shares at a price of HKD 80.6683 per share, totaling approximately HKD 8.0426 million [1] - After the purchase, Norges Bank's total shareholding in Kelaiying reached 4.2353 million shares, representing a holding percentage of 15.22% [1]

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Insights - The company is a leading small molecule CDMO with over 25 years of experience, currently transitioning from a single small molecule business to a dual-driven model of "small molecule + emerging business" [5][17] - The new business segment is experiencing rapid growth, contributing significantly to revenue, while traditional business remains resilient [5][6] - The company is expected to achieve net profits of 1.16 billion, 1.30 billion, and 1.51 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 3.23, 3.59, and 4.18 yuan [5] Financial Summary and Valuation Metrics - Revenue projections for 2025, 2026, and 2027 are 6.66 billion, 7.69 billion, and 8.94 billion yuan respectively, with year-over-year growth rates of 14.7%, 15.4%, and 16.3% [8] - The company’s gross margin is projected to be around 42% for 2025, with a net margin of 17.5% [8] - The current P/E ratios are 31.0, 27.8, and 23.9 for 2025, 2026, and 2027 respectively [8] Business Development and Strategy - The company is focusing on expanding its capabilities in the peptide and small nucleic acid sectors, with significant investments in production capacity [6][79] - As of H1 2025, the new business segment generated 756 million yuan in revenue, a 51.22% increase year-over-year, accounting for 23.71% of total revenue [6] - The company has established partnerships with major pharmaceutical companies, enhancing its market presence and customer base [44] Industry Trends - The global healthcare investment environment is gradually recovering, with a total investment of 63.88 billion USD in 2025, marking a 10.13% increase year-over-year [47] - The domestic healthcare investment market is also improving, with a total of 73.78 billion yuan in 2025, a 39.05% increase year-over-year [53] - The global CDMO market is expected to grow significantly, with the small molecule CDMO/CMO market projected to reach 112 billion USD by 2029, growing at a CAGR of 16.6% [65]