Chengdu Leadgen (688222) Strong Performance Analysis: Assessment of Investor Open Day Catalyst and Fundamental Support

This analysis is based on a January 7, 2026 report from Sina Finance [1]. On that day, Chengdu Leadgen (688222) closed at RMB 30.44, with a 13.67% gain, entering the strong stock pool. The company’s first Investor Open Day since its 2020 IPO attracted over 100 investors, serving as the core catalyst for this sharp stock price surge. Coupled with positive factors such as the overall buoyancy of the innovative drug concept sector, the recovery of overseas drug discovery demand, and the capacity expansion progress marked by the topping-out of the first phase of the Global Drug R&D and Manufacturing Base, the company delivered strong short-term performance. However, issues regarding the information disclosure of raised fund usage have sparked market doubts, and governance risks deserve investors’ attention. Based on a comprehensive assessment, the company has clear technological advantages, but given the large short-term gain, the sustainability of the rally requires observation of trading volume coordination and subsequent order fulfillment.

On January 6, 2026, Chengdu Leadgen held its first Investor Open Day since its 2020 IPO. According to reports, the company originally planned for 50 attendees, but over 100 investors showed up on-site, forcing a temporary switch to a larger venue [1]. This unexpected turnout reflects a significant increase in market attention to the company, and also indicates that the company is making positive changes in investor relations management.

During the event, Chairman Li Jin clearly stated that the company will focus on molecular innovation and service expansion, realize project value release through authorization, cooperation and other methods, and introduce cutting-edge technologies such as artificial intelligence and automation [1]. The company owns one of the world’s largest publicly known DNA-Encoded Library (DEL), with the number of library molecules exceeding one trillion, having empowered over 1,000 commercial R&D projects and served more than 600 clients worldwide [1]. This technological moat is an important support for the company’s core competitiveness.

On December 25, 2025, Chengdu Leadgen held the topping-out ceremony for the main structure of the first phase of the Global Drug R&D and Manufacturing Base in Chengdu Tianfu International Bio-Town [3], marking substantial progress in the company’s capacity construction. The advancement of this project will help break through existing capacity bottlenecks and lay an infrastructure foundation for future business growth.

In 2025, the total amount of overseas licensing transactions in China’s innovative drug industry exceeded USD 130 billion, and the number of newly approved drugs reached 76, both hitting record highs [4]. The continuous improvement of industry fundamentals provides a favorable external environment for Chengdu Leadgen.

According to industry analysis, China’s CRO industry shows obvious echelon differentiation [2]: The first echelon, represented by WuXi AppTec, has revenue exceeding RMB 29 billion and holds an absolute leading position; the second echelon includes Pharmaron, Tailaiying, and Tigermed, with revenue in the range of RMB 3 billion to RMB 10 billion; the third echelon is represented by Joinn Laboratories and Chengdu Leadgen, with revenue below RMB 3 billion. As a third-echelon enterprise, Chengdu Leadgen has a market value of around RMB 8-9 billion [6], with relatively weak risk resistance capacity.

Industry research reports show that demand for early-stage drug discovery in overseas markets has recovered first, and enterprises such as Chengdu Leadgen and Hongbo Pharma have achieved high growth in performance [5]. The company has made breakthroughs in its new molecule business, attracting over 20 new clients, with rapid growth in overseas orders, and has completed the delivery of more than 10 projects [5]. This trend directly benefits the company’s business development.

From a technical perspective, Chengdu Leadgen showed a typical breakout pattern on that day. The 13.67% gain is a strong performance in the STAR Market, accompanied by increased trading volume, indicating high capital participation. After entering the strong stock pool, the company’s market attention has further increased, with main capital showing a net inflow trend.

In terms of key price levels, the upward resistance level is in the range of RMB 32-35, which is the previous high area; the first support level is around RMB 28, which is the 5-day moving average position; the second support level is RMB 25-26, which is the previous consolidation platform; the strong support level is RMB 23-24, which is the 60-day moving average position. Investors need to pay attention to subsequent changes in trading volume to judge whether the upward momentum can continue.

Chengdu Leadgen has built a collaborative system of three major technology platforms: DEL + FBDD/SBDD + Small Nucleic Acid Drugs [3]. DEL technology is the company’s traditional advantageous area, while FBDD/SBDD (Fragment-Based Drug Discovery/Structure-Based Drug Discovery) and small nucleic acid drugs represent the company’s strategic direction to expand into a broader field of new drug discovery. The HAILO platform has achieved the trinity of “Data + AI + Automation” technology integration [1], demonstrating the company’s forward-looking layout in digital transformation. This multi-technology platform layout helps diversify the risk of a single technical path, while providing customers with more complete drug discovery solutions.

It is worth noting that the issue of the company’s raised fund usage has become the focus of market attention. Some investors question the company’s 2-year-and-3-month delay in the RMB 660 million raised fund investment project, citing insufficient reasons and lack of transparency in fund utilization [6]. Some investors in stock forums criticized the company as “unreliable, unrigorous, unscientific”, reflecting market dissatisfaction with the quality of the company’s information disclosure [6]. If this governance risk cannot be effectively resolved, it may suppress the company’s long-term valuation. However, the successful holding of the first Investor Open Day also indicates that the company is trying to improve communication with investors, and this positive attitude is worthy of recognition.

The CRO industry is undergoing structural changes. Leading enterprises continue to consolidate their market positions by virtue of scale advantages and customer stickiness, while small and medium-sized enterprises face greater competitive pressure [2]. Chengdu Leadgen’s trillion-scale DEL compound library is an important chip for differentiated competition, but how to maintain competitive advantages in the wave of industry integration requires continuous investment from the company in technological innovation, customer expansion, and operational efficiency. The introduction of AI technology may be a key breakthrough to improve efficiency and reduce costs.

Inadequate information disclosure of raised fund usage may involve compliance issues, and if it attracts regulatory attention, it will have a negative impact on the company’s stock price [6]. The company’s historical performance in investor relations management is poor. Although the first open day is a positive signal, continuous improvement is the key to rebuilding trust.

The 13.67% single-day gain means that some short-term profit-taking orders may choose to close positions, forming selling pressure on the stock price. Investors need to be wary of the risk of chasing highs, and it is more prudent to wait for a pullback before positioning.

As a small CRO enterprise, order stability is relatively weak. The company needs to verify its growth logic through subsequent order announcements or the implementation of cooperation agreements, and the annual report or first quarterly report performance will become an important verification node.

The company’s HG146 is in Phase II clinical trials, and LDR2402 has entered Phase II clinical trials [1]. The characteristics of innovative drug R&D, such as long cycle and high failure rate, determine that the value release of the pipeline will take a long time.

Demand for early-stage drug discovery in overseas markets has recovered first, and the company directly benefits from this trend [5]. The rapid growth of overseas orders provides certain support for performance growth.

The introduction of AI and automation technologies is expected to improve drug discovery efficiency, reduce costs, and enhance the company’s competitiveness. This technological upgrade is an important weapon for the company to cope with industry competition.

After the topping-out of the first phase of the Global R&D and Manufacturing Base, capacity bottlenecks are expected to be broken, providing hardware guarantees for undertaking more projects [3].

The overall innovative drug industry is performing well, and overseas licensing has hit a new high, creating a favorable external environment for CRO enterprises [4].

From a time dimension analysis: In the short term (1-3 trading days), attention needs to be paid to the profit-taking pressure after the inertial surge; in the medium term (1-2 weeks), it is necessary to observe whether trading volume can continue to expand and follow-up positive developments; in the long term, it is necessary to track the progress of the company’s governance improvement, order fulfillment, and performance realization capabilities. The current stock price has reflected some optimistic expectations, and it is recommended that investors maintain a cautiously optimistic attitude.

Chengdu Leadgen (688222) performed strongly on January 7, 2026, closing at RMB 30.44 with a 13.67% gain, entering the strong stock pool. The company’s sharp surge that day mainly benefited from three factors: the successful holding of the first Investor Open Day attracted over 100 investors, demonstrating increased market attention; the overall buoyancy of the innovative drug concept sector formed a linkage effect; the recovery of overseas drug discovery demand brought order growth. The company has a world-leading DEL technology platform, with a trillion-scale compound library forming a core moat, and the topping-out of the first phase of the Global Drug R&D and Manufacturing Base marks the entry into a new phase of capacity expansion. However, issues regarding the information disclosure of raised fund usage have sparked market doubts, and governance risks deserve vigilance. Technically, it shows a breakout pattern, but the large short-term gain may trigger profit-taking. Based on a comprehensive assessment, the company has clear technological advantages, but the continuous rise in stock price needs to be supported by subsequent order fulfillment and performance verification. Investors should pay attention to changes in trading volume, follow-up news developments, and regulatory inquiry risks, and make prudent decisions based on their own risk tolerance.

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Report Generation Time: 2026-01-07 06:46 (UTC+8)
Disclaimer: This report is compiled based on public information analysis, for reference only, and does not constitute investment advice. Investors should make prudent decisions based on their own risk tolerance.