每经AI快讯，9月3日，药明合联在港交所公告，于2025年9月2日(联交所交易时段后)，本公司与配售代 理订立配售协议，公司已有条件同意透过配售代理按悉数包销基准按配售价每股配售股份58.85港元向 不少于六名承配人配售最多22,277,000股配售股份。配售事项的最高所得款项总额将约为13.11亿港元。 配售股份将根据一般授权发行及配发。 ...

Core Viewpoint - WuXi AppTec (02268) has entered into a placement agreement to issue up to 22.277 million shares at a price of HKD 58.85 per share, aiming to raise approximately HKD 1.311 billion, with net proceeds expected to be around HKD 1.301 billion [1] Group 1 - The placement is conditional and will be conducted through a placement agent to at least six independent third-party investors [1] - Approximately 90% of the proceeds will be used to expand the company's service capabilities and production capacity, particularly in bioconjugates, active pharmaceutical ingredients, and commercial production [1] - The remaining 10% of the funds will be allocated for working capital needs and general corporate purposes [1]

Core Viewpoint - WuXi AppTec (02268) has entered into a placement agreement to issue up to 22.277 million shares at a price of HKD 58.85 per share, potentially raising approximately HKD 1.311 billion in total proceeds [1] Group 1: Placement Details - The placement is conditional and will be conducted through a placement agent to at least six independent third-party investors [1] - If fully subscribed, the net proceeds from the placement are expected to be around HKD 1.301 billion [1] Group 2: Use of Proceeds - Approximately 90% of the proceeds will be allocated to expanding the company's service capabilities and production capacity, including clinical and commercial production of antibody-drug conjugates and active pharmaceutical ingredients [1] - The remaining 10% will be used for working capital needs and general corporate purposes [1]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告或其任何副本概不得直接或間接在美國，或在刊發或派發本公告屬違法的 任何其他司法管轄區內刊發或派發。 本公告僅作參考用途，並不構成收購、購買或認購證券的邀請或要約，亦並非擬 用作邀請提出任何相關要約或邀請。 本公告並不構成或組成在美國購買或認購證券的任何要約或招攬的一部份。本公 告所述證券並未且將不會根據1933年美國《證券法》（「美國《證券法》」）進行登記， 亦不得在美國提呈發售或出售，除非根據美國《證券法》作出登記或獲豁免或為無 須根據美國《證券法》作出登記之交易。本公司無意根據美國《證券法》登記本公告 內所指之任何證券，或在美國進行證券之公開發售。 WUXI XDC CAYMAN INC. 藥 明 合 聯 生 物 技 術 有 限 公 司* （於開曼群島註冊成立的有限公司） （股份代號：2268） 申請上市 本公司將向聯交所上市委 ...

Core Viewpoint - WuXi AppTec has emerged as a leader in the global XDC outsourcing service industry, providing comprehensive R&D and production services from its Wuxi base and expanding to Singapore [1][2]. Industry Summary - The global XDC market is experiencing rapid growth, with the ADC market also expanding significantly. The growth rate in the Chinese market surpasses the global average, driven by advancements in technology that address efficacy and safety issues of ADC drugs [1][2]. - In 2024, 60% of new XDC trials globally will be initiated by Chinese companies, highlighting China's active role in the licensing of XDC-related drugs [2]. Company Summary - WuXi AppTec's total revenue is projected to grow from 311 million yuan in 2021 to 4.052 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 135% [2]. - As of the first half of 2025, the company has 19 projects in Phase III clinical trials and 11 in the PPQ stage, with a backlog of orders amounting to 1.329 billion USD, a 58% year-on-year increase [2][3]. - The company is investing heavily in capital expenditures, with over 1.5 billion yuan planned for 2024 and an expected total of over 7 billion yuan from 2026 to 2029 to support R&D and commercial production [3]. - WuXi AppTec is at the forefront of XDC innovation, developing competitive technology platforms such as WuXiDARx conjugation platform and X-LinC linker platform [3]. - The company is rated as a "buy" with a target price of 74.0 HKD, with projected revenue growth of 45.7%, 35.7%, and 30.9% for 2025E, 2026E, and 2027E respectively [3].

Core Viewpoint - 招银国际 has initiated coverage on WuXi AppTec (02268) with a "Buy" rating and a target price of HKD 74 [1] Financial Projections - The company is expected to see revenue growth of 45.7%, 35.7%, and 30.9% for the years 2025 to 2027 [1] - Adjusted net profit is projected to grow by 40%, 32.4%, and 30.8% during the same period [1] Company Positioning - WuXi AppTec has established itself as a leader in the global XDC outsourcing service industry [1] - The company offers "one-stop" XDC research and production services at its Wuxi base and is currently constructing a new facility in Singapore [1] Project Pipeline - The number of projects is rapidly increasing, with 19 Phase III clinical projects and 11 PPQ stage projects as of the first half of this year [1] - Future growth will be supported by ongoing and commercialized projects [1]

持續關連交易 (1)修訂現有連接子及有效載荷主服務協議的年度上限 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 WUXI XDC CAYMAN INC. 藥 明 合 聯 生 物 技 術 有 限 公 司* （於開曼群島註冊成立的有限公司） （股份代號：2268） 上市規則涵義 截至本公告日期，藥明康德為本公司的主要股東，因此為本公司於上市規則項 下的關連人士。 由 於 最 高 適 用 百 分 比 率 超 過 0.1 % 但 少 於 5 % ， 故 現 有 連 接 子 及 有 效 載 荷 主 服 務 協議 的經修 訂年度 上限須 遵守 上市規 則第十 四A 章項 下的公 告、申 報及年 度審 閱規定，惟獲豁免遵守通函及股東批准規定。此外，由於最高適用百分比率超 過5 %，故新連接子及有效載荷主服務協議須遵守上市規則第十四A章項下的公 告、申報、年度審閱、通函及獨立股東批准規定。 一般資料 ...

Core Insights - The company reported a 62.2% year-on-year revenue growth in the first half of 2025, reaching 2.7 billion yuan, with a net profit increase of 52.7% to 746 million yuan, aligning with expectations [1] - The gross profit margin improved by 4.0 percentage points to 36.1% due to increased capacity utilization and rapid ramp-up of new capacity [1] - Revenue from overseas markets showed significant growth, with North America and Europe contributing 69% and 95% year-on-year increases, respectively, accounting for 74% of total revenue [1] Revenue Breakdown - Revenue from ADC projects reached 2.5 billion yuan, growing 60% year-on-year, while non-ADC project revenue was 196 million yuan, up 92% [1] - Revenue from IND pre-service and IND post-service was 1.12 billion yuan (up 71%) and 1.59 billion yuan (up 57%), representing 41% and 59% of total revenue, respectively [1] Market Position and Client Base - The company expanded its client base to 563, with 33% of revenue coming from the top 20 global pharmaceutical companies, and market share increased from 9.9% in 2022 to 22.2% in the first half of 2025 [2] - The total value of unfulfilled orders grew by 57.9% to 1.33 billion USD, indicating strong demand [2] Production Capacity Expansion - The company is implementing a "global dual-plant production" strategy, with a new facility in Wuxi operational since May 2025 and a Singapore plant expected to achieve GMP release in the first half of 2026 [2] - Capital expenditures are projected to reach 1.56 billion yuan in 2025, with significant investments in both the Singapore and Wuxi facilities [2] Earnings Forecast and Rating - The adjusted earnings per share forecast for 2025 has been raised from 1.22 yuan to 1.33 yuan, with subsequent years also seeing upward revisions [3] - The target price has been increased from 55.2 HKD to 70.3 HKD, indicating a potential upside of 29% [3]

Core Viewpoint - WuXi AppTec reported strong financial results for the first half of 2025, with significant revenue growth driven by an increase in customer and project numbers [1] Group 1: Financial Performance - The company achieved revenue of 2.701 billion yuan, representing a year-over-year increase of 62.2% [1] - Gross margin improved from 32.1% in H1 2024 to 36.1% in H1 2025, a year-over-year increase of 4.0 percentage points [1] - Net profit reached 746 million yuan, up 52.7% year-over-year, with adjusted net profit (excluding interest income and expenses) at 733 million yuan, a 69.6% increase [1] Group 2: Customer and Order Growth - The total number of global customers expanded to 563, with 64 new customers added in the first half of 2025 [1] - 13 out of the top 20 pharmaceutical companies globally in 2024 have established partnerships with WuXi AppTec [1] - The total number of integrated CMC (iCMC) projects reached 225, with 37 new iCMC projects signed in H1 2025, marking a historical high [1] Group 3: Market Position and Capacity Expansion - WuXi AppTec contributed over 75% of the total amount in global ADC licensing transactions exceeding 1 billion USD from January to July 2025 [2] - The company's market share increased from 9.9% in 2022 to 22.2% in H1 2025 [2] - The company is accelerating capacity construction, with the DP3 formulation workshop completing GMP release in July 2025 and the DP5 workshop under construction [2] Group 4: Revenue and Profit Forecast - Revenue projections for 2025-2027 have been raised to 5.906 billion, 7.440 billion, and 9.286 billion yuan, reflecting year-over-year growth rates of 45.75%, 25.96%, and 24.81% respectively [3] - Expected net profit for the same period is adjusted to 1.499 billion, 1.882 billion, and 2.364 billion yuan [3]

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec (02268) with a target price not specified [5][13]. Core Views - WuXi AppTec reported strong revenue growth of 62.2% year-on-year, reaching 2.701 billion yuan in the first half of 2025, driven by an increase in both customer and project numbers [1]. - The gross margin improved from 32.1% in H1 2024 to 36.1% in H1 2025, reflecting a 4.0 percentage point increase [1]. - The net profit for the same period was 746 million yuan, a year-on-year increase of 52.7% [1]. Customer & Order Growth - The total number of global customers expanded to 563, with 64 new customers added in the first half of 2025 [2]. - Among the top 20 global pharmaceutical companies by revenue in 2024, 13 have established partnerships with WuXi AppTec [2]. - The total number of integrated CMC (iCMC) projects reached 225, with 37 new iCMC projects signed in H1 2025, marking a historical high [2]. - The total unfulfilled order amount increased to 1.329 billion USD (approximately 9.542 billion yuan), representing a year-on-year growth of 57.9% [2]. Market Positioning - In the first seven months of 2025, WuXi AppTec contributed over 75% of the total value in ADC licensing deals exceeding 1 billion USD globally [3]. - The company's market share increased from 9.9% in 2022 to 22.2% in H1 2025 [3]. - WuXi AppTec enabled its clients to obtain the highest number of IND approvals globally in the first half of 2025, solidifying its industry leadership [3]. Capacity Expansion and Globalization - The completion of GMP release for the DP3 formulation workshop in July 2025 enhanced the integrated production capacity at the Wuxi base [4]. - The DP5 formulation workshop is under construction and is expected to achieve GMP release by 2027 [4]. - The Singapore base reached a mechanical completion milestone in June 2025 and is in the equipment and facility testing phase, with GMP release anticipated in the first half of 2026 [4]. Profit Forecast and Valuation - The report adjusts the revenue growth forecast for 2025, expecting revenues of 5.906 billion yuan (previously 4.668 billion yuan), with projected growth rates of 45.75% for 2025 [5]. - The forecast for net profit for 2025 is adjusted to 1.499 billion yuan (previously 918 million yuan), with continued growth expected in subsequent years [5].