Core Viewpoint - Goldman Sachs reports that WuXi AppTec's order momentum remains strong, with robust customer demand, particularly from U.S. clients [1] Group 1: Financial Performance - The company aims for a 45% year-on-year revenue growth target, which is on track [1] - Gross margin in the second half of the year may be lower than in the first half [1] Group 2: Business Development - The company is actively negotiating contracts for its Singapore facility, expecting to sign several agreements by the end of the year [1] - Revenue contribution from the Singapore facility is expected to be limited until 2027 due to capacity expansion timelines [1] Group 3: Operational Expansion - The company is progressing with capacity and workforce expansion as planned, with ongoing recruitment efforts [1]

Investment Rating - The report assigns a "Buy" rating to WuXi AppTec (2268 HK) with a target price of HK$103.18, indicating a potential upside of 41% from the current price of HK$73.10 [1][9][28]. Core Insights - WuXi AppTec is positioned as a leader in the ADC (Antibody-Drug Conjugate) CDMO (Contract Development and Manufacturing Organization) market, benefiting from high technical barriers and a comprehensive end-to-end service model [6][7][28]. - The ADC industry is expected to experience significant growth, with a projected CAGR of 28.4% from 2022 to 2030, driven by increasing demand for innovative therapies and a robust pipeline of over 1,100 ADC candidates [8][26][31]. - The company's revenue and profit are forecasted to grow at a CAGR of 40.1% and 44.4%, respectively, from 2024 to 2027, reflecting strong market demand and operational efficiency [12][27]. Summary by Sections Financial Data - The projected financial performance for WuXi AppTec includes revenues of RMB 6,003 million in 2025, RMB 8,450 million in 2026, and RMB 11,147 million in 2027, with corresponding net profits of RMB 1,630 million, RMB 2,400 million, and RMB 3,219 million [11][12]. - The estimated EPS for 2025, 2026, and 2027 are RMB 1.36, RMB 2.00, and RMB 2.68, respectively [2][11]. Market Position - WuXi AppTec holds a 22.2% share of the global ADC CDMO market and approximately 70% of the domestic market, establishing itself as a global leader [7][27][60]. - The company has a diverse and extensive customer base, serving over 500 clients, including 13 of the top 20 pharmaceutical companies globally [75][76]. Industry Trends - The ADC market is projected to reach USD 66.2 billion by 2030, with a CAGR of 31% from 2024 to 2030, driven by successful commercialization and a growing number of ADC products [25][31]. - The report highlights the increasing reliance on CDMO services due to the high technical barriers and compliance requirements in ADC production, with an outsourcing rate of 70% in the ADC sector [51][54]. Competitive Advantages - WuXi AppTec's competitive edge lies in its integrated CRDMO platform, which covers the entire drug development lifecycle, enhancing operational efficiency and reducing time to market [66][72]. - The company has established a strong technological moat through continuous R&D investment, particularly in its WuXiDARx™ platform, which improves product uniformity and stability [85][86].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： WuXi XDC Cayman Inc. 藥明合聯生物技術有限公司*（「本公司」） *僅供識別 呈交日期： 2025年10月30日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02268 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份 ...

Group 1: Market Performance and Opportunities - The MSCI China Healthcare Index has increased by 58.6% year-to-date, outperforming the MSCI China Index which rose by 24.2% [1] - The recent slight pullback in the healthcare sector (10% decline in MSCI China Healthcare Index since October) presents a buying opportunity [1] - The recovery in capital market financing and the increase in overseas transactions for innovative drugs indicate a rebound in domestic innovative drug R&D demand [1] Group 2: Clinical Data and Drug Development - SKB264 is the only drug showing statistically significant overall survival (OS) in a Phase III trial for EGFR-TKI resistant NSCLC, with a hazard ratio (HR) of 0.56 compared to chemotherapy [2] - Ivonescimab demonstrated a median progression-free survival (mPFS) of 11.1 months in first-line sqNSCLC, outperforming the comparator at 6.9 months (HR=0.60) [2] - The uORR for drug 707 in first-line colorectal cancer reached 82.6%, with a cORR of 65.2%, indicating strong efficacy [2] Group 3: Strategic Collaborations and Future Outlook - The company suggests focusing on the clinical advancement of authorized pipelines overseas, as this has a higher certainty of success and can act as a catalyst for stock price increases [3] - The strategic collaboration between Innovent Biologics and Takeda for IBI363 involves shared global R&D costs and commercial rights, reflecting confidence in the drug and commitment to global strategy [3] - Pfizer is expected to announce overseas clinical plans for drug 707 within the year, with a focus on its combination with multiple ADC products [3]

Group 1 - The MSCI China Healthcare Index has increased by 58.6% since the beginning of 2025, outperforming the MSCI China Index by 24.2% [1] - The recent slight pullback in the healthcare sector (10% since October) presents a buying opportunity, driven by a recovery in capital market financing and an increase in the scale of innovative drug exports [1] - The CXO industry is expected to see performance recovery in the second half of 2025 due to the anticipated interest rate cuts in the U.S. [1] Group 2 - Significant clinical data was released at the ESMO conference, highlighting key drugs such as SKB264, which shows statistical significance in overall survival for NSCLC patients resistant to EGFR-TKI [2] - The mPFS for lvonescimab in first-line sqNSCLC was reported at 11.1 months, compared to 6.9 months for the control group [2] - The uORR for drug 707 from 三生制药 in first-line colorectal cancer reached 82.6%, indicating strong efficacy [2] Group 3 - The impact of business development (BD) on stock prices is diminishing, prompting a focus on the clinical advancement of authorized pipelines overseas [3] - 信达生物 has entered a global strategic partnership with Takeda for IBI363, sharing 40% of global R&D costs and U.S. commercial rights, reflecting confidence in the drug and commitment to globalization [3] - The company anticipates that clinical progress will serve as a catalyst for stock price increases, with most value realization dependent on successful commercialization rather than upfront payments from licensing deals [3]

Core Viewpoint - WuXi AppTec (02268.HK) announced the issuance and allocation of 24.134 million ordinary shares as part of a related transaction for the subscription of new shares under special authorization, effective on October 22, 2025 [1] Group 1 - The company is engaging in a related transaction involving the issuance of new shares [1] - A total of 24.134 million ordinary shares will be issued [1] - The transaction is set to take effect on October 22, 2025 [1]

Core Viewpoint - WuXi AppTec (02268) announced the issuance and allotment of 24.134 million ordinary shares as part of a related transaction for the subscription of new shares under special authorization on October 22, 2025 [1] Group 1 - The company is engaging in a related transaction involving the issuance of new shares [1] - A total of 24.134 million ordinary shares will be issued [1] - The transaction is set to take place on October 22, 2025 [1]

Core Viewpoint - WuXi AppTec (02268) announced the issuance and allocation of 24.134 million ordinary shares on October 22, 2025, as part of a related transaction under special authorization [1] Summary by Categories - **Company Announcement** - WuXi AppTec will issue and allocate 24.134 million ordinary shares [1] - The issuance is part of a related transaction authorized specifically for this purpose [1] - **Transaction Details** - The shares will be issued on October 22, 2025 [1] - The transaction is categorized as a related party transaction [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： WuXi XDC Cayman Inc. 藥明合聯生物技術有限公司*（「本公司」） *僅供識別 呈交日期： 2025年10月22日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02268 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | ...

WUXI XDC CAYMAN INC. （於開曼群島註冊成立的有限公司） 藥 明 合 聯 生 物 技 術 有 限 公 司* 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。 （股份代號：2268） 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。 完成有關根據特別授權認購新股份的 ...