建银国际发表研报指，药明合联2025年上半年业绩符合预期，净利润7.46亿元，按年增长52.7%。撇除 股份支付开支后经调整净利润按年增长50%至8.01亿元，与该行预测一致。毛利率为36.1%，符合该行 预测的36.3%，较2024年同期的32.1%有所提升，主要受惠于现有原料药和制剂生产设施利用率进一步 提高，以及新生产线加快投产。期内未完成订单按年增长58%至13亿美元，其中北美地区占总额过半且 增长显著。 该行将药明合联2025至2027年总收入预测分别上调1%、2%及23%，至59亿、83亿及108亿元；同时将 2025年调整后盈利预测上调3%至16亿元，2026及2027年盈利预测大致维持不变；目标价从67港元上调 至72港元，维持"跑赢大市"评级。 ...

Core Viewpoint - The report from CICC indicates a strong demand for global ADC research and production, leading to an upward revision of the adjusted net profit forecast for WuXi AppTec (02268) for 2025 and 2026 by 6.3% and 10.2% to 1.69 billion and 2.33 billion CNY respectively, with a target price increase of 66.7% to 75 HKD, suggesting a potential upside of 21.9% from the current stock price [1] Group 1: Financial Performance - For 1H25, the company reported revenue of 2.7 billion CNY, a year-on-year increase of 62.2%; gross profit of 980 million CNY, up 82.2%; and adjusted net profit of 800 million CNY, reflecting a 50.1% increase year-on-year, exceeding CICC's expectations [2] - The strong revenue growth is attributed to high global ADC demand, increased market share, and the advancement of projects to later stages, while improved profitability is due to enhanced operational efficiency and rapid scaling of new capacity [2] Group 2: Order Growth and Client Engagement - As of 1H25, the company had an unfulfilled order backlog of 1.33 billion USD, a year-on-year increase of 57.9%, with strong growth from North American clients, accounting for over 50% of the total [3] - The total number of ongoing iCMC projects increased to 225, with 37 new projects signed in 1H25, and the number of clinical III projects rose to 19, with 3 new additions [3] - The company secured 13 new iCMC projects in 1H25, bringing the cumulative total to over 80, and contributed over 75% of the total transaction value in ADC licensing deals exceeding 1 billion USD from January to July 2025 [3] Group 3: Capacity Expansion and Infrastructure Development - The company updated its 2025 capital expenditure forecast to 1.56 billion CNY, with 900 million CNY allocated for Singapore and 450 million CNY for Wuxi, and plans for over 7 billion CNY in capital expenditures from 2026 to 2029 to support global capacity construction [4] - The Wuxi facility is set to complete GMP release for the DP3 formulation workshop by July 2025, with plans for GMP release of the DP5 formulation workshop by 2027, while the Singapore facility is expected to achieve mechanical completion by June 2025 and GMP release in the first half of 2026 [4] Group 4: Technological Advancements - The company is focusing on cutting-edge technology platforms to maintain its innovative leadership, including WuXiDARx technology that enhances ADC drug uniformity and flexibility in drug-antibody ratio selection [5] - The X-LinC linker technology significantly improves plasma stability, potentially enhancing ADC stability and expanding therapeutic windows [5] - The camptothecin-based payload and hydrophilic linker technology improve ADC stability, hydrophilicity, and tolerability, with WuXiTecan-1 and WuXiTecan-2 demonstrating excellent efficacy and safety profiles in mouse and monkey models [5]

Investment Rating - The report assigns a "Buy" rating for WuXi AppTec (2268.HK) based on its strong performance and growth potential [1]. Core Views - The company demonstrated significant revenue growth driven by overseas business, with XDC expected to become a second growth curve [2][3]. - The increase in project numbers and client base indicates robust long-term growth potential, with a focus on PPQ projects [4][6]. Financial Performance Summary - In H1 2025, the company achieved revenue of 2.701 billion yuan, a year-on-year increase of 62.2%, with a gross profit of 975 million yuan, reflecting an 82.2% growth [1]. - The adjusted net profit reached 800 million yuan, up 50.1% year-on-year, with an adjusted net profit margin of 29.6% [1]. - The company’s gross margin improved by 4.0 percentage points year-on-year, attributed to enhanced production efficiency [3]. Revenue Breakdown - For H1 2025, revenue from IND pre-projects was 1.116 billion yuan, up 70.6%, while IND post-project revenue was 1.586 billion yuan, increasing by 56.8% [2]. - ADC project revenue accounted for approximately 92.7% of total revenue, with a year-on-year growth of 60.2% [2]. - North American clients contributed 1.391 billion yuan, a 68.9% increase, while European clients saw a 95.0% growth, contributing 605 million yuan [2]. Project and Client Growth - The company signed 37 new iCMC projects and added 3 new PPQ projects in H1 2025, indicating a growing project pipeline [4]. - The total number of clients reached 563, with 33% of revenue coming from the top 20 global pharmaceutical companies [6]. Order Backlog and Future Projections - The total unfulfilled orders reached 1.329 billion USD, a 57.9% increase year-on-year, with over 50% from North America [6]. - Revenue projections for 2025-2027 are 5.960 billion yuan, 7.942 billion yuan, and 10.234 billion yuan, respectively, with net profits expected to grow significantly [8].

Core Viewpoint - WuXi AppTec (02268) has demonstrated strong growth and strategic positioning, raising its 2025 revenue growth forecast from 35% to over 45% based on order backlog and capacity release [1][10] Financial Performance - In the first half of 2025, WuXi AppTec achieved revenue of 2.701 billion RMB, a year-on-year increase of 62.2% [2] - Adjusted net profit reached 733 million RMB, with a growth rate of 69.6% [2] - Gross margin improved by 4 percentage points to 36.1%, while net profit margin stood at 27.6%, indicating enhanced profitability [2] Strategic Execution - The company's growth is attributed to the deep execution of its "empower, follow, and win molecules" strategy, with a total of 225 iCMC projects, including a record 37 new projects signed in the first half of 2025 [3] - WuXi AppTec secured 11 PPQ projects and 1 commercialization project, indicating steady progress in its project pipeline [3] Global Market Presence - International revenue accounted for 82% of total income, reflecting the effectiveness of the company's global strategy [5] - The acceleration of overseas market revenue is driven by clients advancing their pipelines and the trend of Chinese innovative drugs going global [5] Industry Dynamics - The upward revision of performance guidance is supported by multiple favorable factors, including sustained industry growth, robust order reserves totaling $1.329 billion (up 57.9% year-on-year), and accelerated project progress [7] - The company is positioned as a leader in the bioconjugate drug CRDMO sector, with over 2,300 early-stage research projects completed in the first half of the year [9] Client Base Expansion - As of June 30, WuXi AppTec served 563 clients, with 64 new additions since the end of 2024, including 13 of the top 20 global pharmaceutical companies [11] - The company's market share increased from 9.9% in 2022 to 22.2% currently, reflecting its strong position in the industry [11] Future Outlook - WuXi AppTec is expected to continue benefiting from the booming ADC market, with a projected compound annual growth rate of 31% from 2024 to 2030 [11] - The company is well-positioned to achieve a market capitalization of 100 billion RMB in the near future [11]

Summary of the Conference Call Company and Industry Overview - The conference call pertains to WuXi AppTec, a leading company in the biopharmaceutical industry, particularly focusing on Antibody-Drug Conjugates (ADC) and related technologies [2][3][4]. Key Financial Performance - In the first half of 2025, the company reported a revenue increase of over 62% to 2.7 billion RMB, with adjusted net profit rising nearly 70% to 800 million RMB, and final net profit growing by 52.7% to 745 million RMB, primarily driven by a 92% growth in the XTC sector [2][3][15]. - The gross margin improved to 36.1%, with an increase of 82% year-on-year [15]. Capacity Expansion and Technological Innovation - The company has expanded its capacity with new buildings in the Wuxi campus and completed mechanical construction in Singapore, setting a record for overseas construction speed [2][4]. - The backlog of orders reached 1.4 billion USD, a 57.9% increase year-on-year, with new orders growing by 48.4% [4][19]. Market Trends and Projections - The ADC market is experiencing six major trends: combination therapies with IO, a surge in new ADC molecules, strong growth in the RDC market, emergence of new targets, and the evolution from ADC to XDC [6][7]. - The industry is expected to maintain a compound annual growth rate (CAGR) of over 30% from 2020 to 2030, with over 2,200 molecules currently in development [6][7]. Regional Market Dynamics - North America accounted for 52% of total revenue, while the share from the Chinese market decreased due to more projects being executed overseas [10][37]. - The company anticipates its market share will reach 22.2% by the end of 2024 [10]. Future Development Focus - The company aims to execute projects flawlessly, accelerate innovation, and expand global capacity, particularly in Singapore [17][21]. - Future capital expenditures are projected to exceed 7 billion RMB by 2029, primarily for ADC and Palo Linker facility expansions [21][25]. Operational Efficiency and Cost Control - The company is optimizing personnel allocation and strictly controlling non-core expenditures, leading to a gradual increase in net profit margins [18]. Commercialization and Regulatory Outlook - The company expects to submit 2 to 3 Biologics License Applications (BLA) this year, with 3 to 4 projects anticipated to enter the BLA stage next year [26][27]. - The company is actively evaluating the feasibility of expanding into Singapore, Europe, and the U.S. markets [35]. Conclusion - WuXi AppTec is positioned for significant growth in the ADC market, with strong financial performance, ongoing capacity expansion, and a focus on innovation and operational efficiency. The company is optimistic about future developments and market opportunities, particularly in North America and through international collaborations [2][3][4][17][21].

本文源自：金融界 截至8月19日收盘，药明合联（02268.HK）报58.100港元，较上个交易日下跌5.61%，当日盘中最高价 触及64.450港元，创近一年新高。 资金流向方面，当日主力流入NaN万港元，流出NaN万港元，净流出2033.33万港元。 作者：港股君 药明合联生物技术有限公司是专注于全球抗体药物偶联物('ADC')及更广泛生物偶联药物市场的领先合 同研究、开发及制造组织('CRDMO'),亦是一家致力于提供全面综合服务的公司。凭藉在生物药和小分 子药物方面的专业知识,公司提供跨学科综合服务,涵盖生物偶联药物的发现、研究、开发及制造。公司 设立位置邻近的专用实验室及生产基地提供该等服务,从而可能大幅缩短开发时间及成本。根据弗若斯 特沙利文的资料,按2022年的收益计,公司是全球第二大ADC等生物偶联药物CRDMO。公司按收益计的 全球市场份额由2020年的1.8%上升至2021年的4.6%,并进一步上升至2022年的9.8%。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） ...

Market Overview - The Hang Seng Index (HSI) closed at 25,176 points, down 93 points or 0.4% after reaching a high of 25,466 points earlier in the day[1] - The total market turnover was HKD 312.78 billion, the highest level since July 31[1] - Northbound trading totaled HKD 181.83 billion, while southbound funds saw a net inflow of HKD 1.39 billion, a significant drop of 96% from last Friday's net inflow of HKD 35.88 billion[1] A-Shares Performance - The Shanghai Composite Index rose 31 points or 0.9% to close at 3,728 points, with a peak of 3,745 points, marking a nearly ten-year high[2] - The Shenzhen Component Index increased by 200 points or 1.7%, closing at 11,835 points, with a turnover of CNY 1.63 trillion[2] - The ChiNext Index gained 71 points or 2.8%, closing at 2,606 points, with a turnover of CNY 829.6 billion[2] Corporate Earnings Highlights - Wu Jinzi, the founder of WuXi AppTec (02268.HK), reported a revenue of CNY 2.701 billion for the six months ending June, a year-on-year increase of 62.2%[3] - The net profit for WuXi AppTec was CNY 746 million, up 52.7%, with earnings per share of CNY 0.62[3] - Genscript Biotech (01672.HK) announced a placement of 52.4 million shares at HKD 16.45, a discount of approximately 9.9% from the closing price[4] - Hansoh Pharmaceutical (03692.HK) reported a revenue of CNY 7.434 billion, a year-on-year increase of 14.3%, with a net profit of CNY 3.134 billion, up 15%[4] - Li Auto (09863.HK) achieved a revenue of CNY 24.25 billion, a year-on-year increase of 174.1%, turning a profit of CNY 33.03 million compared to a loss of CNY 2.212 billion in the previous year[5]

Core Viewpoint - WuXi AppTec's revenue from the United States is accelerating, with a projected increase in the share of U.S. revenue to over 52% by the first half of 2025 [1] Financial Performance - In the first half of the year, WuXi AppTec's revenue increased by 62.6% year-on-year, reaching 2.701 billion RMB [1]

Core Viewpoint - WuXi AppTec reported strong H1 performance with revenue of 2.701 billion RMB, a year-on-year increase of 62.2%, and net profit of 746 million RMB, up 52.7%, with a net profit margin of 27.6% [1] Group 1: Financial Performance - Revenue for H1 reached 2.701 billion RMB, reflecting a 62.2% year-on-year growth [1] - Net profit increased to 746 million RMB, representing a 52.7% year-on-year growth [1] - Total uncompleted orders rose to 1.329 billion USD, marking a 57.9% year-on-year increase [1] Group 2: Market Drivers - The growth in H1 performance is attributed to the active development of the global antibody-drug conjugates (ADC) and broader bioconjugates market, leading to an increase in both customer and project numbers [1] - The company's solid position as a leading ADC CRDMO service provider has contributed to an increase in market share [1] - Steady progress of projects into later stages has also supported the growth [1] Group 3: Industry Trends - Recent positive developments in the CXO sector have led to the Hang Seng Medical ETF (159892) reaching a new high [1] - The Hong Kong Stock Connect Medical ETF (520510), which focuses on CXO and AI medical concepts, has seen over a 7% increase since its launch on August 7, with trading prices hitting new highs [1] - The sustained performance of leading companies like WuXi AppTec and WuXi Biologics has boosted market confidence in the CXO sector [1]

Core Viewpoint - WuXi AppTec (02268) has demonstrated exceptional performance in the bioconjugate drug CRDMO sector, with a revenue growth of 62.2% in the first half of 2025, significantly surpassing annual growth guidance, and achieving a compound annual growth rate (CAGR) of 98% from the first half of 2022 to the first half of 2025, solidifying its leading position in the industry [1][2][4]. Financial Performance - The company's revenue for the first half of 2025 reached 2.701 billion yuan, a year-on-year increase of 62.2%, with a gross profit of 975 million yuan, up 82.2%, and a gross margin of 36.1%, reflecting a 5.5 percentage point increase from the full year of 2024 [2][4]. - Adjusted net profit, excluding interest income and expenses, was 733 million yuan, representing a 69.6% year-on-year growth [2]. Market Position and Growth - WuXi AppTec's market share in the bioconjugate drug CRDMO sector has surged from 9.9% in 2022 to approximately 22% in the first half of 2025, indicating strong market penetration and growth [7][11]. - The company signed a record 37 new iCMC projects in the first half of 2025, with a focus on innovative ADC molecules, including bispecific ADCs and multi-load ADCs [4][12]. Client Engagement and International Expansion - The number of global clients increased to 563, with 64 new clients added in the first half of 2025, including 13 of the top 20 global pharmaceutical companies [4][11]. - Approximately 82% of the company's revenue in the first half of 2025 came from international markets, highlighting its role as a preferred partner for overseas pharmaceutical companies [11]. Production Capacity and Infrastructure - The new DP3 production facility in Wuxi has been successfully GMP released, with an annual capacity of 7 million bottles, increasing the overall DP capacity to 15 million bottles [15][19]. - The company is also advancing its global strategy with a new production base in Singapore, expected to achieve GMP release by the first half of 2026 [19][22]. Technological Advancements - WuXi AppTec has made significant investments in technology, launching new payload linker technologies, WuXiTecan-1 and WuXiTecan-2, to enhance its service offerings [29]. - The company has advanced 1,000 molecules in early research for XDC, with a focus on high-difficulty ADC types, ensuring a robust pipeline for future growth [25][29]. Conclusion - WuXi AppTec's strong project reserves, efficient capacity construction, and strategic focus on innovative ADC and bioconjugate drug development position it as a leader in the CRDMO sector, driving sustained high growth [32].