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 nearly doubled revenue growth in the non-ADC segment [2]. - Gross profit amounted to 975 million yuan, reflecting an 82.2% increase, while the gross margin rose to 36.1%, up by 5.5 percentage points compared to the full year of 2024 [2]. - Adjusted net profit, excluding interest income and expenses, reached 733 million yuan, marking a 69.6% year-on-year growth [2]. Project Development - In the first half of 2025, the company signed a record 37 new iCMC projects, indicating both quantity and quality improvements, with innovative ADC molecules such as bispecific ADCs and dual payload ADCs frequently appearing [3][12]. - The company added 3 new PPQ projects and successfully completed 4 component production executions in the PPQ phase, laying a solid foundation for future commercialization [3][14]. - The number of global clients increased to 563, with 64 new clients added in the first half of the year, including 13 out of the top 20 global pharmaceutical companies [3][11]. Market Position and Strategy - 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, driven by strong demand for high-value innovative technologies [4][11]. - The company has become a preferred partner for overseas pharmaceutical companies, with approximately 82% of its revenue coming from international markets in the first half of 2025 [11]. - The company is recognized for its dual approach of empowering clients and maintaining high-quality service, which has led to a significant share of ADC mergers and acquisitions involving its clients [11]. Capacity Expansion - The company’s new DP3 production facility in Wuxi has completed GMP release, with an annual capacity of 7 million bottles, increasing the overall DP capacity to 15 million bottles [15]. - The construction of the DP5 facility has commenced, with plans for GMP production by 2027, further strengthening the company’s competitive edge in the CRDMO sector [15][22]. - WuXi AppTec is committed to continuous investment in capacity expansion, with capital expenditures expected to exceed 7 billion yuan by 2029 [22]. Technological Innovation - The company has advanced its capabilities in early research, progressing 1,000 molecules in the XDC early research area and completing approximately 90 bispecific ADC types and 40 dual payload ADC types [25][29]. - New payload linker technologies, WuXiTecan-1 and WuXiTecan-2, have been introduced, enhancing the company's technological toolbox for clients [29]. - The company’s strategic focus on high-value areas such as bispecific ADCs and dual payload ADCs positions it well for future growth in the bioconjugate drug market [32].

Group 1 - The company reported a revenue of RMB 2.7 billion for the six months ending June 30, 2025, representing a year-on-year increase of 62.19% [1] - The net profit attributable to the company's owners was RMB 746 million, an increase of 52.74% year-on-year, with basic earnings per share of RMB 0.62 [1] - The revenue growth was driven by the active development of the global antibody-drug conjugate (ADC) and broader bioconjugate markets, leading to an increase in both customer and project numbers [1] Group 2 - The CRDMO business showed strong momentum in the first half of 2025, with increasing global demand for its services, having empowered a total of 563 global clients [2] - The company has successfully secured 11 process validation (PPQ) projects and one commercial stage project [2] - The company has been recognized as the "Best CDMO" at the World ADC awards for 2023 and 2024, highlighting its leading position in providing technology-driven comprehensive services for ADCs and bioconjugates [2] Group 3 - The company is expanding its production capacity and attracting talent to prepare for the growing demand for bioconjugate CRDMO services [2] - The GMP release of the XDP3 formulation workshop and the expansion of the Wuxi base, including the ongoing construction of the XDP5 formulation workshop, are progressing as planned [2] - The completion of these expansions will provide additional monoclonal antibody, drug substance (DS), and drug product (DP) production lines, laboratories, and office space [2]

Core Insights - WuXi AppTec (02268) reported a revenue of RMB 2.7 billion for the six months ending June 30, 2025, representing a year-on-year increase of 62.19% [1] - The net profit attributable to the company's owners was RMB 746 million, up 52.74% year-on-year, with basic earnings per share of RMB 0.62 [1] - The revenue growth was driven by the active development of the global antibody-drug conjugates (ADC) and broader bioconjugates market, leading to an increase in both client and project numbers [1] Group Performance - The CRDMO business exhibited strong momentum in the first half of 2025, with a continuous positive expansion and increased global demand for its services [2] - As of June 30, 2025, the company has empowered a total of 563 global clients through its comprehensive CRDMO capabilities and "one-stop" facilities from drug discovery to commercialization [2] - The company has successfully secured 11 PPQ (Process Performance Qualification) projects and one commercial stage project [2] Industry Recognition - The company was awarded the "Best CDMO" title by World ADC for 2023 and 2024, highlighting its excellence in providing technology-driven comprehensive services for ADCs and broader bioconjugates [2] - The company continues to enhance its production capacity and attract talent to prepare for expanding its market share and meet the growing global demand for bioconjugate CRDMO services [2] - Ongoing projects include the GMP release of the XDP3 formulation workshop, expansion of the Wuxi base, and the construction of a new facility in Singapore, which will increase production lines and laboratory space upon completion [2]

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. （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* （股份代號：2268） 內幕消息 2025年中期業績簡報 本公 告由藥 明合 聯生物 技術有 限公司 *（「本 公司」）根據香 港聯 合交易 所有限 公司 證 券 上 市 規 則（「 上 市 規 則 」）第 13.09 條 以 及 香 港 法 例 第 571 章 證 券 及 期 貨 條 例 第 XIVA部項下的內幕消息條文（ 定義見上市規則 ）而刊發。 為使本公司股東及有意投資者能夠更深入、更全面地了解其2025年中期業績及業 務 營 運 ， 本 公 司 將 於 2025 年 8 月 19 日 上 午 八 時 三 十 分 及 下 午 八 時 三 十 分（ 香 港 時 間 ）召 開 電 話 會 議 ， 屆 時 將 就 ...

Core Viewpoint - WuXi AppTec (02268.HK) reported impressive performance for the six months ending June 30, 2025, with significant growth in revenue and gross profit [1] Financial Performance - The group's revenue increased by 62.2% year-on-year to RMB 2,700.9 million [1] - Gross profit rose by 82.2% year-on-year to RMB 975.2 million [1] - Net profit attributable to shareholders increased to RMB 745.7 million, reflecting a year-on-year growth of 52.7% [1] - Adjusted net profit before interest income and expenses grew to RMB 732.6 million, marking a strong year-on-year increase of 69.6% [1] Dividend Policy - The board of directors did not recommend the payment of any interim dividend for the six months ending June 30, 2025 [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。 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） 截 至2025年6月30日 止 六 個 月 之 中 期 業 績 公 告 | 財 | 務 | 摘 | 要 | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | | | | 截 2025年 | 至6月30日 ...

Group 1 - The core point of the news is that China Europe Fund announced a limit on daily subscriptions for the China Europe Medical Innovation Fund to 100,000 yuan starting from August 11, 2025, to ensure stable fund operations and protect the interests of fund shareholders [1][2][3] - The China Europe Medical Innovation Fund, managed by fund manager Ge Lan, was established in February 2019 and primarily invests in stocks related to medical innovation [3][4] - As of mid-2023, the fund's total net asset value exceeded 8.2 billion yuan, with major investments in healthcare and manufacturing sectors, accounting for 46.41% and 41.99% of the total assets, respectively [5][6] Group 2 - The top ten holdings of the fund include companies such as Sanofi Pharmaceutical, Keren Biotechnology, and Kangfang Biotech, with the largest holding, Sanofi Pharmaceutical, showing a year-to-date increase of nearly 400% [4][6] - The fund's unit net value has been rising, reaching 1.6874 yuan, compared to a low of below 0.9 yuan a year ago [7][8] - The fund's outlook for the third quarter highlights optimism in the innovative drug sector, with expectations for global collaboration and important clinical data disclosures, as well as ongoing domestic policy support for high-quality drug development [8]

Group 1 - The core announcement from China Europe Fund is the suspension of large subscriptions, conversions, and regular investment for the China Europe Medical Innovation Equity Fund starting from August 11, 2025, with a daily limit of 100,000 yuan per account to ensure fund stability and protect the interests of fund shareholders [1][3][10] - The China Europe Medical Innovation Fund, established in February 2019 and managed by fund manager Ge Lan, primarily invests in stocks related to the medical innovation sector, aiming to achieve returns that exceed the performance benchmark while strictly controlling investment risks [1][3][5] - As of mid-2023, the fund's total net asset value exceeded 8.2 billion yuan, with major investments in healthcare and manufacturing sectors, accounting for 46.41% and 41.99% of the total assets, respectively [4][5] Group 2 - The top ten holdings of the fund include companies such as 3SBio, Kelun-Biotech, and Kangfang Biotech, with the largest holding, 3SBio, showing a remarkable increase of nearly 400% this year [4][6][8] - The fund's unit net value has been on the rise, reaching 1.6874 yuan, significantly up from below 0.9 yuan a year ago, reflecting the rebound in the innovative drug sector [7][8] - The fund's outlook for the third quarter highlights optimism in the innovative drug field, with expectations for global cooperation and important clinical data disclosures, alongside supportive domestic policies for high-quality development in innovative drugs [8]

Core Viewpoint - MSCI announced the results of its August index quarterly review, which includes the addition and removal of several stocks in the MSCI China Index, reflecting recent strong performance in sectors such as technology, innovative pharmaceuticals, and new consumption [1]. Summary by Category Additions to MSCI China Index - 14 stocks were added to the MSCI China Index, including notable companies such as: - Lao Pu Gold (06181) - WuXi AppTec (02268) - Meitu (01357) - NetEase Cloud Music (09899) - 3SBio (01530) - Horizon Robotics (09660) - Global Data (09698) - Kintor Pharmaceutical (06990) - 5 additional A-shares including: - Zhinan (300803.SZ) - CITIC Bank (601998.SH) - Giant Network (002558.SZ) - Ailis (688578.SH) - Jingwang Electronics (603228.SH) [1][3][5]. Removals from MSCI China Index - 17 stocks were removed from the MSCI China Index, including: - Hisense Home Appliances (00921) - Zhongsheng Holdings (00881) - Yingjia Wine (603198.SH) - Oriental Yuhong (002271.SZ) - 13 additional stocks including: - Supor (002032.SZ) - Chihong Zn & Ge (600497.SH) - Morning Light Co. (603899.5H) - and others [1][3][5]. Global Index Changes - The MSCI Global Standard Index added 42 stocks and removed 56 stocks, with the largest new additions being Rocket Lab (USA), SoFi Technologies (USA), and Affirm Holdings (USA) [5]. - The top three new additions to the MSCI Emerging Markets Index include CITIC Bank, Dian Swastatika Sentosa, and Lao Pu Gold [5].

Summary of WuXi AppTec's Conference Call Company Overview - WuXi AppTec is a leading company in the ADC (Antibody-Drug Conjugate) field, providing one-stop services from research and development to production, leveraging the experience of its core team [2][3][6]. Industry Insights - The ADC industry is experiencing rapid growth, with a projected compound annual growth rate (CAGR) exceeding 30% in the coming years [2][4][14]. - WuXi AppTec holds a market share of nearly 10% as of 2022, expected to increase to over 10% by 2025 [2][5][23]. - The outsourcing rate in the ADC market is approximately 70%, indicating significant opportunities for suppliers [15]. Key Financial Metrics - As of the end of 2024, WuXi AppTec's order backlog is $1 billion, reflecting a year-on-year growth of over 70% [2][7]. - The company's revenue is expected to grow at a CAGR of over 30% in the coming years, driven by an increase in clinical-stage projects [4][26]. Production Capacity and Development - WuXi AppTec's Wuxi base has two operational dual-function production lines with a total capacity of 4,500 liters [4][10]. - The new DB3 workshop, set to be operational in Q2 2025, will increase the total formulation capacity to 7 million bottles, with plans to expand to 12 million bottles by 2027 [10][24]. - The Singapore base is expected to commence production by the end of 2025, contributing an additional 2,500 liters of capacity [10][24]. Project Pipeline and Client Base - The company has nearly 200 preclinical and clinical projects, with 8 PPQ (Process Performance Qualification) and one already commercialized [2][7][8]. - WuXi AppTec is expanding its client base, including biotech and large pharmaceutical companies, which supports long-term growth [7][9]. Competitive Advantages - WuXi AppTec's one-stop ADC service model and leading technology capabilities allow for a significant reduction in time from DNA to IND submission [6][10]. - The company has established deep cooperative relationships with global clients, enhancing its market position [6][22]. Future Outlook - The ADC market is expected to continue its rapid growth, with more products entering the commercialization phase, thus solidifying the industry's growth potential [14][16]. - WuXi AppTec is well-positioned to maintain rapid revenue and profit growth, further closing the gap with leading competitors in the ADC space [8][27]. Employee Growth - The company has seen a 70% increase in its workforce, exceeding 2,000 employees by the end of 2024, primarily in R&D and production [12]. Financial Performance - The gross margin is slightly above 30%, with expectations to approach over 40% in the future due to improved capacity utilization and cost reduction measures [13]. This summary encapsulates the key points from the conference call, highlighting WuXi AppTec's strategic position in the ADC industry, its growth prospects, and operational capabilities.