1 藥明合聯生物技術有限公司 2025中期報告 公司資料 董事會 目錄 | | 頁次 | | --- | --- | | 公司資料 | 2 | | 財務摘要 | 4 | | 公司簡介 | 6 | | 管理層討論及分析 | 7 | | 其他資料 | 37 | | 簡明綜合財務報表的審閱報告 | 54 | | 簡明綜合損益及其他全面收益表 | 56 | | 簡明綜合財務狀況表 | 57 | | 簡明綜合權益變動表 | 59 | | 簡明綜合現金流量表 | 61 | | 簡明綜合財務報表附註 | 62 | | 釋義 | 92 | 審核委員會 Hao Zhou先生 （主席） Ulf Grawunder博士 Kenneth Walton Hitchner III先生 薪酬委員會 執行董事 Ulf Grawunder博士 （主席） Kenneth Walton Hitchner III先生 施明女士 李錦才博士 （首席執行官） 張靖偉先生 （首席運營官） 席曉捷先生 （首席財務官兼公司秘書） 非執行董事 提名委員會 陳智勝博士 （主席） 周偉昌博士 （於2025年6月27日退任） 顧繼傑博士 （於2025年6月27日獲委 ...

Core Viewpoint - The Hang Seng Healthcare Index fell by 1.4% this week, underperforming the market, with internet medicine, CXO, and traditional Chinese medicine sectors showing better performance [1] Group 1: Market Trends - Since September, the proportion of domestic holdings through the Hong Kong Stock Connect has remained stable, while foreign holdings have slightly decreased since mid-year [1] - Both domestic and foreign investors continue to increase their positions in innovative pharmaceutical companies, indicating a consistent long-term strategy [1] Group 2: Investment Recommendations - The report suggests focusing on companies with significant data releases at the upcoming ESMO conference in mid to late October, specifically mentioning Kangfang Biotech (09926), Kelun-Biotech (06990), and Rongchang Biotech (09995) [1] - The importance of timing and stock selection has increased following a broad rise in the innovative drug sector, with recommendations to gradually build positions during market corrections [1] Group 3: Sector Focus - For the innovative drug sector, the report highlights companies such as 3SBio (01530) and Eucure Biopharma-B (06996) as having rich short-term catalysts and undervalued core products, while companies like Ascletis Pharma (02096), Hutchison China MediTech (00013), and Legend Biotech are noted as significantly undervalued with clear long-term growth logic [1] - In the CXO sector, the report points to leading companies benefiting from high downstream demand and marginal recovery in financing, specifically mentioning WuXi AppTec (02268) [1]

Core Viewpoint - The Hang Seng Healthcare Index declined by 1.4% this week, underperforming the market, with internet medicine, CXO, and traditional Chinese medicine sectors showing better performance [1] Group 1: Market Trends - Since September, the proportion of domestic holdings through the Hong Kong Stock Connect has remained stable, while foreign holdings have slightly decreased since mid-year [1] - Both domestic and foreign investors continue to increase their positions in innovative pharmaceutical companies, indicating a consistent long-term strategy [1] Group 2: Investment Opportunities - Domestic investors are focusing on rebound opportunities, while foreign investors are increasing positions in innovative drug targets with high long-term potential and current cost-effectiveness [1] - The innovative drug guarantee model is gradually taking shape, which is expected to alleviate challenges such as hospital access and reimbursement difficulties for companies [1] Group 3: Upcoming Events - The ESMO conference will be held in mid to late October, and the report suggests focusing on companies like CanSino Biologics (09926), Kelun-Biotech (06990), and Rongchang Biologics (09995) that are expected to release significant data [1] Group 4: Stock Recommendations - The importance of timing and stock selection has increased after a broad rise in the innovative drug sector, with recommendations to gradually build positions during sector pullbacks [1] - Specific recommendations include: 1. Innovative drugs: 3SBio (01530), Eucure Biopharma-B (06996) with rich short-term catalysts and undervalued long-term growth logic [1] 2. CXO: Leaders in high-demand segments benefiting from improved financing conditions, such as WuXi AppTec (02268) [1]

Core Insights - WuXi XDC is a leading global contract research, development, and manufacturing organization (CRDMO) specializing in bioconjugate drugs, with a strong growth trajectory post-IPO on November 17, 2023, and a projected revenue CAGR of 102% from 2022 to 2024 [1] Group 1: Company Performance and Strategy - The company plans to increase capital expenditures (CAPEX) to over 7 billion RMB by 2029 to expand its global leadership position amid high industry demand and tight global capacity [1] - WuXi XDC's capital expenditure for 2025 is expected to be 1.56 billion RMB, with approximately 900 million RMB allocated to the Singapore facility and about 450 million RMB to the Wuxi facility [1] - The company adheres to a "global dual-factory production" strategy, with production bases in Shanghai, Wuxi, and Changzhou in China, as well as a new facility in Singapore to enhance supply chain competitiveness [1] Group 2: Project Growth and Technological Advancements - The number of projects and backlog orders is growing rapidly, with a total of 858 drug discovery projects since inception, and 37 new comprehensive projects signed in the first half of 2025 [2] - The total backlog of uncompleted orders reached 1.329 billion USD, reflecting a year-on-year increase of 57.9%, with new contract amounts growing by 48.4%, particularly in North America [2] - The company has introduced upgraded WuXiDARx technology to expand the possibilities for different DAR requirements in ADC drugs, significantly shortening development cycles [2] Group 3: Financial Projections - Revenue projections for 2025, 2026, and 2027 are 6.001 billion RMB, 8.113 billion RMB, and 10.736 billion RMB, representing year-on-year growth of 48.1%, 35.2%, and 32.3% respectively [3] - The net profit attributable to the parent company is forecasted to be 1.607 billion RMB, 2.171 billion RMB, and 2.910 billion RMB for 2025, 2026, and 2027, with growth rates of 50.3%, 35.1%, and 34.1% respectively [3]

Core Viewpoint - The report from Western Securities initiates coverage on WuXi AppTec (02268) with a "Buy" rating, projecting significant revenue and profit growth from 2025 to 2027 [1] Industry Demand and Company Strategy - The industry is experiencing strong demand and global capacity shortages, prompting the company to increase capital expenditures (CAPEX) to over 7 billion RMB by 2029 to enhance its global leadership position [2] - WuXi AppTec is expected to invest 1.56 billion RMB in CAPEX in 2025, with approximately 900 million RMB allocated to its Singapore facility and 450 million RMB to its Wuxi base, aiming to expand domestic and international capacity [2] - The company adheres to a "global dual-plant production" strategy, with production bases in Shanghai, Wuxi, and Changzhou in China, as well as a new facility in Singapore to improve supply chain competitiveness [2] Project Growth and Technological Advancements - The number of projects and backlog orders are growing rapidly, guided by the strategy of "empower, follow, and win molecules," supported by a comprehensive one-stop bioconjugate drug platform and global multi-site layout [3] - As of June 30, 2025, the total number of drug discovery phase projects reached 858, with 37 new comprehensive projects signed in the first half of 2025, increasing ongoing comprehensive projects to 225 [3] - The total backlog of uncompleted orders amounted to 1.329 billion USD, reflecting a year-on-year increase of 57.9%, with new contract amounts growing by 48.4%, particularly in North America [3] - The company has introduced upgraded WuXiDARx technology in conjugation technology, broadening the possibilities for different DARs required for ADC drugs [3] - The integrated CMC strategy has significantly shortened the development cycle, reducing many ADC projects' timelines from drug discovery to IND to 15 months or less, nearly halving the industry standard [3]

Core Viewpoint - The report from Western Securities initiates coverage on WuXi AppTec (02268) with a "Buy" rating, projecting significant revenue and profit growth from 2025 to 2027 [1] Group 1: Financial Projections - Expected revenues for WuXi AppTec are projected to be CNY 60.01 billion, CNY 81.13 billion, and CNY 107.36 billion for 2025, 2026, and 2027 respectively, representing year-on-year growth of 48.1%, 35.2%, and 32.3% [1] - The company's net profit attributable to shareholders is forecasted to be CNY 16.07 billion, CNY 21.71 billion, and CNY 29.10 billion for the same years, with growth rates of 50.3%, 35.1%, and 34.1% respectively [1] Group 2: Industry Dynamics - There is strong global demand and a shortage of production capacity in the industry, prompting the company to increase capital expenditures (CAPEX) to over CNY 7 billion by 2029 to enhance its global leadership position [2] - The ADC (Antibody-Drug Conjugate) research and development is experiencing a surge, with Chinese companies expected to benefit from their competitive advantages in the supply chain [2] Group 3: Capacity Expansion and Strategy - WuXi AppTec plans to invest CNY 15.6 billion in capital expenditures in 2025, with approximately CNY 9 billion allocated to its Singapore facility and CNY 4.5 billion to its Wuxi facility [2] - The company adheres to a "global dual-plant production" strategy, with production bases in Shanghai, Wuxi, and Changzhou in China, as well as a new facility in Singapore, aimed at enhancing supply chain competitiveness [2] Group 4: Project Growth and Order Backlog - The number of projects and backlog orders are growing rapidly, with a total of 858 drug discovery projects since inception, and 37 new comprehensive projects signed in the first half of 2025 [3] - The total backlog of uncompleted orders reached USD 1.329 billion, reflecting a year-on-year increase of 57.9%, with new contract amounts growing by 48.4%, particularly strong in North America [3] Group 5: Technological Advancements - WuXi AppTec has upgraded its WuXiDARx technology for conjugation, expanding the possibilities for different DAR (Drug-to-Antibody Ratio) requirements in ADC drugs [3] - The integration of CMC (Chemistry, Manufacturing, and Controls) strategy has significantly shortened the development cycle for many ADC projects to 15 months or less, nearly halving the industry standard [3]

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） （股份代號：2268） 藥 明 合 聯 生 物 技 術 有 限 公 司* 及 (3) 新持續關連交易 背景 茲提述(i)招股章程，內容有關（ 其中包括 ）現有持續關連交易協議；及(ii)本公司 日期為2024年4月26日、8月26日、10月9日及2025年9月2日的公告及通函，內 容有關（ 其中包括 ）2023年原材料採購服務協議、2023年抗體主服務協議及2023 年一般服務協議。 自2023年上市以來，本集團已實現顯著增長。尤其是，本集團業務於2025年上 半年繼續錄得快速強勁增長，這得益於強勁的行業利好因素及全球ADC藥物市 場 強 勁 勢 頭 的 延 續 。 於 2025 年 上 半 年 ， 本 集 團 的 收 益 及 毛 利 分 別 同 比 增 長 約 ...

Investment Rating - The report initiates coverage with a "Buy" rating for WuXi XDC [3][5][15] Core Insights - WuXi XDC is a global leader in bioconjugate drug CRDMO services, with a projected revenue CAGR of 102% from 2022 to 2024, driven by strong industry demand and capacity constraints [1][5] - The company plans to increase its capital expenditures (CAPEX) to over 7 billion RMB by 2029 to expand its production capacity, with significant investments in both domestic and international facilities [1][12] - The report highlights the rapid growth in project numbers and backlog orders, with a total of 13.29 billion USD in unfinished orders as of June 30, 2025, reflecting a year-on-year increase of 57.9% [2][12] Summary by Sections Company Overview - WuXi XDC provides comprehensive CRDMO services for bioconjugate drugs, facilitating the entire process from concept to commercialization [22] - The company has executed a total of 858 drug discovery projects since its inception, with 225 ongoing comprehensive projects as of mid-2025 [25] Market Dynamics - The ADC market is experiencing explosive growth, with ADC drugs becoming a prominent treatment modality, accounting for approximately 15.4% of FDA-approved biopharmaceuticals from 2019 to 2022 [40][42] - The global ADC market size has expanded from 2 billion USD in 2018 to 10.4 billion USD in 2023, with a projected CAGR of 38.6% [46] Financial Projections - Revenue forecasts for WuXi XDC are 60.01 billion RMB, 81.13 billion RMB, and 107.36 billion RMB for 2025, 2026, and 2027, respectively, with corresponding growth rates of 48.1%, 35.2%, and 32.3% [3][15] - The net profit estimates for the same years are 16.07 billion RMB, 21.71 billion RMB, and 29.10 billion RMB, reflecting growth rates of 50.3%, 35.1%, and 34.1% [3][15] Strategic Initiatives - The company is implementing a "global dual-plant production" strategy to enhance supply chain competitiveness, with significant investments in facilities in Shanghai, Wuxi, and Singapore [1][12] - WuXi XDC's advanced WuXiDARx™ technology aims to shorten the development cycle for ADC projects, achieving IND readiness in as little as 15 months [2][12]

Market Updates - UBTECH (09880) rose over 4% after signing a global strategic cooperation agreement with Cloud Intelligence Technology on September 21, with initial orders expected to be fulfilled [1] - Changfei Fiber Optics (06869) fell over 2% as shareholders reduced their holdings by a total of 10% in H-shares, with no significant impact on financial data from the hollow-core fiber [1] - Gold stocks mostly increased, with Lingbao Gold (03330) up over 4%, Zhaojin Mining (01818) up over 3%, China Silver Group (00815) up over 4%, and Shandong Gold (01787) up over 3%. The Federal Reserve's interest rate cut is expected to support a fluctuating upward trend in gold prices [1] - Yihuatong (02402) surged over 18% after partnering with Toyota to establish a fuel cell company and announcing the termination of the acquisition of Xuyang Hydrogen Energy [1] - WuXi AppTec (02268) increased over 6% after finalizing a subscription agreement that will raise WuXi Biologics' stake to over 50% [1] - Hong Kong Broadband (01310) dropped over 3% after announcing a share placement by its controlling shareholder, China Mobile Hong Kong, to restore public shareholding [1] - Huiju Technology (01729) rose over 10% following a strategic cooperation agreement with OpenAI to develop a revolutionary AI device for consumers [1] Shipping Sector - Shipping stocks experienced significant declines, with China Merchants Energy (01138) down over 6%, Seaspan (01308) down over 5%, Orient Overseas International (00316) down over 4%, and China Merchants Industry Holdings (01919) down over 4%. The Shanghai Shipping Exchange reported weak demand for Chinese export container transport, leading to continued adjustments in ocean freight rates [2] US Market Highlights - Pony.ai (PONY.US) increased by 18.55% as the CFO announced expectations to achieve key profit targets by early 2026 [3] - FedEx (FDX.US) rose 2.32% with projected revenue growth of up to 6% this year, exceeding analyst forecasts [3] - JD.com (JD.US) saw a 0.86% increase, with the iPhone 17 series achieving record sales within the first minute of pre-sale [3] - XPeng Motors (XPEV.US) rose 1.74%, reporting a 137% year-on-year increase in overseas deliveries from January to August [3] - ZTO Express (ZTO.US) fell 0.96%, with analysts noting a significant rebound in express delivery prices in August [3] - WeRide (WRD.US) surged 10.23% after its autonomous bus Robobus received Belgium's first federal-level L4 autonomous driving test license [3] - Tesla (TSLA.US) rose 2.21% as Baird upgraded its rating to "outperform," with expectations for significant stock price increases [4] - Apple (AAPL.US) increased by 3.20% following the successful launch of the iPhone 17 series on September 19 [4] - Quantum Song (QSG.US) rose 13.22%, with the chairman announcing a focus on the trendy toy sector [4]

Group 1 - The pharmaceutical stocks have generally risen, with notable increases in companies such as WuXi AppTec (6.82% increase), Innovent Biologics (5.72% increase), and WuXi Biologics (3.86% increase) [1] - The National Healthcare Security Administration has released the 11th batch of centralized procurement documents for drugs, emphasizing principles such as "stabilizing clinical use, ensuring quality, preventing collusion, and countering internal competition" [1] - The optimization of price control benchmarks in the procurement process indicates a shift away from simply selecting the lowest bid, reflecting a proactive approach by the healthcare authority to improve the domestic market [1] Group 2 - Guojin Securities expresses strong confidence in a reversal trend for the pharmaceutical sector in 2025, highlighting innovative drugs and the recovery of left-behind sectors as significant investment opportunities [2] - The upward trend in the innovative drug industry remains intact, with multinational corporations facing patent cliffs and likely to continue using business development strategies to fill revenue gaps [2] - Dongwu Securities notes that the easing interest rate environment is expected to enhance the prosperity of the innovative industry chain, benefiting upstream biotech and CXO sectors [2]