Core Viewpoint - The strong trend in the mainland healthcare sector from last year is expected to continue into this year, with investors considering the value of more R&D pipelines when evaluating valuations [1] Group 1: CDMO Sector - The company has a constructive outlook on CDMO enterprises due to accelerated growth, strong product cycles, limited geopolitical risks, and reasonable valuations [1] - Ratings for WuXi AppTec (02359, 603259.SH) and WuXi Biologics (02268) have been upgraded to "Buy" [1] Group 2: Biotech and Pharmaceutical Companies - A selective strategy is adopted for biotech and pharmaceutical companies, favoring those with key data releases and early data showing potential, along with actual transaction expectations [1] - Companies such as Kelun-Biotech (06990), Innovent Biologics (02696), and Hansoh Pharmaceutical (03692) are viewed positively [1] Group 3: Medical Devices Sector - The company maintains a neutral view on the medical devices sector, noting that while the industry has bottomed out, recovery will take time [1] - Recommendations include buying Angelalign Technology (06699) and Weigao Group (01066) [1] Group 4: Medical Services Sector - A relatively cautious stance is held regarding the medical services sector due to ongoing cost control measures and a weak consumer cycle [1] - The rating for Haijia Medical (06078) has been downgraded to "Neutral" [1]

Investment Rating - The report indicates a positive outlook for the pharmaceutical sector, particularly for innovative drugs and companies expected to reach profitability in 2025 [1][9][15]. Core Insights - The innovative drug sector is anticipated to see significant growth due to the commercialization of core products and contributions from business development (BD) revenues, with companies like BeiGene, Innovent Biologics, and others expected to achieve profitability [1][9]. - The Pharma sub-sector is projected to experience a revenue growth rate of 15-20% in 2025, with notable companies such as Hansoh Pharmaceutical and China Biologic Products leading this growth [2][10]. - The CXO sector is also expected to report strong performance, with companies like WuXi AppTec forecasting substantial revenue and profit increases [3][11]. - The medical services sector is currently valued at historical lows, with a projected revenue growth of 13% for Genscript Biotech, highlighting the importance of monitoring industry changes [4][12]. Summary by Sections Innovative Drugs - Companies expected to achieve profitability in 2025 include BeiGene, Innovent Biologics, and others, driven by increased commercialization and BD revenues [1][9]. Pharma - Revenue growth of 15-20% is expected for leading companies such as Hansoh Pharmaceutical and China Biologic Products, with a significant boost anticipated for 3SBio due to a major BD deal with Pfizer [2][10]. CXO - WuXi AppTec is projected to achieve approximately 454.56 billion RMB in revenue, reflecting a year-on-year growth of about 15.84%, with adjusted net profits expected to rise significantly [3][11]. Medical Services - Genscript Biotech is expected to see a revenue increase of 13% in 2025, emphasizing the need to focus on overseas business expansion and AI integration in traditional medicine [4][12].

Investment Rating - The report maintains a positive outlook on the pharmaceutical sector, indicating an "Overweight" rating for the industry, suggesting it will outperform the overall market [1]. Core Insights - The report highlights that the commercialization of innovative drugs, combined with licensing income, is expected to lead to profitability for several companies in 2025, including BeiGene, Innovent Biologics, and others [1][9]. - The Pharma sub-sector is projected to achieve a revenue growth rate of 15-20% in 2025 for companies like Hansoh Pharmaceutical and China Biologic Products, with a significant revenue increase expected for 3SBio due to a major business development deal with Pfizer [2][10]. - The CXO sector is also expected to show strong performance, with companies like WuXi AppTec forecasting a revenue increase of approximately 15.84% and a net profit growth of about 102.65% in 2025 [3][11]. - In the medical services sector, the report notes that valuations are at historical lows, with a projected revenue growth of 13% for GuoShengTang in 2025, emphasizing the importance of overseas business expansion and AI integration in traditional Chinese medicine [4][12]. Summary by Sections Innovative Drugs - The report anticipates that several innovative drug companies will reach profitability in 2025 due to increased commercialization and business development income [9][15]. Pharma - The Pharma sub-sector is expected to see a revenue growth of 15-20% in 2025 for key players, with 3SBio projected to achieve over 100% growth due to a significant partnership with Pfizer [2][10]. CXO - WuXi AppTec is expected to report a revenue of approximately 454.56 billion RMB in 2025, with a net profit growth of around 102.65% [3][11]. Medical Services - GuoShengTang is projected to have a revenue growth of 13% in 2025, with a focus on overseas acquisitions and AI applications in traditional medicine [4][12].

Core Viewpoint - The company's positive profit forecast for 2025 aligns with expectations, maintaining a "Buy" rating with a target price of HKD 75 [1] Group 1: Financial Performance - The company anticipates a revenue growth of over 45% year-on-year for 2025, with gross profit expected to grow over 70% year-on-year and net profit attributable to shareholders projected to increase by over 38% year-on-year [1] - Adjusted net profit, excluding interest income and expenses, is expected to grow over 45% year-on-year, and over 65% year-on-year when excluding foreign exchange impacts [1] - The overall revenue and net profit attributable to shareholders are in line with previous expectations and the company's annual guidance [1] Group 2: Project Development - The company signed 70 new iCMC projects in 2025, accelerating from 53 in 2024, primarily driven by strong growth in the US and China [2] - More than half of the new iCMC projects are attributed to new ADC types, with approximately 20% from dual-antibody ADCs, 17% from XDC, and 10% from non-tumor areas [2] Group 3: Long-term Guidance - The company has disclosed a medium to long-term revenue guidance, expecting a CAGR of 30-35% from 2025 to 2030, surpassing the industry average of 25.6% CAGR [3] - By 2030, it is projected that 20% of revenue will come from XDC types and another 20% from commercialized projects [3] - The company anticipates achieving significant commercial production milestones starting in 2027, with limited revenue contribution expected in 2026 [3] Group 4: Capacity Expansion - The company plans to increase capital expenditure to RMB 1.7 billion in 2026, up from RMB 1.22 billion in 2025, with a long-term capital expenditure guidance exceeding RMB 7 billion by 2029 [4] - The company has established dual production bases in China and Singapore, with the Wuxi DP3 capacity achieving GMP release in July 2025, totaling 7 million bottles per year [4] - Future production lines in Wuxi are expected to double the DP capacity before 2029 [4] Group 5: Strategic Acquisitions - The company is actively pursuing acquisitions to enhance capacity, including a recent acquisition in Hefei to add over 40 kg of peptide conjugate capacity and another acquisition of Dongyao Pharmaceutical for HKD 3.1 billion to add 8 million bottles per year of DP capacity [5] - The company’s global ADC outsourcing market share has reached over 24% [5] Group 6: Valuation - The company maintains a "Buy" rating with a target price of HKD 75, based on updated revenue forecasts for 2025E/2026E/2027E of RMB 5.87 billion, RMB 7.94 billion, and RMB 10.59 billion respectively [6] - Adjusted net profit forecasts are slightly revised to RMB 1.6 billion, RMB 2.12 billion, and RMB 2.91 billion for the same years [6] - The target valuation is set at 38x 2026E PE, reflecting a premium over the historical forward P/E ratio [6]

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。 於2026年2月4日，聯交所基於本公司將於2026 年2 月13日或之前向本公司股東寄 發通函向本公司授出豁免。本公司股東及潛在投資者應注意，倘本公司情況出現 變動，聯交所可更改或撤回其所授出的豁免。 （股份代號：2268） 延遲寄發通函 茲提述藥明合聯生物技術有限公司*（「本公司」）、藥明生物技術有限公司*及東曜 藥 業 股 份 有 限 公 司 於 2026 年 1 月 14 日 聯 合 刊 發 內 容 有 關（ 其 中 包 括 ）要 約 的 公 告 （「聯合公告」）。除非另有界定，否則本公告所用詞彙與聯合公告所界定者具有相 同涵義。 誠如聯合公告所披露，根據上市規則第14.44條，要約的提出、根據股份要約收購 要 約 股 份 以及 根 據 購 股 權 要 約 註 銷購 股 權 已 獲 得 藥 明 生物（ 持 有 本 公司 已 發 行 ...

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 就 因 本 公 告 全 部 或 任 何 部 份 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 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 本 公 司 證 券 的 邀 請 或 要 約。 本公告的全部或部份內容不會在違反任何司法權區的相關法律或法規的情況 下 於 或 向 該 司 法 權 區 發 佈、刊 發 或 派 發。 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （於 香 港 註 冊 成 立 的 有 限 公 司） （股 份 代 號：2268） （股 份 代 號：1875） 聯合公告 延遲寄發 有 關 花旗環球金融亞洲有限公司為及代表要約人 就本公司全部已發行股份 （要 約 人 及 要 約 人 一 致 行 動 人 士 已 擁 有 或 同 意 將 予 收 購 的 該 等 股 份 除 外） 及註銷全部尚未行使購股權 而作出的 自願有條件現金要約 誠 ...

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec (2268.HK) with a target price of HKD 75, indicating a potential upside of 24% from the current price of HKD 60.6 [1][2][11]. Core Insights - The company's preliminary earnings forecast for 2025 shows revenue growth exceeding 45% year-on-year, with gross profit growth over 70% and net profit growth exceeding 38% [8][11]. - WuXi AppTec has signed 70 new iCMC projects in 2025, benefiting from strong growth in the US and China, with over half of these projects coming from new ADC contributions [8][11]. - The company has provided a long-term revenue guidance of a 30-35% CAGR from 2025 to 2030, which is above the industry average of 25.6% CAGR [8][11]. Financial Performance - Revenue projections for 2025, 2026, and 2027 are adjusted to RMB 58.7 billion, RMB 79.4 billion, and RMB 105.9 billion respectively, with net profit estimates of RMB 16.0 billion, RMB 21.2 billion, and RMB 29.1 billion [11][12]. - The gross margin for 2025 is expected to be around 35.8%, which is better than previous expectations [8][11]. - The company anticipates significant commercial revenue starting in 2027, with limited contributions expected in 2026 as it focuses on accumulating production records [8][11]. Capacity Expansion - WuXi AppTec is accelerating capacity expansion through both self-built facilities and acquisitions, with capital expenditures expected to rise to RMB 1.7 billion in 2026 from RMB 1.22 billion in 2025 [2][10]. - The company has established dual production bases in China and Singapore, with plans for further expansion, including new DP production lines in Wuxi and a new facility in Singapore expected to achieve GMP release in 2026 [2][10]. - The company has a global market share of over 24% in the ADC outsourcing service market, indicating a strong competitive position [10].

截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 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 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02268 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | 0.00005 | USD | | 500,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 10,000,000,000 | USD | 0.00005 | U ...

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。 藥明合聯生物技術有限公司* 執行董事兼首席執行官 李錦才博士 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） 董事會會議通告 Wu Xi XDC Cayman Inc.藥明合聯生物技術有限公司*（「本公司」，連同其附屬公 司 ， 統 稱「 本 集 團 」）董 事（「 董 事 」）會（「 董 事 會 」）謹 此 宣 佈 ， 本 公 司 將 於 2026 年 3月23日（ 星期一 ）舉行董事會會議，藉以（ 其中包括 ）審議及批准本集團截至2025 年12月31日止年度的全年業績及其發佈。 承董事會命 香港，2026年1月23日 於本公告日期，本公司董事會包括(i)執行董事李錦才博士、張靖偉先生及席曉捷 先生；(ii)非執行董事陳智勝博士、顧繼 ...

Core Viewpoint - WuXi AppTec (02268) announced the issuance of a total of 2.7517 million shares under its share plan from January 2 to January 21, 2026 [1] Group 1 - The company will issue shares as part of its stock plan [1] - The total number of shares to be issued is 2.7517 million [1] - The issuance period is set from January 2 to January 21, 2026 [1]