Core Viewpoint - WuXi AppTec has emerged as a leader in the global XDC outsourcing service industry, providing comprehensive R&D and production services from its Wuxi base and expanding to Singapore [1][2]. Industry Summary - The global XDC market is experiencing rapid growth, with the ADC market also expanding significantly. The growth rate in the Chinese market surpasses the global average, driven by advancements in technology that address efficacy and safety issues of ADC drugs [1][2]. - In 2024, 60% of new XDC trials globally will be initiated by Chinese companies, highlighting China's active role in the licensing of XDC-related drugs [2]. Company Summary - WuXi AppTec's total revenue is projected to grow from 311 million yuan in 2021 to 4.052 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 135% [2]. - As of the first half of 2025, the company has 19 projects in Phase III clinical trials and 11 in the PPQ stage, with a backlog of orders amounting to 1.329 billion USD, a 58% year-on-year increase [2][3]. - The company is investing heavily in capital expenditures, with over 1.5 billion yuan planned for 2024 and an expected total of over 7 billion yuan from 2026 to 2029 to support R&D and commercial production [3]. - WuXi AppTec is at the forefront of XDC innovation, developing competitive technology platforms such as WuXiDARx conjugation platform and X-LinC linker platform [3]. - The company is rated as a "buy" with a target price of 74.0 HKD, with projected revenue growth of 45.7%, 35.7%, and 30.9% for 2025E, 2026E, and 2027E respectively [3].

Core Viewpoint - 招银国际 has initiated coverage on WuXi AppTec (02268) with a "Buy" rating and a target price of HKD 74 [1] Financial Projections - The company is expected to see revenue growth of 45.7%, 35.7%, and 30.9% for the years 2025 to 2027 [1] - Adjusted net profit is projected to grow by 40%, 32.4%, and 30.8% during the same period [1] Company Positioning - WuXi AppTec has established itself as a leader in the global XDC outsourcing service industry [1] - The company offers "one-stop" XDC research and production services at its Wuxi base and is currently constructing a new facility in Singapore [1] Project Pipeline - The number of projects is rapidly increasing, with 19 Phase III clinical projects and 11 PPQ stage projects as of the first half of this year [1] - Future growth will be supported by ongoing and commercialized projects [1]

持續關連交易 (1)修訂現有連接子及有效載荷主服務協議的年度上限 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） 上市規則涵義 截至本公告日期，藥明康德為本公司的主要股東，因此為本公司於上市規則項 下的關連人士。 由 於 最 高 適 用 百 分 比 率 超 過 0.1 % 但 少 於 5 % ， 故 現 有 連 接 子 及 有 效 載 荷 主 服 務 協議 的經修 訂年度 上限須 遵守 上市規 則第十 四A 章項 下的公 告、申 報及年 度審 閱規定，惟獲豁免遵守通函及股東批准規定。此外，由於最高適用百分比率超 過5 %，故新連接子及有效載荷主服務協議須遵守上市規則第十四A章項下的公 告、申報、年度審閱、通函及獨立股東批准規定。 一般資料 ...

市场地位领先，客户覆盖和市场份额持续扩大。2025 年上半年，公司累计客户数已增长至563 个（2024 年为499 个），其中33%的收入来自全球Top20 制药企业。同时，公司市占率从2022 年的9.9%进一步增 长至上半年的22.2%。此外，上半年公司未完成订单总额同比增长57.9%至13.3 亿美元。上半年，公司 新增37 个综合项目，并赢得13 个iCMC 项目。按照研发阶段划分项目，公司拥有858 个发现项目、122 个临床前项目，以及102 个临床项目（临床一期至三期的项目数分别为66 个、17 个和19 个）。此外， 目前公司已有一个商业化阶段项目和11 个工艺验证批次（PPQ）项目，上半年新增3 个PPQ 项目。 "全球双厂生产"战略下新产能扩张。国内产能方面，目前公司无锡基地已具备生物偶联药物完整供应链 的一体化生产，新园区已于2025 年5 月投入运营。同时，无锡基地DP3 制剂车间已于2025 年7 月完成 GMP 放行，BCM2 L2 产能利用率加速提升。此外，基于"全球双厂生产"战略，新加坡工厂预计于2026 年上半年实现GMP 放行，提供从临床前阶段到商业化的全方位生产服务。随 ...

2025 年1-7 月，全球ADC 对外授权金额超10 亿美元的交易中，药明合联客户贡献超75%总金额；同期 ADC 并购交易中，75%被收购企业为其现有客户。公司市占率已经从2022 年的9.9%提升至2025H1 的 22.2%，2025年上半年赋能客户获得全球最多的IND 获批数，行业龙头地位稳固。 产能建设提速，全球化布局持续 随着2025 年7 月DP3 制剂车间完成GMP 放行，无锡基地进一步提升了其一体化生产能力。DP5 制剂车 间目前正在建设中并计划于2027 年实现GMP放行。抗体及偶联原液生产线BCM2 L2 自2024 年11 月启 用以来，产能持续加速扩张。 公司新加坡基地在2025 年6 月达成机械完工里程碑，并正式进入设备及设施调试和验证阶段，预计将于 2026 年上半年实现GMP 放行。 机构：天风证券 研究员：杨松/刘一伯 2025 年8 月18 日，药明合联公布2025 半年报：公司营收27.01 亿元（yoy+62.2%），增长的主要原因是 客户数量及项目数量的增加；毛利率从2024H1 的32.1%增至2025H1 的36.1%，同比增长4.0pct；净利润 为7.46亿 ...

业绩增长强劲，ADC CRDMO 龙头地位稳固 事件： 2025 年 8 月 18 日，药明合联公布 2025 半年报：公司营收 27.01 亿元 （yoy+62.2%），增长的主要原因是客户数量及项目数量的增加；毛利率从 2024H1 的 32.1%增至 2025H1 的 36.1%，同比增长 4.0pct；净利润为 7.46 亿元（yoy+52.7%），经调整净利润（不含利息收入与支出）7.33 亿元 （yoy+69.6%），经调整净利润（包含利息支出及收入）为 8.01 亿元 （yoy+50.1%）。 港股公司报告 | 公司点评 药明合联（02268） 证券研究报告 随着 2025 年 7 月 DP3 制剂车间完成 GMP 放行，无锡基地进一步提升了其 一体化生产能力。DP5 制剂车间目前正在建设中并计划于 2027 年实现 GMP 放行。抗体及偶联原液生产线 BCM2 L2 自 2024 年 11 月启用以来，产能持 续加速扩张。 公司全球客户总数扩大至 563 家，2025 年上半年新增 64 家客户，其中 2024 年全球收入排名前 20 的制药公司中 13 家已与药明合联建立合作；综合 CMC（ ...

Group 1: Snow Peak Technology (603227) - The company is positioned as a leader in the civil explosives and chemical industry in Xinjiang, with a dual business layout of "civil explosives + chemicals" [10][12] - Revenue forecasts for 2025-2027 are projected at 6.582 billion, 7.665 billion, and 8.613 billion yuan, with corresponding net profits of 545 million, 820 million, and 1.035 billion yuan, indicating growth rates of -19%, 51%, and 26% respectively [12] - The company benefits from a significant regional advantage in Xinjiang, where the scarcity of ammonium nitrate is highlighted, and the entry of Guangdong Hongda is expected to facilitate the scale-up of explosives production [12] Group 2: Meituan (03690) - The company maintains a "buy" rating despite a decrease in profits due to increased competition in the food delivery and instant retail sectors, with adjusted net profits for 2025-2027 revised to -4.5 billion, 38.5 billion, and 57.6 billion yuan [11][15] - The core local business revenue grew by 7.7% year-on-year to 65.3 billion yuan, but operating profit fell by 75.6% to 3.7 billion yuan, indicating significant pressure on profit margins [13][15] - The company is actively expanding its logistics network and enhancing service quality, with a peak daily order volume exceeding 150 million in July [13][15] Group 3: Banking Sector Insights - Industrial Bank (601166) reported a revenue of 110.5 billion yuan in 1H25, a decrease of 2.3%, but net profit increased by 0.2% to 43.1 billion yuan, indicating a recovery in profitability [17][19] - CITIC Bank (601998) achieved a revenue of 105.8 billion yuan in 1H25, down 3%, while net profit rose by 2.8% to 36.5 billion yuan, reflecting stable asset quality [21][23] - Su Nong Bank (603323) reported a slight revenue increase of 0.2% to 2.28 billion yuan in 1H25, with net profit growing by 5.2% to 1.18 billion yuan, showcasing a robust fundamental performance [25][26]

医药生物 2025 年 08 月 28 日 药明合联 (02268) ——上半年业绩靓丽，市场份额持续提升 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 27 日 | | --- | --- | | 收盘价（港币） | 54.55 | | 恒生中国企业指数 | 9020.26 | | 52 周最高/最低（港币） | 64.45/18.52 | | H 股市值（亿港币） | 657.07 | | 流通 H 股（百万股） | 1,204.52 | | 汇率（人民币/港币） | 1.0953 | 上 市 公 司 -5% 95% 195% 295% HSCEI 药明合联 资料来源：Bloomberg 相关研究 《 WuXi XDC Cayman Inc.(02268):Strong results with the rising number of new projects 》 2025/03/31 证券分析师 周文远 A0230518110003 zhouwy@swsresearch.com 研究支持 胡梦婷 A0230524060004 humt@swsresearch. ...

证券研究报告 药明合联 (2268 HK) 2025 年秋季策略会速递— 需求高增态势延续,产能扩张稳步推进 5、运营效率持续改善：a）1H25 毛利率 36.1%（+4pct yoy），受益于运营 效率优化以及产线利用率持续提升，预计 2025 全年毛利率有望高于 2024 年全年水平；b）1H25 销售/管理/研发费用为 0.5/1.1/0.5 亿元（+105/43/ 4%yoy），对应费用率 1.8/4.0/1.8%；c）经调整净利润率（不含利息收入 和支出）27.1%（+1.2pct yoy），在公司规模扩大的背景下保持上升趋势。 盈利预测与估值 2025 年 8 月 28 日│中国香港 生物医药 8 月 27 日药明合联出席了我们组织的 2025 年秋季策略会，会上公司指出 ADC 赛道长期发展动能强劲，公司自身订单高增、产能有序建设、运营效 率持续提升。我们重申公司在全球 ADC/XDC CRDMO 领域的领导地位，以 及强劲业绩向上动能，维持"买入"。 核心亮点： 1、业绩靓丽，全球市场份额不断提升：a）1H25 收入 27.01 亿元（+62%yoy）； 调整后净利润（不含利息收入和支出）同比 ...

Summary of WuXi AppTec's Conference Call Company Overview - WuXi AppTec is a global leader in ABC (Antibody-Drug Conjugates) and bioconjugate drug CRDMO (Contract Research, Development, and Manufacturing Organization) services, benefiting from the rapid development of the ADC field. The global ADC clinical pipeline experienced a compound annual growth rate (CAGR) of 37% from 2019 to 2022, and it is expected to maintain a CAGR of around 28% until 2030, with the industry size reaching $11.1 billion. The high outsourcing penetration rate is driving the demand for CRDMO services [2][5][21]. Financial Performance - The company has shown rapid revenue and profit growth, with a CAGR of 133% in revenue and 153% in profit from 2019 to 2024. In the first half of 2025, revenue and net profit increased by 59% and 53% year-over-year, respectively. The revenue growth rate for 2025 is expected to be close to 50%, with net profit growth between 45% and 50%. The projected CAGR for the next three years is approximately 30% [2][3][4][21]. Project Pipeline - As of the first half of 2025, WuXi AppTec has 858 drug discovery projects, 224 clinical-stage projects, and 11 commercial projects. The proportion of revenue from IND (Investigational New Drug) projects has increased to 59%, ensuring high growth in future performance [2][3][18]. Market Position and Expansion - WuXi AppTec is currently the only company providing one-stop ADC CRDMO services, with a market share of 9.8% in 2022, expected to rise to 22% by the first half of 2025. The company plans to fully operationalize its Singapore facility by 2026 to increase its global client base, which grew from 265 in 2022 to 563 in the first half of 2025. Revenue from clients in Europe and North America accounts for 74% of total revenue, with a high retention rate among large multinational clients [3][19][20]. Capacity and Investment - The company is expanding its production capacity, with the Singapore facility expected to achieve an annual capacity of 2,000 liters for antibody intermediates, 2,000 liters for conjugated drug solutions, and 8 million bottles for conjugated formulations by 2026. The capital expenditure is projected to be $1.5 billion in 2025, exceeding $7 billion by 2029 [4][20]. Industry Trends - The ADC field is rapidly developing, combining the advantages of antibody drugs, chemotherapy, and small molecule inhibitors, leading to a high outsourcing penetration rate that drives CRDMO demand. The global ADC clinical pipeline is expected to maintain a CAGR of 28% until 2030, with the industry size projected to reach $11.1 billion [5][11]. Competitive Advantages - WuXi AppTec's advantages in CRDMO services include: - Comprehensive end-to-end service capabilities that shorten development time and mitigate technical risks. - A rich and reliable case accumulation, gradually expanding its quality client base. - Sufficient and compliant production capacity to meet client demands. - Enhanced production efficiency through integrated service models [12][16][17]. Future Outlook - The company is expected to achieve a net profit of approximately $1.7 billion in 2025, with a valuation of 40 times earnings for 2025, 32 times for 2026, and 24 times for 2027. The market capitalization is projected to exceed $100 billion based on the certainty and sustainability of high growth over the next three years [21].