FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 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 呈交日期： 2025年10月30日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02268 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份 ...

Group 1: Market Performance and Opportunities - The MSCI China Healthcare Index has increased by 58.6% year-to-date, outperforming the MSCI China Index which rose by 24.2% [1] - The recent slight pullback in the healthcare sector (10% decline in MSCI China Healthcare Index since October) presents a buying opportunity [1] - The recovery in capital market financing and the increase in overseas transactions for innovative drugs indicate a rebound in domestic innovative drug R&D demand [1] Group 2: Clinical Data and Drug Development - SKB264 is the only drug showing statistically significant overall survival (OS) in a Phase III trial for EGFR-TKI resistant NSCLC, with a hazard ratio (HR) of 0.56 compared to chemotherapy [2] - Ivonescimab demonstrated a median progression-free survival (mPFS) of 11.1 months in first-line sqNSCLC, outperforming the comparator at 6.9 months (HR=0.60) [2] - The uORR for drug 707 in first-line colorectal cancer reached 82.6%, with a cORR of 65.2%, indicating strong efficacy [2] Group 3: Strategic Collaborations and Future Outlook - The company suggests focusing on the clinical advancement of authorized pipelines overseas, as this has a higher certainty of success and can act as a catalyst for stock price increases [3] - The strategic collaboration between Innovent Biologics and Takeda for IBI363 involves shared global R&D costs and commercial rights, reflecting confidence in the drug and commitment to global strategy [3] - Pfizer is expected to announce overseas clinical plans for drug 707 within the year, with a focus on its combination with multiple ADC products [3]

Group 1 - The MSCI China Healthcare Index has increased by 58.6% since the beginning of 2025, outperforming the MSCI China Index by 24.2% [1] - The recent slight pullback in the healthcare sector (10% since October) presents a buying opportunity, driven by a recovery in capital market financing and an increase in the scale of innovative drug exports [1] - The CXO industry is expected to see performance recovery in the second half of 2025 due to the anticipated interest rate cuts in the U.S. [1] Group 2 - Significant clinical data was released at the ESMO conference, highlighting key drugs such as SKB264, which shows statistical significance in overall survival for NSCLC patients resistant to EGFR-TKI [2] - The mPFS for lvonescimab in first-line sqNSCLC was reported at 11.1 months, compared to 6.9 months for the control group [2] - The uORR for drug 707 from 三生制药 in first-line colorectal cancer reached 82.6%, indicating strong efficacy [2] Group 3 - The impact of business development (BD) on stock prices is diminishing, prompting a focus on the clinical advancement of authorized pipelines overseas [3] - 信达生物 has entered a global strategic partnership with Takeda for IBI363, sharing 40% of global R&D costs and U.S. commercial rights, reflecting confidence in the drug and commitment to globalization [3] - The company anticipates that clinical progress will serve as a catalyst for stock price increases, with most value realization dependent on successful commercialization rather than upfront payments from licensing deals [3]

Core Viewpoint - WuXi AppTec (02268.HK) announced the issuance and allocation of 24.134 million ordinary shares as part of a related transaction for the subscription of new shares under special authorization, effective on October 22, 2025 [1] Group 1 - The company is engaging in a related transaction involving the issuance of new shares [1] - A total of 24.134 million ordinary shares will be issued [1] - The transaction is set to take effect on October 22, 2025 [1]

Core Viewpoint - WuXi AppTec (02268) announced the issuance and allotment of 24.134 million ordinary shares as part of a related transaction for the subscription of new shares under special authorization on October 22, 2025 [1] Group 1 - The company is engaging in a related transaction involving the issuance of new shares [1] - A total of 24.134 million ordinary shares will be issued [1] - The transaction is set to take place on October 22, 2025 [1]

Core Viewpoint - WuXi AppTec (02268) announced the issuance and allocation of 24.134 million ordinary shares on October 22, 2025, as part of a related transaction under special authorization [1] Summary by Categories - **Company Announcement** - WuXi AppTec will issue and allocate 24.134 million ordinary shares [1] - The issuance is part of a related transaction authorized specifically for this purpose [1] - **Transaction Details** - The shares will be issued on October 22, 2025 [1] - The transaction is categorized as a related party transaction [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 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 呈交日期： 2025年10月22日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02268 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | ...

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* 本公告僅作參考用途，並不構成收購、購買或認購證券的邀請或要約，亦並非擬 用作邀請提出任何相關要約或邀請。 本公告並不構成或組成在美國購買或認購證券的任何要約或招攬的一部份。本公 告所述證券並未且將不會根據1933年美國《證券法》（「美國《證券法》」）進行登記， 亦不得在美國提呈發售或出售，除非根據美國《證券法》作出登記或獲豁免或為無 須根據美國《證券法》作出登記之交易。本公司無意根據美國《證券法》登記本公告 內所指之任何證券，或在美國進行證券之公開發售。 （股份代號：2268） 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。 本公告或其任何副本概不得直接或間接在美國，或在刊發或派發本公告屬違法的 任何其他司法管轄區內刊發或派發。 完成有關根據特別授權認購新股份的 ...

Core Viewpoint - The company has demonstrated robust growth in the first half of 2025, with significant increases in revenue, gross profit, and net profit, driven by a strong order backlog and competitive positioning in the ADC market [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 2.7 billion yuan, a year-on-year increase of 62.2% - Gross profit reached 980 million yuan, up 82.2% year-on-year - Adjusted net profit (excluding interest and expenses) was 730 million yuan, reflecting a 69.6% increase year-on-year - Adjusted net profit (including interest income and expenses) stood at 800 million yuan, a 50.1% year-on-year growth - Reported net profit was 750 million yuan, marking a 52.7% increase year-on-year [1]. Order Backlog and Market Position - As of H1 2025, the company had an unfulfilled order total of 1.33 billion USD, a year-on-year increase of 57.9% - New contract amounts grew by 48.4% year-on-year, with North America showing the highest growth rate - The global ADC market is projected to reach 13.2 billion USD in 2024, with a compound annual growth rate (CAGR) of 34.0% from 2020 to 2024, and expected to grow to 66.2 billion USD by 2030, with an outsourcing rate of approximately 60% [1][2]. Market Share and Competitive Advantage - The company's market share in the ADC sector increased from 9.9% in 2022 to 22.2% in H1 2025 - The company collaborates with 13 out of the top 20 global pharmaceutical companies, reinforcing its leading position in the industry [1][2]. Strategic Expansion and Capital Expenditure - In H1 2025, the company signed 37 new iCMC projects, including 13 winning molecule projects, and added 3 new PPQ projects - The company plans to invest approximately 1.56 billion yuan in capital expenditures in 2025, with around 900 million yuan allocated to the Singapore base and about 450 million yuan to the Wuxi base - Total capital expenditures are expected to exceed 7 billion yuan by 2029, with new capacities including coupling raw liquids, coupling formulations, and payload linkers [2]. Investment Outlook - The company is positioned as a leader in the rapidly expanding ADC CXO industry, with strong technical capabilities and product delivery quality - Revenue forecasts for 2025-2027 are projected at 5.99 billion yuan, 8.24 billion yuan, and 10.51 billion yuan, representing year-on-year growth rates of 47.7%, 37.7%, and 27.5% respectively - Net profit forecasts for the same period are 1.51 billion yuan, 2.06 billion yuan, and 2.67 billion yuan, with growth rates of 41.5%, 36.2%, and 29.4% respectively [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company achieved a significant revenue growth of 62.2% year-on-year, reaching 2.7 billion yuan in the first half of 2025. The gross profit increased by 82.2% to 980 million yuan, and the adjusted net profit (excluding interest and expenses) rose by 69.6% to 730 million yuan [5][11] - The company has a robust order backlog of 1.33 billion USD, reflecting a year-on-year increase of 57.9%, with new contract signings growing by 48.4% [11] - The global ADC market is projected to reach 13.2 billion USD in 2024, with a compound annual growth rate (CAGR) of 34.0% from 2020 to 2024, and is expected to grow rapidly to 66.2 billion USD by 2030 [11] - The company’s market share in the ADC outsourcing service sector has increased from 9.9% in 2022 to 22.2% in the first half of 2025, solidifying its position as an industry leader [11] Financial Performance - For the first half of 2025, the company reported revenues of 2.7 billion yuan, with a gross profit of 980 million yuan and a net profit of 750 million yuan [5][11] - The company forecasts revenues of 5.99 billion yuan, 8.24 billion yuan, and 10.51 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 47.7%, 37.7%, and 27.5% [13][14] - The adjusted net profit is expected to be 1.51 billion yuan, 2.06 billion yuan, and 2.67 billion yuan for the same years, with growth rates of 41.5%, 36.2%, and 29.4% [13][14] Capital Expenditure and Expansion - The company plans to invest approximately 1.56 billion yuan in capital expenditures in 2025, with significant investments in its Singapore and Wuxi bases [12] - By 2029, total capital expenditures are expected to exceed 7 billion yuan, aimed at expanding production capacity for various ADC-related products [12]