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： 2026年1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 | | | | | | | | | | | 事件 | | | 已發行股份（ ...

交银国际发表研报指，药明合联发布2025年正面盈利预告，其中收入年增45%以上，得益于订单高速增 长及无锡DP3的投产；毛利大幅增长70%以上，产能利用率和生产效率的提升、有效的成本控制持续推 动利润率改善。订单表现同样亮眼，2025年内，公司共新签70个综合CMC项目，年末综合CMC项目数 达到252个，在全球XDC/XDCCRDMO赛道中位居第一。 根据公司去年业绩预告、更进取的产能扩张计划和管理层最新指引，该行上调公司今明两年净利润预测 2%至3%、提高2027年以后的盈利及资本开支预测。以现金流折现率计，该行上调对其目标价至91港 元，维持"买入"评级及CXO行业首推，看好高景气度赛道龙头的长期高成长确定性。 ...

Core Viewpoint - Morgan Stanley's report indicates that WuXi AppTec (02268) has proposed a full acquisition of Easton Biopharma-B (01875), raising questions among some investors regarding the rationale behind the acquisition [1] Group 1: Financial Performance - In the first half of 2025, Easton Biopharma recorded revenue of 489 million RMB and a profit of 4 million RMB [1] - In comparison, WuXi AppTec's revenue and profit for the same period were 2.701 billion RMB and 74.6 million RMB, respectively [1] Group 2: Business Focus - Historically, Easton Biopharma focused on oncology drugs but has shifted its resources to a CDMO model emphasizing ADC (Antibody-Drug Conjugates) since the 2020s [1] Group 3: Analyst Rating - Morgan Stanley has rated WuXi AppTec as "Overweight" with a target price of 88 HKD [1]

Core Viewpoint - Morgan Stanley has issued a report indicating that WuXi AppTec (02268) is proposing a full acquisition of Dongyao Pharmaceutical-B (01875), raising questions among some investors regarding the rationale behind the acquisition [1] Group 1: Financial Performance - In the first half of 2025, Dongyao Pharmaceutical is projected to record revenue of 489 million RMB and a profit of 4 million RMB [1] - In comparison, WuXi AppTec's revenue and profit for the same period are expected to be 2.701 billion RMB and 74.6 million RMB, respectively [1] Group 2: Business Focus and Strategy - Historically, Dongyao Pharmaceutical focused on oncology drugs, but has shifted its resources to a CDMO model emphasizing ADC (Antibody-Drug Conjugates) since the 2020s [1] Group 3: Analyst Rating and Target Price - Morgan Stanley has rated WuXi AppTec as "Overweight" with a target price of 88 HKD [1]

Core Viewpoint - The commercialization of ADC (Antibody-Drug Conjugates) drugs is reaching a turning point, highlighting a capacity gap in the industry as WuXi AppTec (HK02268) announces a significant acquisition of Easton Biopharma (HK01875) to enhance its production capabilities [1][4]. Group 1: Acquisition Details - WuXi AppTec plans to acquire approximately 773 million shares of Easton Biopharma at a price of HKD 4.000 per share, valuing the total equity at approximately HKD 30.91 billion [2]. - The offer price represents a significant premium of about 99% over the closing price of HKD 2.010 per share on December 22, 2025, and a 114.67% premium over the 30-day average closing price of HKD 1.860 per share [2]. - Easton Biopharma has a limited market presence, often referred to as a "zombie stock," with a typical daily trading volume of less than HKD 1 million [2]. Group 2: Business Synergy - The acquisition is driven by the business synergy between WuXi AppTec and Easton Biopharma, as the latter is one of the earliest developers of ADC drugs in China, although it has faced challenges with its ADC pipeline [3]. - Easton Biopharma's revenue from product sales has been increasing, with projected revenues of RMB 3.04 billion, RMB 6.30 billion, and RMB 8.77 billion for 2022, 2023, and 2024 respectively, indicating a shift towards profitability in 2024 [3]. Group 3: Production Capacity and Strategic Fit - Easton Biopharma possesses a large-scale GMP-compliant production facility and has established an integrated ADC platform, which aligns with WuXi AppTec's strategy to enhance production capacity [4][5]. - The geographical proximity of both companies in the Yangtze River Delta region is crucial for reducing technology transfer risks and achieving operational efficiency [1][5]. - WuXi AppTec anticipates significant growth, projecting a revenue increase of over 45% and a gross profit increase of over 70% for 2025, alongside a substantial rise in adjusted net profit [6].

Core Viewpoint - 招银国际 has raised the target price for WuXi AppTec (02268) from HKD 74 to HKD 88, maintaining a "Buy" rating, anticipating significant revenue and profit growth from 2025 to 2027 [1] Group 1: Financial Projections - Revenue is expected to grow by 45.7%, 36.6%, and 31.7% year-on-year for the years 2025, 2026, and 2027 respectively [1] - Adjusted net profit is projected to increase by 34.9%, 38.4%, and 32.9% for the same years [1] - The above forecasts do not account for the impact of the acquisition of Easton Pharmaceuticals-B (01875) [1] Group 2: Earnings Announcement - WuXi AppTec has issued a positive earnings forecast, expecting at least a 45% year-on-year revenue growth and over 38% net profit growth for 2025 [1] - Adjusted net profit is anticipated to grow by over 45%, with a potential increase exceeding 65% when excluding foreign exchange effects [1] Group 3: Project Development - The company is set to achieve a record of 70 new comprehensive projects in 2025, representing a 32% year-on-year increase [1] - The number of Process Performance Qualification (PPQ) projects is expected to surge by 125% to 18, indicating strong commercial production potential [1] Group 4: Strategic Acquisition - To address the increasing customer demand, the company has announced a cash offer to acquire at least 60% of Easton Pharmaceuticals, marking a strategic move to enhance production capacity [1]

Core Viewpoint - 招银国际 has raised the target price for WuXi AppTec (02268) from HKD 74 to HKD 88, maintaining a "Buy" rating, with projected revenue growth of 45.7%, 36.6%, and 31.7% for 2025 to 2027, respectively, and adjusted net profit growth of 34.9%, 38.4%, and 32.9% [1] Group 1: Financial Projections - WuXi AppTec has issued a positive earnings forecast, expecting at least 45% revenue growth and over 38% net profit growth in 2025, with adjusted net profit anticipated to grow by over 45%, and over 65% when excluding foreign exchange impacts [1] - The company is projected to achieve a record 70 new comprehensive projects in 2025, representing a 32% year-on-year increase [1] - The number of Process Performance Qualification (PPQ) projects is expected to surge by 125% to 18, indicating strong commercial production potential [1] Group 2: Strategic Developments - To address the increasing customer demand, WuXi AppTec has announced a cash offer to acquire a 60% stake in Easton Pharmaceuticals-B (01875), marking a significant step in enhancing its production capabilities [1]

Group 1 - The core viewpoint of the reports is that various companies are expected to show significant growth in revenue and profitability, with specific targets set by different securities firms [1][2][3][4][5][6][7][8][9] Group 2 - WuXi AppTec (药明合联) is projected to achieve a 45% revenue growth and a 38% net profit growth by 2025, with a record of 70 new integrated projects and a 125% increase in contracts at the PPQ stage [1] - Alibaba (阿里巴巴-SW) is enhancing its ecosystem with the integration of the Q&A app into various platforms, aiming to capture AI-driven traffic and commercial opportunities [1] - Budweiser APAC (百威亚太) is expected to face pressure in China but maintain competitive advantages in Korea and strong sales in high-end products in India, with a mild recovery anticipated in 2026 [2] - Gu Ming (古茗) plans to expand into northern regions and is optimistic about same-store sales, with successful product launches in coffee and breakfast items [3] - Haidilao (海底捞) is focusing on operational efficiency and service quality improvements through new brand incubations and innovative business models [4] - China Resources Beverage (华润饮料) is expected to recover by 2026 after a period of channel reform, with a stable market share in packaged water [5] - J&T Express (极兔速递-W) is enhancing its logistics capabilities through a partnership with SF Express, which will improve cross-border delivery and local fulfillment [6] - Li Ning (李宁) is seeing a narrowing decline in revenue and is expected to improve brand strength through increased marketing investments in the Olympic year [7] - 361 Degrees (361度) is achieving a 10% year-on-year growth in offline sales and exceeding its store opening targets, with a focus on enhancing brand image [8] - Luk Fook Holdings (六福集团) reported a 26% year-on-year increase in retail value, with a 15% increase in same-store sales, benefiting from product structure optimization and favorable tax policies [9]

Core Viewpoint - Daiwa reports that WuXi Biologics (02269) and WuXi AppTec (02268) plan to make a full acquisition offer for at least 60% of the shares of Easton Biopharma (01875) for a maximum cost of approximately 2.8 billion yuan, with the expectation that Easton Biopharma will maintain its listing status after the acquisition [1] Group 1 - The acquisition is expected to help WuXi AppTec expand its business and gain additional operational production capacity in China [1] - The deal aims to enrich the project portfolio and expand the customer base for WuXi AppTec [1] - This acquisition is anticipated to strengthen WuXi AppTec's leading market position in the ADC contract research and manufacturing organization sector [1] Group 2 - Daiwa currently assigns a "Buy" investment rating to WuXi Biologics [1]

Group 1 - The core viewpoint of the article is that WuXi Biologics (02269) and WuXi AppTec (02268) have announced a comprehensive acquisition offer to acquire at least 60% of the shares of Easton Biopharma (01875) for a maximum price of approximately 2.8 billion yuan [1] - The acquisition is expected to help WuXi AppTec expand its business and gain additional operational production capacity in China, further enriching its project portfolio and expanding its customer base [1] - The acquisition is anticipated to solidify WuXi AppTec's leading market position in the field of ADC contract research and manufacturing organizations [1] Group 2 - Daiwa currently gives a "Buy" investment rating for WuXi Biologics [1]