Core Viewpoint - WuXi AppTec (02268) announced the approval to grant 110,500 restricted shares to 7 selected participants under the 2024 share plan, which requires acceptance from the chosen participants [1] Group 1 - The grant of restricted shares is part of the company's employee incentive strategy [1] - The shares will be awarded to group employees, indicating a focus on retaining talent within the organization [1] - The approval date for the share grant is set for August 22, 2025 [1]

格隆汇8月22日丨药明合联(02268.HK)宣布，于2025年8月22日，根据2024年股份计划，其已批准向7名 承授人(为集团雇员)授出110,543股受限制股份，惟须经选定参与者接纳。 ...

智通财经APP讯，药明合联(02268)发布公告，于2025年8月22日，根据2024年股份计划，其已批准向7名 承授人(为集团雇员)授出11.05万股受限制股份，惟须经选定参与者接纳。 ...

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） 藥 明 合 聯 生 物 技 術 有 限 公 司* （股份代號：2268） 根據2024年股份計劃授出受限制股份 董 事 會 欣 然 宣 佈 ， 於 202 5 年 8 月 2 2 日 ， 根 據 2024 年 股 份 計 劃 ， 其 已 批 准 向 7 名 承 授 人（ 為 本 集 團 僱 員 ）授 出 110,543 股 受 限 制 股 份 ， 惟 須 經 選 定 參 與 者 接 納 。 授出詳情載列如下： 歸屬期： 已 授 出 受 限 制 股 份 總 數 的 20 % 將 分 別 於 授 出 日 期 的 第 二、第三及第四週年當日歸屬，而已授出受限制股份總 數的餘下40 %將於授出日期的第五週年當日歸屬 – 1 – 零 授出日期： 2025年8月22日 已授出 ...

Investment Rating - The investment rating for WuXi AppTec (02268.HK) is "Buy" (maintained) [1] Core Views - The company reported strong performance in H1 2025, with revenue reaching 2.701 billion yuan, a year-on-year increase of 58.88%, and a net profit of 746 million yuan, up 52.74% year-on-year [4] - The total amount of unfulfilled orders reached 1.329 billion USD, representing a year-on-year growth of approximately 57.9%, which provides assurance for the company's future growth [4] - The company has a robust client base, serving 563 clients, including 13 of the top 20 global pharmaceutical companies, which accounted for 32.8% of total revenue in 2024 [4] - The company is positioned as a leading player in the global ADC (Antibody-Drug Conjugate) CDMO (Contract Development and Manufacturing Organization) market, prompting an upward revision of profit forecasts for 2025-2027 [4] Financial Performance Summary - For H1 2025, the company achieved revenue of 2.701 billion yuan, a 58.88% increase year-on-year; net profit was 746 million yuan, up 52.74% year-on-year; adjusted net profit was 801 million yuan, a 50.1% increase [4] - The company expects net profits for 2025-2027 to be 1.612 billion, 2.151 billion, and 2.932 billion yuan respectively, with EPS projected at 1.3, 1.8, and 2.4 yuan [4] - The current stock price corresponds to P/E ratios of 40.3, 30.2, and 22.1 for 2025, 2026, and 2027 respectively [4] Strategic Developments - The company has successfully implemented a strategy of "Empower, Follow, and Win Molecules," resulting in a 34.7% year-on-year increase in the number of projects, totaling 225 [5] - The company is expanding its global production capacity with operational bases in Wuxi, Changzhou, and Shanghai, and is also expanding facilities in Wuxi and Singapore [6] - Revenue from North America, China, Europe, and other regions for H1 2025 was 1.391 billion, 485 million, 605 million, and 221 million yuan respectively, with year-on-year growth rates of 68.9%, 11.4%, 95.0%, and 128.5% [6]

Core Viewpoint - The report from Citi maintains a long-term positive outlook on WuXi AppTec (02268), reiterating an "Outperform" rating and raising the target price from HKD 47.3 to HKD 70.7, reflecting an optimistic growth forecast for the company [1] Financial Performance - WuXi AppTec's revenue and adjusted net profit for the first half of the year increased by 62% and 50% year-on-year, respectively, aligning with previous profit forecasts [1] - The total unfulfilled orders and new signed orders grew by 58% and 48% year-on-year, driven by strong demand in the U.S. market [1] Future Guidance - Management has raised the revenue growth guidance for 2025 from 35% to 45%, primarily due to robust demand for Antibody-Drug Conjugates (ADC) outsourcing and a solid order backlog [1] - Revenue forecasts for 2025 to 2027 have been adjusted upwards by 7% to 8% and net profit forecasts by 13% to 17%, with projected revenue growth of 45%, 31%, and 27% for those years, respectively [1]

Core Viewpoint - The report from Credit Lyonnais expresses a long-term positive outlook on WuXi AppTec (02268), reiterating an "Outperform" rating and raising the target price from HKD 47.3 to HKD 70.7 [1] Financial Performance - For the first half of the year, WuXi AppTec reported a revenue growth of 62% and an adjusted net profit growth of 50%, aligning with previous profit forecasts [1] - The company has increased its revenue and net profit forecasts for 2025 to 2027 by 7% to 8% and 13% to 17%, respectively, projecting revenue growth of 45%, 31%, and 27% for those years [1] Market Demand - The strong demand in the U.S. market has driven a 58% year-on-year increase in total unfulfilled orders and a 48% increase in new signed orders during the period [1] - Management has raised the revenue growth guidance for 2025 from 35% to 45%, primarily due to robust demand for Antibody-Drug Conjugates (ADC) outsourcing and a solid order backlog [1]

里昂发表研报指，药明合联上半年收入及经调整净利润分别按年增长62%及50%，符合此前盈利预告。 受美国市场强劲需求推动，期内总未完成订单及新签订单分别按年增长58%及48%。 管理层将2025年收入增长指引从35%上调至45%，主要来自强劲的ADC外包需求及稳健在手订单。里昂 对药明合联持有长期正面看法，重申"跑赢大市"评级，目标价从47.3港元上调至70.7港元，目前预测 2025至2027年收入将分别增长45%、31%及27%。 ...

消息上，中共中央政治局常委、国务院总理李强8月20日在北京调研生物医药产业发展情况。他强调， 要加大高质量科技供给和政策支持，充分发挥企业创新主体作用，着力推动生物医药产业提质升级，研 发生产更多优质高效的好药新药，不断增进人民健康福祉。 有分析指出，国务院总理李强再次强调并部署了对生物医药产业的支持，预示着国家层面将持续并加大 对该行业的政策扶持和资源投入。这并非李强总理首次提及此事，但持续的高层发声，尤其是在当前经 济背景下，传递出了非常强烈和积极的信号。(格隆汇) 港股生物医药股普遍上涨，其中，复宏汉霖涨5%，金斯瑞生物医药涨3.6%，药明合联涨超3%，康方生 物、荣昌生物、君实生物、百济神州均涨约3%。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 02696 | 复宏汉霖 | 83.000 | 5.06% | | 01548 | 金斯瑞生物科技 | 17.940 | 3.64% | | 02268 | 药明合联 | 59.600 | 3.38% | | 06990 | 科伦博泰生物-B | 445.200 | 3.29% | | 0992 ...

Company Overview - WuXi AppTec (02268.HK) has raised its revenue growth forecast for 2025 from 35% to over 45%, driven by strong order backlog, accelerated project progress, and capacity release [1][2] - The company reported a revenue of 2.701 billion yuan and a net profit of 746 million yuan for the first half of the year, with 82% of revenue coming from overseas markets [1][2] Project and Capacity Development - As of June 2025, the total number of iCMC (integrated Chemistry, Manufacturing, and Control) projects has reached 225, with 37 new projects signed in the first half of 2025, marking a historical high [2] - The company completed over 2,300 early-stage research projects for bioconjugated drugs, including dual-antibody ADCs and novel conjugated drugs [2] - WuXi AppTec is advancing its capacity layout under the "global dual-plant production" strategy in Wuxi and Singapore to prepare for commercial production next year [2] Market Position and Growth - The company's market share has increased from 9.9% in 2022 to 22.2% currently [3] - The ADC (Antibody-Drug Conjugate) market is experiencing explosive growth, with a projected compound annual growth rate (CAGR) of 34% from 2020 to 2024 and 31% from 2024 to 2030 [4] - The global ADC outsourcing service market is expected to reach $11 billion by 2030, growing over 300% from 2024 [4] Industry Trends - The demand for integrated CRDMO (Contract Research, Development, and Manufacturing Organization) services is increasing among global pharmaceutical giants and innovative drug companies, benefiting WuXi AppTec as a leading ADC CRDMO provider [4][5] - The number and value of domestic innovative drug BD (business development) transactions have reached new highs, with 52 transactions involving Chinese innovative drugs going overseas, including 18 transactions exceeding $1 billion [4]