Summary of the Conference Call Company and Industry Overview - The conference call pertains to WuXi AppTec, a leading company in the biopharmaceutical industry, particularly focusing on Antibody-Drug Conjugates (ADC) and related technologies [2][3][4]. Key Financial Performance - In the first half of 2025, the company reported a revenue increase of over 62% to 2.7 billion RMB, with adjusted net profit rising nearly 70% to 800 million RMB, and final net profit growing by 52.7% to 745 million RMB, primarily driven by a 92% growth in the XTC sector [2][3][15]. - The gross margin improved to 36.1%, with an increase of 82% year-on-year [15]. Capacity Expansion and Technological Innovation - The company has expanded its capacity with new buildings in the Wuxi campus and completed mechanical construction in Singapore, setting a record for overseas construction speed [2][4]. - The backlog of orders reached 1.4 billion USD, a 57.9% increase year-on-year, with new orders growing by 48.4% [4][19]. Market Trends and Projections - The ADC market is experiencing six major trends: combination therapies with IO, a surge in new ADC molecules, strong growth in the RDC market, emergence of new targets, and the evolution from ADC to XDC [6][7]. - The industry is expected to maintain a compound annual growth rate (CAGR) of over 30% from 2020 to 2030, with over 2,200 molecules currently in development [6][7]. Regional Market Dynamics - North America accounted for 52% of total revenue, while the share from the Chinese market decreased due to more projects being executed overseas [10][37]. - The company anticipates its market share will reach 22.2% by the end of 2024 [10]. Future Development Focus - The company aims to execute projects flawlessly, accelerate innovation, and expand global capacity, particularly in Singapore [17][21]. - Future capital expenditures are projected to exceed 7 billion RMB by 2029, primarily for ADC and Palo Linker facility expansions [21][25]. Operational Efficiency and Cost Control - The company is optimizing personnel allocation and strictly controlling non-core expenditures, leading to a gradual increase in net profit margins [18]. Commercialization and Regulatory Outlook - The company expects to submit 2 to 3 Biologics License Applications (BLA) this year, with 3 to 4 projects anticipated to enter the BLA stage next year [26][27]. - The company is actively evaluating the feasibility of expanding into Singapore, Europe, and the U.S. markets [35]. Conclusion - WuXi AppTec is positioned for significant growth in the ADC market, with strong financial performance, ongoing capacity expansion, and a focus on innovation and operational efficiency. The company is optimistic about future developments and market opportunities, particularly in North America and through international collaborations [2][3][4][17][21].

本文源自：金融界 截至8月19日收盘，药明合联（02268.HK）报58.100港元，较上个交易日下跌5.61%，当日盘中最高价 触及64.450港元，创近一年新高。 资金流向方面，当日主力流入NaN万港元，流出NaN万港元，净流出2033.33万港元。 作者：港股君 药明合联生物技术有限公司是专注于全球抗体药物偶联物('ADC')及更广泛生物偶联药物市场的领先合 同研究、开发及制造组织('CRDMO'),亦是一家致力于提供全面综合服务的公司。凭藉在生物药和小分 子药物方面的专业知识,公司提供跨学科综合服务,涵盖生物偶联药物的发现、研究、开发及制造。公司 设立位置邻近的专用实验室及生产基地提供该等服务,从而可能大幅缩短开发时间及成本。根据弗若斯 特沙利文的资料,按2022年的收益计,公司是全球第二大ADC等生物偶联药物CRDMO。公司按收益计的 全球市场份额由2020年的1.8%上升至2021年的4.6%,并进一步上升至2022年的9.8%。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） ...

Market Overview - The Hang Seng Index (HSI) closed at 25,176 points, down 93 points or 0.4% after reaching a high of 25,466 points earlier in the day[1] - The total market turnover was HKD 312.78 billion, the highest level since July 31[1] - Northbound trading totaled HKD 181.83 billion, while southbound funds saw a net inflow of HKD 1.39 billion, a significant drop of 96% from last Friday's net inflow of HKD 35.88 billion[1] A-Shares Performance - The Shanghai Composite Index rose 31 points or 0.9% to close at 3,728 points, with a peak of 3,745 points, marking a nearly ten-year high[2] - The Shenzhen Component Index increased by 200 points or 1.7%, closing at 11,835 points, with a turnover of CNY 1.63 trillion[2] - The ChiNext Index gained 71 points or 2.8%, closing at 2,606 points, with a turnover of CNY 829.6 billion[2] Corporate Earnings Highlights - Wu Jinzi, the founder of WuXi AppTec (02268.HK), reported a revenue of CNY 2.701 billion for the six months ending June, a year-on-year increase of 62.2%[3] - The net profit for WuXi AppTec was CNY 746 million, up 52.7%, with earnings per share of CNY 0.62[3] - Genscript Biotech (01672.HK) announced a placement of 52.4 million shares at HKD 16.45, a discount of approximately 9.9% from the closing price[4] - Hansoh Pharmaceutical (03692.HK) reported a revenue of CNY 7.434 billion, a year-on-year increase of 14.3%, with a net profit of CNY 3.134 billion, up 15%[4] - Li Auto (09863.HK) achieved a revenue of CNY 24.25 billion, a year-on-year increase of 174.1%, turning a profit of CNY 33.03 million compared to a loss of CNY 2.212 billion in the previous year[5]

Core Viewpoint - WuXi AppTec's revenue from the United States is accelerating, with a projected increase in the share of U.S. revenue to over 52% by the first half of 2025 [1] Financial Performance - In the first half of the year, WuXi AppTec's revenue increased by 62.6% year-on-year, reaching 2.701 billion RMB [1]

港股通医疗ETF（520510）聚焦CXO、AI医疗等概念，有望受益于反内卷及AI技术革命；药明康德、药 明合联等龙头业绩的持续性也提振了市场对CXO板块的信心。 （文章来源：每日经济新闻） 药明合联公布H1业绩，其营业收入27.01亿元人民币，同比增长62.2%；净利润同比增长52.7%，至7.46 亿元人民币；净利润率达27.6%。未完成订单总额增至13.29亿美元，同比增长57.9%。 据公司公告，药明合联H1业绩高增主要得益于（1）全球抗体偶联药物（ADC）及更广泛生物偶联药物 市场的持续活跃发展，推动了客户数量及项目数量的增加；（2）集团作为领先的ADC CRDMO服务提 供商的稳固地位带动其市场份额提升；（3）集团项目向后期阶段的稳步推进。 近期CXO板块利好频传，恒生医药ETF（159892）价格再创阶段新高；持仓药明合联、药明康德、药明 生物的港股通医疗ETF（520510）自8月7日上市以来涨幅超7%，二级市场交易价格创上市以来新高。 ...

Core Viewpoint - WuXi AppTec (02268) has demonstrated exceptional performance in the bioconjugate drug CRDMO sector, with a revenue growth of 62.2% in the first half of 2025, significantly surpassing annual growth guidance, and achieving a compound annual growth rate (CAGR) of 98% from the first half of 2022 to the first half of 2025, solidifying its leading position in the industry [1][2][4]. Financial Performance - The company's revenue for the first half of 2025 reached 2.701 billion yuan, a year-on-year increase of 62.2%, with a gross profit of 975 million yuan, up 82.2%, and a gross margin of 36.1%, reflecting a 5.5 percentage point increase from the full year of 2024 [2][4]. - Adjusted net profit, excluding interest income and expenses, was 733 million yuan, representing a 69.6% year-on-year growth [2]. Market Position and Growth - WuXi AppTec's market share in the bioconjugate drug CRDMO sector has surged from 9.9% in 2022 to approximately 22% in the first half of 2025, indicating strong market penetration and growth [7][11]. - The company signed a record 37 new iCMC projects in the first half of 2025, with a focus on innovative ADC molecules, including bispecific ADCs and multi-load ADCs [4][12]. Client Engagement and International Expansion - The number of global clients increased to 563, with 64 new clients added in the first half of 2025, including 13 of the top 20 global pharmaceutical companies [4][11]. - Approximately 82% of the company's revenue in the first half of 2025 came from international markets, highlighting its role as a preferred partner for overseas pharmaceutical companies [11]. Production Capacity and Infrastructure - The new DP3 production facility in Wuxi has been successfully GMP released, with an annual capacity of 7 million bottles, increasing the overall DP capacity to 15 million bottles [15][19]. - The company is also advancing its global strategy with a new production base in Singapore, expected to achieve GMP release by the first half of 2026 [19][22]. Technological Advancements - WuXi AppTec has made significant investments in technology, launching new payload linker technologies, WuXiTecan-1 and WuXiTecan-2, to enhance its service offerings [29]. - The company has advanced 1,000 molecules in early research for XDC, with a focus on high-difficulty ADC types, ensuring a robust pipeline for future growth [25][29]. Conclusion - WuXi AppTec's strong project reserves, efficient capacity construction, and strategic focus on innovative ADC and bioconjugate drug development position it as a leader in the CRDMO sector, driving sustained high growth [32].

Core Viewpoint - WuXi AppTec (02268) has demonstrated exceptional performance in the bioconjugate drug CRDMO sector, with a revenue growth of 62.2% in the first half of 2025, significantly surpassing annual growth guidance, and achieving a compound annual growth rate (CAGR) of 98% from the first half of 2022 to the first half of 2025, solidifying its leading position in the industry [1][2][4]. Financial Performance - The company's revenue for the first half of 2025 reached 2.701 billion yuan, a year-on-year increase of 62.2%, with a nearly doubled revenue growth in the non-ADC segment [2]. - Gross profit amounted to 975 million yuan, reflecting an 82.2% increase, while the gross margin rose to 36.1%, up by 5.5 percentage points compared to the full year of 2024 [2]. - Adjusted net profit, excluding interest income and expenses, reached 733 million yuan, marking a 69.6% year-on-year growth [2]. Project Development - In the first half of 2025, the company signed a record 37 new iCMC projects, indicating both quantity and quality improvements, with innovative ADC molecules such as bispecific ADCs and dual payload ADCs frequently appearing [3][12]. - The company added 3 new PPQ projects and successfully completed 4 component production executions in the PPQ phase, laying a solid foundation for future commercialization [3][14]. - The number of global clients increased to 563, with 64 new clients added in the first half of the year, including 13 out of the top 20 global pharmaceutical companies [3][11]. Market Position and Strategy - WuXi AppTec's market share in the bioconjugate drug CRDMO sector has surged from 9.9% in 2022 to approximately 22% in the first half of 2025, driven by strong demand for high-value innovative technologies [4][11]. - The company has become a preferred partner for overseas pharmaceutical companies, with approximately 82% of its revenue coming from international markets in the first half of 2025 [11]. - The company is recognized for its dual approach of empowering clients and maintaining high-quality service, which has led to a significant share of ADC mergers and acquisitions involving its clients [11]. Capacity Expansion - The company’s new DP3 production facility in Wuxi has completed GMP release, with an annual capacity of 7 million bottles, increasing the overall DP capacity to 15 million bottles [15]. - The construction of the DP5 facility has commenced, with plans for GMP production by 2027, further strengthening the company’s competitive edge in the CRDMO sector [15][22]. - WuXi AppTec is committed to continuous investment in capacity expansion, with capital expenditures expected to exceed 7 billion yuan by 2029 [22]. Technological Innovation - The company has advanced its capabilities in early research, progressing 1,000 molecules in the XDC early research area and completing approximately 90 bispecific ADC types and 40 dual payload ADC types [25][29]. - New payload linker technologies, WuXiTecan-1 and WuXiTecan-2, have been introduced, enhancing the company's technological toolbox for clients [29]. - The company’s strategic focus on high-value areas such as bispecific ADCs and dual payload ADCs positions it well for future growth in the bioconjugate drug market [32].

Group 1 - The company reported a revenue of RMB 2.7 billion for the six months ending June 30, 2025, representing a year-on-year increase of 62.19% [1] - The net profit attributable to the company's owners was RMB 746 million, an increase of 52.74% year-on-year, with basic earnings per share of RMB 0.62 [1] - The revenue growth was driven by the active development of the global antibody-drug conjugate (ADC) and broader bioconjugate markets, leading to an increase in both customer and project numbers [1] Group 2 - The CRDMO business showed strong momentum in the first half of 2025, with increasing global demand for its services, having empowered a total of 563 global clients [2] - The company has successfully secured 11 process validation (PPQ) projects and one commercial stage project [2] - The company has been recognized as the "Best CDMO" at the World ADC awards for 2023 and 2024, highlighting its leading position in providing technology-driven comprehensive services for ADCs and bioconjugates [2] Group 3 - The company is expanding its production capacity and attracting talent to prepare for the growing demand for bioconjugate CRDMO services [2] - The GMP release of the XDP3 formulation workshop and the expansion of the Wuxi base, including the ongoing construction of the XDP5 formulation workshop, are progressing as planned [2] - The completion of these expansions will provide additional monoclonal antibody, drug substance (DS), and drug product (DP) production lines, laboratories, and office space [2]

Core Insights - WuXi AppTec (02268) reported a revenue of RMB 2.7 billion for the six months ending June 30, 2025, representing a year-on-year increase of 62.19% [1] - The net profit attributable to the company's owners was RMB 746 million, up 52.74% year-on-year, with basic earnings per share of RMB 0.62 [1] - The revenue growth was driven by the active development of the global antibody-drug conjugates (ADC) and broader bioconjugates market, leading to an increase in both client and project numbers [1] Group Performance - The CRDMO business exhibited strong momentum in the first half of 2025, with a continuous positive expansion and increased global demand for its services [2] - As of June 30, 2025, the company has empowered a total of 563 global clients through its comprehensive CRDMO capabilities and "one-stop" facilities from drug discovery to commercialization [2] - The company has successfully secured 11 PPQ (Process Performance Qualification) projects and one commercial stage project [2] Industry Recognition - The company was awarded the "Best CDMO" title by World ADC for 2023 and 2024, highlighting its excellence in providing technology-driven comprehensive services for ADCs and broader bioconjugates [2] - The company continues to enhance its production capacity and attract talent to prepare for expanding its market share and meet the growing global demand for bioconjugate CRDMO services [2] - Ongoing projects include the GMP release of the XDP3 formulation workshop, expansion of the Wuxi base, and the construction of a new facility in Singapore, which will increase production lines and laboratory space upon completion [2]

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） 內幕消息 2025年中期業績簡報 本公 告由藥 明合 聯生物 技術有 限公司 *（「本 公司」）根據香 港聯 合交易 所有限 公司 證 券 上 市 規 則（「 上 市 規 則 」）第 13.09 條 以 及 香 港 法 例 第 571 章 證 券 及 期 貨 條 例 第 XIVA部項下的內幕消息條文（ 定義見上市規則 ）而刊發。 為使本公司股東及有意投資者能夠更深入、更全面地了解其2025年中期業績及業 務 營 運 ， 本 公 司 將 於 2025 年 8 月 19 日 上 午 八 時 三 十 分 及 下 午 八 時 三 十 分（ 香 港 時 間 ）召 開 電 話 會 議 ， 屆 時 將 就 ...