Group 1 - The core viewpoint of the news is that WuXi AppTec has announced a positive earnings forecast for FY2025, with significant revenue and profit growth, while also planning to acquire Dongyao Pharmaceutical to enhance its operational capacity in China [1] - WuXi AppTec expects a revenue growth of over 45% year-on-year for 2025, with gross profit increasing by more than 70% and adjusted net profit (excluding interest income and expenses) also rising over 45%, with a projected growth rate exceeding 65% after accounting for currency fluctuations [1] - The acquisition of Dongyao Pharmaceutical aims to expand WuXi AppTec's operational capacity and strengthen its overall capabilities, thereby enhancing its value-added services for biotech companies [1] Group 2 - The global ADC (Antibody-Drug Conjugate) market is projected to reach approximately $17.2 billion by 2025, with a compound annual growth rate (CAGR) of 30.6% from 2023 to 2032, and expected to exceed $115.1 billion by 2032 [1] - The ADC outsourcing services market is also experiencing strong growth, with an expected size of $11 billion by 2030 and a CAGR of 28.4% from 2022 to 2030, providing significant growth opportunities for CDMO companies [1] - WuXi AppTec has over 630 global cooperative clients and a total of 252 iCMC projects as of December 2025, along with 18 PPQ (Process Performance Qualification) projects and 1 commercial project [2]

Core Viewpoint - WuXi AppTec (02268) has announced a cash offer to acquire Dongyao Pharmaceutical while also reporting a positive earnings forecast for the fiscal year 2025, highlighting significant growth in revenue and profit metrics [1][4]. Financial Performance - WuXi AppTec's revenue for 2025 is expected to grow by over 45% year-on-year, with gross profit increasing by over 70% and adjusted net profit (excluding interest income and expenses) also rising by over 45%. After accounting for currency fluctuations, the growth rate is anticipated to exceed 65% [1]. Strategic Acquisition - The acquisition of Dongyao Pharmaceutical is aimed at expanding operational capacity in China and enhancing overall production capabilities, thereby strengthening WuXi AppTec's position in the ADC CDMO sector [4][5]. - This move is part of a broader strategy to leverage both organic growth and mergers and acquisitions to solidify market leadership [4]. Industry Context - The ADC CDMO industry is experiencing a significant capacity shortage due to the rapid expansion of clinical pipelines and commercialization demands, making "capacity delivery capability" a critical competitive barrier [5][11]. - As of December 2025, there are 21 approved ADC drugs globally, with new types of bioconjugates emerging, indicating a robust growth trajectory for the sector [5]. Capacity Expansion - WuXi AppTec has established a global capacity matrix with facilities in Wuxi, Jiangyin, Hefei, and Singapore, which allows for efficient local production to meet global client needs [11][14]. - The company has over 630 global clients and 252 iCMC projects, demonstrating strong market demand for its production capabilities [10]. Talent Development - The company has built a talent pool exceeding 2,600 employees by the end of 2025, addressing the industry's growing need for specialized personnel [9]. Market Outlook - The global ADC market is projected to reach approximately $17.2 billion by 2025, with a compound annual growth rate (CAGR) of 30.6% from 2023 to 2032, indicating substantial growth potential for CDMO companies [15]. - The ADC outsourcing service market is also expected to grow significantly, reaching $11 billion by 2030, with a CAGR of 28.4% from 2022 to 2030 [15].

Core Viewpoint - WuXi AppTec (02268) has announced a cash offer to acquire Easton Pharmaceuticals while also reporting a positive earnings forecast for fiscal year 2025, highlighting significant growth in revenue and profit metrics [1][4]. Financial Performance - WuXi AppTec's revenue for 2025 is expected to grow by over 45% year-on-year, with gross profit increasing by over 70% and adjusted net profit (excluding interest income and expenses) also rising by over 45%. After accounting for currency fluctuations, the growth rate is anticipated to exceed 65% [1][4]. Strategic Acquisition - The acquisition of Easton Pharmaceuticals is aimed at expanding operational capacity in China and enhancing overall production capabilities, thereby strengthening WuXi AppTec's position in the ADC CDMO sector [4][5]. - This move is part of a broader strategy to leverage both organic growth and acquisitions to enhance service offerings to biotech companies [4]. Industry Context - The ADC CDMO industry is experiencing a significant capacity shortage due to the rapid expansion of clinical pipelines and commercialization demands, making "capacity delivery capability" a critical competitive barrier [5][9]. - As of December 2025, there are 21 approved ADC drugs globally, with new types of bioconjugates emerging, indicating a robust growth trajectory for the sector [5][9]. Capacity Expansion - WuXi AppTec has established a global capacity matrix with facilities in Wuxi, Jiangyin, Hefei, and Singapore, allowing for localized production to meet global client needs [9][13]. - The company has over 630 global clients and 252 iCMC projects, reflecting strong market demand for its production capabilities [9][10]. Talent and Technology Development - The company has built a talent pool exceeding 2,600 employees by the end of 2025, addressing the industry's talent shortage and supporting long-term growth [8][9]. - WuXi AppTec has developed advanced conjugation technologies and integrated research platforms to enhance its R&D capabilities and maintain a competitive edge [6][8]. Market Outlook - The global ADC market is projected to reach approximately $17.2 billion by 2025, with a compound annual growth rate (CAGR) of 30.6% from 2023 to 2032, indicating substantial growth potential for CDMO companies [13][14]. - The ADC outsourcing services market is also expected to grow significantly, reaching $11 billion by 2030, with a CAGR of 28.4% from 2022 to 2030 [13][14].

Major Events - Longi Technology (09611) plans to globally offer 52.2591 million H-shares from January 14 to January 19 [1] - CK Life Sciences (00013) announced the results of the SACHI III study published in The Lancet [1] - Dongyang Sunshine Pharmaceutical (06887) launched an AI-driven R&D platform targeting the PROTAC mechanism, continuing to deepen its AI strategic layout [1] - Dongyao Pharmaceutical-B (01875) received a cash offer from WuXi AppTec (02268) at a premium of approximately 99%, with resumption of trading on January 15 [1] - Valiant Pharmaceuticals-B (09887) received Fast Track designation from the US FDA for its bispecific antibody, Opalizumab (LBL-024) [1] - Xunqi (03317) entered into a strategic cooperation framework agreement with Jinyong Investment to support digital transformation in investment research, trading, and risk management [1] Operating Performance - CITIC Securities (06030) reported a net profit attributable to shareholders of 30.051 billion yuan for 2025, an increase of 38.46% year-on-year [1] - CITIC Bank (00998) reported a net profit attributable to shareholders of 70.618 billion yuan for 2025, a year-on-year increase of 2.98% [1] - China General Nuclear Power New Energy (01811) completed a cumulative power generation of 19,000 GWh in 2025, a decrease of 0.8% year-on-year [1] - Yuexiu Property (00123) reported a cumulative contract sales amount of approximately 106.21 billion yuan for 2025 [1] - WuXi AppTec (02268) issued a profit warning, expecting a net profit growth of over 38% year-on-year for 2025 [1] - Jinyu Group (02009) issued a profit warning, anticipating a net loss attributable to shareholders of 900 million to 1.2 billion yuan for 2025 [1] - Saijing Technology (00580) issued a profit alert, expecting a net profit increase of approximately 30.0% for 2025 [1] - Beijing Beichen Industrial Co., Ltd. (00588) issued a profit warning, expecting a net loss attributable to shareholders of 2.696 billion to 3.38 billion yuan for 2025 [1]

要约人拟利用其内部资源拨付及支付要约项下应付的总代价。假设：(i)所有要约股份持有人(不包括 80,147,865股补足后不接纳股份及2,609,334股受托人未授出股份)悉数接纳股份要约;(ii)所有已归属而尚 未行使购股权及预期于2026年3月1日归属的142,000份尚未归属购股权于要约期内获悉数行使，且该等 购股权的所有持有人悉数接纳股份要约;(iii)预期于2027年3月1日归属的142,000份尚未归属购股权的所 有持有人悉数接纳购股权要约;(iv)于要约期内，不会发行新股份，亦不会授出新购股权或受限制股份奖 励股份;及(v)于要约期内，公司相关证券并无其他变动，按每股要约股份4.00港元的股份要约价及每份 购股权1.7665港元的注销价，要约的最高代价约为27.9亿港元。要约人拟于完成后维持股份于联交所上 市。 东曜药业-B(01875)及要约人药明合联(02268)联合公布，于2026年1月14日，董事会获要约人告知，花旗 将为及代表要约人作出自愿有条件现金要约，以每股要约股份4港元的价格收购全部已发行股份(要约人 及要约人一致行动人士已拥有或同意将予收购的该等股份除外)，并注销全部尚未行使购 ...

要约人拟利用其内部资源拨付及支付要约项下应付的总代价。假设：(i)所有要约股份持有人(不包括 80,147,865股补足后不接纳股份及2,609,334股受托人未授出股份)悉数接纳股份要约;(ii)所有已归属而尚 未行使购股权及预期于2026年3月1日归属的142,000份尚未归属购股权于要约期内获悉数行使，且该等 购股权的所有持有人悉数接纳股份要约;(iii)预期于2027年3月1日归属的142,000份尚未归属购股权的所 有持有人悉数接纳购股权要约;(iv)于要约期内，不会发行新股份，亦不会授出新购股权或受限制股份奖 励股份;及(v)于要约期内，公司相关证券并无其他变动，按每股要约股份4.00港元的股份要约价及每份 购股权1.7665港元的注销价，要约的最高代价约为27.9亿港元。要约人拟于完成后维持股份于联交所上 市。 智通财经APP讯，东曜药业-B(01875)及要约人药明合联(02268)联合公布，于2026年1月14日，董事会获 要约人告知，花旗将为及代表要约人作出自愿有条件现金要约，以每股要约股份4港元的价格收购全部 已发行股份(要约人及要约人一致行动人士已拥有或同意将予收购的该等股份除外)，并 ...

药明合联(02268)发布公告，预期集团截至2025年12月31日止年度取得以下财务业绩：(1)收入：较截至 2024年12月31日止年度增长超过45%;(2)毛利：较截至2024年12月31日止年度增长超过70%。毛利增长 率高于收入增长率，显示集团产品╱服务利润率及成本控制能力的有效优化;(3)扣除利息收入及开支前 的经调整纯利：较截至2024年12月31日止年度增长超过45%。撇除汇率变动影响后，该增长率预期将超 过65%，证实了集团核心经营业务强劲的利润增长动力;(4)净利润：尽管受到汇率及利率变动的不利影 响，较截至2024年12月31日止年度增长超过38%。 ...

Core Viewpoint - WuXi AppTec (02268) anticipates significant financial performance growth for the fiscal year ending December 31, 2025, with substantial increases in revenue, gross profit, and adjusted net profit, indicating strong operational momentum and effective cost control [1] Financial Performance Summary - Revenue is expected to grow by over 45% compared to the fiscal year ending December 31, 2024 [1] - Gross profit is projected to increase by over 70%, indicating improved profit margins and cost management [1] - Adjusted net profit before interest income and expenses is forecasted to rise by over 45%, with a growth rate exceeding 65% when excluding foreign exchange impacts, highlighting robust core business profitability [1] - Net profit is anticipated to grow by over 38%, despite adverse effects from foreign exchange and interest rate fluctuations [1]

Core Viewpoint - WuXi AppTec (02268.HK) anticipates significant financial growth for the fiscal year ending December 31, 2025, with revenue and profit metrics expected to exceed previous year's performance by substantial margins [1] Financial Performance Summary - Revenue is projected to grow by over 45% compared to the fiscal year ending December 31, 2024 [1] - Gross profit is expected to increase by more than 70% compared to the fiscal year ending December 31, 2024, indicating effective optimization of product/service profit margins and cost control [1] - Adjusted net profit before interest income and expenses is anticipated to rise by over 45% compared to the fiscal year ending December 31, 2024, with a growth rate exceeding 65% when excluding foreign exchange impacts, confirming strong profit growth momentum in core operations [1] - Net profit is forecasted to grow by over 38% compared to the fiscal year ending December 31, 2024, despite adverse effects from foreign exchange and interest rate fluctuations [1]

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 2026年醫療健康年會簡報 本公司股東及有意投資者應避免過分倚賴簡報所載的資料，且務請於買賣本公司 證券時審慎行事。 承董事會命 藥明合聯生物技術有限公司* 執行董事兼首席執行官 李錦才博士 香港，2026年1月14日 於本公告日期，本公司董事會包括(i)執行董事李錦才博士、張靖偉先生及席曉捷 先生；(ii)非執行董事陳智勝博士、顧繼傑博士及施明女士；及(iii)獨立非執行董 事Ulf GRAWUNDER博士、Kenneth Walton HITCHNER III先生及Hao ZHOU先生。 * 僅供識別 – 2 – 本 公 告 由 藥 明 合 聯 生 物 技 術 有 限 公 司 ...