Group 1 - The core viewpoint is that WuXi AppTec (药明合联) is positioned to become a key global supplier in the XDCCDMO sector, leveraging domestic engineering advantages and integrated service capabilities [1][2] - Revenue projections for WuXi AppTec are estimated at 60.3 billion, 82.1 billion, and 107.7 billion CNY for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 1.27, 1.74, and 2.37 CNY [1] - The company is expected to maintain a high growth trajectory, with a projected PE ratio of 54, 39, and 29 for the years 2025, 2026, and 2027 respectively [1] Group 2 - The ADC (Antibody-Drug Conjugates) development is actively ongoing, with the ADC CDMO market expected to exceed 10 billion USD by 2030, driven by robust financing and M&A activities [1] - As of the first half of 2025, WuXi AppTec services 103 clinical pipelines globally, capturing approximately 30% to 35% of the global XDC clinical pipeline market [2] - The company has 19 Phase III projects and 11 PPQ projects, with collaborations established with 13 of the top 20 global pharmaceutical companies, indicating strong future revenue potential [2]

Core Viewpoint - WuXi AppTec (02268) is positioned to become a core global supplier in the XDCCDMO sector, leveraging domestic engineering advantages and integrated service capabilities, with projected revenues of 60.3 billion, 82.1 billion, and 107.7 billion CNY for 2025-2027, respectively, and corresponding EPS of 1.27, 1.74, and 2.37 CNY, leading to a "buy" rating from Huaxi Securities [1][2] Group 1: ADC Market Growth - The ADC (Antibody-Drug Conjugates) research and development sector is experiencing significant activity, with the ADC CDMO market expected to exceed 10 billion USD by 2030 [1] - As of the first half of 2025, there are 2,167 global XDC pipelines, a 43.5% year-on-year increase, with 461 novel ADC pipelines, reflecting an 87.4% growth [1] - The total revenue from ADC products is projected to reach 13.6 billion USD in 2024, marking a 35% year-on-year increase, with a CAGR of 37% from 2020 to 2024 [1] Group 2: Company Positioning and Growth - WuXi AppTec has established itself as a core supplier in the global CMC (Chemistry, Manufacturing, and Controls) business, servicing 30%-35% of global XDC clinical pipelines as of the first half of 2025 [2] - The company is expected to maintain high growth in the short term due to a strong upward trend in its pipeline and ongoing capital expenditures [2] - With 19 Phase III projects and 11 PPQ projects, and partnerships with 13 of the top 20 global pharmaceutical companies, WuXi AppTec is poised to deliver significant commercial products in the coming years, contributing to core performance [2]

Core Viewpoint - The announcement of a 100% tariff on all branded/patented drugs by Trump starting in October is expected to have limited impact on China's innovative drug industry chain, with no excessive concerns warranted [1] Group 1: Impact on Innovative Drugs - Most Chinese innovative drugs that are currently being exported have either established production capacity in the U.S. or have outsourced production to local CMO companies [1] - The majority of domestic innovative drugs are exported using a business development (BD) model, which mitigates the impact of the tariff [1] Group 2: Impact on CXO Sector - The export products in the CXO sector primarily consist of raw materials and biological raw liquids, which are not affected by the new tariff; the proportion of finished dosage forms exported is low [1] - The investment timeline for multinational corporations (MNCs) to build factories in China will take time, leading to limited direct impact on CXO orders in the short term [1] - Long-term policy changes may influence the pace of factory construction by MNCs [1] Group 3: Upcoming Catalysts - The ESMO conference will take place in mid to late October, with a focus on companies like CanSino Biologics (09926), Kelun-Biotech (06990), and Rongchang Biologics (09995) that are expected to release significant data [1] - The results of medical insurance negotiations and the first version of the commercial insurance innovative drug directory are expected to be announced in October-November [1] Group 4: Mid to Long-term Recommendations - Recommended stocks in the innovative drug sector include 3SBio (01530) and Eucure Biopharma-B (06996), which have rich short-term catalysts and their valuations do not yet reflect the core value of major products [2] - Companies like Ascletis Pharma (02096), Hutchison China MediTech (00013), and Legend Biotech are considered undervalued with clear long-term growth logic [2] - In the CXO sector, WuXi AppTec (02268) is highlighted as a leading player benefiting from high downstream demand and improving financing conditions [2]

Group 1 - The core viewpoint is that the new 100% tariff on all branded/patented drugs announced by Trump will have limited impact on China's innovative drug industry chain, and there is no need for excessive concern [1] - For innovative drugs, most products currently being exported are either produced in the U.S. or outsourced to U.S. CMO, and most domestic innovative drugs are exported using the BD model [1] - For CXO, the main export products are raw materials and herbal extracts, which are not affected by the new tariff; the proportion of finished drug exports is low, and the investment timeline for MNC clients to build factories will take time, leading to limited short-term impact on CXO orders [1] Group 2 - Mid to long-term recommendations include innovative drugs such as 3SBio (01530) and Eucure Biopharma-B (06996), which have rich short-term catalysts and their valuations do not yet reflect the core value of major products [2] - Other recommended companies include Ascletis Pharma (02096), Hutchison China MediTech (00013), and Legend Biotech, which are considered significantly undervalued with clear long-term growth logic [2] - For CXO, companies like WuXi AppTec (02268) are expected to benefit from high downstream demand and improving financing conditions [2]

Group 1 - The core viewpoint of the reports indicates a recovery in domestic innovative drug research and development due to the resurgence of capital market financing and an increase in overseas transactions for innovative drugs [1] - The price of experimental monkeys, essential for innovative drug research, has risen from approximately 85,000 yuan in mid-2024 to about 90,000 yuan [1] - The CXO industry is expected to see performance recovery in the second half of 2025, driven by the continuous upward momentum of innovative drugs primarily from overseas partners pushing clinical pipelines [1] Group 2 - The report highlights a shift in global early-stage drug innovation research from Europe and the US to China, with multinational pharmaceutical companies increasingly sourcing innovative pipelines from Chinese biotech firms [1] - The proposed administrative order by the Trump administration to restrict the import of experimental treatments from China has sparked intense lobbying from two opposing groups: US biotech investors facing competition from Chinese innovations and large pharmaceutical companies benefiting from low-cost Chinese drugs [1] - The report emphasizes that the income and profit scale of large US pharmaceutical companies far exceed that of US biotech firms, suggesting they may have greater lobbying influence [1] Group 3 - The announcement of a 100% tariff on patented drugs unless pharmaceutical companies build factories in the US is expected to have a limited impact on the CXO sector, as many multinational companies already have plans to establish facilities in the US [2] - Significant investment plans have been announced by several multinational pharmaceutical companies for building factories and R&D facilities in the US, including Eli Lilly's $27 billion and Roche's $50 billion investments over the next five years [2] - The report notes that the construction of factories in the US typically takes over five years, and the progress may be affected by political and market uncertainties [2]

Summary of WuXi AppTec Conference Call Industry Overview - The ADC (Antibody-Drug Conjugate) industry is projected to maintain an annual growth rate of approximately 30%, significantly higher than that of chemical and biological drugs [2][4] - The global market has 16 ADC products launched, with rapid sales growth expected to continue [2][9] - The complexity of ADCs leads to a high outsourcing rate, currently around 70%, which is anticipated to rise to 80% [11] Company Insights - WuXi AppTec is a leader in the domestic market, benefiting from the rapid growth of the ADC industry [2] - The company possesses a unique CRDMO (Contract Research, Development, and Manufacturing Organization) strategy and core technologies, such as the Wuxi DIX toxin technology, enabling integrated production capabilities from small molecule toxins to antibody conjugation [4][5][6] - The company is constructing dual facilities to ensure supply chain stability and security [6] Financial Performance - In the first half of 2025, the number of ADC projects increased by 44% year-over-year, with the number of clients growing by 34% [3][15] - The backlog of orders reached $1.3 billion, reflecting a nearly 160% year-over-year increase [3][16] - The revenue contribution from backend services rose to 59%, up from approximately 30% previously [16] Growth Projections - Short-term growth is primarily driven by commercialized projects, with large-scale volume expected to begin in 2027 [7][17] - The company anticipates a growth rate of around 45% for 2025, although a conservative estimate of 35% has been provided by Zhongtai Securities [8][17] - The introduction of new molecules such as bispecific antibodies and XDCs is expected to drive future growth [7][10] Competitive Advantages - WuXi AppTec's competitive advantages include a comprehensive CRDMO service platform, deep industry experience since 2013, and a significant reduction in the drug development cycle from an average of 24-30 months to 15 months [13] - The company has expanded its production capacity significantly, with plans to triple its capacity by 2024, focusing on both domestic and international markets [14] Market Position - WuXi AppTec holds nearly 10% of the global market share and 70% of the domestic market share, indicating room for further growth [11][12] - The company’s integrated production capabilities position it favorably against competitors, enhancing customer loyalty and retention [13] Future Outlook - The company is optimistic about its long-term growth prospects, especially with the potential for increased revenue from clinical phase III projects [17] - The overall industry outlook remains positive, supporting sustained high growth for WuXi AppTec [17]

新华财经上海9月28日电（记者胡洁菲）近日，由药明合联举办的2025BPD（Biopharmaceutical BioprocessDevelopment）新加坡生物药工艺发展大会举办。 "新加坡基地是我们全球供应链布局的战略高地，其核心定位是服务海外商业化生产需求。"药明合联相 关负责人在大会期间表示。据介绍，该基地将复制公司无锡基地"All-In-One"的集成化能力，重点聚焦 后期商业化生产环节，与中国上海、无锡、常州三大基地形成功能互补的全球网络。这既考虑了海外客 户对供应链区域性的核心需求，也通过聚焦成熟工艺生产实现了效率最优化，即通过提升自动化水平与 发挥规模优势，确保海外基地达到与国内相当的运营效率与盈利水平。 "从整个药物偶联市场发展看，海外市场远远大于国内市场，同时，多区域供应链布局已成为全球生物 医药企业的核心需求，可以预见，未来药明合联在海外市场还将保持高速增长。"李锦才说，尽管面临 各类外部环境挑战，其北美市场仍实现强劲增长，2024年整体增速超90%。据透露，药明合联正积极评 估欧洲、美国等其他关键市场的布局机会，未来将根据区域执行力、监管环境、成本结构等多维度因素 推进全球产能网络 ...

9月24—26日，由药明合联（02268.HK）联合举办的2025 BPD新加坡生物药工艺发展大会圆满落幕。大 会会聚来自欧洲、北美、中国及亚太地区的顶尖生物制药企业与研究机构，通过主题报告、专题研讨等 多种方式，共同探讨行业前沿方向。 药明合联董事长、药明生物首席执行官陈智胜在主题演讲中，深入阐释了智能化工艺、新型原材料应用 等技术突破如何实现成本优化与效率提升，为产业发展提供清晰路径。近年来，生物医药行业迅速发 展，尤其是ADC等复杂疗法正逐步迈入黄金发展期。如何更快更好地推进药物从研发到商业化，是连 接前沿科学与患者生命的桥梁，也是决定创新能否成功产业化的关键。药明合联首席执行官李锦才博士 在致辞中提到，"本次大会旨在促进全球制药企业、生物科技公司、供应商、研究机构等的交流与合 作，推动先进工艺技术在创新药物生产中的应用，惠及全球患者"。 本次大会中，药明合联特设"XDC 创新与发展"（XDC Innovation and Development）专场论坛。论坛邀 请海内外领军企业家、行业专家分享前沿研究成果与产业化实践经验，聚焦技术难点和创新方向，为行 业实现创新化、国际化及高质量发展提供技术指引与路 ...

1 藥明合聯生物技術有限公司 2025中期報告 公司資料 董事會 目錄 | | 頁次 | | --- | --- | | 公司資料 | 2 | | 財務摘要 | 4 | | 公司簡介 | 6 | | 管理層討論及分析 | 7 | | 其他資料 | 37 | | 簡明綜合財務報表的審閱報告 | 54 | | 簡明綜合損益及其他全面收益表 | 56 | | 簡明綜合財務狀況表 | 57 | | 簡明綜合權益變動表 | 59 | | 簡明綜合現金流量表 | 61 | | 簡明綜合財務報表附註 | 62 | | 釋義 | 92 | 審核委員會 Hao Zhou先生 （主席） Ulf Grawunder博士 Kenneth Walton Hitchner III先生 薪酬委員會 執行董事 Ulf Grawunder博士 （主席） Kenneth Walton Hitchner III先生 施明女士 李錦才博士 （首席執行官） 張靖偉先生 （首席運營官） 席曉捷先生 （首席財務官兼公司秘書） 非執行董事 提名委員會 陳智勝博士 （主席） 周偉昌博士 （於2025年6月27日退任） 顧繼傑博士 （於2025年6月27日獲委 ...

Core Viewpoint - The Hang Seng Healthcare Index fell by 1.4% this week, underperforming the market, with internet medicine, CXO, and traditional Chinese medicine sectors showing better performance [1] Group 1: Market Trends - Since September, the proportion of domestic holdings through the Hong Kong Stock Connect has remained stable, while foreign holdings have slightly decreased since mid-year [1] - Both domestic and foreign investors continue to increase their positions in innovative pharmaceutical companies, indicating a consistent long-term strategy [1] Group 2: Investment Recommendations - The report suggests focusing on companies with significant data releases at the upcoming ESMO conference in mid to late October, specifically mentioning Kangfang Biotech (09926), Kelun-Biotech (06990), and Rongchang Biotech (09995) [1] - The importance of timing and stock selection has increased following a broad rise in the innovative drug sector, with recommendations to gradually build positions during market corrections [1] Group 3: Sector Focus - For the innovative drug sector, the report highlights companies such as 3SBio (01530) and Eucure Biopharma-B (06996) as having rich short-term catalysts and undervalued core products, while companies like Ascletis Pharma (02096), Hutchison China MediTech (00013), and Legend Biotech are noted as significantly undervalued with clear long-term growth logic [1] - In the CXO sector, the report points to leading companies benefiting from high downstream demand and marginal recovery in financing, specifically mentioning WuXi AppTec (02268) [1]