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 就 因 本 公 告 全 部 或 任 何 部 份 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。 本 公 告 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 本 公 司 證 券 的 邀 請 或 要 約。 本公告的全部或部份內容不會在違反任何司法權區的相關法律或法規的情況 下 於 或 向 該 司 法 權 區 發 佈、刊 發 或 派 發。 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：2269） （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：2268） （於 香 港 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1875） 聯合公告 (1)花旗環球金融亞洲有限公司為及代表要約人 就本公司全部已發行股份 （要 約 人 及 要 約 人 一 致 行 動 人 士 已 擁 有 或 同 意 將 予 收 購 的 該 等 ...

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） 正面盈利預告 本 公 告 由 藥 明 合 聯 生 物 技 術 有 限 公 司 *（「 本 公 司 」， 連 同 其 附 屬 公 司 統 稱「 本 集 團」）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。 本公司董事會（「董事會」）謹此知會本公司股東（「股東」）及有意投資者，根據對按 照國際財務報告準則（ 國際財務報告準則 ）編製的本集團截至2025年12月31日止年 度未經審核綜合管理賬目作出之初步評估及董事會目前可得的其他資料，本集團 預期錄得其主要財務業績指標顯著增長。特別是，毛利及經調整財務指標之增長 率預期將大幅超過其收入增長，顯示本集團營運效率及盈利能力進一步提升。 預期本集團截至2025年12月31日止年度錄得以下財務業績： (1) 收入：較截至2024年12月31日止年度增長超過45 %； 香 港 交 易 及 結 算 所 有 限 ...

Group 1 - The MSCI China Healthcare Index has increased by 11.8% year-to-date, outperforming the MSCI China Index by 9.1% [1][4] - The pharmaceutical industry has seen significant growth, attributed to the valuation correction in Q4 of the previous year and strong allocation willingness from institutional investors at the beginning of the year [1][4] - Looking ahead to 2026, the trend of innovative drugs going overseas is expected to continue, with a focus on the clinical progress and data validation of pipelines that have already gone abroad [1][4] Group 2 - The estimated market size for patented drugs in China is approximately 300 billion to 400 billion RMB, accounting for about 25% to 35% of total drug sales in China [1][4] - Among this, domestically developed innovative drugs represent about one-third, translating to approximately 100 billion to 130 billion RMB [1][4] - The company recommends buying shares in Sanofi (01530), Genscript (02273), WuXi AppTec (02268), and China National Pharmaceutical Group (01177) [1][4]

Group 1 - The MSCI China Healthcare Index has increased by 11.8% year-to-date, outperforming the MSCI China Index which rose by 9.1% [1] - The pharmaceutical industry has seen significant growth, primarily due to the valuation adjustments from the fourth quarter of last year and strong allocation intentions from institutional investors at the beginning of the year [1] - The trend of innovative drugs going overseas is expected to continue until 2026, with a focus on the clinical progress and data validation of pipelines that have already gone abroad [1] Group 2 - The current market size of patented drugs in China is estimated to be between 300 billion to 400 billion RMB, accounting for approximately 25% to 35% of total drug sales in China [1] - Among this, domestically developed innovative drugs represent about one-third, translating to approximately 100 billion to 130 billion RMB [1] - The company recommends buying shares of three pharmaceutical firms: 3SBio (01530), Genscript Biotech (02273), WuXi AppTec (02268), and China National Pharmaceutical Group (01177) [1]

Group 1 - The MSCI China Healthcare Index has increased by 11.8% year-to-date, outperforming the MSCI China Index which rose by 9.1% [1] - The pharmaceutical industry has seen significant growth, primarily due to the valuation correction in the fourth quarter of last year and strong allocation willingness from institutional investors at the beginning of the year [1] - The trend of innovative drugs going overseas is expected to continue until 2026, with a focus on the clinical progress and data validation of pipelines that have already gone abroad [1] Group 2 - The current market size of patented drugs in China is estimated to be between 300 billion to 400 billion RMB, accounting for approximately 25% to 35% of total drug sales in China [1] - Among this, domestically developed innovative drugs represent about one-third, translating to approximately 100 billion to 130 billion RMB [1] - The company recommends buying shares of three pharmaceutical firms: 3SBio (01530), Genscript Biotech (02273), WuXi AppTec (02268), and China National Pharmaceutical Group (01177) [1]

Core Viewpoint - UBS reaffirms a "Buy" rating for WuXi AppTec's subsidiary WuXi Biologics, setting a target price of HKD 89.5, based on its leading position in the bioconjugate CRDMO platform, ongoing capacity expansion, and manageable geopolitical risks [1] Group 1: Company Performance - WuXi Biologics is expected to add over 70 projects from WuXi AppTec in 2025, significantly higher than the previous guidance of over 60 projects [1] - The company anticipates a compound annual growth rate (CAGR) of approximately 30% in revenue over the next five years, outpacing the industry average [1] Group 2: Market Environment - The impact of the U.S. Biodefense Act is being actively addressed by WuXi Biologics through communication with clients and the U.S. government, with a low likelihood of being included in the related list [1] - Concerns from clients are currently limited, and the expansion of in-house capacity by multinational pharmaceutical companies in the bioconjugate field remains constrained, suggesting a sustained high outsourcing ratio [1] Group 3: Future Outlook - With a strong business track record, WuXi AppTec is well-positioned to continue securing new orders globally, including in North America [1]

Core Viewpoint - The pharmaceutical sector in Hong Kong and A-shares experienced a significant surge, driven by various sub-sectors including innovative drugs, CRO, bioproducts, and medical services, leading to a wave of stock price increases [1][2][3] Group 1: Market Performance - A-shares saw a surge with stocks like Xin Gan Jiang, Nuo Si Ge, and Rong Chang Bio hitting the daily limit, while others like San Yuan Gene and Qian Yuan Pharma also reported substantial gains [1][2] - In the Hong Kong market, leading stocks such as WuXi AppTec and others also experienced notable increases, with WuXi AppTec rising over 7% [2][3] Group 2: Business Development (BD) Collaborations - The recent JPMorgan Healthcare Conference served as a key platform for Chinese innovative pharmaceutical companies to showcase their core products and advance overseas BD collaborations [5][6] - A series of significant BD deals were announced, including a $6.5 billion upfront payment agreement between Rong Chang Bio and AbbVie, with potential total payments reaching $5.6 billion [7] - Other notable collaborations included a $5.7 billion deal between Yilian Bio and Roche, and a nearly $1.7 billion agreement between Sino Neuro and Novartis [7] Group 3: Financial Performance - WuXi AppTec projected a revenue of approximately 45.456 billion yuan for 2025, marking a year-on-year increase of about 15.84%, with a net profit expected to reach 19.151 billion yuan, reflecting a significant growth of approximately 103% [9] - BeiGene also reported strong revenue expectations for 2025, estimating between 36.2 billion to 38.1 billion yuan, indicating substantial growth compared to the previous year [12] Group 4: Industry Outlook - Analysts are optimistic about the long-term prospects of the innovative drug sector, with expectations of continued BD activity and a peak in data disclosures in early 2026 [14] - The trend of Chinese innovative drugs entering overseas markets is expected to persist, with a focus on clinical progress and data realization [14] - The ADC (Antibody-Drug Conjugate) sector is highlighted as a rapidly developing treatment modality, with high technical barriers and strong customer loyalty in the CDMO (Contract Development and Manufacturing Organization) industry [16]

Core Viewpoint - UBS reaffirms a "Buy" rating for WuXi AppTec (02268) based on its leading bioconjugate CRDMO platform, ongoing capacity expansion, and manageable geopolitical risks, setting a target price of HKD 89.5 [1] Group 1: Company Performance - WuXi AppTec's parent company, WuXi Biologics (02269), is expected to add over 70 projects from WuXi AppTec in 2025, significantly exceeding the previous guidance of over 60 [1] - The company anticipates a compound annual growth rate (CAGR) of approximately 30% in revenue over the next five years, outpacing the industry average [1] Group 2: Capacity Expansion - The construction of the Singapore production base was completed last year, with plans to achieve GMP certification in the first half of this year, and 200 employees have been recruited [1] - From 2026 to 2029, the company plans to invest approximately RMB 7 billion for domestic and overseas capacity expansion, including potential expansions in Europe and the U.S. and market development in the Middle East [1] Group 3: Regulatory Environment - In response to the U.S. Biodefense Act, WuXi Biologics is actively communicating with clients and the U.S. government, indicating a low likelihood of WuXi AppTec being included in related lists, with limited client concerns [1] - The expansion of in-house capacity by multinational pharmaceutical companies in the bioconjugate field is limited, and the outsourcing ratio is expected to remain high [1] - With a strong business track record, WuXi AppTec is likely to continue securing new orders globally, including in North America [1]

Core Viewpoint - UBS reaffirms a "Buy" rating for WuXi AppTec (02268) based on its leading bioconjugate CRDMO platform, ongoing capacity expansion, and manageable geopolitical risks, setting a target price of HKD 89.5 [1] Group 1: Company Performance - WuXi Biologics (02269), the parent company of WuXi AppTec, is expected to add over 70 projects from WuXi AppTec in 2025, significantly higher than the previous guidance of over 60 [1] - The company anticipates a compound annual growth rate (CAGR) of approximately 30% in revenue over the next five years, outpacing the industry average [1] Group 2: Capacity Expansion - The construction of the Singapore production facility was completed last year, with plans to achieve GMP certification in the first half of this year, and 200 employees have been recruited [1] - From 2026 to 2029, the company plans to invest approximately RMB 7 billion for domestic and overseas capacity expansion, including potential expansions in Europe and the U.S. and market development in the Middle East [1] Group 3: Regulatory Environment - In response to the U.S. Biodefense Act, WuXi Biologics is actively communicating with clients and the U.S. government, indicating a low likelihood of WuXi AppTec being included in related lists, with limited client concerns [1] - The expansion of in-house capacity by multinational pharmaceutical companies in the bioconjugate field is limited, and the outsourcing ratio is expected to remain high [1] - With a strong business track record, WuXi AppTec is well-positioned to continue securing new orders globally, including in North America [1]

Group 1: Core Insights - WuXi AppTec (药明合联) has been selected as a representative in the "Top Ten Core Assets" in the Chinese pharmaceutical industry for 2026, highlighting its significance in the global market [1] - The company was established in 2021 as a joint venture between WuXi Biologics and WuXi AppTec, focusing on ADC CDMO services, and officially listed on the Hong Kong Stock Exchange in November 2023 [1] - WuXi AppTec has become the second-largest ADC CDMO supplier globally, with market share increasing from 1.8% in 2020 to 22% in the first half of 2025 [1][23] Group 2: Industry Background - The Chinese pharmaceutical industry has undergone a significant transformation over the past decade, evolving from a focus on generics to becoming a major contributor to global pharmaceutical innovation [3] - The rapid development of innovative drugs in China is driven by policy support, capital investment, and talent development, transitioning from cost and efficiency advantages to technological leadership [3] - The cumulative overseas licensing transaction value for innovative drugs has surpassed $130 billion, indicating China's shift from a generic drug manufacturing powerhouse to an innovative drug exporter [4] Group 3: ADC Market Dynamics - The ADC market is expected to grow significantly, with projections indicating a market size of $13.5 billion in 2024, reaching $150.2 billion by 2033, and ADC's share of the overall oncology market increasing from 5.2% to 27.3% during the same period [9] - The production of ADCs is complex and requires precise control, leading to high technical barriers that necessitate reliance on specialized CDMO services [10] - The global ADC outsourcing market is projected to grow from approximately $1.5 billion in 2022 to $11 billion by 2030, with a compound annual growth rate of 28.4% [10] Group 4: Company Performance and Strategy - WuXi AppTec offers integrated CRDMO services for ADCs, providing end-to-end solutions that reduce communication costs and enhance R&D speed for pharmaceutical companies [14] - The company's revenue for the first half of 2025 increased by 62.2% to 2.7 billion yuan, with net profit rising by 52.74% to 746 million yuan [14] - As of mid-2025, WuXi AppTec had executed 858 discovery projects, with 225 ongoing projects, including 103 in clinical and commercialization stages, capturing 30% to 35% of the global clinical pipeline market [17] Group 5: Future Outlook - The company is strategically expanding its ADC CDMO capacity in Singapore and China, with planned capital expenditures exceeding 1.5 billion yuan in 2024 and 2025 to meet growing market demand [24] - Revenue forecasts for WuXi AppTec indicate growth to 5.965 billion yuan in 2025, 8.058 billion yuan in 2026, and 10.422 billion yuan in 2027, with corresponding net profit projections of 1.555 billion yuan, 2.114 billion yuan, and 2.798 billion yuan [27] - The increasing demand for R&D and production outsourcing in the pharmaceutical sector is expected to stabilize and grow, contributing to the company's future profitability [26]