Core Insights - The J.P. Morgan Healthcare Conference highlighted WuXi Biologics' strategic growth in the biopharmaceutical sector, with a focus on expanding its project pipeline and capabilities in complex biologics, particularly bispecific antibodies [1][2] Group 1: Business Growth and Project Pipeline - WuXi Biologics plans to add 209 new integrated projects by 2025, bringing the total to 945 projects, with bispecific antibodies and ADCs becoming key growth drivers [1][2] - The company anticipates continued business growth momentum into 2026, with approximately half of the new projects originating from the U.S. market [1][9] - The bispecific antibody market is projected to grow significantly, with a compound annual growth rate (CAGR) of 32.4% from 2024 to 2034, reaching a market size of $221.8 billion by 2034 [2] Group 2: Technological Advancements - WuXi Biologics has developed proprietary platforms such as WuXiBody™ for bispecific antibodies, which have led to a robust project pipeline with nearly 20 projects in the R&D phase [3] - The company has introduced key development platforms, including WuXia™ TrueSite and WuXiHigh™2.0, aimed at enhancing production efficiency and stability in biologics [6][7] - The introduction of the digital twin platform PatroLab™ allows for real-time monitoring of critical process parameters, significantly improving data density and operational insights [12] Group 3: Global Expansion Strategy - WuXi Biologics is expanding its global footprint, with strategic investments in the U.S. and the establishment of a new CRDMO center in Qatar, marking its sixth global hub [1][10][11] - The company aims to replicate its successful production processes and management systems globally, enhancing its operational resilience and capacity to meet diverse client needs [11] - By 2029, WuXi Biologics expects to have over 370,000 liters of large-scale production capacity, with an annual output of 30 tons of biopharmaceuticals [11]

Core Insights - The 44th J.P. Morgan Healthcare Conference has highlighted significant industry developments, including a $1 billion investment by NVIDIA and Eli Lilly to establish a joint research lab in the San Francisco Bay Area to accelerate AI applications in the pharmaceutical sector [1] - The conference serves as a critical platform for domestic pharmaceutical companies to showcase core molecular product capabilities and advance overseas business development collaborations, indicating a return to global value validation for products [2] - The participation of over 8,000 global attendees and more than 500 listed companies underscores the strengthening global competitiveness of Chinese companies in the pharmaceutical sector [2] Group 1: Innovative Drugs - BeiGene focuses on oncology drug development and global commercialization, presenting progress on core products like CDK4 at the conference [2] - Rongchang Biologics has entered an exclusive licensing agreement with AbbVie for the novel PD-1/VEGF bispecific antibody drug RC148, granting AbbVie rights outside Greater China for development, production, and commercialization [2] - Hengrui Medicine, involved in the R&D, production, and sales of innovative and generic drugs, reported that over 50% of its revenue now comes from innovative drugs, with multiple self-developed products receiving approvals [2] Group 2: CRO/CMO - WuXi AppTec provides integrated CXO services covering the entire drug development and manufacturing process, projecting a 32.56% year-on-year growth in net profit for 2025 [3] - WuXi Biologics, specializing in biopharmaceutical CRDMO services, announced 209 new projects, bringing the total to 945, with potential milestone payments exceeding $4 billion from new research contracts [3] - Tigermed offers clinical trial CRO services and participated in the Asia-Pacific session of the conference, providing outsourcing services related to clinical trials for global pharmaceutical companies [3] Group 3: AI in Healthcare - NVIDIA and Eli Lilly's collaboration aims to build AI models to enhance new drug development, with a planned investment of $1 billion over the next five years [4] - RunDa Medical focuses on comprehensive medical testing services and is developing an automated testing interpretation system based on large models [4] - Anbiping has launched a digital pathology AI system and is exploring the registration and commercialization of AI medical devices in cervical cytology [4]

Core Viewpoint - In 2025, the Hang Seng Healthcare Index achieved a remarkable annual increase of 56.95%, driven by a bull market in innovative drugs, with CXO stocks also performing exceptionally well, particularly WuXi Biologics, which saw a stock price increase of 79.04% during the year [1] Group 1: Company Performance - WuXi Biologics' stock price reached over 40 HKD per share by January 14, 2026, with a year-to-date increase exceeding 28%, reflecting market revaluation of the innovative drug supply chain and sustained investment interest in CXO leaders [1] - The company raised its full-year revenue guidance for 2025 to 14%-16%, indicating a return to a high-growth trajectory [1] - In 2025, WuXi Biologics added 209 new comprehensive projects, with two-thirds focused on dual antibodies and antibody-drug conjugates (ADCs), bringing the total to 945 projects [3] Group 2: Business Structure and Growth - The acceleration from research (R) to development (D) to manufacturing (M) is a key driver of WuXi Biologics' rapid growth, with clinical projects increasing significantly across all stages [3][5] - The number of clinical projects in the preclinical stage reached 463, a year-on-year increase of 15.17%, while early-stage clinical projects grew by 16.77% to 383 [3] - The dual antibody business is particularly noteworthy, with 196 projects in the pipeline, a 30% increase year-on-year, contributing nearly 20% of total revenue with over 120% year-on-year growth [5] Group 3: Technological Advancements - WuXi Biologics has developed several advanced technology platforms, including WuXiBody™ for dual antibodies and WuXiUP™ for high-efficiency continuous bioprocessing, enhancing its capabilities in drug development [10] - The introduction of the PatroLab™ digital twin platform allows for real-time monitoring of over 40 key process performance attributes, significantly improving efficiency and data insights [10] Group 4: Global Expansion and Market Position - The company has expanded its global service network, establishing a "global six-pole" strategy that includes locations in China, Ireland, Germany, the U.S., Singapore, and Qatar [11] - The "global dual factory" strategy enables WuXi Biologics to replicate successful production processes and management systems internationally, addressing diverse supply chain needs [13] Group 5: Investment Potential - The combination of strong internal growth potential from complex molecules and commercial production, along with a robust global network, enhances WuXi Biologics' investment certainty [14] - Despite a stock price increase of nearly 80% in 2025, the company's PE ratio remains at 33.76, lower than peers like Lonza and Samsung Biologics, indicating significant long-term investment value [15]

Summary of WuXi Biologics FY Conference Call Company Overview - **Company**: WuXi Biologics (SEHK: 02269) - **Industry**: Biologics Contract Research, Development, and Manufacturing Organization (CRDMO) Key Points Business Model and Growth Strategy - WuXi Biologics operates a scaled integrated CRDMO model, emphasizing a one-stop shop for biologics manufacturing, aiming for sustainable high growth [2][3] - The company has delivered on its vision of making every biologic for the past 15 years, with a mission to accelerate discovery, development, and manufacturing for global partners [3][4] - The CRDMO Plus strategy focuses on client relationships, global expansion, and technological innovation [3] Performance Metrics - In the past year, WuXi signed **209 projects**, a record high, with over half from the U.S. [4][15] - The company aims to deliver **200 Investigational New Drug (IND)** applications this year, with a total of **600 INDs filed** over the past couple of years [6][4] - Manufacturing success rate is reported at **98-99%**, with a **100% approval rate** for Biologics License Applications (BLAs) filed [6][7][23] Revenue and Profitability - The biotech dollar generated from contracts reached **$4 billion** last year, with **20% of profit** coming from royalties and milestone payments [9][12] - The company expects to see a significant increase in revenue from its **bispecifics and ADCs**, with bispecifics growing at **120%** [18][21] - Projected revenue from the Qatar facility is estimated to reach **$500-$800 million** by 2030 [46] Technological Advancements - WuXi has invested in technologies such as the **CD3 platform** and a new cell line technology that significantly increases productivity from **2 grams to 10 grams per liter** [10][32] - The company is developing a **digital twin** of its manufacturing facility to enhance efficiency and automation [40] - WuXi is also focusing on converting IV products to SubQ for easier patient administration [38] Market Position and Competitive Advantage - WuXi Biologics holds a significant market share in complex modalities, with **two-thirds of its portfolio** consisting of ADCs and bispecifics [5][15] - The company has a **win-loss ratio of 20 to 1** over the past five years, indicating strong competitive positioning [48] Future Outlook - The company anticipates continued growth in R&D, development, and manufacturing, with a strong pipeline of projects [42][43] - WuXi plans to expand its global footprint, with significant investments in the U.S., Germany, Ireland, Singapore, and Qatar [27][30] - The number of **PPQs (Process Performance Qualifications)** is expected to triple, indicating robust future manufacturing growth [25][42] ESG and Compliance - WuXi Biologics emphasizes its strong ESG performance, claiming one of the highest scores in the industry [41] Conclusion - WuXi Biologics is positioned for strong growth driven by its innovative CRDMO model, technological advancements, and a robust project pipeline, with a focus on expanding its global presence and maintaining high standards of quality and compliance [42][43]

A Scaled CRDMO Platform Delivering Sustainable High Growth Use of Adjusted Financial Measures (Non-IFRS Measures) We have provided adjusted net profit, adjusted net profit margin, adjusted gross profit, adjusted gross profit margin, adjusted EBITDA, adjusted EBITDA margin and adjusted basic earnings per share for the corresponding periods, which excludes the share-based compensation expenses, listing expenses, gains or losses from equity investments and foreign exchange gains or losses, and are not required ...

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 ...

Core Viewpoint - Bank of America Securities has raised its revenue forecasts for WuXi Biologics (02269) for 2025 to 2027 by 1%, 5%, and 8% respectively, and increased the target price from HKD 35 to HKD 41.8 to reflect the company's rapid development in R&D and production stages, as well as the high growth visibility of its CMO business [1] Group 1 - WuXi Biologics added 209 integrated projects last year, representing a year-on-year increase of 38%, with two-thirds being complex models (bispecific and multispecific antibodies and antibody-drug conjugates), and approximately half coming from U.S. clients [1] - The company secured 23 new projects last year, including 6 late-stage projects, with about half originating from U.S. clients and over 50% being complex models [1] - As of the fiscal year 2025, WuXi Biologics holds a total of 945 projects, which include 463 in preclinical stage, 289 in Phase I, 94 in Phase II, 74 in Phase III, and 25 in commercialization stage [1]

药明生物去年新增209个综合项目，同比增加38%，当中三分之二属复合模式(双特异性及多特异性抗体 以及抗体药物偶联物)，约半数来自美国客户。此外，公司去年亦获得23个项目，包括6个后期阶段项 目，其中约半数来自美国客户，超过50%属复合模式。截至2025财年，公司持有945个项目，包括临床 前阶段463个、一期临床289个、二期临床94个、三期临床74个及商业化阶段25个项目。 智通财经APP获悉，美银证券发布研报称，为反映去年药明生物(02269)于研发及生产阶段的快速发展， 并考虑到其CMO业务具高增长能见度，该行将2025至2027年收入预测分别上调1%、5%及8%，目标价 由35港元上调至41.8港元。 ...

大和指，药明生物去年净新增项目128个，多于该行预测的105个。期内毛新增209个项目，半数来自美 国客户，三分二为双特异性/多特异性抗体及ADC。去年新签合约潜在里程碑总额最高可达40亿美元。 公司去年完成28个PPQ，今年则已有34个排期。 大和发布研报称，上调对药明生物(02269)目标价，由35.5港元上调至42港元，维持"买入"评级。该行上 调对药明生物2025年至2027年每股盈利预测1%至5%，基于新签项目预期上升及持续的经营开支杠杆， 以及上调2028至2032年收入预测3%至7%，基于项目增长趋势上调。 ...

大和指，药明生物去年净新增项目128个，多于该行预测的105个。期内毛新增209个项目，半数来自美 国客户，三分二为双特异性/多特异性抗体及ADC。去年新签合约潜在里程碑总额最高可达40亿美元。 公司去年完成28个PPQ，今年则已有34个排期。 智通财经APP获悉，大和发布研报称，上调对药明生物(02269)目标价，由35.5港元上调至42港元，维 持"买入"评级。该行上调对药明生物2025年至2027年每股盈利预测1%至5%，基于新签项目预期上升及 持续的经营开支杠杆，以及上调2028至2032年收入预测3%至7%，基于项目增长趋势上调。 ...