Core Viewpoint - Morgan Stanley forecasts that WuXi Biologics (02269) stock price will rise in the next 45 days, with a probability between 70% to 80% [1] Financial Projections - The earnings forecast for WuXi Biologics for 2026 to 2030 has been raised by 4% to 10% due to accelerated revenue growth and margin expansion [1] - Target price has been increased from HKD 45 to HKD 50, maintaining an "Overweight" rating [1] Company Performance Indicators - The company previously issued a positive earnings forecast, with management indicating accelerated growth for the fiscal year 2026 [1] - The number of integration projects for 2025 is expected to increase by 16%, alongside strong momentum in research services, indicating robust performance for 2026 [1] - The momentum in research services is anticipated to generate revenue related to intellectual property (IP), further enhancing profitability [1] Strategic Partnerships and Growth - Recently, the company has entered into licensing agreements with Vertex and Zai Lab (09688) [1] - Strong growth is expected in the manufacturing sector, with the company mentioning "multiple blockbuster drugs" on the horizon [1] - The company completed 28 Process Performance Qualifications (PPQ) in 2025, a 75% year-on-year increase, viewed as a leading indicator for future commercialization contracts [1]

Core Viewpoint - Morgan Stanley anticipates that WuXi Biologics' stock price will rise in the next 45 days, with a probability estimated between 70% to 80% [1] Group 1: Financial Performance and Projections - The company previously issued an earnings upgrade, with management indicating accelerated growth for the fiscal year 2026 [1] - The number of integration projects for 2025 is expected to increase by 16%, reflecting strong momentum in research services [1] - The strong momentum in research services is expected to generate revenue related to intellectual property (IP), further enhancing profitability [1] Group 2: Strategic Partnerships and Growth Indicators - Recently, the company has entered into licensing agreements with Vertex and Zai Lab [1] - WuXi Biologics anticipates strong growth in its manufacturing segment, with several blockbuster drugs expected [1] - The company completed 28 process performance qualifications (PPQ) in 2025, representing a year-on-year growth of 75%, which is viewed as a leading indicator for future commercialization contracts [1] Group 3: Earnings Forecast and Target Price Adjustment - Based on accelerated revenue growth and margin expansion, Morgan Stanley has raised its earnings forecasts for 2026 to 2030 by 4% to 10% [1] - The target price has been adjusted from HKD 45 to HKD 50, while maintaining an "Overweight" rating [1]

Core Viewpoint - WuXi Biologics expects a revenue growth of approximately 16.7% to RMB 21.79 billion by 2025, with a gross margin increase of about 5 percentage points to 46.0% [1] Company Summary - The annual profit attributable to equity shareholders is projected to grow by approximately 45.3% to RMB 5.733 billion and by about 46.3% to RMB 4.908 billion [1] - WuXi Biologics is the largest weighted stock in the Hong Kong Stock Connect Medical ETF, accounting for over 16% of the index [1] Industry Summary - The global biotech and pharmaceutical investment and transaction activities are expected to significantly recover in 2025, driven by the flourishing development of innovative drug technology platforms [1] - The demand in the CXO industry is anticipated to fully recover, with industry prosperity likely to continue into 2026 [1] - The Hong Kong Stock Connect Medical ETF has seen a significant increase in trading volume, achieving seven consecutive days of gains as of February 11 [1]

Core Viewpoint - WuXi Biologics (02269) has seen a significant stock price increase, with a rise of over 6%, currently trading at HKD 43.72, with a transaction volume of HKD 878 million [1] Financial Performance - WuXi Biologics has released a performance forecast, expecting a revenue growth of approximately 16.7% to RMB 21.79 billion for 2025 [1] - The company's net profit attributable to shareholders is projected to increase by 46.3% to RMB 4.908 billion [1] - Adjusted profit is anticipated to grow by 22.0% to RMB 6.586 billion [1] - Gross margin is expected to improve to 46.0%, an increase of about 5 percentage points year-on-year [1] Analyst Insights - Citi has published a report indicating that WuXi Biologics has issued an earnings upgrade for the second half of 2025, with revenue expected to grow by 17% year-on-year, aligning with market expectations [1] - Adjusted net profit is forecasted to increase by 31% to RMB 3.7 billion, significantly exceeding market expectations [1] - The gross margin is projected to rise by 6.2 percentage points to 48.8%, which is highlighted as a key positive surprise in the earnings upgrade and a major driver of better-than-expected profitability [1] - WuXi Biologics remains a preferred stock in the Chinese CRO and CDMO industry according to the report [1]

药明生物(02269)再涨超6%，截至发稿，涨5.6%，报43.72港元，成交额8.78亿港元。 里昂发布研报称，药明生物就2025年下半年业绩发盈喜，预计收入按年增长17%，大致符合预期；经调 整纯利按年增长31%至37亿元，均远胜市场预期；毛利率按年增6.2个百分点至48.8%，为此次盈喜中的 核心利好惊喜，亦是盈利表现胜预期的主要驱动力。该行表示，在中国CRO和CDMO行业中，药明生 物仍是首选股之一， 消息面上，药明生物近日发布业绩预告，预计2025年收益将增长约16.7%至217.9亿元人民币；归母净利 润将同比增长46.3%至49.08亿元；经调整利润将同比增长22.0%至65.86亿元；毛利率将提升至46.0%， 同比增加约5个百分点。 ...

Group 1 - The stock price of Reborn Biotech (06938.HK) increased by 13.65% [1] - WuXi Biologics (02269.HK) saw a rise of 4.83% in its stock price [1] - Baosai Tu-B (02315.HK) experienced a stock price increase of 3.88% [1] - WuXi AppTec (02359.HK) had a stock price growth of 3.15% [1]

Core Viewpoint - The Hang Seng Index rose by 0.31%, while the Hang Seng Tech Index increased by 0.9% [1] Group 1: Company Performance - Bilibili saw an increase of over 5% in its stock price [1] - Tencent Music, Xiaomi Group, and Kingdee International each rose by over 4% [1] - BYD Company, WuXi Biologics, and New Oriental Education experienced gains of over 3% [1] Group 2: Company Declines - Pop Mart International fell by over 5% [1] - China Life Insurance declined by nearly 4% [1]

Core Viewpoint - WuXi Biologics (02269) has issued an earnings upgrade for the second half of 2025, with revenue expected to grow by 17% year-on-year, aligning with expectations, while net profit is projected to increase by 38% to 2.6 billion RMB, significantly exceeding market forecasts [1] Financial Performance - Adjusted net profit is expected to rise by 31% to 3.7 billion RMB, which is also well above market expectations [1] - Gross margin has increased by 6.2 percentage points to 48.8%, identified as a key positive surprise in the earnings upgrade and a major driver of the better-than-expected profit performance [1] Market Position - In the Chinese contract research organization (CRO) and contract development and manufacturing organization (CDMO) sectors, WuXi Biologics remains a top pick [1]

Core Viewpoint - WuXi Biologics (02269) has issued an earnings upgrade for the second half of 2025, with revenue expected to grow by 17% year-on-year, aligning with expectations, while net profit is projected to increase by 38% to 2.6 billion RMB, significantly exceeding market forecasts [1] Financial Performance - Adjusted net profit is expected to rise by 31% to 3.7 billion RMB, also surpassing market expectations [1] - Gross margin is anticipated to increase by 6.2 percentage points to 48.8%, which is a key positive surprise in the earnings upgrade and a major driver of the better-than-expected profit performance [1] Market Position - WuXi Biologics remains a preferred stock in the Chinese Contract Research Organization (CRO) and Contract Development and Manufacturing Organization (CDMO) sectors [1]

里昂发表研报指，药明生物就2025年下半年业绩发盈喜，预计收入按年增长17%，大致符合预期；经调 整纯利按年增长31%至37亿元，均远胜市场预期；毛利率按年增6.2个百分点至48.8%，属是次盈喜中的 核心利好惊喜，亦是盈利表现胜预期的主要驱动力。该行表示，在中国的医药合约研发机构(CRO)和医 药合同研发生产机构(CDMO)行业中，药明生物仍是首选股之一，维持目标价为48.5港元，评级"跑赢大 市"。 ...