Core Insights - The 44th J.P. Morgan Healthcare Conference (JPM) is a significant event in the global healthcare sector, attracting over 8,000 participants, with a strong representation from biotechnology and pharmaceutical companies [1][3] - Chinese pharmaceutical companies are increasingly participating in JPM, focusing on collaboration and showcasing their innovative pipelines, particularly in the context of a booming merger and acquisition landscape in the industry [1][4] Group 1: Conference Overview - The conference is recognized as a "barometer" for development and investment in the pharmaceutical sector, featuring industry leaders and innovators discussing trends and opportunities [3] - Key areas of focus at this year's conference include biotechnology and pharmaceuticals, which account for 35% and 33% of participating companies, respectively [3] Group 2: Chinese Pharmaceutical Companies - At least 30 Chinese pharmaceutical companies are participating, with several being regular attendees, indicating a growing presence in the global market [4][5] - Notable Chinese companies presenting include BeiGene, Zai Lab, and Legend Biotech, with significant advancements in their clinical pipelines being highlighted [4] Group 3: Investment Trends - Investors are increasingly interested in the integration of AI in pharmaceuticals and how multinational companies are addressing patent cliffs and BD strategies [4][5] - The perception of Chinese pharmaceutical companies is shifting from mere asset providers to co-creators of global pharmaceutical innovation, reflecting their growing capabilities [9] Group 4: Company Innovations - Companies like China Biologic Products are undergoing significant innovation transformations, aiming for over 50% of their revenue from innovative products by 2025 [7] - Yuyuan Pharmaceutical, previously seen as a generic drug company, is transitioning to focus on nucleic acid and peptide innovative drugs, indicating a strategic shift in their business model [8]

（来源：新康界） 转自：新康界 1月14日晚，药明生物发布公告，宣布一项收购要约，旗下子公司药明合联将收购东曜药业。 在ADC领域商业化进程加速、产能成为关键稀缺资源的背景下，这步棋相当于跳过了自建厂房通常所 需的3—5年周期，以资本换时间，迅速将图纸上的产能转化为手中的实际交付能力。这不仅能够在当前 产能竞争中占据主动，更有望凭借其全方位布局，主导未来生物偶联药CDMO行业格局。 溢价超100% 文件显示，花旗将为及代表要约人按下文所载条款及条件作出自愿有条件现金要约，以收购全部已发行 股份，并注销全部尚未行使购股权。据悉，东曜药业股份自2025年12月29日起暂停买卖，已于1月15日 上午九时恢复交易。 就每股要约股份而言，收购价格为现金4.00港元/股。较东曜药业未受干扰日（2025年12月22日）收盘 价2.01港元溢价约99.00%，较过去30个交易日平均收盘价溢价约114.67%。于公告期内，东曜药业已发 行股份总数为772,787,887股。也就是说股本总价值约为30.91亿港元。 据了解，交易完成后，东曜药业将维持在港股上市，成为药明合联及药明生物的附属公司，分别并表进 后两者。 药明合联表示 ...

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%；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%。 近日，药明合联发布公告称，预期公司截至2025年12月31日止年度录得财务业绩为，收入较截至2024年 12月31日止年度增长超过45%；毛利较截至2024年12月31日止年度增长超过70%。 ...

一年一度，有着全球生物医药产业风向标作用的摩根大通医疗健康大会（J.P. Morgan Healthcare Conference）正在美国旧金山召开。 当地时间1月14日上午，药明生物（02269.HK）CEO陈智胜于大会演讲时介绍，公司2025年新增209个 综合项目，综合项目数已达945个，双多抗等复杂分子成为药明生物核心增长引擎。同时预计2026年业 务增长势头将持续。 外界注意到，作为全球领先的大规模、一体化生物药CRDMO企业，药明生物拥有的全球规模领先复杂 生物药产品管线，含金量再次提升。双多抗项目数量正比肩抗体偶联药物（ADC），成为公司新的增 长引擎。 与此同时，药明生物正在稳步推进全球战略扩张布局，强化美国与亚洲的一体化CRDMO能力。 2025年药明生物新签项目中，约半数来自美国。眼下，公司正在增加美国战略投资，打造覆盖工艺开 发、原液及制剂生产的一体化生物药服务能力。在中东，药明生物落子卡塔尔，这是中国、爱尔兰、德 国、美国和新加坡后，药明生物全球网络中的第六极 。 药明生物的全球布局通过就近服务、快速响应和定制化服务，正在为客户不断创造实质价值。 新增长引擎轰鸣：双多抗一飞冲天 从2 ...

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]

2025年，恒生医疗保健指数在创新药牛市带动下，最终实现了指数年内上涨56.95%的优秀表现。然而，在这段由创新药标的波动带动的行情中，CXO标的 的表现同样出众。 以港股头部CXO标的药明生物(02269)为例，2025年，公司股价年内涨幅达到79.04%，显著跑赢指数。而时至2026年，港股生物医药板块再度走出强势行 情，药明生物则以一段"六连阳"的拉升行情领涨CXO赛道，并于1月14日收盘站上40港元/股关口，今年区间内最高涨幅超过28%。这一方面反映出市场对创 新药产业链及其上游交付确定性的再定价，另一方面也反映出资金对CXO龙头企业配置意愿的持续性。 智通财经了解到，去年8月，药明生物在中期业绩交出硬核成绩单，并上调2025年全年收入指引至14%-16%，宣布回归高增长通道。在强劲的内生增长潜力 持续修复公司估值、推高公司股价的背景下，药明生物在二级市场的表现值得更多期待。1月11日晚间，药明生物以一则重磅公告鸣响公司2026年加速估值 修复的第一声信号枪。 重磅数据背后的加速成长轨迹 从业务结构看，从研发(R)到开发(D)再到生产(M)的加速转化成为公司高速增长的关键驱动力。 智通财经了解到，药明 ...

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]