机构：中信建投证券 研究员：贺菊颖/袁清慧/王云鹏 核心观点 2025H1 药明生物实现营收99.5 亿元，持续经营业务收入同比增长20.2%，超过此前公司全年指引。新 签项目达86 个创历史新高，在手项目864 个，其中FIC 类项目338 个，在手管线充分展现公司领先地 位。展望2025 年，我们认为公司在技术平台、生产基地、营运效率、全球发展等方面全面布局、革新 完善，公司业绩有望继续高速增长。随着业务高速发展、W BS 效率提升、产能利用率提高等，公司的 利润率也有望持续提升。 事件 公司发布2025H1 业绩公告 8 月20 日，公司发布25H1 业绩报告，实现营收99.5 亿元，同比增长16.1%，持续经营业务收入同比增 长20.2%。实现毛利42.5 亿元，同比增长27.0%。实现归母净利润23.4 亿元，同比增长56.0%，实现经调 整净利润28.4 亿元，同比增长11.6%。202 5 H1公司新签项目86 个，在手项目864 个。截至25 年6 月3 0 日，公司未完成订单总额203 亿美元。 25H1 营收超预期，新签项目数创历史新高 25H1 公司实现营收99.5 亿元，同比增长16. ...

Core Insights - The company achieved a revenue of 9.953 billion yuan in H1 2025, representing a year-on-year growth of 16.08% and a net profit of 2.339 billion yuan, up 56.05% [1] - The adjusted net profit reached 2.840 billion yuan, with a growth of 11.60%, and a gross margin of approximately 42.73%, an increase of about 3.6 percentage points year-on-year [1] - The company raised its full-year revenue guidance for 2025 to a growth range of 14%-16% [1] Financial Performance - The company’s net profit forecasts for 2025-2027 are adjusted to 4.578 billion yuan, 5.126 billion yuan, and 6.288 billion yuan respectively, with original estimates being 4.256 billion yuan and 4.995 billion yuan [1] - The earnings per share (EPS) are projected to be 1.1 yuan, 1.3 yuan, and 1.5 yuan for 2025-2027 [1] - The current stock price corresponds to price-to-earnings (PE) ratios of 26.7, 23.9, and 19.5 for the respective years [1] Business Segments - The preclinical business generated revenue of 4.147 billion yuan in H1 2025, showing a year-on-year increase of approximately 35.2% [2] - Clinical III phase and commercialization revenue reached about 4.289 billion yuan, up 24.9%, driven by early projects maturing and existing commercial projects ramping up [2] - The company has a total of 864 projects, with 429 in preclinical/I phase, 259 in II phase, 85 in III phase, and 24 in commercialization as of June 2025 [2] Global Expansion - The company is enhancing its global capacity with 5 research service centers, 8 drug development centers, and 8 commercial production centers worldwide [2] - Revenue growth rates for North America, Europe, China, and other regions were 20.1%, 5.7%, -8.5%, and 136.1% respectively, indicating robust growth in North America [2] - The company’s Irish base has received EMA approval for its first product for commercial production, and the construction of the MFG11 capacity in the U.S. is ongoing [2]

Group 1 - The core viewpoint of the article highlights the overall poor performance of Hong Kong's biopharmaceutical stocks, with significant declines in major companies such as WuXi AppTec, Tigermed, and King’s Ray Biotech [1] - U.S. President Trump announced plans to reduce drug prices to 1/1400 to 1/1500 of current prices and to impose tariffs on pharmaceuticals, which could create volatility in the global pharmaceutical industry [1] - The Chinese biopharmaceutical sector faces both opportunities and challenges due to these developments, with potential short-term market fluctuations driven by uncertainty, particularly for businesses exposed to the U.S. market [1] Group 2 - In the long term, China's pharmaceutical industry may leverage its innovation and supply chain advantages to find new growth opportunities in the global pharmaceutical landscape, especially in areas like CDMO and internationalization of innovative drugs [1] - The article lists the latest prices and percentage changes for various biopharmaceutical stocks, indicating a general downward trend across the sector [1]

Core Viewpoint - WuXi Biologics (02269) experienced a 2.1% decline in stock price, trading at 32.58 HKD per share with a transaction volume of 304 million HKD as of 09:46 on August 26 [1] Group 1: Company Overview - WuXi Biologics is a leading global provider of biologics services, offering comprehensive, integrated, and highly customized services throughout the entire process from discovery and development to production of biologics [1] - The company held a 48% market share in China's biologics R&D market in 2016 and has established partnerships with 12 out of the top 20 global pharmaceutical companies [1] Group 2: Financial Performance - As of the mid-year report in 2025, WuXi Biologics reported total revenue of 9.953 billion CNY and a net profit of 2.339 billion CNY [2]

高盛上调对药明生物(2269.HK)今年至2027年每股盈利预测11.9%至15.9%，反映胜预期的毛利率改善。 目标价由25.6港元上调至29.3港元，预测市盈率目标维持23倍，评级中性。该行指，公司中期毛利率扩 年扩大3.6个百分点至42.7%，受员工股份报酬减少推动、研究R部分里程碑收入入账增加及新产能使用 情况改善，抵销爱尔兰项目亏损所推动。报告指管理层预期毛利率改善将会在下半年持续，基于经营效 增加及产能使用率提升，长期毛利率目标为50%，其中新加坡厂房毛利率将达至约45%。 ...

医药合同外包服务(CXO)行业的盈利与估值对资金环境变化较敏感，该行预期美国下半年潜在减息将推 动市场偏好CXO板块。相较上半年，今年下半年至明年在更有利的资金环境下，全球的生物科技公司 将增加研发投入，而制药企业亦将扩大研发支出以缓解专利壁垒压力，并将持续惠及药明生物。 智通财经APP获悉，里昂发布研报称，料药明生物(02269)将于2025至27年重新加速增长，将期内收入预 测上调0%至4%，净利润预测上调0%至7%，毛利率将由2024年的28.5%，料提升至2027年的30.8%。该 行将公司目标价由34.8港元上调至42.6港元，重申跑赢大市评级。 ...

Core Viewpoint - The report from Citi indicates that WuXi Biologics (02269) is expected to accelerate growth again between 2025 and 2027, with revenue forecasts raised by 0% to 4% and net profit forecasts increased by 0% to 7% [1] Group 1: Financial Projections - Gross margin is projected to improve from 28.5% in 2024 to 30.8% in 2027 [1] - The target price for the company has been raised from HKD 34.8 to HKD 42.6, maintaining an outperform rating [1] Group 2: Industry Insights - The profitability and valuation of the Contract Research Organization (CRO) industry are sensitive to changes in the funding environment [1] - A potential interest rate cut in the US in the second half of the year is expected to enhance market preference for the CRO sector [1] - Global biotech companies are anticipated to increase R&D investments in a more favorable funding environment, while pharmaceutical companies will also expand R&D spending to alleviate patent barrier pressures, benefiting WuXi Biologics [1]

Investment Rating - The investment rating for WuXi Biologics (02269.HK) is "Buy" (maintained) [4][13] Core Views - The company achieved a robust revenue growth of 16.08% year-on-year in H1 2025, with total revenue reaching 9.953 billion yuan and a net profit of 2.339 billion yuan, reflecting a significant increase of 56.05% [4] - The company has raised its full-year revenue guidance for 2025 to a growth range of 14%-16%, supported by a backlog of unfulfilled orders amounting to approximately 20.34 billion USD [4] - The report highlights the strong growth momentum in preclinical services and anticipates future growth in CMO (Contract Manufacturing Organization) business [5] Financial Performance - In H1 2025, the company reported a gross margin of approximately 42.73%, an increase of about 3.6 percentage points year-on-year [4] - The adjusted net profit for H1 2025 was 2.840 billion yuan, representing a year-on-year growth of 11.60% [4] - The company’s earnings per share (EPS) for 2025-2027 are projected to be 1.1, 1.3, and 1.5 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 26.7, 23.9, and 19.5 times [4] Business Growth and Strategy - The preclinical business achieved revenue of 4.147 billion yuan in H1 2025, marking a year-on-year growth of approximately 35.2% [5] - The company has a total of 864 projects in various stages, with 429 in preclinical, 259 in Phase I, 85 in Phase II, 67 in Phase III, and 24 in commercialization [5] - WuXi Biologics is expanding its global capacity with five research service centers, eight drug development centers, and eight commercial production centers [6] Regional Performance - Revenue growth in North America was robust at 20.1%, while Europe and China saw growth rates of 5.7% and a decline of 8.5% respectively [6] - The company’s strategic expansion in North America is expected to continue driving revenue growth [6]

盈利预测、估值与评级：公司整体经营状况良好，早期研发端与晚期临床及商业化生产端收入提升明 显。由于减值费用有所提升，其他收入略低于我们此前预期，我们给予更加保守的盈利预测，下调25- 27 年归母净利润预测为42.7/46.7/53.5亿元（前值为42.8/49.3/57.5 亿元，分别下调0.26%/5.32%/7.02%） 对应PE 为27/25/22 倍，维持"买入"评级。 风险提示：公司产能扩张计划或不及预期；生物药CDMO 市场的竞争程度加剧；地缘政治风险或影响 海外收入。 整体项目数再创新高，海外市场收入快速增加。25H1 公司新增86 个项目，总体项目数达864 个，其 中"赢得分子"项目9 个，包括2 个临床III 期项目，且绝大多数是复杂药物分子，体现公司专业能力强 大。25H1 公司临床前收入同比增 35.2%，业务回暖迅速；临床早期阶段收入同比降 29.7%，系数个大 型项目推进至后期开发或商业化阶段及订单时间安排所致。从地区来看，北美地区收入同比增长 20.1%，为公司收入主要推动力；欧洲地区与中国地区收入整体稳健，分别同比增长5.7%和下滑8.5%； 其他地区收入同比快速增长136% ...

Core Viewpoint - WuXi Biologics has raised its full-year revenue guidance following its interim report, indicating a gradual recovery in the global biopharmaceutical R&D and production landscape, with the CRDMO model expected to contribute revenue across various stages of R&D [1][2] Group 1: Financial Projections - The company projects EPS for 2025, 2026, and 2027 to be 1.11, 1.28, and 1.49 CNY respectively [1] - A PE valuation method is applied, with a target PE multiple of 40 for 2025, leading to a target price of HKD 48.18 per share, maintaining a "Buy" rating [1] Group 2: Project Pipeline and Orders - The number of projects in the pipeline is expanding, with a record high of 86 new projects added in the first half of 2025, over half of which are from the U.S. [1] - The company has 864 projects as of the first half of 2025, including 67 in Phase III clinical trials and 24 in commercial production, laying a solid foundation for future revenue growth [1] - The total unfulfilled orders amount to USD 20.3 billion, with approximately USD 11.4 billion in service orders, driven by the advancement of Phase III projects and early-stage clinical progress [1] Group 3: Revenue Growth and Market Resilience - Revenue from the M-end continues to grow rapidly, with North America showing resilience, as preclinical revenue increased by 35.2% year-on-year, driven by research services and preclinical development projects [2] - Clinical Phase III and commercial revenue rose by 24.9% year-on-year, reflecting the maturation of early-stage projects and the ongoing ramp-up of existing commercial projects [2] - North American revenue grew by 20.1% year-on-year, demonstrating sustained demand resilience amid a dynamic trade environment [2] Group 4: CRDMO Model and Profit Potential - The CRDMO model is rare, with proprietary technology molecules expected to contribute revenue at various R&D stages [2] - For every USD 1 billion in proprietary technology drug sales, WuXi Biologics is expected to earn USD 100 million annually, with 100% of projects produced by WuXi exempt from cell line royalties [2] - Projects not produced by WuXi will incur a cell line royalty typically at 0.5% of drug sales, with gross margins exceeding 80%, potentially generating significant profits, and over 600 projects expected to generate potential cell line royalties by the end of 2025 [2]