Summary of WuXi AppTec Co Ltd Conference Call Company Overview - **Company**: WuXi AppTec Co Ltd - **Industry**: China Healthcare - **Stock Rating**: Overweight - **Price Target**: HK$145.00 - **Current Price**: HK$117.50 - **Market Capitalization**: Rmb285,728 million - **Fiscal Year Ending**: December 2025 Key Financial Metrics - **Revenue Growth**: Projected revenue growth of over 20% for the Chemistry segment and over 30% for TIDES in 2026 [2][4] - **Capex Allocation**: Projected capital expenditure of Rmb6.5-7.5 billion for 2026, representing a 17% to 35% increase compared to 2025, with 60-70% allocated to CDMO capacity [2] - **Backlog**: Continuing operations backlog reached Rmb58.0 billion as of end-2025, up 29% YoY [2] - **Gross Margin**: Chemistry segment gross margin expected to remain stable at 45-50% in 2026 [2] Growth Drivers - **Solid Phase Peptide Capacity**: Projected capacity to reach 130,000L by 2026, indicating strong growth potential in peptide synthesis [2] - **Outsourcing Trend**: Increasing propensity for multinational corporations (MNCs) to outsource, contributing to revenue growth [7] - **Project Portfolio**: A large project portfolio with stable revenue streams from 83 commercial contracts, making the company less sensitive to biopharma funding volatility [7] Market Dynamics - **Global Supply Shortage**: Observed global supply shortages for advanced modalities, such as GLP-1 peptides, where China offers cost and efficiency advantages [7] - **Earnings Performance**: Consistent earnings beats against consensus estimates throughout 2025, driven by mid-to-late and commercial-stage projects [7] Risks and Considerations - **Market Risks**: Potential margin pressure from US business, global competition, and geopolitical risks [11] - **Operational Risks**: Talent turnover and IP protection issues could impact operational efficiency [11] Valuation Methodology - **Discounted Cash Flow**: Price target derived from a discounted cash flow methodology with a WACC of 10% and a terminal growth rate of 4% [8] Conclusion - WuXi AppTec is positioned strongly within the China healthcare sector, with robust growth prospects driven by increasing outsourcing trends and a solid project pipeline. The company’s financial metrics indicate a stable outlook, although it faces various operational and market risks that could impact its performance in the coming years.

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之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致之任何損失承擔任何責任。 WUXI APPTEC CO., LTD. * 無錫藥明康德新藥開發股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2359） 海外監管公告 本海外監管公告乃由本公司根據香港聯合交易所有限公司證券上市規則第 13.10B條作出。 茲載列本公司在上海證券交易所網站刊登的以下資料中文全文，僅供參閱。 承董事會命 無錫藥明康德新藥開發股份有限公司 董事長 李革博士 香港，2026年4月1日 无锡药明康德新药开发股份有限公司（以下简称"本公司"）已于 2026 年 3 月 24 日在上海证券交易所网站（www.sse.com.cn）及指定媒体披露《无锡药明 康德新药开发股份有限公司 2025 年年度报告》。为了便于广大投资者更全面深入 地了解本公司 2025 年度业绩和经营情况，本公司拟于 2026 年 4 月 13 日（星期 一）上午 10:00-11:00 召开业绩说明会，就投资者普遍 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 無錫藥明康德新藥開發股份有限公司 呈交日期: 2026年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02359 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 510,476,909 | RMB | | 1 RMB | | 510,476,909 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 510,476,909 | RMB | | 1 RMB | | 510,476,909 | 備註： 第 1 頁 共 11 頁 v 1.2.1 FF3 ...

Investment Rating - The report maintains a "Positive" investment rating for the healthcare sector [11] Core Insights - The innovative chain sector is entering a new growth cycle driven by both domestic and international demand, with significant improvements expected in China's innovative drug R&D investment starting in 2025 [2][6] - Chinese innovative drug companies are expected to see a substantial increase in available funds, with a projected total of 201.5 billion yuan in IPO fundraising and financing activities in 2025, marking a 145% year-on-year increase [6] - The report highlights the strong performance of CDMO companies, with significant order improvements anticipated by mid-2024, and a positive trend in their financial performance [7] - The innovative drug sector is entering a realization phase with low valuation levels, and numerous catalysts expected in Q2 2026, suggesting a favorable outlook for investments in this area [8] Summary by Sections Domestic Demand - By 2025, the investment climate for innovative drug R&D in China is expected to improve, leading to a new cycle of prosperity in the innovative drug industry [6] - The funding available to Chinese pharmaceutical companies is increasing, with a projected 880.5 billion yuan in potential milestone payments from external business development (BD) activities, a 185.9% year-on-year increase [6] International Demand - CDMO companies focused on overseas revenue are expected to see significant improvements in new orders starting from Q2 2024, with year-on-year growth rates recovering to over 15% [7] - WuXi AppTec's backlog is projected to reach 58 billion yuan by the end of 2025, reflecting a 28.8% year-on-year increase, with expected revenue growth of 18-22% in 2026 [7] Innovative Drug Sector - The innovative drug sector is entering a realization phase with low valuations, supported by a series of policy measures that have been implemented since 2024 [8] - The number of Chinese companies participating in international academic conferences is increasing, with over 100 expected to present nearly 400 research outcomes in 2026 [8] Technological Advancements - Chinese pharmaceutical companies are rapidly enhancing their global competitiveness, with innovative technologies such as second-generation ADCs and molecular therapies being developed at a leading global level [9] - The report suggests that the outbound business development strategies are diversifying, including mergers and collaborations, which could enhance the global presence of Chinese pharmaceutical companies [9]

可持續發展報告 2025 無錫藥明康德新藥開發股份有限公司 目錄 | 關於本報告 | 01 | | --- | --- | | 董事長兼首席執行官致辭 | 02 | | 2025 可持續發展亮點績效 | 03 | | 2025 可持續發展評級表現與國際權威認可 | 04 | | 關於藥明康德 | 05 | | 企業管治 | 06 | | 可持續發展戰略 | 12 | | 績效表 | 96 | | --- | --- | | 附錄 | 103 | 責任公民 | 反腐敗與反賄賂 | 21 | | --- | --- | | 公平競爭 | 26 | | 資訊安全 | 27 | 賦能客戶 | 產品與服務品質 | 36 | | --- | --- | | 研發倫理 | 41 | | 可持續供應鏈 | 44 | 守護地球 | 氣候變化 | 51 | | --- | --- | | 排放與廢棄物管理 | 63 | | 資源管理 | 71 | | 生態系統和生物多樣性 | 76 | 以人為本 | 人才吸引與發展 | 79 | | --- | --- | | 職業健康與安全 | 89 | | 社區參與 | 93 | 關於藥明康 ...

Financial Performance - In 2025, WuXi AppTec achieved a record revenue of RMB 45,456.2 million, representing a 15.5% increase from RMB 39,241.4 million in 2024[14] - The gross profit for 2025 was RMB 21,379.1 million, with a gross margin of 47.0%, up from 40.8% in 2024[14] - Net profit attributable to shareholders reached RMB 19,194.9 million, a significant increase of 105.5% compared to RMB 9,352.6 million in 2024[14] - The company reported an EBITDA of RMB 27,792.1 million, with an EBITDA margin of 61.1%, compared to 37.5% in the previous year[14] - The company achieved a revenue of RMB 45,456.2 million for the reporting period, representing a year-on-year increase of 15.8%[18] - The net profit attributable to shareholders reached RMB 19,194.9 million, a significant year-on-year growth of 105.2%[18] - The company reported a net profit of RMB 19,377.9 million for the year ending December 31, 2025, up from RMB 9,469.0 million in 2024, attributed to a focus on the CRDMO business model and increased operational efficiency[39] - Adjusted net profit attributable to shareholders for the year ended December 31, 2025, was RMB 19,194.9 million, up from RMB 9,352.6 million in 2024[49] Assets and Liabilities - As of December 31, 2025, total assets increased to RMB 103,121.0 million from RMB 80,325.8 million in 2024[16] - The total liabilities stood at RMB 22,873.3 million, slightly up from RMB 21,240.2 million in 2024[16] - As of December 31, 2025, total liabilities amounted to RMB 22,873.3 million, an increase from RMB 21,240.2 million as of December 31, 2024[43] - Bank borrowings totaled RMB 7,805.8 million, with RMB 5,986.7 million due within one year and RMB 1,819.1 million due after one year[43] - The debt-to-asset ratio decreased to 22.2% as of December 31, 2025, down from 26.4% as of December 31, 2024, primarily due to increased profits and asset sales[43] Cash Flow and Liquidity - Cash and cash equivalents rose to RMB 29,455.8 million, compared to RMB 13,434.3 million in 2024, indicating improved liquidity[16] - Cash generated from operating activities was RMB 16,426.3 million, a 37.0% increase from RMB 11,986.8 million in 2024, reflecting improved operational profit and financial management[40] - Adjusted free cash flow for 2025 reached RMB 11,130.8 million, a 39.8% increase from RMB 7,983.3 million in 2024[51] - Operating cash flow for 2025 was RMB 16,426.3 million, up from RMB 11,986.8 million in 2024, reflecting a strong operational performance[51] Revenue Growth and Business Segments - The company’s ongoing business orders amounted to RMB 58 billion, reflecting a year-on-year growth of 28.8%[20] - Revenue from US clients was RMB 31,250 million, showing a year-on-year increase of 34.3%[20] - The chemical business (WuXi Chemistry) generated revenue of RMB 36,465.8 million, up 25.5% year-on-year[22] - The TIDES business (oligonucleotides and peptides) saw revenue reach RMB 11,370 million, a remarkable year-on-year growth of 96.0%[24] - The revenue from the testing business (WuXi Testing) was RMB 4,041.7 million, reflecting a year-on-year growth of 4.7%[22] Strategic Initiatives and Future Outlook - The company expects overall revenue for 2026 to reach between RMB 513 million and RMB 530 million, with a projected growth rate of 18-22% for continuing operations[11] - The company aims to enhance its CRDMO core strategy and accelerate global capacity building in 2026[11] - The company is focusing on enhancing its CRDMO core strategy and accelerating global capacity building[25] - The company aims to continuously enhance its capabilities and scale to meet the increasing demand for high-quality services in the pharmaceutical and life sciences sectors[69] - The company will continue to invest heavily in new drug research and development technologies, focusing on various new molecular types such as peptides, oligonucleotides, PROTACs, and conjugated drugs to enhance service capabilities and capture new business opportunities[98] Corporate Governance and Management - The company has a strong leadership team with extensive experience in the pharmaceutical and biotechnology sectors, including executives with backgrounds from Pfizer and AstraZeneca[124][125][127][132] - The company has maintained good corporate governance standards, ensuring shareholder interests and enhancing corporate value[150] - The board consists of 11 members, including 4 executive directors, 2 non-executive directors, and 5 independent non-executive directors[156] - The company has established a code of conduct for directors' securities trading, ensuring compliance with the standards set forth in the listing rules[154] - The company has implemented a comprehensive policy to ensure the board receives independent viewpoints and opinions[163] Risks and Challenges - The company faces risks from a potential decline in demand for pharmaceutical research services, which could negatively impact its business if industry growth slows or outsourcing ratios decrease[102] - The company is exposed to regulatory risks due to the highly regulated nature of the pharmaceutical research services industry, which may affect its operations if it fails to adapt to changes in policies and regulations[103] - The company is experiencing intensified competition in the global pharmaceutical research services market, which may weaken its competitive advantages if it does not continue to enhance its research and commercial capabilities[104] - The company recognizes the importance of retaining core technical personnel for its competitive edge and faces risks related to talent retention if compensation and incentive mechanisms are not competitive[107]

证券代码：603259 证券简称：药明康德 公告编号：临 2026-016 无锡药明康德新药开发股份有限公司 关于召开 2025 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 无锡药明康德新药开发股份有限公司（以下简称"本公司"）已于 2026 年 3 月 24 日在上海证券交易所网站（www.sse.com.cn）及指定媒体披露《无锡药明 康德新药开发股份有限公司 2025 年年度报告》。为了便于广大投资者更全面深入 地了解本公司 2025 年度业绩和经营情况，本公司拟于 2026 年 4 月 13 日（星期 一）上午 10:00-11:00 召开业绩说明会，就投资者普遍关心的问题进行交流。 一、 业绩说明会类型 本次业绩说明会以视频结合网络互动方式召开，本公司将针对 2025 年度业 绩和经营情况与投资者进行交流，并在信息披露允许的范围内就投资者普遍关注 的问题进行回答。 （三）会议召开方式：上证路演中心视频直播和网络互动 三、参加人员 本公司执行董事、联席首席执行官陈民章博士，执行 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 177.30 CNY [6][12]. Core Insights - The company, WuXi AppTec, is a leading global CRDMO player, with its 2025 performance exceeding guidance, showing a significant profit margin increase. The Tides business is strong, with a backlog of orders increasing by 28% by the end of 2025, and a projected revenue growth of 18-22% for 2026 [2][12]. Financial Summary - Total revenue for 2025 was 45,456 million CNY, a year-on-year increase of 15.8%, surpassing the revised guidance. The net profit attributable to shareholders reached 19,151 million CNY, up 102.6% year-on-year. The adjusted Non-IFRS net profit was 14,960 million CNY, reflecting a 41.3% increase [4][12]. - The company forecasts revenues of 52,405 million CNY, 60,176 million CNY, and 66,900 million CNY for 2026, 2027, and 2028, respectively, with growth rates of 15.3%, 14.8%, and 11.2%. The net profit attributable to shareholders is expected to be 17,638 million CNY, 20,442 million CNY, and 22,375 million CNY for the same years, with growth rates of -7.9%, 15.9%, and 9.5% [12][13]. - The adjusted Non-IFRS gross margin improved to 48.2%, a year-on-year increase of 6.6 percentage points, driven by higher capacity utilization and an increase in high-margin business [12]. Business Performance - The chemical business generated revenue of 36,470 million CNY, a 25.5% year-on-year increase. The small molecule CDMO pipeline expanded, with revenue from small molecule D&M business reaching 19,920 million CNY, up 11.4% year-on-year [12]. - The Tides business saw revenue of 11,370 million CNY, a remarkable growth of 96% year-on-year, with a backlog of orders increasing by 20.2%. The number of clients for TIDES D&M services rose by 25%, and the number of service molecules increased by 45% [12].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 177.30 CNY [6][12]. Core Insights - The company, WuXi AppTec, is a leading global CRDMO player, with its 2025 annual performance exceeding guidance, showing a significant profit margin increase. The Tides business is strong, with a backlog of orders increasing by 28% as of the end of 2025, and a projected revenue growth of 18-22% for 2026 [2][12]. Financial Summary - Total revenue for 2025 was 45,456 million CNY, a year-on-year increase of 15.8%, surpassing the revised revenue guidance. The net profit attributable to shareholders was 19,151 million CNY, up 102.6% year-on-year. The adjusted Non-IFRS net profit was 14,960 million CNY, reflecting a 41.3% increase [4][12]. - The company expects revenues for 2026 to be between 52,405 million CNY and 53,000 million CNY, with a growth rate of 15.3% [12]. - The gross margin for adjusted Non-IFRS increased to 48.2%, up 6.6 percentage points year-on-year, driven by improved capacity utilization and a higher proportion of high-margin businesses [12]. Business Segments - The chemical business generated revenue of 36,470 million CNY in 2025, a 25.5% increase. The small molecule CDMO pipeline continues to expand, with 199,200 million CNY in revenue, an 11.4% increase, and a total of 3,452 molecules in the pipeline [12]. - The Tides business saw revenue of 11,370 million CNY in 2025, a remarkable 96% increase, with a backlog of orders growing by 20.2% [12]. Future Projections - For 2026-2028, the company forecasts revenues of 52,405 million CNY, 60,176 million CNY, and 66,900 million CNY, with growth rates of 15.3%, 14.8%, and 11.2% respectively. The net profit attributable to shareholders is projected to be 17,638 million CNY, 20,442 million CNY, and 22,375 million CNY for the same years, with growth rates of -7.9%, 15.9%, and 9.5% respectively [12][13].

Summary of WuXi AppTec Conference Call Company Overview - **Company**: WuXi AppTec - **Industry**: Contract Development and Manufacturing Organization (CDMO) - **Market Position**: Largest CDMO in China with a 28% market share in the total outsourcing market as of 2022; 16% global market share in small-molecule new drug projects under clinical development [15][20] Key Financial Guidance - **FY26 Revenue Guidance**: Rmb 51.3–53.0 billion, incorporating foreign exchange assumptions [2][11] - **Underlying Constant-Currency Growth**: Expected to reach approximately 22%–26% [2][11] - **Continuing-Operations Backlog**: Increased by 28.8% YoY to Rmb 58.0 billion, with a constant-currency growth of about 34% [2][11][5] - **Capex Guidance**: Management plans to spend Rmb 6.5-7.5 billion in FY26, Rmb 1-2 billion more than FY25 [2][11] Regional Performance - **U.S. Revenue Growth**: Increased by 34.3% YoY to Rmb 31.25 billion, remaining the largest market [7][11] - **Europe and China**: Reported softer revenue due to delivery timing but maintained double-digit order growth in 2026 [7][11] Business Segments - **Core Business**: Continued strength in WuXi Chemistry, particularly in TIDES and small-molecule development and manufacturing (D&M) [2][11] - **Growth Expectations**: Management anticipates over 30% constant-currency growth in TIDES and further acceleration in small-molecule D&M in 2026 [2][11] Financial Model Updates - **Sales Forecasts**: FY26–28E sales increased by 4-5% based on guidance [7][11] - **Gross Margin Assumptions**: Increased by 3 percentage points, leading to a 10-11% rise in FY26–28E earnings [7][11] - **New Price Targets**: Raised to Rmb 150 for A shares and HK$ 150 for H shares [2][11] Investment Thesis - **Fundamentals**: Strong growth momentum, moderate competition, and diversified business segments support the investment thesis [15][20] - **Risks**: Geopolitical risks, competition from overseas CDMOs, product development failures, and losses in biotech investments are key downside risks [24][45] - **Upside Potential**: Improvement in geopolitical conditions and faster-than-expected project growth could enhance performance [24][45] Valuation - **Price Target**: Rmb 150 based on DCF valuation with a terminal growth rate of 3.0% and WACC of 10.3% [16][21] - **Current Trading Metrics**: WuXi AppTec is trading at 17x P/E based on FY26 estimates [2][11] Additional Insights - **Capacity Expansion**: Solid-state peptide synthesis capacity expected to rise to approximately 130,000 liters [7][11] - **Order Trends**: Early-stage demand is gradually recovering, with improving funding conditions and healthy interest in new modalities [7][11] This summary encapsulates the key points from the conference call, highlighting the company's strong growth trajectory, financial guidance, regional performance, and investment outlook.