药明康德第三季收入同比升15%至121亿元人民币，超出该行及市场预估的114亿元及115亿元人民币;纯 利同比升53%至35亿元人民币，高于该行及市场预估的33亿元及31亿元人民币。非国际财务报告准则净 利润同比升42%至42亿元人民币，调整后的非国际财务报告准则毛利率同比升6.1个百分点至44.5%。截 至第三季末持续营运订单储备同比升41%至599亿元人民币。公司同时宣布剥离临床合同研究组织/现场 管理组织业务，初始交易对价为28亿元人民币。该行认为此次出售对药明康德有利，因公司可专注核心 合同研究、开发与制造组织业务及其全球布局扩张。 智通财经APP获悉，瑞银发布研报称，上调对药明康德(02359)今年每股盈利预测23.4%，明年至2028年 盈测上调0.3%至0.9%。对该股目标价由136.1港元上调至138.4港元，评级"买入"。 ...

Core Viewpoint - WuXi AppTec (603259) is focusing on its CRDMO (Contract Research, Development, and Manufacturing Organization) business model by divesting its 100% stakes in Kangde Hongyi and Jinshi Pharmaceutical for a base transfer price of RMB 2.8 billion, aiming to enhance its global capabilities and production capacity [1] Group 1: Transaction Details - The divestiture involves a transfer of 100% equity stakes in Kangde Hongyi and Jinshi Pharmaceutical to a newly established company by Hillhouse Capital through its private equity fund [1] - The transaction is aligned with WuXi AppTec's strategy to concentrate on drug discovery, laboratory testing, and process development and manufacturing services [1] Group 2: Financial Impact - The target companies generated approximately RMB 1.16 billion in total revenue from January to September 2025, accounting for about 3.5% of WuXi AppTec's total revenue for the same period [1] - The net profit of the target companies for the same period is approximately RMB 90 million, representing about 0.7% of WuXi AppTec's net profit [1]

Core Viewpoint - WuXi AppTec (药明康德) reported strong financial performance for the first three quarters of 2025, with significant growth in revenue and net profit, indicating a positive outlook for the company's core CRDMO business [1] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of RMB 32.86 billion, representing a year-on-year increase of 18.6% [1] - The revenue from continuing operations grew by 22.5% year-on-year [1] - The net profit attributable to shareholders reached RMB 12.076 billion, marking an impressive year-on-year growth of 84.84% [1] Future Projections - The company expects the revenue from continuing operations to return to double-digit growth, with the growth rate revised from 13-17% to 17-18% [1] - Overall annual revenue forecast has been adjusted from RMB 42.5-43.5 billion to RMB 43.5-44 billion [1] Business Focus - WuXi AppTec will concentrate on its core CRDMO business and aims to continuously improve operational efficiency [1] Order Backlog - As of September 30, 2025, the company had a backlog of orders for continuing operations amounting to RMB 59.88 billion, reflecting a year-on-year increase of 41.2% [1] Revenue Breakdown by Region - Revenue from U.S. clients was RMB 22.15 billion, up 31.9% year-on-year [1] - Revenue from European clients reached RMB 3.84 billion, growing by 13.5% year-on-year [1] - Revenue from Chinese clients was RMB 5.04 billion, with a modest increase of 0.5% year-on-year [1] - Revenue from other regions amounted to RMB 1.42 billion, showing a year-on-year growth of 9.2% [1]

Core Viewpoint - WuXi AppTec is divesting its clinical research services business for 2.8 billion yuan to focus on its core CRDMO (Contract Research, Development, and Manufacturing) strategy, which is expected to enhance its global capabilities and production capacity [1][3][6]. Business Divestiture - The company announced the sale of 100% equity in its subsidiaries, Shanghai Kangde Hongyi Medical Clinical Research Co., Ltd. and Shanghai WuXi Jishi Pharmaceutical Technology Co., Ltd., for 2.8 billion yuan to a newly established company under Hillhouse Capital [1][4]. - Kangde Hongyi reported revenues of 291 million yuan and 186 million yuan for 2024 and the first three quarters of 2025, respectively, with net losses of 42 million yuan and 75 million yuan during the same periods [5][6]. - In contrast, WuXi Jishi showed stable performance with revenues of 1.338 billion yuan and 979 million yuan for 2024 and the first three quarters of 2025, respectively, and net profits of 313 million yuan and 162 million yuan [5][6]. Financial Impact - The combined revenue contribution of the two companies was approximately 1.16 billion yuan for the first nine months of 2025, accounting for about 3.5% of WuXi AppTec's total revenue during that period [6]. - The company anticipates that the transaction will yield a profit exceeding 10% of its most recent audited net profit, which could translate to approximately 945 million yuan based on a net profit of 9.45 billion yuan for 2024 [8]. Strategic Focus - The divestiture aligns with WuXi AppTec's ongoing strategy to streamline operations and concentrate on its CRDMO core business, which includes drug discovery, laboratory testing, and process development and manufacturing services [3][6]. - The company has previously engaged in similar asset sales to enhance its focus on CRDMO, including the sale of its WuXi ATU business in late 2024 [9]. Market Reaction - Following the announcement, WuXi AppTec's stock saw a significant increase, with A-shares rising over 6% and H-shares increasing by over 7% on October 27 [3]. Performance Update - For the first three quarters of 2025, WuXi AppTec reported revenues of 32.857 billion yuan, a year-on-year increase of 18.61%, and a net profit of 12.076 billion yuan, reflecting an 84.84% growth [11]. - The company has raised its full-year performance guidance for 2025, expecting revenue growth to return to double digits, adjusting the growth rate from 13-17% to 17-18% [11].

2025年10月26日，药明康德（603259）(603259.SH/02359)公布第三季度报告：前三季度累计收入为 328.6亿元，同比增长18.6%；公司第三季度更是创下历史单季度新高，公司在各项利润口径上的增长速 度均超出营收增幅。药明康德对全年业绩预期再次上调，将全年收入目标提高至435-440亿元。 ...

Core Insights - The company reported strong financial performance for Q1-Q3 2025, with revenue of 32.86 billion yuan, a year-on-year increase of 18.6%, and a net profit of 12.08 billion yuan, reflecting a significant year-on-year growth of 84.8% [1] - The company has raised its revenue growth guidance for 2025 from 13-17% to 17-18%, driven by robust demand in core business areas and improved operational efficiency [2] - The company plans to divest its clinical research services business for 2.8 billion yuan, which is expected to help focus on core operations and accelerate global capacity expansion [2] Financial Performance - Revenue for Q1-Q3 2025 reached 32.86 billion yuan, with a 22.5% year-on-year increase in continuing operations revenue [1] - Adjusted non-IFRS net profit was 10.54 billion yuan, up 43.4% year-on-year, with a net profit margin of 32.1%, an increase of 5.6 percentage points year-on-year [1] - The company’s continuing operations backlog reached 59.88 billion yuan, a year-on-year increase of 41.2% [2] Business Segments - The small molecule CDMO and TIDES segments showed strong growth, with WuXi Chemistry generating 25.98 billion yuan in revenue, a year-on-year increase of 29.3% [2] - TIDES revenue surged by 121.1% year-on-year to 7.84 billion yuan, while D&M revenue increased by 14.1% year-on-year to 14.24 billion yuan [2] - The drug safety evaluation segment maintained industry leadership, with laboratory analysis and testing revenue of 1.08 billion yuan, reflecting a year-on-year increase of 2.7% [2] Profit Forecast and Valuation - The company has revised its earnings forecasts for 2025 and 2026 upwards by 6.0% and 2.8%, respectively, to 15.63 billion yuan and 14.82 billion yuan [3] - Current A-shares are valued at 19.8x and 20.9x PE for 2025 and 2026, while H-shares are valued at 19.3x and 20.1x PE for the same periods [3] - Target prices for A-shares and H-shares have been raised by 7.4% to 123.5 yuan and 7.1% to 135.0 yuan, respectively, indicating an upside potential of 19.0% and 22.2% [3]

Core Viewpoint - The A-share and Hong Kong stock markets experienced a collective rise, with the CXO sector leading the pharmaceutical industry, indicating a positive trend in the market [1] Group 1: Market Performance - Key indices in the A-share and Hong Kong markets surged, with the CXO sector leading the pharmaceutical segment [1] - The Hang Seng Biotechnology Index showed fluctuations but ultimately rose, with companies like WuXi AppTec, WuXi Biologics, and WuXi PharmaTech seeing significant gains [1] - The Hang Seng Pharmaceutical ETF (159892) increased by over 1% during intraday trading [1] Group 2: Company Financials - WuXi AppTec's Q3 report revealed a shareholder profit of 11.802 billion yuan for the first three fiscal quarters, marking an 80.65% year-on-year increase [1] - The total revenue for WuXi AppTec reached 32.857 billion yuan, reflecting an 18.61% year-on-year growth [1] Group 3: Industry Outlook - Huafu Securities noted that both macro (overseas investment and financing) and micro (performance of overseas CXO companies) perspectives indicate that the overseas CXO industry is entering a phase of accelerated recovery [1] - There is a need to pay attention to the allocation opportunities in domestic and foreign demand-driven CXO companies [1]

药明康德第三季业绩表现稳健，收入、净利润及订单增长均胜市场预期。期内收入及经调整非国际财务 报告准则净利润分别同比升15%及42%。公司将全年持续经营业务的收入增长指引由13%-17%上调至 17%-18%，并预期全年经调整非国际财务报告准则净利润率将同比进一步提升。该行将药明康德2025至 2027年收入及净利润预测分别上调约2%及4%，以反映第三季业绩超预期及订单持续强劲增长。 智通财经APP获悉，里昂发布研报称，将药明康德H股(02359)目标价由137.1港元升至138.6港元，药明 康德A股(603259.SH)目标价由124.7元上调至126元人民币，均维持"跑赢大市"评级，并将股份列为内地 CRO及CDMO行业的首选。 ...

Market Performance - The Hang Seng Index rose by 1.02% to 26,427.16 points, while the Hang Seng Tech Index increased by 1.48% and the Hang Seng China Enterprises Index strengthened by 0.95% with a half-day trading volume of HKD 156.53 billion [1] Sector Analysis - In the technology sector, ASMPT increased by 4.44%, Hua Hong rose by 2.79%, and Alibaba Health gained 2.70%. Conversely, Kingdee International saw a decline of 1.62% [1] - Kingdee's cloud subscription service is projected to achieve an annual recurring revenue of HKD 3.86 billion by September 30, 2025, reflecting a year-on-year growth of approximately 18% [1] Market Outlook - Dongwu Securities suggests that short-term volatility in the Hong Kong stock market may not have ended, but the long-term upward trend remains unchanged [1] - Factors such as short-term economic data, US-China tariff news, US tech earnings reports, and the Fourth Plenary Session will influence trading patterns and styles in the Hong Kong market [1] - The technology sector is expected to experience increased volatility, influenced by macroeconomic conditions and the performance of leading US tech companies, which will affect the trading rhythm of Chinese tech stocks [1] - There is optimism regarding the AI trend, indicating that opportunities arising from the recent declines in Hong Kong tech stocks are becoming apparent, with a continued long-term upward trend expected [1] Investment Products - The Hong Kong Stock Connect Technology ETF (159101) covers the entire technology industry chain - The Hang Seng Internet ETF (513330) focuses on leading internet companies [2]

摩根士丹利研究报告指出，药明康德第三季收入按年升15.3%至121亿元，净利润升53.3%至35.15亿元， 经调整非国际财务报告准则净利润升42%至42.2亿元；除收入较该行预期略低1%，其他数据均胜该行预 期。其中，化学、测试及生物业务收入分别按年增长23%、2%及6%。公司上调持续经营业务的全年收 入增长指引，由13%-17%调整至17%-18%。该行认为，此次调整指引与今年上半年的做法类似，上限的 上调幅度较为保守，而下限则较大幅地提升4个百分点。公司首九个月收入已累计按年增长22.5%，该 行认为其全年表现有望达到甚至超越指引。该行又认为目前是购入药明康德股份的合适时机，因现时该 股2026财年预测市盈率约20倍，低于行业中位数的26倍；予其"增持"评级，A股目标价105元。 ...