每经AI快讯，7月31日，药明康德在港交所公告，根据一般授权配售新H股，配股价为每股104.27港 元。 ...

Core Viewpoint - WuXi AppTec reported strong financial performance in the first half of the year, with significant revenue and profit growth, driven by robust demand in its core business segments and strategic operational improvements [3][4][5]. Financial Performance - The company achieved operating revenue of 20.799 billion yuan, a year-on-year increase of 20.64% [3]. - Net profit attributable to shareholders reached 8.561 billion yuan, up 101.92% year-on-year [3]. - The net profit excluding non-recurring items was 5.582 billion yuan, reflecting a growth of 26.47% [3]. Quarterly Highlights - In Q2, WuXi AppTec's revenue surpassed 11.145 billion yuan for the first time, marking a historical milestone [4]. - The net profit for Q2 was 4.889 billion yuan, also a record for the same period [4]. - The company anticipates continued strong performance in Q3 and Q4, with quarterly revenues expected to remain above 10 billion yuan [4]. Business Segments - The chemical business remains the cornerstone of WuXi AppTec's revenue, accounting for nearly 80% of total income, with revenue of 16.301 billion yuan, a year-on-year increase of 33.51% [5]. - The small molecule process development and manufacturing (D&M) segment generated 8.68 billion yuan, growing 17.5% year-on-year [5]. Order Backlog - As of June 30, 2025, the company had a backlog of orders amounting to 56.69 billion yuan, a 37.2% increase year-on-year [5]. Profit Growth Drivers - Profit growth was attributed to a focus on the CRDMO business model, operational efficiency improvements, and increased capacity from late-stage clinical and commercialization projects [6]. - The sale of shares in WuXi XDC Cayman Inc. contributed significantly to profit, with investment income reaching 3.669 billion yuan, a 163-fold increase year-on-year [8]. Cash Flow and Dividends - The net cash flow from operating activities was 7.431 billion yuan, up 49.63% year-on-year [8]. - The board approved the company's first interim dividend, proposing a cash dividend of 3.5 yuan per 10 shares, totaling approximately 1 billion yuan [10]. - The company has completed cash dividends totaling 3.84 billion yuan in the first half of the year and is executing a share buyback plan valued at 1 billion yuan [12].

Core Viewpoint - The article discusses the current state of the investment market, focusing on the performance of various sectors and the implications of regulatory changes on investment strategies. Group 1: Insurance and Investment Strategies - The podcast highlights the rapid growth of the insurance sector since 2022 and the underlying logic behind this trend [5] - It discusses the regulatory push to lower the insurance preset interest rates starting in 2024, which is expected to impact investment decisions [6] - The assessment of state-owned insurance companies' evaluation mechanisms is seen as beneficial for the stock market [6] - Recommendations for investment allocation are provided, suggesting diversification and balanced approaches rather than chasing hot stocks [20] Group 2: Market Performance and Trends - The equity market experienced significant declines, with over 80% of stocks falling and a median drop of approximately 1.45% [10] - External factors, particularly U.S.-China trade negotiations, are influencing market sentiment, with the U.S. gaining a psychological advantage [12] - Internal market dynamics show a cooling of "anti-involution" trading, leading to declines in previously high-performing sectors like steel and coal [14] - Commodity prices have returned to previous levels, indicating a correction in the market [15] Group 3: Specific Stock Insights - The stock of a pharmaceutical company, referred to as "药X," fell by 5.6% following a planned share placement, reflecting market reactions to corporate actions [21] - The article suggests maintaining good relations with company management for better insights into stock movements [22] Group 4: Future Outlook and Recommendations - The company advises waiting for upcoming earnings reports from major firms like Apple before making further investment decisions [23] - It notes that some fund companies have relaxed purchase limits on certain products, indicating a shift in market accessibility [24]

根据公司与Morgan Stanley Asia Limited（独家整体协调人、独家全球协调人及牵头账簿管理人）、 Citigroup Global Markets Limited（联席账簿管理人）、Goldman Sachs (Asia) L.L.C.（联席账簿管理人） 和The Hongkong and Shanghai Banking Corporation Limited（联席账簿管理人）就本次发行签署的配售协 议，本次配售股数拟定为73,800,000股H股，若香港联合交易所有限公司对上述发行数量上限有所调 整，以相关监管机构认可（如适用）的数据为准。 根据配售协议，本次发行的配售价格拟定为104.27港元/股。较最新收盘价112港元/股折价6.9%。 中国经济网北京7月31日讯 药明康德（603259）(603259.SH)A股今日收报96.27元，跌幅2.61%；药明康 德（02359.HK）港股今日收报105.70港元，跌幅5.63%。 药明康德今早披露关于根据一般性授权配售新H股的公告称，经公司第三届董事会第二十四次会议审议 批准，公司拟根据2024年年度股东大会审议通过的《关于给予董事会 ...

（股份代號：2359） WUXI APPTEC CO., LTD.* 無錫藥明康德新藥開發股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 董事名單及其角色與職能 本公司董事會（「董事會」）成員載列如下： * 僅供識別 – 1 – 董事會下設四個委員會。各委員會的成員如下： 審計委員會 盧韶華女士 （主席） 俞衛博士 張新博士 薪酬與考核委員會 執行董事 李革博士 （董事長兼首席執行官） 陳民章博士 （聯席首席執行官） 楊青博士 （聯席首席執行官） 張朝暉先生 非執行董事 童小幪先生 吳亦兵博士 獨立非執行董事 盧韶華女士 俞衛博士 張新博士 詹智玲女士 冷雪松先生 提名委員會 冷雪松先生 （主席） 李革博士 詹智玲女士 香港，2025年7月31日 – 2 – 詹智玲女士 （主席） 張新博士 冷雪松先生 戰略委員會 李革博士 （主席） 陳民章博士 童小幪先生 吳亦兵博士 俞衛博士 ...

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的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並表明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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2359） 根據一般授權配售新H股 獨家整體協調人、獨家全球協調人及牽頭賬簿管理人 本公告或其任何副本概不得直接或間接在美國，或在刊發或派發本公告屬違法的任何其他司 法權區內刊發或派發。 本公告僅供參考，並不構成收購、購買或認購本公司任何證券的邀請或要約。 本公告並非，亦不構成於美國（定義見1933年《美國證券法》（「《證券法》」）S規例）出售證券的 要約或邀請及其任何部分。本公告或其任何內容或其副本亦不得攜進美國境內或於美國境內 或在刊發或派發本公告屬違法的任何其他司法權區內直接或間接派發。除非本公告所指證券 根據《證券法》辦理登記或獲豁免遵守《證券法》的登記規定，否則有關證券未曾亦不會根據《證 券法》登記，且不得在美國境內提呈發售、出售或以其他方式轉讓。本公司並無計劃在美國 登記本公告所述任何證券或在美國公開發售任何證券。 WUXI APPTEC C ...

（文章来源：每日经济新闻） 开源证券7月31日发布研报称，给予药明康德（603259.SH，最新价：96.32元）买入评级。评级理由主 要包括：1）2025H1 业绩超预期，TIDES 业务增速强劲打开成长空间；2）小分子D&M管线持续扩张， TIDES业务强劲增长；3）临床业务稳健发展，着力搭建新分子种类相关生物学平台。风险提示：中美 贸易摩擦，市场竞争加剧，环保和安全生产风险。 ...

Core Insights - WuXi AppTec has demonstrated strong organic growth, as evidenced by its impressive mid-year performance for 2025 [1] Revenue Performance - The company's total revenue for the first half of the year reached 20.8 billion RMB, representing a year-on-year increase of 20.6%. Revenue from continuing operations was 20.41 billion RMB, up 24.2% year-on-year [4] - The net profit attributable to shareholders for the first half was 8.56 billion RMB, reflecting a significant year-on-year growth of 101.9%. The diluted earnings per share were 2.99 RMB, up 106.2% year-on-year [4] Order Backlog - As of June 30, the order backlog for continuing operations stood at 56.69 billion RMB, marking a year-on-year increase of 37.2% [5] - The company has maintained double-digit growth in revenue, profit, and order backlog, outperforming the industry average [5] Growth Drivers - WuXi AppTec's growth strategy focuses on comprehensive empowerment and addressing customer needs, particularly in the context of rising pharmaceutical R&D costs and low success rates [6] - The CRDMO model, which covers the entire process from drug discovery to commercialization, has solidified customer loyalty and created scale effects [6][7] - The company generated 16.64 billion RMB in revenue from the top 20 global pharmaceutical companies, excluding COVID-19 projects, which represents a year-on-year growth of 24.1% [6] Business Segments - The three main business segments—chemistry, biology, and testing—work synergistically to empower clients [9] - The biology segment generated 1.25 billion RMB in revenue, a year-on-year increase of 7.1%, while the testing segment's revenue was 1.0 billion RMB, up 5.5% year-on-year [9] - The chemistry segment led growth with 16.3 billion RMB in revenue, reflecting a 33.5% year-on-year increase, and its adjusted non-IFRS gross margin improved to 49.0% [9][10] Pipeline and Future Prospects - The small molecule pipeline continues to convert efficiently, with 158 molecules transitioning from R&D to development in the first half of 2025 [10] - The TIDES business, which includes peptides and oligonucleotides, saw revenue of 5.03 billion RMB, a remarkable year-on-year growth of 141.6% [10] - The company is expanding its peptide production capacity, with expectations to double capacity by the end of 2025 [10][11] Financial Health - Operating cash flow for the first half was 7.07 billion RMB, a year-on-year increase of 49.1% [12] - The company plans to invest 7-8 billion RMB in capital expenditures while maintaining a free cash flow of 5-6 billion RMB [12] - WuXi AppTec has distributed a total of 3.84 billion RMB in cash dividends, including a special dividend of 1.01 billion RMB, reflecting management's confidence in future growth [13]

7月31日，医疗服务行业上涨0.06%，今日主力资金流出10.13亿元，成分股18只上涨，24只下跌。 主力资金净流出居前的分别为药明康德（5.09亿元）、爱尔眼科（2.52亿元）、康龙化成（2.14亿 元）、昭衍新药（1.19亿元）、成都先导（6247.01万元）。 序号代码名称最新价涨跌幅主力净流入主力净占比1301096百诚医药58.457.091.29亿元12.93%2002044美 年健康5.111.391.09亿元8.9%3002173创新医疗15.347.729399.58万元8.27%4300149睿智医药 14.243.565741.76万元3.07%5603882金域医学30.850.623766.17万元7.95%6301293三博脑科 50.083.582790.86万元3.88%7300244迪安诊断16.11.582710.14万元4.4%8301080百普赛斯56.311.621235.77 万元5.54%9002219新里程2.22-0.89956.46万元7.94%10300347泰格医药68.110.55913.83万元0.52% 来源：金融界 ...

Investment Rating - The report maintains a "Recommended" rating for WuXi AppTec, indicating a positive outlook for the company's stock performance relative to the benchmark index [6]. Core Views - WuXi AppTec's TIDES business continues to experience high growth, contributing significantly to the overall performance. The company has raised its full-year performance guidance, expecting a return to double-digit growth in continuous operating business revenue, with an increase in the growth rate from 10-15% to 13-17% [6]. - The company reported a substantial increase in revenue and net profit for the first half of 2025, with total revenue reaching RMB 20.8 billion, a year-on-year increase of 20.6%, and net profit attributable to shareholders rising by 101.9% to RMB 8.56 billion [6]. - The report highlights the strong performance of the chemical business, with a revenue increase of 33.5% year-on-year, and the TIDES business showing remarkable growth of 141.6% [6]. Financial Forecast Summary - **Revenue Forecast**: - 2024A: RMB 39,241.43 million - 2025E: RMB 44,117.35 million (growth rate: 12.43%) - 2026E: RMB 50,436.29 million (growth rate: 14.32%) - 2027E: RMB 57,615.13 million (growth rate: 14.23%) [2][8] - **Net Profit Forecast**: - 2024A: RMB 9,450.31 million - 2025E: RMB 14,201.96 million (growth rate: 50.28%) - 2026E: RMB 14,954.50 million (growth rate: 5.30%) - 2027E: RMB 18,240.90 million (growth rate: 21.98%) [2][8] - **Key Financial Ratios**: - Gross Margin: Expected to increase from 41.48% in 2024A to 46.09% in 2027E - PE Ratio: Expected to decrease from 30.04 in 2024A to 15.56 in 2027E [2][8] Business Performance Highlights - The continuous operating business backlog reached RMB 56.69 billion, a year-on-year increase of 37.2% [6]. - Revenue from U.S. clients grew by 38.4%, while revenue from European clients increased by 9.2%. However, revenue from Chinese clients saw a decline of 5.2% [6]. - The report emphasizes the resilience of WuXi AppTec's overseas business growth despite geopolitical challenges, affirming its robust position in the global supply chain [6].