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 FF301 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: 2025年4月30日 狀態: 新提交 呈交日期: 2025年5月6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 | | | 387,076,150 | RMB | | 1 RMB | | 387,076,150 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 387,076,150 | RMB | | 1 RMB | | 387,076,150 | | 2. 股份分類 | 普通股 | 股份類別 ...

证券代码：603259 证券简称：药明康德 公告编号：临 2025-034 无锡药明康德新药开发股份有限公司 关于分别调整2024年度利润分配总额及2025年回报股东特别分红总 额的公告 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： 调整原因：无锡药明康德新药开发股份有限公司（以下简称"公司"或 "本公司"）自 2024 年度利润分配方案和 2025 年回报股东特别分红方案（以下 合称"本次利润分配"）披露之日起至本公告日期间，公司实施了 2025 年第二 次集中竞价交易方式回购公司 A 股股份方案，累计回购股份 2,855,916 股，前述 股份不参与本次利润分配，导致公司享有利润分配权的总股本发生变动。公司按 照维持每股分配金额不变的原则进行分配，相应调整分配总额。 调整情况：公司本次利润分配方案分红总额分别调整如下： （1）2024 年度利润分配方案现金分红总额：每 10 股派发现金红利人民币 9.8169 元（含税）不变，派发现金红利总额由 2,835,113,437.82 元（含税）调整 为 2,8 ...

Group 1 - The core viewpoint of the article highlights the performance of the CSI Hong Kong-Shanghai Biotech Theme Index, which opened high and is currently at 1195.47 points, reflecting a recent decline of 2.95% over the past month but an increase of 13.55% over the last three months and 13.14% year-to-date [1][2] - The index comprises 50 listed companies involved in biopharmaceuticals, pharmaceuticals, and biotech services from the mainland and Hong Kong markets, serving as a benchmark for the overall performance of biotech-themed securities [1][2] - The top ten weighted companies in the index include: Hengrui Medicine (13.31%), BeiGene (10.94%), WuXi AppTec (8.63%), Mindray Medical (7.77%), WuXi Biologics (5.11%), Innovent Biologics (4.73%), CanSino Biologics (3.38%), CSPC Pharmaceutical Group (2.73%), China National Pharmaceutical Group (2.41%), and Shanghai RAAS Blood Products (1.82%) [1][2] Group 2 - The index's holdings are distributed across different market exchanges, with the Hong Kong Stock Exchange accounting for 41.35%, Shanghai Stock Exchange for 36.05%, and Shenzhen Stock Exchange for 22.61% [1][2] - In terms of industry composition, biopharmaceuticals represent 42.86%, chemical drugs 25.82%, pharmaceutical and biotech services 21.73%, and medical devices 9.59% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December each year, ensuring that the weight factors are updated accordingly [2]

无锡药明康德新药开发股份有限公司 证券代码：603259 证券简称：药明康德 公告编号：临 2025-035 关于 2025 年第二次以集中竞价交易方式回购公司股份的进展公告 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： | 回购方案首次披露日 | 2025/4/9 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 4 月 7 月 8 | 9 | 日~2025 | 年 | 日 | | 预计回购金额 | 10亿元~10亿元 | | | | | | 回购用途 | □减少注册资本 □用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | √为维护公司价值及股东权益 | | | | | | 累计已回购股数 | 2,855,916股 | | | | | | 累计已回购股数占总股本比例 | 0.0989% | | | | | | 累计已回购金额 | 160,058,458.32元 | | | | | | 实际回购价 ...

Investment Rating - The investment rating for Pharmaron is Equal-weight [4] Core Insights - The industry view is considered Attractive, with a price target set at Rmb27.40, indicating a 3% upside from the current price of Rmb26.61 [4] - In 1Q25, Pharmaron reported revenue of Rmb3,099 million, reflecting a 16% year-over-year growth, aligning with the 2025 guidance of 10-15% growth [7] - The revenue streams from North America, EU, and China showed year-over-year growth of 16.8%, 26.6%, and 13.1%, respectively, contributing approximately 65%, 18%, and 15% to total revenue [2] - The customer base saw revenue from the top 20 pharmaceutical customers grow by 29% year-over-year, while other customers grew by 14% [2] - Adjusted non-IFRS net profit for 1Q25 was Rmb349 million, a 3.1% increase year-over-year, with softer growth attributed to depreciation and amortization costs from biologics capacity launch [7] Summary by Sections Financial Performance - 1Q25 revenue was Rmb3,099 million, up 16% year-over-year, consistent with the guidance for 2025 [7] - Net operating cash flow increased by 14.4% to Rmb853 million, with capital expenditures of Rmb556 million, up 11.4% year-over-year [2] Customer and Market Dynamics - Revenue from the top 20 pharma customers increased by 29% year-over-year, while other customers saw a 14% growth [2] - New order growth for both Lab services and CMC was over 10%, although it decelerated from over 20% in 2024 due to a higher order base in 1Q24 [7] Valuation Metrics - The company has a market capitalization of Rmb29,328.6 million and an enterprise value of Rmb33,234.4 million [4] - The projected EPS for the fiscal years ending in 2024, 2025, and 2026 are Rmb0.97, Rmb1.26, and Rmb1.00, respectively [4]

Core Viewpoint - The company held its 2024 annual general meeting and approved several key resolutions, including a share buyback plan and financial reports for the year [2][11]. Group 1: Meeting Details - The annual general meeting was held on April 29, 2025, at the Sheraton Hotel in Shanghai [2]. - All 12 current directors and 3 supervisors attended the meeting, along with the company secretary and CFO [3]. Group 2: Resolutions Passed - The following resolutions were approved: - 2024 Board of Directors' Work Report [4]. - 2024 Supervisory Board's Work Report [4]. - 2024 Financial Settlement Report [5]. - 2024 Profit Distribution Plan [5]. - Authorization for the Board to formulate a mid-term dividend plan [5]. - Special dividend plan for 2025 [5]. - External guarantee limit for 2025 [5]. - Reappointment of accounting firms for 2025 [5]. - Approval for foreign exchange hedging business limit for 2025 [5]. - Change of registered capital and amendments to the Articles of Association [6]. - Share buyback plan for A-shares [6][12]. - Approval of the 2025 H-share incentive trust plan [7]. - General authorization for the Board to issue debt financing instruments [8]. Group 3: Share Buyback Plan - The company plans to repurchase A-shares with a total fund of RMB 1 billion, estimating to buy back approximately 10,863,661 shares, which is about 0.38% of the total issued shares [12]. - The registered capital will decrease from RMB 2,887,992,582 to RMB 2,877,128,921 following the buyback [12]. Group 4: Debt Notification - The company notified creditors that they have 45 days from the announcement date to declare their debts and request repayment or guarantees [13]. - Specific documentation is required for debt declaration, including contracts and identification [14][15].

Core Viewpoint - In Q1 2025, the company's performance exceeded expectations with significant profit margin improvements, driven by the CRDMO service model and continuous capacity ramp-up, alongside ongoing optimization of production processes and efficiency [1][9]. Financial Performance - The company reported Q1 2025 revenue of 9.655 billion yuan, a year-on-year increase of 20.96% [2]. - Net profit attributable to shareholders reached 3.672 billion yuan, up 89.06% year-on-year [2]. - Non-IFRS adjusted net profit was 2.68 billion yuan, reflecting a 40.0% increase [2]. Order Growth and Business Segments - As of March 2025, the company had a strong order backlog of 52.33 billion yuan, a 47.1% year-on-year increase, indicating robust demand for high-quality services [3]. - Revenue from U.S. clients was 6.38 billion yuan, up 28.4% year-on-year, while European clients contributed 1.3 billion yuan, a 26.2% increase [3]. Chemical Business Performance - The chemical business generated revenue of 7.39 billion yuan in Q1 2025, a 32.9% increase, driven by growth in D&M and TIDES business segments [4]. - The adjusted non-IFRS gross margin for the chemical business was 47.5%, an increase of 4.2 percentage points [4]. New Molecule Development - The company successfully synthesized and delivered over 460,000 new compounds in the past 12 months, a 6% increase [5]. - The D&M business segment reported revenue of 3.85 billion yuan, a 13.8% year-on-year increase [5]. Testing and Biological Services - Testing business revenue was 1.29 billion yuan, a 4.0% decline, primarily due to price adjustments in the domestic market [6]. - The biological business generated revenue of 610 million yuan, an 8.2% increase, contributing to the overall CRDMO business model [7]. Profitability and Efficiency - The company's gross margin for Q1 2025 was 42.26%, an increase of 4.13 percentage points year-on-year, attributed to capacity release and efficiency improvements [8]. - Operating cash flow was 3.195 billion yuan, a 41.57% increase, driven by profit growth [8]. Future Outlook - The company expects continued growth in D&M and TIDES business segments, supported by the CRDMO service model and increasing global drug development demand [9]. - Revenue projections for 2025 to 2027 are 42.609 billion yuan, 48.518 billion yuan, and 55.038 billion yuan, with respective year-on-year growth rates of 8.6%, 13.9%, and 13.4% [10].

Market Overview - The Hang Seng Index rose 1.74% and the Hang Seng Tech Index increased by 3.08% on the first trading day of May [1] - Despite a seemingly positive outlook for US stocks, there was a significant outflow of $8.9 billion from the US stock market, marking the largest outflow since December 2023 [1] - The US Chamber of Commerce urged the Trump administration to implement a tariff exemption mechanism to prevent economic recession and harm to small businesses [1] Trade Relations - The Chinese Ministry of Commerce noted a shift in the US stance regarding tariff negotiations, indicating a willingness to engage in talks [2] - The FTSE China A50 index futures reacted positively, rising over 0.9%, and the offshore RMB appreciated significantly against the USD [2] - New tariff adjustments confirmed that auto parts from Canada and Mexico will be exempt from a 25% tariff starting May 3 [2] Automotive Sector - Xpeng Motors reported a record delivery of over 30,000 vehicles for six consecutive months, with specific models achieving significant sales milestones [3] - Leap Motor's delivery volume for April reached 41,039 units, a 173% year-on-year increase, leading to a stock price increase of over 7% [3] - Xiaomi's automotive division also saw a rise in deliveries, contributing to a stock increase of over 6% [3] Technology Sector - Major US tech companies like Meta, Microsoft, and Apple reported strong earnings, unaffected by tariff issues, and reaffirmed aggressive AI investment plans [4] - The upcoming US non-farm payroll report is anticipated to influence market expectations regarding Federal Reserve interest rate decisions [4] - President Trump's recent sanctions on countries purchasing oil from Iran are viewed as a bargaining chip rather than a definitive policy change [4] Berkshire Hathaway - Berkshire Hathaway's annual shareholder meeting is set to take place, where Warren Buffett will discuss market perspectives and investment strategies, including significant cash reserves [5] Nuclear Energy Development - There is a global surge in the development of small modular reactors (SMRs) driven by climate change initiatives and demand for clean energy [6] - China's advancements in SMR technology are notable, with significant projects like the BEST project aimed at demonstrating fusion energy generation [6] Company Performance - China State Construction International reported a 5.5% year-on-year revenue increase in Q1 2025, with a notable rise in technology-related income [7] - The company’s new contract value decreased by 29.1% year-on-year, but adjusted figures show a strong performance when excluding high baseline effects from previous major projects [8] - The technology segment's revenue contribution increased to 20%, indicating a positive trend in the company's business model and market positioning [8]

Summary of Key Points Core Viewpoint - WuXi AppTec experienced significant trading activity on April 30, with a total of 152,200 shares traded through block transactions, amounting to 9.2017 million yuan, at a price of 60.45 yuan per share, reflecting a premium of 2.16% over the closing price of the day [2]. Trading Activity - On April 30, there were 2 block trades for WuXi AppTec, totaling 152,200 shares and 9.2017 million yuan in transaction value [2]. - The stock's closing price on the same day was 59.17 yuan, which represented a decline of 2.12% [2]. - The daily turnover rate was 1.72%, with a total trading volume of 2.561 billion yuan and a net outflow of 246 million yuan in main funds [2]. - Over the past 5 days, the stock has increased by 5.25%, with a total net inflow of 72.5224 million yuan [2]. Financing and Ratings - The latest margin financing balance for WuXi AppTec is 3.906 billion yuan, which has decreased by 323 million yuan over the past 5 days, a decline of 7.63% [2]. - In terms of institutional ratings, 6 institutions provided ratings for the stock in the past 5 days, with Huatai Securities setting the highest target price at 93.30 yuan as of April 29 [2].

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec, indicating a potential return of over 15% in the next 12 months [19]. Core Insights - WuXi AppTec reported strong financial performance for Q1 2025, with revenue increasing by 21.0% year-on-year to RMB 9.65 billion, and adjusted non-IFRS net profit rising by 40.0% to RMB 2.68 billion [1][2]. - The TIDES business segment experienced significant growth, with revenue soaring by 187.6% to RMB 22.4 billion, driven by expanded capacity and contributions from oral GLP-1 projects [2]. - Despite ongoing macroeconomic uncertainties, management reaffirmed its annual performance guidance, expecting a revenue growth of 10-15% and an expansion in adjusted non-IFRS net profit margin [1][2]. Financial Summary - For FY25E, revenue is projected at RMB 42.97 billion, reflecting a year-on-year growth of 9.5%, while adjusted net profit is expected to reach RMB 11.61 billion, a growth of 9.7% [4][16]. - The company’s unfulfilled contract amount grew by 47.1% year-on-year to RMB 52.33 billion by the end of Q1 2025, indicating a solid foundation for future growth [1]. - The report also highlights a decrease in the P/E ratio from 16.5 in FY24A to 15.0 in FY25E, suggesting improved valuation attractiveness [4][16]. Shareholder Returns - WuXi AppTec's board proposed a series of shareholder return plans, including maintaining a 30% annual cash dividend payout ratio and a one-time special dividend of RMB 10 billion in 2025 [3]. - The total proposed dividend and buyback plan amounts to nearly RMB 60 billion, representing 62% of the net profit attributable to shareholders for 2024 [3]. Valuation - The target price has been adjusted from RMB 94.05 to RMB 77.22 based on DCF valuation, reflecting a downside risk of 27.7% from the current price of RMB 60.45 [5][6].