其他信息 EF001 免責聲明 | 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。 | 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，並明確表示，概不對因 | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 無錫藥明康德新藥開發股份有限公司 | | 股份代號 | 02359 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至2025年12月31日止年度全年業績公告 | | | 公告日期 | 2026年3月23日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 10 股 15.7927 RMB | | 股東批准日期 | 有待公佈 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 有待公佈 | | 匯率 | 有待公佈 | ...

無錫藥明康德新藥開發股份有限公司 董事會薪酬與考核委員會議事規則 （2026年修訂） 無錫藥明康德新藥開發股份有限公司 董事會薪酬與考核委員會議事規則 第一章 總則 第一條 為進一步建立健全無錫藥明康德新藥開發股份有限公司（以下簡稱「公 司」）董事和高級管理人員的薪酬和考核管理制度，完善公司治理結構，根據《中 華人民共和國公司法》《上市公司治理準則》《上市公司獨立董事管理辦法》《香 港聯合交易所有限公司證券上市規則》以及《無錫藥明康德新藥開發股份有限 公司章程》（以下簡稱「《公司章程》」）、《無錫藥明康德新藥開發股份有限公司 董事會議事規則》等相關規定，公司特設董事會薪酬與考核委員會，並制定本 規則。 第二條 薪酬與考核委員會是董事會下設的專門工作機構，負責審議並批准公 司董事及高級管理人員的考核標準並進行考核；審議並批准公司董事及高級 管理人員薪酬政策與方案，並就董事、高級管理人員的薪酬、制定或者變更股 權激勵計劃、員工持股計劃等《上市公司治理準則》《公司章程》和本規則規定 的其他事項向董事會提出建議。 第二章 人員組成 第三條 薪酬與考核委員會成員由3名董事組成，其中獨立董事應當過半數。 第四條 薪酬與考 ...

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。 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） (1) 建議重選執行董事及非執行董事 (2) 建議重選獨立非執行董事；及 (3) 建議董事薪酬 建議重選執行董事及非執行董事 根據無錫藥明康德新藥開發股份有限公司（「本公司」）公司章程（「公司章程」） 的相關條文，本公司各董事（「董事」）每屆任期三年。董事任期屆滿，合資格董 事可連選連任。第三屆董事會任期將於2026年5月30日屆滿。 所有現任執行及非執行董事將符合資格於2025年年度股東會連選連任。 根據公司章程，董事會建議提名重選下列董事： – 1 – (i) 李革博士（「李博士」）、陳民章博士（「陳博士」）、楊青博士（「楊博士」）及張 朝暉先生（「張先生」）為第四屆董事會執行董事；及 (ii) 童小幪先生（「童先生」）及吳亦兵博士（「吳博士」）為第四屆董事 ...

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。 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） 建議修訂2025年H股獎勵信託計劃規則 緒言 茲提述(i)本公司日期為2025年3月26日之通函（「通函」）及本公司日期為2025年4 月29日之投票結果公告，內容有關（其中包括）股東於2024年年度股東會上批准 採納2025年H股獎勵信託計劃。2025年H股獎勵信託計劃將2025年計劃受託人透 過市場內交易方式以本公司提供的資金購買的H股作為據此將予授出之獎勵所 涉及的H股。 董事會於2026年3月23日舉行之董事會會議上議決建議修訂2025年H股獎勵信託 計劃。建議修訂2025年H股獎勵信託計劃規則須經股東於2025年年度股東會上 以普通決議案的形式批准後，方可生效。 建議修訂之理由 鑒於資金管理需求，根據2025年H股獎勵信託計劃將予授出之獎勵所涉及之H ...

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。 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） 2026年計劃的目的 2026年計劃目的為： 董事認為，個人績效考核作為獎勵歸屬之條件將有助達致上述目的。 （股份代號：2359） (1) 建議採納2026年H股獎勵信託計劃； 及 (2) 建議授權董事會及╱或授權人士辦理 2026年H股獎勵信託計劃相關事宜 I. 建議採納2026年H股獎勵信託計劃 董事會已於2026年3月23日舉行的董事會會議上議決建議採納2026年計劃。2026 年計劃須經股東於2025年年度股東會批准後，方可生效。根據2026年計劃向選 定參與者授予獎勵需待獎勵函所載由董事會及╱或其授權人士釐定之條件達 成後方會生效。詳情請參閱下文「授予獎勵的條件」一節。2026年計劃的主要條 款載列如下，而建議2026年計劃規則的全文載於本公告附錄。 預期為2026年計劃的潛 ...

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。 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） (1) 建議變更本公司的註冊資本；及 (2) 建議修訂《公司章程》 茲提述(i)無錫藥明康德新藥開發股份有限公司（「本公司」）日期為2024年10月 8日、2024年10月21日 及2025年10月10日 的 公 告，內 容 有 關（其 中 包 括）發 行 500,000,000美元於2025年到期之零息有擔保可轉換債券（「債券」）；及(ii)本公司 日期為2025年3月26日的通函（「該通函」）。除非文義另有所指，否則本公告所 用詞彙與該通函所界定者具有相同涵義。 本 公 司 董 事 會（「董事會」）謹 此 宣 佈，於 2026 年 3 月 23 日，第三屆董事會第 二十七次會議議決及批准（其中包括）：(i)建議變更本公司的註冊資本；(ii)建議 修訂《公司章 ...

Financial Performance - For the fiscal year ending December 31, 2025, the company reported a revenue of RMB 45,456.2 million, representing a year-on-year increase of 15.8%[2] - The gross profit for the same period was RMB 21,379.1 million, with a gross margin of 47.0%, up from 40.8% in the previous year[2] - Net profit attributable to shareholders reached RMB 19,194.9 million, a significant increase of 105.2% compared to the previous year[2] - The company’s adjusted net profit attributable to shareholders was RMB 14,956.5 million, reflecting a 41.3% increase year-on-year[2] - The company’s basic earnings per share (EPS) increased to RMB 6.72, up 107.4% from RMB 3.24 in the previous year[2] - The overall gross profit increased to RMB 21.38 billion, a 33.5% year-on-year increase, with a gross margin of 47.0%, up 6.2 percentage points from 2024[17] - The adjusted net profit attributable to the parent company for the year ended December 31, 2025, was RMB 19,194.9 million, a significant increase from RMB 9,352.6 million in 2024, representing a growth of 105.5%[36] - The adjusted gross profit for the year ended December 31, 2025, was RMB 21,889.7 million, compared to RMB 16,326.3 million in 2024, reflecting a gross margin increase to 48.2% from 41.6%[36] Revenue Breakdown - Revenue from U.S. clients was RMB 31,250 million, marking a 34.3% increase year-on-year, while revenue from European clients decreased by 4.0% to RMB 4,820 million[7] - The chemical business segment generated RMB 36,465.8 million in revenue, a 25.5% increase from the previous year[9] - WuXi Chemistry's revenue reached RMB 36.47 billion, a year-on-year increase of 25.5%, with over 420,000 new compounds successfully synthesized and delivered to clients in 2025[11] - The small molecule D&M business generated RMB 19.92 billion, growing 11.4% year-on-year, with a total of 3,452 molecules in the pipeline by the end of 2025[11] - TIDES business revenue reached RMB 11.37 billion, a significant year-on-year growth of 96.0%, with a 20.2% increase in orders on hand[11] - The testing business generated RMB 4.04 billion, recovering with a growth of 4.7% year-on-year, while the biology business achieved RMB 2.68 billion, growing 5.2% year-on-year[12] Cash Flow and Investments - Net cash generated from operating activities for the year ending December 31, 2025, was RMB 16,426.3 million, a 37.0% increase from RMB 11,986.8 million for the year ending December 31, 2024.[29] - The net cash used in investing activities decreased by 77.1% to RMB 1,167.4 million for the year ending December 31, 2025, primarily due to significant cash inflows from the sale of shares in WuXi XDC Cayman Inc.[29] - The net cash generated from financing activities was RMB 1,122.7 million for the year ending December 31, 2025, compared to a cash outflow of RMB 3,832.7 million for the year ending December 31, 2024, mainly due to cash inflows from H-share placements.[30] - The company reported a substantial increase in the cash flow from operating activities, which amounted to RMB 16,426.3 million in 2025, compared to RMB 11,986.8 million in 2024, reflecting a growth of 37.8%[38] Dividends and Shareholder Returns - The company proposed a final dividend of RMB 15.7927 per 10 shares, subject to shareholder approval[3] - For the 2024 profit distribution plan, the company will distribute a cash dividend of RMB 9.8169 per 10 shares, totaling RMB 2,832,309,813.65[55] - The special dividend for 2025 will be RMB 3.5000 per 10 shares, amounting to RMB 1,009,797,833.10[56] - The board proposed a cash dividend of RMB 15.7927 per 10 shares for 2025, compared to RMB 9.8169 per 10 shares for 2024, indicating an increase in shareholder returns[151] Operational Efficiency and Business Model - The company continues to enhance its CRDMO business model to provide integrated drug development and manufacturing services globally[5] - The company plans to focus on its unique integrated CRDMO business model, enhancing production efficiency and expanding new capabilities to drive steady business growth[75] - The company aims to improve customer satisfaction through high-quality services and strict intellectual property protection, while expanding its global customer base, particularly targeting long-tail customers[77] - The company aims to enhance its operational efficiency through the application of automation technologies, improving insights into the industry and business predictability[79] Market Position and Growth Prospects - The company is positioned as a global leader in integrated end-to-end new drug R&D services, benefiting from the rapid growth of the global outsourcing market[48] - The company anticipates a continuous increase in outsourcing demand for pharmaceutical research and development, commercial production, and clinical development, necessitating significant capital and resource investment for global capacity and scale expansion[90] - The board expressed confidence in future growth prospects, driven by ongoing product development and market expansion initiatives[112] 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 trends slow down or outsourcing ratios decrease[83][84] - Regulatory changes in the pharmaceutical research services industry pose a risk, as the company must adapt its strategies to comply with evolving policies and regulations[85] - Increased competition in the global pharmaceutical research services market could threaten the company's market position if it fails to strengthen its comprehensive R&D capabilities[86] - Global operations and international policy changes present risks that could adversely affect the company's business continuity and development[88] Corporate Governance and Compliance - The board is committed to high standards of corporate governance, although it has not separated the roles of Chairman and CEO, which is seen as beneficial for management[105] - The company maintains compliance with public shareholding requirements as per listing rules[104] - The company has established a robust internal control system to ensure compliance with laws and regulations, but risks remain if oversight of subsidiaries is insufficient[87] Employee and Operational Metrics - As of December 31, 2025, the company employed 33,834 staff, providing regular training to enhance employee skills and knowledge[94] - Employee costs, including salaries and benefits, rose to RMB 13,731,784 thousand in 2025 from RMB 11,895,755 thousand in 2024, an increase of 15.4%[147]

Group 1 - Premier Li Qiang emphasized that China's competitive advantages come from deepening reforms and innovation, not subsidies or protectionism, and highlighted the importance of fair competition in the market economy [4] - Central Bank Governor Pan Gongsheng stated that the People's Bank of China will maintain a supportive monetary policy stance to create a favorable environment for stable economic growth and high-quality development [4] - The National Internet Emergency Center and the China Cybersecurity Association released security guidelines for the use of OpenClaw, providing recommendations for ordinary users and cloud service providers [5] Group 2 - The China Development Forum 2026 released multiple policy signals, indicating a focus on high-quality development and global economic stability [6] - The Chinese automotive industry achieved a significant milestone by surpassing Japan in global annual sales for the first time, with nearly 27 million vehicles sold [17] - The Ministry of Finance plans to increase public service spending and implement consumer-friendly policies to stimulate domestic demand, including a special fund of 100 billion yuan to promote consumption [9][10] Group 3 - The latest findings from the Ministry of Natural Resources revealed a significant increase in rare earth resources in Sichuan, with verified reserves totaling 9.67 million tons, marking an over 200% increase compared to previous estimates [18] - The launch of the "TERAFAB" chip manufacturing project by Tesla aims to achieve an annual production capacity of over 1 terawatt, with an estimated total investment of $20 billion [21] - Apple CEO Tim Cook announced continued support for innovation and education in China, pledging additional donations to a national vocational education pilot project [22]

Group 1 - The Hong Kong pharmaceutical industry outperformed the Hang Seng Index in February, with the Hang Seng Healthcare Index declining by 2.2%, which is less than the overall Hang Seng Index decline [1] - The central government has officially classified biomedicine as an emerging pillar industry, indicating strong future support for the biopharmaceutical sector [2] - The total amount of innovative drugs exported in January exceeded 33.2 billion RMB, approaching a quarter of the total for the entire year of 2025, reflecting increasing recognition of Chinese innovative drugs by overseas pharmaceutical companies [1] Group 2 - China National Pharmaceutical Group announced the acquisition of Haogiya Biotech, a pioneer in small nucleic acid fields, and granted Sanofi exclusive rights for the global development and commercialization of Rovafatinib, with potential payments up to 1.53 billion USD [3] - The company is expected to achieve double-digit growth in product sales revenue by 2025, bolstered by the acquisition and the successful licensing of Rovafatinib, which indicates strong recognition of its R&D capabilities by global industry leaders [3] - The CXO sector leaders, WuXi Biologics and WuXi AppTec, are also recommended due to their positive earnings forecasts for 2025 and strong demand for new projects, supported by the government's increasing backing for innovative drugs [3]

Investment Rating - The report maintains a strong rating for the CXO sector, indicating a positive outlook for investment opportunities in the industry [4]. Core Insights - The global and Chinese healthcare investment markets are expected to recover by 2025, with record highs in licensing transactions and upfront payments for Chinese innovative drugs, indicating enhanced global competitiveness of Chinese pharmaceutical companies [1][2]. - The CXO market is projected to experience stable growth by 2026, driven by a recovery in downstream demand and a reduction in geopolitical risks due to amendments in the U.S. Biodefense Act [1][3]. Summary by Sections 1. CXO Market Growth - The global and Chinese preclinical CRO markets are forecasted to reach $33.25 billion and 52.86 billion RMB respectively by 2026, with the clinical CRO market expected to reach $73.2 billion and 59.8 billion RMB [2][19]. - The global CDMO market is anticipated to grow to $118.9 billion by 2026 and $338.5 billion by 2033, with China's CDMO market expected to reach 137 billion RMB by 2026 [2][36]. 2. Industry Concentration and Competitive Landscape - The industry is witnessing accelerated concentration, with leading companies like WuXi AppTec and Tigermed establishing strong competitive advantages through integrated service offerings [3][53]. - By 2025, WuXi AppTec's revenue is projected to reach 45.456 billion RMB, with a net profit margin significantly above the industry average [3][53]. 3. Investment and Financing Trends - In 2025, the global healthcare sector completed 1,930 financing transactions totaling $63.2 billion, with a year-on-year increase of 8.6% [56]. - China’s healthcare sector saw 797 financing transactions amounting to $9.7 billion, reflecting a 32.9% increase year-on-year [58]. 4. Policy Environment and Risk Mitigation - The revised U.S. Biodefense Act is expected to alleviate immediate impacts on the domestic biopharmaceutical industry, as it no longer explicitly names specific companies [74][75]. - The market has transitioned from panic pricing to rational pricing, indicating a recovery in investor sentiment following the enactment of the revised Biodefense Act [76]. 5. Valuation and Performance Analysis - The CXO sector saw a 55.26% increase in 2025, outperforming the Shanghai Composite Index, with a current PE ratio of 26.75, indicating a significant valuation premium over historical averages [78][79]. - The sector's revenue for the first three quarters of 2025 reached 73.788 billion RMB, marking a 10.08% increase year-on-year, while net profit grew by 51.90% [80][85].