Core Insights - WuXi AppTec (603259) reported a revenue of RMB 9.655 billion for Q1 2025, representing a year-on-year growth of 20.96% [1] - The net profit attributable to shareholders reached RMB 3.672 billion, showing a significant increase of 89.06% year-on-year [1] - The company’s backlog of orders for ongoing operations stood at RMB 52.33 billion, reflecting a growth of 47.1% compared to the previous year [1] Revenue Breakdown - The chemical business generated revenue of RMB 7.39 billion, marking a year-on-year increase of 32.9% [2] - The small molecule drug discovery segment contributed to the revenue by successfully synthesizing and delivering over 460,000 new compounds in the past 12 months, a growth of 6% [2] - The small molecule development and manufacturing (D&M) segment achieved revenue of RMB 3.85 billion, up 13.8% year-on-year [2] TIDES Business Performance - The TIDES business (oligonucleotides and peptides) saw revenue reach RMB 2.24 billion, a remarkable growth of 187.6% [3] - The backlog for TIDES orders increased by 105.5% year-on-year, with a 14% rise in the number of clients served [3] - The company is expanding its peptide production capacity, expecting to exceed 100,000L by the end of 2025 [3] Testing and CRO Services - The testing business generated revenue of RMB 1.29 billion, with a focus on new molecular services across various fields [3] - The clinical CRO and SMO services reported revenue of RMB 410 million, with SMO revenue growing by 5.5% [3] - The CRO services assisted clients in obtaining 10 clinical trial approvals, while SMO empowered 28 products to gain market approval [3] Biological Business and Future Outlook - The biological business achieved revenue of RMB 610 million, reflecting an 8.2% year-on-year growth [4] - The company’s CEO emphasized the return to double-digit growth in both revenue and profit, with a strong order backlog [4] - WuXi AppTec maintains its guidance for 2025, expecting a revenue growth of 10%-15% for ongoing operations [4]

Group 1 - The top three companies with the highest short positions are WuXi AppTec (02359), Ganfeng Lithium (01772), and Vanke Enterprises (02202), with short ratios of 15.63%, 14.23%, and 13.24% respectively [1][2] - The company with the largest increase in short positions is China Ruifeng (00136), which saw an increase of 2.52%, followed by Vanke Enterprises (02202) with an increase of 1.49%, and Rongchang Biologics (09995) with an increase of 1.18% [1][2] - The companies with the largest decrease in short positions include Zai Ding Pharmaceuticals (09688) with a decrease of 1.31%, Midea Group (00300) with a decrease of 0.80%, and Kanglong Chemical (03759) with a decrease of 0.76% [1][3] Group 2 - The latest short position data shows that the short ratio for WuXi AppTec decreased from 6168.69 million shares to 6050.95 million shares, while Ganfeng Lithium decreased from 5893.42 million shares to 5743.15 million shares [2] - The short ratio for Vanke Enterprises increased from 259 million shares to 292 million shares, indicating a growing bearish sentiment [2] - Other notable companies with significant changes in short positions include ZTE Corporation (00763) and Brilliance China Automotive (01114), with short ratios of 12.54% and 12.18% respectively [2]

Financial Performance - The company's revenue for Q1 2025 reached ¥9,654,595,304.28, representing a 20.96% increase compared to ¥7,981,934,236.96 in the same period last year[6] - Net profit attributable to shareholders was ¥3,671,960,950.47, marking an 89.06% increase from ¥1,942,210,693.65 year-over-year[6] - Basic earnings per share rose to ¥1.29, a 92.54% increase from ¥0.67 in the previous year[6] - Total operating revenue for Q1 2025 reached ¥9,654,595,304.28, an increase of 21% compared to ¥7,981,934,236.96 in Q1 2024[21] - Net profit for Q1 2025 was ¥3,715,468,841.04, up 90% from ¥1,958,853,204.95 in Q1 2024[21] - Operating profit for Q1 2025 was ¥4,292,748,775.29, compared to ¥2,309,847,178.76 in Q1 2024, reflecting a growth of 86%[21] - The total comprehensive income for Q1 2025 was RMB 3,696.7 million, compared to RMB 1,745.1 million in Q1 2024, marking a 111.5% increase[29] - The company reported a gross profit of RMB 4,013.1 million for Q1 2025, compared to RMB 3,005.7 million in Q1 2024, reflecting a 33.4% increase[27] - The operating profit for Q1 2025 was RMB 4,158.9 million, significantly higher than RMB 2,324.9 million in Q1 2024, representing a 78.9% increase[27] Cash Flow and Investments - The net cash flow from operating activities was ¥3,195,429,861.72, up 41.57% from ¥2,257,117,807.86 in the same period last year[6] - The net cash flow from operating activities for Q1 2025 was RMB 3,195.4 million, compared to RMB 2,257.1 million in Q1 2024, reflecting a 41.5% increase[25] - The net cash flow from investing activities for Q1 2025 was RMB 2,199.8 million, a significant recovery from a negative RMB 854.4 million in Q1 2024[25] - The company reported a net cash inflow from investing activities of CNY 2,366.4 million in Q1 2025, compared to a net outflow of CNY 734.6 million in Q1 2024[33] Assets and Liabilities - The total assets at the end of the reporting period were ¥84,512,088,093.23, a 5.21% increase from ¥80,325,824,408.75 at the end of the previous year[6] - Total assets as of March 31, 2025, amounted to ¥84,512,088,093.23, an increase from ¥80,325,824,408.75 at the end of 2024[19] - Total liabilities increased to ¥21,733,326,335.92 from ¥21,240,210,773.18, indicating a rise of approximately 2.3%[19] - The total liabilities as of March 31, 2025, were CNY 21,733.3 million, slightly up from CNY 21,240.2 million as of December 31, 2024[31] - The total equity attributable to shareholders increased to ¥62,332,382,757.11 from ¥58,632,715,174.37, reflecting a growth of 6%[19] - The company’s total equity as of March 31, 2025, was CNY 62,778.8 million, an increase from CNY 59,085.6 million as of December 31, 2024[31] Business Segments and Growth - The company reported a significant increase in the chemical business revenue, which reached ¥739,097.03, up 32.87% from ¥556,262.85 in Q1 2024[9] - The chemical business generated revenue of RMB 7.39 billion, reflecting a year-on-year increase of 32.9%[10] - The small molecule D&M business reported revenue of RMB 3.85 billion, a year-on-year growth of 13.8%, with a total pipeline of 3,393 molecules as of the end of the reporting period[11] - TIDES business revenue surged to RMB 2.24 billion, marking a year-on-year increase of 187.6%, with backlog orders up 105.5%[11] - The testing business generated revenue of RMB 1.29 billion, with laboratory analysis and testing services revenue at RMB 880 million, down 4.9% year-on-year[14] - The clinical CRO and SMO business reported revenue of RMB 410 million, a year-on-year decline of 2.2%, while SMO revenue grew by 5.5%[14] - The biological business achieved revenue of RMB 610 million, reflecting an 8.2% year-on-year increase, with in vitro screening platform revenue up 28.9%[14] Operational Efficiency and Future Plans - The company continues to optimize production processes and operational efficiency, enhancing overall profitability through growth in late-stage clinical and commercialization projects[6] - The company plans to enhance its peptide solid-phase synthesis capacity, expecting the total volume of reactors to exceed 100,000L by the end of 2025[11] - The company successfully synthesized and delivered over 460,000 new compounds in the past 12 months, a 6% increase year-on-year[11] Market Position and Reputation - The company maintains a strong reputation in the global pharmaceutical R&D industry, driven by its integrated CRDMO business model[4] - As of March 2025, the company's backlog for continuing operations reached RMB 52.33 billion, a year-on-year increase of 47.1%[10]

Financial Performance - The company's operating revenue for Q1 2025 reached RMB 9.65 billion, representing a 20.96% increase compared to RMB 7.98 billion in the same period last year[14]. - Net profit attributable to shareholders was RMB 3.67 billion, up 89.06% from RMB 1.94 billion year-on-year[14]. - Basic earnings per share rose to RMB 1.29, a 92.54% increase from RMB 0.67 in the same period last year[14]. - The company reported a backlog of orders for ongoing operations amounting to RMB 52.33 billion, a year-on-year increase of 47.1%[24]. - The company reported a total comprehensive income of ¥3,833,942,277.47 for Q1 2025, compared to ¥1,745,131,836.43 in Q1 2024, an increase of approximately 119%[47]. Cash Flow and Assets - The net cash flow from operating activities increased by 41.57% to RMB 3.20 billion, compared to RMB 2.26 billion in the previous year[14]. - The company achieved a net cash flow from operating activities of RMB 4.16 billion, reflecting strong profit growth and stable cash inflow[22]. - Cash and cash equivalents increased to RMB 24.85 billion from RMB 18.32 billion, representing a significant rise of approximately 35.5%[39]. - The total assets at the end of the reporting period were RMB 84.51 billion, reflecting a 5.21% increase from RMB 80.33 billion at the end of the previous year[16]. - The total liabilities as of March 31, 2025, amounted to ¥21,733,326,335.92, slightly up from ¥21,240,210,773.18 as of December 31, 2024[41]. Business Segments and Growth - Revenue from the chemistry business (WuXi Chemistry) was RMB 73.9 billion, up 32.9% year-on-year, with over 460,000 new compounds synthesized in the past 12 months[24]. - The TIDES business (oligonucleotides and peptides) saw revenue growth of 187.6%, with a backlog increase of 105.5%[24]. - Revenue from the testing business (WuXi Testing) was RMB 12.9 billion, with a slight decline of 4.04% year-on-year due to market price factors[25]. - Revenue from the biology business (WuXi Biology) increased by 8.2%, supported by a strong pipeline and new customer acquisition[25]. - The company plans to expand its peptide production capacity, expecting the total volume of peptide solid-phase synthesis reactors to exceed 100,000L by the end of 2025[24]. Shareholder Information - The company reported a total of 243,477 common stock shareholders, with 243,419 being A-share holders and 58 H-share holders[35]. - The top ten shareholders collectively hold 56.4% of the shares, with HKSCC Nominees Limited being the largest shareholder at 13.40%[31]. - The company has a significant presence of foreign institutional investors, with multiple entities holding over 1% of the shares[31]. Research and Development - The company continues to enhance its CRDMO business model to improve research and development efficiency for clients[12]. - The company is committed to maintaining the highest international quality regulatory standards in its operations[12]. - Research and development expenses for Q1 2025 were ¥224,408,414.09, down from ¥306,402,572.33 in Q1 2024, a decrease of about 27%[45].

Group 1 - The core viewpoint of the article highlights the performance of the CSI Hong Kong-Shanghai Biotech Theme Index, which reflects the overall performance of listed companies in the biotech sector from mainland China and Hong Kong [1][3] - The CSI Hong Kong-Shanghai Biotech Theme Index has shown an increase of 0.82% over the past month, 12.93% over the past three months, and 12.21% year-to-date [1] - The index consists of 50 sample companies involved in biopharmaceuticals, pharmaceuticals, and biotech services, with a base date of December 28, 2018, set at 1000.0 points [1] Group 2 - The top ten weighted companies in the index include: Heng Rui Medicine (13.16%), BeiGene (10.43%), WuXi AppTec (8.41%), Mindray Medical (7.71%), WuXi Biologics (5.15%), Innovent Biologics (4.82%), CanSino Biologics (3.91%), Shanghai Pharmaceuticals (2.74%), China National Pharmaceutical Group (2.45%), and Shanghai RAAS Blood Products (1.83%) [1] - The market share of the index holdings is distributed as follows: Hong Kong Stock Exchange 41.72%, Shanghai Stock Exchange 35.62%, and Shenzhen Stock Exchange 22.66% [1] Group 3 - In terms of industry composition, biopharmaceuticals account for 43.26%, chemical drugs for 25.78%, pharmaceutical and biotech services for 21.39%, and medical devices for 9.57% [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Special circumstances may lead to temporary adjustments to the index, including the removal of samples that are delisted or changes due to mergers, acquisitions, or other corporate actions [2]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 無錫藥明康德新藥開發股份有限公司 呈交日期： 2025年4月28日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | | 說明 | | 於上海證券交易所上市 | | | | | | A. 已發行股份或庫存股份變動 | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | | | 佔有關事件前的現有已發 | | ...

Core Insights - The global and US innovative drug VC&PE financing amounts are expected to grow by 1.93% and 5.29% respectively in 2024, indicating a recovery in the innovative drug financing environment [1] - The demand for research and development in fields such as peptides and ADCs is strong, leading to an increase in outsourcing needs in these areas [1][2] Macro Perspective - The global innovative drug financing environment is recovering, with significant growth in the demand for innovative research in specific fields like peptides and ADCs, which is expected to enhance the CXO industry's outlook [1] - According to Crunchbase, the VC&PE financing for innovative drugs in 2024 shows positive growth, marking an improvement in the financing environment [1] Micro Perspective - CXO listed companies are seeing a recovery in new orders, with many companies like WuXi AppTec, WuXi Biologics, and others reporting a year-on-year increase of over 20% in new orders [3] - The production capacity of domestic CXO companies is mature, ensuring timely delivery of orders, which is expected to lead to double-digit revenue growth for several companies in 2025 [3] Target Companies - Recommended companies to watch include WuXi AppTec (603259.SH, 02359), WuXi Biologics (02269), WuXi AppTec (02268), Kelun Pharmaceutical (002821.SZ, 06821), and others [4]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 無錫藥明康德新藥開發股份有限公司 呈交日期： 2025年4月28日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | | 說明 | | 於上海證券交易所上市 | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 ...

本文约 2 5 0 0 字，推荐阅读时长 1 5 分钟，欢迎关注新财富公众号。 1 引言 4月14日，美国商务部宣布启动对进口药品的国家安全调查。这一调查覆盖了所有进口药品，包括成 品仿制药、原研药以及用于生产这些药品的关键药用成分。此举属于特朗普政府根据1962年《贸易扩 展法》第232条对多个行业进行的关税调查的一部分。虽然调查尚未结束，预计结果将在270天内公 布，但业内普遍认为，这将赋予特朗普政府对进口药品和原料药征收关税的权力。特别是对中国等主 要药品出口国的影响，可能会带来严重的供应链中断及成本上升。 事实上，美国每年从中国进口药品总额约60亿美元，其中大量为抗生素、抗病毒及心血管药物等基础 药物。一旦关税进一步扩大实施，这些进口药品的成本预计将明显上升，对美国本土药品生产商带来 直接冲击。为应对这种风险，特朗普政府提出多项措施推动产业本土化。 分析师预计，如果对来自中国的API征收10%的关税，仿制药企业的利润将下跌2%-3%，创新药利润 下跌可能更严重。 2 美国关税筑墙， 中概股 跌宕 自2025年特朗普重新执政以来，美国政府出台了一系列针对生物医药产业的重要政策，核心目标是强 化美国医药产 ...

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。 ■ 注： 1、公司的前十大股东和前十大无限售条件股东一致。 3、HKSCC NOMINEES LIMITED 即香港中央结算（代理人）有限公司，其所持股份是代表多个客户持 有；香港中央结算有限公司为沪港通人民币普通股的名义持有人。 特此公告。 无锡药明康德新药开发股份有限公司（以下简称"公司"）于2025年3月17日召开第三届董事会第十七次 会议暨2024年年度董事会，审议通过《关于2025年以集中竞价交易方式回购公司A股股份的议案》。具 体内容详见2025年3月18日公司于上海证券交易所网站及指定媒体披露的《关于2025年以集中竞价交易 方式回购A股股份的预案》（公告编号：2025-017）。本次回购股份方案尚待将于2025年4月29日召开 的公司2024年年度股东大会审议。 无锡药明康德新药开发股份有限公司董事会 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第7号一一回购股份》等相关 规定，现将2024年年度股东大会的股权登记日（即2025年4月24日）登记 ...