Core Viewpoint - The pharmaceutical industry, particularly innovative drugs, is positioned as a key strategic investment direction for China's rise in the context of global supply chain restructuring and geopolitical tensions [1][2]. Group 1: Policy and Market Dynamics - The "Healthy China 2030" initiative aims for the health service industry to reach a total scale of 16 trillion yuan by 2030, with R&D investment intensity surpassing that of developed countries [1]. - The 2024 government work report emphasizes accelerating the development of new productive forces, with biomedicine identified as a key area for increased fiscal support [1]. - The "14th Five-Year" plan for biomedicine aims for the biomedicine sector to account for over 40% of a projected 22 trillion yuan bioeconomy by 2025 [1][2]. Group 2: Innovation and Approval Processes - The average approval cycle for domestic innovative drugs has been reduced to 6.2 years in 2023, a decrease of 3 years since 2018 [2]. - The dynamic adjustment mechanism for medical insurance negotiations will include 7 new anti-cancer drugs in 2024, with price reductions limited to 40%, thereby protecting innovation returns [2]. Group 3: Market Growth and Demographics - The proportion of the population aged 60 and above in China is expected to exceed 21% in 2024 and reach 30% by 2035, driving demand for chronic disease medications, cancer drugs, and rehabilitation equipment [2]. - Per capita medical expenditure in 2023 is 6,200 yuan, only one-sixth of that in the United States, with expectations to exceed 8,000 yuan by 2025 [2]. Group 4: Internationalization and R&D Efficiency - In 2023, the overseas licensing transaction volume for Chinese innovative drugs exceeded 40 billion USD, up from 15 billion USD in 2021, with projections to surpass 50 billion USD in 2024 [3]. - The cost of clinical trials in China is only 30%-50% of that in the United States, significantly shortening the R&D cycle for local pharmaceutical companies [3][4]. - The proportion of innovative drugs in China's pharmaceutical market is projected to increase from 25% in 2023 to 40% by 2025 [2][4]. Group 5: Industry Trends and Future Outlook - The revenue share from innovative drugs going abroad is expected to rise from 8% in 2023 to 20% by 2025, indicating a growing international presence [4]. - The number of global biotech companies with a market value exceeding 100 billion yuan is anticipated to increase, with 3-5 such companies expected to emerge in the coming years [4].

Summary of WuXi AppTec's Conference Call Company Overview - **Company**: WuXi AppTec - **Industry**: Biotechnology and Pharmaceutical Services Key Financial Metrics - **2024 IFRS Net Profit**: 3.24 billion RMB, up 20.4% year-on-year [2] - **Total Revenue**: 39.24 billion RMB, with a 5.2% increase excluding COVID-19 commercialization projects [2] - **Adjusted Non-IFRS Net Profit**: 10.58 billion RMB, down 2.5% year-on-year, with a net profit margin of 27% [2][3] - **Active Clients**: Approximately 6,000, with 5,500 in ongoing operations, adding 1,000 new clients in 2024 [2][4] - **Backlog Orders**: 49.31 billion RMB, a 17% increase year-on-year [5] Revenue Performance by Region - **U.S. Revenue Growth**: 7.7% year-on-year, excluding COVID-19 projects [6] - **European Revenue Growth**: 14.4% year-on-year [6] - **Decline in China and Other Regions**: Revenue decreased in China, Japan, and South Korea, indicating a need for diversification [6] Business Segment Performance - **Wuxi R&D Center Revenue**: 29.05 billion RMB, up 11.2% year-on-year excluding COVID-19 projects [2][8] - **Small Molecule DCM Pipeline**: Expanded to 3,377 molecules, with over 460,000 new compounds delivered, a 10% increase [2][8] - **Testing Revenue**: 5.67 billion RMB, down 8%, with drug evaluation services declining by 13% [9] - **Clinical CRO and SMO Revenue**: 1.81 billion RMB, up 15.5% [9] - **Biology Revenue**: 2.55 billion RMB, flat year-on-year [9] Sustainability Achievements - **Sustainability Ratings**: Achieved 3A rating for four consecutive years and inclusion in the Dow Jones Sustainability Index [7] - **Certifications**: Received gold certification and CDP safety A and B ratings in 2024 [7] Capital Management and Shareholder Returns - **Share Buybacks**: Completed four buyback programs totaling over 4 billion RMB [4][13] - **Dividends**: Maintained a 30% dividend payout ratio, distributing approximately 2.84 billion RMB in cash dividends, plus an additional 1 billion RMB special cash dividend [4][13] Future Outlook - **Revenue Growth Projection for 2025**: Expected to grow by 10% to 15%, targeting total revenue of 41.5 to 43 billion RMB [14] - **Capital Expenditure**: Anticipated to reach 7 to 8 billion RMB, with free cash flow projected at 4 to 5 billion RMB [14] - **H-Shares Incentive Plan**: Plans to implement an H-share reward trust plan to retain talent and promote long-term growth [14] Additional Insights - **Operational Efficiency**: Continuous improvement in production efficiency and capacity utilization [11][12] - **Market Resilience**: Diversified revenue streams contributing to stable performance despite regional declines [6]

Core Viewpoint - WuXi AppTec is facing potential impacts from the recent U.S. tariffs on pharmaceuticals, but the extent of this impact remains unclear. The company is focused on optimizing its supply chain and improving operational efficiency to mitigate these effects while maintaining its revenue guidance for the year [1][2]. Financial Performance - In 2024, WuXi AppTec reported revenues of RMB 39.241 billion, a year-on-year decrease of 2.73%. Excluding specific commercial production projects, revenue grew by 5.2%. The net profit attributable to shareholders was RMB 9.450 billion, down 1.36% year-on-year [2]. - As of the end of 2024, the company's backlog for ongoing operations was RMB 49.31 billion, reflecting a 47.0% year-on-year increase. Revenue from U.S. clients was RMB 25.02 billion, showing a year-on-year growth of 7.7% (excluding specific projects) [2]. Market and Operational Strategy - WuXi AppTec has a significant portion of its revenue (over 50%) coming from the U.S. market, which raises concerns regarding the impact of tariffs. The company has historically concentrated its production capacity domestically due to cost advantages [2]. - The company is expanding its global production capacity, with plans to double the oral formulation capacity at its Swiss facility in 2024 and to complete the Middleton, U.S. facility by the end of 2026. A new R&D and production base in Singapore is also set to begin construction in May 2024, with phase one expected to be operational by 2027 [4]. Business Focus and Asset Management - WuXi AppTec is focusing on its core CRDMO (Contract Research, Development, and Manufacturing Organization) business model and has recently sold stakes in its WuXi ATU business in the U.S. and U.K. to ensure uninterrupted service for clients [4][5]. - The company is continuously evaluating its business development and strategic direction to enhance collaboration across its business segments and better meet the evolving needs of global clients [5]. Regulatory and Competitive Landscape - The U.S. National Security Council recently reported concerns about China's rising dominance in the biotechnology sector, urging the U.S. to take swift action to maintain competitiveness. WuXi AppTec has responded to these claims, asserting that it has never transferred U.S. client data or intellectual property without authorization [5]. Stock Performance - As of April 10, 2024, WuXi AppTec's stock closed at RMB 52.30 per share, up 2.05%, but has declined approximately 25% from its mid-March peak, with a current market capitalization of RMB 151 billion [6].

Core Viewpoint - WuXi AppTec has responded to recent allegations made by the U.S. National Emerging Biotechnology Security Council, asserting that the company has never unauthorizedly transferred U.S. clients' data or intellectual property to third parties [1] Group 1: Company Response - The company’s Vice Chairman and Global Chief Investment Officer, Hu Zhengguo, emphasized the baseless nature of the claims made in the 215-page report by the U.S. council [1] - WuXi AppTec has communicated with relevant U.S. government agencies to clarify the facts surrounding these allegations [1] Group 2: Industry Context - The U.S. National Emerging Biotechnology Security Council's report claims that WuXi AppTec is "deeply embedded in the U.S. biopharmaceutical supply chain" [1]

Market Overview - A-shares and Hong Kong stocks experienced a significant rebound, with A-shares seeing over 5,200 stocks rise and the ChiNext Index increasing by over 4% [1] - The Hang Seng Technology Index rose over 6%, while the Hang Seng Index increased by over 4% [5] Economic Indicators - The postponement of tariffs by Trump is viewed as a clear positive for the market, contributing to the overall rise in the Asia-Pacific markets [1] - A survey by Harvard Business School professor Meg Rithmire indicated that 70% of the 40 members surveyed plan to maintain or increase their business with China, alleviating concerns about the impact of tariffs on corporate operations [7] Sector Performance - The cross-border payment sector saw active trading, with stocks like Feitian Chengxin and Qingdao Jinwang hitting the daily limit, while others rose over 10% [2] - The domestic consumption sector, particularly dairy and retail, showed strong performance with stocks like Yiyaton and Wangfujing hitting the daily limit [3] - The chemical raw materials sector also performed well, with Zhongyida hitting the daily limit and Hengguang shares rising over 10% [4] Corporate Strategies - Some listed companies are accelerating their overseas production capacity to mitigate cost pressures from tariffs, with plans to establish manufacturing bases in low-tariff countries [6] - Companies are also shifting sales markets towards Europe and India, utilizing Southeast Asian bases to meet regional demand [6] Investment Sentiment - The market's risk appetite has increased, as evidenced by the decline in government bond futures, indicating a more optimistic outlook among investors [5]

药明康德回应美国计划对药品征收关税影响：影响还极不明朗 暂维持公司全年指引 智通财经4月10日电，在今日举行的药明康德业绩会上，药明康德副董事长、全球首席投资官胡正国回 复以投资者身份提问的智通财经记者关于"美国计划对药品征收关税"相关问题时表示："关税对公司肯 定会有影响，影响多少现在还极不明朗"，并称目前将暂维持公司全年（业绩）指引，同时密切关注关 税政策的进展和对指引带来的影响。（智通财经记者 卢阿峰） ...

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之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致之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） 茲載列本公司在上海證券交易所網站刊登的以下資料中文全文，僅供參閱。 承董事會命 無錫藥明康德新藥開發股份有限公司 董事長 李革博士 香港，2025年4月9日 截至本公告日期，本公司董事會包括執行董事李革博士、陳民章博士、胡正國先生、楊青博士及 張朝暉先生；非執行董事童小幪先生及吳亦兵博士；以及獨立非執行董事盧韶華女士、俞衛博士、 張新博士、詹智玲女士及冷雪松先生。 * 僅供識別 （股份代號：2359） 海外監管公告 本海外監管公告乃由本公司根據香港聯合交易所有限公司證券上市規則第 13.10B條作出。 根据中国证券监督管理委员会颁布的《上市公司股份回购规则》（2025 年修 订）、《公司章程》及公司 2023 年年度股东大会、2024 年第二次 A 股类别股东 会议及 2024 ...

证券代码：603259 证券简称：药明康德 公告编号：临 2025-027 无锡药明康德新药开发股份有限公司 关于收到股票回购贷款承诺函的公告 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。 一、本次回购股份方案的基本情况 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 4 月 8 日召开第三届董事会第二十次董事会，审议通过了《关于 2025 年第二次以集 中竞价交易方式回购公司 A 股股份的议案》，同意公司使用自有资金和/或自筹 资金以集中竞价交易方式回购公司股份用于注销并减少公司注册资本，回购金额 不超过人民币 10 亿元（含），回购股份的价格不超过人民币 97.24 元/股（含）（以 下简称"本次回购股份"）。 根据中国证券监督管理委员会颁布的《上市公司股份回购规则》（2025 年修 订）、《公司章程》及公司 2023 年年度股东大会、2024 年第二次 A 股类别股东 会议及 2024 年第二次 H 股类别股东会议审议通过的《关于给予董事会回购公司 A 股和/或 H 股股份一般性授权的议案》，董事 ...

Group 1 - The core point of the news is that WuXi AppTec announced a second share repurchase plan for 2025, intending to buy back 1 billion CNY worth of A-shares through centralized bidding, with all repurchased shares to be canceled [1] - This repurchase action is seen as a commitment to protect investor interests amid stock price fluctuations, reflecting the company's proactive approach to maintaining shareholder value [1][2] - WuXi AppTec has already executed three share repurchase plans totaling 3 billion CNY since last year, with all repurchased shares being canceled, effectively reducing market circulation and increasing earnings per share [1] Group 2 - According to the annual report presentation materials, WuXi AppTec expects revenue growth to return to a double-digit increase of 10%-15% in 2025, with total revenue projected to reach 41.5 to 43 billion CNY [2] - The adjusted non-IFRS net profit margin is anticipated to improve further, with free cash flow expected to reach 4 to 5 billion CNY for the year [2]

证券代码：603259 证券简称：药明康德 公告编号：临 2025-025 无锡药明康德新药开发股份有限公司 关于 2025 年第二次以集中竞价交易方式回购 A 股股份的预案 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 无锡药明康德新药开发股份有限公司（以下简称"公司"）曾于 2025 年 3 月 18 日披露《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）且该预案项下的回购方案（以下简称"2025 年第一次回购股份方案"） 尚需提交股东大会审议通过。考虑到公司近日股价波动，截至 2025 年 4 月 8 日公 司 A 股股票连续二十个交易日内股票收盘价格跌幅累计已达到百分之二十，为积 极维护公司价值及股东权益，公司于 2025 年 4 月 8 日召开第三届董事会第二十次 会议审议通过了《关于 2025 年第二次以集中竞价交易方式回购公司 A 股股份的议 案》，同意以维护公司价值及股东权益为目的，通过集中竞价方式回购公司 A 股 股份并全部予以注销的回购 ...