证券代码：603259 证券简称：药明康德 公告编号：2025-020 无锡药明康德新药开发股份有限公司 关于召开 2024 年年度股东大会、2025 年第一次 A 股 类别股东会议及 2025 年第一次 H 股类别股东会议的 通知 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： 股东大会召开日期：2025年4月29日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、 召开会议的基本情况 (一) 股东大会类型和届次 召开地点：上海外高桥喜来登酒店，上海市自由贸易试验区基隆路 28 号 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 4 月 29 日 至 2025 年 4 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联 网投票平台的投票时间为股东大会召开当日的 9: ...

无锡药明康德新药开发股份有限公司 2024 年年度股东大会、2025 年第一次 A 股类别股东会议及 2025 年第一次 H 股类别股东会议 会议材料 二〇二五年四月 1 无锡药明康德新药开发股份有限公司 股东大会会议须知 2 损害公司及股东共同利益的提问或发言，会议主持人或其指定人员有权要求股东 停止发言并拒绝回答。在股东大会进行表决时，大会将不再安排股东发言。 六、为保证每位参会股东及股东代表的权益，在股东大会会场范围内任何人 不得擅自进行直播、录音、录像或拍照；为保障对外信息准确性，未经公司明确 许可，不得将股东大会相关图片、录音、录像及有关会议内容发布于公开媒体。 如股东同时以媒体记者身份参会有报道需求的，相关报道发布前需提前取得公司 的明确同意。会议期间，请遵守会场秩序并听从大会工作人员安排。 七、对违反上述规定、干扰会议正常秩序、寻衅滋事或侵犯其他股东合法权 益的行为，大会工作人员或公司其他相关人员有权根据《上市公司股东大会规则》 （中国证券监督管理委员会公告[2022]13 号）第二十二条的规定责令其退场或采 取相应的措施加以制止，并及时报告有关部门查处。 3 为了维护全体股东的合法权益、保障股 ...

第三届董事会第十八次会议决议公告 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、董事会会议召开情况 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 3 月 20 日向公司全体董事发出会议通知及会议材料，以通讯表决方式于 2025 年 3 月 25 日召开第三届董事会第十八次会议。本次董事会会议应出席董事 12 人，实际 出席董事 12 人，会议由董事长 Ge Li（李革）召集。本次董事会符合《中华人民 共和国公司法》和《无锡药明康德新药开发股份有限公司章程》关于召开董事会 会议的规定。 二、董事会会议审议情况 审议通过《关于提请召开无锡药明康德新药开发股份有限公司 2024 年年度 股东大会、2025 年第一次 A 股类别股东会议及 2025 年第一次 H 股类别股东会 议的议案》 同意召开 2024 年年度股东大会、2025 年第一次 A 股类别股东会议及 2025 年第一次 H 股类别股东会议，并授权董事长或其授权人士负责公告和通函披露 前的核定，以及确定 2024 年年度股东大会、2025 年 ...

数据统计显示，中证沪港深张江自主创新50指数近一个月下跌6.62%，近三个月上涨7.11%，年至今上 涨10.05%。 据了解，中证沪港深张江自主创新50指数从沪港深三地市场中选取50只业务涉及生物医药、集成电路、 人工智能、高端装备制造、节能环保、新材料等产业的张江高新区上市公司证券作为指数样本，以反映 沪港深三地市场张江高新区新兴产业上市公司证券的整体表现。该指数以2014年12月31日为基日，以 1000.0点为基点。 中证沪港深张江自主创新50指数上涨0.03%，前十 大权重包含中芯国际等 从中证沪港深张江自主创新50指数持仓样本的行业来看，信息技术占比67.98%、医药卫生占比 20.15%、工业占比6.75%、通信服务占比2.12%、原材料占比1.69%、房地产占比0.89%、可选消费占比 0.42%。 金融界3月24日消息，上证指数上涨0.15%，中证沪港深张江自主创新50指数 (SHS张江50，931596)上涨 0.03%，报1485.13点，成交额293.43亿元。 从指数持仓来看，中证沪港深张江自主创新50指数十大权重分别为：韦尔股份（11.04%）、中芯国际 （9.85%）、中微公司（ ...

Summary of Key Points from Conference Call Records Industry or Company Involved - A-share market and various sectors including technology, consumer, real estate, and automotive industries Core Insights and Arguments 1. **Market Outlook**: The A-share market is currently in a phase of mixed performance, with some sectors showing strength while others decline. The market is expected to enter a new active phase driven by AI technology in April and May, with a focus on domestic demand policies around mid-year [1][2][3] 2. **Profit Improvement by Industry**: As of March 23, approximately 65% of annual reports have been disclosed, indicating positive net profit growth for sectors such as non-banking financials, electronics, transportation, automotive, telecommunications, non-ferrous metals, and banking. Industries that have turned profitable include aquaculture and commerce [4][6] 3. **Investment Trends**: The A-share market remains a stock market, but there is a notable increase in domestic capital allocation to Hong Kong stocks, which may lead to a return of funds to the A-share market due to the stagnation of Hong Kong stocks [3][5] 4. **AI Sector Focus**: The theme of edge AI is highlighted as a significant investment opportunity, with a strong catalyst period expected from April to June. Key events include major product launches and conferences that could drive market interest [14][15][24] 5. **Currency Outlook**: The RMB is expected to fluctuate between 7.20 and 7.35 in the short term, with potential depreciation risks in the medium to long term due to external factors such as US tariffs and a strong dollar [9][10] Other Important but Possibly Overlooked Content 1. **Deep Sea Technology**: The government has included deep-sea technology in its work report, indicating a strategic focus on this emerging sector. Companies involved in deep-sea technology are expected to benefit from upcoming policies and market growth [16][39][40] 2. **Automotive Industry Dynamics**: The automotive sector, particularly companies like BYD, is experiencing fluctuations due to external news and market conditions. However, the overall outlook remains positive with a focus on high-end, intelligent, and electric vehicles [29][30][31] 3. **Copper Supply and Demand**: The copper market is facing supply constraints, with expectations of strong price performance due to reduced production and potential tariff impacts. The outlook suggests that copper prices may return to previous highs [49] 4. **Consumer Sector Trends**: The consumer sector, particularly in retail and hospitality, is expected to rebound as demand recovers. Companies like Yonghui Supermarket are adjusting their store formats to improve profitability [56][59] This summary encapsulates the key insights and trends discussed in the conference call, providing a comprehensive overview of the current market landscape and future expectations across various sectors.

Investment Rating - The report maintains a "Buy" rating for the company and raises the target price to HKD 90 and RMB 93, indicating a potential upside of +38% and +45% respectively [3][5][9]. Core Insights - The acceleration in new order signings, along with an additional special dividend and A-share buyback, are the major positive surprises that have driven the company's stock price up [3][8]. - For 2024, the company achieved a revenue of RMB 39.24 billion, a decrease of 2.7% YoY, but a growth of 5.2% YoY when excluding COVID-19 commercialization projects [8][10]. - The company reported a Non-IFRS adjusted net profit of RMB 10.58 billion for 2024, down 2.5% YoY, with a net profit margin of 27% [8][10]. Revenue and Growth Drivers - The small molecule D&M revenue and TIDES business remain the main drivers of revenue growth, with TIDES revenue growing by 67.9% YoY and small molecule D&M revenue increasing by 16.1% YoY [3][8]. - The company expects TIDES business to maintain over 60% YoY revenue growth in 2025, with total revenue projected to reach RMB 41.5-43 billion, representing a 10%-15% YoY increase [8][9]. Financial Performance - In Q4 2024, the company achieved a revenue of RMB 11.54 billion, a 6.9% increase YoY, and a Non-IFRS adjusted net profit of RMB 3.24 billion, up 20.4% YoY [10][12]. - The company ended 2024 with a backlog of orders amounting to RMB 49.31 billion, a 47% increase YoY, indicating strong execution and international competitiveness [8][10]. Shareholder Returns - The company plans to distribute an additional special dividend of RMB 1 billion and conduct a RMB 1 billion A-share buyback in 2025, which is expected to positively impact stock performance [8][9]. - The management also announced a H-share incentive trust plan for 2025, with an allocation of HKD 1.5-2.5 billion, depending on revenue targets [8][9].

Summary of WuXi AppTec Conference Call Company Overview - **Company**: WuXi AppTec - **Year**: 2024 - **Industry**: Pharmaceutical and Biotechnology Services Key Financial Performance - **2024 Revenue**: 39.24 billion RMB, a 5.2% increase year-over-year after excluding COVID-19 commercialization projects [3][4] - **Fourth Quarter Revenue**: 11.54 billion RMB, a 6.9% year-over-year increase [3] - **Adjusted Non-IFRS Net Profit**: 10.58 billion RMB, a 2.5% decrease year-over-year, but net profit margin increased to 27%, a historical high [4][12] - **Total Orders**: 49.31 billion RMB, a 47% increase year-over-year, indicating strong future revenue potential [4][5] Client and Market Dynamics - **Active Clients**: Approximately 6,000, with 5,500 in ongoing operations, a decrease of 500 due to the termination of certain ATU and medical testing businesses [5] - **Top 20 Global Pharmaceutical Clients**: Revenue increased by 24.1%, with U.S. and European revenues growing by 7.7% and 14.4%, respectively; however, revenues in China and Japan/Korea declined [6] Capacity Expansion and Investment - **Capacity Expansion**: By the end of 2025, small molecule API reactor volume is expected to exceed 4 million liters, and peptide solid-phase synthesis reactor volume is projected to exceed 100,000 liters [4][7] - **Capital Expenditure**: Expected to be between 7 billion to 8 billion RMB in 2025, with a focus on expanding domestic and international DNA capacity [18][38] Business Segments Performance - **Wuxi Chemical Services**: Revenue of 29.05 billion RMB, an 11.2% increase year-over-year after excluding COVID-19 projects, with an adjusted IFS gross margin of 46.4% [4][9] - **Testing Services**: Revenue decreased by 34.8% to 5.67 billion RMB, with a gross margin decline to 33.3% [10] - **CRO and SMO**: Continued to lead in clinical trials, with significant contributions to new drug approvals [11] Strategic Initiatives - **Sustainability Achievements**: Recognition from global institutions, including a 3A MSCI rating and inclusion in the Dow Jones Sustainability Index [8] - **AI and Digitalization**: Ongoing integration of AI and digital technologies to enhance operational efficiency and insights [25] Future Outlook - **2025 Revenue Guidance**: Expected growth of 10% to 15%, with overall revenue projected to reach between 41.5 billion to 43 billion RMB [4][14] - **Dividend Policy**: The board has decided to maintain a 30% annual dividend payout ratio and issue a one-time special cash dividend of 1 billion RMB [4][14] Risks and Challenges - **Market Fluctuations**: Revenue from China and Japan/Korea markets has seen declines, with recovery expected to take time [40][41] - **Impact of Tariffs**: Uncertainty regarding the impact of tariffs on business and profit margins, with ongoing monitoring of legislative developments [22][36] Conclusion WuXi AppTec demonstrated solid financial performance in 2024, with significant growth in orders and a strong outlook for 2025. The company is actively expanding its capacity and investing in sustainable practices while navigating challenges in certain markets.

Core Viewpoint - The Hong Kong stock market showed strong performance, with the Hang Seng Index rising 2.46% to a three-year high, driven by robust earnings in technology stocks, signs of economic stabilization, and positive policy expectations [1] Group 1: Market Performance - The Hang Seng Index closed at 24,740.57 points, up 595 points, with a total trading volume of 285.935 billion HKD [1] - The Hang Seng Tech Index increased by 3.96%, closing at 6,105.5 points, while the Hang Seng China Enterprises Index rose by 2.79% to 9,177.8 points [1] Group 2: Blue-Chip Stocks - Baidu Group-SW led blue-chip stocks with a 12.22% increase, closing at 103.3 HKD, contributing 15.93 points to the Hang Seng Index [2] - WuXi AppTec (药明康德) rose by 10.54% to 72.35 HKD, contributing 4.07 points to the index [2] - Other notable performers included Li Auto-W, which increased by 6.76%, and China Longjian Infrastructure, which fell by 2.93% [2] Group 3: Sector Highlights - Large technology stocks performed well, with Baidu up 12%, Alibaba and JD both rising over 5% [3] - AI concept stocks saw strong gains, with Baidu Group-SW up 12.22%, Kingsoft Cloud up 10.86%, and Alibaba-W up 5.83% [3] - The CRO sector also performed well, with WuXi AppTec up 10.54% and other CRO stocks showing significant increases [5] Group 4: Gold Stocks - Gold stocks collectively rose as international gold prices reached new highs, with Lingbao Gold up 7.3% and Shandong Gold up 6.99% [7] - UBS forecasts gold prices could reach 3,200 USD per ounce in the next four quarters, with Macquarie analysts predicting a potential peak of 3,500 USD per ounce by Q3 [7] Group 5: Robotics Sector - The robotics sector saw significant gains, with Yujian Technology up 27.88% after launching a humanoid robot [8] - Midea Group also reported advancements in humanoid robot development, indicating a push towards commercialization [8] Group 6: Notable Stock Movements - CanSino Biologics surged 25.26% after receiving breakthrough therapy designation for a new drug [9] - Hillstone Networks reported a 28.89% increase in revenue, with a 240.67% rise in net profit [10] - NIO-SW rose 8.95% following a strategic partnership with CATL to enhance battery swap services [11]

与此同时，公司也进行了扩产，2024年底，多肽固相合成反应釜总体积增加至4.1万升，预计2025年底 将进一步提升至超10万升。 药明康德的TIDES业务承接着上游制剂企业GLP-1药物委托生产。近年来，GLP-1药物在减肥领域的开 发成功，给提前布局的企业，如礼来、诺和诺德等带来了可观回报，同时吸引了众多药企布局开发。 GLP-1药物一度供不应求。 药明康德股价大涨：减肥药企业扩产 美国关税政策 对公司影响如何？ 药明康德（603259.SH、02359.HK）在最新发布的业绩报中预计，今年收入将重回增长，整体收入将达 到415亿至430亿元，将突破2023年在新冠商业化需求驱动下所形成的营收峰值。 3月18日上午，药明康德A股以及港股股价均高开，A股股价盘中涨停，港股股价盘中涨幅一度超过 13%。 摆在公司面前的是，上游减肥药企业扩产，美国关税政策、美国生物法案，这些对公司潜在影响如何？ 在3月18日上午的业绩电话会上，药明康德针对这些问题进行了回应。 近年来，药明康德TIDES（寡核苷酸和多肽）业务取代新冠项目，成为公司新的收入增长引擎之一，该 业务囊括了GLP-1等多肽药物生产。 根据药明康德发布的2 ...

Company and Industry Summary Company: WuXi AppTec (药明康德) Key Financial Performance - **2024 Revenue**: Achieved revenue of 39.241 billion RMB, a year-over-year (YOY) decrease of 2.73%. Excluding COVID-19 commercialization projects, revenue increased by 5.2% [1] - **Adjusted Non-IFRS Net Profit**: Reported at 10.58 billion RMB, a YOY decrease of 2.5%. The adjusted Non-IFRS net profit margin reached 27%, an increase of 0.1 percentage points YOY [1] - **Q4 2024 Performance**: Revenue for Q4 was 11.54 billion RMB, a YOY increase of 6.85%. Adjusted net profit for Q4 was 3.24 billion RMB, a YOY increase of 20% [1] Order and Growth Insights - **Order Backlog**: The company reported an order backlog of 49.31 billion RMB for 2024, representing a YOY increase of 47.0%. For Q1-Q3 2024, the order backlog increased by 35.2% YOY, exceeding expectations despite a high base [1] Future Guidance - **2025 Revenue Projection**: The company expects revenue from continuing operations to return to double-digit growth, projecting a YOY increase of 10%-15%, with overall revenue reaching between 41.5 billion and 43 billion RMB [2] - **Net Profit Margin Outlook**: Anticipated further improvement in adjusted Non-IFRS net profit margin for 2025 [2] Capital Expenditure and Shareholder Returns - **Capital Expenditure**: Plans to accelerate global D&M capacity construction, with capital expenditure expected to reach 7-8 billion RMB in 2025, doubling the D&M capital expenditure [2] - **Dividends**: The company intends to maintain a 30% annual cash dividend ratio (~2.84 billion RMB) and plans to issue an additional one-time special dividend of 1 billion RMB. There are also plans to increase mid-term dividends in 2025 and potentially repurchase 1 billion RMB of A-shares [2] Incentive Plans - **H-share Incentive Program**: A proposed H-share incentive trust plan for 2025, granting 1.5 billion HKD in H-shares upon achieving 42 billion RMB in revenue, with an additional 1 billion HKD for revenues of 43 billion RMB or more. The H-shares will be purchased in the market at current prices, avoiding dilution of existing shareholder equity [2] Business Segment Performance - **D&M Business Growth**: Strong drivers from TIDES, with significant growth in small molecule D&M commercialization. Q4 2024 revenue from the chemical business increased by 13.0%, with total revenue for 2024 at 29.05 billion RMB, excluding COVID-19 projects, reflecting an 11.2% YOY increase [2] - **Pipeline Development**: As of the end of 2024, the small molecule D&M pipeline includes 72 commercial projects (an increase of 11) and 80 Phase III clinical projects (an increase of 14), indicating a strengthening funnel effect [3] Conclusion The company demonstrates robust order growth and a positive outlook for revenue and profitability in the coming years, supported by strategic capital investments and shareholder-friendly initiatives. The small molecule D&M segment is expected to continue its strong performance, contributing to overall growth.