证券代码：603259 证券简称：药明康德 公告编号：临 2024-077 无锡药明康德新药开发股份有限公司 关于独立董事任期届满及提名独立董事候选人的公告 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。 无锡药明康德新药开发股份有限公司（以下简称"公司"）董事会近日收到 公司独立董事冯岱先生的书面申请，由于其在公司连续担任独立董事期限将满六 年，根据《上市公司独立董事管理办法》独立董事任职年限的相关规定，冯岱先 生申请卸任公司第三届董事会独立董事及董事会专门委员会委员的职务。 附件：独立董事候选人的简历 冷雪松 1969 年 11 月出生，硕士，中国香港特别行政区永久居民。冷雪松先生于 1992 年 7 月获得上海交通大学国际工业贸易学士学位，于 1999 年 5 月获得宾 夕法尼亚大学沃顿商学院工商管理硕士学位。 公司已根据《中华人民共和国公司法》等相关法律法规及《公司章程》的有 关规定，完成独立董事补选的提名工作，公司董事会提名冷雪松先生为公司第三 届董事会独立董事候选人（简历详见附件）。 上述独立董事候选人已通过公司董 ...

一、本人具备上市公司运作的基本知识，熟悉相关法律、行政法规、部门规 章及其他规范性文件，具有 5 年以上法律、经济、会计、财务、管理或者其他履 行独立董事职责所必需的工作经验。本人承诺在本次提名后，参加上海证券交易 所举办的最近一期独立董事资格培训。 二、本人任职资格符合下列法律、行政法规和部门规章以及公司规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监 管规则以及公司章程有关独立董事任职资格和条件的相关规定； 无锡药明康德新药开发股份有限公司 独立董事候选人声明 本人冷雪松，已充分了解并同意由提名人无锡药明康德新药开发股份有限公 司（以下简称"该公司"）董事会提名为该公司第三届董事会独立董事候选人。 本人公开声明，本人具备独立董事任职资格，保证不存在任何影响本人担任该公 司独立董事独立性的关系，具体声明如下： （四）中共中央纪委、中共中央组织部《关于规范中管干部辞去公职或者退 （离）休后担任上市公司、基金管理公司独立董事、独立监事的通知》的规定（如 适 ...

Core Insights - The innovative drug sector experienced a strong rally on December 9, with notable stock performances including a 20% limit up for Ruizhi Pharmaceutical and approximately 13% increases for Chengda Pharmaceutical and Boji Pharmaceutical [1] - The final agreement text of the National Defense Authorization Act (NDAA) for fiscal year 2025 was released by the U.S. Congress on December 7, 2024, which did not include the biosafety bill [1] - The absence of the biosafety bill in the NDAA is viewed positively for WuXi AppTec and other Chinese CRO/CDMO companies with significant overseas revenue exposure [1]

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec, with a target price raised to 78.51 RMB, reflecting a potential upside of 42.2% from the current price of 55.22 RMB [2][6]. Core Insights - The failure of the Biosecure Act to be included in the 2025 NDAA indicates significant legislative hurdles, reducing the likelihood of its passage in the near term. This is expected to positively impact WuXi AppTec's competitive position in the global pharmaceutical R&D industry [1][6]. - The company is anticipated to maintain its leading position in the global chemical drug CDMO market, with overseas competitors lagging significantly in revenue and capacity [1][6]. - A recovery in global biopharmaceutical financing is expected to drive rapid growth in orders for WuXi AppTec, with a reported 35% year-on-year increase in backlog orders as of September, including a remarkable 196% increase in TIDES orders [1][6]. Financial Summary - Revenue projections for WuXi AppTec are as follows: 38,906 million RMB in FY24E, 43,332 million RMB in FY25E, and 49,225 million RMB in FY26E, with expected year-on-year growth rates of -3.6%, +11.4%, and +13.6% respectively [1][9]. - Adjusted net profit is projected to be 10,427 million RMB in FY24E, 11,668 million RMB in FY25E, and 13,474 million RMB in FY26E, with corresponding growth rates of -3.9%, +11.9%, and +15.5% [1][9]. - The adjusted earnings per share are forecasted to be 3.61 RMB in FY24E, 4.04 RMB in FY25E, and 4.67 RMB in FY26E, with growth rates of -3.9%, +11.9%, and +15.5% respectively [1][9]. Valuation Metrics - The report utilizes a DCF model with a WACC of 9.42% and a perpetual growth rate of 2.0%, resulting in a calculated equity value of 226,740 million RMB and a per-share value of 78.51 RMB [6][9]. - The adjusted P/E ratio is projected to decrease from 15.3 in FY24E to 11.8 in FY26E, indicating an improving valuation as earnings grow [13].

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） （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。 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，2024年12月6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、詹智玲女士及馮岱先生。 * 僅供識別 本次投资不构成关联交易，亦不构成《上市公司重大资产重组管理办法》规 定的重大资产重组。 1 投资标的：Jeito II S.L.P. 投资金额：2,000 万欧元（按 2024 年 ...

一、 投资概述 证券代码：603259 证券简称：药明康德 公告编号：临 2024-075 无锡药明康德新药开发股份有限公司 关于认购私募基金份额的公告 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： 2024 年 12 月 6 日，无锡药明康德新药开发股份有限公司（以下简称"本公 司"）全资子企业 WuXi PharmaTech Healthcare Fund I L.P.（以下简称"WuXi Fund I"）与 Jeito Capital S.A.S.（以下简称"管理公司"）签署 Subscription Agreement （以下简称"认购协议"），约定由 WuXi Fund I 认缴 Jeito II S.L.P.（以下简称"投 资基金"）2,000 万欧元的 A 类份额（以下简称"本次投资"），成为 A 类份额 持有人，约占已募集投资基金份额的 5.17%（WuXi Fund I 所持投资基金份额比 例将随投资基金后续募集金额的增加而稀释）。截至本公告日，WuXi Fund I 尚未 支付投资款，后续 ...

Core Points - The innovative drug concept has gained momentum, with significant stock price increases for companies like Boteng Co., Ltd. (over 12% rise), Dezhan Health (limit up), and Chengdu Xian Dao (nearly 9% rise) [1] - The National Healthcare Security Administration and the Ministry of Human Resources and Social Security released the 2024 National Basic Medical Insurance Drug List, which aims to enhance drug supply security and improve the integration of commercial health insurance with basic medical insurance [1] - The updated drug list will include a total of 3,159 drugs, with 1,765 Western medicines and 1,394 traditional Chinese medicines. A total of 117 drugs outside the list participated in negotiations, with a success rate of 76% [1] - The average price reduction for negotiated drugs is 63%, alleviating the financial burden on patients and ensuring the sustainability of the medical insurance fund [1] - The new list includes 91 new drugs, of which 38 are "global new" innovative drugs, marking a record high in both proportion and absolute numbers. Over 70% of the new drugs are products from domestic companies [1] Industry Insights - In the first ten months of this year, the medical insurance fund's payment for negotiated drugs reached approximately 92 billion yuan, which is 21 times that of the same period in 2019 [2] - The cumulative payment by the medical insurance fund for negotiated drugs has exceeded 350 billion yuan, benefiting 830 million patients and reducing their financial burden by over 880 billion yuan [2] - The ongoing optimization of medical insurance policies and the establishment of a multi-tiered medical security system are expected to provide innovative drug companies with greater market share and revenue growth opportunities [2] - Companies with genuine innovative capabilities, such as Heng Rui Medicine, Innovent Biologics, Mindray Medical, United Imaging Healthcare, Yiling Pharmaceutical, and Kangyuan Pharmaceutical, are recommended for attention [2]

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: 2024年11月30日 狀態: 新提交 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 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 603259 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,500,916,432 | RMB | | 1 RMB | | 2,500,916,432 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,500,916,432 | RMB | | 1 RMB | | 2,500,916,432 | 本月底法定/註冊股本總額： RMB 2,887,992,582 第 1 頁 共 11 頁 v ...

Summary of WuXi AppTec's Q3 2024 Earnings Call Company Overview - **Company**: WuXi AppTec - **Date**: November 18, 2024 Key Financial Metrics - **Q3 2024 Revenue**: 10.46 billion RMB, a 13% increase quarter-over-quarter - **Adjusted Net Profit**: 2.97 billion RMB, a 20.9% increase quarter-over-quarter - **Year-over-Year Revenue Growth (excluding COVID projects)**: 14.6% [2][3] - **Total Revenue for First Three Quarters**: 27.7 billion RMB, a 6.2% decrease year-over-year, but a 4.6% increase when excluding COVID projects [3] Customer and Order Growth - **New Global Customers**: Over 800 added in the first three quarters, bringing total active customers to over 6,000 [4] - **Backlog Orders**: 43.82 billion RMB, a 35.2% increase year-over-year [4] - **Revenue from Top 20 Global Pharmaceutical Companies**: 11.22 billion RMB, a 23.1% increase year-over-year when excluding COVID projects [4] Capacity Expansion - **Total Volume of Peptide Solid-Phase Synthesis Reactors**: Expected to reach 41,000 liters by year-end [2][5] - **New Singapore R&D and Production Base**: Phase one expected to be operational by 2027 [5] Regional Market Performance - **U.S. Revenue Growth**: 7.6% year-over-year (excluding COVID projects) [6] - **European Revenue Growth**: 14.8% year-over-year (excluding COVID projects) [6] - **China and Japan/Korea Revenue**: Decline noted, but diversified revenue sources provide stability [6] Core Business Performance - **Wuxi Kaimir CRDM Business**: Q3 revenue returned to positive growth at 1.4%, reaching 7.88 billion RMB, with a 26.4% year-over-year increase when excluding COVID projects [7] - **Small Molecule Business**: Revenue for the first three quarters reached 12.47 billion RMB, a 7% increase year-over-year when excluding COVID projects [8] - **New Molecular "Prince" Business**: Revenue grew 71% year-over-year, reaching 3.55 billion RMB [9] Challenges and Responses - **Wuxi Testing and Wuxi Daraji**: Revenue declines noted, with Wuxi Testing down 4.9% and Wuxi Daraji down 3.6% year-over-year [10][12] - **Impact of U.S. Proposed Legislation**: Company evaluating options to maintain operations and mitigate impacts on patients [13][17] Financial Performance Insights - **Adjusted Gross Margin**: 40.9% for the first three quarters, with Q3 at 42.8% [15] - **Adjusted Net Profit Margin**: 26.5% for the first three quarters, with Q3 at 28.4% [15] - **Free Cash Flow**: Reached 5.56 billion RMB, with expectations of 6-7 billion RMB for the full year [16] Future Outlook - **Full Year Revenue Guidance**: Expected to reach 38.3-40.5 billion RMB, a year-over-year growth of 2.7%-8.6% [18] - **Focus on Operational Efficiency**: Plans to enhance production efficiency and maintain cash flow for talent incentives, dividends, and share buybacks [18]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [35]. Core Insights - The company, WuXi AppTec, established in December 2000, provides integrated drug development and manufacturing services to global pharmaceutical, life sciences, and medical device companies. Its main business segments include chemistry, testing, biology, high-end therapeutic CTDMO, and domestic new drug development services [17]. - In the first three quarters of 2024, the company reported revenue of 27.702 billion yuan, a year-on-year decline of 6.23%, and a net profit attributable to shareholders of 6.533 billion yuan, down 19.11%. Adjusted non-IFRS net profit was 7.346 billion yuan, a decrease of 10.05% compared to the previous year [18]. - The company has seen a significant increase in active customers, with over 800 new clients added in the first three quarters of 2024, bringing the total active customer count to over 6,000. The backlog of orders reached 43.82 billion yuan, a year-on-year increase of 35.2% [19]. Financial Performance - The comprehensive gross margin for the first three quarters of 2024 was 40.65%, slightly down by 0.65 percentage points year-on-year. The net profit margin was 23.83%, down 3.75 percentage points from the previous year [18]. - The revenue distribution by region shows that the U.S. accounted for 176.2 billion yuan, a year-on-year increase of 7.6%, while Europe generated 35.3 billion yuan, up 14.8%. In contrast, revenue from China was 51.6 billion yuan, down 3.9% [19]. - The chemistry business remains the primary revenue and profit source, contributing 72.31% of total revenue and 78.18% of gross profit in 2023 [19]. Business Segments - The testing business, the second-largest segment, generated revenue of 4.62 billion yuan in the first three quarters of 2024, a decline of 4.9% year-on-year. The adjusted non-IFRS gross margin for this segment was 34.6%, down 4 percentage points from the previous year [24]. - The biology segment reported revenue of 1.83 billion yuan, a decrease of 3.6% year-on-year, with an adjusted non-IFRS gross margin of 38% [24]. - The high-end therapeutic CTDMO business saw revenue of 850 million yuan, down 17% year-on-year, with a negative adjusted non-IFRS gross margin of -29.7% [25]. Earnings Forecast - The company is projected to achieve earnings per share of 3.16 yuan, 3.49 yuan, and 3.83 yuan for the years 2024, 2025, and 2026, respectively. The corresponding dynamic price-to-earnings ratios are expected to be 16.74, 15.17, and 13.80 [25].