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11月15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 证券代码：603259 证券简称：药明康德 公告编号：临 2024-074 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 ...

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： 一、 投资概述 2024 年 11 月 15 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 Sofinnova Capital XI GP S.à r.l.（以下简称"普通合伙人"）签署 Subscription Agreement（以下简称"认购协议"），约定由 WuXi Fund I 认缴 Sofinnova Capital XI SCSp SICAV-RAIF（以下简称"投资基金"）1,000 万欧元 的投资基金份额（以下简称"本次投资"），约占已募集投资基金份额的 4.40% （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增加而进一步 稀释）。截至本公告日，WuXi Fund I 尚未支付投资款，后续 WuXi Fund I 将以自 有资金根据认购协议的要求履行投资款的支付义务。 本次投资不 ...

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec, expecting a price increase of over 15% relative to the industry index in the next six months [12]. Core Views - WuXi AppTec's overall performance is gradually recovering, with TIDES business maintaining rapid growth. The company reported a revenue of 27.702 billion yuan in the first three quarters of 2024, a year-on-year decline of 6.23%, and a net profit of 6.533 billion yuan, down 19.11% year-on-year [1][6]. - The TIDES business revenue reached 3.55 billion yuan in the first three quarters of 2024, showing a strong growth of 71% year-on-year, with expectations for annual growth exceeding 60% [2]. - The company has a robust order backlog, with total orders amounting to 43.82 billion yuan, a year-on-year increase of 35.2% [6]. Financial Performance Summary - **Revenue**: - 2022: 39.355 billion yuan - 2023: 40.341 billion yuan - 2024E: 39.223 billion yuan - 2025E: 45.102 billion yuan - 2026E: 51.806 billion yuan - Year-on-year growth rates: 71.8% (2022), 2.5% (2023), -2.8% (2024E), 15.0% (2025E), 14.9% (2026E) [1][7]. - **Net Profit**: - 2022: 8.814 billion yuan - 2023: 9.607 billion yuan - 2024E: 9.378 billion yuan - 2025E: 10.820 billion yuan - 2026E: 12.430 billion yuan - Year-on-year growth rates: 72.9% (2022), 9.0% (2023), -2.4% (2024E), 15.4% (2025E), 14.9% (2026E) [1][7]. - **Key Ratios**: - ROE: 19.0% (2022), 17.5% (2023), 15.3% (2024E), 15.6% (2025E), 15.8% (2026E) [1][7]. - EPS: 3.05 (2022), 3.33 (2023), 3.25 (2024E), 3.75 (2025E), 4.30 (2026E) [1][7]. Business Segment Performance - **Chemical Business**: - Revenue in the first three quarters of 2024 was 20.09 billion yuan, down 5.40% year-on-year, but up 10.40% when excluding specific commercial production projects [2]. - **Testing Business**: - Revenue in the first three quarters of 2024 was 4.62 billion yuan, down 4.86% year-on-year [3]. - **Biological Business**: - Revenue in the first three quarters of 2024 was 1.83 billion yuan, down 3.64% year-on-year, with new molecular types showing a 6.0% increase [3]. - **High-end CTDMO Business**: - Revenue in the first three quarters of 2024 was 0.85 billion yuan, down 17.04% year-on-year, primarily due to project delays and cancellations [4].

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 关于召开 2024 年第三季度业绩说明会的公告 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： 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11月8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。 ...

证券代码：603259 证券简称：药明康德 公告编号：临 2024-073 无锡药明康德新药开发股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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： 无锡药明康德新药开发股份有限公司（以下简称"本公司"）已于 2024 年 10 月 29 日在上海证券交易所网站（www.sse.com.cn）及指定媒体披露《无锡药明康 德新药开发股份有限公司 2024 年第三季度报告》。为了便于广大投资者更全面深 入地了解本公司 2024 年第三季度业绩和经营情况，本公司拟于 2024 年 11 月 18 日（星期一）上午 10:00-11:00 召开业绩说明会，就投资者普遍关心的问题进行 交流。 一、 业绩说明会类型 本次业绩说明会以视频结合网络互动方式召开，本公司将针对 2024 年第三 季度业绩和经营情况与投资者进行交流，并在信息披露允许的范围内就投资者普 遍关注的问题进行回答。 三、参加人员 本公司副董事长、全球首席投资官胡正国先生，执行董事、联席首席执行官 陈民 ...

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10月31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 呈交日期: 2024年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02359 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 387,076,150 | RMB | | 1 | RMB | | 387,076,150 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 387,076,150 | RMB | | 1 | RMB | | 387,076,150 | | 2. 股份分 ...

Investment Rating - The report maintains an "Outperform" rating for WuXi AppTec (603259 SH) [1][2][10] Core Views - WuXi AppTec's Q3 2024 revenue exceeded RMB 10 billion, with a year-on-year increase of 14 6% excluding COVID-19 commercial projects [1][5] - The company's revenue diversification is evident, with US client revenue turning positive in the first three quarters of 2024 [1] - The integrated CRDMO model continues to drive growth, particularly in the chemical business, with 915 new molecules added in the first three quarters of 2024 [1][8] - TIDES business showed rapid growth, with revenue increasing by 71 0% year-on-year in the first three quarters of 2024 [1][9] Financial Performance - For Q1-3 2024, WuXi AppTec achieved revenue of RMB 27 7 billion (down 6 2% year-on-year, but up 4 6% excluding COVID-19 commercial projects) and net profit attributable to shareholders of RMB 6 53 billion (down 19 1% year-on-year) [1][5] - Q3 2024 revenue was RMB 10 46 billion (down 2 0% year-on-year, but up 14 6% excluding COVID-19 commercial projects) [1][5] - Adjusted Non-IFRS net profit attributable to shareholders for Q3 2024 was RMB 2 97 billion, up 20 9% quarter-on-quarter [1][5] Business Segments - Chemical business: The CRDMO model drove growth, with 915 new molecules added in the first three quarters of 2024, including 898 pre-clinical and clinical I projects, 14 clinical II projects, 1 clinical III project, and 2 commercial projects [1][8] - ATU business: Revenue and gross margin declined year-on-year due to the impact of proposed US legislation, but 59 ATU CDMO projects were still in progress, including the world's first TIL commercial project [1][8] - TIDES business: Revenue reached RMB 3 55 billion in the first three quarters of 2024, with a 196% year-on-year increase in orders [1][9] Order Book and Client Base - As of September 2024, the company's order book reached RMB 43 82 billion, up 35 2% year-on-year excluding COVID-19 commercial projects [1][9] - Revenue from the top 20 global pharmaceutical clients was RMB 11 22 billion in the first three quarters of 2024, up 23 1% year-on-year excluding COVID-19 commercial projects [1][9] Financial Forecasts - Revenue for 2024/2025/2026 is projected to be RMB 39 27/43 96/49 30 billion, with year-on-year growth rates of -2 7%/11 9%/12 1% [2][10] - Net profit attributable to shareholders for 2024/2025/2026 is expected to be RMB 9 44/10 77/12 28 billion, with year-on-year growth rates of -1 71%/14 03%/14 08% [2][10]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% compared to the CSI 300 index [1][10]. Core Insights - The company's performance in 2024 is expected to show a revenue growth of 2.70%-8.60% after excluding specific commercial production projects, with a projected revenue range of 383-405 billion yuan [7]. - The company reported a total revenue of 277.02 billion yuan for Q1-Q3 2024, a year-on-year decrease of 6.23%, but a 4.60% increase when excluding specific projects [5]. - The company has a strong order backlog of 438.20 billion yuan as of September 2024, reflecting a 35.20% year-on-year growth [7]. Financial Summary - The company's main revenue for 2024 is projected at 388.67 billion yuan, with a net profit of 94.85 billion yuan, resulting in an EPS of 3.28 yuan [4][8]. - The P/E ratio is expected to decrease from 16.29 in 2024 to 12.83 in 2026, indicating improving valuation metrics [4][8]. - The company achieved a net profit of 66.82 billion yuan for Q1-Q3 2024, down 14.22% year-on-year, with Q3 alone showing a net profit of 22.68 billion yuan, a decrease of 23.08% [5][6]. Business Segment Performance - The chemical business generated 200.94 billion yuan in revenue for Q1-Q3 2024, with a 10.40% increase when excluding specific projects [6]. - TIDES business (oligonucleotides and peptides) revenue grew by 71.00% to 35.50 billion yuan, with expectations for over 60% growth for the full year [6]. - The testing business saw a revenue decline of 4.86% to 46.18 billion yuan, primarily due to reduced industry demand and increased competition [6].

Investment Rating - The report maintains a "Neutral" rating for WuXi AppTec (2359 HK) with a target price raised to HKD 48.00 [3][11]. Core Insights - WuXi AppTec's revenue for the first three quarters of 2024 decreased by 6.2% year-on-year to RMB 27.70 billion, but excluding COVID-19 project revenue, it increased by 4.6% [1]. - The company's net profit attributable to shareholders fell by 19.1% year-on-year to RMB 6.53 billion, with Non-IFRS adjusted net profit down 10.1% to RMB 6.68 billion, although the decline was less severe than in the first half of the year [1]. - The chemical business showed signs of recovery in the third quarter, leading to slightly better-than-expected performance [1]. - The TIDES business revenue surged by 71.0% year-on-year in the first three quarters, driven by increased demand for weight-loss drug development [1]. Financial Summary - Total revenue for 2022 was RMB 39.36 billion, with a projected revenue of RMB 40.13 billion for 2024, and expected growth to RMB 49.35 billion by 2026 [2][8]. - Shareholder net profit for 2022 was RMB 8.81 billion, with a forecast of RMB 9.98 billion for 2024 and RMB 11.94 billion for 2026 [2][8]. - The company’s earnings per share (EPS) is projected to be RMB 3.43 in 2024, increasing to RMB 4.11 by 2026 [2][8]. Revenue Forecasts - The revenue forecast for the chemical business in 2024 has been raised to RMB 29.17 billion, with expectations of double-digit growth in 2025-2026 [1]. - TIDES business revenue is expected to grow by 60% year-on-year to RMB 5.21 billion in 2024, with further increases projected for 2025 and 2026 [1]. Market and Legislative Environment - The U.S. Biologics Bill is unlikely to be legislated within the year, but uncertainties remain as both the House and Senate versions have passed [1].

Investment Rating - Maintains an "Overweight" rating [2][3] - Target price raised to 71.82 RMB (previously 52.96 RMB) [2][3] Core Views - Strong growth in backlog, with TIDES business contributing significantly to future growth [2] - Revenue for 2024 Q1-Q3 was 27.702 billion RMB (-6.23% YoY), with net profit attributable to shareholders at 6.533 billion RMB (-19.11% YoY) [2] - Q3 revenue was 10.461 billion RMB (-1.96% YoY), with net profit attributable to shareholders at 2.293 billion RMB (-17.02% YoY) [2] - EPS forecasts for 2024-2026 adjusted to 3.34/3.78/4.27 RMB, reflecting improved profitability from cost reductions and capacity utilization [2] Business Performance - Chemical business revenue grew 10.4% YoY in 2024 Q1-Q3, excluding COVID-related commercial orders [2] - Testing business revenue declined 4.9% YoY, with clinical CRO and SMO revenue growing 3.4% and 16% respectively [2] - Biology business revenue declined 3.6% YoY, but new molecule types grew 6.0% [2] - High-end therapy CTDMO business revenue declined 17.0% YoY due to early-stage commercialization and project delays [2] - Backlog as of 2024 Q3 reached 43.82 billion RMB, up 35.2% YoY, with revenue from top 20 global pharmaceutical companies at 11.22 billion RMB [2] TIDES Business - TIDES business revenue grew 71.0% YoY in 2024 Q1-Q3, reaching 3.55 billion RMB [2] - Backlog for TIDES business increased 196% YoY, with D&M service customers growing 20% and molecules served growing 22% [2] - Capacity expansion expected, with solid-phase synthesis reactor volume projected to reach 41,000L by end of 2024 [2] Financial Summary - 2024E revenue forecast at 39.459 billion RMB (-2.2% YoY), with net profit attributable to shareholders at 9.638 billion RMB (+0.3% YoY) [8] - 2025E revenue forecast at 44.451 billion RMB (+12.7% YoY), with net profit attributable to shareholders at 10.905 billion RMB (+13.1% YoY) [8] - 2026E revenue forecast at 49.858 billion RMB (+12.2% YoY), with net profit attributable to shareholders at 12.336 billion RMB (+13.1% YoY) [8] - ROE expected to remain stable at around 16.3%-16.4% from 2024E to 2026E [8] Valuation and Market Data - Current price at 52.00 RMB, with a 52-week range of 36.87-90.88 RMB [4] - Market capitalization at 150.176 billion RMB, with 2.888 billion total shares and 2.501 billion A-shares outstanding [4] - P/E ratio for 2024E at 15.58x, with P/B ratio at 2.55x [8] Industry Comparison - Comparable companies include WuXi Biologics (2269 HK) with a 2024E P/E of 18.85x and Pharmaron (300759 SZ) with a 2024E P/E of 30.25x [10] - Average P/E for comparable companies in 2024E is 22.4x [10]