Summary of Wuxi Apptec Conference Call Company Overview - **Company**: Wuxi Apptec - **Industry**: Pharmaceutical Services - **Market Position**: Largest pharmaceutical R&D services platform in Asia by total revenue [38][39] Key Takeaways Resilient Performance and Customer Retention - Wuxi Apptec is on track to meet its full-year guidance despite macroeconomic uncertainties and industry challenges, demonstrating the resilience of its Contract Research, Development, and Manufacturing Organization (CRDMO) model [3] - Customer retention is exceptionally high, with over 99% of clients continuing from discovery through to manufacturing, providing strong revenue visibility [3][6] Strategic Capacity Expansion - The company is expanding its capacity for small molecules and peptides, particularly for GLP-1 assets, with plans to increase SPS capacity from 48,000 liters to 100,000 liters by year-end [4][30] - Wuxi maintains a molecule-agnostic approach, focusing on infrastructure readiness and flexibility to meet diverse customer needs [4] Margin Improvement and Geographic Diversification - Margin improvements are anticipated through a richer late-stage project mix and yield optimization, supported by disciplined capital allocation [5] - The company is exploring capacity expansion in Switzerland and Singapore to mitigate geopolitical and tariff risks, despite higher operational costs (up to 3 times compared to China) [5][35] Market Dynamics and Pipeline Positioning - The pipeline is aligned with market trends, but early-stage projects have faced funding constraints, particularly in the U.S. [6] - Pricing pressures in China persist, and demand outside China has not fully recovered [6] Financial Projections - Revenue projections for FY 2024A to FY 2027E are as follows: - FY 2024A: 39,241.4 million - FY 2025E: 44,471.6 million - FY 2026E: 52,182.5 million - FY 2027E: 60,282.0 million - EBITDA and net profit are also projected to grow significantly during this period [7] Investment Thesis - Wuxi Apptec is rated as a "Buy" due to: - Over 33% growth in non-COVID backlog - Strong growth in TIDES business (approximately 60% growth expected in 2025) driven by robust demand for peptides [10][20] Risks and Catalysts - Risks include potential decreases in demand, competition, and project failures [40][41] - Catalysts for growth include new CRO/CMO contracts, strong GLP-1 backlog growth, and advancements in clinical pipelines [28] Sustainability Initiatives - The company has set targets for reducing carbon emissions, energy consumption, and water usage by 2030 compared to a 2020 baseline [29] Conclusion Wuxi Apptec is well-positioned to capitalize on growth opportunities in the pharmaceutical services industry, supported by strong customer retention, strategic capacity expansions, and a robust pipeline. However, it must navigate ongoing market challenges and geopolitical risks to maintain its competitive edge.

Core Insights - The article highlights the changes in the Hong Kong Stock Connect holdings, indicating which companies saw the largest increases and decreases in ownership percentages over recent trading days [1][2]. Summary by Category Recent Changes in Holdings - Xinyi Energy (03868) saw an increase of 0.07% in its Hong Kong Stock Connect holding percentage, bringing the total to 12.98% [2]. - The Yingfu Fund (02800) increased by 0.05%, now at 2.10% [2]. - Haier Smart Home (06690) increased by 0.02%, with a current holding of 16.62% [2]. - Horizon Robotics-W (09660) experienced the largest decrease, with a drop of 0.82%, now at 14.69% [2]. - Southern Hang Seng Technology (03033) decreased by 0.63%, now at 59.30% [2]. - WuXi AppTec (02359) saw a decrease of 0.56%, with a current holding of 15.03% [2]. Five-Day Changes - The largest increase over the last five trading days was for Da Zhong Public Utilities (01635), which rose by 3.98% to 67.37% [3]. - Zhong Chuang Innovation (03931) increased by 1.40%, now at 17.08% [3]. - Zhaoyan New Drug (06127) rose by 1.08%, with a holding of 50.59% [3]. - The largest decrease was for Southern Hang Seng Technology (03033), which fell by 2.01% to 59.30% [3]. - Haotian International Construction (01341) decreased by 1.58%, now at 58.50% [3]. Twenty-Day Changes - Da Zhong Public Utilities (01635) had the most significant increase over the past twenty days, rising by 34.46% to 67.37% [4]. - Canggang Railway (02169) increased by 31.45%, now at 43.11% [4]. - Shanga Holdings (00412) rose by 13.53%, with a current holding of 15.00% [4].

Core Viewpoint - WuXi AppTec (603259.SH) has completed a block trade selling shares of its associate WuXi AppTec (2268.HK) for approximately HKD 2.346 billion, marking the fourth sale of its shares this year, which has contributed a total of RMB 4.351 billion to the company's net profit [1][2]. Group 1 - On October 8, WuXi AppTec sold 30.3 million shares of WuXi AppTec, representing 2.47% of the latter's total share capital [2]. - The net investment gain from this sale is expected to impact the company's after-tax net profit for the fiscal year 2025 by approximately RMB 1.679 billion, accounting for over 10% of the latest audited net profit attributable to shareholders for the fiscal year 2024 [2]. - This divestment aligns with a previously authorized strategy from a shareholder meeting on September 23, allowing the investment department to dispose of listed domestic and foreign stocks when market conditions are favorable, with a total limit of 15% of net assets attributable to shareholders [2][3]. Group 2 - WuXi AppTec has strategically timed its stock sales, having previously sold a total of 137 million shares of WuXi AppTec this year, generating approximately HKD 4.604 billion, bringing the total cash realized to nearly HKD 7 billion, significantly boosting the company's profit performance [2]. - The proceeds from this sale will be reinvested into global capacity expansion and capability building, enhancing its integrated CRDMO business model, and attracting top-tier research talent to support long-term growth [3]. - As of October 10, WuXi AppTec's stock closed at RMB 104.72 per share, reflecting a year-to-date increase of 95.02%, while WuXi AppTec's stock closed at HKD 71.85 per share, with a year-to-date increase of 134.42% [3].

Core Viewpoint - The report outlines the changes in shareholding and voting rights of WuXi AppTec Co., Ltd. due to the expiration of the concerted action agreement among certain shareholders, which does not affect the actual control of the company [46][48][49]. Group 1: Shareholding Changes - As of the report signing date, the total shareholding of the information disclosure obligors was 598,454,017 shares, accounting for 20.16% of the total share capital [52]. - Following the termination of the concerted action agreement, the combined voting rights of the information disclosure obligors decreased from 20.01% to 18.46% due to the exclusion of 1.55% held by the original concerted action parties [23][53]. - The total share capital of the company changed from 2,968,549,263 shares to 2,965,692,554 shares during the reporting period, affecting the shareholding percentages [54][58]. Group 2: Concerted Action Agreement - The original concerted action agreement was signed on March 23, 2016, and was terminated on October 9, 2025, allowing the parties to act independently [48][49]. - The original concerted action parties have committed to not reducing their shareholdings in WuXi AppTec for six months following the announcement of the termination [46][50]. - The termination of the concerted action agreement simplifies the shareholder voting mechanism and enhances decision-making efficiency [49][51]. Group 3: Future Plans - As of the report signing date, there are no explicit plans for the information disclosure obligors to increase or decrease their shareholdings in WuXi AppTec within the next 12 months [20].

Group 1 - Trump threatens to significantly increase tariffs in response to stricter rare earth mineral export controls by other countries, raising concerns among investors about worsening trade relations [2][3] - The U.S. stock market experienced a sharp decline, with the Dow Jones falling by 1.9%, the Nasdaq by 3.56%, and the S&P 500 by 2.71%, marking the largest single-day drop since April [3][5] - Major tech stocks suffered significant losses, with Broadcom down nearly 6%, Tesla over 5%, and Amazon close to 5% [3][5] Group 2 - Chinese concept stocks plummeted, with the Nasdaq Golden Dragon China Index down 6.1% and a weekly decline of 8.37%, including NIO down over 10% and Bilibili down over 9% [4] - The North Rare Earth Company expects a net profit increase of 272.54% to 287.34% year-on-year for the first three quarters of 2025, projecting a profit of 1.51 billion to 1.57 billion yuan [20] Group 3 - Qualcomm is under investigation for allegedly violating antitrust laws related to its acquisition of Autotalks, as it failed to report the business concentration as required by Chinese antitrust law [2] - The price of rare earth concentrates has been raised significantly, with a 37% increase for the fourth quarter compared to the previous quarter, marking the largest increase since the second quarter of 2023 [35] Group 4 - The number of new A-share accounts in September increased by 60.73% year-on-year, with a total of 2.9372 million new accounts opened, the second-highest monthly figure this year [22] - The Chinese government is considering imposing special port fees on U.S. vessels starting October 14, 2025, as part of ongoing trade tensions [24] Group 5 - ByteDance announced a new employee subsidy policy for those laid off due to organizational adjustments, providing up to 12,000 yuan per month for a maximum of six months [17][18] - WuXi AppTec sold 30.3 million shares of its subsidiary WuXi AppTec Holdings, raising over 2.3 billion HKD [16]

【深圳商报讯】（记者 陈燕青）港股药明合联再次遭到股东药明康德的减持。药明康德10月9日晚称已 减持药明合联3030万股，套现逾23亿港元。截至10日收盘，药明康德和药明合联均下跌逾7%。 药明康德公告，公司于10月8日通过大宗交易方式，出售了其间接控股子公司所持有的药明合联3030万 股，约占其总股本的2.47%。此次交易成交金额达到约23.46亿港元（不含交易费用）。 本次减持对药明康德的财报将产生立竿见影的效果。公司称，出售的药明合联股票在账面上列为"长期 股权投资"。经公司财务部门初步测算，本次出售药明合联的投资净收益对公司2025年度税后净利润的 影响约为16.79亿元，占公司2024年归属净利润的比例超过10%。 记者注意到，最近一年药明康德已多次减持药明合联。2024年11月、2025年1月药明康德分别减持药明 合联3600万股和5000万股，累计成交金额约24.26亿港元；2025年4月，公司继续减持药明合联5080万 股，成交金额约21.78亿港元。如果加上本次减持，最近一年药明康德累计减持药明合联69.5亿港元。 ...

药明合联再遭到股东药明康德减持！ 10月10日，药明康德发布公告称，于10月8日通过大宗交易方式，出售了其间接控股子公司所持有的药 明合联（2268.HK）3030万股股票，约占药明合联当前总股本的2.47%，套现逾23亿港元。 受此影响，药明康德港股、A股分别下跌5.86%、7.2%；报收于112.400港元/股、104.72元/股，总市值分 别为3333亿港元、3106亿；同时，药明合联也下跌7.29%，报收于71.850港元/股，总市值882.83亿港 元。 药明康德表示，出售的药明合联股票在账面上列为"长期股权投资"。经公司财务部门初步测算，本次出 售药明合联的投资净收益对公司2025年度税后净利润的影响约为16.79亿元，占公司2024年归属净利润 的比例超过10%。 值得注意的是，2024年药明康德曾出现营收、净利双双下滑。去年该公司实现营业收入约为392.41亿 元，同比下降2.73%；归属净利润约为94.5亿元，同比下降1.63%，主要是因为CXO企业海外业务遭遇 更严苛的合规审视。 到了2025年，药明康德业绩开始回暖。财报数据显示，2025年上半年，药明康德营收为208亿元，较去 年同期增 ...

周五（10月10日），A股、港股市场同频震荡，沪指失守3900点，创指大跌4.55%，恒生指数收出5连 阴。大盘承压，AH医药板块全线走低。 A股医疗板块低开低走，CXO跌幅靠前，巨头药明康德领跌7.2%，规模最大医疗ETF（512170）场内跌 2.03%止步三连阳，盘中下穿3根均线，交投仍在高位，全天成交6.4亿元。拉长时间看，近期医疗板块 走势整体震荡上行，短线回调或无碍趋势走向，作为低位板块，补涨机遇仍值得关注。 A股制药板块相对抗跌，主要系中药股逆市飘红，华润三九、吉林敖东涨逾2.5%，创新药则跌多涨少， 百济神州-U领跌6.2%。全市场唯一药ETF（562050）重仓创新药，兼顾中药，场内收跌1.07%，水下区 间溢价走高，反映低吸资金涌动，上日已有223万元资金逢跌加码。 | 分时 6日 1分 5分 15分 30分 · | | | | | | F9 盘前盘后 露加 九排 面线 工具 @ 1 > | | | | | | METF (D) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | - ...

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，2025年10月10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、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 无锡药明康德新药开发股份有限公司 简式权益变动报告书 上市公司名称：无锡药明康德新药开发股份有限公司 股票上市地点：上海证券交易所、香港联合交易所有限公司 股票简称：药明康德 股票代码：6 ...

WUXI APPTEC CO., LTD. * 無錫藥明康德新藥開發股份有限公司 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。 （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，2025年10月10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、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 证券代码：603259 证券简称：药明康德 公告编号：临 2025-067 无锡药明康德新药开发股份有限公司 关于股东到期解除一致行动关系暨权益变动的提示性公告 本公司董事会及全体董事及相 ...