Financial Data and Key Metrics Changes - The company's total revenue for the first three quarters of 2025 reached RMB 32.86 billion, with revenue from continuing operations growing 22.5% year-over-year to RMB 32.45 billion [5] - Adjusted non-IFRS net profit increased by 43.4% to RMB 10.54 billion, with a non-IFRS net profit margin improving to 32.1% [5][17] - The adjusted non-IFRS gross profit margin improved from 41.6% in 2024 to 47% in 2025 [17] Business Line Data and Key Metrics Changes - WuXi Chemistry's revenue grew 29.3% to RMB 25.98 billion, with an adjusted non-IFRS gross profit margin improving 5.8 percentage points year-over-year to 51.3% [6][7] - WuXi TIDES revenue surged 121.1% year-over-year to RMB 7.84 billion, with a backlog growth of 17.1% [8] - WuXi Testing revenue remained flat at RMB 4.17 billion, while lab testing services revenue grew 7.2% year-over-year [11][12] Market Data and Key Metrics Changes - Revenue from the U.S. region grew 31.9%, while Europe saw a 13.5% increase, and revenue from China remained relatively flat [6] - The company's backlog for continuing operations reached a record RMB 59.88 billion, growing 41.2% year-over-year [5][6] Company Strategy and Development Direction - The company plans to focus on its core CRDMO business model and accelerate global expansion, capacity construction, and capability development [21][23] - A strategic decision was made to sell 100% of its China-based clinical research services business to Hillhouse Investment Management, which will be classified as a discontinued operation [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving double-digit growth in continuing operations revenue for 2025, raising the growth rate expectation to 17% to 18% [23][24] - The company anticipates total revenue for 2025 to be between RMB 43.5 billion and RMB 44.0 billion, up from previous guidance [24] Other Important Information - The company has implemented a total of RMB 6.88 billion in cash dividends, share repurchases, and cancellations, representing over 70% of the company's net profit in 2024 [25] - The company is actively advancing global capacity expansion, with CapEx payments reaching RMB 3.57 billion in the first three quarters [19] Q&A Session Summary Question: What has been driving the backlog growth, particularly in the small molecule part? - The backlog growth is mainly driven by contributions from small molecule DNM, especially from late-stage clinical and commercial projects [30] Question: What has been driving the high gross margin in the third quarter? - The high margin is attributed to continuous optimization of the manufacturing process and an increase in late-phase and commercial projects, improving utilization efficiency [34] Question: How do U.S. customers view the new BioSecure bill? - Customers have not shown a significant change in demand patterns, and the company continues to meet service demands effectively [40] Question: Does the raised guidance for the full year include the clinical research services business? - The guidance for continuing operations has excluded the clinical research services business, which will be reclassified as discontinued operations [45] Question: What is the outlook for early-stage demand? - There has been a rise in early-stage demand, particularly from U.S. customers, driven by the company's differentiated capabilities [47] Question: What are the key drivers in the small molecule CDMO business? - The small molecule pipeline includes multiple potential big projects, including GLP-1 and other therapeutic areas [60]

Financial Data and Key Metrics Changes - The company's total revenue reached RMB32.86 billion, with revenue from continuing operations growing 22.5% year over year to RMB32.45 billion [7] - Adjusted non-IFRS net profit increased by 43.4% to RMB10.54 billion, with a net profit margin of 32.1% [7][27] - The backlog for continuing operations reached a record RMB59.88 billion, growing 41.2% year over year [8] Business Line Data and Key Metrics Changes - Chemistry's CRDMO revenue grew 29.3% to RMB25.98 billion, with an adjusted non-IFRS gross profit margin improving by 5.8 percentage points to 51.3% [11] - Small molecule DNM business revenue increased by 14.1% to RMB14.24 billion [13] - WuXi Tides revenue surged 121.1% to RMB7.84 billion, with a backlog growth of 17.1% [14] Market Data and Key Metrics Changes - Revenue from the U.S. region grew 31.9%, while Europe saw a 13.5% increase, and revenue from Japan, Korea, and the rest of the world grew 9.2% [10] - Revenue from China remained relatively flat, indicating a diversified revenue stream [10] Company Strategy and Development Direction - The company is focusing on enhancing core capabilities and expanding capacity to meet customer demand [7] - An agreement was signed to sell 100% of the equity of its China-based clinical research service business, which will be classified as a discontinued operation [32][33] - The company raised its full-year guidance for continuing operations revenue growth to 17% to 18% [37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in customer demand for enabling services and the resilience of the CRDMO business model [36] - The company expects to improve adjusted non-IFRS net profit margins in 2025 and anticipates free cash flow to increase [37][38] Other Important Information - The company has implemented a total of RMB6.88 billion in cash dividends and share repurchases, representing over 70% of net profit in 2024 [38] - The company is actively advancing global capacity expansion, with CapEx payments reaching RMB3.57 billion in the first three quarters [30] Q&A Session Summary Question: What is driving the backlog growth, particularly in small molecules and Tides business? - Management noted that the backlog has reached a historical high, driven by small molecule DNM and Tides business, with a year-over-year growth of approximately 30% [44][45] Question: What is the outlook for margins moving forward? - The company indicated that margin growth is driven by continuous optimization of manufacturing processes and an increase in late-phase and commercial projects [50][51] Question: How do U.S. customers view the new legislative proposals regarding biotechnology? - Management stated that they are closely monitoring legislative changes and have not seen a significant shift in customer demand patterns [54][58] Question: What is the impact of the disposal of the clinical research service business on margins? - The margin mix is expected to improve following the divestiture of the clinical CRO business, enhancing the overall margin of the WuXi testing business [110] Question: How will the company utilize the cash from the recent transactions? - The cash will be used to support global growth and capacity building initiatives [112]

（文章来源：每日经济新闻） 每经AI快讯，药明康德(02359.HK)高开逾7%，截至发稿，涨7.51%，报118.8港元，成交额3129.39万港 元。 ...

Core Viewpoint - The Hong Kong stock market shows signs of volatility in the short term, but the long-term upward trend remains intact, with specific sectors, particularly technology, expected to benefit from AI narratives and structural advantages in asset allocation [1][1][1]. Market Performance - The Hang Seng Index opened up by 1.28%, while the Hang Seng Tech Index rose by 2.06%. Notable stock performances include Alibaba increasing by nearly 4%, Baidu Group and SMIC rising over 3%, and Kuaishou gaining over 2%. WuXi AppTec saw a significant increase of over 7%, with a year-on-year net profit growth of 53.27% in Q3 [1][1][1]. Analyst Insights - Dongwu Securities indicates that while recent events may lead to continued short-term volatility in the Hong Kong market, the long-term upward trend is unchanged [1]. - Guotai Junan suggests that short-term fluctuations do not alter the bullish outlook for the fourth quarter, particularly for the Hang Seng Tech Index, which has the most potential for growth [1][1]. - China Merchants Securities notes a consensus of pessimistic expectations in the Hong Kong market, influenced by anticipated fluctuations due to US-China trade tensions. However, it emphasizes that the long-term upward trend remains, advising a focus on structural themes rather than index points [1][1][1].

Core Insights - WuXi AppTec reported a revenue of 32.857 billion yuan for the first three quarters of 2025, representing an 18.61% year-on-year increase, and a net profit of 12.076 billion yuan, up 84.84% year-on-year [1] - The company attributes its growth to a focus on the CRDMO business model, optimization of production processes, and increased efficiency from large-scale projects [1] - The company expects its revenue growth rate for ongoing operations to be adjusted from 13%-17% to 17%-18% for 2025 [1] Revenue Breakdown - As of September 30, 2025, the company had a backlog of orders worth 59.88 billion yuan, a 41.2% increase year-on-year [2] - For the first three quarters of 2025, revenue from ongoing operations was 32.45 billion yuan, with revenue from U.S. clients at 22.15 billion yuan (31.9% increase), European clients at 3.84 billion yuan (13.5% increase), Chinese clients at 5.04 billion yuan (0.5% increase), and other regions at 1.42 billion yuan (9.2% increase) [2] Future Projections - The company has raised its full-year revenue forecast from 42.5 billion-43.5 billion yuan to 43.5 billion-44 billion yuan [2] - WuXi AppTec plans to focus on its core CRDMO business and improve operational efficiency [2] Strategic Moves - The company announced the transfer of 100% equity in its subsidiaries to Shanghai Shihe Rong Enterprise Management Consulting Co., Ltd. and Shanghai Shihe Mu Enterprise Management Consulting Co., Ltd. for a transaction price of 2.8 billion yuan [2] - This move aims to enhance focus on the CRDMO business model and accelerate global capabilities and capacity deployment [2] - The anticipated gains from this transaction are expected to exceed 10% of the company's most recent audited net profit, positively impacting the net profit for 2025 [2]

Core Viewpoint - WuXi AppTec (02359) reported strong financial performance for the first three quarters of 2025, with significant revenue and profit growth, indicating a positive outlook for the company's core CRDMO business [1] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of RMB 32.86 billion, representing a year-on-year increase of 18.6% [1] - The revenue from continuing operations grew by 22.5% year-on-year [1] - The net profit attributable to shareholders reached RMB 12.076 billion, marking an impressive year-on-year growth of 84.84% [1] Future Outlook - The company expects revenue from continuing operations to return to double-digit growth, with the growth rate revised from 13-17% to 17-18% [1] - Overall annual revenue guidance has been raised from RMB 42.5-43.5 billion to RMB 43.5-44 billion [1] Business Focus - The company will concentrate on its core CRDMO business and aims to continuously improve operational efficiency [1] Order Backlog - As of September 30, 2025, the order backlog for continuing operations stood at RMB 59.88 billion, reflecting a year-on-year increase of 41.2% [1] Revenue Breakdown - For the first three quarters of 2025, revenue from continuing operations was RMB 32.45 billion, with contributions from various regions: - Revenue from U.S. clients was RMB 22.15 billion, up 31.9% year-on-year [1] - Revenue from European clients was RMB 3.84 billion, increasing by 13.5% [1] - Revenue from Chinese clients was RMB 5.04 billion, showing a slight growth of 0.5% [1] - Revenue from other regions was RMB 1.42 billion, up 9.2% [1]

Core Insights - The core business of the company is the chemical segment, which remains the main growth engine with a revenue increase of 29.3% year-on-year in the first three quarters [4][10] - The TIDES business (oligonucleotides and peptides) has shown exceptional performance, with revenue skyrocketing by 121.1% to 7.84 billion yuan [5][11] - The company has a robust order backlog of 59.88 billion yuan, reflecting a significant year-on-year growth of 41.2%, providing a solid foundation for upward adjustments in annual performance guidance [3][13] Financial Performance - In Q3 2025, the company achieved a revenue of 12.057 billion yuan, representing a year-on-year growth of 15.26% [3][8] - The net profit attributable to shareholders reached 3.515 billion yuan, with a substantial increase of 53.27% year-on-year [3][8] - For the first three quarters of 2025, total revenue was 32.857 billion yuan, up 18.61%, while net profit attributable to shareholders surged by 84.84% to 12.076 billion yuan [4][8] Business Segment Analysis - The TIDES business is the strongest growth driver, contributing 7.84 billion yuan in revenue, a remarkable increase of 121.1% [5][11] - The small molecule CDMO business maintained steady growth, generating 14.24 billion yuan in revenue, up 14.1% [12] - Testing services showed weak performance, with revenue of 4.17 billion yuan, nearly flat year-on-year, primarily due to a 6.4% decline in clinical CRO and SMO services [6][15] Market Dynamics - The company continues to rely significantly on overseas markets, with revenue from U.S. clients increasing by 31.9% to 22.15 billion yuan, while revenue from Chinese clients remained nearly unchanged, growing only 0.5% [13]

Financial Performance - Revenue from Continuing Operations increased by 22.5% YoY, reaching RMB 32.86 billion[13,14] - Adjusted Non-IFRS Net Profit increased by 43.4% YoY, reaching RMB 10.54 billion[13,14] - Backlog for Continuing Operations increased by 41.2% YoY as of September 30, 2025[15,16] - Q1-Q3 2025 Operating Cash Flow Up 35.0% YoY to 10.87 Billion[46] Segment Performance - WuXi Chemistry Q1-Q3 revenue up 29.3% YoY to RMB 25.98 billion[25] - WuXi Chemistry Q1-Q3 adjusted non-IFRS GPM steadily improved 5.8pts YoY to 51.3%[25] - TIDES revenue grew 121.1% YoY to RMB 7.84 billion[22,25] - WuXi Biology Q1-Q3 revenue up 6.6% YoY to RMB 1.95 billion[34,35] Company Outlook - Continuing Operations revenue expects to resume double-digit growth in 2025, with its YoY growth rate raised to 17-18%, targeting full-year total revenue of RMB43.5-44.0 billion[52] - Capex for 2025 is expected to reach RMB5.5-6.0 billion[52]

Group 1 - Zhang Xuefeng's return to live streaming emphasizes the potential of liberal arts majors, stating they have significant opportunities [3] - His previous controversial statements, such as "news is useless" and "liberal arts are all service industries," sparked widespread debate [4][3] - Zhang's social media accounts, with a combined following of over 65 million, were previously suspended, highlighting his influence [3] Group 2 - The birth rate in China for 2024 is projected at 9.54 million, an increase of 520,000 from 2023, with a birth rate of 6.77‰, up by 0.38‰ [4] - The report indicates that 14 provinces have birth rates above the national average, with 10 provinces exceeding 8‰, primarily in western and southern regions [4] Group 3 - Morgan Stanley plans to allow institutional clients to use Bitcoin and Ethereum as collateral, indicating a shift towards integrating cryptocurrencies into traditional finance [14] - The company is responding to the growing demand for cryptocurrency services among institutional investors [14] Group 4 - Porsche reported a significant loss of €966 million in Q3, leading to a 99% drop in sales profit year-on-year, prompting organizational restructuring and layoffs [18] - The company's revenue for the first nine months of the year was approximately €26.86 billion, a 6% decline compared to the previous year [18] Group 5 - WuXi AppTec reported a net profit of ¥12.076 billion for the first three quarters, marking an 84.84% year-on-year increase, with revenue growth of 18.61% [18]

外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减少占 比达1.77%。本期较上一季度新披露的外资机构有 1 家 ，即G&C VII Limited。 2025年10月27日，药明康德(603259.SH)发布2025年第三季报。截至2025年10月26日，共有55个机构投 资者披露持有药明康德A股股份，合计持股量达8.52亿股，占药明康德总股本的28.73%。其中，前十大 机构投资者包括香港中央结算有限公司、G&C VI Limited、G&C IV Hong Kong Limited、北京中民银孚 投资管理有限公司-嘉兴宇祥投资合伙企业(有限合伙)、G&C V Limited、中国工商银行-上证50交易型开 放式指数证券投资基金、中国工商银行股份有限公司-华泰柏瑞沪深300交易型开放式指数证券投资基 金、G&C VII Limited、上海厚燊投资中心(有限合伙)、创新药，前十大机构投资者合计持股比例达 28.17%。相较于上一季度，前十大机构持股比例合计下跌了4.23个百分点。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 公募基金方面，本期 ...