Summary of Wuxi Apptec Conference Call Company Overview - **Company**: Wuxi Apptec - **Industry**: Pharmaceutical R&D services - **Market Position**: Largest chemical drug contract research, development, and manufacturing organization (CRDMO) in China [12][13] Key Financial Highlights - **Q3 2025 Performance**: - Revenue: Rmb12.1 billion, up 15.3% YoY and 8.2% QoQ, exceeding estimates [2] - Net Profit: Rmb3.5 billion, up 53.3% YoY, also beating estimates [2] - Adjusted non-IFRS net profit: Rmb4.2 billion, up 42.0% YoY [2] - Adjusted non-IFRS gross margin: 44.5%, improved by 6.1 percentage points YoY [2] - Backlog for continuing operations: Rmb59.9 billion, a strong 41.2% YoY increase [2] Business Segment Performance - **Wuxi Chemistry**: - Revenue: Rmb9.7 billion, up 15.3% YoY and 8.6% QoQ - TIDES business revenue: Rmb2.8 billion, up 91.2% YoY, contributing 29% to Wuxi Chemistry revenue [3] - TIDES backlog: Increased by 17.1% YoY [3] - **Wuxi Testing**: - Revenue: Rmb1.5 billion, up 2.1% YoY and 6.1% QoQ - CRO/SMO segment revenue: Down 6.4% YoY [3] - **Wuxi Biology**: - Revenue: Rmb696 million, up 5.9% YoY [3] Geographic Performance - **US Market**: Key growth driver with revenue up 31.9% YoY to Rmb22.2 billion [3] - **Europe**: Revenue increased by 13.5% YoY to Rmb3.8 billion [3] - **China**: Returned to positive growth with revenue of Rmb5.0 billion, up 0.5% YoY [3] Future Guidance and Strategic Moves - **Revenue Guidance for 2025**: Raised from Rmb42.5-43.5 billion to Rmb43.5-44.0 billion [4] - **Continuing Revenue Growth Guidance**: Increased from 13%-17% to 17%-18% YoY [4] - **Divestiture**: Announced divestiture of clinical CRO/SMO business for Rmb2.8 billion, allowing focus on core CRDMO business [4] Valuation and Investment Outlook - **Price Target**: Increased to HK$138.4 from HK$136.1, rated as "Buy" [5] - **EPS Forecast Adjustments**: Increased by 23.4% for 2025, with slight adjustments for subsequent years [5][10] - **Market Capitalization**: Approximately HK$326 billion (US$42.0 billion) [7] Risks and Considerations - **Key Risks**: Include potential project delays, geopolitical uncertainties, and lower-than-expected R&D spending by pharmaceutical companies [13] - **Market Sentiment**: Positive outlook with expectations of improved global biopharma funding [15] Additional Insights - **Analyst Ratings**: 12-month rating of "Buy" with a forecast stock return of 27.1% [11][19] - **Market Performance**: Stock price as of October 24, 2025, was HK$110.50, within a 52-week range of HK$121.40-45.65 [7]

近日，药明康德还发布了2025年第三季度财务报表。财务数据显示，在第三季度，药明康德实现营业收 入120.57亿元，同比增长15.26%；取得归母净利润35.15亿元，同比增长53.27%。前三季度，药明康德 实现营业收入328.57亿元，同比增长18.61%；取得归母净利润120.76亿元，同比增长84.84%。 对于业绩增长，药明康德表示：主要系公司持续聚焦及加强CRDMO业务模式，营业收入持续增长，以 及临床后期和商业化大项目增长带来的产能效率不断提升，提高了整体的盈利能力。 此外，药明康德出售持有的联营企业WuXiXDCCaymanInc.部分股票的收益，进一步提升了公司的利 润。2025年前三季度，药明康德的投资收益达40.99亿元，投资收益利润占比超30%。 10月29日，药明康德发布一则减持公告，因自身资金需求，公司实际控制人控制的股东计划通过集中竞 价和/或大宗交易方式减持公司A股股份，减持股份数量不超过公司总股本的2%，即合计不超过5967.51 万股。 受此影响，10月30日收盘，药明康德大幅下跌8.47%，股价报收97.06元/股，市值跌破3000亿元。若按 97.06元/股的价格计算， ...

Core Viewpoint - The Medical Health R Index (480016) experienced a decline of 2.53% on October 30, closing at 7627.16 points, with a total trading volume of 39.436 billion yuan and a turnover rate of 1.18% [1] Group 1: Index Performance - The index had 8 stocks that rose, with Zai Lab leading at a 2.8% increase, while 42 stocks fell, with WuXi AppTec leading the decline at 8.47% [1] - The top ten constituent stocks of the Medical Health R Index are primarily in the biopharmaceutical sector, with WuXi AppTec holding the largest weight at 14.37% [1] Group 2: Stock Details - WuXi AppTec: Latest price 97.06 yuan, down 8.47%, market cap 289.603 billion yuan [1] - Hengrui Medicine: Latest price 62.88 yuan, down 1.78%, market cap 417.347 billion yuan [1] - Mindray Medical: Latest price 216.69 yuan, down 2.76%, market cap 262.724 billion yuan [1] - United Imaging Healthcare: Latest price 141.03 yuan, down 3.77%, market cap 116.231 billion yuan [1] - Other notable stocks include: - Pien Tze Huang: 177.00 yuan, down 1.02% [1] - Aier Eye Hospital: 12.11 yuan, down 0.49% [1] - Kelun Pharmaceutical: 34.25 yuan, down 1.21% [1] - Changchun High & New Technology: 115.20 yuan, down 2.00% [1] - Fosun Pharma: 28.50 yuan, down 1.42% [1] - New Hope Liuhe: 24.29 yuan, down 0.04% [1] Group 3: Capital Flow - The Medical Health R Index constituents saw a net outflow of 3.222 billion yuan from institutional investors, while retail investors had a net inflow of 2.144 billion yuan [1] - The detailed capital flow indicates that retail investors were more active compared to institutional investors on that day [2]

Market Overview - The medical services sector experienced a decline of 3.33% on October 30, with WuXi AppTec leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Notable gainers in the medical services sector included: - Meinian Health: Closed at 5.57, up 6.30% with a trading volume of 3.67 million shares and a turnover of 2.059 billion [1] - Nossig: Closed at 64.10, up 3.52% with a trading volume of 90,000 shares and a turnover of 577 million [1] - Major decliners included: - WuXi AppTec: Closed at 97.06, down 8.47% with a trading volume of 1.2312 million shares and a turnover of 12.061 billion [2] - Ruizhi Pharmaceutical: Closed at 11.07, down 4.82% with a trading volume of 197,200 shares and a turnover of 22 million [2] Capital Flow - The medical services sector saw a net outflow of 1.594 billion from institutional investors, while retail investors contributed a net inflow of 720 million [2] - The sector's capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed interest [2] Individual Stock Capital Flow - Meinian Health had a net inflow of 423 million from institutional investors, while it faced a net outflow of 222 million from retail investors [3] - Innovation Medical recorded a net inflow of 12.4 million from institutional investors, with a net outflow of 180 million from retail investors [3] - WuXi AppTec experienced significant selling pressure, with a net outflow of 4.243 million from retail investors [3]

药明康德（603259）(02359)跌超6%，截至发稿，跌6.03%，报105.9港元，成交额6.52亿港元。 消息面上，10月29日晚，药明康德公告，公司于2025年10月29日收到实际控制人控制的股东发出的《告 知函》。因自身资金需求，公司实际控制人控制的股东计划根据市场情况自本公告披露日起15个交易日 后的3个月内，通过集中竞价和/或大宗交易方式减持公司A股股份，减持股份数量不超过公司总股本的 2%，即合计不超过59675143股。 ...

Core Points - WuXi AppTec (603259) announced that its controlling shareholder plans to reduce its A-share holdings by up to 2% of the total share capital, which amounts to a maximum of 59,675,143 shares [1] - The reduction will occur through centralized bidding and/or block trading within three months after the announcement, starting 15 trading days from the date of the notice [1] - The shareholder intends to limit the total number of shares sold through centralized bidding to no more than 1% of the total share capital, equating to a maximum of 29,837,571 shares [1] - For block trading, the total number of shares sold will also be capped at 2% of the total share capital, which is the same maximum of 59,675,143 shares [1] - The buyer of shares through block trading will be restricted from transferring the acquired shares for six months [1]

Core Points - The company WuXi AppTec (603259.SH) announced a share reduction plan by its controlling shareholders due to personal funding needs [1][2] - The total number of shares to be reduced is up to 2% of the company's total share capital, amounting to a maximum of 59,675,143 shares [1] - The reduction will occur through centralized bidding and/or block trading within three months after the announcement [1] Summary by Sections - **Share Reduction Details** - The controlling shareholders plan to reduce their holdings by a maximum of 59,675,143 shares, which is 2% of the total share capital [1] - The reduction will be executed through centralized bidding, with a limit of 29,837,571 shares (1% of total share capital) within any consecutive 90 days [1] - Block trading will also be utilized, allowing for the same maximum reduction of 59,675,143 shares within a 90-day period [1] - **Financial Implications** - Based on the closing price of 106.04 CNY per share on October 29, the total value of the shares to be reduced is approximately 6.328 billion CNY [2] - As of the announcement date, the controlling shareholders hold a total of 543,364,675 shares, representing 18.211% of the company's total share capital [2] - **Ownership Structure** - WuXi AppTec does not have a single controlling shareholder; instead, Ge Li, Zhang Chaohui, and Liu Xiaozhong act as the actual controllers through a consensus agreement [2]

Core Insights - The company achieved a revenue of 32.86 billion yuan in Q1-Q3 2025, representing an 18.6% year-on-year increase, with a net profit attributable to shareholders of 12.076 billion yuan, up 84.84% [1] - The company has raised its full-year guidance, expecting a 17-18% growth in continuous operating revenue for 2025, up from the previous estimate of 13-17% [2] Financial Performance - Q3 revenue reached 12.06 billion yuan, a 15.3% increase year-on-year, with a net profit of 3.515 billion yuan, up 53.27% [1] - Adjusted net profit for Q3 was 4.22 billion yuan, reflecting a 42% increase [1] - The adjusted net profit margin improved by 1.7 percentage points to 32.1% [2] Business Segments - The chemical business generated 25.98 billion yuan in revenue for the first three quarters of 2025, a 29.3% increase, with a gross margin of 51.3% [2] - Small molecule D&M revenue was 14.24 billion yuan, up 14.1%, while TIDES revenue surged by 121.1% to 7.84 billion yuan [2] - The Testing business reported revenue of 4.17 billion yuan for Q1-Q3 2025, with a gross margin of 26.5% [3] - The biological segment generated 1.95 billion yuan in revenue, with a gross margin of 37% [3] Order Backlog and Growth Prospects - The company had an order backlog of 59.88 billion yuan as of Q3 2025, a 41.2% year-on-year increase [2] - The TIDES order backlog grew by 17.1% year-on-year, indicating strong short-term performance certainty [3] Profit Forecast - Revenue projections for 2025-2027 are 45.036 billion yuan, 52.98 billion yuan, and 61.18 billion yuan, with respective year-on-year growth rates of 14.77%, 17.64%, and 15.48% [4] - Net profit forecasts for the same period are 14.346 billion yuan, 16.033 billion yuan, and 19.093 billion yuan, with year-on-year growth rates of 51.8%, 11.76%, and 19.09% [4]

报告指，撇除外汇影响，药明康德新增订单同比增长18%。在手订单规模达600亿元，同比增长41%， 预计在18个月内逐步转化，支撑2026年增长可见性。管理层将全年持续经营收入增速指引上调到17%至 18%(原先为13%至17%)。药明康德管理层上调2025年自由现金流指引至80亿至85亿元;并下调资本开支 至55亿至60亿元，因进度调整。全球扩张稳步推进，包括新加坡API工厂预计2027年投产、美国制剂工 厂预计2026年底投产及瑞士基地扩建。管理层指出，跨境客户需求保持稳定。 该行称，药明康德第三季业绩胜预期，延续上半年强劲势头，营收同比增长15%至121亿元人民币(下 同)，净利润同比增长53%至约35亿元人民币，主要得益于后期临床及商业化项目放量。毛利率同比提 升7.8个百分点至49.8%。 智通财经APP获悉，中银国际发布研报称，上调药明康德(02359)2025至2027年盈利预测2.4至6.4%，H 股目标价从122港元上调至127港元，对应预测明年市盈率18倍不变。维持"买入"评级。 ...

Core Viewpoint - WuXi AppTec (02359) experienced a significant decline of over 6%, closing at HKD 105.9 with a trading volume of HKD 652 million [1][2]. Group 1: Stock Performance - WuXi AppTec's stock fell by 6.03% as of the latest report, indicating a notable drop in market confidence [1][2]. - The trading volume reached HKD 652 million, reflecting active trading activity despite the decline [2]. Group 2: Shareholder Actions - On October 29, WuXi AppTec announced that its actual controller plans to reduce its holdings in the company due to personal funding needs [2]. - The reduction will occur within three months following the announcement, with a maximum of 2% of the company's total share capital, equating to up to 59,675,143 shares [2].