假设所有配售股份获悉数认购，配售的募集资金总额预计将约为77.0亿港元。配售的募集资金净额预计 约为76.5亿港元，将按以下方式投入使用：(a)约90%将用于加速推进全球布局和产能建设；及(b)约10% 将用于一般公司用途。 配售股份数目分别占：(a)截至本公告日期现有已发行H股总数及现有已发行股份总数约19.07%及 2.57%；及(b)紧随完成后经发行配售股份扩大后的已发行H股总数及已发行股份总数约16.01%及 2.51%。配售股份将根据一般授权予以发行。配售毋须股东另行批准。公司将向香港联交所上市委员会 申请批准配售股份上市及买卖。 格隆汇7月31日丨药明康德(02359.HK)发布公告，2025年7月31日(交易时间前)，公司与配售代理(即摩根 士丹利、花旗、高盛及汇丰)订立配售协议，据此，公司同意委任配售代理而配售代理各自同意(而非共 同，亦非共同及个别)出任公司代理，并尽力促使承配人按照配售协议所载条款及条件，按每股配售股 份配售价104.27港元合共认购7380万股新H股。 ...

药明康德：根据一般授权配售新H股。 ...

Core Viewpoint - WuXi AppTec plans to issue 73.8 million new H-shares at a price of HKD 104.27 per share, representing a 6.9% discount from the latest closing price, aiming to raise approximately HKD 7.7 billion for global expansion and capacity building [1] Group 1 - The company has entered into a placement agreement with placement agents to facilitate the issuance of new shares [1] - The total expected fundraising amount is approximately HKD 7.7 billion, assuming all shares are fully subscribed [1] - The raised funds will be utilized to accelerate the company's global layout and capacity construction, driving long-term development [1]

本公告或其任何副本概不得直接或間接在美國，或在刊發或派發本公告屬違法的任何其他司 法權區內刊發或派發。 本公告僅供參考，並不構成收購、購買或認購本公司任何證券的邀請或要約。 本公告並非，亦不構成於美國（定義見1933年《美國證券法》（「《證券法》」）S規例）出售證券的 要約或邀請及其任何部分。本公告或其任何內容或其副本亦不得攜進美國境內或於美國境內 或在刊發或派發本公告屬違法的任何其他司法權區內直接或間接派發。除非本公告所指證券 根據《證券法》辦理登記或獲豁免遵守《證券法》的登記規定，否則有關證券未曾亦不會根據《證 券法》登記，且不得在美國境內提呈發售、出售或以其他方式轉讓。本公司並無計劃在美國 登記本公告所述任何證券或在美國公開發售任何證券。 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） 根據一般授權配售新H股 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的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致的任何損失承擔任何 ...

Wind数据显示，7月30日，15家上市公司回购股票，其中药明康德回购金额最高达4.37亿元，回购数量 561万股，山鹰国际回购金额达1.13亿元，回购数量5861万股，锦浪科技回购金额达6799万元，回购数 量122万股。 ...

Investment Rating - The investment rating for the company is "Buy" [3][6]. Core Insights - The company has demonstrated rapid growth in performance, with a significant increase in revenue and net profit for the first half of 2025. Revenue reached 20.799 billion yuan, a year-on-year increase of 20.64%, while net profit attributable to shareholders grew by 101.92% to 8.561 billion yuan [1][2]. - The company's order backlog remains strong, with a total of 56.69 billion yuan in orders as of June 2025, reflecting a year-on-year growth of 37.2%, which supports future revenue growth [2]. - The TIDES business segment has shown exceptional performance, achieving revenue of 5.03 billion yuan in the first half of 2025, a remarkable year-on-year increase of 141.6% [5]. - The chemical drug D&M business has also recovered well, with revenue of 8.68 billion yuan, marking a year-on-year growth of 17.5% [5]. Financial Summary - The company adjusted its revenue forecasts for 2025-2027, with expected revenues of 44.331 billion yuan, 51.087 billion yuan, and 59.245 billion yuan respectively, reflecting a positive outlook [3][8]. - The earnings per share (EPS) estimates for 2025-2027 have been revised to 5.12 yuan, 5.27 yuan, and 6.21 yuan respectively, indicating strong growth potential [3][8]. - The company's gross margin is projected to improve, reaching 44.9% in 2025 and increasing to 46.3% by 2027 [8]. Business Segments - The TIDES business continues to be a key driver of performance, with a 48.8% year-on-year increase in the order backlog as of June 2025, and an increase in the number of clients served [5]. - The chemical drug D&M segment has added 412 new molecules to its pipeline in the first half of 2025, including four projects in Phase III and four commercial projects, indicating a growing demand [5]. Market Position - The company's total market capitalization is approximately 283.919 billion yuan, with a free float market capitalization of the same amount [3]. - The stock has shown a 52-week high of 102.49 yuan and a low of 36.86 yuan, indicating significant volatility and potential for growth [3].

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a target price of 121.50 CNY for the next six months [5][6]. Core Insights - The company reported significant growth in its H1 2025 performance, achieving revenue of 20.799 billion CNY and a net profit of 8.561 billion CNY, representing year-on-year increases of 20.64% and 101.92% respectively [1][2]. - The strong performance is attributed to the rapid development of core businesses, particularly in the small molecule D&M and TIDES sectors, which have seen substantial order growth and capacity expansion [3][4]. Revenue and Profit Growth - In H1 2025, the company generated revenue of 20.799 billion CNY, with the chemical business contributing 16.301 billion CNY (+33.51%), testing business at 2.689 billion CNY (-1.20%), and biological business at 1.252 billion CNY (+7.07%) [2]. - The net profit for H1 2025 reached 8.561 billion CNY, marking a significant increase of 101.92% year-on-year [2]. Business Expansion - The small molecule D&M business has shown robust growth, with 412 new molecules added to the project pipeline in H1 2025, including 76 commercial projects and 84 in clinical phase III [3]. - The TIDES business has also experienced rapid growth, with revenue reaching 5.03 billion CNY (+141.6%) in H1 2025, and a 48.8% increase in orders [4]. Financial Projections - The company is projected to achieve net profits of 13.952 billion CNY, 14.336 billion CNY, and 15.985 billion CNY for the years 2025, 2026, and 2027 respectively, with growth rates of 47.6%, 2.8%, and 11.5% [5]. - The expected earnings per share (EPS) for 2025 is 4.86 CNY, with a price-to-earnings (PE) ratio of 25 times [5].

Core Viewpoint - Ping An International Securities has issued a buy rating for WuXi AppTec (603259.SH, latest price: 98.85 CNY) based on strong financial performance and growth prospects in the second quarter of 2025 [2] Financial Performance - In Q2 2025, the company's continuing operating revenue increased by 25% year-over-year (YoY), and the adjusted Non-IFRS net profit attributable to the parent company rose by 47.9% YoY, significantly exceeding market expectations [2] - The small molecule D&M revenue and TIDES business continue to drive revenue growth and improve gross margins in Q2 2025 [2] Order Backlog and Revenue Guidance - The order backlog reached a new high of 56.69 billion CNY, representing a 37.2% YoY increase [2] - The revenue guidance for continuing operations in 2025 has been raised to a growth rate of 13%-17% YoY, with TIDES revenue expected to achieve an 80% YoY increase for the full year [2] - The company is expected to achieve double-digit growth in continuing operating revenue both YoY and sequentially in the second half of 2025 [2] Business Outlook - Early-stage business recovery is evident but is expected to take more time to fully materialize [2]

Core Viewpoint - The CXO sector in the pharmaceutical industry has seen significant growth, with companies like WuXi AppTec and Zai Lab experiencing substantial stock price increases, driven by strong financial performance and positive market trends [1][2]. Group 1: CXO Sector Performance - The CXO sector experienced a major surge, with stocks like Pharmaron and WuXi AppTec seeing increases of over 18% and hitting daily limits [1]. - Year-to-date, the stock of Zai Lab has risen over 111%, while other major players like WuXi AppTec and Haoyuan Meditech have seen increases between 60% and 83% [1]. - Companies such as Pharmaron, Jiuzhou Pharmaceutical, and WuXi AppTec have also reported stock price increases exceeding 20% [1]. Group 2: WuXi AppTec Financial Results - WuXi AppTec reported a revenue of 20.799 billion yuan for the first half of 2025, marking a year-on-year growth of 20.64% [1]. - The net profit attributable to shareholders reached 8.561 billion yuan, showing a significant increase of 101.92% year-on-year [1]. - The company has raised its full-year revenue forecast, expecting a total revenue between 42.5 billion and 43.5 billion yuan, up from the previous estimate of 41.5 billion to 43 billion yuan [1]. Group 3: TIDES Business Growth - The TIDES (oligonucleotide and peptide) business of WuXi AppTec generated 5.03 billion yuan in revenue, reflecting a remarkable growth of 141.6% year-on-year, becoming a key driver of the company's performance [1]. - The growth in TIDES revenue is attributed to the booming GLP-1 drug market, which has been thriving in recent years [2]. - Analysts predict that the TIDES business revenue may exceed the previously set growth target of 60% for the year [2]. Group 4: Industry Trends and Collaborations - The innovative drug market is experiencing a surge, with significant business development (BD) transactions benefiting CXO companies [2]. - Recent collaborations, such as the agreement between Hengrui Medicine and GlaxoSmithKline (GSK), highlight the trend of large-scale international deals, with GSK paying an upfront fee of $500 million and potential milestone payments totaling around $12 billion [2]. - The hot market for innovative drugs is driving pharmaceutical companies to increase R&D investments and accelerate project timelines, positively impacting the upstream CXO sector [2].

Core Viewpoint - WuXi AppTec has returned to sustained high growth after a challenging year impacted by the "Biological Safety Act," with impressive financial results in the first half of 2025, indicating a recovery trajectory for the company and the industry [2][8]. Financial Performance - In the first half of 2025, WuXi AppTec reported revenue of 20.8 billion yuan, a year-on-year increase of 20%, and a net profit of 8.6 billion yuan, which doubled compared to the previous year, both reaching historical highs [2][4]. - The company has raised its full-year revenue guidance, expecting a growth rate of 13%-17% for its ongoing business, up from the previous 10%-15% [4]. Regional Performance - The high growth of WuXi AppTec is primarily supported by U.S. clients, with revenue from this segment increasing by 38.4% year-on-year in the first half of 2025 [3][9]. - Revenue from Chinese clients, however, has declined by 5.2%, contributing only 3.2 billion yuan, which is 15% of total revenue [11]. Market Dynamics - WuXi AppTec's international revenue reached 17.3 billion yuan in the first half of 2025, accounting for over 80% of total revenue, with U.S. clients contributing 14 billion yuan [9]. - The company has successfully navigated the challenges posed by the "Biological Safety Act," with no new legislative proposals emerging in the current U.S. Congress [10]. Business Segments - The second quarter of 2025 was particularly strong, with revenue exceeding 11.1 billion yuan, marking the first time quarterly revenue surpassed 10 billion yuan [14]. - The growth in revenue is attributed to the increasing demand for small molecule CDMO services and TIDES (oligonucleotide and peptide) business, with TIDES revenue reaching 5 billion yuan, a 142% increase year-on-year [14][15]. Industry Outlook - The recovery of WuXi AppTec is expected to positively influence the broader CXO (Contract Research Organization) industry, with other companies like Kelun and Kanglongda also reporting improved performance [17].