Group 1 - The core point of the news is that WuXi AppTec's subsidiary, Tianjin WuXi AppTec New Drug Development Co., Ltd., was listed in the administrative penalty announcement but was not penalized for failing to implement emergency response regulations regarding emergency materials and equipment [1][3] - The Tianjin Emergency Management Bureau decided not to impose administrative penalties on the company, citing that the violation was minor and promptly corrected, with no harmful consequences [3] - WuXi AppTec provides integrated, end-to-end new drug research and production services globally, with operational bases in Asia, Europe, and North America, serving around 6,000 partners from over 30 countries [5] Group 2 - WuXi AppTec was established in 2000 with a registered capital of 2,933.34 million RMB, while Tianjin WuXi AppTec New Drug Development Co., Ltd. was founded in 2006 with a registered capital of 800 million RMB [6] - As of July 14, 2025, WuXi AppTec's stock price was 78.60 RMB, reflecting a 1.88% increase [7]

Group 1: Company Performance - Aopu Mai expects to achieve approximately 177 million yuan in revenue for the first half of 2025, representing a year-on-year growth of about 23.25% [1] - The company anticipates a net profit attributable to shareholders of approximately 37 million yuan, an increase of about 53.28% year-on-year [1] - Aopu Mai's net profit after deducting non-recurring gains and losses is expected to be around 29.03 million yuan, reflecting a year-on-year increase of approximately 73.46% [1] Group 2: Industry Trends - Multiple CXO companies have reported positive performance forecasts for the first half of 2025, indicating a potential turning point for the CXO industry [2] - WuXi AppTec expects to achieve approximately 20.64% year-on-year revenue growth, with adjusted net profit projected to increase by about 44.43% [2] - The overall market sentiment for the CXO sector is improving, driven by a recovery in global healthcare financing and a favorable domestic policy environment [3] Group 3: Market Dynamics - The global healthcare investment and financing amount is showing a recovery trend, with a projected growth rate of 25.3% in 2024 [3] - The domestic innovative drug sector is experiencing a positive market trend, with over 80 business development transactions in the first half of the year, significantly higher than the previous year's average [3] - Analysts suggest that the CXO sector may benefit from a chain of encouraging innovation policies and improved financing conditions, although there are concerns about market overheating [3]

無錫藥明康德新藥開發股份有限公司（「本公司」，連同其子公司「本集團」）董 事會（「董事會」）謹此宣佈將於2025年7月28日（星期一）召開董事會會議，以考 慮及批准（其中包括）本集團截至2025年6月30日止六個月之未經審計中期業績 及其發佈。 承董事會命 無錫藥明康德新藥開發股份有限公司 董事長 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） 董事會會議召開日期 * 僅供識別 李革博士 香港，2025年7月14日 於本公告日期，董事會包括本公司執行董事李革博士、陳民章博士、胡正國先生、楊青博士 及張朝暉先生；本公司非執行董事童小幪先生及吳亦兵博士；以及本公司獨立非執行董事 盧韶華女士、俞衛博士、張新博士、詹智玲女士及冷雪松先生。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 無錫藥明康德新藥開發股份有限公司 呈交日期： 2025年7月14日 第 1 頁 共 9 頁 v 1.3.0 | 1). | 購回股份(或其他證券)但沒有註銷 | 302,500 | 0.01 % | RMB | 66.14 | | --- | --- | --- | --- | --- | --- | | | 茲提述本公司於2025年3月17日刊發的公告，於2025年3月26日刊發的 | | | | | | | 通函，及於2025年4月29日刊發的投票結果公告。 | | | | | | | 於2025年6月26日，本公司實施2025年以集中競價交易方式回購本公司 | | | | | | | A股股份方案（"2025年第一次回購"），并回購302,500股A股股份。 | | | | | | | 變動日期 2025年6月26日 | | | | | | | 購回股份(或其他證券)但沒有註銷 | | | | | | 2). | | 303,367 | 0.01 % ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 無錫藥明康德新藥開發股份有限公司 呈交日期： 2025年7月14日 第 3 頁 共 9 頁 v 1.3.0 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | | 說明 | | 於上海證券交易所上市 | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出 ...

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責任。 香港，2025年7月14日 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2359） 董事會會議召開日期 無錫藥明康德新藥開發股份有限公司（「本公司」，連同其子公司「本集團」）董 事會（「董事會」）謹此宣佈將於2025年7月28日（星期一）召開董事會會議，以考 慮及批准（其中包括）本集團截至2025年6月30日止六個月之未經審計中期業績 及其發佈。 承董事會命 無錫藥明康德新藥開發股份有限公司 董事長 WUXI APPTEC CO., LTD. * 無錫藥明康德新藥開發股份有限公司 李革博士 於本公告日期，董事會包括本公司執行董事李革博士、陳民章博士、胡正國先生、楊青博士 及張朝暉先生；本公司非執行董事童小幪先生及吳亦兵博士；以及本公司獨立非執行董事 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 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a target price of 95.60 CNY per share over the next six months [5][6]. Core Insights - The company is expected to achieve significant growth in its financial performance, with projected revenues of 20.799 billion CNY and adjusted net profit of 6.315 billion CNY for the first half of 2025, representing year-on-year increases of 20.64% and 44.43% respectively [1][2]. - The expansion of the small molecule D&M pipeline is driving steady growth in this segment, with 203 new molecules added in Q1 2025 and successful FDA inspections of production facilities [3]. - The TIDES business is experiencing rapid growth, with a 105.5% year-on-year increase in orders and a significant expansion in production capacity from 32,000 liters in 2023 to 100,000 liters by the end of 2025 [4]. Financial Projections - The company’s projected net profits for 2025 to 2027 are 13.735 billion CNY, 13.872 billion CNY, and 16.210 billion CNY, reflecting year-on-year growth rates of 45.3%, 1.0%, and 16.9% respectively [5][11]. - The expected earnings per share (EPS) for 2025 is 4.78 CNY, with a price-to-earnings (PE) ratio of 20 times [5][11]. - The company’s total market capitalization is approximately 221.59 billion CNY, with a circulating market capitalization of about 191.73 billion CNY [6]. Stock Performance - The stock has shown strong relative performance, with a 1-month return of 15.5%, a 3-month return of 41.0%, and a 12-month return of 83.0% [9].

Summary of Conference Call Records Industry Overview - The global pharmaceutical industry is facing a significant patent cliff, with approximately $180 billion in annual revenue drugs set to lose patent protection between 2027 and 2028, representing nearly 12% of the global market share [3][4][10] - The domestic innovation industry chain is experiencing an increase in orders, particularly among upstream companies such as Baipusais, Bidai Pharmaceutical, and Bai'ao Pharmaceutical [1][5] - The CRO (Contract Research Organization) sector is seeing growth in companies like Zhaoyan New Drug, Yinuosi, and Tigermed, while the CDMO (Contract Development and Manufacturing Organization) sector is highlighted by strong performances from WuXi AppTec, Boteng Co., Tianyu Co., and Pro Pharma [1][5] Key Insights and Arguments - The recovery in the CXO (Contract Research Organization and Contract Development and Manufacturing Organization) sector is driven by increased domestic demand and a resurgence in orders, which is expected to translate into clinical research opportunities within 6 to 12 months [11][12] - The trend of innovation drug out-licensing (BD) is becoming more pronounced, as large pharmaceutical companies seek to diversify their pipelines and manage costs amid pressures from legislation such as the IRA (Inflation Reduction Act) [4][7] - Domestic listed companies have shown an increasing trend in R&D expenses as a percentage of revenue since the second half of last year, indicating a more proactive approach to R&D investment in response to market changes [8][10] Financial Performance and Trends - In the CDMO sector, WuXi AppTec reported a 47% year-on-year increase in orders by the end of last year, while Boteng Co. saw a 30% increase [11][13] - For the first half of 2025, WuXi AppTec's revenue is expected to grow by 21%, with a 44% increase in NON-IFRS net profit, while Boteng Co. is projected to achieve profitability after a turnaround [13] - The structure of R&D expenses in Biotech companies has shifted, with a notable increase in clinical trial costs, reflecting a conservative investment strategy amid market uncertainties [9] Potential Investment Opportunities - Recommended companies in the domestic innovation industry include Yinuosi, Zhaoyan New Drug, and Tigermed, as well as leading CDMO firms like WuXi AppTec and Pro Pharma [16] - The recovery in the domestic innovation industry is expected to create further investment opportunities, particularly as IPOs are being opened up and more companies are preparing to list [14] Additional Considerations - The overall recovery of the innovation industry chain is segmented into phases, with the current transition from phase 1.0 to 2.0 indicating a shift towards increased early-stage project investments by financially robust companies [10] - The competitive landscape of the domestic innovation industry chain should be assessed comprehensively, including comparisons with Indian and other overseas companies to better understand competitive advantages [17]

Core Viewpoint - WuXi AppTec (603259.SH) continues to demonstrate robust growth in its operating performance, with significant increases in revenue and net profit expected for the first half of 2025 [2][3]. Financial Performance - For the first half of 2025, the company anticipates revenue of approximately 20.79 billion yuan, representing a year-on-year growth of about 20.64% [3]. - The expected adjusted net profit for the same period is around 6.315 billion yuan, reflecting a year-on-year increase of approximately 44.43% [3]. - In Q1 2025, the company achieved revenue of 9.655 billion yuan, a year-on-year growth of 20.96%, with net profits of 3.672 billion yuan, marking an impressive growth of 89.06% [3]. Business Model and Strategy - The company focuses on a unique "integrated, end-to-end" CRDMO (Contract Research, Development, and Manufacturing) business model, which is crucial for meeting customer empowerment needs [5]. - WuXi AppTec has positioned itself as one of the few open-access new drug research and development service platforms capable of providing services across the entire new drug development chain [7]. R&D and Capacity Expansion - As of the end of 2024, the company employed approximately 31,800 R&D personnel, accounting for 80.7% of its total workforce [9]. - The company has made significant investments in expanding its production capacity, with new facilities expected to come online in the coming years, including a doubling of oral formulation capacity at its Swiss facility [8]. Client Base and Orders - WuXi AppTec serves around 6,000 active clients, including all of the top 20 global pharmaceutical companies, and has added approximately 1,000 new clients in its ongoing business [8]. - The company reported a backlog of orders in its ongoing business of 49.31 billion yuan at the end of 2024, a year-on-year increase of 47% [8].

Group 1 - The core message of the news highlights the announcement by U.S. President Trump on July 12, stating that a 30% tariff will be imposed on goods imported from Mexico and the EU starting August 1, which has raised concerns in the market [3][4]. - The market reaction to the tariff announcement has been relatively calm, with analysts suggesting that Trump's threats are more of a negotiation tactic rather than a firm policy intention [4]. - The A-share market is currently experiencing a surge, driven by strong mid-year earnings reports from companies like Industrial Fulian and WuXi AppTec, which have positively influenced related sectors [4][5]. Group 2 - The EU has responded to the tariff announcement, indicating that such measures would harm transatlantic interests and expressing readiness to take reciprocal actions if necessary [3]. - Mexican President Sheinbaum expressed optimism about reaching an agreement with the U.S. before the tariff implementation date [3]. - Analysts believe that the demand for rare earths, primarily driven by the electric vehicle sector, remains stable, and recent price increases are more influenced by supply-side factors rather than a significant change in demand [5]. Group 3 - The brokerage and silver sectors are viewed positively by market experts, with expectations of continued strong performance due to favorable market conditions and increased trading activity [6]. - Guolian Minsheng Securities has projected a net profit of 1.129 billion yuan for the first half of the year, marking a significant increase compared to the previous year [6]. - Silver prices have shown an upward trend, with analysts predicting that silver may outperform gold in the latter half of the year due to its relatively low price levels [6].