Market Overview - Global markets showed mixed performance, with the Hang Seng Index closing at 25,064, up 2.79% for the day but down 2.21% year-to-date [1] - The Shanghai Composite Index rose by 1.78%, while the Shenzhen Composite Index increased by 2.17% [1] - In the U.S., the S&P 500 and Nasdaq fell by 0.37% and 0.84% respectively, reflecting ongoing concerns about inflation and economic growth [3] Sector Performance - The Hang Seng Financial Index dropped by 4.80%, while the Hang Seng Real Estate Index decreased by 3.83% [2] - The energy sector saw declines, contrasting with gains in materials and healthcare sectors [3] Company Insights WuXi AppTec (药明康德) - WuXi AppTec reported a 15.8% year-on-year revenue growth for 2025, with adjusted net profit increasing by 41.3% [4] - The company anticipates revenue for 2026 to reach between 51.3 billion to 53 billion RMB, with a projected growth of 18-22% in continuous operations [5] - The backlog for continuous operations grew by 28.8% year-on-year, indicating strong demand for CDMO services [5] WuXi Biologics (药明合联) - WuXi Biologics achieved a 46.7% revenue growth in 2025, with adjusted net profit rising by 69.9% [7] - The backlog increased by 50.3% to $1.49 billion, with new orders growing by 41% [8] - The company expects over 40% revenue growth in 2026, driven by strong demand for iCMC projects [8] Kelun-Biotech (科伦博泰) - Kelun-Biotech transitioned to commercialization in 2025, reporting total revenue of 2.06 billion RMB, a 6.5% increase [11] - The company’s key assets have been included in the national medical insurance directory, supporting future sales growth [11] - Despite a net loss of 382 million RMB, the company has a strong cash position with 4.6 billion RMB in cash and financial assets [11] SenseTime (商汤科技) - SenseTime's FY25 revenue grew by 33% to 5.01 billion RMB, driven by strong performance in generative AI [14] - The adjusted net loss narrowed by 54% to 1.96 billion RMB, outperforming market expectations [14] - Future revenue growth is expected to be driven by continued advancements in generative AI capabilities [14] Tongcheng Travel (同程旅行) - Tongcheng Travel reported a 14.2% year-on-year revenue increase in Q4 2025, with adjusted net profit rising by 18% [15] - The core OTA business showed resilience, with expectations for a 15% increase in operating profit in 2026 [15] Xiaomi Group (小米集团) - Xiaomi's Q4 2025 performance exceeded expectations, with revenue growing by 7% [16] - The company is focusing on high-end strategies and expanding its IoT business, despite facing short-term challenges in the smartphone and automotive sectors [16] Minth Group (敏实集团) - Minth Group's revenue increased by 12% in 2H25, with net profit growing by 13% [17] - The company aims for a 23% compound annual growth rate over the next five years, driven by both automotive and AI robotics sectors [17]

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，2026年3月24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 2025 年年度股东会、2026 年第一次 A 股类别股东会及 2026 年第一次 H 股类 别股东会 会议材料 二〇二六年四月 1 无锡药明康德新药开发股 ...

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，2026年3月24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 2026-015 无锡药明康德新药开发股份有限公司 关于召开2025年年度股东会、2026 年第一次 A 股类别股东 会及 2026 ...

Core Insights - The core viewpoint of the article emphasizes that WuXi AppTec's recent financial performance is not just about revenue growth, but also highlights the emergence of peptide manufacturing as a new growth engine for the company driven by the GLP-1 drug trend [4][5]. Financial Performance - In 2025, WuXi AppTec achieved a revenue of 45.46 billion yuan, representing a year-on-year growth of 15.8%. The chemical business revenue reached 36.47 billion yuan, with a year-on-year increase of 25.5%. Notably, the TIDES business generated 11.37 billion yuan, marking a significant year-on-year increase of 96.0%, transitioning from a high-growth segment to a billion-level business [4]. GLP-1 Drug Impact - GLP-1 is identified as a crucial driving force behind WuXi AppTec's growth. The company is currently producing 23 GLP-1 drugs, with 16 in the II and III clinical trial phases. This indicates that WuXi AppTec is deeply embedded in the global core pipeline rather than being a passive beneficiary of the GLP-1 drug trend [4][5]. Industry Positioning - WuXi AppTec is not merely benefiting from "order dividends" but is actively moving up the industry chain. The high demands of GLP-1 drugs for peptide synthesis, scale-up production, quality control, and delivery capabilities mean that few companies can handle late-stage clinical and commercialization orders. By the end of 2025, WuXi AppTec's total volume of peptide solid-phase synthesis reactors exceeded 100,000 liters, indicating proactive capacity expansion to seize the global peptide manufacturing high ground [5]. Future Outlook - The article cautions against viewing GLP-1 as a perpetually high-growth single theme. As the base increases, order growth rates are expected to normalize, and the industry will shift from "capacity grabbing" to "delivery competition." However, WuXi AppTec's financial report demonstrates that GLP-1 is not only driving revenue but also facilitating the company's transition from a traditional R&D outsourcing leader to a core global peptide manufacturing platform [6].

Investment Rating - The report maintains a "Recommended" rating for WuXi AppTec, indicating a positive outlook for the company's stock performance relative to the benchmark index [4]. Core Insights - WuXi AppTec exceeded its annual guidance, achieving record high performance in 2025 with a revenue of 45.456 billion yuan, a year-on-year increase of 15.8%. The adjusted net profit attributable to shareholders reached 14.96 billion yuan, up 41.3% year-on-year [4][5]. - The company has a strong order backlog of 58 billion yuan, reflecting a year-on-year growth of 28.8%. The TIDES business significantly contributed to the growth of the chemical segment, with a revenue increase of 96% year-on-year [4][5]. - The company expects a revenue forecast for 2026 to be between 51.3 billion and 53 billion yuan, with a year-on-year growth of 18-22% for its continuing operations [4][5]. Financial Performance Summary - In 2025, WuXi AppTec's revenue was 45.456 billion yuan, with a gross margin of 47.6%, an increase of 6.16 percentage points year-on-year. The net profit attributable to shareholders was 19.151 billion yuan, reflecting a 102.6% increase year-on-year [4][5]. - The company projects revenues of 52.28 billion yuan for 2026, with a profit growth rate of -8.6% due to high base effects from 2025 [5][6]. - The report highlights a significant improvement in profitability metrics, with a sales net margin of 42.53%, up 18.15 percentage points year-on-year [4][5]. Business Segment Performance - The chemical business generated 36.47 billion yuan in revenue, a 25.5% increase year-on-year, while the TIDES business alone contributed 11.37 billion yuan, marking a 96% increase [4][5]. - Revenue from U.S. clients grew by 34.3% to 31.25 billion yuan, while revenue from Europe and China saw slight declines [4][5]. - The report emphasizes the company's strong position in the global supply chain, unaffected by recent geopolitical tensions and trade conflicts [4][5]. Future Outlook - WuXi AppTec aims to enhance its technological capabilities and operational efficiency, with capital expenditures projected to reach 6.5-7.5 billion yuan in 2026 [4][5]. - The company anticipates adjusted free cash flow to be between 10.5 billion and 11.5 billion yuan in 2026, indicating strong cash generation potential [4][5]. - The report forecasts continued growth in the CRDMO sector, supported by a robust pipeline and global scale effects, positioning WuXi AppTec to lead the CXO industry [4][5].

Investment Rating - The report maintains a "Recommended" rating for WuXi AppTec, indicating a positive outlook for the company's stock performance relative to the benchmark index [4]. Core Insights - WuXi AppTec achieved a record high in performance for the year 2025, with total revenue reaching 454.56 billion yuan, a year-on-year increase of 15.8%. The adjusted non-IFRS net profit was 14.96 billion yuan, up 41.3%, while the net profit attributable to shareholders was 19.15 billion yuan, reflecting a significant increase of 102.65% [4][5]. - The company reported a strong order backlog of 58 billion yuan, a year-on-year growth of 28.8%, driven by the TIDES business, which saw a revenue increase of 96% to 11.37 billion yuan [4][5]. - The revenue contribution from U.S. clients grew by 34.3% to 31.25 billion yuan, while European revenue decreased by 4% [4][5]. - For 2026, WuXi AppTec expects total revenue to be between 513 billion and 530 billion yuan, with a year-on-year growth of 18-22% in continuing operations [4][5]. Financial Performance Summary - In 2025, the company achieved a gross margin of 47.64%, an increase of 6.16 percentage points year-on-year, and a net profit margin of 42.53%, up 18.15 percentage points [4][5]. - The projected financials for 2026 include total revenue of 52.28 billion yuan, with a growth rate of 15%, and a net profit of 17.49 billion yuan, reflecting a decrease of 8.6% [5][6]. - The company’s EBITDA for 2025 was 27.87 billion yuan, with expectations for continued growth in subsequent years [7].

无锡药明康德新药开发股份有限公司 2025 年年度股东会、2026 年第一次 A 股类别股东会及 2026 年第一次 H 股类 别股东会 会议材料 二〇二六年四月 1 无锡药明康德新药开发股份有限公司 股东会会议须知 为了维护全体股东的合法权益、保障股东依法行使股东权利，确保股东会的 正常秩序和议事效率，根据中国证券监督管理委员会（以下简称"中国证监会"） 《上市公司股东会规则》及《无锡药明康德新药开发股份有限公司章程》《无锡 药明康德新药开发股份有限公司股东会议事规则》，特制订本须知。 一、公司设董事会办公室，具体负责会议有关程序方面的事宜。 二、会议期间全体出席会议人员应以维护股东合法权益，确保会议正常秩序， 提高议事效率为原则，认真行使法定权利并履行法定职责。 三、为保证股东会的严肃性和正常秩序，除依法出席会议的公司股东（或其 授权代表）、董事、高级管理人员、见证律师和董事会邀请参会的人员外，公司 有权依法拒绝其他人士入场。 四、为及时、准确统计出席股东会的股东人数及所持有表决权的股份数量， 出席会议的股东（或其授权代表）请按照股东会通知中载明的会议登记办法在会 议召开前向董事会办公室办理签到登记手续。 ...

证券代码：603259 证券简称：药明康德 公告编号：临 2026-015 无锡药明康德新药开发股份有限公司 关于召开2025年年度股东会、2026 年第一次 A 股类别股东 会及 2026 年第一次 H 股类别股东会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东会类型和届次 2025年年度股东会 、2026 年第一次 A 股类别股东会及 2026 年第一次 H 股 类别股东会 股东会召开日期：2026年4月28日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 至2026 年 4 月 28 日 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相 结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2026 年 4 月 28 日 14 点 00 分 开始依次召开 2025 年年 度股东会、2026 年第一次 A 股类别股东会及 2026 年第一次 H 股类别股东会 召开地点：上海外高桥喜 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) for both A-shares and H-shares [7]. Core Insights - The company reported a revenue of 45.456 billion RMB for 2025, representing a year-over-year increase of 15.84%. The net profit attributable to shareholders was 19.151 billion RMB, up 102.65% year-over-year, and the adjusted non-IFRS net profit was 14.957 billion RMB, reflecting a 41.33% increase [1][5]. - The company expects a revenue growth guidance of 18-22% for 2026, supported by a strong order backlog and anticipated acceleration in growth for 2026-2027 [2][3]. - The TIDES business segment is projected to maintain high growth, with a revenue of 36.47 billion RMB in 2025, marking a 25.5% year-over-year increase, driven by a significant rise in orders and customer engagement [3][4]. Summary by Sections Financial Performance - For 2025, the company achieved a revenue of 45.456 billion RMB, with a net profit of 19.151 billion RMB, and an adjusted non-IFRS net profit of 14.957 billion RMB [1][5]. - The company anticipates revenues of 51.3-53 billion RMB for 2026, with a continued focus on maintaining a stable adjusted non-IFRS net profit margin [2]. Business Segments - WuXi Chemistry's revenue for 2025 is expected to reach 36.47 billion RMB, with a non-IFRS gross margin of 52.3%, driven by the TIDES segment's growth [3]. - The WuXi Testing and WuXi Biology segments are projected to stabilize, with revenues of 4.04 billion RMB and 2.68 billion RMB respectively for 2025, and expected growth rates of around 10% for 2026 [4]. Valuation and Estimates - The company is valued at 334.81 billion RMB for A-shares and 381.7 billion HKD for H-shares, with a target price of 112.21 RMB and 127.93 HKD respectively [5][12]. - The earnings per share (EPS) estimates for 2026, 2027, and 2028 are projected to be 5.66 RMB, 6.72 RMB, and 7.88 RMB respectively, reflecting an upward adjustment due to better-than-expected growth in the TIDES segment [5][11].

於2026年4月28日（星期二）舉行之2026年第一次H股類別股東會代表委任表格 本人╱吾等 （附註2） ， 地址為 ， 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） 與本代表委任表格有關 的H股股份數目 （附註1） 為 無 錫 藥 明 康 德 新 藥 開 發 股 份 有 限 公 司（「本公司」）已 發 行 股 本 中 之H股（「H股」）的 登 記 持 有 人，茲 委 任 大 會 主 席 （附 註 3） 或 ， 地址為 ， 代表本人╱吾等出席本公司謹訂於緊隨2025年年度股東會及2026年第一次A股類別股東會結束後於2026年4月28日（星期二）假座 中國上海市自由貿易試驗區基隆路28號上海外高橋喜來登酒店舉行的2026年第一次H股類別股東會（「2026年第一次H股類別股 東會」）（及其任何續會），並依照下列指示就2026年3月25日的2026年第一次H股類別股東會通告（「通告」）所載列的決議案代表本 人╱吾等投票。 除文義另有所指外，本代表委任表格所用詞彙與本公司2026年3月25日之通函所界定者具有相同 ...