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通告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並表明概不對因本通告全部或任何部分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） 2026年第一次H股類別股東會通告 茲通告無錫藥明康德新藥開發股份有限公司（「本公司」）謹定於緊隨2025年年度股 東會及2026年第一次A股類別股東會及其任何續會結束後於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2026年第一次H股類 別股東會（「2026年第一次H股類別股東會」），以考慮及酌情批准下列決議案。於本通告 內，除文義另有所指外，本通告所用詞彙與本公司日期為2026年3月25日之通函（「通函」） 所界定者具相同涵義。 普通決議案 1. 考慮及批准《關於向2025年計劃受託人直接回購2025年H股獎勵信託計劃所涉 H股股份的議案》（其中包括批准提請向2025年計劃受託人直接回購H股股份）， 確認2 ...

與本代表委任表格有關 的股份數目 （附註1） 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） 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 於2026年4月28日（星期二）舉行之2025年年度股東會代表委任表格 本人╱吾等 （附註2） 地址為 ， （附註5） 附註： 股東應以每個議案組的選舉票數為限進行投票。股東根據自己的意願進行投票，既可以把選舉票數集中投予某一候選人，也可以按照任意組合 投予不同的候選人。第6項及第7項決議案的票數分開計算。 閣下所擁有選出執行及非執行董事的票數僅能用於執行及非執行董事候選人，而不 代表本人╱吾等出席本公司謹訂於2026年4月28日（星期二）下午二時正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2025年年度股東會（「2025年年度股東會」）（及其任何續會），並依照下列指示就2026年3月25 ...

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通告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並表明概不對因本通告全部或任何部分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） 2025年年度股東會通告 茲通告無錫藥明康德新藥開發股份有限公司（「本公司」）謹定於2026年4月28日（星 期二）下午二時正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 行年度股東會（「2025年年度股東會」），以考慮及酌情批准下列決議案。於本通告內，除 文義另有所指外，本通告所用詞彙與本公司日期為2026年3月25日之通函（「通函」）所界 定者具相同涵義。 普通決議案 – 1 – 1. 考慮及批准2025年度董事會工作報告。 2. 考慮及批准建議2025年利潤分配方案。 3. 考慮及批准建議授權制定中期股息分派方案。 4. 考慮及批准建議向本公司附屬公司提供對外擔保。 5. 考慮及批准建議分別續聘德勤華永會計師事務所（特殊普通合夥）及德勤‧ ...

此通函為重要文件請即處理 閣下對本通函任何方面或應採取的行動如有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券交易商、銀行經理、律 師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有無錫藥明康德新藥開發股份有限公司的股份，應立即將本通函連同隨附的代表委任表格 送交買主或承讓人，或經手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買主或承讓人。 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通函的內容概不負責，對其準確性或完整性亦不發表任何 聲明，並明確表示概不對因本通函全部或任何部分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） (1) 2025年度董事會工作報告； (2) 建議2025年利潤分配方案； (3) 建議授權制定中期股息分派方案； (4) 建議向本公司附屬公司提供對外擔保； (5) 建議續聘2026年度的核數師； (6) 建議重選執行及非執行董事； (7) 建議重選獨立非執行董事； (8) 建議董事薪酬； (9) 建議開展外 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) for both A-shares and H-shares [7]. Core Views - 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 its continuing operations in 2026, supported by a strong order backlog [2][3]. - The TIDES business segment is projected to maintain high growth, with a revenue increase of 96.0% year-over-year in 2025, contributing significantly to the overall revenue growth [3][4]. Summary by Sections Financial Performance - In Q4 2025, the company achieved a revenue of 12.599 billion RMB, a 9.19% increase year-over-year, and a net profit of 7.075 billion RMB, up 142.52% year-over-year [1]. - The gross margin for 2025 improved by 6.2 percentage points year-over-year, driven by a higher proportion of high-margin revenue [1]. Business Segments - WuXi Chemistry's revenue for 2025 was 36.47 billion RMB, with an adjusted non-IFRS gross margin of 52.3%, indicating a strong performance in the small molecule CDMO and TIDES segments [3]. - The WuXi Testing and WuXi Biology segments are expected to stabilize, with projected revenue growth rates of around 10% and high single-digit growth, respectively, in 2026 [4]. Profitability and Valuation - The company’s projected net profits for 2026-2028 are 16.887 billion RMB, 20.065 billion RMB, and 23.517 billion RMB, respectively, with corresponding EPS estimates of 5.66 RMB, 6.72 RMB, and 7.88 RMB [5][11]. - The company is valued at 334.81 billion RMB for A-shares and 381.70 billion HKD for H-shares, with target prices set at 112.21 RMB and 127.93 HKD, respectively [5][12].

Investment Rating - The report maintains a positive outlook on WuXi AppTec, indicating a strong growth trajectory and a valuation reset [4]. Core Insights - WuXi AppTec's Q4 2025 performance aligns with earnings forecasts, with total revenue growth projected at 13-17% and sustainable business revenue growth at 18-22% for 2026, despite geopolitical uncertainties [4]. - The company has shown robust order momentum, with new orders in Q4 2025 increasing by 29% year-over-year, and TIDES orders accelerating from 17% to 20% growth [4][5]. - The recent stock price pullback is viewed as an opportunity for investment, as the increasing share of CMO (Contract Manufacturing Organization) business reduces sensitivity to interest rate changes and biotech financing [5]. Summary by Sections Company Overview - WuXi AppTec operates globally across Asia, Europe, and North America, providing comprehensive R&D and manufacturing services to advance the pharmaceutical and healthcare industries [10]. - The company covers the entire R&D cycle through five core business segments: small molecule R&D and manufacturing, biologics R&D and manufacturing, cell and gene therapy R&D and manufacturing, medical device testing, and molecular diagnostics and genomics [10]. Revenue Breakdown - Revenue by product category: Chemical business (72.3%), Testing business (16.2%), Biological business (6.3%), High-end therapeutic CTDMO (3.2%) [11]. - Revenue by region: Middle East and Africa (8.7%), Asia (36.5%), Europe (27.3%), Americas (27.5%) [11]. Growth Drivers - The overall order growth rate of 29% in Q4 2025 surpasses the TIDES order growth rate of 20%, suggesting a more balanced growth driver for 2026-27 [7]. - The number of CMO projects is expected to increase from 72 in Q4 2024 to 83 in Q4 2025, maintaining global competitiveness despite local supply chain trends [6]. Catalysts - Recent stock price fluctuations have enhanced valuation attractiveness, creating favorable investment opportunities [8].

Market Overview - The A-share market showed an overall upward trend on March 24, with major indices mostly rising. The Shanghai Composite Index increased by 0.95%, while the Shenzhen Component Index rose by 0.26%. However, the ChiNext Index experienced a decline of 0.79% [4][3]. Sector Performance - The CXO concept sector was one of the main highlights, with a significant increase of over 3% during the morning session [8][2]. - The non-ferrous metals sector led the gains, with a rise exceeding 2.5%. Notable stocks included Rongjie Co., Haixing Co., and Guocheng Mining, which hit the daily limit [4]. - The construction materials sector also saw substantial growth, with gains over 2%. Key performers included Keshun Co., Jinjing Technology, and Dongfang Yuhong [5]. - Other sectors such as textiles and apparel, environmental protection, and public utilities also showed strong performance [6]. Notable Stocks - In the CXO sector, WuXi AppTec saw its stock price increase by over 6% in A-shares and more than 9% in Hong Kong shares [10]. - Other significant gainers included Fuxiang Pharmaceutical, which rose by 19.97%, and Meinuohua, which increased by 10.01% [9]. Company Insights - WuXi AppTec reported that as of the end of 2025, its ongoing business orders amounted to RMB 58.0 billion, reflecting a year-on-year growth of 28.8%. The company's revenue for the same period was RMB 43.42 billion, with revenue from U.S. clients reaching RMB 31.25 billion, up 34.3% year-on-year [11][12]. - The company anticipates overall revenue to reach between RMB 51.3 billion and RMB 53.0 billion in 2026, with a projected growth of 18% to 22% in ongoing business revenue [12].

Core Viewpoint - The article highlights a rebound in the pharmaceutical sector of A-shares and Hong Kong stocks following a significant drop, driven by strong earnings reports from key companies like WuXi AppTec and Yaoshibang, as well as positive developments in innovative drug companies [3][4][6]. Group 1: Company Performance - WuXi AppTec reported a revenue of 45.456 billion yuan for 2025, a year-on-year increase of 15.84%, with a net profit of 19.151 billion yuan, up 102.65% [4]. - The company expects its overall revenue for 2026 to reach between 51.3 billion and 53 billion yuan, representing a growth of 12.86% to 16.6% [5]. - Yaoshibang achieved a revenue of 20.9 billion yuan for 2025, a 17.1% increase, with a net profit of 150 million yuan, up 409% [6]. Group 2: Market Reaction - Following the earnings reports, WuXi AppTec's stock price surged by 6% in A-shares and over 9% in Hong Kong [6]. - Other pharmaceutical stocks in both markets also experienced significant gains, with several stocks rising over 4% [6]. Group 3: Innovative Drug Developments - Innovative drug company Kangnuo announced a collaboration with OuroMedicines, which is set to be acquired by Gilead Sciences for a total of up to 2.175 billion USD [8]. - Kangnuo stands to gain approximately 320 million USD from this acquisition, enhancing its financial position [9].

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Group 1 - The Hong Kong pharmaceutical market saw a significant rebound, with the Hong Kong Stock Connect Innovation Drug ETF (159570) rising nearly 3% and achieving a trading volume exceeding 900 million yuan, reflecting strong capital inflow [1] - The ETF's latest scale has surpassed 21.4 billion yuan, leading its peers in the same category [1] - The "20CM Innovation Drug New Species" ETF from Huatai-PineBridge (589120) surged by 4%, with strong capital inflow for two consecutive days [1] Group 2 - Rongchang Biopharmaceutical announced the approval of its antibody-drug conjugate (ADC) Vidi Xituzumab (brand name: Aidiqi®) for a new indication, making it the first domestic ADC therapy approved for treating adult breast cancer patients with low HER2 expression and liver metastasis [3] - Gilead Sciences agreed to acquire Ouro Medicines, which holds approximately 15% equity in Ouro, marking a strategic move in the biopharmaceutical sector [3] Group 3 - WuXi AppTec reported a record high in 2025, achieving revenue of 45.456 billion yuan, a year-on-year increase of 15.8%, and a net profit of 19.195 billion yuan, up 105.2% year-on-year [4] Group 4 - The Hong Kong Stock Connect Innovation Drug ETF (159570) saw most of its underlying index stocks perform positively, with notable gains from companies like Connaissance-B, which rose over 4%, and others like Innovent Biologics and Rongchang Biopharmaceutical, which increased by over 2% [5] Group 5 - The AACR 2026 conference will take place in San Diego, featuring numerous innovative pharmaceutical companies discussing breakthroughs from basic research to clinical translation [6] - Key presentations will include Merck's disclosure of clinical data for MK-2010 and updates from various companies on their clinical trials and research advancements [6][7][8][9] Group 6 - The innovation drug sector is experiencing a surge in funding, with approximately 700 billion yuan raised for research and development from January 1, 2024, to March 21, 2026, across Hong Kong and A-share markets [10] - The BD income and post-listing fundraising are providing substantial financial support for innovative drug companies [10][15] Group 7 - Despite short-term volatility in the innovation drug sector, the long-term growth potential remains intact, with a focus on overseas clinical deployment and product progress becoming critical for future success [16][17] - Leading innovative drug companies are entering a positive cycle of product commercialization, which is expected to exceed market expectations [18]