Summary of CRO Industry Conference Call Industry Overview - The CRO (Contract Research Organization) industry is experiencing significant growth, with a 7% increase in revenue and over 40% increase in net profit for 25 CRO companies in the first three quarters of 2025, indicating a recovery in demand and accelerated growth in the industry [1][2][3] - The global and domestic CRO markets saw a remarkable recovery in September, with domestic growth reaching 300%, close to historical highs, reflecting strong market demand [1][5] Key Financial Metrics - In the first three quarters of 2025, the overall revenue growth for the CRO industry was nearly 11%, while profit growth approached 53%, with a 34% increase in non-GAAP profit, driven primarily by order demand [2][8] - The total BD (Business Development) transaction amount globally reached approximately $100 billion, with domestic transactions matching international levels and growing rapidly, indicating increased R&D investment that will benefit CRO order conversion [1][6] Company Performances - WuXi AppTec reported an order backlog of nearly $60 billion, with growth rates accelerating from 37% in the first half to 41% in the third quarter, and raised its full-year revenue guidance to 17-18% [1][10] - Kanglong Chemical achieved a 14% revenue growth and nearly 11% non-GAAP profit growth in the first three quarters, with laboratory services and CMC (Chemistry, Manufacturing, and Controls) segments growing by 15% and 16% respectively [1][10] Investment and Capacity Expansion - The CRO industry is entering an accelerated phase of fixed asset investment, with companies like WuXi AppTec and Kelaiying increasing capital expenditures to enhance future order acquisition and conversion efficiency [1][7] - WuXi AppTec's capital expenditure is expected to increase to $5.5-6 billion for the year, a growth of 30%-50% compared to last year [7] Market Dynamics and Future Outlook - The CRO industry is expected to continue its recovery, with a positive outlook for the next 12-18 months, driven by increased order inquiries and a gradual recovery from previous price wars [9][11] - The overall performance of the CRO industry is anticipated to improve further in 2026, supported by the digestion of historical projects and an increase in demand [9][11] Additional Insights - The CRO industry is benefiting from structural changes in the market, including institutional support, clinical trial approvals, and the growing global influence of China's innovative drug industry [3][11] - Companies are also focusing on enhancing employee retention and productivity, with some firms announcing salary increases to attract talent [7] This summary encapsulates the key points from the CRO industry conference call, highlighting the robust growth, financial performance, and future prospects of the sector.

Core Viewpoint - The company, WuXi AppTec, is set to hold a performance briefing on November 12, 2025, to discuss its third-quarter results and address investor inquiries [2][3]. Group 1: Meeting Details - The performance briefing will take place on November 12, 2025, from 10:00 AM to 11:00 AM [4]. - The location for the meeting is the Shanghai Stock Exchange Roadshow Center, which will be accessible via video live stream and online interaction [4][5]. - Investors can submit questions from November 5 to November 11, 2025, before 4:00 PM, either through the Roadshow Center website or via email [2][5]. Group 2: Participants - Key participants in the briefing will include Dr. Minzhang Chen and Dr. Qing Yang, both Co-CEOs, along with independent director Ms. Lu Shaohua, CFO Ms. Ming Shi, and board secretary Ms. Han Min [4]. Group 3: Contact Information - For inquiries, investors can contact the company's board office at phone number 021-20663091 or via email at ir@wuxiapptec.com [6][7].

Core Viewpoint - WuXi AppTec's performance shows a significant rebound in 2025, with a 84.84% year-on-year increase in net profit attributable to shareholders in the first three quarters, following a "deep U" trend in growth rates over the past few years [1][2][5]. Financial Performance - In the first three quarters of 2025, WuXi AppTec achieved revenue of 32.857 billion yuan, a year-on-year increase of 18.61%, and net profit attributable to shareholders of 12.076 billion yuan, reflecting an 84.84% increase [5]. - The net profit growth rates for the years 2022 to 2025 (first three quarters) were 72.91%, 9%, -1.63%, and 84.84% respectively, indicating a volatile performance trend [2]. Non-Recurring Gains and Losses - The fluctuation in non-recurring gains and losses is a critical factor affecting WuXi AppTec's financial results, with non-recurring losses of 5.38 billion yuan in 2024 and gains of 2 billion yuan in the first three quarters of 2025 [3][7]. - In the first three quarters of 2025, non-recurring gains contributed 2.553 billion yuan to net profit, accounting for 21% of the total [6]. Asset Sale - WuXi AppTec announced plans to sell two wholly-owned subsidiaries for 2.8 billion yuan, with the buyer being Hillhouse Capital, indicating a strategic focus on its CRDMO business model [9]. - The estimated value of the sale is significantly higher than the book value of the subsidiaries, which had a combined net asset value of 969 million yuan [10]. Market Challenges - The company faces challenges due to a tightening financing environment in the global biopharmaceutical industry and potential impacts from the U.S. Biological Safety Act, which is currently stalled in Congress [12]. - Despite these challenges, WuXi AppTec's chemical business remains a strong revenue driver, with a 29% year-on-year revenue increase in the first three quarters of 2025 [12]. Stock Performance and Management Actions - As of November 3, 2025, WuXi AppTec's stock price was 96.41 yuan per share, with a market capitalization of 287.7 billion yuan, reflecting a 3.01% decline [4]. - The company's actual controller announced plans to reduce holdings by up to 2% of total shares, which led to an 8.47% drop in stock price following the announcement [13].

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。 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，2025年11月4日 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。 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。 重要内容提示： * 僅供識別 证券代码：603259 证券简称：药明康德 ...

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11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02359 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 492,412,308 | RMB | | 1 | RMB | | 492,412,308 | | 增加 / 減少 (-) | | | 18,064,601 | | | | RMB | | 18,064,601 | | 本月底結存 | | | 510,476,909 | RMB | | 1 | RMB | | 510,476,909 | | 2. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | ...

证券代码：603259 证券简称：药明康德 公告编号：临 2025-071 无锡药明康德新药开发股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： 无锡药明康德新药开发股份有限公司（以下简称"本公司"）已于 2025 年 10 月 27 日在上海证券交易所网站（www.sse.com.cn）及指定媒体披露《无锡药 明康德新药开发股份有限公司 2025 年第三季度报告》。为了便于广大投资者更全 面深入地了解本公司 2025 年第三季度业绩和经营情况，本公司拟于 2025 年 11 月 12 日（星期三）上午 10:00-11:00 召开业绩说明会，就投资者普遍关心的问题 进行交流。 一、 业绩说明会类型 本次业绩说明会以视频结合网络互动方式召开，本公司将针对 2025 年第三 季度业绩和经营情况与投资者进行交流，并在信息披露允许的范围内就投资者普 遍关注的问题进行回答。 二、 业绩说明会召开的时间、地点 会议召开时间：2025 年 11 月 12 日（星期 ...

Market Overview - The precision medicine sector experienced a decline of 1.77% on November 4, with TuoJing Life leading the drop [1][2] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Stock Performance - Notable stock performances in the precision medicine sector included: - RenDu Bio (688193) closed at 52.90, up 1.05% with a trading volume of 7076.23 hands and a transaction value exceeding 36.99 million yuan [1] - TuoJing Life (300642) closed at 22.73, down 2.86% with a trading volume of 78,200 hands and a transaction value of 178 million yuan [2] - Other companies like DaAn Gene (002030) and Anke Bio (300009) showed minimal changes, with DaAn Gene remaining flat at 6.57 and Anke Bio down 0.55% to 10.84 [1][2] Capital Flow - The precision medicine sector saw a net outflow of 979 million yuan from institutional investors, while retail investors contributed a net inflow of 642 million yuan [2][3] - Specific stock capital flows indicated: - GuoMai Technology (002093) had a net inflow of 8.61 million yuan from institutional investors, while retail investors saw a net outflow of 15.98 million yuan [3] - TuoJing Life experienced minimal net inflow from institutional investors at 25,000 yuan, with retail investors also showing a slight outflow [3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 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11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02359 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 492,412,308 | RMB | | 1 | RMB | | 492,412,308 | | 增加 / 減少 (-) | | | 18,064,601 | | | | RMB | | 18,064,601 | | 本月底結存 | | | 510,476,909 | RMB | | 1 | RMB | | 510, ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][4]. Core Views - The pharmaceutical sector has shown stronger performance compared to the overall market, with a 1.31% increase in the biotechnology sector, while the overall A-share market rose by 0.27% [27]. - The TTM price-to-earnings ratio for the pharmaceutical and biotechnology sector is 38.80x, which is at the 81.52 percentile of the historical valuation over the past five years [27][32]. Summary by Sections Market Performance - In the past week, the chemical pharmaceutical sector led the gains with a 3.07% increase, while the medical device sector saw a decline of 1.15% [27]. - The report highlights that the largest sub-sectors by holding proportion are chemical preparations and other biological products, with significant increases in holdings for other biological products and CXO [17][11]. Fund Holdings Analysis - The total scale of pharmaceutical funds reached 311.8 billion, a slight decrease of 0.2% from the previous quarter [11]. - The proportion of pharmaceutical holdings in all funds is 9.68%, with a decrease of 0.09 percentage points [14]. - The top three pharmaceutical stocks by the number of funds holding them are 恒瑞医药 (734 funds), 药明康德 (564 funds), and 信达生物 (297 funds) [22]. Valuation and Recommendations - The report recommends several companies, including: - 迈瑞医疗, noted for its strong R&D and sales capabilities, benefiting from domestic medical infrastructure and product upgrades [36]. - 药明康德, recognized for its comprehensive new drug development service platform [36]. - 爱尔眼科, the largest eye care institution in China, focusing on high-quality medical services [36]. - 新产业, a leader in the field of chemiluminescence immunoassay [36]. - The report also provides earnings forecasts for key companies, indicating a positive outlook for their profitability in the coming years [4].

Core Viewpoint - The healthcare stocks in mainland China have experienced a significant pullback since early last month, with the Hang Seng Healthcare Index and the CSI 300 Healthcare Index declining by 12% and 9% respectively, compared to a 2% drop in the Hang Seng Index and a 1% increase in the CSI 300 Index [1] Group 1: Market Influences - The decline in healthcare stocks is attributed to multiple factors, including heightened US-China tensions and increased geopolitical risk premiums prompting profit-taking by investors [1] - The introduction of a milder version of the US "Biosecurity Act" attached to next year's National Defense Authorization Act has raised uncertainties regarding pharmaceutical outsourcing services [1] - Concerns persist regarding potential increased regulation from the US, such as restrictions on authorized transactions with China or limitations on clinical data from China, which could impact the biotech and pharmaceutical sectors [1] Group 2: Market Sentiment and Valuation - The anticipated outcomes of the national medical insurance drug list price negotiations and the legislative progress of the "Biosecurity Act" are expected to influence market sentiment [1] - Despite the recent stock price declines, industry valuations and market expectations for business development transactions are returning to more reasonable levels, with no substantial deterioration in the industry's fundamental performance observed [1] - The recent pullback in stock prices may provide favorable conditions for performance in the upcoming year [1] Group 3: Preferred Stocks - The company identifies preferred stocks including CanSino Biologics (09926), Hansoh Pharmaceutical (03692), and WuXi AppTec (603259) (02359) [1] - The company also expresses optimism for Innovent Biologics (01801) and Heng Rui Medicine (600276) (01276) [1]