Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - ETFs are becoming a "super hub" connecting the market and investors, and their development is a major trend. Analyzing the penetration of ETF holdings and trading helps understand the interaction between ETFs and corresponding stocks [1]. - The impact of ETFs on the equity market can be divided into four quadrants based on ETF持仓占比 and ETF成交占比, which reflect the holding and trading influence of ETFs on stocks respectively [2][10]. - ETFs show strong configuration and trading willingness in traditional industries such as banking, coal, and non - bank finance. Market preference may be shifting towards low - valuation, high - dividend sectors [2][3]. Summary by Relevant Catalogs I. ETF's Influence Mechanism on the Equity Market - The influence of ETFs on the equity market is divided into four scenarios according to the low/high of ETF持仓占比 and ETF成交占比: weak influence, stable ballast, high - active trader, and strong influence [2]. II. Industry Perspective - ETFs are actively traded and have a high持仓占比 in traditional industries like banking, coal, and non - bank finance. In August, the banking sector had a 20.55%成交占比 and 10.48%持仓占比; the coal sector had a 16.81%成交占比 and 11.11%持仓占比; the non - bank finance sector had an 11.60%成交占比 and 11.76%持仓占比 [2]. - From July to August, the trading activity and持仓占比 of ETFs in cyclical industries such as coal, banking, and petroleum and petrochemicals increased significantly, while those in technology - growth sectors like electronics and computers decreased, possibly due to market style switching [3]. III. Individual Stock Perspective - Among the top 30 stocks in terms of ETF持仓, ETFs have a high degree of pricing power as the ETF持仓占 their free - float market value exceeds 10%, and stock price fluctuations are highly correlated with ETF redemptions and position adjustments [11]. - The stocks with high ETF持仓 are concentrated in industries, mainly in the semiconductor industry chain, followed by the pharmaceutical and biological industry, and also include some new energy, artificial intelligence, and software stocks [12]. - The market capitalization of stocks heavily held by ETFs varies widely, covering large - cap giants and medium - sized growth companies. These stocks are mostly leading companies in niche industries and are favored by ETFs, especially those from the Science and Technology Innovation Board [13].

Group 1 - The company held its 25th meeting of the 3rd Board of Directors on September 2, 2025, with all 11 directors present, chaired by Ge Li [1] - The Board approved the proposal to cancel the Supervisory Board, change the registered capital, and amend the Articles of Association, which will take effect upon the approval of the shareholders' meeting [1][2] - The Board also approved the revision of several corporate governance systems, with unanimous support from all directors [2][3] Group 2 - The Board authorized the investment department to dispose of listed shares, with a total transaction amount not exceeding 15% of the latest audited net assets attributable to the parent company's shareholders, valid for 12 months [4][5] - The Board approved a framework agreement for daily related party transactions, with specific voting results showing 8 votes in favor and 3 abstentions from related directors [6] - The Board agreed to the equity transfer between wholly-owned subsidiaries and authorized management to handle all related matters [6][7] Group 3 - The Board proposed to hold the second extraordinary general meeting of shareholders in 2025, with the chairman or authorized personnel responsible for the announcement and related arrangements [7]

Core Viewpoint - WuXi AppTec (603259.SH) has signed a framework agreement with WuXi XDC Cayman Inc. to increase the transaction amount for the year 2025 and establish a new three-year service agreement [1] Group 1: Transaction Details - The expected transaction amount for 2025 has been raised from 168 million yuan to 200 million yuan [1] - Projected transaction amounts for the years 2026, 2027, and 2028 are set at 300 million yuan, 400 million yuan, and 400 million yuan respectively [1] Group 2: Related Party Transactions - The CFO of the company, Shi Ming, serves as a director of XDC Cayman, making this transaction a related party transaction [1] - The company asserts that the transaction is in line with normal business operations and is established under general business terms, adhering to market pricing principles [1]

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 20,799.3 million, representing a 20.6% increase from RMB 17,240.9 million in 2024[8] - Gross profit increased to RMB 9,112.2 million, a 36.0% rise compared to RMB 6,700.9 million in the previous year, with a gross margin of 43.8%[8] - Net profit attributable to equity holders of the parent reached RMB 8,287.3 million, up 95.5% from RMB 4,239.8 million in 2024, with a net profit margin of 39.8%[8] - Adjusted net profit attributable to equity holders was RMB 6,314.8 million, a 44.4% increase from RMB 4,372.2 million in 2024, with an adjusted net profit margin of 30.4%[8] - The company achieved a revenue of RMB 20,799.3 million, representing a year-on-year increase of 20.6%, and a net profit attributable to shareholders of RMB 8,287.3 million, up 95.5% year-on-year[11] - The company reported a net profit of RMB 8,383.8 million for the six months ending June 30, 2025, up from RMB 4,280.8 million for the same period in 2024, driven by a focus on CRDMO business model and increased operational efficiency[27] - Total comprehensive income for the period amounted to RMB 8,345,864 thousand, compared to RMB 4,295,580 thousand in 2024, reflecting a 94.8% growth[181] Assets and Liabilities - Total assets as of June 30, 2025, amounted to RMB 83,823.8 million, a 4.4% increase from RMB 80,325.8 million at the end of 2024[8] - Total liabilities increased by 10.2% to RMB 23,414.7 million from RMB 21,240.2 million in 2024[8] - Cash and cash equivalents rose by 30.5% to RMB 17,535.5 million compared to RMB 13,434.3 million at the end of 2024[8] - Total liabilities as of June 30, 2025, were RMB 23,414.7 million, up from RMB 21,240.2 million at the end of 2024, with a debt-to-asset ratio of 27.9%[30] - The company’s total liabilities decreased significantly, indicating improved financial health and reduced leverage[187] Business Model and Strategy - The company operates a unique CRDMO business model, enhancing R&D efficiency and providing integrated drug development and manufacturing services globally[10] - The company aims to strengthen its integrated CRDMO model to better serve global clients, focusing on drug discovery, development, and production[10] - The company plans to focus on its core CRDMO business and improve operational efficiency, with an overall revenue forecast for 2025 adjusted to RMB 425-435 billion[17] - The company is committed to improving customer satisfaction through high-quality services and strict intellectual property protection, while expanding its global customer base, particularly targeting long-tail clients[68] - The company will continue to focus on its unique integrated CRDMO business model, enhancing production efficiency and expanding new capabilities to drive steady business growth[66] Market and Clientele - As of June 30, 2025, the company had a backlog of orders amounting to RMB 56.69 billion, a year-on-year growth of 37.2%[12] - Revenue from U.S. clients reached RMB 14,030 million, up 38.4% year-on-year, while revenue from European clients was RMB 2,330 million, increasing by 9.2% year-on-year[12] - The company has established a large, diverse, and sticky customer base, driving innovation and efficiency in drug development[49] Operational Efficiency - The overall gross profit for the company was RMB 9,112.2 million, with a gross margin of 43.8%, up from 38.9% in the previous year[19] - The company continues to enhance its drug discovery capabilities, contributing to over 20% of new customer acquisition in the biology segment[18] - The company achieved a gross profit of RMB 9,112.2 million, a 36.0% increase compared to the same period in 2024, with a gross margin of 43.8%, up 4.9 percentage points year-on-year, driven by continuous optimization of production processes and increased capacity efficiency from late-stage clinical and commercialization projects[20] Cash Flow and Financial Management - Operating cash flow for the six months ending June 30, 2025, was RMB 7,066.5 million, a 49.1% increase from RMB 4,738.8 million in the previous year, reflecting improved operational profit and financial management[28] - The company reported a free cash flow of RMB 4,964.7 million for the six months ending June 30, 2025, compared to RMB 3,228.3 million in the previous year, indicating effective capital recovery from the sale of shares[29] - The company’s cash flow from operating activities for the six months ended June 30, 2025, is detailed in the cash flow statement, indicating the liquidity position[191] Investments and Capital Expenditure - The company invested RMB 5.6 million in joint ventures and associates during the reporting period to enhance synergies and expand its customer base[40] - A total of RMB 312.9 million was invested in other equity investments outside of joint ventures and associates, with significant changes in fair value reported[41] - The company has no significant investments or plans for capital asset purchases as of the mid-report date[43] Shareholder Returns and Dividends - The company plans to distribute a cash dividend of RMB 9.8169 per 10 shares for the 2024 fiscal year, totaling RMB 2,832,309,813.65[51] - A special dividend of RMB 3.5000 per 10 shares is set for 2025, amounting to RMB 1,009,797,833.10[51] - The company paid dividends totaling RMB 3,864,088, an increase of 53.1% from RMB 2,526,288 in the previous year[193] Risks and Challenges - The company faces risks from potential declines in demand for pharmaceutical R&D services, which could negatively impact its business if industry trends slow down[74] - The company is exposed to intensified competition in the global pharmaceutical R&D services market, necessitating continuous enhancement of its comprehensive R&D technology advantages[76] - The company acknowledges the risk of core technical personnel turnover, which could impact its competitive advantage and profitability if not managed effectively[79] Corporate Governance - The board of directors consists of four executive directors, two non-executive directors, and five independent non-executive directors, ensuring strong independence[170] - The company emphasizes high standards of corporate governance and will continuously review and monitor its corporate governance practices[166] - The company has established a code of conduct for directors regarding the trading of the company's securities, which meets or exceeds the standards set out in the listing rules[167][168]

无锡药明康德新药开发股份有限公司 董事会提名委员会议事规则 （2025 年修订） 无锡药明康德新药开发股份有限公司 董事会提名委员会议事规则 第一章 总 则 第一条 为规范无锡药明康德新药开发股份有限公司(以下简称"公司")董事、 高级管理人员的选聘工作，优化董事会组成，完善公司治理结构，根据《中华人民 共和国公司法》、《上市公司治理准则》、《上市公司独立董事管理办法》、《董 事会专门委员会实施细则（2）—董事会提名委员会实施细则指引》、《香港联合 交易所有限公司证券上市规则》以及《无锡药明康德新药开发股份有限公司章程》 （以下简称"《公司章程》"）、《无锡药明康德新药开发股份有限公司董事会议事 规则》的相关规定，公司董事会特设立提名委员会，并制定本规则。 第二条 提名委员会是董事会下设的专门工作机构，主要负责对公司董事和高 级管理人员的人选、条件、标准和程序提出建议以及《公司章程》和本规则规定的 其他事项。 第三条 本规则所称高级管理人员同《公司章程》中的定义范围。 第二章 人员组成 第四条 提名委员会成员由3名董事组成，其中独立董事应当过半数，且至少有 一名不同性别的董事。 第五条 提名委员会委员由董事长 ...

无锡药明康德新药开发股份有限公司 内部审计制度 （2025 年修订） 无锡药明康德新药开发股份有限公司 内部审计制度 第一章 总则 第一条 为加强和规范无锡药明康德新药开发股份有限公司(以下简称"公 司")内部审计工作，保护投资者的合法权益，提高审计工作质量，实现公司内部 审计工作规范化、标准化，依据《中华人民共和国审计法》、《审计署关于内部审 计工作的规定》、《企业内部控制基本规范》、《上海证券交易所上市公司自律监管 指引第 1 号——规范运作》等法律、法规、规范性文件以及《无锡药明康德新药 开发股份有限公司章程》(以下简称"《公司章程》")的有关规定，结合公司的实 际情况，制定本制度。 第七条 公司应当建立内部审计制度，并设立内部审计机构，对公司业务活 动、风险管理、内部控制、财务信息等事项进行检查监督。 第二条 内部审计是指公司内部审计机构对公司、控股子公司以及具有重大 影响的参股公司（以下统称"子公司"）的内部控制和风险管理的有效性，财务信 息及经营活动的合法性、合规性、真实性和完整性等进行的独立、客观的监督和 评价活动。 第三条 本制度所称内部控制，是指公司董事会、审计委员会、高级管理人员 及其他有 ...

无锡药明康德新药开发股份有限公司 投资者关系管理办法 （2025 年修订） 无锡药明康德新药开发股份有限公司 投资者关系管理办法 第一章 总则 第一条 为加强对无锡药明康德新药开发股份有限公司（以下简称"公司"）与 投资者和潜在投资者（以下统称"投资者"）之间的沟通，促进公司和投资者之 间建立长期、稳定的良性关系，促进公司诚实信用、规范运作，加强投资者对公 司的了解，提升公司的投资价值，实现股东利益最大化和公司价值最大化，依据 《中华人民共和国公司法》、《中华人民共和国证券法》、中国证券监督管理委 员会颁布的《上市公司投资者关系管理工作指引》、上海证券交易所颁布的《上 海证券交易所股票上市规则》、《上海证券交易所上市公司自律监管指引第 1 号 ——规范运作》（以下简称"《自律指引 1 号》"）、《香港联合交易所有限公司证 券上市规则》以及《无锡药明康德新药开发股份有限公司章程》（以下简称"《公 司章程》"）的相关规定，特制定本办法。 第二条 投资者关系管理是指公司通过便利股东权利行使、信息披露、互动交 流和诉求处理等工作，加强与投资者及潜在投资者之间的沟通，增进投资者对 公司的了解和认同，以提升上市公司治理水 ...

无锡药明康德新药开发股份有限公司 董事和高级管理人员所持公司股份及其 变动管理办法 （2025年修订） 董事和高级管理人员所持公司股份及其变动管理办法 第一章 总则 无锡药明康德新药开发股份有限公司 第四条 公司董事和高级管理人员在买卖公司股票及其衍生品种前，应知悉 1 《公司法》、《证券法》、公司股票上市地证券监管机构和证券交易所的相关监 管规则等法律、法规关于内幕交易、操纵市场等禁止行为的规定，不得进行违法 违规的交易。 第二章 交易的禁止和限制 第一条 为加强无锡药明康德新药开发股份有限公司（以下简称"公司"或"本公 司"）董事和高级管理人员所持公司股份及其变动的管理，维护证券市场秩序，根 据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》（以下简称"《证券法》"）、中国证券监督管理委员会（以下简称"中国证 监会"）颁布的《上市公司董事和高级管理人员所持本公司股份及其变动管理规 则》、《上市公司股东减持股份管理暂行办法》、上海证券交易所（以下简称"上 交所"）颁布的《上海证券交易所上市公司自律监管指引第15号——股东及董事、 高级管理人员减持股份》、《上海证券交易所上市公司 ...

无锡药明康德新药开发股份有限公司 董事会薪酬与考核委员会议事规则 （2025 年修订） 无锡药明康德新药开发股份有限公司 董事会薪酬与考核委员会议事规则 第一章 总则 第一条 为进一步建立健全无锡药明康德新药开发股份有限公司(以下简称 "公司")董事和高级管理人员的薪酬和考核管理制度，完善公司治理结构，根据 《中华人民共和国公司法》、《上市公司治理准则》、《上市公司独立董事管理 办法》、《董事会专门委员会实施细则（4）—董事会薪酬与考核委员会实施细则 指引》、《香港联合交易所有限公司证券上市规则》以及《无锡药明康德新药开 发股份有限公司章程》（以下简称"《公司章程》"）、《无锡药明康德新药开发 股份有限公司董事会议事规则》等相关规定，公司特设董事会薪酬与考核委员会， 并制定本规则。 第二条 薪酬与考核委员会是董事会下设的专门工作机构，主要工作是拟定 公司董事及高级管理人员的考核标准并进行考核；负责制定、审查公司董事及高 级管理人员薪酬政策与方案，对制定股权激励方案进行研究和建议，以及《公司 章程》和本规则规定的其他事项。 第二章 人员组成 第三条 薪酬与考核委员会成员由3名董事组成，其中独立董事应当过半数。 ...

无锡药明康德新药开发股份有限公司 内幕信息知情人登记管理制度 （2025 年修订） 无锡药明康德新药开发股份有限公司 第二条 内幕信息知情人在内幕信息公开前负有保密义务。 第二章 内幕信息及内幕信息知情人员的范围 第三条 本规定所称内幕信息知情人包括： （一） 公司及其董事、高级管理人员； （二） 持有公司百分之五以上股份的股东及其董事、监事、高级管理人员， 公司的实际控制人及其董事、监事、高级管理人员； 内幕信息知情人登记管理制度 第一章 总则 第一条 为进一步规范无锡药明康德新药开发股份有限公司（以下简称"公 司"）内幕信息管理，做好内幕信息保密工作，有效防范和打击内幕交易等证券 违法违规行为，维护公司信息披露的公开、公平、公正原则，保护广大投资者的 合法权益，根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上 海证券交易所股票上市规则》、《上市公司信息披露管理办法》、《上市公司监 管指引第 5 号——上市公司内幕信息知情人登记管理制度》、《上海证券交易所 上市公司自律监管指引第 2 号——信息披露事务管理》、香港证券及期货监察事 务委员会（以下简称"香港证监会"）发布的《证券及期货条例》和《内 ...