WUXI APPTEC CO., LTD. * 無錫藥明康德新藥開發股份有限公司 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 倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2359） 正面盈利預告 本公告乃由本公司根據上海證券交易所股票上市規則的規定及香港聯合交易 所有限公司證券上市規則第13.09(2)(a)條及香港法例第571章《證券及期貨條例》 第XIVA部有關披露義務的規定，在上海證券交易所及香港聯合交易所有限 公司同步刊登。董事會謹此公告，預期本公司於截至2025年12月31日止年度 營業收入及歸屬於本公司股東的淨利潤相比2024年年度同期將錄得上升。 股東及有意投資者在買賣本公司證券時務須謹慎行事。 本公告乃由無錫藥明康德新藥開發股份有限公司（「本公司」或「公司」）根據上 海證券交易所股票上市規則的規定及香港聯合交易所有限公司證券上市規則 第13.09(2)(a)條及香港法例第571章《證券及期貨條例》第XIVA部有關披露義務 ...

【药明康德：2025年净利同比预增103%】智通财经1月12日电，药明康德(603259.SH)发布2025年度业 绩预告，预计归属于上市公司股东的净利润为191.51亿元，同比增长约103%，其中包含了出售联营公 司部分股权以及剥离部分业务所获得的投资收益；本期基本每股收益预计约人民币6.70元/股，同比增 长约104.27%。公司持续聚焦独特的"一体化、端到端"CRDMO（合同研究、开发与生产）业务模式， 紧抓客户对赋能需求的确定性，不断拓展新能力、建设新产能，持续优化生产工艺和提高经营效率，推 动业务持续稳健增长。本期非经常性损益项目对归属于本公司股东净利润的影响主要来自于：出售持有 的WuXiXDCCaymanInc.部分股权的净收益，预计约41.61亿元；以及出售所持有的上海康德弘翼医学临 床研究有限公司和上海药明津石医药科技有限公司100%股权的净收益，预计约14.34亿元。 转自：智通财经 ...

格隆汇1月12日｜药明康德公告，预计2025年度实现营业收入约人民币454.56亿元，同比增长约 15.84%；经调整归母净利润约人民币149.57亿元，同比增长约41.33%；归属于股东的净利润约人民币 191.51亿元，同比增长约102.65%。本期业绩预增主要由于公司持续聚焦独特的"一体化、端到 端"CRDMO业务模式，以及出售联营公司部分股权和剥离部分业务所获得的投资收益。 ...

药明康德1月12日公告， 预计2025年度实现营业收入约人民币454.56亿元，同比增长约15.84%；经调整 归母净利润约人民币149.57亿元，同比增长约41.33%；归属于股东的净利润约人民币191.51亿元，同比 增长约102.65%。本期业绩预增主要由于公司持续聚焦独特的"一体化、端到端"CRDMO业务模式，以 及出售联营公司部分股权和剥离部分业务所获得的投资收益。 ...

公司预计本期实现归属于本公司股东的净利润约人民币191.51亿元，同比增长约102.65%；本期利润总 额预计约人民币239.06亿元，同比增长约107.16%；本期基本每股收益预计约人民币6.70元/股，同比增 长约104.27%。 公司持续聚焦独特的"一体化、端到端"CRDMO（合同研究、开发与生产）业务模式，紧抓客户对赋能 需求的确定性，不断拓展新能力、建设新产能，持续优化生产工艺和提高经营效率，推动业务持续稳健 增长，高效极致赋能客户并致力于将更多新药、好药带给全球病患。 格隆汇1月12日丨药明康德(603259.SH)公布2025年度业绩预增公告，公司预计本期实现营业收入约人民 币454.56亿元，同比增长约15.84%，其中持续经营业务收入同比增长约21.40%。 公司预计本期实现经调整归母净利润约人民币149.57亿元，同比增长约41.33%。 公司预计本期实现归属于本公司股东的扣除非经常性损益的净利润约人民币132.41亿元，同比增长约 32.56%，与经调整归母净利润增速相比主要受到汇率波动的影响。 ...

药明康德公告称，预计2025年实现营业收入约454.56亿元，同比增长15.84%，其中持续经营业务收入同 比增21.40%；经调整归母净利润约149.57亿元，同比增长41.33%；扣非净利润约132.41亿元，同比增长 32.56%；归母净利润约191.51亿元，同比增长102.65%；基本每股收益约6.70元/股，同比增长 104.27%。业绩增长因公司聚焦CRDMO业务模式，且非经常性损益包括出售股权等净收益约55.95亿 元。 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5]. Core Insights - The pharmaceutical sector has shown weaker performance compared to the overall market, with the biopharmaceutical sector outperforming with a 7.81% increase [1]. - The brain-computer interface (BCI) industry is experiencing significant breakthroughs and commercialization opportunities, driven by favorable policies and technological advancements [2][18]. - The AI healthcare market is projected to grow substantially, with the global market size expected to increase from USD 13.7 billion in 2022 to USD 155.3 billion by 2030, reflecting a CAGR of 35.5% [23][28]. Summary by Sections Market Performance - The overall A-share market increased by 4.09%, while the biopharmaceutical sector rose by 7.81%, indicating strong sector performance [1]. - The TTM price-to-earnings ratio for the biopharmaceutical sector is at 38.96x, which is at the 85.59th percentile of the past five years [1]. Brain-Computer Interface (BCI) - The BCI market is expected to see explosive growth due to policy support, including the "14th Five-Year Plan" and the establishment of independent billing codes for BCI devices [2][18]. - Key investment opportunities include upstream hardware suppliers, midstream companies with core patents, and downstream firms that create commercial applications in rehabilitation and industrial control [2][18]. AI in Healthcare - AI is identified as a critical application area in healthcare, with various themes such as AI in drug development, multi-omics, precision diagnostics, imaging devices, and smart healthcare being highlighted for investment [3][22]. - The launch of ChatGPTHealth by OpenAI signifies a growing trend in integrating AI with healthcare applications, enhancing patient interaction with health data [29]. Company Earnings Forecasts - Several companies in the sector have been rated as "Outperform," with projected net profits for 2024 ranging from CNY 1.4 billion to CNY 116.7 billion [4]. - Notable companies include Mindray Medical (CNY 116.7 billion), WuXi AppTec (CNY 93.5 billion), and Aier Eye Hospital (CNY 35.6 billion), all showing strong growth potential [4].

Investment Rating - The report maintains a positive outlook on innovative drugs and the related industry chain, indicating potential value revaluation for specific pharmaceutical companies [6][28]. Core Insights - The pharmaceutical sector in A-shares showed strong performance in the second week of January 2026, with the SW Pharma Bio index rising by 7.8%, outperforming the overall market [8][29]. - Key sub-sectors such as medical services (+12.3%), medical equipment (+9.4%), and chemical preparations (+7.3%) demonstrated significant growth during this period [13][29]. - Notable individual stock performances included Innovative Medical Management (+61.0%), Sanbo Hospital Management Group (+56.2%), and MeHow Medical (+56.1%) [15][29]. - The report highlights a normal premium level of 68.3% for the pharmaceutical sector relative to all A-shares as of January 9, 2026 [15][23]. Summary by Sections 1. Continued Focus on Innovative Drugs and Industry Chain - The report emphasizes the high prosperity in innovative drugs and suggests monitoring companies like Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical for potential value revaluation [6][28]. 2. Performance of A-Shares Pharmaceutical Sector - In the second week of January 2026, the A-share pharmaceutical sector outperformed the market, with the SW Pharma Bio index increasing by 7.8% [8][29]. - The report ranks the pharmaceutical sector as the 5th best-performing industry among Shenwan's primary industries during this period [11][29]. 3. Performance of Hong Kong and U.S. Pharmaceutical Sectors - The Hong Kong pharmaceutical sector outperformed the market, with the Hang Seng Healthcare index rising by 10.3% and the biotechnology sector increasing by 11.1% [20][29]. - Conversely, the U.S. pharmaceutical sector underperformed, with the S&P Healthcare Select Sector rising by only 1.1% compared to the S&P 500's 1.6% increase [20][29].

Core Insights - The report continues to recommend innovative drugs and the related industry chain, highlighting the strong growth potential in the pharmaceutical sector through 2026 [1][4]. Investment Strategy - The investment strategy emphasizes the focus on the CXO sector, particularly in chemical CDMO, where Chinese companies hold significant advantages in talent, chemical capabilities, compliance production, and intellectual property protection [4]. - The report suggests that the upcoming JPM conference will provide updates on the operational progress of Chinese innovative drug companies, which have shown a long-term positive development trend [4]. - The recommended investment portfolio includes A-shares such as Mindray Medical, WuXi AppTec, and Aier Eye Hospital, as well as H-shares like Kangfang Biologics and WuXi Biologics [4][5]. Industry Performance - The pharmaceutical industry experienced a decline of 4.10% in December, underperforming the CSI 300 index by 6.38% [8]. - The report notes that the chemical pharmaceutical sector saw the largest declines among sub-sectors, with a drop of 5.80% [12]. Market Data - For the period from January to November 2025, the pharmaceutical manufacturing industry's total revenue was 220.65 billion yuan, reflecting a year-on-year decrease of 2.0% [7]. - The total retail sales of consumer goods reached 45.61 trillion yuan, with retail sales of Western and Chinese medicines amounting to 660.4 billion yuan, a year-on-year increase of 1.8% [7]. Regulatory Environment - The report discusses the impact of the U.S. "Biological Safety Act," which is expected to have a limited short-term effect on Chinese CXO companies, while emphasizing the need to monitor the long-term implications of international competition and regulatory changes [22]. Recent Drug Approvals - In December 2025, a total of 16 innovative drugs or biosimilars were approved for market entry, including six domestic and ten imported products [24][25].

近期"实验猴涨价"成了医药圈和资本市场的热门话题，单只食蟹猴价格突破12万元，甚至逼近15万 元，"一猴难求"的现象背后，藏着创新药产业怎样的变化？ 主持人：南方财经股市广播 黎晓婷 本期嘉宾：粤开证券资深投资顾问尹红飞 精彩观点内容对话，请点击音频收听！ 主持人：首先想请您给大家直观解读下，现在实验猴市场的"价格狂飙"到底有多夸张？为什么一只猴子 能卖到十几万元？ 尹红飞：这个价格确实可以用"狂飙"来形容。根据近期市场报道和方正证券的测算，核心品种食蟹猴单 只价格一个月内就飙升到12-13万元，部分紧俏货源已经报至15万元，比两个月前涨了30%以上。要知 道几年前，实验猴单价还不到7000元，即便在2022年的高点也才16万元左右，现在已经逼近历史峰值 了。之所以这么贵，核心原因是它不可替代。实验猴是创新药临床前研究的"活体试剂"，生理结构和人 类高度相似，一款新药从实验室到临床，平均要消耗60只，大分子药物用量还要翻倍。广东从化作为全 国最大的实验猴养殖区，存栏量占全国28.4%，但即便这样，很多养殖场明年下半年的货都订完了，甚 至不接新客户，供需紧张程度可见一斑。 主持人：那这种供需失衡是短期现象吗？供 ...