Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [1] Core Insights - The report highlights significant advancements in innovative drugs, particularly in the context of recent clinical trial results presented at the 2025 ESMO conference, showcasing the potential for new treatment options in various cancer types [12][19] - The report emphasizes the emergence of domestic drugs that have achieved notable efficacy in treating conditions such as NSCLC and HER2-positive breast cancer, indicating a shift in the competitive landscape [13][17] Summary by Sections 1. New Drug Developments - **2L EGFR Mutant NSCLC**: The drug Lukanosumab (sac-TMT) is the first to demonstrate both overall survival (OS) and progression-free survival (PFS) benefits in patients with TKI-resistant NSCLC, with mPFS of 8.3 months compared to 4.3 months for chemotherapy [13][14] - **HER2 Positive Breast Cancer**: The drug Ruikang Trastuzumab shows longer mPFS of 30.6 months compared to 8.3 months for the chemotherapy combination, indicating a promising new option for patients [17][18] - **T-Bren for Breast Cancer**: Early data from the T-Bren trial shows a clinical overall response rate (cORR) of 82.2% in HER2-positive patients, with mPFS of 18.0 months [19][20] - **2L HER2 Positive Gastric Cancer**: Anniotuzumab combined with chemotherapy shows significant improvements in mPFS (7.1 months vs 2.7 months) and mOS (19.6 months vs 11.5 months), suggesting a potential shift in treatment paradigms [21][24] 2. Market Performance - The pharmaceutical and biotechnology sector saw a 0.58% increase in October, underperforming the CSI 300 index by 2.67 percentage points, ranking 25th among 31 sub-industries [25][30] - The medical research outsourcing sector experienced the highest growth, up 5.47%, while other bioproduct sectors faced declines [30][34]

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。 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。 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10月26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 2025-069 无锡药明康德新药开发股份有限公司 2、上述交易简要内容所述的交易对价作为基准股权转让价款，尚需根据目 标公司于放 ...

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。 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 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） 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。 一、董事会会议召开情况 无锡药明康德新药开发股份有限公司（以下简称"本公司"或"公司"）于 2025 年 10 月 10 日及 2025 年 10 月 23 日向本公司全体董事发出会议通知及会议 材料，全体董事一致同意豁免本次会议的通知期限要求，并以现场结合通讯表决 方式于 2025 年 10 月 24 日 ...

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，並表明概不就因本公告全部或任何部份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 有關出售附屬公司的 業務發展最新情況 於2025年10月24日，本公司全資子公司上海藥明康德新藥開發有限公司（「上海 藥明」）與高瓴投資（「高瓴」）訂立買賣協議（「買賣協議」），據此，上海藥明同意 按現金對價出售，而高瓴同意購買其所持有的上海康德弘翼醫學臨床研究有 限公司（「康德弘翼」）及上海藥明津石醫藥科技有限公司（「津石醫藥」）所有股 份（「本次交易」）。高瓴為全球領先的私人資產管理公司之一，著重於醫療健康、 製造業、綠色能源、硬科技、消費科技等領域。 本公司管理層認為本次交易反映了本公司的長期戰略為持續聚焦核心CRDMO 業務模式，專注藥物發現、實驗室測試、工藝開發及生產服務。該舉措預期能 提供財務支持助力加速全球化能力及產能發展，更好地服務客戶，為全球病患 帶來福祉。 康德弘翼及津石醫藥均為本公司的營運實體，從事於中國臨 ...

Financial Performance - Total revenue for the third quarter of 2025 reached RMB 12,057,434,626.40, representing a year-on-year increase of 15.26%[12] - The total profit for the period was RMB 5,129,651,792.47, showing a significant increase of 82.89% compared to the same quarter last year[12] - Net profit attributable to shareholders was RMB 3,514,630,329.36, reflecting a growth of 53.27% year-on-year[12] - The basic earnings per share for the quarter was RMB 1.24, an increase of 55.00% compared to the same period last year[12] - The company reported a net profit attributable to shareholders of RMB 3.25 billion, a 53.27% increase compared to the previous period[17] - The total profit increased by 82.89% year-on-year, driven by a focus on enhancing CRDMO business operations[17] - Net profit for Q3 2025 was RMB 3,547,837 thousand, a 39.2% increase from RMB 2,549,030 thousand in Q3 2024[52] - The net profit attributable to the parent company for the first three quarters of 2025 was RMB 11,801.9 million, a significant increase of 81% from RMB 6,532.9 million in the same period of 2024[63] Revenue Growth - The company achieved operating revenue of RMB 32.86 billion for the first three quarters of 2025, representing an 18.6% year-on-year growth[23] - Continuous operating business revenue grew by 22.5% year-on-year, with chemical business revenue reaching RMB 25.98 billion, up 29.3%[23] - Revenue for Q3 2025 reached RMB 12,044,962 thousand, a 19.7% increase from RMB 10,063,435 thousand in Q3 2024[51] - Total revenue for the first three quarters of 2025 was RMB 32,450,065 thousand, a 22.4% increase from RMB 26,487,694 thousand in the same period of 2024[54] Assets and Liabilities - Total assets at the end of the reporting period amounted to RMB 94,606,135,416.07, up 17.78% from the previous year[13] - Total liabilities as of September 30, 2025, were RMB 23,133.6 million, compared to RMB 21,240.2 million at the end of 2024, showing an increase of 9%[58] - Current assets totaled ¥53.81 billion as of September 30, 2025, compared to ¥38.69 billion at the end of 2024, representing a 39.0% growth[37] - The total current assets increased to RMB 53,812.3 million as of September 30, 2025, compared to RMB 38,690.2 million at the end of 2024, reflecting a growth of 39%[58] Cash Flow - The company reported a net cash flow from operating activities of RMB 11,412,834,667.47, which increased by 36.21% compared to the previous year[12] - Cash flow from operating activities generated ¥11.41 billion, compared to ¥8.38 billion in the same period last year, marking a 36.3% increase[46] - The company’s investment activities generated a net cash inflow of RMB 946.4 million in the first three quarters of 2025, a turnaround from a net outflow of RMB 2,866.6 million in the same period of 2024[61] Research and Development - Research and development expenses for the first three quarters of 2025 were ¥825.65 million, down from ¥954.04 million in the same period of 2024, indicating a 13.5% decrease[40] - Research and development expenses for Q3 2025 were RMB 311,732 thousand, slightly down from RMB 302,434 thousand in Q3 2024[51] Business Operations - The company continues to enhance its CRDMO business model to improve research and development efficiency for clients[10] - The company has enabled 75 products to be approved for market in the SMO business, with a cumulative total of 331 products over the past decade[24] - The company has developed a one-stop compound identification software that improves identification efficiency by 83% for nucleic acid and peptide metabolites[24] Market Position and Future Outlook - The company expects 2025 operating revenue to return to double-digit growth, with an adjusted growth rate of 17-18% and total revenue forecasted between RMB 43.5 billion and RMB 44 billion[25] - The company maintains a leading position in the Asia-Pacific industry for drug safety evaluation and continues to support clients in global licensing cooperation[24]

Core Viewpoint - WuXi AppTec reported significant growth in revenue and net profit for the first three quarters of 2025, driven by its focus on the CRDMO business model and operational efficiency improvements [1][3]. Financial Performance - For the first three quarters of 2025, WuXi AppTec achieved operating revenue of RMB 32.857 billion, a year-on-year increase of 18.61% [1]. - The net profit attributable to shareholders reached RMB 12.076 billion, reflecting a substantial year-on-year growth of 84.84% [1][2]. - As of September 30, 2025, the company had a backlog of orders amounting to RMB 59.88 billion, up 41.2% year-on-year [2]. Revenue Breakdown - Revenue from continuous operations for the first three quarters was RMB 32.45 billion, with contributions from various regions: - Revenue from U.S. clients: RMB 22.15 billion, up 31.9% - Revenue from European clients: RMB 3.84 billion, up 13.5% - Revenue from Chinese clients: RMB 5.04 billion, up 0.5% - Revenue from other regions: RMB 1.42 billion, up 9.2% [2]. - The chemical business generated RMB 25.98 billion, a growth of 29.3% [2]. Strategic Moves - WuXi AppTec announced the sale of 100% equity in two subsidiaries for a base price of RMB 2.8 billion to a company under Hillhouse Capital [4]. - The divestiture aligns with the company's strategy to focus on its core CRDMO business, enhancing its global capabilities and operational capacity [4][5]. Future Outlook - The company expects continuous operations revenue growth to return to double digits, with an adjusted growth rate forecast of 17-18% [3]. - Overall revenue guidance for the year has been raised to between RMB 43.5 billion and RMB 44 billion [3].

药明康德表示，本次出售康德弘翼及津石医药100%股权，是公司基于聚焦CRDMO业务模式，专注药物 发现、实验室测试及工艺开发和生产服务考虑所实施，可为公司加速全球化能力和产能的投放提供资金 支持，符合公司发展战略和长远利益。 北京商报讯（记者 丁宁）10月26日晚间，药明康德（603259）发布公告称，公司全资子公司上海药明 康德新药开发有限公司拟以28亿元（为基准股权转让价款，最终股权转让价款将基于交易协议的相关约 定进行调整）的对价向上海世和融企业管理咨询有限公司及上海世和慕企业管理咨询有限公司转让其所 持有的上海康德弘翼医学临床研究有限公司（以下简称"康德弘翼"）和上海药明津石医药科技有限公司 （以下简称"津石医药"）100%股权。 ...

Core Viewpoint - WuXi AppTec (603259) reported a significant increase in revenue and net profit for the first three quarters of 2025, driven by a focus on the CRDMO business model and operational efficiencies [1] Financial Performance - The company achieved a revenue of 32.857 billion yuan, representing a year-on-year growth of 18.61% [1] - The net profit attributable to shareholders reached 12.076 billion yuan, marking an impressive year-on-year increase of 84.84% [1] Business Strategy - The growth in performance is attributed to the company's ongoing focus and enhancement of its CRDMO business model, leading to sustained revenue growth [1] - Continuous optimization of production processes and operational efficiency contributed to improved capacity utilization and overall profitability [1] Additional Income Sources - The company also benefited from the sale of part of its stake in the joint venture WuXi XDC Cayman Inc., which further boosted its profits [1]

Core Insights - WuXi AppTec reported Q3 2025 revenue of 12.057 billion yuan, a year-on-year increase of 15.26%, with net profit attributable to shareholders reaching 3.515 billion yuan, up 53.27% [1] - The company’s chemical business remains the main growth driver, with a 29.3% year-on-year revenue increase in the first three quarters [2][5] - The TIDES business (oligonucleotides and peptides) showed exceptional performance, with revenue soaring 121.1% to 7.84 billion yuan [2][5] - The company’s backlog of orders reached 59.88 billion yuan, a significant year-on-year increase of 41.2%, providing a solid foundation for upward adjustments in annual performance guidance [6] Financial Performance - Q3 2025 revenue was 12.057 billion yuan, a 15.26% increase year-on-year; net profit attributable to shareholders was 3.515 billion yuan, up 53.27%; and non-GAAP net profit was 3.940 billion yuan, increasing by 73.75% [1] - For the first three quarters of 2025, total revenue was 32.857 billion yuan, a year-on-year increase of 18.61%; net profit attributable to shareholders was 12.076 billion yuan, up 84.84%; and non-GAAP net profit was 9.522 billion yuan, increasing by 42.51% [1] Business Segment Performance - The chemical business generated 25.98 billion yuan in revenue in the first three quarters, reflecting a 29.3% year-on-year growth [2][5] - The TIDES business achieved revenue of 7.84 billion yuan, marking a remarkable 121.1% increase [2][5] - The small molecule CDMO (D&M) business reported revenue of 14.24 billion yuan, a 14.1% year-on-year growth [3][5] - The testing business showed stagnant performance with revenue of 4.17 billion yuan, nearly unchanged at -0.04% year-on-year, primarily due to a 6.4% decline in clinical CRO and SMO business [3][7] - The biological business experienced a slowdown, with revenue of 1.95 billion yuan, reflecting a 6.6% year-on-year growth [4][7] Market Dynamics - The company continues to rely significantly on overseas markets, with revenue from U.S. clients increasing by 31.9% to 22.15 billion yuan, while revenue from Chinese clients remained flat, growing only 0.5% [7] - The substantial backlog of orders indicates high revenue growth certainty for the upcoming quarters [6]

Core Insights - WuXi AppTec reported a net profit of 3.515 billion yuan for Q3, representing a year-on-year increase of 53.27% [1] - For the first three quarters, the net profit reached 12.076 billion yuan, showing a year-on-year growth of 84.84% [1] - The company continues to focus on and strengthen its CRDMO business model, leading to sustained revenue growth [1] Financial Performance - The net profit for Q3 was 3.515 billion yuan, up 53.27% compared to the same period last year [1] - The net profit for the first three quarters totaled 12.076 billion yuan, reflecting an 84.84% increase year-on-year [1] Business Strategy - The company is optimizing production processes and operational efficiency, contributing to improved overall profitability [1] - Growth in late-stage clinical and commercialization projects has enhanced capacity efficiency [1] - The sale of part of its stake in the joint venture WuXi XDC Cayman Inc. has further boosted the company's profits [1]