Core Insights - The article highlights the launch of the Super CEO series by Zhito Finance for the ninth consecutive year, featuring various sub-lists that reflect the diverse driving forces behind China's economic growth, particularly in the healthcare sector [1] Industry Overview - The Chinese pharmaceutical manufacturing industry is experiencing a decline, with revenue of 1,227.52 billion yuan in the first half of 2025, down 1.2% year-on-year, and total profit of 176.69 billion yuan, down 2.8% year-on-year, indicating ongoing industry pressure and deepening segmentation [1] - Since 2025, numerous policies have been introduced to support high-quality development in innovative pharmaceuticals, including measures to enhance the clinical trial approval process and the introduction of a commercial insurance directory for innovative drugs [2] - The medical device export sector continues to grow, with a total import and export value of 41.09 billion USD in the first half of 2025, a 1.1% increase year-on-year, while imports decreased by 3.9%, indicating a shift towards domestic alternatives in high-end equipment [3] Investment Trends - The overseas business development (BD) orders for innovative pharmaceuticals have reached a record high, surpassing 60 billion USD, with significant transactions indicating a shift in China's role from a follower to a contributor in the global pharmaceutical landscape [4] - Capital preferences are improving, with the healthcare industry in China seeing a recovery in financing activities, particularly in medical devices and innovative pharmaceuticals, with significant investments in areas like cancer screening and AI healthcare [5] Future Outlook - The 15th Five-Year Plan emphasizes the importance of health in economic development, aiming to enhance public health and support the growth of innovative drugs and medical devices, which will shape the future of the healthcare industry in China [6] - The aging population, active policy support, and the internationalization of medical devices are driving demand and supply upgrades in the healthcare sector, presenting both opportunities and challenges for industry leaders [6] CEO Insights - The Super CEO list features 25 leaders whose companies have shown median revenue growth of 6.11% and net profit growth of 16.08%, with an average market capitalization of 86.1 billion yuan [9] - The list includes a notable representation of women leaders, with three female CEOs demonstrating strong strategic vision in high-barrier industries [10] - The majority of CEOs on the list have advanced degrees, reflecting the industry's demand for leaders with deep scientific understanding and business acumen [10] Company Highlights - Li Ge, CEO of WuXi AppTec, leads the list, showcasing strong performance with a revenue of 32.857 billion yuan in the first three quarters of 2025, a year-on-year increase of 18.61% [17] - Zhu Yi, CEO of BaiLi TianHeng, achieved significant revenue growth through strategic partnerships, emphasizing the importance of building a robust product pipeline [18] - Wu Hao, CEO of Mindray, reported a revenue of 36.726 billion yuan in 2024, with a focus on R&D and international expansion [19] - Zhong Huijuan, CEO of Hansoh Pharmaceutical, became the richest woman in China with a revenue of 12.261 billion yuan in 2024, driven by innovative drug sales [19] - Shi Yifeng, CEO of Aimeike, led the company to a revenue of 3.026 billion yuan in 2024, emphasizing shareholder value through high dividend payouts [20]

药明康德出售附属公司交割完成公告要点 交易完成情况： 财务影响： 相关方将办理股权变更登记手续 预计2025年12月31日前完成变更登记 各方仍需继续履行股权转让协议约定 重要提示： 股东及投资者买卖证券时需谨慎行事 上海药明已收到高瓴支付的第一期转让对价人民币15.4亿元 股权转让交割先决条件已满足，交易完成交割 康德弘翼及津石医药不再纳入公司合并报表范围 预计产生税后净利润约人民币9.6亿元 占公司2024年度经审计归母净利润比例超过10% 具体影响金额以注册会计师年度审计确认结果为准 后续安排： ...

Investment Rating - The report maintains an "Overweight" rating for the CXO industry, indicating a positive outlook for investment opportunities in this sector [7]. Core Insights - The CXO industry is entering a new high prosperity cycle driven by external factors such as overseas interest rate cuts, domestic recovery, and industrial upgrades. The worst period for the industry is considered to be over, with a significant improvement in sentiment and operational conditions [1][2][17]. - The report emphasizes the competitive advantages of Chinese CXO companies, including efficiency, cost, quality, and rapid expansion capabilities, which are expected to maintain their global standing in the short to medium term [1][3][22]. - The emergence of new molecular drugs, such as peptides and oligonucleotides, is driving growth in the CRDMO sector, with Chinese suppliers positioned to lead globally due to their production capabilities and cost advantages [3][22][28]. Summary by Sections New Cycle - The CXO industry has transitioned from a prolonged adjustment period (2H21-1H24) to a new upward cycle, supported by recovering overseas financing and a favorable domestic IPO environment. The demand for CXO services is expected to increase significantly starting in 2026 [2][17]. New Molecules - New molecular CRDMO services are characterized by higher demand and technical barriers. Chinese companies are leading in areas like TIDES and ADC, achieving higher growth rates and maintaining robust profit margins [3][22][28]. New Landscape - The domestic CXO market is undergoing a restructuring, with market share increasingly concentrated among leading firms. The report highlights that smaller companies may struggle to survive due to heightened quality and sustainability demands from pharmaceutical clients [4][22][28]. Key Recommendations - The report recommends investing in leading companies with strong positions in the new molecular space, such as WuXi AppTec, WuXi Biologics, and others, which are expected to benefit from the ongoing industry upgrades and demand recovery [1][9][22].

丨2025年12月16日星期二丨 NO.1 复星医药拟出资14.12亿元收购绿谷医药 12月15日，复星医药公告称，为丰富公司中枢神经系统治疗领域的创新产品管线矩阵，其控股子公司复 星医药产业与绿谷（上海）医药科技有限公司（以下简称绿谷医药）及其现有相关股东共同签订相关投 资协议，拟出资约14.12亿元控股收购绿谷医药。 12月15日，药明康德公告称，公司全资子公司上海药明康德新药开发有限公司已收到受让方支付的首期 股权转让价款15.4亿元，《股权转让协议》约定的交割先决条件已满足，本次交易已完成交割，目标公 司不再纳入公司合并报表范围。预计本次交易将产生税后净利润约9.6亿元，占公司最近一期（2024年 度）经审计归母净利润的比例超过10%。目标公司及相关各方将按协议约定办理市监局变更登记手续， 预计2025年12月31日之前完成变更登记。 点评：药明康德通过出售资产实现了可观的利润，既符合公司聚集CRDMO业务的战略规划，回笼的资 金也为公司加速全球化能力和产能的投放提供支持。 （文章来源：每日经济新闻） NO.2 长春高新：下属公司签署GenSci098注射液项目独家许可协议可至多获得13.65亿美元里 ...

Core Viewpoint - WuXi AppTec (603259) has completed the sale of all shares of Kande Hongyi and Jinshi Pharmaceutical to Hillhouse Capital, receiving an initial payment of RMB 1.54 billion, with the transaction expected to generate a post-tax net profit of approximately RMB 960 million, exceeding 10% of the company's audited net profit for the fiscal year 2024 [1][1][1] Group 1 - WuXi AppTec has received the first phase of the transfer price of RMB 1.54 billion from Hillhouse Capital as per the equity transfer agreement [1] - The transaction has met the conditions for delivery, and Kande Hongyi and Jinshi Pharmaceutical will no longer be included in the company's consolidated financial statements [1] - The equity change registration procedures for Kande Hongyi and Jinshi Pharmaceutical are expected to be completed by December 31, 2025 [1] Group 2 - The estimated post-tax net profit from this transaction is approximately RMB 960 million, which represents over 10% of the company's most recent audited net profit for the fiscal year 2024 [1] - The company will account for the investment income according to Chinese Accounting Standards and International Financial Reporting Standards, with the specific impact amount to be confirmed by the annual audit [1] - All parties involved are required to continue fulfilling the agreements stipulated in the equity transfer agreement [1]

Core Viewpoint - WuXi AppTec (02359) has completed the sale of all shares of Kande Hongyi and Jinshi Pharmaceutical to Hillhouse Capital, receiving the first payment of RMB 1.54 billion, with the transaction now finalized [1] Group 1: Transaction Details - WuXi AppTec has received the first installment of the transfer price amounting to RMB 1.54 billion as per the equity transfer agreement [1] - The prerequisites for the transaction have been met, and the equity transfer has been completed, meaning Kande Hongyi and Jinshi Pharmaceutical will no longer be included in the company's consolidated financial statements [1] - The parties involved will proceed with the necessary procedures for the equity change registration, expected to be completed by December 31, 2025 [1] Group 2: Financial Impact - The transaction is expected to generate an after-tax net profit of approximately RMB 960 million, which represents over 10% of the company's latest audited net profit attributable to shareholders for the fiscal year 2024 [1] - The company will account for the investment income according to Chinese Accounting Standards and International Financial Reporting Standards, with the specific impact to be confirmed by the annual audit [1]

Core Viewpoint - WuXi AppTec announced that its subsidiary, Shanghai WuXi, has received the first installment of the transfer price amounting to RMB 1.54 billion from Hillhouse Capital, completing the equity transfer agreement and meeting the necessary conditions for delivery [1] Group 1 - The equity transfer agreement has been successfully executed, resulting in the exclusion of Kangde Hongyi and Jinshi Pharmaceutical from the company's consolidated financial statements [1] - The transaction is expected to generate an after-tax net profit of approximately RMB 960 million, which represents over 10% of the company's most recent audited net profit attributable to shareholders for the fiscal year 2024 [1]

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。 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。 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12月15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2025-073 无锡药明康德新药开发股份有限公司 关于出售资产进展公告 无锡药明康德新药开发股份有限公司董事会 2025 年 12 ...

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 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2359） 有關出售附屬公司完成交割 的業務發展最新情況 茲提述無錫藥明康德新藥開發股份有限公司（「本公司」）日期為2025年10月24日 的公告（「該公告」），內容有關上海藥明出售而高瓴購買康德弘翼及津石醫藥 的所有股份。除非文意另有所指，否則本公告所用詞彙與該公告所定義詞彙具 有相同涵義。 截至本公告日期，上海藥明已收到高瓴按股權轉讓協議約定足額支付的第一 期轉讓對價人民幣15.4億元，股權轉讓協議約定的交割先決條件已滿足，本次 交易已完成交割，康德弘翼及津石醫藥不再納入本公司合併報表範圍。康德弘 翼及津石醫藥及其他相關各方將按股權轉讓協定約定辦理本次交易涉及康德 弘翼及津石醫藥的股權變更登記手續，並預計在2025年12月31日之前完成變更 登記。 經本公司財務部門按中 ...

Core Viewpoint - WuXi AppTec is accelerating the divestiture of non-core assets, focusing on its CRDMO (Contract Research, Development, and Manufacturing Organization) business model to enhance drug discovery, laboratory testing, and production services [5][10]. Summary by Sections Asset Sale - WuXi AppTec completed the sale of two subsidiaries for a total of 2.8 billion RMB, with a tax-adjusted net profit increase of approximately 960 million RMB expected [1][3]. - The subsidiaries, which contributed limited revenue, generated about 1.16 billion RMB in revenue, accounting for 3.5% of WuXi AppTec's total revenue for the same period [4][13]. Strategic Focus - The company aims to concentrate resources on its core CRDMO business, enhancing global capabilities and production capacity [4][10]. - Recent asset sales include the divestiture of various non-core businesses, such as clinical research and drug testing, to focus on high-value segments [6][14]. Financial Performance - WuXi AppTec reported a significant increase in profits, with total profit up 96.20% and net profit attributable to shareholders up 101.92% in the first half of 2025 [7][14]. - The revenue breakdown shows that chemical business revenue reached 16.30 billion RMB, a 33.51% increase, while other segments experienced declines [15][16]. Market Outlook - The global pharmaceutical R&D market is projected to grow from 260.6 billion USD in 2023 to 359.2 billion USD by 2028, with a compound annual growth rate (CAGR) of approximately 6.6% [9][17]. - The demand for integrated outsourcing services is expected to rise, particularly among small to medium-sized pharmaceutical companies lacking in-house capabilities [9][17].