Summary of WuXi AppTec Conference Call Company Overview - **Company**: WuXi AppTec (603259.SS) - **Industry**: Contract Research Organization (CRO) and Contract Development and Manufacturing Organization (CDMO) Key Financial Highlights - **FY25 Revenue**: Estimated at Rmb45.5 billion, representing a **16% year-over-year (yoy)** increase, surpassing management guidance of Rmb43.5-44.0 billion (10-12% yoy) and consensus estimates [1] - **Revenue Growth**: Continued business revenue grew by **21.4% yoy** in 2025, exceeding management's guidance of 17-18% yoy [1] - **FY25 Net Profit**: Estimated at Rmb19.2 billion, a **103% yoy** increase, compared to Rmb16.8 billion (78% yoy) by consensus and Rmb18.5 billion (96% yoy) by Citi estimates [1] - **Adjusted Non-IFRS Net Profit**: Expected to reach Rmb15.0 billion, up **41% yoy**, aligning with higher non-IFRS net margin guidance [1] - **Excluding One-off Items**: FY25 net profit is projected at Rmb13.2 billion, reflecting a **33% yoy** increase, impacted by foreign exchange changes [1] Management Insights - **Gains from Asset Sales**: Management anticipates a net gain of Rmb4.2 billion from the sale of WuXi XDC shares and Rmb1.4 billion from the sale of the clinical business in 2025 [1] Valuation and Target Price - **Target Price**: Rmb130, based on a Net Present Value (NPV) analysis using a Weighted Average Cost of Capital (WACC) of 9.2% and a terminal growth rate of 3% [4] - **Segment Valuation Breakdown**: - WuXi Chemistry: Rmb103.9/share - WuXi Testing: Rmb8.3/share - WuXi Biology: Rmb3.7/share - Investment Income: Rmb5.0/share - Other Services and Net Cash: Rmb9.2/share [4] Risks and Challenges - **Customer Demand**: Potential reduction in customer spending on outsourced services could negatively impact revenue [5] - **Talent Retention**: Challenges in attracting and retaining skilled scientists and technicians may affect operational efficiency [5] - **Regulatory Compliance**: Non-compliance with regulations could harm the company's reputation and financial condition [5] - **Geographic Expansion**: Difficulties in expanding into new markets may limit growth opportunities [5] - **Labor Costs**: Rising labor costs could pressure profit margins [5] - **Geopolitical Risks**: US sanctions and geopolitical tensions may impact business operations [5] Market Position and Competitiveness - **Market Capitalization**: Rmb294.7 billion (approximately US$42.2 billion) [2] - **Expected Total Return**: 34.1%, with an expected dividend yield of 2.3% [2] Conclusion WuXi AppTec is positioned for strong growth in FY25, with significant revenue and profit increases driven by robust demand for its services. However, the company faces several risks that could impact its performance, including regulatory challenges and market competition. The target price reflects a positive outlook based on solid financial fundamentals and growth potential in the CRO/CDMO sector.

资金流向方面，Wind数据显示，该ETF近5个交易日连续获资金净流入，累计"吸金"近9亿元。 创新药ETF（159992）紧密跟踪中证创新药产业指数。该指数选取主营业务涉及创新药研发的上市公司 作为待选样本，按照市值排序选取不超过50家最具代表性公司作为样本股，以反映创新药产业上市公司 的整体表现，为投资者提供新的投资标的。 1月13日，A股创新药板块盘初持续走强。 热门ETF中，创新药ETF（159992）持续拉升，截至发稿涨超2%，成交额超2亿元，交投活跃。 成分股中，荣昌生物涨超16%，泰格医药涨超6%，药明康德涨超5%，安科生物、康龙化成、昭衍新 药、三生国健等股涨幅居前。 此外，1月12日，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102.65%。 国信证券表示，关注JPM年会及创新药在海外的临床进展。中国创新药产业已经体现出长期向好的发展 趋势，并在近年集中体现在BD交易的爆发式增长。值得注意的是，对于大部分国产创新药，对外授权 通常只是全球开发的起点，合作伙伴在海外的开发进度，以及后续全球临床数据的读出可以进一步加强 产 ...

个股消息面上，药明康德发布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%。 个股消息面上，药明康德发布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%。 责任编辑：郝欣煜 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 1月13日消息，港股创新药概念盘初拉升，药明康德涨超9%，博安生物、三生制药涨超8%，药明生 物、乐普生物涨超6%，复星医药、药明合联、翰森制药涨超4%。 1月13日消息，港股创新药概念盘初拉升，药明康德涨超9%，博安生物、三生制药涨超8%，药明生 物、乐普生物涨超6%，复星医药、药明合联、翰森制药涨超4%。 责任编辑：郝欣煜 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 ...

36氪获悉，药明康德早盘A股涨超4%，H股涨超6%，消息面上，药明康德发盈喜，预计2025年归母净 利润约191.51亿元，同比增长约102.65%。 ...

每经AI快讯，药明康德(02359.HK)盈喜后高开逾4%，截至发稿涨4.69%，报116港元，成交额3112.34万 港元。 （文章来源：每日经济新闻） ...

每经AI快讯，药明康德（603259）(02359.HK)盈喜后高开逾4%，截至发稿涨4.69%，报116港元，成交 额3112.34万港元。 ...

消息面上，1月12日，药明康德发布公告，预期本公司(连同其子公司统称为：本集团)于截至2025年12 月31日止年度(本期)营业收入及归属于本公司股东的净利润相比2024年年度同期(上年同期)将取得上 升。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%，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%。 药明康德（603259）(02359)盈喜后高开逾4%，截至发稿，涨4.69%，报116港元，成交额3112.34万港 元。 ...

智通财经APP获悉，药明康德(02359)盈喜后高开逾4%，截至发稿，涨4.69%，报116港元，成交额 3112.34万港元。 消息面上，1月12日，药明康德发布公告，预期本公司(连同其子公司统称为：本集团)于截至2025年12 月31日止年度(本期)营业收入及归属于本公司股东的净利润相比2024年年度同期(上年同期)将取得上 升。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%，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%。 ...

Core Viewpoint - The A-share market shows strong performance with 140 companies releasing earnings forecasts for 2025, indicating significant profit growth for many firms, particularly WuXi AppTec, which is highlighted for its substantial profit increase driven by asset sales [1][2]. Group 1: Company Performance - WuXi AppTec expects revenue of approximately 45.457 billion yuan for 2025, a year-on-year increase of about 15.84%, with net profit projected at around 19.151 billion yuan, reflecting a significant increase of approximately 102.65% [1]. - The profit growth for WuXi AppTec is primarily attributed to the sale of partial equity in joint ventures and the divestiture of certain business segments, with net gains from these sales estimated at about 4.161 billion yuan and 1.434 billion yuan respectively [1]. - Even excluding non-recurring gains, WuXi AppTec anticipates a net profit of 13.241 billion yuan, marking a year-on-year increase of approximately 32.56%, achieving a historical high [1]. Group 2: Industry Trends - Among the companies that have released earnings forecasts, 72 firms reported net profits exceeding 100 million yuan, with 22 companies surpassing 1 billion yuan [2]. - Notable companies with net profits exceeding 10 billion yuan include Zijin Mining, WuXi AppTec, Luxshare Precision, and Shanghai Port Group, with respective profits of 51.5 billion yuan, 19.151 billion yuan, 16.852 billion yuan, and 13.4 billion yuan [2]. - Shanghai Port Group reported a revenue of 39.44 billion yuan for 2025, a year-on-year growth of 3.5%, despite a net profit decline of 10.4% [2]. Group 3: Growth Leaders - In terms of net profit growth rates, 19 companies achieved over 100% growth compared to the same period in 2024, with the top four being Zhongke Lanyun, Chuanhua Zhili, Bai'ao Saitou, and Kangchen Pharmaceutical, with growth rates of 371.51%, 308.82%, 303.57%, and 279% respectively [3]. - Zhongke Lanyun expects revenue between 1.83 billion yuan and 1.85 billion yuan, with a net profit forecast of 1.4 billion to 1.43 billion yuan, reflecting a growth of 366.51% to 376.51% [3]. - Chaohongji anticipates a net profit of 436 million to 533 million yuan, representing a year-on-year increase of 125% to 175%, driven by enhanced product and brand strength [3].

Policy Trends - The National Medical Insurance Administration has intensified anti-corruption efforts in the medical sector, highlighted by a case involving a doctor who accepted kickbacks totaling 789,100 yuan from pharmaceutical companies between 2012 and 2023 [1] - The Central Commission for Discipline Inspection has emphasized the need to address issues such as "kickback sales" and has included them in the scope of strict investigation [1] Drug Approval - Hualan Biological announced that its subsidiary received a notice of acceptance for the domestic production registration application of Adalimumab injection, a biosimilar drug for treating various immune diseases [1] - China Resources Double Crane's subsidiary has received implied permission from the FDA for clinical trials of the new drug DC6001 [2] - Heng Rui Medicine's SHR-1826 injection has been included in the list of breakthrough therapy varieties by the National Medical Products Administration [3] Financial Disclosures - WuXi AppTec expects a net profit of 19.151 billion yuan for 2025, representing a year-on-year increase of approximately 102.65% [4] - Sharp Eye's projected net profit for 2025 is expected to be negative due to anticipated goodwill impairment [5] Industry Developments - Haixiang Pharmaceutical has signed an innovative drug cooperation agreement with Wanbangde Pharmaceutical to develop treatments for amyotrophic lateral sclerosis, with Haixiang providing 150 million yuan in funding [6] - Innovation Medical's product, Cyberlink AC5, was officially launched in October 2025, generating revenue of 114,000 yuan, while the AM5 product has completed clinical trials but has not yet generated revenue [6] Regulatory Actions - The National Medical Products Administration has initiated an investigation into Anhui Telunshake Biotechnology for violations of cosmetic production regulations, leading to a halt in production and a requirement for corrective actions [7]