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。 ...

Core Viewpoint - WuXi AppTec's stock price has shown a significant increase, with a year-to-date rise of 10.51% and a market capitalization of approximately 298.83 billion yuan as of January 9 [1][2]. Group 1: Stock Performance - On January 9, WuXi AppTec's stock rose by 2.04%, reaching 100.17 yuan per share, with a trading volume of 2.118 billion yuan and a turnover rate of 0.87% [1]. - The stock has increased by 10.51% year-to-date, with a 10.51% rise over the last five trading days, an 8.00% increase over the last 20 days, and a 0.71% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, WuXi AppTec reported a revenue of 32.857 billion yuan, reflecting a year-on-year growth of 18.61%, and a net profit attributable to shareholders of 12.076 billion yuan, which is an increase of 84.84% [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for WuXi AppTec reached 274,100, an increase of 16.39% from the previous period, with an average of 9,024 circulating shares per shareholder [2]. - The company has distributed a total of 14.06 billion yuan in dividends since its A-share listing, with 10.406 billion yuan distributed over the last three years [3]. Group 4: Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 249 million shares, a decrease of 52.607 million shares from the previous period [3]. - Other notable institutional shareholders include Huaxia SSE 50 ETF and Huatai-PineBridge CSI 300 ETF, both of which have seen a reduction in their holdings [3].

Investment Rating - The report does not explicitly provide an investment rating for WuXi AppTec [2][3]. Core Insights - The report highlights three major catalysts that may drive WuXi AppTec's stock performance in Q1 2026: 1) Updates from the industry summit scheduled for January 12-15, which is expected to support the CRO industry's outlook; 2) The release of the 1260H list in January-February 2026, which should alleviate the impact of pending policy decisions; 3) The company's full-year guidance for 2026, to be announced in March 2026 [5]. - The report indicates that in 2026, the focus for the Chinese healthcare sector will shift towards earnings realization rather than valuation multiple expansion, with WuXi AppTec expected to lead in visibility of earnings growth [7]. - The report anticipates a recovery in outsourcing demand in 2026 due to the resolution of policy and tariff uncertainties, which had previously delayed biotech financing and new R&D initiatives in 2025 [6]. Summary by Sections Company Overview - WuXi AppTec is a global enterprise with operations across Asia, Europe, and North America, providing a comprehensive range of R&D and manufacturing services to advance the pharmaceutical and healthcare industries [10]. - The company covers the entire drug development cycle through five core business segments: small molecule R&D and manufacturing, biologics R&D and manufacturing, cell and gene therapy R&D and manufacturing, medical device testing, and molecular testing and genomics [10]. Revenue Breakdown - Revenue by product category: Chemical business (72.3%), Testing business (16.2%), Biological business (6.3%), High-end therapeutic CTDMO (3.2%) [11]. - Revenue by region: Middle East and Africa (8.7%), Asia (36.5%), Europe (27.3%), Americas (27.5%) [11]. Stock Information - Stock price as of January 5, 2026: 104.2 HKD - Market capitalization: 40.33 billion USD - Consensus target price (Refinitiv): 130.76 HKD [13].

Core Viewpoint - WuXi AppTec (603259)(02359) announced the granting of 126,200 incentive shares to 24 selected participants, representing approximately 0.0247% of the total issued H shares and about 0.0042% of the total issued share capital as of the announcement date [1] Summary by Relevant Categories - **Incentive Shares Granted** - A total of 126,200 incentive shares have been awarded to 24 selected participants [1] - This represents around 0.0247% of the total issued H shares [1] - The awarded shares account for approximately 0.0042% of the total issued share capital [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。 上述所涉獎勵股份為受託人根據本公司指示通過場內交易以現行市價購買的 現有股份。由於本公司不會根據進一步授予發行新股份，故進一步授予不會對 現有股東的股權有任何攤薄影響。 董事（包括獨立非執行董事）認為，進一步授予乃按正常商業條款訂立的交易， 屬公平合理並符合本公司及股東的整體利益。 – 1 – 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） 根據2024年H股獎勵信託計劃進一步授予獎勵 茲提述(i)無錫藥明康德新藥開發股份有限公司（「本公司」，連同其附屬公司統 稱「本集團」）日期為2024年4月29日及2025年5月21日的公告（「該等公告」）；(ii)本 公司日期為2024年5月10日的通函（「通函」）；及(iii)本公司日期為2024年6月12日 有關（其中包括）採納2024年H股獎勵信託計劃及其項下授予 ...

Core Viewpoint - WuXi AppTec (02359.HK) announced the grant of 126,240 shares to 24 selected participants, representing approximately 0.0247% of the total issued H shares and about 0.0042% of the total issued share capital as of the announcement date [1] Summary by Relevant Categories - **Share Grant Details** - A total of 126,240 shares have been granted to 24 selected participants [1] - The shares represent approximately 0.0247% of the total issued H shares and about 0.0042% of the total issued share capital as of the announcement date [1] - **Acquisition Method** - The shares involved were purchased by a trustee through on-market transactions at the current market price as per the company's instructions [1]

智通财经APP讯，药明康德(02359)发布公告，截至本公告日期，涉及12.62万股奖励股份已授予24名选 定参与者，占截至本公告日期本公司已发行H股总数约0.0247%及已发行总股本约0.0042% 。 ...

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） 根據2024年H股獎勵信託計劃進一步授予獎勵 茲提述(i)無錫藥明康德新藥開發股份有限公司（「本公司」，連同其附屬公司統 稱「本集團」）日期為2024年4月29日及2025年5月21日的公告（「該等公告」）；(ii)本 公司日期為2024年5月10日的通函（「通函」）；及(iii)本公司日期為2024年6月12日 有關（其中包括）採納2024年H股獎勵信託計劃及其項下授予獎勵的投票結果公 告。除另有指明外，本公告中所用詞彙與該等公告及通函中所界定者具有相同 涵義。 根據2024年H股獎勵信託計劃進一步授予獎勵 董事會宣佈截至本公告日期，涉及126,240股獎勵股份已授予24名選定參與者， 佔截至本公告日期本公司已發行H股總數約0.0247%及已發行總股本約0.0 ...

尽管面临持续的地缘政治逆风，药明康德2025年前三季度订单积压同比增长41%，高于全球平均的 14%，凸显其在制药外包市场拥有长期强劲的竞争力。 在估值方面，里昂将药明康德的目标市盈率调整至21倍(原本22倍，以反映1260H清单带来的不确定 性)，高于2022年至2025年的历史平均水平，主要因公司盈利增长恢复至双位数所带来的估值溢价。药 明康德是该行在中国CRO/CDMO行业的首选股。 里昂发布研报称，维持药明康德（603259）(02359)"跑赢大市"评级，目标价上调至143.4港元。里昂预 期，药明康德将受益于外包需求回暖及政策不确定性减弱，预料2026年盈利将明显增长。 报告提及，2026年第一季度有三大催化剂可能推动药明康德股价表现，包括1月12至15日的行业峰会， 将更新CRO行业的最新展望，预计将提振市场信心。其次，1月至2月间公布美国国防部1260H清单，有 望减轻市场对政策的不安情绪。最后，公司在3月的2026全年业绩指引，将进一步确认其盈利增长潜 力。 ...

在估值方面，里昂将药明康德的目标市盈率调整至21倍(原本22倍，以反映1260H清单带来的不确定 性)，高于2022年至2025年的历史平均水平，主要因公司盈利增长恢复至双位数所带来的估值溢价。药 明康德是该行在中国CRO/CDMO行业的首选股。 报告提及，2026年第一季度有三大催化剂可能推动药明康德股价表现，包括1月12至15日的行业峰会， 将更新CRO行业的最新展望，预计将提振市场信心。其次，1月至2月间公布美国国防部1260H清单，有 望减轻市场对政策的不安情绪。最后，公司在3月的2026全年业绩指引，将进一步确认其盈利增长潜 力。 尽管面临持续的地缘政治逆风，药明康德2025年前三季度订单积压同比增长41%，高于全球平均的 14%，凸显其在制药外包市场拥有长期强劲的竞争力。 智通财经APP获悉，里昂发布研报称，维持药明康德(02359)"跑赢大市"评级，目标价上调至143.4港 元。里昂预期，药明康德将受益于外包需求回暖及政策不确定性减弱，预料2026年盈利将明显增长。 ...