Core Viewpoint - The company, WuXi AppTec, experienced a decline of 2.01% in stock price, with a trading volume of 4.105 billion yuan and a total market capitalization of 261.437 billion yuan [1] Group 1: Company Overview - WuXi AppTec is a leading international open-access capability and technology platform providing comprehensive and integrated new drug research and production services for the global biopharmaceutical industry [2] - The company is a domestic leader in the pharmaceutical outsourcing industry and one of the earliest integrated CRO and CMO companies in China, with a management team holding over 200 authorized and pending patents [2] - The main business involves the discovery, research, and production of small molecule chemical drugs, offering a full-spectrum integrated platform service to global pharmaceutical companies [2][7] Group 2: Financial Performance - For the period from January to September 2025, WuXi AppTec achieved a revenue of 32.857 billion yuan, representing a year-on-year growth of 18.61%, and a net profit attributable to shareholders of 12.076 billion yuan, with a year-on-year increase of 84.84% [7] - The company’s revenue from overseas accounts for 78.67%, benefiting from the depreciation of the Renminbi [3] Group 3: Shareholder and Market Activity - As of September 30, 2025, the number of shareholders reached 274,100, an increase of 16.39% from the previous period, with an average of 9,024 circulating shares per person [7] - The company has distributed a total of 14.060 billion yuan in dividends since its A-share listing, with 10.406 billion yuan distributed over the past three years [8] - The main shareholders include Hong Kong Central Clearing Limited, which holds 249 million shares, a decrease of 52.6071 million shares from the previous period [8][9]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 無錫藥明康德新藥開發股份有限公司 呈交日期: 2025年12月2日 備註： 第 1 頁 共 11 頁 v 1.1.1 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02359 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 510,476,909 | RMB | | 1 | RMB | | 510,476,909 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 510,476,909 | RMB | | 1 | RMB | ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 無錫藥明康德新藥開發股份有限公司 呈交日期: 2025年12月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02359 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 510,476,909 | RMB | | 1 | RMB | | 510,476,909 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 510,476,909 | RMB | | 1 | RMB | | 510,476,909 | | 2. 股份分 ...

Core Viewpoint - WuXi AppTec remains a focus in the capital market despite recent shareholder reductions and asset optimization initiatives, indicating that the company's long-term value foundation is solid and investor confidence in its future development remains intact [1] Group 1: Shareholder Actions and Market Response - On October 29, WuXi AppTec announced that 17 shareholders plan to reduce their holdings by no more than 2% of the total A-share capital due to personal funding needs, which is a manageable proportion [1] - By November 26, the company disclosed that from November 20 to 25, shareholders collectively reduced their holdings by 11.8279 million shares, accounting for 0.3963% of the total capital, while the stock price increased by 1.19% during this period, closing at 94.31 yuan on November 25 [1] - The company’s reduction plan complies with regulatory requirements, ensuring a transparent and orderly process, and includes a six-month lock-up period for buyers in block trades to mitigate rapid sell-off risks [1] Group 2: Financial Performance and Shareholder Returns - Since its dual listing in 2018, WuXi AppTec has demonstrated exceptional growth, with a cumulative return of 12.3 times for investors holding shares since the IPO until September 2025 [2] - The company has implemented a shareholder return plan of approximately 7 billion yuan in 2025, representing 72% of the net profit for 2024, with total shareholder returns exceeding 20 billion yuan over the past seven years, accounting for over 40% of net profits during the same period [2] - As cash flow improves, the company is expected to enhance shareholder returns further, providing solid value support for long-term investors [2] Group 3: Strategic Focus and Market Expansion - WuXi AppTec is actively optimizing its asset structure by selling its clinical business to focus on its core high-growth CRDMO business, which is expected to enhance operational efficiency and overall competitiveness [2] - The company is strategically positioning itself in the Saudi market, which is experiencing significant growth in healthcare and life sciences, leveraging its integrated CRDMO platform for future growth opportunities [3] - The company is accelerating its global layout for the CRDMO core business, with significant capacity expansions in China, the U.S., Switzerland, and Singapore, achieving a total volume of over 100,000L for peptide solid-phase synthesis reactors ahead of schedule [3] Group 4: Long-term Outlook and Industry Position - WuXi AppTec demonstrates strong adaptability and sustained profitability in a complex macro environment, with steady revenue growth and an expanding global service network [4] - The long-term development prospects for WuXi AppTec are solid, supported by the continuous growth in global drug research and development demand, and the enduring positive outlook for the CXO industry [4] - The company's unique integrated CRDMO model, diverse customer base, and proactive positioning in emerging technologies and therapies provide a robust foundation for long-term growth [4]

Core Viewpoint - The investment philosophy of Duan Yongping emphasizes understanding the intrinsic value of a company beyond market fluctuations, as illustrated by the recent share reduction news from WuXi AppTec [1] Group 1: Shareholder Actions - On October 29, WuXi AppTec announced a plan for its actual controller to reduce shares by up to 2% of the total share capital through centralized bidding and/or block trading [1] - The market reacted strongly to the news, despite the reduction being relatively small and regulated, indicating a growing desensitization among investors regarding the negative perception of share reductions [1] Group 2: Company Performance - Since October 30, WuXi AppTec's stock has outperformed the market, even increasing by 1.19% during the share reduction period from November 20 to 25 [2] - WuXi AppTec has established a unique business model since its founding in 2000, focusing on assisting pharmaceutical companies in lowering development barriers and accelerating new drug launches [2] Group 3: Financial Metrics - Investors who held WuXi AppTec shares since its IPO have seen a return of 12.3 times by September this year, supported by a solid business model [3] - As of the first half of this year, WuXi AppTec's ongoing business orders have achieved a compound growth rate of 38% since 2018, nearing 60 billion [3] - By the third quarter of 2025, WuXi AppTec's revenue is projected to exceed 32.857 billion, with a year-on-year growth of 18.61% and an increase in net profit margin from 26.5% to 32.1% [3] Group 4: Shareholder Returns - WuXi AppTec's expected earnings per share in 2025 will be seven times that of its IPO, with a total of 20 billion allocated for cash dividends and share buybacks over the past seven years [4] - The company has implemented a nearly 7 billion shareholder return plan for 2025, which represents 72% of the net profit for 2024 [4] - For the first three quarters of 2025, WuXi AppTec's net profit attributable to shareholders reached 12.076 billion, reflecting an 84.84% year-on-year increase [4] Group 5: Long-term Belief - Achieving a 12-fold return over seven years requires a strong belief in the long-term value of the company and the power of belief itself [5]

Core Viewpoint - Nomura's report indicates that WuXi AppTec's strong R&D capabilities enable it to seize market opportunities, reaffirming a "Buy" rating and raising the target price from HKD 130.63 to HKD 132.8 [1] Group 1: Company Performance - As of the end of fiscal year 2025 (September), the company has undertaken a total of 3,430 projects, which is approximately three times the number in 2021 [1] - The breakdown of projects includes 2,889 in preclinical, 374 in Phase I, 87 in Phase II, 80 in Phase III, and commercial stages [1] - The total order backlog reached CNY 59.88 billion, with new orders signed in the third quarter increasing by 32% year-on-year to CNY 15.3 billion [1]

Core Viewpoint - The Hong Kong innovative drug concept stocks experienced a decline, with notable drops in several key companies [1] Company Performance - WuXi AppTec saw a decline of over 3% [1] - Innovent Biologics and Hansoh Pharmaceutical both dropped by more than 2% [1] - China National Pharmaceutical Group and CSPC Pharmaceutical Group fell by over 1% [1]

Core Viewpoint - WuXi AppTec (603259.SH) announced a significant change in shareholder equity, with a reduction of 11,827,898 shares, representing 0.40% of the total share capital as of the announcement date [1] Group 1: Shareholder Changes - The company received a notification regarding the reduction of shares held by certain shareholders from 547,539,294 shares to 535,711,396 shares, decreasing their ownership percentage from 18.35% to 17.95% [1][2] - The reduction in shareholding occurred between November 20, 2025, and November 25, 2025, with a weighted average price of 93.571 yuan per share during this period [2] - The total amount of shares sold by the shareholders amounted to approximately 1.107 billion yuan [2]

Core Viewpoint - The data indicates significant outflows of capital from various stocks, highlighting potential concerns regarding investor sentiment and market stability [1] Group 1: Major Stocks with Capital Outflows - WuXi AppTec experienced a capital outflow of 367 million yuan [1] - Huadian Technology saw an outflow of 298 million yuan [1] - Lezhi Group had a capital outflow of 254 million yuan [1] - Inspur Information faced an outflow of 248 million yuan [1] - Yongding Holdings recorded an outflow of 245 million yuan [1] - Tianhua New Energy experienced a capital outflow of 211 million yuan [1] - Changxin Bochuang had an outflow of 198 million yuan [1] - Hainan Ruize saw an outflow of 197 million yuan [1] - Sanjiang Shopping recorded a capital outflow of 185 million yuan [1] - Yaowang Technology faced an outflow of 183 million yuan [1] - Tianji Holdings had a capital outflow of 182 million yuan [1] - CATL experienced an outflow of 159 million yuan [1] - BlueFocus Communication Group saw an outflow of 152 million yuan [1] - Industrial and Commercial Bank of China recorded a capital outflow of 151 million yuan [1] - China Film faced an outflow of 148 million yuan [1] - Vanke A experienced a capital outflow of 147 million yuan [1] - Guofeng New Materials saw an outflow of 142 million yuan [1] - Shiji Information recorded a capital outflow of 142 million yuan [1] - Meilixin faced an outflow of 135 million yuan [1] - Zhongwen Online experienced a capital outflow of 134 million yuan [1]

格隆汇11月27日丨根据联交所最新权益披露资料显示，2025年11月21日，药明康德(02359.HK)获JPMorgan Chase & Co.以每股均价102.4881港元增持好仓 73.65万股，涉资约7548.34万港元。 增持后，JPMorgan Chase & Co.最新持好仓数目为25,720,236股，持好仓比例由4.89%上升至5.03%。 | 股份代號: | 02359 | | --- | --- | | 上市法國名稱: | 無錫藥明康德新藥開發股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 27/10/2025 - 27/11/2025 | | 麦格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股 每股的平均價 | | | | 持有權益的股份數目 | 佔已發行的 有關事 | | --- | --- | --- | --- | --- | --- | --- | | | 份數目 | 原因 | | | | (請參閱上述 * 註解) 有投票權股 (日 / 月 | | | | | | | | 份自分比 | | | | | | | | 96 1 | ...