智通财经APP获悉，香港联交所最新数据显示，11月21日，摩根大通增持药明康德(02359)73.6509万 股，每股作价102.4881港元，总金额约为7548.34万港元。增持后最新持股数目约为2572.02万股，持股 比例为5.03%。 ...

智通财经APP获悉，香港联交所最新数据显示，11月21日，摩根大通增持药明康德(02359)73.6509万 股，每股作价102.4881港元，总金额约为7548.34万港元。增持后最新持股数目约为2572.02万股，持股 比例为5.03%。 ...

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11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 2025-072 关于股东权益变动触及 1%刻度的提示性公告 相关股东保证向公司提供的信息真实、准确、完整，没有虚假记载、误导性陈 ...

Group 1 - JPMorgan's long position in Wuxi AppTec's H-shares increased from 4.89% to 5.03% on November 21, 2025 [1]

证券代码：603259 证券简称：药明康德 公告编号：临 2025-072 关于股东权益变动触及 1%刻度的提示性公告 相关股东保证向公司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或 重大遗漏。 公司董事会及全体董事保证公告内容与相关股东提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少√ | | --- | --- | --- | --- | | 权益变动前合计比例 | 18.46% | | | | 权益变动后合计比例 | 17.95% | | | | 本次变动是否违反已作出的承 诺、意向、计划 | 是□ | 否√ | | | 是否触发强制要约收购义务 | 是□ | 否√ | | 一、 信息披露义务人及其一致行动人的基本信息 1、身份类别 投资者及其一致行动人的身份 √控股股东/实际控制人及其一致行动人 □其他 5%以上大股东及其一致行动人 □合并口径第一大股东及其一致行动人（仅适用 于无控股股东、实际控制人） □其他______________（请注明） 2、信息披露义务人信息 | 信息披露义务人名称 | | | | | 投资者身份 | | 统一社会信用代码 | ...

Core Viewpoint - WuXi AppTec's financial performance in the first three quarters of 2025 shows significant growth in net profit, largely driven by non-recurring gains, raising concerns about the sustainability of its profit structure [2][4][5]. Financial Performance - The company reported a revenue of 32.857 billion yuan, an 18.61% year-on-year increase, and a net profit of 12.076 billion yuan, which surged by 84.84% [2]. - Non-recurring gains contributed 2.553 billion yuan, primarily from the sale of shares in WuXi XDC Cayman Inc., with a total gain of 3.223 billion yuan [4]. - After excluding non-recurring gains, the net profit attributable to shareholders was 9.522 billion yuan, reflecting a lower growth rate of 42.51% compared to the overall net profit growth [4][5]. Revenue Structure - Revenue from domestic clients grew only 0.5% to 5.04 billion yuan, indicating stagnation, while revenue from U.S. clients increased by 31.9% to 22.15 billion yuan, and European revenue rose by 13.5% to 3.84 billion yuan [7]. - The company is heavily reliant on overseas clients, which poses risks due to geopolitical and trade policy uncertainties [7]. Business Segments - The chemical and TIDES segments showed strong growth, with increases of 29.28% and 121.1%, respectively, while testing services experienced a slight decline of 0.04% [8]. - Other business segments saw a decline of 10.47%, indicating weaknesses in certain areas [8]. Research and Development - R&D expenditures decreased to 826 million yuan, down 13.46% year-on-year, suggesting a reduction in investment in core business development [8]. Financial Pressure - Financial costs rose significantly, with expenses reaching 191 million yuan compared to a net gain of 62 million yuan in the previous year, and interest expenses increased to 227 million yuan [9]. - Short-term borrowings surged to 5.282 billion yuan, a 324.9% increase from the end of 2024 [9]. Order Backlog - The company reported a backlog of 59.88 billion yuan in ongoing business, a 41.2% increase year-on-year, but the order structure requires optimization [10]. - The addition of 621 new projects in the small molecule D&M pipeline indicates growth, but the conversion efficiency for later-stage projects remains low [10]. Future Outlook - The company faces challenges in reducing reliance on non-recurring gains and expanding its domestic market presence to mitigate geopolitical and financial pressures [11].

Core Viewpoint - Morgan Stanley's research report indicates that WuXi AppTec's valuation levels are becoming more attractive amid a stable fundamental backdrop, with a particular focus on WuXi AppTec as a preferred stock due to its robust performance and growth potential [1] Group 1: Company Performance - WuXi AppTec has raised its earnings guidance and is undergoing significant capacity expansion, particularly in the next-generation GLP-1 sector [1] - The earnings forecasts for WuXi AppTec for the years 2025 to 2027 have been increased by 3% to 4% [1] - WuXi Biologics' earnings estimates for 2025 to 2027 have been raised by 6% to 13% [1] - WuXi AppTec's subsidiary, WuXi STA, has seen its earnings projections adjusted upward by 7% to 8% [1] Group 2: Growth Projections - The compound annual growth rates (CAGR) for the three companies from 2024 to 2027 are projected to be 24%, 23%, and 37% respectively [1]

Group 1 - Morgan Stanley's research report indicates that WuXi AppTec's valuation levels are attractive amid a stable fundamental backdrop, with a particular focus on WuXi Biologics [1] - The report highlights that WuXi Biologics has raised its earnings guidance and is undergoing significant capacity expansion, with high participation in the next-generation GLP-1 sector [1] - The firm has upgraded earnings forecasts for WuXi Biologics for 2025 to 2027 by 6% to 13%, and for WuXi AppTec by 3% to 4%, designating WuXi AppTec as a top pick [1] Group 2 - The compound annual growth rates for the three companies from 2024 to 2027 are projected at 24%, 23%, and 37% respectively [1] - Other major banks, including Oriental Securities and Goldman Sachs, have also maintained positive ratings on WuXi AppTec and WuXi Biologics, citing strong performance and robust customer demand [2] - Goldman Sachs set a target price of HKD 63.3 for WuXi AppTec, reflecting confidence in the company's order momentum and customer demand [2]

该行提到，药明康德(603259.SH)A股为投资者带来理想的买入机会，上调公司2025至27年盈测3至4%， 并列为首选股;将药明生物(02269)2025至27年盈测调升6至13%;升药明合联(02268)盈测7至8%。综合而 言，三间公司2024至27年的盈利复合年增长率分别为24%、23%及37%。 智通财经APP获悉，摩根士丹利发布研报称，中国医疗保健股自9月中旬起被持续抛售，投资者正在获 利了结，并等待明年业绩发展的讯号。该行指出，当中药明系在基本面持续稳健的背景下，估值水平更 具吸引力。大摩最看好药明康德(02359)，因此该公司不仅上调业绩指引，更进行大规模产能扩张，且 在下一代GLP-1领域参与度高。 ...

Core Viewpoint - WuXi AppTec's stock price has shown significant growth this year, with a year-to-date increase of 75.56%, despite recent fluctuations in the short term [1][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% [2]. - The net profit attributable to shareholders for the same period was 12.076 billion yuan, marking an impressive year-on-year increase of 84.84% [2]. Stock Market Activity - As of November 24, WuXi AppTec's stock price was 93.68 yuan per share, with a trading volume of 1.071 billion yuan and a turnover rate of 0.47% [1]. - The company experienced a net inflow of main funds amounting to 46.0942 million yuan, with significant buying and selling activities from large orders [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 274,100, reflecting a growth of 16.39% [2]. - The average number of circulating shares per shareholder remained stable at 9,024 shares [2]. Dividend Distribution - WuXi AppTec has distributed a total of 14.06 billion yuan in dividends since its A-share listing, with 10.406 billion yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the second-largest circulating shareholder, holding 249 million shares, a decrease of 52.6071 million shares from the previous period [3]. - Other notable institutional shareholders, such as Huaxia SSE 50 ETF and Huatai-PB CSI 300 ETF, also reported reductions in their holdings [3].