Financial Performance - Revenue from Continuing Operations increased by 22.5% YoY, reaching RMB 32.86 billion[13,14] - Adjusted Non-IFRS Net Profit increased by 43.4% YoY, reaching RMB 10.54 billion[13,14] - Backlog for Continuing Operations increased by 41.2% YoY as of September 30, 2025[15,16] - Q1-Q3 2025 Operating Cash Flow Up 35.0% YoY to 10.87 Billion[46] Segment Performance - WuXi Chemistry Q1-Q3 revenue up 29.3% YoY to RMB 25.98 billion[25] - WuXi Chemistry Q1-Q3 adjusted non-IFRS GPM steadily improved 5.8pts YoY to 51.3%[25] - TIDES revenue grew 121.1% YoY to RMB 7.84 billion[22,25] - WuXi Biology Q1-Q3 revenue up 6.6% YoY to RMB 1.95 billion[34,35] Company Outlook - Continuing Operations revenue expects to resume double-digit growth in 2025, with its YoY growth rate raised to 17-18%, targeting full-year total revenue of RMB43.5-44.0 billion[52] - Capex for 2025 is expected to reach RMB5.5-6.0 billion[52]

外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减少占 比达1.77%。本期较上一季度新披露的外资机构有 1 家 ，即G&C VII Limited。 2025年10月27日，药明康德(603259.SH)发布2025年第三季报。截至2025年10月26日，共有55个机构投 资者披露持有药明康德A股股份，合计持股量达8.52亿股，占药明康德总股本的28.73%。其中，前十大 机构投资者包括香港中央结算有限公司、G&C VI Limited、G&C IV Hong Kong Limited、北京中民银孚 投资管理有限公司-嘉兴宇祥投资合伙企业(有限合伙)、G&C V Limited、中国工商银行-上证50交易型开 放式指数证券投资基金、中国工商银行股份有限公司-华泰柏瑞沪深300交易型开放式指数证券投资基 金、G&C VII Limited、上海厚燊投资中心(有限合伙)、创新药，前十大机构投资者合计持股比例达 28.17%。相较于上一季度，前十大机构持股比例合计下跌了4.23个百分点。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 公募基金方面，本期 ...

【财经日历】 09:30 中国9月规模以上工业企业利润年率 美国股市上周五显著上扬，道琼斯工业平均指数上涨472.51点，收于47207.12点，涨幅1.01%；标普500指数上涨0.79%，收于6791.69点；纳斯达克指数上涨 1.15%，收于23204.87点，三大指数均创下收盘历史新高。 科技七巨头多数收高，谷歌A上涨2.70%，英伟达上涨2.25%，亚马逊上涨1.41%，苹果上涨1.25%，微软与Meta Platforms均上涨0.59%；特斯拉逆势下跌 3.40%。 科技成长充分蓄势后，中长期仍将维持上行格局。 中概股整体走高，纳斯达克中国金龙指数上涨0.27%，周累计涨幅达2.4%。 国际油价小幅回落，WTI原油收于每桶61.50美元，跌幅0.47%；布伦特原油收于65.20美元，跌幅0.14%。 COMEX黄金期货微跌0.19%，报4137.8美元/盎司。 ►►据新华社，当地时间10月25日至26日，中美经贸中方牵头人、国务院副总理何立峰与美方牵头人、美国财政部长贝森特和贸易代表格里尔在马来西亚吉 隆坡举行中美经贸磋商。双方以今年以来两国元首历次通话重要共识为引领，围绕美对华海事物流和造船业 ...

Group 1 - Shuyou Shen plans to raise no more than 1.253 billion yuan through a private placement to support innovative drug research and supplement working capital [1] - The issuance will involve no more than 143 million shares, with the price set at no less than 80% of the average trading price over the previous 20 trading days [1] Group 2 - WuXi AppTec reported a 84.84% year-on-year increase in net profit for the first three quarters, reaching 12.076 billion yuan, driven by a focus on CRDMO business and gains from selling shares in WuXi XDC Cayman Inc. [2] - The company achieved a revenue of 32.857 billion yuan, marking an 18.61% year-on-year growth [2] Group 3 - Wanfu Bio's net profit for the first three quarters decreased by nearly 70%, with a revenue of 1.69 billion yuan, down 22.52% year-on-year [3] - The third quarter revenue was 445 million yuan, a decline of 26.66% [3] Group 4 - Jincheng Pharmaceutical reported a 79.1% year-on-year decrease in net profit for the first three quarters, totaling 31.58 million yuan, with a revenue of 1.932 billion yuan, down 23.19% [4] - The third quarter revenue was 572 million yuan, a decline of 24.44% [4] Group 5 - WuXi AppTec plans to transfer 100% equity of two subsidiaries for a base price of 2.8 billion yuan, aiming to reinvest the funds into core business areas [5] - The sale of non-core assets is expected to enhance the company's competitiveness and potentially provide a short-term boost to stock prices [5]

Group 1 - The core point of the article is the performance and changes in the top holdings of the Yinhua CSI Innovation Drug Industry ETF, which reported a net value growth rate of 24.54% over the past year [1] - The fund has added new top holdings including Kanglong Chemical and Baile Tianheng, while increasing its stake in WuXi AppTec by 64.87 million shares, making it the largest holding [1] - The fund has exited from its previous top holdings, including Tigermed and Tonghua Golden Horse [1] Group 2 - The detailed data shows the number of shares held and market value for each of the top holdings, with WuXi AppTec holding 15.52 million shares valued at 1.74 billion and Kanglong Chemical holding 8.56 million shares valued at 306 million [1] - Other significant holdings include Hengrui Medicine, Changchun High-tech, and Kelun Pharmaceutical, with respective increases in shareholding [1] - The report indicates a strategic shift in the fund's portfolio, reflecting a focus on companies with strong growth potential in the pharmaceutical sector [1]

Core Viewpoint - The company, WuXi AppTec, reported strong financial performance for the first three quarters of 2025, with significant growth in various business segments, particularly in the CRDMO (Contract Research, Development, and Manufacturing) model, and announced a strategic asset sale to focus on core operations [1][26][29]. Financial Performance - As of September 30, 2025, the company had a backlog of orders amounting to RMB 59.88 billion, representing a year-on-year increase of 41.2% [5]. - The total revenue for the first three quarters of 2025 reached RMB 32.45 billion, with a year-on-year growth of 18.6% [5]. - Revenue from continuous operations grew by 22.5%, with chemical business revenue at RMB 25.98 billion, up 29.3% year-on-year [5][6]. Business Segments - The small molecule drug discovery segment delivered over 430,000 new compounds in the past year, with 250 molecules transitioning from research to development in the first three quarters of 2025 [6]. - The small molecule development and manufacturing (D&M) segment reported revenue of RMB 14.24 billion, a 14.1% increase year-on-year, with a total of 3,430 molecules in the pipeline [6]. - The TIDES (oligonucleotide and peptide) business saw revenue of RMB 7.84 billion, a remarkable growth of 121.1% year-on-year, with a 17.1% increase in backlog orders [7]. Strategic Decisions - The company announced the sale of 100% equity in two subsidiaries for a base price of RMB 2.8 billion to streamline operations and focus on its CRDMO business model [26][29]. - The board of directors approved the asset sale on October 24, 2025, with a unanimous vote, indicating strong internal support for the strategic shift [22][30]. Market Position - WuXi AppTec maintains a strong reputation in the global pharmaceutical R&D industry, adhering to the highest international quality standards and continuously optimizing its integrated CRDMO service model [2][3]. - The company has established a robust client base across various regions, including the US, Europe, and China, with significant revenue contributions from these markets [5].

Core Insights - WuXi AppTec reported a significant increase in performance, with a 18.61% year-on-year growth in revenue for the first three quarters of 2025, reaching 32.857 billion yuan, and a net profit of 12.076 billion yuan, marking an 84.84% increase year-on-year [2][3] Revenue Breakdown - The company achieved a total revenue of 32.857 billion yuan in the first three quarters of 2025, with the following contributions: - Chemical business revenue: 25.98 billion yuan, up 29.3% year-on-year - Small molecule D&M business revenue: 14.24 billion yuan, up 14.1% year-on-year - Testing business revenue: 4.17 billion yuan - Laboratory analysis and testing revenue: 2.96 billion yuan, up 2.7% year-on-year - Biological business revenue: 1.95 billion yuan, up 6.6% year-on-year [2] Client Revenue Distribution - Revenue from different regions for the first three quarters of 2025: - Revenue from U.S. clients: 22.15 billion yuan, up 31.9% year-on-year - Revenue from European clients: 3.84 billion yuan, up 13.5% year-on-year - Revenue from Chinese clients: 5.04 billion yuan, up 0.5% year-on-year - Revenue from other regions: 1.42 billion yuan, up 9.2% year-on-year [2] Business Strategy and Outlook - The growth in performance is attributed to the company's focus on the CRDMO business model, improved production efficiency, and increased capacity utilization from large-scale projects. The company expects a return to double-digit growth in continuous operations revenue, raising the growth forecast from 13%-17% to 17%-18% [3] - The overall revenue forecast for the year has been adjusted from 42.5 billion - 43.5 billion yuan to 43.5 billion - 44 billion yuan [3] Equity Transfer - The company announced a plan to transfer 100% equity of two subsidiaries for a base price of 2.8 billion yuan to Shanghai Shihe Rong Enterprise Management Consulting Co., Ltd. and Shanghai Shihe Mu Enterprise Management Consulting Co., Ltd. [3] - The acquiring parties are newly established companies under Hillhouse Capital, which have good financial status and creditworthiness [4]

Core Insights - WuXi AppTec reported strong financial performance for the first three quarters of 2025, with revenue reaching 32.857 billion yuan, a year-on-year increase of 18.61% [1] - The company’s net profit attributable to shareholders was 9.522 billion yuan, reflecting a significant growth of 42.51% year-on-year [1] - The company’s cash flow from operations for the first three quarters was 10.87 billion yuan, up 35% compared to the previous year [1] Business Segment Performance - Revenue from the chemical business segment was 25.978 billion yuan, showing a robust year-on-year growth of 29.28%, making it the fastest-growing segment [1] - The testing business generated 4.169 billion yuan, while the biological business and other segments contributed 1.947 billion yuan and 0.352 billion yuan, respectively [1] Order Backlog and Future Guidance - As of September 30, 2025, the company’s order backlog reached 59.9 billion yuan, marking a 41.2% increase year-on-year [1] - The company has raised its revenue growth forecast for 2025 from 13%-17% to 17%-18%, with total revenue expectations adjusted from 42.5 billion to 44 billion yuan [1][2] - Free cash flow guidance for the year has been increased from 5-6 billion yuan to 8-8.5 billion yuan [1] Strategic Focus - WuXi AppTec announced the sale of its 100% stake in the Chinese clinical service research business for a base price of 2.8 billion yuan, allowing the company to concentrate on its CRDMO business model [2] - The CEO emphasized that the company will focus on drug discovery, laboratory testing, and process development and production services, enhancing its global capabilities and capacity [3]

Core Viewpoint - WuXi AppTec (02359.HK) announced a sale agreement where its wholly-owned subsidiary, Shanghai WuXi AppTec New Drug Development Co., Ltd., will sell its shares in Shanghai Kande Hongyi Medical Clinical Research Co., Ltd. and Shanghai WuXi Jinshi Pharmaceutical Technology Co., Ltd. to Hillhouse Capital for cash consideration [1] Group 1: Company Overview - WuXi AppTec's market capitalization is HKD 54.264 billion, ranking 3rd in the medical services sector [1] - The company has a Return on Equity (ROE) of 22.67%, significantly higher than the industry average of 0.02% [1] - WuXi AppTec's operating revenue stands at HKD 42.8 billion, placing it 2nd in the industry [1] Group 2: Financial Metrics - The company's net profit margin is 40.31%, compared to an industry average of -843.36% [1] - WuXi AppTec's gross profit margin is 43.81%, slightly above the industry average of 39.76% [1] - The company's debt ratio is 27.93%, which is lower than the industry average of 74.15% [1] Group 3: Analyst Ratings - The majority of investment banks have a "Buy" rating for WuXi AppTec, with one bank issuing a buy rating in the last 90 days [1] - The target price set by Zhongtai International for WuXi AppTec is HKD 121 [1]

Core Viewpoint - WuXi AppTec plans to sell assets worth 2.8 billion yuan to Hillhouse Capital, which is expected to significantly boost the company's net profit for the year 2025 [2][12]. Group 1: Transaction Details - WuXi AppTec's wholly-owned subsidiary, Shanghai WuXi AppTec New Drug Development Co., Ltd., will transfer 100% equity of Shanghai Kande Hongyi Medical Clinical Research Co., Ltd. and Shanghai WuXi Jinshi Pharmaceutical Technology Co., Ltd. to companies established by Hillhouse Capital [6][9]. - The transaction is structured as a complete deal, with both receiving parties being newly established companies under Hillhouse Capital's private equity fund [9]. - The base transfer price for the equity is set at 2.8 billion yuan, with adjustments based on the financial conditions of the companies involved and their performance from 2026 to 2028 [9][10]. Group 2: Financial Performance - For the first three quarters of 2025, WuXi AppTec reported a net profit attributable to shareholders of 12.076 billion yuan, representing an 84.84% year-on-year increase [16][19]. - The company’s revenue growth is attributed to a focus on the CRDMO (Contract Research, Development, and Manufacturing Organization) business model and the sale of part of its stake in WuXi XDC Cayman Inc. [19]. - The total assets of Kande Hongyi and Jinshi Pharmaceutical as of September 2025 were 257 million yuan and 1.456 billion yuan, respectively, with net profits of -42.47 million yuan and 316.27 million yuan for the same period [10][11]. Group 3: Strategic Focus - The company aims to enhance its global capabilities and capacity deployment through this transaction, focusing on drug discovery, laboratory testing, and process development and manufacturing services [12][15].