與本代表委任表格有關 的股份數目 （附註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） 為 無 錫 藥 明 康 德 新 藥 開 發 股 份 有 限 公 司（「本公司」）已 發 行 股 本 中 之H股（「H股」）的 登 記 持 有 人，茲 委 任 大 會 主 席 （附 註 3） 或 ， 地址為 於2026年4月28日（星期二）舉行之2025年年度股東會代表委任表格 本人╱吾等 （附註2） 地址為 ， （附註5） 附註： 股東應以每個議案組的選舉票數為限進行投票。股東根據自己的意願進行投票，既可以把選舉票數集中投予某一候選人，也可以按照任意組合 投予不同的候選人。第6項及第7項決議案的票數分開計算。 閣下所擁有選出執行及非執行董事的票數僅能用於執行及非執行董事候選人，而不 代表本人╱吾等出席本公司謹訂於2026年4月28日（星期二）下午二時正假座中國上海市自由貿易試驗區基隆路28號上海外高橋 喜來登酒店舉行的2025年年度股東會（「2025年年度股東會」）（及其任何續會），並依照下列指示就2026年3月25 ...

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通告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並表明概不對因本通告全部或任何部分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） 2025年年度股東會通告 茲通告無錫藥明康德新藥開發股份有限公司（「本公司」）謹定於2026年4月28日（星 期二）下午二時正假座中國上海市自由貿易試驗區基隆路28號上海外高橋喜來登酒店舉 行年度股東會（「2025年年度股東會」），以考慮及酌情批准下列決議案。於本通告內，除 文義另有所指外，本通告所用詞彙與本公司日期為2026年3月25日之通函（「通函」）所界 定者具相同涵義。 普通決議案 – 1 – 1. 考慮及批准2025年度董事會工作報告。 2. 考慮及批准建議2025年利潤分配方案。 3. 考慮及批准建議授權制定中期股息分派方案。 4. 考慮及批准建議向本公司附屬公司提供對外擔保。 5. 考慮及批准建議分別續聘德勤華永會計師事務所（特殊普通合夥）及德勤‧ ...

此通函為重要文件請即處理 閣下對本通函任何方面或應採取的行動如有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券交易商、銀行經理、律 師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有無錫藥明康德新藥開發股份有限公司的股份，應立即將本通函連同隨附的代表委任表格 送交買主或承讓人，或經手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買主或承讓人。 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通函的內容概不負責，對其準確性或完整性亦不發表任何 聲明，並明確表示概不對因本通函全部或任何部分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） (1) 2025年度董事會工作報告； (2) 建議2025年利潤分配方案； (3) 建議授權制定中期股息分派方案； (4) 建議向本公司附屬公司提供對外擔保； (5) 建議續聘2026年度的核數師； (6) 建議重選執行及非執行董事； (7) 建議重選獨立非執行董事； (8) 建議董事薪酬； (9) 建議開展外 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) for both A-shares and H-shares [7]. Core Views - The company reported a revenue of 45.456 billion RMB for 2025, representing a year-over-year increase of 15.84%. The net profit attributable to shareholders was 19.151 billion RMB, up 102.65% year-over-year, and the adjusted non-IFRS net profit was 14.957 billion RMB, reflecting a 41.33% increase [1][5]. - The company expects a revenue growth guidance of 18-22% for its continuing operations in 2026, supported by a strong order backlog [2][3]. - The TIDES business segment is projected to maintain high growth, with a revenue increase of 96.0% year-over-year in 2025, contributing significantly to the overall revenue growth [3][4]. Summary by Sections Financial Performance - In Q4 2025, the company achieved a revenue of 12.599 billion RMB, a 9.19% increase year-over-year, and a net profit of 7.075 billion RMB, up 142.52% year-over-year [1]. - The gross margin for 2025 improved by 6.2 percentage points year-over-year, driven by a higher proportion of high-margin revenue [1]. Business Segments - WuXi Chemistry's revenue for 2025 was 36.47 billion RMB, with an adjusted non-IFRS gross margin of 52.3%, indicating a strong performance in the small molecule CDMO and TIDES segments [3]. - The WuXi Testing and WuXi Biology segments are expected to stabilize, with projected revenue growth rates of around 10% and high single-digit growth, respectively, in 2026 [4]. Profitability and Valuation - The company’s projected net profits for 2026-2028 are 16.887 billion RMB, 20.065 billion RMB, and 23.517 billion RMB, respectively, with corresponding EPS estimates of 5.66 RMB, 6.72 RMB, and 7.88 RMB [5][11]. - The company is valued at 334.81 billion RMB for A-shares and 381.70 billion HKD for H-shares, with target prices set at 112.21 RMB and 127.93 HKD, respectively [5][12].

Investment Rating - The report maintains a positive outlook on WuXi AppTec, indicating a strong growth trajectory and a valuation reset [4]. Core Insights - WuXi AppTec's Q4 2025 performance aligns with earnings forecasts, with total revenue growth projected at 13-17% and sustainable business revenue growth at 18-22% for 2026, despite geopolitical uncertainties [4]. - The company has shown robust order momentum, with new orders in Q4 2025 increasing by 29% year-over-year, and TIDES orders accelerating from 17% to 20% growth [4][5]. - The recent stock price pullback is viewed as an opportunity for investment, as the increasing share of CMO (Contract Manufacturing Organization) business reduces sensitivity to interest rate changes and biotech financing [5]. Summary by Sections Company Overview - WuXi AppTec operates globally across Asia, Europe, and North America, providing comprehensive R&D and manufacturing services to advance the pharmaceutical and healthcare industries [10]. - The company covers the entire R&D 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 diagnostics 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]. Growth Drivers - The overall order growth rate of 29% in Q4 2025 surpasses the TIDES order growth rate of 20%, suggesting a more balanced growth driver for 2026-27 [7]. - The number of CMO projects is expected to increase from 72 in Q4 2024 to 83 in Q4 2025, maintaining global competitiveness despite local supply chain trends [6]. Catalysts - Recent stock price fluctuations have enhanced valuation attractiveness, creating favorable investment opportunities [8].

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh. ...

Group 1 - The Hong Kong pharmaceutical market saw a significant rebound, with the Hong Kong Stock Connect Innovation Drug ETF (159570) rising nearly 3% and achieving a trading volume exceeding 900 million yuan, reflecting strong capital inflow [1] - The ETF's latest scale has surpassed 21.4 billion yuan, leading its peers in the same category [1] - The "20CM Innovation Drug New Species" ETF from Huatai-PineBridge (589120) surged by 4%, with strong capital inflow for two consecutive days [1] Group 2 - Rongchang Biopharmaceutical announced the approval of its antibody-drug conjugate (ADC) Vidi Xituzumab (brand name: Aidiqi®) for a new indication, making it the first domestic ADC therapy approved for treating adult breast cancer patients with low HER2 expression and liver metastasis [3] - Gilead Sciences agreed to acquire Ouro Medicines, which holds approximately 15% equity in Ouro, marking a strategic move in the biopharmaceutical sector [3] Group 3 - WuXi AppTec reported a record high in 2025, achieving revenue of 45.456 billion yuan, a year-on-year increase of 15.8%, and a net profit of 19.195 billion yuan, up 105.2% year-on-year [4] Group 4 - The Hong Kong Stock Connect Innovation Drug ETF (159570) saw most of its underlying index stocks perform positively, with notable gains from companies like Connaissance-B, which rose over 4%, and others like Innovent Biologics and Rongchang Biopharmaceutical, which increased by over 2% [5] Group 5 - The AACR 2026 conference will take place in San Diego, featuring numerous innovative pharmaceutical companies discussing breakthroughs from basic research to clinical translation [6] - Key presentations will include Merck's disclosure of clinical data for MK-2010 and updates from various companies on their clinical trials and research advancements [6][7][8][9] Group 6 - The innovation drug sector is experiencing a surge in funding, with approximately 700 billion yuan raised for research and development from January 1, 2024, to March 21, 2026, across Hong Kong and A-share markets [10] - The BD income and post-listing fundraising are providing substantial financial support for innovative drug companies [10][15] Group 7 - Despite short-term volatility in the innovation drug sector, the long-term growth potential remains intact, with a focus on overseas clinical deployment and product progress becoming critical for future success [16][17] - Leading innovative drug companies are entering a positive cycle of product commercialization, which is expected to exceed market expectations [18]

Financial Data and Key Metrics Changes - In 2025, WuXi AppTec achieved total revenue of RMB 45.46 billion, with revenue from continuing operations growing 21.4% year-over-year to RMB 43.42 billion [6] - Adjusted non-IFRS net profit grew 41.3% year-over-year to RMB 14.96 billion, with a non-IFRS net profit margin improving 5.9 percentage points to 32.9% [6][21] - The adjusted non-IFRS gross profit reached RMB 21.89 billion, with a gross profit margin expanding to 48.2%, up 6.6 percentage points year-over-year [20] Business Line Data and Key Metrics Changes - WuXi Chemistry revenue grew 25.5% year-over-year to RMB 36.47 billion, with an adjusted non-IFRS gross profit margin of 52.3% [11] - Small molecule D&M business revenue increased 11.4% year-over-year to RMB 19.92 billion [12] - TIDES revenue nearly doubled, growing 96% year-over-year to RMB 11.37 billion [15] Market Data and Key Metrics Changes - Revenue from the U.S. market grew 34.3% year-over-year, while Japan, Korea, and other regions grew 4.1% [8] - Europe and China experienced declines mainly due to fluctuations in project delivery timing [8] Company Strategy and Development Direction - The company remains focused on enhancing its integrated CRDMO core business and improving operational efficiency to meet customer demand [23] - WuXi AppTec aims to sustain rapid business growth, expecting total revenue to reach RMB 51.3 billion - RMB 53 billion in 2026, with continuing operations revenue growing 18%-22% year-over-year [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic challenges, including currency exchange impacts and geopolitical uncertainties [30][31] - The company is committed to maintaining a stable and resilient adjusted non-IFRS net profit margin in 2026 [24] Other Important Information - WuXi AppTec achieved MSCI AAA and CDP Climate Change A ratings in 2025, reflecting its commitment to sustainability [9] - The board proposed a cash dividend distribution plan totaling a record RMB 5.7 billion in 2026, maintaining a 30% annual cash dividend payout ratio [25] Q&A Session All Questions and Answers Question: How does management think about the impact of currency exchange? - Management acknowledged the FX movement and expressed confidence in their execution capabilities despite macroeconomic volatility [30] Question: How would you think about the impact of geopolitics and oil prices on your margins going forward? - Management noted that while there are potential risks to raw material costs, they have not seen direct impacts on operations and will monitor the situation closely [31] Question: What would be the next key modalities that could potentially be the new focus? - Management indicated that while peptide demand is high, they are also seeing growth in oligonucleotides, which could become a significant focus [32] Question: Have you sensed any change in client outsourcing strategy in the past six to 12 months? - Management stated that they are committed to improving capabilities and investing in capacities to meet customer needs, regardless of internal manufacturing trends in the pharmaceutical industry [35] Question: What is WuXi AppTec's positioning in oral small molecule GLP-1 CDMO business? - Management reported double-digit growth in the small molecule sector, with contributions from GLP-1 small molecules [46] Question: How do you see sustainability of TIDES business growth? - Management expressed confidence in sustained growth due to high demand for their largest products and a robust pipeline [54] Question: Can you give us some color on the general timeline that it takes for a new facility to be built? - Management stated that in China, a new facility can become fully operational in less than 12 months [57] Question: How is the current Middle East situation impacting the company's investment view in Saudi Arabia? - Management confirmed that their long-term strategy remains unchanged and they continue to engage with stakeholders in Saudi Arabia [60] Question: What is the company's view on relations between the U.S. and China? - Management expressed confidence that WuXi AppTec will not be included in the 1260H list and emphasized their transparent corporate governance [70]

Financial Data and Key Metrics Changes - In 2025, WuXi AppTec achieved total revenue of RMB 45.46 billion, with revenue from continuing operations growing 21.4% year-over-year to RMB 43.42 billion [6] - Adjusted non-IFRS net profit grew 41.3% year-over-year to RMB 14.96 billion, with a non-IFRS net profit margin improving 5.9 percentage points to 32.9% [6][20] - Adjusted non-IFRS gross profit reached RMB 21.89 billion, with a gross profit margin expanding to 48.2%, up 6.6 percentage points year-over-year [20] Business Line Data and Key Metrics Changes - WuXi Chemistry revenue grew 25.5% year-over-year to RMB 36.47 billion, with an adjusted non-IFRS gross profit margin of 52.3% [11] - Small molecule D&M business revenue increased 11.4% year-over-year to RMB 19.92 billion [12] - TIDES revenue almost doubled to RMB 11.37 billion in 2025, with a backlog growth of 20.2% year-over-year [15] Market Data and Key Metrics Changes - Revenue from the U.S. market grew 34.3% year-over-year, while Japan, Korea, and other regions grew 4.1% [8] - Europe and China experienced declines mainly due to fluctuations in project delivery timing [8] Company Strategy and Development Direction - The company remains focused on enhancing core capabilities and capacity to meet customer demand, with a strong emphasis on the CRDMO business model [7][23] - WuXi AppTec aims to drive operational efficiency and resilience to navigate dynamic market conditions, with a revenue guidance of RMB 51.3 billion to RMB 53 billion for 2026 [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining rapid business growth despite macroeconomic uncertainties, with a continuing operations revenue growth expectation of 18%-22% for 2026 [28][60] - The company is closely monitoring geopolitical situations and their potential impacts on operations and costs, maintaining a mature and diversified procurement network [31][59] Other Important Information - WuXi AppTec achieved MSCI AAA and CDP Climate Change A ratings in 2025, reflecting its commitment to sustainability [9] - The board proposed a cash dividend distribution plan totaling RMB 5.7 billion in 2026, maintaining a 30% annual cash dividend payout ratio [25] Q&A Session Summary Question: Impact of currency exchange on guidance - Management acknowledged the impact of FX movements but expressed confidence in their execution capabilities and the visibility provided by the CRDMO business model [30] Question: Geopolitical impact on margins - Management noted potential risks to upstream raw material costs but emphasized their operational efficiency and procurement strategies to mitigate impacts [31] Question: Pipeline behind TIDES CapEx budget - Management highlighted the ongoing demand for peptides and the growth potential of oligonucleotides, indicating a focus on multiple modalities [32][33] Question: Client outsourcing strategy changes - Management stated that large pharma's internal manufacturing does not change their commitment to improving capabilities and providing services [35] Question: Current utilization rate of small molecule capacity - Management indicated strong demand and ongoing collaborations with leading companies, enhancing their business in the Biology and Testing sectors [37] Question: Impact of FDA's regulatory changes on drug approvals - Management expressed that any regulatory streamlining would benefit patients and potentially increase demand for drug substances [39] Question: Positioning in oral small molecule GLP-1 CDMO business - Management confirmed strong growth in the small molecule sector, particularly in GLP-1 drugs, and anticipated benefiting from high demand [41][46] Question: Revenue breakdown and geographical mix - Management noted strong growth across all regions, with expectations for continued growth in the U.S., China, and Europe [48][52] Question: Sustainability of TIDES business growth - Management expressed confidence in sustained growth driven by a robust pipeline and ongoing demand for their products [54] Question: Timeline for new facility contributions - Management stated that new facilities in China can become operational in less than 12 months [57] Question: Competitive landscape in siRNA CRO space - Management acknowledged the presence of many players but emphasized their focus on quality, speed, and cost as competitive advantages [62][64] Question: Confidence in new orders and booking assumptions - Management expressed confidence in converting backlog into revenue and maintaining strong execution capabilities [66]

Financial Data and Key Metrics Changes - In 2025, WuXi AppTec achieved total revenue of RMB 45.46 billion, with revenue from continuing operations growing 21.4% year-over-year to RMB 43.42 billion [6][20] - Adjusted non-IFRS net profit grew 41.3% year-over-year to RMB 14.96 billion, with a non-IFRS net profit margin improving 5.9 percentage points to 32.9% [6][21] - The adjusted non-IFRS gross profit reached RMB 21.89 billion, with a gross profit margin expanding to 48.2%, up 6.6 percentage points year-over-year [20] Business Line Data and Key Metrics Changes - WuXi Chemistry revenue grew 25.5% year-over-year to RMB 36.47 billion, with an adjusted non-IFRS gross profit margin of 52.3% [10] - Small molecule D&M business revenue increased 11.4% year-over-year to RMB 19.92 billion [11] - TIDES revenue nearly doubled, growing 96% year-over-year to RMB 11.37 billion, with a backlog growth of 20.2% [15] Market Data and Key Metrics Changes - Revenue from the U.S. market grew 34.3% year-over-year, while Japan, Korea, and other regions grew 4.1% [7] - Europe and China experienced declines due to fluctuations in project delivery timing [7] Company Strategy and Development Direction - The company remains focused on its integrated CRDMO core business, aiming to enhance global capabilities and operational efficiency [24] - WuXi AppTec plans to maintain a cash dividend distribution plan totaling RMB 5.7 billion in 2026, with a 30% annual cash dividend payout ratio [26] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining rapid business growth, expecting total revenue to reach RMB 51.3 billion to RMB 53 billion in 2026, with continuing operations revenue growing 18%-22% year-over-year [24] - The company is closely monitoring geopolitical situations and their potential impact on operations, emphasizing a mature and diversified procurement network [32][60] Other Important Information - WuXi AppTec achieved MSCI AAA and CDP Climate Change A ratings in 2025, reflecting its commitment to sustainability [8] - The company completed 741 quality audits and inspections in 2025, maintaining high standards for quality and compliance [9] Q&A Session Summary Question: Impact of currency exchange on guidance - Management acknowledged the impact of FX movements but emphasized strong visibility in their CRDMO business model [30] Question: Geopolitical impact on margins - Management noted that while there are potential risks to raw material costs, they have not seen direct impacts on operations [32] Question: TIDES CapEx and future modalities - Management indicated that while peptide demand remains high, they are also seeing growth in oligonucleotides and complex small molecules [34] Question: Client outsourcing strategy changes - Management stated that large pharma continues to manufacture internally but they remain committed to improving capabilities and providing services [36] Question: Current utilization rate of small molecule capacity - Management highlighted their ability to provide high-quality data, which drives business for their Biology and Testing segments [38] Question: FDA's new trial requirements - Management believes that regulatory streamlining will benefit patients and potentially increase demand for drug substances [40] Question: Positioning in oral small molecule GLP-1 CDMO business - Management confirmed strong growth in the small molecule sector, particularly in GLP-1 drugs [47] Question: Revenue breakdown and geographical mix - Management noted strong growth across all regions, with a focus on customer needs driving geographic revenue growth [49][50] Question: Sustainability of TIDES growth - Management expressed confidence in sustained growth due to a robust pipeline and increasing demand for their products [54] Question: Timeline for new facility contributions - Management stated that new facilities in China can become operational in less than 12 months [57] Question: Impact of Middle East situation on investments - Management reassured that their long-term strategy remains unchanged despite geopolitical tensions [59] Question: Confidence in new orders and revenue guidance - Management expressed confidence in converting backlog into revenue and maintaining growth trajectory [65] Question: WuXi AppTec's position on the 1260H list - Management stated they are confident WuXi AppTec will not be included in the list and will continue to monitor the situation [70]