Core Viewpoint - WuXi AppTec (603259) announced on October 9 that it will continue to sell 30.3 million shares of WuXi AppTec Co., representing approximately 2.47% of the current total share capital, through block trading on October 8, 2025, with a transaction value of about HKD 2.346 billion, which accounts for 3.67% of the company's latest audited net assets attributable to shareholders for the fiscal year 2024 [1] Summary by Categories - **Company Actions** - WuXi AppTec plans to sell 30.3 million shares of WuXi AppTec Co. through block trading [1] - The sale is scheduled for October 8, 2025 [1] - **Financial Impact** - The transaction value is approximately HKD 2.346 billion [1] - This amount represents about 3.67% of the company's latest audited net assets attributable to shareholders for the fiscal year 2024 [1] - **Shareholding Details** - The shares being sold account for approximately 2.47% of the current total share capital of WuXi AppTec Co. [1]

Core Viewpoint - WuXi AppTec (603259.SH) announced the sale of 30.3 million shares of WuXi AppTec Holdings through block trading, representing approximately 2.47% of its current total share capital, with a transaction value of about HKD 2.346 billion [1] Financial Impact - The net investment gain from the sale of WuXi AppTec Holdings shares is expected to impact the company's net profit after tax for the fiscal year 2025 by approximately RMB 1.679 billion, which accounts for over 10% of the latest audited net profit attributable to shareholders for the fiscal year 2024 [1] - Cumulatively, the net investment gain from the sale of WuXi AppTec Holdings shares for the fiscal year 2025 is projected to affect the company's net profit after tax by approximately RMB 4.351 billion [1]

Investment Rating - The report indicates a positive outlook for the CDMO industry, with expectations for improved order flow, revenue growth, and profit margins by 2026, particularly benefiting from the recovery of Chinese funding and increased demand for early projects [1][4]. Core Insights - The CDMO industry maintains a high overall profit margin, driven by the growing demand for emerging therapies and higher quality requirements from clients [2][4]. - Chinese CDMO companies are more aggressive in capacity expansion and new model investments, with capital expenditures accounting for approximately 22% of sales, while Indian companies adopt a more cautious approach [1][5]. - New trends in the CDMO industry include overseas expansion, automation, digital investments, and the development of peptide drugs and antibody-drug conjugates (ADCs) [1][6]. Summary by Sections Current Demand Situation - The global CDMO industry demand remains stable, supported by CMO projects and emerging therapies, with a notable focus on GLP-1, peptide capacity, and ADCs [2]. - Despite some pressures, overall profit margins are high due to increased demand for emerging therapies and quality assurance [2]. Investment Strategies - Chinese CDMO companies are proactive in expanding capacity and investing in new models, while Indian companies are more conservative, linking investments to visible market demand [5][12]. - Indian CDMO companies focus on geopolitical diversification and maintaining a good RFP/RFQ momentum, although the conversion of orders to actual financial results is slower than expected [8][11]. Future Market Outlook - R&D investments are expected to fluctuate in 2025, but most companies anticipate improvements in order flow, revenue growth, and profit margins by 2026, particularly due to the recovery of Chinese funding [4][15]. - The performance of Chinese companies is currently superior to that of Indian companies, with Indian firms expected to see financial results materialize by the 2026 fiscal year [11]. New Trends in the Industry - Key trends include overseas expansion, automation, digital investments, and advancements in peptide drugs and ADCs, with Chinese companies accelerating facility construction in response to geopolitical uncertainties [6][10]. - Companies like Samsung Biologics have begun operating their ADC capacity and have received significant orders from major global clients [6][10]. Geopolitical Factors - The impact of geopolitical factors on the CDMO industry has diminished, with normal business operations continuing without major disruptions [7][14]. - Some clients still consider potential disruptions from political factors, but technical strength and execution capabilities remain paramount [7]. Performance Comparison - In the peptide formulation sector, Chinese companies significantly outpace Indian firms in capacity, while Indian companies express optimism in the ADC field [10][11]. - The financial commercialization results for Indian companies are expected to lag behind those of Chinese companies, with growth rates projected to be in the mid-single digits for 2026 [11].

Group 1 - UBS Group's long position in WuXi AppTec's H-shares decreased from 5.05% to 3.98% as of September 30 [1]

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9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10月8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 | | | 478,226,490 | RMB | | 1 RMB | | 478,226,490 | | 增加 / 減少 (-) | | | 14,185,818 | | | RMB | | 14,185,818 | | 本月底結存 | | | 492,412,308 | RMB | | 1 RMB | | 492,412,308 | | 2. 股份分類 ...

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10月8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 | | | 478,226,490 | RMB | | 1 RMB | | 478,226,490 | | 增加 / 減少 (-) | | | 14,185,818 | | | RMB | | 14,185,818 | | 本月底結存 | | | 492,412,308 | RMB | | 1 RMB | | 492,412,308 | | 2. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- ...

Market Overview - In September, A-shares experienced significant volatility, with the Shanghai Composite Index attempting to breach 3900 points but failing, even dipping below 3800 points at times [1] - The performance varied across sectors, with technology growth sectors like semiconductors and AI showing strong activity, while traditional sectors like banking and non-bank financials lagged [1] - The Federal Reserve announced a 0.25 percentage point interest rate cut, the first of the year, which may attract foreign capital into the Hong Kong and A-share markets, enhancing market liquidity [1][2] Stock Recommendations - A total of 26 brokerages have released stock recommendations for October, covering 196 stocks, with a notable focus on the information technology sector [2][4] - Stocks like Zhaoyi Innovation, Luxshare Precision, and WuXi AppTec appeared most frequently in recommendations, with Zhaoyi Innovation being highlighted for its strong market position and recent performance [4][6] - The technology sector's stocks generally performed well in September, with several stocks increasing over 20%, while financial and consumer sectors underperformed [5][7] Economic Indicators - The People's Bank of China announced a release of 1.1 trillion yuan through open market operations and reverse repos, which is expected to boost market liquidity and support A-share performance post-holiday [2][6] - The anticipated "14th Five-Year Plan" and changes in capital market policies are expected to create investment opportunities [2][7] Sector Focus - Analysts suggest focusing on technology growth sectors, particularly those related to AI, smart manufacturing, and digital economy, as they are likely to benefit from recent market dynamics [2][8] - The performance of the Hang Seng Technology Index, which rose significantly, indicates a positive outlook for tech-related stocks in the A-share market [1][2] Future Outlook - Following the National Day holiday, A-shares are expected to continue a gradual upward trend, supported by strong performances in both US and Hong Kong markets during the holiday [1][2] - Analysts recommend monitoring the potential impact of further Federal Reserve rate cuts on market sentiment and foreign capital inflows [8][9]

Group 1 - UBS Group's short position in WuXi AppTec's H-shares increased from 1.95% to 3.55% as of September 29 [1]

Core Viewpoint - WuXi AppTec (603259)(02359) announced the conversion and issuance of 14.1858 million H-shares based on a $500 million zero-coupon secured convertible bond maturing in 2025, effective September 30, 2025 [1] Group 1 - The company will issue H-shares as part of the conversion of the convertible bond [1] - The convertible bond is valued at $500 million and is set to mature in 2025 [1] - The total number of H-shares to be issued is 14.1858 million [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 確認 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9月30日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02359 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 ...