证券代码：603259 证券简称：药明康德 公告编号：临 2025-034 无锡药明康德新药开发股份有限公司 关于分别调整2024年度利润分配总额及2025年回报股东特别分红总 额的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 调整原因：无锡药明康德新药开发股份有限公司（以下简称"公司"或 "本公司"）自 2024 年度利润分配方案和 2025 年回报股东特别分红方案（以下 合称"本次利润分配"）披露之日起至本公告日期间，公司实施了 2025 年第二 次集中竞价交易方式回购公司 A 股股份方案，累计回购股份 2,855,916 股，前述 股份不参与本次利润分配，导致公司享有利润分配权的总股本发生变动。公司按 照维持每股分配金额不变的原则进行分配，相应调整分配总额。 调整情况：公司本次利润分配方案分红总额分别调整如下： （1）2024 年度利润分配方案现金分红总额：每 10 股派发现金红利人民币 9.8169 元（含税）不变，派发现金红利总额由 2,835,113,437.82 元（含税）调整 为 2,8 ...

无锡药明康德新药开发股份有限公司 证券代码：603259 证券简称：药明康德 公告编号：临 2025-035 关于 2025 年第二次以集中竞价交易方式回购公司股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/4/9 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 4 月 7 月 8 | 9 | 日~2025 | 年 | 日 | | 预计回购金额 | 10亿元~10亿元 | | | | | | 回购用途 | □减少注册资本 □用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | √为维护公司价值及股东权益 | | | | | | 累计已回购股数 | 2,855,916股 | | | | | | 累计已回购股数占总股本比例 | 0.0989% | | | | | | 累计已回购金额 | 160,058,458.32元 | | | | | | 实际回购价 ...

April 27, 2025 04:24 PM GMT Pharmaron | Asia Pacific 1Q25 Results First Take: Revenue In Line with MSe; New Order Growth Slightly Softer Than Expected Key Takeaways Geographical mix: 1Q25 revenue streams from North America, EU and China delivered YoY growth of 16.8%, 26.6% and 13.1%, accounted for c. 65%, 18% and 15% of total revenue, respectively with another 2% from rest of the world. Customer base: Revenue stream from top 20 pharma and other customers grew 29% and 14% YoY, respectively. Cash flow: Net op ...

证券代码：603259 证券简称：药明康德 公告编号：临2025-032 无锡药明康德新药开发股份有限公司 2024年年度股东大会、2025年第一次A股类别股东会议及2025年第一次H股类别股东会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2025年4月29日 (二)股东大会召开的地点：上海外高桥喜来登酒店，上海市自由贸易试验区基隆路28号 (三)出席会议的普通股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，会议现场以现场投票和网络投票相结合的方式进行表决，由董事长Ge Li （李革）博士主持。会议的召集、召开和表决符合《公司法》和《公司章程》的规定。 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事12人，出席12人； 2、公司在任监事3人，出席3人； 3、公司董事会秘书、联席公司秘书张远舟先生出席本次会议；公司首席财务官 ...

Core Viewpoint - In Q1 2025, the company's performance exceeded expectations with significant profit margin improvements, driven by the CRDMO service model and continuous capacity ramp-up, alongside ongoing optimization of production processes and efficiency [1][9]. Financial Performance - The company reported Q1 2025 revenue of 9.655 billion yuan, a year-on-year increase of 20.96% [2]. - Net profit attributable to shareholders reached 3.672 billion yuan, up 89.06% year-on-year [2]. - Non-IFRS adjusted net profit was 2.68 billion yuan, reflecting a 40.0% increase [2]. Order Growth and Business Segments - As of March 2025, the company had a strong order backlog of 52.33 billion yuan, a 47.1% year-on-year increase, indicating robust demand for high-quality services [3]. - Revenue from U.S. clients was 6.38 billion yuan, up 28.4% year-on-year, while European clients contributed 1.3 billion yuan, a 26.2% increase [3]. Chemical Business Performance - The chemical business generated revenue of 7.39 billion yuan in Q1 2025, a 32.9% increase, driven by growth in D&M and TIDES business segments [4]. - The adjusted non-IFRS gross margin for the chemical business was 47.5%, an increase of 4.2 percentage points [4]. New Molecule Development - The company successfully synthesized and delivered over 460,000 new compounds in the past 12 months, a 6% increase [5]. - The D&M business segment reported revenue of 3.85 billion yuan, a 13.8% year-on-year increase [5]. Testing and Biological Services - Testing business revenue was 1.29 billion yuan, a 4.0% decline, primarily due to price adjustments in the domestic market [6]. - The biological business generated revenue of 610 million yuan, an 8.2% increase, contributing to the overall CRDMO business model [7]. Profitability and Efficiency - The company's gross margin for Q1 2025 was 42.26%, an increase of 4.13 percentage points year-on-year, attributed to capacity release and efficiency improvements [8]. - Operating cash flow was 3.195 billion yuan, a 41.57% increase, driven by profit growth [8]. Future Outlook - The company expects continued growth in D&M and TIDES business segments, supported by the CRDMO service model and increasing global drug development demand [9]. - Revenue projections for 2025 to 2027 are 42.609 billion yuan, 48.518 billion yuan, and 55.038 billion yuan, with respective year-on-year growth rates of 8.6%, 13.9%, and 13.4% [10].

Summary of Key Points Core Viewpoint - WuXi AppTec experienced significant trading activity on April 30, with a total of 152,200 shares traded through block transactions, amounting to 9.2017 million yuan, at a price of 60.45 yuan per share, reflecting a premium of 2.16% over the closing price of the day [2]. Trading Activity - On April 30, there were 2 block trades for WuXi AppTec, totaling 152,200 shares and 9.2017 million yuan in transaction value [2]. - The stock's closing price on the same day was 59.17 yuan, which represented a decline of 2.12% [2]. - The daily turnover rate was 1.72%, with a total trading volume of 2.561 billion yuan and a net outflow of 246 million yuan in main funds [2]. - Over the past 5 days, the stock has increased by 5.25%, with a total net inflow of 72.5224 million yuan [2]. Financing and Ratings - The latest margin financing balance for WuXi AppTec is 3.906 billion yuan, which has decreased by 323 million yuan over the past 5 days, a decline of 7.63% [2]. - In terms of institutional ratings, 6 institutions provided ratings for the stock in the past 5 days, with Huatai Securities setting the highest target price at 93.30 yuan as of April 29 [2].

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec, indicating a potential return of over 15% in the next 12 months [19]. Core Insights - WuXi AppTec reported strong financial performance for Q1 2025, with revenue increasing by 21.0% year-on-year to RMB 9.65 billion, and adjusted non-IFRS net profit rising by 40.0% to RMB 2.68 billion [1][2]. - The TIDES business segment experienced significant growth, with revenue soaring by 187.6% to RMB 22.4 billion, driven by expanded capacity and contributions from oral GLP-1 projects [2]. - Despite ongoing macroeconomic uncertainties, management reaffirmed its annual performance guidance, expecting a revenue growth of 10-15% and an expansion in adjusted non-IFRS net profit margin [1][2]. Financial Summary - For FY25E, revenue is projected at RMB 42.97 billion, reflecting a year-on-year growth of 9.5%, while adjusted net profit is expected to reach RMB 11.61 billion, a growth of 9.7% [4][16]. - The company’s unfulfilled contract amount grew by 47.1% year-on-year to RMB 52.33 billion by the end of Q1 2025, indicating a solid foundation for future growth [1]. - The report also highlights a decrease in the P/E ratio from 16.5 in FY24A to 15.0 in FY25E, suggesting improved valuation attractiveness [4][16]. Shareholder Returns - WuXi AppTec's board proposed a series of shareholder return plans, including maintaining a 30% annual cash dividend payout ratio and a one-time special dividend of RMB 10 billion in 2025 [3]. - The total proposed dividend and buyback plan amounts to nearly RMB 60 billion, representing 62% of the net profit attributable to shareholders for 2024 [3]. Valuation - The target price has been adjusted from RMB 94.05 to RMB 77.22 based on DCF valuation, reflecting a downside risk of 27.7% from the current price of RMB 60.45 [5][6].

Group 1 - Goldman Sachs raised the target price for WuXi AppTec to HKD 74.9, up from HKD 70.9, maintaining a "Neutral" rating [1] - The company reported strong Q1 performance, and management has maintained its guidance for FY 2025, aligning with Goldman Sachs' expectations [1] - If the company continues its strong performance in the next 1-2 quarters, there is potential for an upward revision of guidance in the second half of the year [1] Group 2 - Goldman Sachs expects the TIDES business to grow by 65% this year, surpassing the official guidance of 60% [1] - The revenue forecasts for the TIDES business for 2025 to 2027 have been increased by 3.1%, 5%, and 5% respectively [1] - The profit forecasts for 2025 to 2027 have been raised by 7%, 3.5%, and 2.3% respectively, reflecting better-than-expected performance in TIDES and small molecule R&D and manufacturing [1]

Core Viewpoint - WuXi AppTec (药明康德) has reported significant growth in its Q1 2025 financial results, with revenue and net profit reaching historical highs, driven by increased production capacity and operational efficiency [2][4]. Financial Performance - In Q1 2025, WuXi AppTec achieved revenue of 96.55 billion yuan, a year-on-year increase of 20.96%, and net profit of 36.72 billion yuan, up 89.06% [2][4]. - The company’s ongoing business orders reached 523.3 billion yuan as of March 31, 2025, reflecting a 47.1% year-on-year growth [3][10]. Business Segments - The TIDES (oligonucleotide and peptide) business generated revenue of 22.4 billion yuan in Q1 2025, marking a substantial year-on-year increase of 187.6% [3][10]. - The chemical business reported revenue of 73.91 billion yuan, up 32.87% year-on-year, with over 460,000 new compounds synthesized and delivered in the past 12 months [9]. - The small molecule D&M (Development and Manufacturing) business achieved revenue of 38.5 billion yuan, a 13.8% increase year-on-year [9]. Operational Efficiency - WuXi AppTec has optimized production processes and operational efficiency, contributing to improved profitability [4][10]. - The company has successfully passed FDA inspections for its Changzhou and Taixing API bases, with plans to increase small molecule API reactor capacity to over 4,000 KL by the end of 2025 [9]. Future Outlook - WuXi AppTec maintains its annual guidance, expecting a revenue growth of 10% to 15% for its ongoing business in 2025 [11].

证券代码：603259 证券简称：药明康德 公告编号：临 2025-032 无锡药明康德新药开发股份有限公司 2024年年度股东大会、2025 年第一次 A 股类别股东会 议及 2025 年第一次 H 股类别股东会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 年年度股东大会 2024 | | | --- | --- | | 1、出席会议的股东和代理人人数 | 3,794 | | 其中：A 股股东人数 | 3,793 | | 股） 境外上市外资股股东人数（H | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,202,669,172 | | 其中：A 股股东持有股份总数 | 1,014,650,572 | | 境外上市外资股股东持有股份总数（H 股） | 188,018,600 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 41.6702 | | 其中：A | 股股东持股 ...