同日，公司 2024 年年度股东大会审议通过《关于 2025 年以集中竞价交易方 式回购公司 A 股股份的议案》，同意公司采用集中竞价交易方式回购公司 A 股股 份，回购的股份将在回购完成之后全部予以注销并减少注册资本。本次拟回购 A 股股份的资金总额为人民币 10 亿元，若按回购价格上限人民币 92.05 元/股测算， 预计本次回购股份数量约为 10,863,661 股，约占公司于本公告日已发行总股本 （即 2,887,992,582 股）的 0.38%（具体回购股份的数量和占公司总股本的比例以 回购完毕或回购期限届满时实际回购的股份数量为准）。具体内容详见 2024 年年 度股东大会相关公告。 根据上述回购方案，以公司本公告日的总股本为基础且仅考虑回购注销前述 预 计 本 次 回 购 股 份 数 量 约 为 10,863,661 股 计 算 ， 本 公 司 的 注 册 资 本 由 1 2,887,992,582 元减少为 2,877,128, 921 元，本公司的股份总数由 2,887,992,582 股 减少为 2,877,128,921 股。最终公司总股本及注册资本的变动情况以回购实际情 况及对应的减 ...

WuXi AppTec First Quarterly 2025 Results April 29, 2025 603259.SH / 2359.HK 1 Forward-Looking Statements This presentation may contain certain statements that are or may be forward looking, which can be recognized by the use of words such as "expects", "plans", "will", "estimates", "projects", "intends", or words of similar meaning. Such forward-looking statements are not historical facts, but instead are predictions about future events based on our beliefs, development strategy, business plan as well as as ...

Financial Data and Key Metrics Changes - Revenue from continuing operations grew 23.1% year over year to RMB9.39 billion, while total revenue achieved RMB9.65 billion, representing a 21% year over year growth [9] - Adjusted non-IFRS net profit grew 40% year over year to RMB2.68 billion, with a record backlog for continuing operations of RMB52.33 billion, growing 47.1% year over year [9][10] - Adjusted IFRS gross profit margin reached 41.9%, with net profit attributable to the owners of the company increasing by 89.1% year over year [26][27] Business Line Data and Key Metrics Changes - Wuxi Chemistry's CRDMO business revenue grew 32.9% year over year to RMB7.39 billion, with adjusted non-IFRS gross profit margin improving 4.2 percentage points year over year to 47.5% [11][12] - Small molecule DNM business revenue grew 13.8% year over year to RMB3.85 billion, with both Changzhou and Taishin API manufacturing sites passing FDA inspections [13] - Tides business achieved RMB2.24 billion revenue in the first quarter, representing a strong growth of 187.6% year over year [14] Market Data and Key Metrics Changes - Revenue from the U.S. market grew 28.4% year over year, while revenue from Europe grew 26.2% year over year; however, China showed a slight decline [10] - Revenue generated from clinical CRO and SMO business was down 2.2% year over year to RMB0.61 billion, attributed to market price impact [21][22] Company Strategy and Development Direction - The company will continue to focus on the CRDMO business model with an emphasis on operational efficiency and exceptional services [29] - Full year guidance is maintained, expecting revenue from continuing operations to resume double-digit growth of 10% to 15% year over year, targeting total revenue of RMB41.5 billion to RMB43 billion [30] - The company plans to accelerate global D and M capacity expansion, with CapEx expected to reach RMB7 billion to RMB8 billion [30] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining full year guidance despite external uncertainties, emphasizing the importance of operational resilience [30][31] - The company is committed to rewarding shareholders with a proposed 30% annual cash dividend payout ratio and additional one-time special cash dividend [31][32] Other Important Information - The company has successfully supported about 40% of successful out-licensing deals from Chinese biotech since 2022 [20] - The total amount of cash dividends and share repurchases is expected to exceed RMB6 billion, accounting for more than 60% of the company's net profit attributable to owners in 2024 [32] Q&A Session Summary Question: What are the key drivers behind the robust growth in Tides? - The growth is attributed to both strong demand and capacity ramping up from a low base last year [37] Question: How does the company view the impact of tariffs on business segments? - Tariffs are seen as a systemic challenge, with less than 10% of total revenue coming from exports to the U.S. [45][46] Question: What is the projected CapEx for 2025 and its allocation? - Projected CapEx is RMB7 billion to RMB8 billion, primarily for expanding D and M manufacturing capacity in various locations [50][54] Question: How does the company plan to address pricing pressures in testing and biology segments? - The company aims to focus on contracts with higher margins and differentiate its services to improve margins gradually [68] Question: What is the expected contribution from late-stage D and M projects in the next few years? - Specific numbers are difficult to provide, but the CRDMO business model is expected to sustain growth through a strong pipeline [71]

FANGDA PARTNERS http://www.fangdalaw.com 中国北京市朝阳区光华路一号 电子邮件 E-mail: email@fangdalaw.com 北京嘉里中心北楼 27 层 电 话 Tel.: 86-10-5769-5600 邮政编码：100020 传 真 Fax: 86-10-5769-5788 27/F，North Tower, Beijing Kerry Centre 1 Guanghua Road, Chaoyang District Beijing 100020, PRC 上海市方达（北京）律师事务所 关于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 股类别股东会议的法律意见书 致：无锡药明康德新药开发股份有限公司 上海市方达（北京）律师事务所（以下简称"本所"）是具有中华人民共和国 境内法律执业资格的律师事务所。根据相关法律顾问协议，本所指派律师出席无 锡药明康德新药开发股份有限公司（以下简称"药明康德"或"公司"）2024 年年度 股东大会、2025 年第一次 A 股类别股东会议及 20 ...

无锡药明康德新药开发股份有限公司 章 程 (2025年修订) | 第一章 | 总则 1 | | --- | --- | | 第二章 | 经营宗旨和范围 2 | | 第三章 | 股份 3 | | 第一节 | 股份发行 3 | | 第二节 | 股份增减和回购 5 | | 第三节 | 股份转让 7 | | 第四节 | 购买公司股份的财务资助 9 | | 第五节 | 股票和股东名册 9 | | 第四章 | 股东和股东大会 11 | | 第一节 | 股东 11 | | 第二节 | 股东大会的一般规定 13 | | 第三节 | 股东大会的召集 17 | | 第四节 | 股东大会的提案与通知 19 | | 第五节 | 股东大会的召开 20 | | 第六节 | 股东大会的表决和决议 23 | | 第七节 | 类别股东表决的特别程序 27 | | 第五章 | 董事会 29 | | 第一节 | 董事 29 | | 第二节 | 独立董事 32 | | 第三节 | 董事会 34 | | 第六章 | 经理（总裁、首席执行官）及其他高级管理人员 40 | | 第七章 | 监事会 43 | | 第一节 | 监事 43 | | 第二节 | ...

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 | 1). | 購回股份(或其他證券)但沒有註銷 | 379,300 | 0.02 % | RMB | 52.75 | | --- | --- | --- | --- | --- | --- | | | 茲提述本公司於2025年4月8日刊發的公告。 | | | | | | | 於2025年4月18日，本公司實施2025年第二次股份回購，并回購 | | | | | | | 379,300股A股股份。 | | | | | | | 變動日期 2025年4月18日 | | | | | | 2). | 購回股份(或其他證券)但沒有註銷 | | | | | | | | 374,000 | 0.01 % | RMB | 53.5 | | | 茲提述本公司於2025年4月8日刊發的公告。 | | | | | | | 於2025年4月21日，本公司實施2025年第二次股份回購，并回購 | | | | | | | 374,000股A股股份。 | | | | | | | 變動日期 2025年 ...

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec (603259) [2] Core Insights - WuXi AppTec reported a significant revenue increase of 21.0% year-on-year, reaching 9.65 billion yuan in Q1 2025, with a notable 89.1% growth in net profit attributed to one-time investment gains [5][8] - The company has a strong order backlog of 52.33 billion yuan, reflecting a 47.1% year-on-year increase, with TIDES orders growing by 105.5% [8] - The company plans to distribute a special dividend of 1 billion yuan in addition to maintaining a 30% annual cash dividend ratio, alongside a share buyback of 1 billion yuan [8] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 42.77 billion yuan, with a year-on-year growth rate of 9.0% [7] - The forecasted net profit for 2025 is 11.27 billion yuan, representing a 19.3% increase compared to the previous year [7] - The report anticipates a continued double-digit growth trajectory for the company's core business, with overall revenue expected to reach between 41.5 billion and 43 billion yuan [8]

Investment Rating - The investment rating for WuXi AppTec (603259) is "Buy" [5] Core Views - The company's Q1 2025 performance exceeded market expectations, with a revenue of 9.655 billion yuan, a year-on-year increase of 20.96%, and a net profit attributable to shareholders of 3.672 billion yuan, up 89.06% year-on-year [1][2] - The TIDES business significantly contributed to the core performance elasticity, with a revenue of 2.24 billion yuan, representing a remarkable growth of 187.6% year-on-year [2] - The company has a strong order backlog of 52.33 billion yuan, a year-on-year increase of 47.1%, indicating a continued high growth trend [2] Summary by Sections Financial Performance - For Q1 2025, the company achieved a revenue of 9.655 billion yuan, a 21.0% increase year-on-year, with adjusted profit reaching 2.68 billion yuan, up 40% [2] - The chemical business generated 7.39 billion yuan in revenue, a 32.9% increase year-on-year, while the small molecule CDMO business saw a revenue of 3.85 billion yuan, growing 13.8% [2] - The testing and biology segments reported revenues of 1.29 billion yuan and 610 million yuan, showing a decline of 4% and an increase of 8.2% respectively [2] Future Outlook - The company expects a revenue growth guidance of 10% to 15% for its continuing operations in 2025, supported by rapid order growth and ongoing cost reduction efforts [2] - The adjusted revenue forecasts for 2025-2027 are 42.724 billion yuan, 49.093 billion yuan, and 56.747 billion yuan respectively, with EPS estimates of 4.17 yuan, 4.94 yuan, and 5.85 yuan [3][8] Valuation Metrics - The PE ratios for 2025, 2026, and 2027 are projected to be 15, 12, and 10 respectively, based on the closing price of 60.45 yuan per share on April 29, 2025 [3]

智通财经APP获悉，港股早盘冲高回落，恒指午后一度转跌，最终险守两万二大关。截止收盘，恒生指 数涨0.16%或36.15点，报22008.11点，全日成交额1776.58亿港元；恒生国企指数跌0.15%，报8067.94 点；恒生科技指数涨0.62%，报5019.73点。 华泰证券指出，坚定看好港股相对收益表现，原因是：产业上，市场中业绩与关税敏感性较高的出口链 及中游制造企业市值占比较低；科技企业盈利表现或将持续支持港股行情演绎；外部扰动下，市场或对 内需政策存在预期。 蓝筹股表现 药明康德(02359)绩后走高。截至收盘，涨4.21%，报60.65港元，成交额7.93亿港元，贡献恒指1.39点。 药明康德一季度实现营业收入约96.55亿元，同比增长20.96%；归母净利润约36.72亿元，同比增长 89.06%。公司目前维持年初制定的全年业绩指引，预计2025年持续经营业务收入将实现10-15%的双位 数增长。 其他蓝筹股方面，阿里健康(00241)涨7.16%，报4.94港元，贡献恒指3.46点；吉利汽车(00175)涨4.18%， 报16.46港元，贡献恒指6.61点；创科实业(00669)跌2.35 ...

Financial Data and Key Metrics Changes - Revenue from continuing operations grew 23.1% year over year to RMB9.39 billion, while total revenue achieved RMB9.65 billion, representing a 21% year over year growth [9] - Adjusted non-IFRS net profit grew 40% year over year to RMB2.68 billion, with a record backlog for continuing operations of RMB52.33 billion, growing 47.1% year over year [9][10] - Adjusted IFRS gross profit margin reached 41.9%, with net profit attributable to the owners of the company increasing by 89.1% year over year [26][27] Business Line Data and Key Metrics Changes - Wuxi Chemistry's CRDMO business revenue grew 32.9% year over year to RMB7.39 billion, with adjusted non-IFRS gross profit margin improving 4.2 percentage points year over year to 47.5% [11][12] - Small molecule DNM business revenue grew 13.8% year over year to RMB3.85 billion, with both Changzhou and Taishin API manufacturing sites passing FDA inspections [13] - Tides business achieved RMB2.24 billion revenue in the first quarter, representing a strong growth of 187.6% year over year [14] Market Data and Key Metrics Changes - Revenue from the U.S. market grew 28.4% year over year, while revenue from Europe grew 26.2% year over year; however, China showed a slight decline [10] - Revenue generated from clinical CRO and SMO business was down 2.2% year over year to RMB0.61 billion, attributed to market price impact [21][22] Company Strategy and Development Direction - The company will continue to focus on the CRDMO business model with an emphasis on operational efficiency and exceptional services [29] - Full year guidance is maintained, expecting revenue from continuing operations to resume double-digit growth of 10% to 15% year over year, targeting total revenue of RMB41.5 billion to RMB43 billion [30] - The company plans to accelerate global D and M capacity expansion, with CapEx expected to reach RMB7 billion to RMB8 billion [30] Management Comments on Operating Environment and Future Outlook - Management acknowledges the dynamic and complex global environment, emphasizing the need for operational resilience [29] - Despite external uncertainties, the company maintains confidence in its business model and operational capabilities [30] - The management team is committed to enhancing shareholder value through dividends and share repurchase plans [31][32] Other Important Information - The company plans to maintain a 30% annual cash dividend payout ratio of net profit, totaling approximately RMB2.8 billion, along with a one-time special cash dividend of RMB1 billion [31] - The company will repurchase and cancel RMB1 billion worth of A shares when appropriate in 2025 [32] Q&A Session Summary Question: What are the key drivers behind the robust growth in Tides? - The growth is attributed to both strong demand and capacity ramping up from a low base last year [37] Question: How does the company view the impact of tariffs on business segments? - Tariffs are seen as a systemic challenge, with less than 10% of total revenue coming from exports to the U.S. [45][46] Question: What is the expected CapEx distribution for 2025? - CapEx will focus on expanding new modality and small molecule capacities in China, Singapore, and the U.S., with over 70% allocated to D and M manufacturing capacity expansion [54] Question: How does the company plan to address pricing pressures in testing and biology segments? - The company aims to focus on contracts with higher margins and differentiation strategies to improve margins gradually [68] Question: What is the expected revenue contribution from late-stage D and M projects? - Specific numbers are difficult to provide, but the company expects sustained growth from its CRDMO business model [71]