Investment Rating - The report maintains a "Buy" rating for WuXi Biologics (2269.HK) [2] Core Insights - WuXi Biologics achieved a revenue of 21.79 billion RMB in 2025, representing a year-over-year growth of 16.7%. The company also reported an IFRS gross profit of 10.02 billion RMB, up 30.9% year-over-year, and an adjusted net profit of 6.59 billion RMB, reflecting a 22.0% increase [7] - The company has a strong order backlog, with total unfulfilled orders reaching 23.7 billion USD by the end of 2025, indicating solid revenue prospects for the future [7] - The three main business segments of the company are performing well, with significant contributions from preclinical projects and late-stage clinical/commercial projects [7] Financial Forecasts - Revenue projections for WuXi Biologics are as follows: - 2025: 21.79 billion RMB - 2026: 25.42 billion RMB - 2027: 29.66 billion RMB - 2028: 34.51 billion RMB - The expected growth rates for revenue are approximately 16.7% for 2026 and 16.6% for 2027 [2] - The net profit attributable to shareholders is forecasted to grow from 4.91 billion RMB in 2025 to 8.02 billion RMB by 2028, with a growth rate of 46.3% in 2025 [2] Business Segments Performance - The preclinical segment generated revenue of 9.31 billion RMB in 2025, up 31.9% year-over-year, while the late-stage clinical and commercial projects brought in 9.46 billion RMB, a 26.4% increase [7] - The company has signed 209 new projects in 2025, with 156 IND submissions completed, showcasing its operational efficiency [7] - The commercial production capacity is expected to ramp up significantly, with over 10 platform projects projected to have peak sales potential exceeding 5 billion USD [7]

Investment Rating - The investment rating for WuXi Biologics (02269.HK) is "Buy" (maintained) [4][13] Core Insights - In 2025, the company achieved a revenue of 21.79 billion yuan, representing a year-on-year growth of 16.7%. The net profit attributable to shareholders was 4.91 billion yuan, with a year-on-year increase of 46.3%. Adjusted net profit reached 6.59 billion yuan, up 22.0% year-on-year. The gross margin improved to 46.0%, an increase of 5.0 percentage points [4] - The company signed a record 209 new projects in 2025, with two-thirds being dual antibodies and antibody-drug conjugates. The total unfulfilled orders reached 23.72 billion USD by the end of 2025, with 4.53 billion USD expected to be completed within three years [4] - The company is expanding its global capacity, with ongoing construction of facilities in North America and Europe, and has seen steady revenue growth in these regions [6] Financial Summary - Revenue projections for 2026-2028 are 25.48 billion yuan, 30.10 billion yuan, and 35.58 billion yuan, respectively, with corresponding net profits of 5.81 billion yuan, 7.35 billion yuan, and 9.19 billion yuan [8] - The earnings per share (EPS) are forecasted to be 1.4 yuan, 1.8 yuan, and 2.2 yuan for 2026, 2027, and 2028, respectively, with the current stock price corresponding to price-to-earnings (P/E) ratios of 20.7, 16.3, and 13.1 times [4][8] - The company’s gross margin is expected to remain stable at 46.0% in 2026, with a gradual increase to 48.0% by 2028 [8]

Investment Rating - The investment rating for WuXi Biologics (02269.HK) is "Buy" (maintained) [4] Core Insights - In 2025, the company achieved a revenue of 21.79 billion yuan, representing a year-on-year growth of 16.7%. The net profit attributable to shareholders was 4.91 billion yuan, up 46.3% year-on-year. Adjusted net profit reached 6.59 billion yuan, a 22.0% increase year-on-year. The gross margin improved to 46.0%, up by 5.0 percentage points [4] - The company signed a record 209 new projects in 2025, with two-thirds being dual antibodies and antibody-drug conjugates. It secured 23 "winning molecule" projects, including 6 in Phase III clinical trials. By the end of 2025, the total unfulfilled orders reached 23.72 billion USD, with 4.53 billion USD expected to be completed within three years [4] - The financial forecasts for 2026-2028 have been revised upwards, with expected net profits of 5.81 billion, 7.35 billion, and 9.19 billion yuan respectively, and corresponding EPS of 1.4, 1.8, and 2.2 yuan. The current stock price corresponds to P/E ratios of 20.7, 16.3, and 13.1 times for 2026-2028 [4] Financial Performance - In 2025, the preclinical business generated revenue of 9.31 billion yuan, a growth of 31.9%. The revenue from Phase III and commercial projects was 9.46 billion yuan, increasing by 26.4% [5] - The company is expanding its global capacity, with ongoing construction of facilities in North America and Europe. Revenue growth rates for North America and Europe were 18.3% and 16.6% respectively, while revenue in China decreased by 5.0% [6] - The financial summary indicates projected revenues of 25.48 billion, 30.10 billion, and 35.58 billion yuan for 2026, 2027, and 2028 respectively, with net profits expected to grow significantly during the same period [8]

Investment Rating - The report maintains a "Neutral" rating for WuXi Biologics (2269 HK) with a target price raised to HKD 35.80, indicating a potential upside of 8.0% from the current price of HKD 33.14 [1][12]. Core Insights - The company is expected to see significant profit margin improvements in 2025, driven by new technologies and CMO (Contract Manufacturing Organization) services, with management guiding for high growth in 2026 [2][6]. - The revenue for 2025 is projected at RMB 21.8 billion, representing a year-on-year growth of 17%, with a notable increase in gross margin by 5.0 percentage points to 46.0% [6][13]. - The long-term growth strategy is evolving from scale expansion to structural upgrades and platform monetization, with a focus on complex new mechanism molecules as a core growth driver [6][7]. Financial Forecast Changes - Revenue projections for 2026 are set at RMB 24.98 billion, a decrease of 1.2% from previous estimates, while gross profit is expected to rise to RMB 11.66 billion, an increase of 4.8% [3][13]. - Adjusted net profit for 2026 is forecasted at RMB 6.64 billion, reflecting a 2.1% increase from prior estimates [3][13]. - The company anticipates a free cash flow growth of over 70% to RMB 2.3 billion in 2025, with a capital expenditure of approximately RMB 7.1 billion for 2026 [6][7]. Stock Performance - The stock has shown a year-to-date change of 5.41%, with a 52-week high of HKD 42.18 and a low of HKD 17.82 [5][12]. - The average daily trading volume is reported at 48.16 million shares [5]. Valuation Metrics - The current valuation corresponds to a price-to-earnings ratio of 21 times and a PEG ratio of 1.1 for 2026, indicating a reasonable valuation [6][11]. - The estimated enterprise value is RMB 132.32 billion, with a net cash position of RMB 9.27 billion [7][11]. Revenue and Profitability Projections - Revenue is expected to grow to RMB 29.06 billion by 2027 and RMB 33.74 billion by 2028, with corresponding EBIT margins improving over the forecast period [7][13]. - The net profit margin is projected to stabilize around 26.6% for 2026, reflecting a slight increase from previous years [3][14]. Market Position - WuXi Biologics is positioned as a leading player in the biopharmaceutical contract research and manufacturing sector, with a strong focus on innovative drug development and production capabilities [6][12].

Investment Rating - The report assigns a "Neutral" rating to WuXi Biologics (2269 HK) with a target price raised to HKD 35.80, indicating a potential upside of 8.0% from the current price of HKD 33.14 [1][12]. Core Insights - The company continues to show strong growth, with a significant improvement in gross margin and management guidance indicating high growth for 2026. The order structure is being upgraded due to new technology and CMO-driven strategies, providing strong long-term growth visibility [2][6]. - The revenue for 2025 is projected at RMB 21.8 billion, representing a year-on-year growth of 17%. The gross margin is expected to increase by 5.0 percentage points to 46.0% [6][13]. - The long-term growth logic is evolving from scale expansion to structural upgrades and platform monetization, with complex new mechanism molecules becoming a core growth driver [6][7]. Financial Forecast Changes - Revenue projections for 2026 are set at RMB 24.98 billion, a decrease of 1.2% from previous estimates. However, gross profit is expected to rise to RMB 11.66 billion, reflecting a 4.8% increase [3][13]. - The adjusted net profit for 2026 is forecasted at RMB 6.64 billion, with a net profit margin of 26.6%, an increase of 0.9 percentage points from the previous forecast [3][13]. Stock Performance - The stock has shown a neutral performance over the past year, with a year-to-date change of 5.41% [4][5]. - The stock's 52-week high is HKD 42.18, and the low is HKD 17.82, indicating significant volatility [5]. Valuation Metrics - The current valuation corresponds to a price-to-earnings ratio of 21 times and a PEG ratio of 1.1 for 2026, which is considered reasonable [6][11].

Investment Rating - The report maintains a "BUY" rating for WuXi Biologics, indicating a potential return of over 15% over the next 12 months [18]. Core Insights - WuXi Biologics reported a revenue increase of 16.7% year-over-year (YoY) for 2025, with adjusted attributable net profit rising by 17.9% YoY, both figures exceeding estimates [1]. - The company's backlog grew by 28.3% YoY, reaching US$23.7 billion, marking the second consecutive year of accelerated growth [1]. - Management has provided guidance for 2026, projecting revenue growth of 13% to 17%, with higher growth expected when excluding foreign exchange impacts [1]. - The company added 209 new projects in 2025, a 38.4% YoY increase, with pre-clinical projects up 42% YoY, indicating strong demand for early-stage R&D services [1]. - Revenue from bi- & multi-specific antibody and XDC businesses grew significantly, with bi- & multi-specifics revenue increasing by 120% YoY, contributing nearly 20% of total revenue [1]. - The XDC segment also maintained rapid growth, with revenue increasing by 46.7% YoY [1]. - WuXi Bio aims to expand its manufacturing capacity from 300,000 liters to 370,000 liters by 2029 to meet increasing demand [1]. Financial Summary - For FY25, revenue was reported at RMB 21,790 million, with an adjusted net profit of RMB 5,640 million [2]. - Revenue is projected to grow to RMB 24,974 million in FY26, with adjusted net profit expected to reach RMB 6,697 million [2]. - The adjusted EPS for FY26 is forecasted at RMB 1.62, with a P/E ratio of 18.5 [2]. Target Price - The target price has been raised from HK$35.60 to HK$39.00, reflecting an upside potential of 17.7% from the current price of HK$33.14 [3].

Financial Data and Key Metrics Changes - Revenue reached RMB 21.8 billion, a 16.7% increase from 2024, with a sequential growth of about 18% in the second half compared to the first half [25][26] - Adjusted net profit increased by 22% year-over-year to RMB 6.6 billion, with a margin expansion of 130 basis points to 30.2% [32][34] - Adjusted EBITDA rose by 22.8% to RMB 9.8 billion, with an adjusted EBITDA margin of 45.1%, one of the highest in the global CDMO industry [32][34] Business Line Data and Key Metrics Changes - Research and discovery services saw a doubling of upfront payments to $115 million, with potential milestone income streams exceeding $4 billion [27] - Development revenue grew by approximately 32% year-over-year, driven by 209 new projects, with 186 in the pre-IND space [28] - Manufacturing revenue from late-phase and commercial projects grew over 26% year-over-year, now representing over 43% of the total portfolio [29] Market Data and Key Metrics Changes - The U.S. accounted for 58% of revenue, growing over 18%, while Europe contributed 23% with nearly 17% growth [16] - Japan and Korea experienced significant growth of almost 70%, now representing 6.5% of total revenue [16][17] - China saw a slight decline in revenue, but adjusting for out-licensing deals shows nearly flat year-over-year growth [17][18] Company Strategy and Development Direction - The company emphasizes a unique CRDMO business model, focusing on bi-specifics, ADCs, and traditional mAbs to drive sustainable high growth [3][4] - The strategy includes expanding capabilities in complex modalities, which are expected to enhance market share due to their challenging nature [20][21] - Continuous investment in technology and capacity expansion in key markets like the U.S. and Singapore is planned to support future growth [59][60] Management's Comments on Operating Environment and Future Outlook - Management acknowledges geopolitical uncertainties but remains optimistic about sustained growth driven by a strong project funnel and client trust [8][14] - The company expects to continue delivering high growth, with a focus on maintaining a sticky project funnel despite external challenges [14][19] - Future revenue growth is anticipated from the successful execution of projects and the introduction of new technologies [58][64] Other Important Information - The company reported a significant increase in gross profit, reaching over RMB 10 billion, with a 31% increase in gross profit margin [30][37] - The company has a strong balance sheet with RMB 15.7 billion in cash, supporting accelerated global growth [41][43] - The company is committed to continuous improvement through the WuXi Business System, achieving a 150 basis points improvement in margin [70] Q&A Session Summary Question: What are the key drivers of revenue growth? - Revenue growth was driven by R&D services, particularly in bispecifics and ADCs, with a strong pipeline of new deals expected to continue into 2026 [27][28] Question: How does the company plan to manage geopolitical risks? - The company acknowledges the geopolitical noise but emphasizes the stickiness of its project funnel and strong client relationships as mitigative factors [8][14] Question: What is the outlook for the manufacturing segment? - The manufacturing segment is expected to grow significantly, with a focus on late-phase projects and commercial manufacturing, which have shown strong revenue growth [29][30]

Financial Data and Key Metrics Changes - Revenue reached RMB 21.8 billion, a 16.7% increase from 2024, with a sequential growth of about 18% in the second half compared to the first half [25][26] - Adjusted net profit increased by 22% year-over-year to RMB 6.6 billion, with a margin expansion of 130 basis points to 30.2% [32][33] - Basic earnings per share grew from $0.82 to $1.22, a 49% increase [36] Business Line Data and Key Metrics Changes - Research and discovery services saw a doubling of upfront payments to $115 million, with potential milestone income streams exceeding $4 billion [26][27] - Development revenue grew by about 32% year-over-year, driven by 209 new projects, with 186 in the pre-IND space [28] - Manufacturing revenue from late-phase and commercial projects grew over 26% year-over-year, now representing over 43% of the total portfolio [29] Market Data and Key Metrics Changes - U.S. revenue accounted for 58% of total revenue, growing over 18%, while Europe contributed 23% with nearly 17% growth [16] - Japan and Korea experienced almost 70% growth, now making up 6.5% of total revenue [16] - China saw a slight decline in revenue, but adjusting for out-licensing deals shows a flat year-over-year growth [17] Company Strategy and Development Direction - The company emphasizes a unique CRDMO business model, focusing on bi-specifics, ADCs, and traditional mAbs to drive sustainable growth [3][4] - The strategy includes expanding capabilities in complex modalities, which are expected to enhance market share due to their challenging nature [20] - Continuous investment in technology and capacity expansion is planned, particularly in the U.S. and Singapore, to support future growth [59][60] Management's Comments on Operating Environment and Future Outlook - Management acknowledges geopolitical uncertainties but remains optimistic about revenue growth driven by a strong project funnel and backlog [25][30] - The company expects to maintain momentum in R&D and development services, with a focus on innovative platforms and complex modalities [26][28] - Future revenue growth is anticipated from the successful execution of projects and the expansion of manufacturing capabilities [29][58] Other Important Information - The company reported a significant increase in gross profit, reaching over RMB 10 billion, a 31% increase year-over-year [30] - The adjusted gross profit margin reached 48.8%, with a 340 basis points improvement year-over-year [37] - The company has a strong balance sheet with RMB 15.7 billion in cash, supporting accelerated global growth [41] Q&A Session Summary Question: What is the outlook for revenue growth in the coming years? - Management indicated that the revenue growth is expected to continue, driven by a strong project pipeline and successful execution of existing projects [25][30] Question: How does the company plan to address geopolitical uncertainties? - The company is focusing on diversifying its revenue streams and maintaining strong relationships with clients to mitigate risks associated with geopolitical issues [25][30] Question: What are the key drivers for the growth in the U.S. and European markets? - The growth in these markets is attributed to the increasing demand for complex modalities and the successful execution of large-scale projects [16][29]

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公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公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 BIOLOGICS (CAYMAN) INC. 藥明生物技術有限公司* （於開曼群島註冊成立的有限公司） （股份代號：2269） 根據受限制股份獎勵計劃授出受限制股份 董事會欣然宣佈，於二零二六年三月二十五日，其已批准授出合共25,575,356 股受限制股份獎勵計劃受限制股份，惟須根據受限制股份獎勵計劃待承授人 接納，方可作實。受限制股份獎勵計劃授出的詳情載列如下： 授出日期： 二零二六年三月二十五日 授出受限制股份獎勵計劃 受限制股份數目： 25,575,356股受限制股份獎勵計劃受限制股份授予 1,946名承授人（其中2名承授人為董事；1名承授人 為董事聯繫人及其餘1,943名承授人為本集團僱員） 授出受限制股份獎勵計劃 受限制股份的購買價： 零 業績目標： 受限制股份獎勵計劃授出適用歸屬期時間表，並無 附帶任何業績目標。 授出的受限制股份獎勵計劃受限制股份乃作為酌 情花紅，以表彰承授人 ...

Scaled CRDMO Platform and Three Key Modalities Delivering Sustained High Growth 2025 Annual Results Operation & Business Updates 01 03 05 02 04 06 2025 Annual Results WBS (WuXi Bio Business System) & ESG as Key Components of Business Strategy FY2025 Financials Review Advanced Technology Platforms – Cornerstone of Future Success Summary & Outlook 01 2025 Annual Results March 2026 Stock Code: 2269.HK Forward-Looking Statements This presentation may contain certain "forward-looking statements" which are not hi ...