Core Insights - WuXi Biologics reported record growth in 2025, with a 16.7% increase in revenue and a 30.9% growth in IFRS gross profit, leading to a gross profit margin expansion of 5 percentage points to 46.0% [1] - The company's transformation into a digitally-native organization has been a key driver of this growth, enhancing operational efficiency and redefining industry standards [2][5] Financial Performance - Revenue increased by 16.7% year-on-year, while adjusted gross profit surged by 25.5% [1] - Gross profit margin expanded to 46.0%, reflecting improved operational performance [1] Digital Transformation - WuXi Biologics has integrated advanced computational modeling and predictive analytics, streamlining the biologics lifecycle [2] - The company launched a secure cloud-based client portal, enhancing collaboration and providing real-time access to critical data [3][4] Operational Efficiency - The integration of smart-automation workflows has minimized manual bottlenecks, accelerating development timelines [7] - The company supports 945 integrated client projects, including 74 in Phase III and 25 in commercial manufacturing, showcasing its operational capacity [8] Commitment to Sustainability - WuXi Biologics aims to become an ESG leader in the biologics CRDMO sector, utilizing next-generation biomanufacturing technologies and clean-energy sources [9]

Core Viewpoint - WuXi Biologics reported record annual results for 2025, showcasing significant growth across various financial metrics, driven by strategic execution and increasing demand for complex biologics [1][19]. Financial Highlights - Revenue increased by 16.7% year-over-year (YoY) to RMB 21.8 billion, supported by the "Follow and Win the Molecule" strategy and rising demand for complex biologics [2][6]. - Gross profit rose by 30.9% YoY to RMB 10.0 billion, with gross margin expanding by 500 basis points to 46.0% [3][6]. - EBITDA grew by 38.1% YoY to RMB 9.0 billion, with an EBITDA margin of 41.5% [4][6]. - Net profit increased by 45.3% YoY to RMB 5.7 billion, driven by higher gross profits and gains from the investment portfolio [5][6]. Business Highlights - A record 209 new integrated projects were signed in 2025, bringing the total to 945, with strong contributions from U.S. clients [8][21]. - Research Services generated record-high payments, securing potential milestone and royalties exceeding US$4 billion [9][10]. - The Group supported 156 IND filings in 2025, expanding capacity to 200 INDs and 20 BLAs/MAAs annually [10][11]. Development and Manufacturing - Bispecifics and ADCs accounted for two-thirds of new project additions, reflecting a 30% growth in each modality [10][11]. - The Group maintained a 100% success rate in process performance qualifications (PPQs) and has 34 PPQs scheduled for 2026 [12][21]. - Total backlog reached US$23.7 billion, with US$4.5 billion expected within three years, indicating strong near-term revenue visibility [14][21]. Quality and Compliance - The Group has completed 46 regulatory inspections with no critical issues, maintaining a 100% pass rate for FDA Pre-License Inspections [15][19]. - The company has passed over 1,800 client GMP audits, demonstrating consistent quality and compliance standards [15][19]. Talent and Operational Efficiency - The workforce comprised 13,252 employees, including 4,885 scientists, with a talent retention rate of 96.4% [15][19]. - The WuXi Biologics Business System (WBS) contributed to gross margin improvement through over 430 Kaizen initiatives [16][19]. Sustainability and ESG - WuXi Biologics has been recognized for its ESG practices, achieving high ratings from global ESG rating agencies and inclusion in the Dow Jones Sustainability Indices [18][26].

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，並明確表示概不就本公告全部或任何部分內容而產生或因依 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） 內幕消息 二零二五年全年業績簡報 本公告由WuXi Biologics (Cayman) Inc.藥明生物技術有限公司*（「本公司」）根據 香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及香港法例第 571章《證券及期貨條例》第XIVA部項下內幕消息條文（定義見上市規則）而作出。 為使本公司股東及潛在投資者能夠更深入、更全面地了解其二零二五年全年 業績及業務營運，本公司將於二零二六年三月二十五日上午九時正及晚上八 時正（香港時間）召開電話會議，屆時將就本公司財務業績及業務營運進行簡 報（「簡報」）。本公司股東及潛在投資者可於預定時間通過以下鏈接參加電話 會議： https://morganstanley.zoom.us/webinar/register ...

Financial Performance - The company's revenue for the year ended December 31, 2025, reached RMB 21,790.0 million, representing a year-on-year growth of 16.7%[2] - Gross profit increased by 30.9% to RMB 10,018.5 million, with a gross margin of 46.0%, up from 41.0%[2][5] - Net profit rose by 45.3% to RMB 5,733.2 million, while profit attributable to shareholders increased by 46.3% to RMB 4,908.3 million[2][5] - The group's IND pre-service revenue increased by 31.9% to approximately RMB 9,314.3 million, accounting for 42.8% of total revenue[47] - Early clinical development service revenue decreased by 30.8% to approximately RMB 2,639.0 million, representing 12.1% of total revenue[47] - Late clinical development service and commercialization revenue grew by 26.4% to approximately RMB 9,460.7 million, making up 43.4% of total revenue[47] - Revenue from the top five customers increased by 4.5% to approximately RMB 5,687.6 million, accounting for 26.1% of total revenue[48] - The total comprehensive income for the year was RMB 6,820.0 million, significantly higher than RMB 3,116.7 million in the previous year[108] - The company's profit attributable to owners for the year ended December 31, 2025, was RMB 4,908,343,000, an increase of 46.2% from RMB 3,356,081,000 in 2024[109] - Total comprehensive income attributable to owners for the same period was RMB 6,013,420,000, up 138.5% from RMB 2,524,660,000 in 2024[109] Operational Highlights - The company added 209 integrated projects in 2025, bringing the total to 945, reinforcing its position as a preferred partner for global biopharmaceutical innovation[3] - The total value of uncompleted orders increased to USD 23.7 billion, including USD 11.5 billion in service orders and USD 12.2 billion in potential milestone payments[5] - The company has established partnerships with the top 20 global pharmaceutical companies, enhancing its integrated capabilities from discovery to commercialization[6] - The CRDMO platform includes approximately 800 scientists providing comprehensive biopharmaceutical discovery solutions[8] - The company is advancing over 160 bispecific antibody projects, leveraging its proprietary WuXiBodyTM platform, which has achieved over 50 collaborations globally[10] - The company is developing next-generation T cell engagers (TCEs) and other innovative therapies to address tumor and autoimmune diseases[9][11] - The company has successfully implemented a "follow and win molecules" strategy, resulting in a stable increase in late-stage clinical and commercial production projects, with 74 and 25 projects respectively as of the reporting period[22] - The company has successfully built an integrated platform for advanced therapeutic modalities, significantly enriching its service portfolio and ensuring continuous growth driven by innovation[24] Research and Development - Research and development expenses increased by 11.4% to approximately RMB 853.4 million, reflecting ongoing investment in innovation and technology[58] - The company plans to invest approximately 10% of the proceeds (RMB 1,089.9 million) in mRNA-related technologies, with RMB 1,035.8 million already utilized[100] - The company has developed a single B cell technology that significantly enhances existing capabilities, supporting the discovery of valuable lead molecules for challenging targets[14] - The company launched the EffiXTM microbial expression platform, enabling high-yield, high-quality, and stable microbial-derived bioproducts, supporting various technology modes for development and production[27] Financial Health and Stability - The company reported a significant increase in free cash flow for the year, indicating strong financial health and operational efficiency[5] - The total cash and bank balances increased by 45.3% from approximately RMB 10,186.2 million on December 31, 2024, to approximately RMB 14,800.8 million on December 31, 2025, primarily due to net cash inflows from operating activities and proceeds from asset sales in Europe[79] - The total borrowings decreased by 60.4% from approximately RMB 2,636.2 million on December 31, 2024, to approximately RMB 1,042.9 million on December 31, 2025, mainly due to the repayment of most bank loans in the second half of 2025[82] - The capital-to-debt ratio decreased from 5.8% on December 31, 2024, to 2.0% on December 31, 2025, due to loan repayments and an increase in total equity from net profit and new share issuance[87] - The group has established a comprehensive financing and fiscal policy to effectively manage capital needs and optimize cash flow, ensuring financial stability and supporting sustainable growth[80] Market and Strategic Initiatives - The company plans to strengthen its integrated platform through strategic investments in cutting-edge technologies and optimize global capacity layout by 2026[43] - The company is considering strategic acquisitions to bolster its market position, with a budget of $200 million allocated for potential deals[158] - The company signed a strategic memorandum of understanding with the Qatar Free Zone Authority to establish a core hub in Qatar, expanding its regional layout[38] - The company is focused on expanding its CRDMO services, which are critical for its growth strategy in the biopharmaceutical sector[112] Compliance and Governance - The company is committed to compliance with regulatory standards and operational excellence while focusing on geopolitical developments and tariff policies[43] - The company is committed to maintaining high levels of corporate governance and has complied with all applicable codes during the reporting period[97] - The company has received multiple awards for its quality services and commitment to ESG practices, including the "Best CDMO" awards in various categories[40] Employee and Talent Management - Total employee costs for the year ended December 31, 2025, were approximately RMB 5,880.2 million, compared to RMB 5,073.3 million in 2024, an increase of 15.9%[93] - The company maintained a key talent retention rate of approximately 96.4%[93] - The company has adopted various equity incentive plans to reward eligible participants for their contributions[94] Future Outlook - The company provided an optimistic outlook for the next quarter, projecting revenue growth of 20% to 25%[158] - New product launches are expected to contribute an additional $100 million in revenue over the next year[158] - Market expansion efforts include entering three new countries, which are projected to add $30 million in revenue within the first year[158]

Core Insights - WuXi Biologics has achieved a historic record by winning six awards and two individual leadership awards at the 2026 Asia-Pacific Biopharma Excellence Awards, highlighting its leadership in bioprocessing, manufacturing, and digital innovation [1] Group 1: Awards and Recognition - The company won in categories such as Excellence in Bioprocessing Automation & Digitalization, Bioprocessing Facility of the Year, and Best Contract Development & Manufacturing Organization Award [1] - Dr. Sherry Gu was named CTO of the Year, and Dr. Jeremy Guo received the award for Head of Fill-Finish & Formulation of the Year, recognizing their contributions to biologics development and manufacturing [1] Group 2: Business Operations and Achievements - WuXi Biologics operates 945 integrated projects, with nearly 50% involving bi- and multi-specific antibodies and ADCs, making it one of the largest portfolios of complex biologics globally [1] - The company has achieved a 100% success rate in PPQ campaigns and delivered over 350 large-scale batches (6,000 L – 16,000 L per batch) since 2017 [1] - WuXi Biologics has passed 46 regulatory inspections, including 22 by the FDA and EMA, maintaining a 100% pass rate for FDA Pre-License Inspection [1] Group 3: Technological Innovations - The company launched WuXia™ TrueSite, achieving average mAb titers over 8.0 g/L, and advanced its high-dose delivery technologies, enabling protein concentrations of up to 230 mg/mL [1] - WuXi Biologics has integrated digital innovation across R&D and manufacturing, achieving approximately 40% productivity gains and a 20% improvement in efficiency through advanced planning systems [1] Group 4: Sustainability and ESG Commitment - WuXi Biologics emphasizes sustainability as a cornerstone of long-term growth, driving green technology innovations and achieving excellence in Environment, Social, and Governance (ESG) practices [2]

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: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 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）*僅供識別 呈交日期: 2026年3月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02269 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 6,000,000,000 | USD | 0.000008333333 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 6,000,000,000 | U ...

Investment Rating - The report indicates a "Sell" rating for WuXi Biologics (2269 HK) due to a sell-off driven by fund flows rather than fundamentals [1]. Core Insights - The recent sell-off in WuXi Biologics and its subsidiary WuXi XDC, which saw declines of approximately 7% and 8% respectively, is attributed to position adjustments and fund flows rather than fundamental issues [1]. - The report highlights three key factors influencing the recent sell-off: strong performance year-to-date, the typical quiet period leading to profit-taking, and the spillover effects from U.S. CRO companies facing pressure due to AI-related concerns [4]. - The next potential catalyst for the stock is the official guidance for the fiscal year 2026, expected to clarify fundamentals such as order trends, pricing, capacity utilization, and overseas demand signals [4]. Summary by Sections Catalysts - The project momentum led by bispecific/multispecific drugs is expected to drive a re-acceleration of revenue growth in 2026 [3]. - The number of new projects in 2025 exceeded expectations with a net increase of 128 projects, laying the groundwork for faster growth in 2026 compared to 2025 [3]. - The geopolitical valuation discount is anticipated to diminish, with the impact expected to be less in 2026 than in 2024-2025 [3]. Company Overview - WuXi Biologics is a leading global Contract Research, Development, and Manufacturing Organization (CRDMO) that provides end-to-end solutions to help partners develop biologics from concept to commercialization [6]. - Revenue breakdown shows that 88.8% comes from biologics and 11.2% from WuXi XDC, with geographical revenue distribution being 47.4% from the Americas, 30.2% from Europe, and 22.4% from Asia [7]. Market Information - As of February 25, 2026, the stock price is 41.36 HKD, with a market capitalization of 21.54 billion USD and a consensus target price of 43.85 HKD [10].

Group 1 - The core point of the article is that BlackRock's long position in WuXi Biologics H shares has decreased from 5.22% to 4.51% as of February 16 [1]

Group 1 - Morgan Stanley's report indicates that WuXi Biologics (02269) has exceeded market consensus and Morgan Stanley's expectations for its 2025 performance, raising the target price from HKD 37 to HKD 51 and extending the target price deadline to December 2026 while maintaining an "Overweight" rating [1] - The company expects full-year revenue to reach RMB 21.8 billion, a year-on-year increase of 16.7%, aligning closely with market consensus and Morgan Stanley's forecast. Net profit is projected to be RMB 4.9 billion, exceeding market consensus and Morgan Stanley's estimates by approximately 11% and 17% respectively [1] - After adjusting for one-time costs, the non-IFRS net profit is expected to rise by 22% to RMB 6.59 billion, reinforcing Morgan Stanley's confidence in WuXi Biologics' growth prospects for this year and beyond [1] Group 2 - Morgan Stanley has raised its sales forecasts for 2025 to 2027 by 2% to 5%, and for 2028 and beyond by 6% to 9%, due to improved expectations for new order acquisition momentum. The firm now predicts sales growth of 17.3% and 18.0% for 2026 and 2027 respectively [2] - Due to better-than-expected gross margin expansion, Morgan Stanley has also increased its gross margin assumptions by 2 to 3 percentage points, forecasting gross margins of 46.0%, 46.2%, and 46.5% for 2025, 2026, and 2027 respectively [2] - These updates translate into a 13% to 23% upward revision of profit forecasts for 2025 to 2027, with adjusted net profit for shareholders expected to grow by 17.4% and 20.9% in 2026 and 2027 respectively [2]

Group 1 - Core viewpoint: Morgan Stanley's report indicates that WuXi Biologics (02269) has exceeded market consensus and Morgan Stanley's expectations for its 2025 performance, leading to an increase in target price from HKD 37 to HKD 51 and maintaining an "Overweight" rating [1] - Company expects full-year revenue of RMB 21.8 billion, a year-on-year increase of 16.7%, aligning with market consensus and Morgan Stanley's forecast [1] - Net profit is projected to reach RMB 4.9 billion, exceeding market consensus and Morgan Stanley's estimates by approximately 11% and 17% respectively [1] Group 2 - Morgan Stanley has raised its sales forecasts for 2025 to 2027 by 2% to 5%, and for 2028 and beyond by 6% to 9%, due to improved expectations for new order acquisition momentum [2] - The firm now predicts sales growth of 17.3% and 18.0% for 2026 and 2027 respectively [2] - Due to better-than-expected gross margin expansion, Morgan Stanley has adjusted its gross margin assumptions upward by 2 to 3 percentage points, forecasting gross margins of 46.0%, 46.2%, and 46.5% for 2025, 2026, and 2027 respectively [2]