Core Insights - The 2025 World Lung Cancer Conference (WCLC) held in Barcelona showcased significant clinical data from Fuhong Hanlin's PD-L1 ADC drug HLX43, indicating its potential as a blockbuster drug [1] - Fuhong Hanlin's partner, Fuhong Biotechnology, is seeking an IPO on the Hong Kong Stock Exchange, having submitted its application on August 31 [2] Company Overview - Fuhong Biotechnology was established in November 2015 and completed its share reform in April 2025, headquartered in Shanghai [6] - The company is led by founder Dr. Shen Xiaokun, who controls approximately 55.6% of the voting rights [6][10] Financing and Valuation - Fuhong Biotechnology has completed four rounds of financing, raising approximately 416.2 million RMB [7] - The post-investment valuation after the C2 round in August 2025 was 3.188 billion RMB [8] Product Pipeline - The company focuses on developing cancer treatment drugs, with one product already commercialized and generating revenue [11][12] - Fuhong Biotechnology has 16 drug candidates in its pipeline, with five in clinical I/II phases and seven in preclinical development [13] Commercialized Product - The commercialized product, Han Naijia, is a tyrosine kinase inhibitor for HER2-positive breast cancer, generating sales of approximately 17.8 million RMB in 2024 and 34.7 million RMB in the first half of 2025 [15][24] Financial Performance - Despite generating revenue from Han Naijia, the company reported net losses of 94.7 million RMB in 2023 and 74.5 million RMB in 2024, totaling a loss of 205 million RMB over two and a half years [24][26] - As of June 2025, the company had cash and cash equivalents of 161.8 million RMB, sufficient for approximately 15 months of operations at the current burn rate [26] Market Potential - The market potential for the commercialized product is limited due to its narrow indication for HER2-positive breast cancer, which may significantly impact the company's operational results and profitability [26]

今年1月的JPM大会（第43届摩根大通医疗健康大会）上，陈智胜见了120个客户。创新药BD（商务拓展）热潮下，他更忙碌了。前段时间他 在欧洲休假，期间有两家欧洲公司向他发出邀请，希望能与药明生物合作。"连欧洲人都开始卷了。"接受采访时，陈智胜笑称。 药明生物CEO陈智胜图片来源：受访企业供图 2011年，陈智胜博士从美国回到中国。与很多海归科学家选择创业不一样，陈智胜加入了药明康德，那时候，无锡马山到处都是隆隆作响的打 桩声。2014年，药明生物从药明康德分拆，陈智胜担任药明生物CEO（首席执行官）。 "我还记得有天晚上和几个同行在苏州BioBAY聊天，大家还在畅想，五年后中国可以有第一个自己的创新药、二十年后有5到10个创新药就不 错了，那就非常好了。"在9月4日的药明生物首届CRDMO+开放日活动上，陈智胜笑言，台下很多嘉宾是中国创新药最早的参与者，更是行业 发展的推动者。如今看来，十年前大家还是太保守了，这些年中国生物创新药"做得比说得多"，真正实现了弯道超车。 十年时间，中国创新药已经跃升为全球第一梯队。2025年的前5个月，中国生物创新药授权交易金额达到216亿美元，全球大型制药交易中来自 中国创新 ...

Core Viewpoint - WuXi Biologics (02269) announced the issuance of a total of 9.4558 million shares due to the exercise of options from September 1 to September 5, 2025 [1] Company Summary - The company will issue 9.4558 million shares as a result of option exercises [1]

Core Viewpoint - WuXi Biologics (02269) announced the issuance of a total of 9.4558 million shares due to the exercise of options from September 1 to September 5, 2025 [1] Company Summary - The company will issue 9.4558 million shares as a result of option exercises [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 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： 2025年9月5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 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02269 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 ...

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8月31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: 2025年9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 ...

Core Insights - WuXi Biologics reported a 16.1% year-on-year revenue growth in the first half of 2025, reaching 9.95 billion yuan, with net profit attributable to shareholders increasing by 56.1% to 2.34 billion yuan [1] - Adjusted net profit grew by 6.2% year-on-year to 2.39 billion yuan, aligning with expectations, while the overall gross margin improved by 3.7 percentage points to 42.7% [1] Revenue Breakdown - IND pre-service revenue surged by 35.2% year-on-year to 4.15 billion yuan in the first half of 2025 [2] - Early-stage project revenue declined by 29.7% due to large projects transitioning to later development stages, while Phase III and commercial project revenue increased by 24.9% [2] - Revenue from the U.S. grew by 20.1%, accounting for 60.5% of total revenue, while Europe and China saw revenue growth of 5.7% and a decline of 8.5%, respectively [2] Project Pipeline - The company added 86 new projects in the first half of 2025, with over half coming from the U.S. and an improved contribution from China [3] - The total project count reached 864, including 67 Phase III projects and 24 commercial projects, indicating potential for future revenue growth [3] - Adjusted net profit forecasts for 2025 and 2026 were revised down to 4.90 billion yuan and 5.50 billion yuan, respectively, with a new forecast for 2027 set at 6.34 billion yuan [3]

Investment Rating - The report maintains a "Buy" rating for Wuxi Biologics [5][17][28] Core Insights - Wuxi Biologics reported a revenue of Rmb 9.95 billion for the first half of 2025, representing a year-on-year growth of 16.1%, and a net profit of Rmb 2.34 billion, which is a 56.1% increase year-on-year [8][14] - The adjusted net profit reached Rmb 2.39 billion, reflecting a 6.2% year-on-year growth, aligning with expectations [8][14] - The blended gross margin increased by 3.7 percentage points to 42.7%, while the adjusted net profit margin rose by 1.2 percentage points to 45.6% [8][14] Revenue Breakdown - Pre-IND service revenue grew by 35.2% year-on-year to Rmb 4.15 billion in the first half of 2025 [9][15] - Revenue from early-phase projects (Phase I & II) declined by 29.7% year-on-year, primarily due to large projects moving to later stages [9][15] - Revenue from Phase III and commercial projects increased by 24.9% year-on-year [9][15] - Revenue from the US market grew by 20.1%, accounting for 60.5% of total revenue, while revenue from Europe and China increased by 5.7% and decreased by 8.5%, respectively [9][15] Order Backlog - The total backlog reached US$ 20.4 billion, a 1.2% year-on-year increase, including a service backlog of US$ 11.4 billion (down 13% year-on-year) and potential milestone fees backlog of US$ 9.0 billion (up 27% year-on-year) [9][15] - The backlog within three years increased by 16% year-on-year to US$ 4.2 billion, representing 21% of the total backlog [9][15] Project Pipeline - The number of new projects added in the first half of 2025 was 86, with over 50% from the US [10][16] - The total number of integrated projects reached 864, including 67 Phase III and 24 commercial projects, indicating potential future revenue growth [10][16] Financial Forecasts - Adjusted net profit forecasts for 2025 and 2026 have been revised down to Rmb 4.90 billion and Rmb 5.50 billion, respectively, with a new forecast of Rmb 6.34 billion for 2027 [10][17] - Revenue projections for 2025, 2026, and 2027 are Rmb 21.38 billion, Rmb 24.64 billion, and Rmb 28.57 billion, respectively, with year-on-year growth rates of 14.49%, 15.23%, and 15.95% [12][19]

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。 茲提述(1)藥明合聯招股章程；及(2)本公司日期為二零二四年三月三十一日的 公告，內容有關（其中包括）日期為二零二三年十一月三日的二零二三年連接 子及有效載荷主服務協議，就連接子及有效載荷向藥明合聯集團提供研發及 製造服務，並向藥明合聯集團供應其ADC CRDMO服務使用的相關中間產品。 在行業快速擴張的推動下，市場對本集團ADC CRDMO服務的需求持續大幅 增長。預計對藥明合聯集團服務的需求將進一步增長，因其業務於二零二五 年繼續呈上升態勢。考慮到藥明合聯的強勁表現及藥明合聯集團於截至二零 二五年六月三十日止六個月的最近期未經審核簡明綜合中期業績，預計二零 二三年連接子及有效載荷主服務協議的交易金額於二零二五年將超過其原 定年度上限，因此，建議就二零二三年連接子及有效載荷主服務協議採納經 修訂年度上限。此外，由於二零二三年連接子及有效載荷主服務協議將於二 零二五年十二月三十一日到期，藥明合聯建議訂立 ...

Core Viewpoint - In H1 2025, WuXi Biologics achieved revenue of 9.95 billion yuan, with a year-on-year growth of 16.1%, and a continuous operating income growth of 20.2%, exceeding the company's previous annual guidance [1][2][7] - The company signed 86 new projects, a historical high, with a total of 864 projects in hand, showcasing its leading position in the industry [1][3][7] - The company is expected to continue its rapid growth in 2025 due to comprehensive improvements in technology platforms, production bases, operational efficiency, and global development [1][7] Financial Performance - The company reported a gross profit of 4.25 billion yuan, a year-on-year increase of 27.0%, and a net profit attributable to shareholders of 2.34 billion yuan, up 56.0% [2][7] - Adjusted net profit reached 2.84 billion yuan, reflecting an 11.6% year-on-year growth [2] - The company raised its full-year revenue guidance from 12%-15% to 14%-16% based on H1 performance [2] Project Pipeline - The company has a total of 864 projects, including 429 preclinical projects, 259 phase I projects, 85 phase II projects, 67 phase III projects, and 24 commercial projects [3] - The company signed 9 new projects under the "Winning Molecules" strategy, including 2 phase III projects [3] - The backlog of uncompleted orders totals 20.3 billion USD, with 11.35 billion USD in service orders and 9.0 billion USD in potential milestone orders [2][3] Regional Performance - North America accounted for 60.5% of revenue in H1 2025, with a year-on-year growth of 20.1% [3] - European revenue grew by 5.7%, making up 19.8% of total revenue, while revenue from China decreased by 8.5% to 13.0% of total revenue [3] - Other regions, including Japan and South Korea, saw a significant revenue increase of 136.1% [3] Capacity and Technology Development - The company has established 5 research service centers, 8 drug development centers, and 8 commercial production centers globally, with a planned capacity of approximately 500,000 liters [4] - The company is advancing its production capabilities in various locations, including successful commercial production in Ireland and ongoing capacity optimization in the U.S. [4][5] - The company is developing next-generation high-throughput formulation platforms to meet diverse customer needs [5][6] Future Outlook - The company is positioned as a global leader in the biopharmaceutical CRDMO sector, with expectations for continued growth driven by overseas demand recovery and domestic market improvements [7] - The company anticipates further increases in profit margins due to operational efficiency improvements and rising capacity utilization [7] - The company projects revenues of 21.5 billion yuan, 25.26 billion yuan, and 30.03 billion yuan for 2025-2027, with corresponding growth rates of 15%, 18%, and 19% [7]