4月11日港股公司回购一览 证券时报·数据宝统计显示，4月11日有45家香港上市公司进行了股份回购，合计回购3765.21万股，回购 金额3.52亿港元。 药明生物回购数量990.00万股，回购金额1.98亿港元，回购最高价为20.250港元，最低价为19.580港元， 年内累计回购金额11.11亿港元；中国宏桥回购数量519.55万股，回购金额6791.51万港元，回购最高价 为13.260港元，最低价为12.840港元，年内累计回购金额13.60亿港元；太古股份公司A回购数量31.50万 股，回购金额1948.77万港元，回购最高价为62.250港元，最低价为61.300港元，年内累计回购金额12.86 亿港元。 以金额进行统计，4月11日回购金额最多的是药明生物，回购金额为1.98亿港元；其次是中国宏桥，回 购金额为6791.51万港元；回购金额居前的还有太古股份公司A、名创优品等。回购数量上看，4月11日 回购股数最多的是协合新能源，当日回购量为1027.00万股；其次是药明生物、中国宏桥等，回购数量 分别为990.00万股、519.55万股。 值得关注的是，本次回购6791.51万港元的中国宏桥，年 ...

27 March 2025 | 12:00AM HKT WuXi Biologics (2269.HK) Earnings Review: 2H24 earnings slightly higher than GSe; guided 12-15% revenue growth for FY25 and improving margin | 2269.HK | | --- | | 12m Price Target: HK$23.40 | | Price: HK$26.20 | | Downside: 10.7% | 2H24 revenue reached Rmb10.1bn (vs GSe Rmb9.70bn or VA consensus Rmb9.43bn), +18.3% y/y, that came at higher end of the previous guidance (FY24 +9.6% y/y, vs guidance of +5%-10% y/y), mainly attributable to the robust growth from WuXi XDC (+111% in 2H) ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a 6-month target price of HKD 30.50 per share, based on a PE ratio of 30 times for 2025 [5][7]. Core Insights - The company reported a revenue of CNY 18.675 billion for 2024, representing a year-on-year growth of 9.6%, with a net profit of CNY 3.945 billion, up 10.5% year-on-year [2][5]. - The non-COVID revenue grew by 13.1%, indicating a strong performance in clinical and commercial production services [2][3]. - The company expanded its project pipeline significantly, adding 151 new projects in 2024, bringing the total to 817 projects, which supports future revenue growth [3][4]. Revenue and Profit Summary - In 2024, the revenue breakdown includes CNY 7.062 billion from IND pre-services, CNY 3.816 billion from Phase I/II clinical development services, and CNY 7.485 billion from Phase III clinical development services and commercial production [2]. - The company expects net profits for 2025, 2026, and 2027 to be CNY 3.918 billion, CNY 4.547 billion, and CNY 5.332 billion, respectively, with growth rates of 16.75%, 16.05%, and 17.26% [5][12]. Business Model and Growth Drivers - The integrated CRDMO platform is enhancing the company's operational efficiency and driving steady business growth, with a significant reduction in delivery time from DNA to IND now at 9 months [4]. - The report highlights the potential for accelerated project delivery with 148 new development projects added in 2024, and a steady increase in production batches expected in 2025 [4][5]. Market Performance - The company's stock has shown strong performance with a relative return of 18.2% over the past month and 89.4% over the past year [8]. - The current stock price is HKD 27.75, which is below the target price, indicating potential upside for investors [7].

| | | 二零二四年 | 二零二三年 | 變動 | | --- | --- | --- | --- | --- | | | | 人民幣百萬元 | 人民幣白萬元 | | | 收益 | | 18.675.4 | 17.034.3 | 9.6% | | 毛利 | | 7.650.8 | 6.827.9 | 12.1% | | 毛利率 | | 41.0% | 40.1% | | | 純利 | | 3.945.4 | 3.570.6 | 10.5% | | 純利率 | | 21.1% | 21.0% | | | 本公司擁有人應佔純利 | | 3,356.1 | 3,399.7 | (1.3%) | | 本公司擁有人應佔純利率 | | 18.0% | 20.0% | | | 本公司擁有人應佔經調整純利 | | 4.784.1 | 4.698.9 | 1.8% | | 本公司擁有人應佔經調整純利率 | | 25.6% | 27.6% | | | | | 人民幣元 | 人民幣元 | | | 每股盈利 | 一基本 | 0.82 | 0.82 | | | | 一艘薄 | 0.78 | 0.77 | 1.3% | | 經調整每股 ...

Revenue grew 9.6% YoY to RMB 18,675.4 million, with non-COVID revenue up 13.1% YoY Adjusted EBITDA grew 14.4% YoY to RMB7,999.3 million and Adjusted Net Profit increased 9.0% YoY to RMB5,396.9 million Added 151 new integrated projects, including 13 in late-stage and commercial stage Total integrated projects reached 817, one of the largest portfolios of complex biologics Research Services enabled 7 global programs for molecule discovery, eligible to receive ~$140 million in near-term payments Completed 16 ...

Financial Performance - The company's revenue for the year ended December 31, 2024, increased by 9.6% year-on-year to RMB 18,675.4 million, with non-COVID revenue growing by 13.1%[7] - Gross profit rose by 12.1% to RMB 7,650.8 million, resulting in a gross margin of 41.0%[3] - Net profit increased by 10.5% to RMB 3,945.4 million, with a net profit margin of 21.1%[3] - Revenue for the year ended December 31, 2024, was RMB 18,675,371 thousand, an increase of 9.66% from RMB 17,034,255 thousand in 2023[125] - The net profit for the year was RMB 3,945,371 thousand, compared to RMB 3,570,624 thousand in 2023, representing a growth of 10.45%[126] - The adjusted net profit for the year ended December 31, 2024, was RMB 5,396.9 million, up from RMB 4,950.4 million in 2023, reflecting a growth of approximately 9.0%[101] - The adjusted EBITDA for 2024 was RMB 7,999.3 million, compared to RMB 6,993.0 million in 2023, representing a growth of approximately 14.4%[103] Revenue Breakdown - Revenue from North America rose significantly to RMB 10,695.8 million, accounting for 57.3% of total revenue, compared to RMB 8,073.5 million or 47.4% in the previous year[50] - IND pre-service revenue grew by 30.7% to approximately RMB 7,062.2 million, representing 37.8% of total revenue for the year ending December 31, 2024[51] - Revenue from the XDC segment increased to RMB 3,944.0 million, representing 21.1% of total revenue, compared to RMB 1,906.1 million or 11.2% in the previous year[54] - CRDMO services contributed RMB 18,362,739,000 to total revenue in 2024, up from RMB 16,749,791,000 in 2023, reflecting a growth of 9.66%[137] Operational Highlights - The number of ongoing integrated projects reached 817, with 151 new projects added during the reporting period[4] - The company secured 20 external projects through its "Winning Molecules" strategy, including 13 late-stage clinical and commercial production projects[4] - The total value of uncompleted orders as of December 31, 2024, reached USD 18.5 billion, including USD 10.5 billion in service orders and USD 8 billion in potential milestone payments[7] - The company has empowered over 600 IND submissions, with a recent autoimmune disease project completed in just six months, significantly optimizing the development cycle from DNA to IND to nine months[17] - The WuXiaTM platform has delivered over 1,000 cell lines, enabling 150 comprehensive CMC projects annually, making it one of the largest platforms in the industry[18] Strategic Partnerships and Collaborations - The company has established partnerships with the top 20 global pharmaceutical companies and most large pharmaceutical companies in China, expanding its customer base[8] - The company has established strategic collaborations with GSK, Candid Therapeutics, BioNTech, and Medigene to advance new biopharmaceutical technologies, enhancing client trust and driving innovation in biotherapy[16] - The company has established a strategic partnership with Merck for the development of the B cell depletion therapy CN201, showcasing the unique advantages of its CRDMO platform[29] Production and Capacity Expansion - The company has expanded its production services significantly, with 66 late-stage clinical and 21 non-COVID commercialization projects as of the reporting period end[32] - The company has enhanced its production capacity, increasing the total capacity at its Hangzhou facility to 23,000 liters and completing mechanical work at its Suzhou facility, which is expected to reach GMP readiness soon[39] - The company has achieved GMP certification for all three production facilities in Ireland, successfully completing multiple 16,000-liter scale PPQ productions during the reporting period[35] Financial Management and Expenses - Sales and marketing expenses increased by 61.1% from approximately RMB 294.0 million for the year ended December 31, 2023, to approximately RMB 473.6 million for the year ended December 31, 2024, with the percentage of sales and marketing expenses to revenue rising from 1.7% to 2.5%[62] - Administrative expenses grew by 11.9% from approximately RMB 1,495.4 million for the year ended December 31, 2023, to approximately RMB 1,673.5 million for the year ended December 31, 2024, driven by increased employee-related costs and support for global business expansion[63] - Research and development expenses decreased by 2.5% from approximately RMB 785.8 million for the year ended December 31, 2023, to approximately RMB 766.4 million for the year ended December 31, 2024, due to automation and enhanced operational efficiency[64] Shareholder Returns and Dividends - The board of directors did not recommend any final dividend for the year ended December 31, 2024[3] - The company did not declare any dividends for the year ending December 31, 2024, consistent with 2023[12] Sustainability and ESG Initiatives - The company has joined the Science Based Targets initiative (SBTi) and the UN Global Compact, focusing on ESG performance and sustainable practices[38] - The company has received multiple awards for its quality services and commitment to ESG practices, including recognition in the Dow Jones Sustainability Index and MSCI ESG ratings[43] - The company has implemented over 260 improvement projects through its WBS system, achieving increased efficiency, cost savings, and significant contributions to sustainability goals[42] Market Outlook - The global biopharmaceutical market is expected to grow at a double-digit rate in the coming years, driven by the increasing demand for biopharmaceuticals and advancements in biotechnologies such as bispecific antibodies and ADCs[46] - The company anticipates continued growth in demand for outsourcing services from biopharmaceutical and biotechnology companies, aimed at accelerating discovery, development, and production processes[46]

Core Insights - WuXi Biologics has successfully passed the GMP inspection by Japan's Pharmaceuticals and Medical Devices Agency (PMDA) for its drug substance facilities, MFG2 and MFG5, in Wuxi city, indicating strong compliance with global regulatory standards [1][2] - The company has a proven track record, having passed 42 regulatory inspections and received 97 license approvals from various drug administration agencies across multiple regions, including the U.S., Europe, China, Singapore, Japan, and Canada [3] - WuXi Biologics employs over 12,000 skilled employees globally and is currently supporting 817 integrated client projects, with 21 in commercial manufacturing, excluding COVID-related projects [5] Company Overview - WuXi Biologics is a leading global Contract Research, Development, and Manufacturing Organization (CRDMO) that provides end-to-end solutions for the discovery, development, and manufacturing of biologics [4] - The company emphasizes Environmental, Social, and Governance (ESG) responsibilities as a core part of its business strategy, aiming to become a leader in ESG within the biologics CRDMO sector [6]

Core Insights - WuXi Biologics has been awarded a Platinum Medal by EcoVadis for the second consecutive year, recognizing its sustainability efforts [1][2][3] - The company ranks in the top 1% of over 150,000 companies evaluated globally by EcoVadis, reflecting its strong performance across various sustainability criteria [2][3] Company Overview - WuXi Biologics is a leading global Contract Research, Development, and Manufacturing Organization (CRDMO) that provides end-to-end solutions for biologics [4][5] - The company employs over 12,000 skilled professionals across multiple countries, including China, the United States, Ireland, Germany, and Singapore [5] Sustainability Commitment - WuXi Biologics emphasizes Environmental, Social, and Governance (ESG) responsibilities as a core part of its business strategy, aiming to lead in the biologics CRDMO sector [6] - The company utilizes next-generation biomanufacturing technologies and clean energy sources to enhance its sustainability practices [6] Recognition and Achievements - WuXi Biologics has received multiple accolades for its sustainability initiatives, including an MSCI AAA Rating and inclusion in the Dow Jones Sustainability Indices for two consecutive years [3] - The company is also recognized in the CDP Water Security "A list" and has an "A-" CDP Climate Change score, showcasing its commitment to environmental stewardship [3]

Research Service Overview - Asia Value & Moat Stocks is a research service targeting value investors interested in Asia-listed stocks with significant gaps between price and intrinsic value [1] - The service focuses on deep value balance sheet bargains, such as net cash stocks, net-nets, low P/B stocks, and sum-of-the-parts discounts [1] - It also emphasizes wide moat stocks, including "Magic Formula" stocks, high-quality businesses, hidden champions, and wide moat compounders [1] Investment Focus - The service provides investment ideas primarily for the Hong Kong market, with a broader focus on Asia-listed stocks [1] - It offers monthly updated watch lists for deep value balance sheet bargains and wide moat stocks [1] Author Background - The author specializes in identifying deep value balance sheet bargains and wide moat stocks in the Asian market [1] - The author's research is tailored for value investors seeking opportunities in Asia-listed stocks [1]

Investment Rating - The report maintains a "BUY" rating for WuXi Biologics, with a target price raised from HK$22.88 to HK$24.24, indicating a potential upside of 36.6% from the current price of HK$17.74 [3][8]. Core Insights - WuXi Biologics added 151 new projects in 2024, the highest in its history, with over half from the US, showcasing strong global competitiveness and client trust [1][8]. - The company is set to receive US$140 million in near-term payments from enabling discovery services for 7 global projects in 2024, highlighting lucrative milestone income [1][8]. - The Ireland site is on track to achieve breakeven in 2025, and the company plans to expand its drug substance capacity significantly, with a focus on establishing a comprehensive global production network [1][8]. Financial Summary - Revenue is projected to grow from RMB 17,034 million in FY23A to RMB 20,687 million in FY25E, reflecting a year-on-year growth of 13.4% [2][18]. - Adjusted net profit is expected to increase from RMB 4,739 million in FY24E to RMB 5,358 million in FY25E, representing a growth of 13.0% [2][18]. - The adjusted EPS is forecasted to rise from RMB 1.15 in FY24E to RMB 1.30 in FY25E, with a P/E ratio decreasing from 14.3x in FY24E to 12.7x in FY25E [2][18]. Project Pipeline and Growth - The company’s project pipeline now includes 817 projects, with a significant increase in process performance qualification (PPQ) projects expected to grow by 31% YoY to 101 in 2025 [1][8]. - WuXi Biologics completed 77 PPQ projects in 2024, marking a 26% increase year-on-year, indicating strong momentum for future growth in CMO revenue [1][8]. Overseas Operations - The Ireland biologics facility has shown strong client demand trends, successfully completing multiple 16k-liter PPQ batch productions, supporting profitability targets for 2025 [1][8]. - WuXi Biologics is constructing a new 36k-liter drug substance capacity facility in the US, aiming to expand total drug substance capacity to 491k liters, with approximately 49% located overseas [1][8].