格隆汇2月11日丨药明生物(02269.HK)宣布，公司谨订于2026年3月24日(星期二)举行董事会会议，藉以 (其中包括)考虑及批准集团截至2025年12月31日止年度的全年业绩及其刊发。 ...

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） 香港，二零二六年二月十一日 於本公告日期，董事會成員包括執行董事陳智勝博士及Sherry Xuejun Gu博士；非執行董事 李革博士、曹彥凌先生及繆靜雯女士；及獨立非執行董事William Robert Keller先生、Kenneth Walton Hitchner III先生、戴國良先生及陳珏博士。 * 僅供識別 WuXi Biologics (Cayman) Inc.藥明生物技術有限公司*（「本公司」，連同其附屬公 司，統稱「本集團」）董事（「董事」）會（「董事會」）謹此宣佈，本公司謹訂於二零 二六年三月二十四日（星期二）舉行董事會會議，藉以（其中包括）考慮及批准 本集團截至二零二五年十二月三十一日止年度的全年業績及其刊發。 承董事會命 WuXi Biolo ...

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. 本公司謹此知會本公司股東（「股東」）及潛在投資者，根據對本集團截至二零 二五年十二月三十一日止年度的未經審核綜合管理賬目（基於國際財務報告準 則(IFRS)編製）的初步評估，預期與去年同期比較，本公司截至二零二五年十二 月三十一日止全年度收益將增長約16.7%至人民幣21,790百萬元；毛利率將提升 約5個百分點至46.0%；經調整毛利將增長至約人民幣10,638百萬元，同比增長 約25.5%；本公司截至二零二五年十二月三十一日止全年度的利潤及歸屬於本 公司權益股東的利潤將分別增長約45.3%至人民幣5,733百萬元及約46.3%至人民 幣4,908百萬元；以及經調整以股份為基礎的薪酬開支、外匯損益、以及股權 投資、資產出售、重組損益及相關一次性成本後，本公司非國際財務報告準則 經調整純利將增長約22.0%至人民幣6,586百萬元。該等增長主要歸 ...

项目数量持续增长，结构升级夯实发展基础：根据公司JPM 会议报告，2025 年公司新增209 个综合项 目，综合项目总数达945 个，其中约三分之二为双多抗及ADC 等复杂分子，并包含6 个临床Ⅲ期项目， 项目质量与后期属性同步提升。公司表示双多抗成为公司增速最快、盈利能力最强的分子类型，贡献近 20%的收入，同比增长超过120%。截至2025 年底，公司拥有74 个临床Ⅲ期项目及25 个商业化生产项 目，为未来收入放量提供支撑。生产端方面，公司2025 年转入23 个外部项目，其中包括6 个Ⅲ期及商 业化项目，项目结构持续优化；同时，公司2025 年完成28 个PPQ 项目，同比增长75%，2026 年已排程 34 个，PPQ 生产成功率超过99%，商业化交付能力持续验证。 全球布局持续推进，跨区域协同能力不断增强：根据公司JPM 会议报告，2025 年新签项目中约半数来 自美国，公司持续推进美国、新加坡及卡塔尔等战略枢纽建设，形成覆盖全球化CRDMO 服务网络。其 中，公司持续加大美国战略投资力度，在马萨诸塞州伍斯特布局36,000L 原液产能，预计于2028 年投 用；同时在新泽西州克兰伯里布局约5,4 ...

Summary of Key Points from the Conference Call Industry Overview - **Sector**: China's healthcare sector, specifically focusing on Biotech/Pharma and CRO/CDMO segments - **Trend**: Transitioning from "go-global beta" to "visibility-driven alpha" as the sector shows robust performance in 2025, driven by emerging assets expanding globally [1][2] Core Insights - **Investment Strategy Shift**: Investors are moving from beta trades based on licensing expectations to focusing on tangible execution and visibility into key data readouts and earnings delivery for 2026 [1][2] - **CRO/CDMO Outlook**: Positive outlook for CDMOs due to accelerated growth, strong product cycles, and reasonable valuations. Upgrades for WuXi AppTec and WuXi XDC to "Buy" [2][11] - **Biotech/Pharma Selectivity**: A more selective approach is advised, favoring companies with validated early data and realistic deal expectations. Preferred stocks include Kelun Biotech, Henlius, and Hansoh [2][7] - **MedTech Neutral Stance**: Cautious outlook on MedTech, with a recommendation to buy AngelAlign and Weigao, while maintaining a neutral stance overall [2][7] - **Healthcare Services Caution**: Downgraded outlook for healthcare services due to cost control measures and weak consumption cycles, with downgrades for Hygeia and Jinxin [2][7] Emerging Technologies - **AI and New Modalities**: Anticipated advancements in AI within healthcare and a strengthening of China's leadership in new modalities such as next-gen ADCs and innovative oligonucleotide medicines [3][7] - **Surgical Robotics**: 2026 is expected to be pivotal for surgical robotics commercialization, driven by new national billing rules [3] Financial Metrics and Projections - **Earnings Estimates**: EPS estimates for Chinese CDMOs/CROs revised up by 3%-4% for FY26-27 due to improved earnings visibility [11] - **Capex Normalization**: Capital expenditure is returning to growth levels, focusing on high-potential modalities and overseas expansion [10][21] - **Valuation Recovery**: Valuations for WuXi AppTec and WuXi XDC are expected to recover modestly as visibility improves, although they still trade at a discount compared to global peers [10][14] Market Dynamics - **Geopolitical Sensitivity**: Market sensitivity to geopolitical headlines has decreased, with a clearer distinction between sentiment risk and actual business impact [10][27] - **Outsourcing Trends**: Despite geopolitical uncertainties, outsourcing rates are expected to rise, driven by cost efficiency and access to specialized technologies [28] Key Risks and Considerations - **Biosecure Act Impact**: The Biosecure Act's implications are being closely monitored, with expectations that any structural reallocation of outsourcing away from China will be gradual [42] - **Client Behavior**: Client concerns regarding the Biosecure Act have diminished, with high retention rates noted for WuXi's services [13] Conclusion - The healthcare sector in China is poised for a significant transformation as it shifts towards visibility-driven investments. Key players in the CDMO and Biotech/Pharma segments are expected to benefit from improved earnings visibility and a supportive funding environment, while caution remains in MedTech and healthcare services due to ongoing economic pressures.

Investment Rating - The report maintains a "Buy" rating for WuXi Biologics (2269 HK) with a target price of HK$54.23, representing a potential upside of 44% from the current price of HK$37.68 [1][10][11]. Core Insights - The company is expected to see revenue and profit growth in 2025, driven by global network expansion and digital transformation initiatives. The growth trend is anticipated to continue into 2026, supported by strong research services, leading platform recognition, and an increase in drug development projects [6][10]. - The number of projects is on the rise, with a total of 945 comprehensive projects expected by 2025, including 74 clinical phase III projects. The company has reported that bispecific antibodies are the fastest-growing and most profitable molecule type, contributing nearly 20% of revenue with over 120% year-on-year growth [7][10]. - The company is enhancing its global footprint, with about half of new projects in 2025 coming from the U.S. Strategic investments are being made in U.S. facilities to bolster production capacity [8][10]. Financial Summary - Revenue projections for 2025E, 2026E, and 2027E are RMB 21,176 million, RMB 25,175 million, and RMB 29,813 million, respectively, reflecting growth rates of 13.4%, 18.9%, and 18.4% [9][15]. - The expected earnings per share (EPS) for 2025E, 2026E, and 2027E are RMB 0.87, RMB 1.03, and RMB 1.20, respectively [2][9]. - The company’s market capitalization is approximately US$5.923 billion, with a current share count of 1,228 million [1][9]. Valuation - The report employs a two-stage DCF valuation method, resulting in a target price of HK$54.23, which corresponds to a P/E ratio of 49x for 2026, slightly above the industry average of 30x [11][12]. - The report highlights a WACC of 7.9% and a perpetual growth rate adjustment to 5%, indicating a positive long-term outlook for the company [11][12].

Core Viewpoint - WuXi Biologics has been awarded the Platinum Medal by EcoVadis for the third consecutive year, recognizing its strong performance in sustainability and ESG practices [1][2]. Group 1: Sustainability Achievements - WuXi Biologics is ranked in the top 1% of over 150,000 companies evaluated globally, reflecting its robust ESG policies and performance outcomes validated by external stakeholders [2]. - The company has set near-term and net-zero GHG emissions reduction targets approved by the Science Based Targets initiative (SBTi), positioning it as a leader in the industry [3]. - WuXi Biologics launched a Green CRDMO White Paper detailing its green innovation technologies and showcasing significant carbon reductions achieved through its operations [4]. - The company has achieved ISO 20400 Sustainable Procurement certification, promoting sustainability principles in procurement practices [5]. Group 2: Leadership and Commitment - Dr. Chris Chen, CEO of WuXi Biologics, emphasized the company's commitment to advancing sustainability capabilities and enabling partners to meet their ESG goals [6]. - The achievement of the EcoVadis Platinum Medal reinforces global clients' confidence in WuXi Biologics' reliability and commitment to sustainability and compliance standards [7]. - WuXi Biologics actively participates in initiatives like the United Nations Global Compact and has received numerous recognitions, including an MSCI AAA Rating and inclusion in the Dow Jones Sustainability Indices [8]. Group 3: Company Overview - WuXi Biologics is a leading global Contract Research, Development and Manufacturing Organization (CRDMO) providing end-to-end solutions for biologics [9]. - The company employs over 12,000 skilled professionals across multiple countries and supports 945 integrated client projects, including 74 in Phase III and 25 in commercial manufacturing as of December 31, 2025 [10]. - WuXi Biologics integrates ESG responsibilities into its business strategy and aims to be a leader in the biologics CRDMO sector, utilizing next-generation biomanufacturing technologies [11].

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1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: 2026年2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 ...

Policy Developments - Shanghai aims to vigorously cultivate and develop future industries such as brain-computer interfaces and fourth-generation semiconductors, as stated in the government work report presented at the Shanghai Municipal People's Congress [1] Drug and Medical Device Approvals - Novartis announced that its innovative biological drug Cosentyx (secukinumab) has received approval from the National Medical Products Administration in China for a new indication to treat active non-radiographic axial spondyloarthritis in adults who have had an inadequate response to non-steroidal anti-inflammatory drugs [2] - Hualan Biological announced that its recombinant Exendin-4-Fc fusion protein injection (HL08) has received clinical trial approval for use in adult patients with obesity or overweight, expanding its indications beyond type 2 diabetes [3] - Bibet's BEBT-701, a globally first AGT/PCSK9 dual-target siRNA drug, has received approval for clinical trials to treat mild to moderate hypertension combined with elevated low-density lipoprotein cholesterol [4] - Zhifei Biological's mRNA vaccine for shingles has received clinical trial approval from the National Medical Products Administration [5] Financial Data - Yaokang Biological reported a total revenue of 793 million yuan for 2025, a year-on-year increase of 15.49%, and a net profit of 144 million yuan, reflecting a growth of 31.49% [6] Industry Developments - Jichuan Pharmaceutical's wholly-owned subsidiary has signed an exclusive commercialization rights agreement for the Inusimab injection, paying an authorization fee of 80 million yuan [7][8] - Insilico Medicine announced it received a milestone payment of 39 million HKD from Menarini after the MEN2501 project completed its first patient dosing in Phase I clinical trials [9] - WuXi Biologics has signed a licensing and research service agreement with Vertex Pharmaceuticals for an innovative trispecific T cell engager, which will be used to treat B cell-mediated autoimmune diseases [10]

Core Viewpoint - WuXi Biologics (02269) has signed a licensing and research service agreement with Vertex Pharmaceuticals for an innovative trispecific T cell engager (TCE) aimed at treating B cell-mediated autoimmune diseases, which has led to a stock price increase of over 4% [1] Group 1: Company Developments - WuXi Biologics' stock price rose by 3.35% to HKD 37.04, with a trading volume of HKD 439 million [1] - The agreement with Vertex Pharmaceuticals grants Vertex global exclusive rights for the development and commercialization of the trispecific TCE, which is currently in the preclinical stage [1] - WuXi Biologics will receive an upfront payment and is eligible for milestone payments related to development, registration, and sales, as well as a sales commission post-product launch [1] Group 2: Industry Implications - The collaboration focuses on a novel treatment approach for B cell-mediated autoimmune diseases, indicating a growing interest in innovative therapies within the biopharmaceutical industry [1] - The agreement highlights the trend of partnerships between biotech firms and established pharmaceutical companies to accelerate drug development and commercialization [1]