智通财经APP获悉，里昂发布研报称，除开发与生产外，潜在特许权使用费及里程碑费用料将成为药明 生物(02269)长期增长关键驱动力，相应将2025至2027年收入预测上调2%至9%，并将2026年至2027年净 利润预测上调6%至12%，以反映中期业绩表现强劲及订单增长稳健，目标价从28.8港元上调至34.8港 元，维持"跑赢大市"评级。 里昂表示，药明生物上半年销售额同比增长16%，经调整净利润同比增长12%，符合市场预期。管理层 将全年收入增长指引从12%至15%，上调至14%至16%，预期未完成订单加速增长，将支持公司的长期 增长。 ...

大和发布研报称，药明生物(02269)2025年上半年业绩符合预期，收入、毛利率及积压订单均实现强劲 增长，研发-开发-生产(RDM)各环节在2025年下半年能见度高，毛利率预计持续改善，该行重申"买 入"评级。针对2025至2027年预测，将毛利率预测上调1.5至1.6个百分点，并将销售及管理费用预测下调 7%，以反映2025年上半年最新趋势。因此，将2025至2027年每股盈利预测上调3%至10%，目标价由30 港元上调至35.5港元。 ...

智通财经APP获悉，大和发布研报称，药明生物(02269)2025年上半年业绩符合预期，收入、毛利率及积 压订单均实现强劲增长，研发-开发-生产(RDM)各环节在2025年下半年能见度高，毛利率预计持续改 善，该行重申"买入"评级。针对2025至2027年预测，将毛利率预测上调1.5至1.6个百分点，并将销售及 管理费用预测下调7%，以反映2025年上半年最新趋势。因此，将2025至2027年每股盈利预测上调3%至 10%，目标价由30港元上调至35.5港元。 ...

Core Viewpoint - Daiwa's report indicates that WuXi Biologics' performance in the first half of the year met expectations, with strong growth in revenue, gross margin, and backlog orders [1] Group 1: Financial Performance - Revenue, gross margin, and backlog orders all showed robust growth [1] - Gross margin forecasts for 2025 to 2027 have been raised by 1.5 to 1.6 percentage points [1] - Earnings per share forecast has been increased by 3% to 10% [1] Group 2: Cost Management - Sales and management expense forecasts have been reduced by 7% to reflect the latest trends in the first half of 2025 [1] Group 3: Target Price and Rating - The target price has been raised from HKD 30 to HKD 35.5 [1] - The "Buy" rating has been reaffirmed [1]

Summary of WuXi Biologics Earnings Review Company Overview - **Company**: WuXi Biologics (2269.HK) - **Market Cap**: HK$130.4 billion / $16.7 billion - **Current Price**: HK$30.62 - **12-Month Price Target**: HK$29.30 - **Downside**: 4.3% from current price Financial Performance - **1H25 Revenue**: Rmb9.95 billion, up 16.1% year-over-year (y/y), or 9% y/y excluding XDC [1] - **Net Profit**: Rmb2.34 billion, up 56% y/y; adjusted non-IFRS net profit increased by 12% y/y [1] - **Gross Margin**: Expanded by 3.6 percentage points y/y to 42.7%, attributed to reduced share-based employee incentives and improved capacity utilization [1] - **SG&A Ratio**: Stable at 10.6%, compared to 11.6% in 1H24 [1] - **3-Year Service Backlog**: Grew to US$4.21 billion, up 15.3% from 2H24, exceeding expectations [1][2] Revenue Guidance and Projections - **FY25 Revenue Guidance**: Raised to 14-16% y/y from previous 12-15% y/y, implying 19-21% growth for continuing operations [1] - **Long-term Gross Margin Target**: Management aims for a gross margin of 50% [1] - **Singapore Site Gross Margin Expectation**: Anticipated to reach ~45% due to large-scale capacity and advanced technologies [1] Project and Backlog Insights - **Total Backlog**: Increased to US$20.3 billion from US$18.5 billion at YE24 [2] - **Client Retention**: Over 90% retention in the R segment and more than 95% D-to-M conversion [2] - **New Projects**: 86 new projects signed in 1H25, with 25 PPQs scheduled for FY25, primarily in bi/multi-specific antibodies and ADCs [2][16] New Revenue Streams - **Milestone Backlog**: Increased to US$9.0 billion, with potential sales royalties and cell line royalties expected to contribute significantly to profits in the long term [17] - **IP-based Income Potential**: Could contribute 30% of profit in 5-6 years, driven by royalties and milestone payments [17] Capital Expenditure and Expansion Plans - **FY25 Capex Guidance**: Lowered to Rmb5.3 billion from Rmb6 billion, with significant allocation for biologics capacity expansion [18] - **Global Expansion Progress**: Notable advancements in manufacturing sites in Ireland, the U.S., and Singapore [18] Risks and Valuation - **Valuation Adjustments**: EPS estimates for 2025-2027 adjusted upwards by 15.9%, 11.9%, and 13.5% respectively due to better-than-expected margin improvements [20] - **Key Risks**: Legislative outcomes affecting revenue, cooling biotech funding, and increasing competition [20] Conclusion WuXi Biologics demonstrates strong financial performance with significant growth in revenue and backlog, alongside strategic plans for expansion and new revenue streams. However, potential risks from legislative changes and market competition remain critical considerations for investors.

Core Viewpoint - WuXi Biologics reported a 16% year-on-year increase in sales for the first half of the year, with adjusted net profit growing by 12%, aligning with market expectations [1] Financial Performance - The management raised the full-year revenue growth guidance from 12%-15% to 14%-16%, anticipating accelerated growth in unfulfilled orders to support long-term growth [1] - The revenue forecast for 2025 to 2027 has been increased by 2% to 9%, while net profit forecasts for 2026 to 2027 have been raised by 6% to 12%, reflecting strong mid-term performance and robust order growth [1] Strategic Insights - Beyond development and production, potential royalties and milestone payments are expected to be key drivers of WuXi Biologics' long-term growth [1] - The target price has been adjusted from HKD 28.8 to HKD 34.8, maintaining an "outperform" rating [1]

Core Viewpoint - The company has raised its profit forecasts for 2025/2026 due to smooth project progress and improved operational efficiency, maintaining an outperform rating in the industry [1] Financial Performance - The company reported 1H25 revenue of 9.95 billion, a year-on-year increase of 16.1%, with a continuous operating business revenue growth of 20.2% [2] - Gross margin reached 42.7%, up 3.6 percentage points year-on-year, while adjusted EBITDA was 4.31 billion, reflecting a 20.6% increase [2] - Adjusted net profit for 1H25 was 2.84 billion, a year-on-year increase of 11.6%, with a corresponding profit margin of 28.5% [2] Business Model and Growth - The CRDMO business model is fully operational, with over 50 molecular projects enabled, and potential milestone payments reaching 9 billion [3] - Revenue from preclinical stage projects was 4.15 billion, up 35.2% year-on-year, driven by research services and preclinical development project conversions [3] - Revenue from clinical phase III and commercialization reached 4.29 billion, a 24.9% increase, supported by the advancement of early projects and ongoing commercialization [3] Project and Order Status - The company signed 86 new projects in 1H25, with over 70% being complex molecules, showcasing its technical capabilities [4] - The company secured 9 new molecular projects, including 2 clinical phase III projects, primarily from the U.S. [4] - The total unfulfilled orders reached 20.3 billion, with approximately 4.2 billion in orders expected to be completed within three years [4] Capacity Expansion - Capital expenditure for 1H25 was approximately 1.9 billion, with an expected total of 5.3 billion for the year [5] - In Singapore, the modular biopharmaceutical production facility has commenced construction, while the modular bulk production facility is in the design phase [5] - In Ireland, the MFG6.2 facility has completed its first engineering batch and PPQ production, and MFG7 has completed its second 12kL scale PPQ production [5]

Core Viewpoint - The company has raised its net profit forecasts for 2025 and 2026 by 5.5% and 1.6% to 4.21 billion and 4.71 billion yuan respectively, due to smooth project progress and improved operational efficiency [1] Financial Performance - The company reported 1H25 revenue of 9.95 billion yuan, a year-on-year increase of 16.1%, with a continuous operating business revenue growth of 20.2% [2] - Gross margin reached 42.7%, up 3.6 percentage points year-on-year, while adjusted EBITDA was 4.31 billion yuan, reflecting a 20.6% increase [2] - Adjusted net profit for 1H25 was 2.84 billion yuan, an 11.6% year-on-year increase, exceeding expectations due to successful project advancements and improved efficiency [2] CRDMO Business Model - As of 1H25, the company has empowered over 50 molecular projects, with potential milestone payments and sales shares amounting to 9 billion USD [3] - Revenue from preclinical stage reached 4.15 billion yuan, a 35.2% increase, driven by research services and preclinical development project conversions [3] - Revenue from clinical phase III and commercialization reached 4.29 billion yuan, a 24.9% increase, supported by the advancement of early projects and ongoing commercialization [3] Project and Order Status - The company signed 86 new projects in 1H25, with over 70% being complex molecules, showcasing its technical capabilities [4] - The company secured 9 new molecular projects, including 2 clinical phase III projects, primarily from the U.S. [4] - As of 1H25, the total unfulfilled orders reached 20.3 billion USD, with approximately 4.2 billion USD in orders expected to be completed within three years [4] Global Capacity Expansion - Capital expenditure for 1H25 was approximately 1.9 billion yuan, with an expected total of 5.3 billion yuan for the year [5] - In Singapore, the modular biopharmaceutical production facility has commenced construction, while the modular bulk production facility is in the design phase [5] - In Ireland, the MFG6.2 has completed its first engineering batch and PPQ production, and MFG7 has completed its second 12kL scale PPQ production [5]

花旗发表研报指，将药明生物列为委托开发制造商(CDMO)领域首选标的之一，考虑收入增长加快及盈 利能力改善，目标价由35港元上调至40港元，予"买入"评级。另外，该行将2025至27年各年收入预测分 别上调2%、2%及1%，净利润预测分别上调15%、10%及11%。 ...

Core Insights - WuXi Biologics reported a 16.1% year-on-year revenue growth to 9.95 billion yuan for the first half of 2025, driven by the successful execution of its "Follow and Win Molecule" strategy and expansion of service offerings in the biopharmaceutical industry [1] - The company's IFRS net profit increased by 54.8% to 2.76 billion yuan, with profit attributable to shareholders rising by 56.0% to 2.34 billion yuan, primarily due to gross profit growth and returns from investments and asset optimization [1] - WuXi Biologics added 86 comprehensive development projects in the first half of 2025, with over 70% of new projects involving bispecific/multispecific antibodies and ADCs [1] Financial Performance - The company supported 67 clinical phase III projects and 24 commercial production projects as of June 30, 2025, with a 24.9% year-on-year increase in revenue from clinical phase III and commercial production, indicating a maturation of early projects and ongoing growth of existing commercial projects [2] - WuXi Biologics has a total unfulfilled order backlog of 20.34 billion USD, with unfulfilled service orders and potential milestone payment orders amounting to 11.35 billion USD and 9 billion USD, respectively [2] - The unfulfilled orders over the next three years increased from 3.65 billion USD in December 2024 to 4.21 billion USD, reinforcing expectations for near-term revenue growth [2] Future Outlook - Based on current performance, WuXi Biologics has raised its full-year revenue guidance for 2025 [3]