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]

Core Insights - The company achieved a revenue of 9.953 billion yuan in H1 2025, representing a year-on-year growth of 16.08% and a net profit of 2.339 billion yuan, up 56.05% [1] - The adjusted net profit reached 2.840 billion yuan, with a growth of 11.60%, and a gross margin of approximately 42.73%, an increase of about 3.6 percentage points year-on-year [1] - The company raised its full-year revenue guidance for 2025 to a growth range of 14%-16% [1] Financial Performance - The company’s net profit forecasts for 2025-2027 are adjusted to 4.578 billion yuan, 5.126 billion yuan, and 6.288 billion yuan respectively, with original estimates being 4.256 billion yuan and 4.995 billion yuan [1] - The earnings per share (EPS) are projected to be 1.1 yuan, 1.3 yuan, and 1.5 yuan for 2025-2027 [1] - The current stock price corresponds to price-to-earnings (PE) ratios of 26.7, 23.9, and 19.5 for the respective years [1] Business Segments - The preclinical business generated revenue of 4.147 billion yuan in H1 2025, showing a year-on-year increase of approximately 35.2% [2] - Clinical III phase and commercialization revenue reached about 4.289 billion yuan, up 24.9%, driven by early projects maturing and existing commercial projects ramping up [2] - The company has a total of 864 projects, with 429 in preclinical/I phase, 259 in II phase, 85 in III phase, and 24 in commercialization as of June 2025 [2] Global Expansion - The company is enhancing its global capacity with 5 research service centers, 8 drug development centers, and 8 commercial production centers worldwide [2] - Revenue growth rates for North America, Europe, China, and other regions were 20.1%, 5.7%, -8.5%, and 136.1% respectively, indicating robust growth in North America [2] - The company’s Irish base has received EMA approval for its first product for commercial production, and the construction of the MFG11 capacity in the U.S. is ongoing [2]

Core Viewpoint - WuXi Biologics (02269) experienced a 2.1% decline in stock price, trading at 32.58 HKD per share with a transaction volume of 304 million HKD as of 09:46 on August 26 [1] Group 1: Company Overview - WuXi Biologics is a leading global provider of biologics services, offering comprehensive, integrated, and highly customized services throughout the entire process from discovery and development to production of biologics [1] - The company held a 48% market share in China's biologics R&D market in 2016 and has established partnerships with 12 out of the top 20 global pharmaceutical companies [1] Group 2: Financial Performance - As of the mid-year report in 2025, WuXi Biologics reported total revenue of 9.953 billion CNY and a net profit of 2.339 billion CNY [2]

Core Viewpoint - Goldman Sachs raised its earnings per share forecast for WuXi Biologics (2269.HK) for the years 2023 to 2027 by 11.9% to 15.9%, reflecting better-than-expected gross margin improvement [1] Group 1 - Target price increased from HKD 25.6 to HKD 29.3, maintaining a price-to-earnings ratio target of 23 times, with a neutral rating [1] - The company's mid-term gross margin expanded by 3.6 percentage points to 42.7%, driven by reduced employee stock compensation, increased milestone revenue recognition from R&D, and improved utilization of new capacity, offsetting losses from the Ireland project [1] - Management expects gross margin improvement to continue in the second half of the year, based on operational enhancements and increased capacity utilization, with a long-term gross margin target of 50%, and the Singapore facility's gross margin expected to reach approximately 45% [1]

医药合同外包服务(CXO)行业的盈利与估值对资金环境变化较敏感，该行预期美国下半年潜在减息将推 动市场偏好CXO板块。相较上半年，今年下半年至明年在更有利的资金环境下，全球的生物科技公司 将增加研发投入，而制药企业亦将扩大研发支出以缓解专利壁垒压力，并将持续惠及药明生物。 智通财经APP获悉，里昂发布研报称，料药明生物(02269)将于2025至27年重新加速增长，将期内收入预 测上调0%至4%，净利润预测上调0%至7%，毛利率将由2024年的28.5%，料提升至2027年的30.8%。该 行将公司目标价由34.8港元上调至42.6港元，重申跑赢大市评级。 ...