WuXi AppTec(SH:603259) Mei Ri Jing Ji Xin Wen·2025-03-18 11:31Core Insights - WuXi AppTec achieved a revenue of 39.241 billion yuan in 2024, with a year-on-year growth of 5.2% after excluding COVID-19 commercialization projects, and a net profit attributable to shareholders of 9.45 billion yuan [1][2] Revenue Breakdown - The TIDES (oligonucleotide and peptide) business experienced significant growth, generating 5.8 billion yuan in revenue, a year-on-year increase of 70.1%, with a backlog of orders growing by 103.9% [2][4] - The laboratory analysis and testing business reported revenue of 3.86 billion yuan, reflecting an 8.0% decline year-on-year, with drug safety evaluation revenue down by 13.0% [2] - Clinical CRO (Contract Research Organization) and SMO (Site Management Organization) services generated 1.81 billion yuan, marking a 2.8% increase, with SMO revenue up by 15.4% [2] Geographic Contribution - The U.S. region contributed significantly to revenue, accounting for 25.02 billion yuan, or 64% of total revenue, with a year-on-year growth of 7.7% after excluding COVID-19 projects; revenue from China decreased by 3.5% [3][5] Future Outlook - The company aims for a revenue target of 41.5 to 43 billion yuan in 2025, with a growth rate of 10% to 15%, and plans for capital expenditures of 7 to 8 billion yuan, alongside free cash flow of 4 to 5 billion yuan [3] - The management expressed confidence in fully utilizing production capacity due to the strong demand for GLP-1 products, with over 20 GLP-1 projects in the pipeline, representing more than 20% of the market share [4][5] Technological Advancements - The company is exploring the application of AI in drug development, particularly in the R&D phase, although this is still in the early stages; it aims to enhance efficiency through a combination of human intelligence and AI [6]