WuXi AppTec(603259) 新浪财经·2025-05-03 02:35Core Viewpoint - In Q1 2025, the company's performance exceeded expectations with significant profit margin improvements, driven by the CRDMO service model and continuous capacity ramp-up, alongside ongoing optimization of production processes and efficiency [1][9]. Financial Performance - The company reported Q1 2025 revenue of 9.655 billion yuan, a year-on-year increase of 20.96% [2]. - Net profit attributable to shareholders reached 3.672 billion yuan, up 89.06% year-on-year [2]. - Non-IFRS adjusted net profit was 2.68 billion yuan, reflecting a 40.0% increase [2]. Order Growth and Business Segments - As of March 2025, the company had a strong order backlog of 52.33 billion yuan, a 47.1% year-on-year increase, indicating robust demand for high-quality services [3]. - Revenue from U.S. clients was 6.38 billion yuan, up 28.4% year-on-year, while European clients contributed 1.3 billion yuan, a 26.2% increase [3]. Chemical Business Performance - The chemical business generated revenue of 7.39 billion yuan in Q1 2025, a 32.9% increase, driven by growth in D&M and TIDES business segments [4]. - The adjusted non-IFRS gross margin for the chemical business was 47.5%, an increase of 4.2 percentage points [4]. New Molecule Development - The company successfully synthesized and delivered over 460,000 new compounds in the past 12 months, a 6% increase [5]. - The D&M business segment reported revenue of 3.85 billion yuan, a 13.8% year-on-year increase [5]. Testing and Biological Services - Testing business revenue was 1.29 billion yuan, a 4.0% decline, primarily due to price adjustments in the domestic market [6]. - The biological business generated revenue of 610 million yuan, an 8.2% increase, contributing to the overall CRDMO business model [7]. Profitability and Efficiency - The company's gross margin for Q1 2025 was 42.26%, an increase of 4.13 percentage points year-on-year, attributed to capacity release and efficiency improvements [8]. - Operating cash flow was 3.195 billion yuan, a 41.57% increase, driven by profit growth [8]. Future Outlook - The company expects continued growth in D&M and TIDES business segments, supported by the CRDMO service model and increasing global drug development demand [9]. - Revenue projections for 2025 to 2027 are 42.609 billion yuan, 48.518 billion yuan, and 55.038 billion yuan, with respective year-on-year growth rates of 8.6%, 13.9%, and 13.4% [10].