Di Yi Cai Jing·2025-07-29 05:03Core Viewpoint - WuXi AppTec's performance growth is driven by late-stage clinical and commercialization projects, while early-stage clinical business recovery remains to be observed [1] Financial Performance - In the first half of 2025, WuXi AppTec achieved total revenue of 20.799 billion yuan, a year-on-year increase of 20.64% [1] - The net profit attributable to shareholders reached 8.561 billion yuan, a year-on-year increase of 101.92% [1] - The company raised its full-year revenue forecast from 41.5 billion-43 billion yuan to 42.5 billion-43.5 billion yuan [1] Business Segments - The chemical business segment generated revenue of 16.3 billion yuan in the first half of the year, a year-on-year increase of 33.5% [3] - The small molecule D&M segment achieved revenue of 8.68 billion yuan, a year-on-year increase of 17.5% [3] - The TIDES business segment saw revenue reach 5.03 billion yuan, a year-on-year increase of 141.6% [3] Market Outlook - The overall order backlog for WuXi AppTec reached 56.69 billion yuan, a year-on-year increase of 37.2% [4] - The stock prices of biotech companies in A-shares and Hong Kong have rebounded, with WuXi AppTec's stock price increasing over 70% this year [4] - The demand for research outsourcing remains strong, particularly in new molecular types and popular disease areas [4] Pricing Strategy - The pricing in the domestic research outsourcing market has stabilized this year after experiencing fluctuations last year [5] - The company focuses on high-quality clients and maintains a differentiated competitive advantage with its own testing facilities [5]