news flash·2025-07-29 05:20Core Viewpoint - Macquarie's research report indicates that WuXi AppTec (02359.HK) outperformed market expectations in its first half performance, with revenue reaching 20.8 billion RMB, a year-on-year increase of 20.6% [1] Financial Performance - Revenue for the first half of the year was 20.8 billion RMB, reflecting a year-on-year growth of 20.6% [1] - Net profit increased by 102% year-on-year to 8.6 billion RMB [1] - Excluding a one-time gain of 3.3 billion RMB from the sale of WuXi AppTec's stake, the recurring net profit grew by 26.5% year-on-year to 5.9 billion RMB [1] Guidance and Projections - Management raised the full-year revenue guidance by 2% to a range of 42.5 billion to 43.5 billion RMB [1] - Free cash flow guidance was increased by 22% to a range of 5 billion to 6 billion RMB [1] - Capital expenditure budget remains unchanged at 7 billion to 8 billion RMB [1] Business Segments - TIDES business revenue surged by 142% year-on-year to 5 billion RMB, potentially driven by GLP-1 active pharmaceutical ingredients, exceeding the annual growth target of 60% [1] - The second quarter gross margin reached a new high of 46.9%, primarily due to improved production efficiency in the chemical business and an increase in later-stage projects [1] - However, only 8 new commercialization and phase III projects were added in the first half, and the China business experienced a year-on-year decline of 5% [1] Analyst Rating - Macquarie reiterated an outperform rating and a target price of 116 HKD for WuXi AppTec [1]