Chang Jiang Shang Bao·2025-07-29 23:49Core Viewpoint - WuXi AppTec (药明康德) has reported its best-ever half-year performance for 2025, with significant revenue and profit growth driven by investment gains and reduced expenses [2][3][4]. Financial Performance - For the first half of 2025, WuXi AppTec achieved revenue of 20.799 billion yuan, a year-on-year increase of 20.64% [4][5]. - The net profit attributable to shareholders reached 8.561 billion yuan, marking a year-on-year growth of 101.92%, the first time the company has doubled its net profit in the first half since its A-share listing [4][9]. - Investment income for the first half of 2025 was 3.669 billion yuan, significantly up from 22 million yuan in the same period last year, primarily due to the sale of shares in an associate company [9]. Cost Management - WuXi AppTec has successfully reduced management and R&D expenses in the first half of 2025, with management expenses at 1.175 billion yuan and R&D expenses at 514 million yuan, both showing a decrease compared to the previous year [3][10]. - Sales expenses were 394 million yuan, accounting for 1.89% of revenue, down from 2.08% in the previous year [10]. Business Segments - The chemical business generated 16.3 billion yuan in revenue, a 33.5% increase year-on-year, while the small molecule drug discovery business contributed 8.68 billion yuan, up 17.5% [6]. - The TIDES business saw remarkable growth, with revenue reaching 5.03 billion yuan, a 141.6% increase [6]. - The testing business generated 2.69 billion yuan, with laboratory analysis and testing contributing 1.89 billion yuan, a slight increase of 0.4% [6]. Regional Performance - Revenue from U.S. clients was 14.03 billion yuan, up 38.4%, while European clients contributed 2.33 billion yuan, a 9.2% increase. Revenue from Chinese clients decreased by 5.2% to 3.15 billion yuan [7]. Future Outlook - WuXi AppTec has raised its full-year revenue guidance for 2025, expecting a growth rate of 13% to 17%, up from the previous estimate of 10% to 15% [7]. - The company reported a backlog of 56.69 billion yuan in ongoing business, a 37.2% increase year-on-year, indicating strong future demand [8]. Market Reaction - Following the impressive half-year results, WuXi AppTec's A-shares rose by 7.72% and H-shares increased by 11.25% on July 28 [12].