Core Viewpoint - WuXi AppTec (02268) has demonstrated exceptional performance in the bioconjugate drug CRDMO sector, with a revenue growth of 62.2% in the first half of 2025, significantly surpassing annual growth guidance, and achieving a compound annual growth rate (CAGR) of 98% from the first half of 2022 to the first half of 2025, solidifying its leading position in the industry [1][2][4]. Financial Performance - The company's revenue for the first half of 2025 reached 2.701 billion yuan, a year-on-year increase of 62.2%, with a nearly doubled revenue growth in the non-ADC segment [2]. - Gross profit amounted to 975 million yuan, reflecting an 82.2% increase, while the gross margin rose to 36.1%, up by 5.5 percentage points compared to the full year of 2024 [2]. - Adjusted net profit, excluding interest income and expenses, reached 733 million yuan, marking a 69.6% year-on-year growth [2]. Project Development - In the first half of 2025, the company signed a record 37 new iCMC projects, indicating both quantity and quality improvements, with innovative ADC molecules such as bispecific ADCs and dual payload ADCs frequently appearing [3][12]. - The company added 3 new PPQ projects and successfully completed 4 component production executions in the PPQ phase, laying a solid foundation for future commercialization [3][14]. - The number of global clients increased to 563, with 64 new clients added in the first half of the year, including 13 out of the top 20 global pharmaceutical companies [3][11]. Market Position and Strategy - WuXi AppTec's market share in the bioconjugate drug CRDMO sector has surged from 9.9% in 2022 to approximately 22% in the first half of 2025, driven by strong demand for high-value innovative technologies [4][11]. - The company has become a preferred partner for overseas pharmaceutical companies, with approximately 82% of its revenue coming from international markets in the first half of 2025 [11]. - The company is recognized for its dual approach of empowering clients and maintaining high-quality service, which has led to a significant share of ADC mergers and acquisitions involving its clients [11]. Capacity Expansion - The company’s new DP3 production facility in Wuxi has completed GMP release, with an annual capacity of 7 million bottles, increasing the overall DP capacity to 15 million bottles [15]. - The construction of the DP5 facility has commenced, with plans for GMP production by 2027, further strengthening the company’s competitive edge in the CRDMO sector [15][22]. - WuXi AppTec is committed to continuous investment in capacity expansion, with capital expenditures expected to exceed 7 billion yuan by 2029 [22]. Technological Innovation - The company has advanced its capabilities in early research, progressing 1,000 molecules in the XDC early research area and completing approximately 90 bispecific ADC types and 40 dual payload ADC types [25][29]. - New payload linker technologies, WuXiTecan-1 and WuXiTecan-2, have been introduced, enhancing the company's technological toolbox for clients [29]. - The company’s strategic focus on high-value areas such as bispecific ADCs and dual payload ADCs positions it well for future growth in the bioconjugate drug market [32].
硬核业绩！ADC CRDMO 一哥药明合联 (02268) 上半年业绩继续“狂飙”：新签项目创新高，项目储备量质齐升，产能布局辐射全球