Core Insights - WuXi Biologics reported a 16.1% year-on-year revenue growth in the first half of 2025, reaching 9.95 billion yuan, with net profit attributable to shareholders increasing by 56.1% to 2.34 billion yuan [1] - Adjusted net profit grew by 6.2% year-on-year to 2.39 billion yuan, aligning with expectations, while the overall gross margin improved by 3.7 percentage points to 42.7% [1] Revenue Breakdown - IND pre-service revenue surged by 35.2% year-on-year to 4.15 billion yuan in the first half of 2025 [2] - Early-stage project revenue declined by 29.7% due to large projects transitioning to later development stages, while Phase III and commercial project revenue increased by 24.9% [2] - Revenue from the U.S. grew by 20.1%, accounting for 60.5% of total revenue, while Europe and China saw revenue growth of 5.7% and a decline of 8.5%, respectively [2] Project Pipeline - The company added 86 new projects in the first half of 2025, with over half coming from the U.S. and an improved contribution from China [3] - The total project count reached 864, including 67 Phase III projects and 24 commercial projects, indicating potential for future revenue growth [3] - Adjusted net profit forecasts for 2025 and 2026 were revised down to 4.90 billion yuan and 5.50 billion yuan, respectively, with a new forecast for 2027 set at 6.34 billion yuan [3]
药明生物(02269.HK)：上半年业绩亮眼 持续布局全球产能