Zhi Tong Cai Jing·2025-10-24 10:01Core Viewpoint - WuXi AppTec (02359) is experiencing a nearly 4% increase in stock price, currently at HKD 110.3, with a trading volume of HKD 518 million, ahead of its board meeting scheduled for October 24 to discuss Q3 results for the nine months ending September 30, 2025 [1] Group 1: Business Development - The TIDES business continues to show strong growth momentum, with rapid capacity expansion and a rich pipeline [1] - Early-stage R&D is showing signs of further recovery, which is expected to drive growth in early-stage business revenue, accounting for approximately one-third of the company's total revenue [1] - The company's refined operations are helping maintain resilient profitability amid macro uncertainties and global capacity expansion [1] Group 2: Market Position - JPMorgan continues to favor WuXi AppTec as a top pick in China's CXO sector, highlighting the company as the largest contract research and manufacturing organization in China [1] - The business fundamentals are viewed positively, with relatively mild competition in the small molecule CRDMO sector, and strong growth momentum in the TIDES business [1]