Di Yi Cai Jing·2025-10-26 11:15Core Viewpoint - WuXi AppTec has raised its full-year revenue forecast for the second time this year, now expecting revenue to reach between 43.5 billion to 44 billion yuan, up from the previous estimate of 42.5 billion to 43.5 billion yuan, reflecting strong business performance and confidence in future profitability [1] Financial Performance - For the first three quarters of this year, WuXi AppTec reported total revenue of 32.86 billion yuan, representing an 18.6% year-on-year increase [1] - The net profit attributable to shareholders reached 12.076 billion yuan, a significant increase of 84.84% year-on-year [1] - Adjusted non-IFRS net profit was 10.54 billion yuan, up 43.4% year-on-year, with the adjusted non-IFRS net profit margin increasing by 5.6 percentage points to 32.1% [1] Business Segments - The chemical business, which is the largest revenue source for WuXi AppTec, generated 25.98 billion yuan in revenue for the first three quarters, marking a 29.3% year-on-year growth [2] - The TIDES business (oligonucleotides and peptides) within the chemical segment saw revenue reach 7.84 billion yuan, a remarkable 121.1% increase year-on-year, with a 17.1% growth in orders on hand as of September 30 [2] Order Backlog and Market Trends - As of the end of September, WuXi AppTec's order backlog stood at 59.88 billion yuan, reflecting a 41.2% year-on-year increase [3] - The biotechnology sector in A-shares and Hong Kong has seen a resurgence in refinancing, which may lead to increased R&D investments and more outsourcing orders for contract research organizations [3] Clinical Early-stage Business - The early-stage clinical business remains under pressure, with testing services generating 4.169 billion yuan in revenue, a slight decline of 0.04% year-on-year, primarily due to market pricing factors [3] - The biological services segment achieved revenue of 1.947 billion yuan, showing only a modest growth of 6.64% year-on-year [3] Strategic Divestiture - WuXi AppTec announced plans to sell its China clinical research services business to Hillhouse Capital for a total price of 2.8 billion yuan, which will be classified as discontinued operations in the 2025 annual report [3][4] - This divestiture aligns with the company's strategy to focus on the CRDMO business model and enhance its global capabilities and capacity [4]