短期波动的背后，药明康德的长期价值根基稳固

Core Viewpoint - WuXi AppTec remains a focus in the capital market despite recent shareholder reductions and asset optimization initiatives, indicating that the company's long-term value foundation is solid and investor confidence in its future development remains intact [1] Group 1: Shareholder Actions and Market Response - On October 29, WuXi AppTec announced that 17 shareholders plan to reduce their holdings by no more than 2% of the total A-share capital due to personal funding needs, which is a manageable proportion [1] - By November 26, the company disclosed that from November 20 to 25, shareholders collectively reduced their holdings by 11.8279 million shares, accounting for 0.3963% of the total capital, while the stock price increased by 1.19% during this period, closing at 94.31 yuan on November 25 [1] - The company’s reduction plan complies with regulatory requirements, ensuring a transparent and orderly process, and includes a six-month lock-up period for buyers in block trades to mitigate rapid sell-off risks [1] Group 2: Financial Performance and Shareholder Returns - Since its dual listing in 2018, WuXi AppTec has demonstrated exceptional growth, with a cumulative return of 12.3 times for investors holding shares since the IPO until September 2025 [2] - The company has implemented a shareholder return plan of approximately 7 billion yuan in 2025, representing 72% of the net profit for 2024, with total shareholder returns exceeding 20 billion yuan over the past seven years, accounting for over 40% of net profits during the same period [2] - As cash flow improves, the company is expected to enhance shareholder returns further, providing solid value support for long-term investors [2] Group 3: Strategic Focus and Market Expansion - WuXi AppTec is actively optimizing its asset structure by selling its clinical business to focus on its core high-growth CRDMO business, which is expected to enhance operational efficiency and overall competitiveness [2] - The company is strategically positioning itself in the Saudi market, which is experiencing significant growth in healthcare and life sciences, leveraging its integrated CRDMO platform for future growth opportunities [3] - The company is accelerating its global layout for the CRDMO core business, with significant capacity expansions in China, the U.S., Switzerland, and Singapore, achieving a total volume of over 100,000L for peptide solid-phase synthesis reactors ahead of schedule [3] Group 4: Long-term Outlook and Industry Position - WuXi AppTec demonstrates strong adaptability and sustained profitability in a complex macro environment, with steady revenue growth and an expanding global service network [4] - The long-term development prospects for WuXi AppTec are solid, supported by the continuous growth in global drug research and development demand, and the enduring positive outlook for the CXO industry [4] - The company's unique integrated CRDMO model, diverse customer base, and proactive positioning in emerging technologies and therapies provide a robust foundation for long-term growth [4]