Chang Jiang Shang Bao·2025-12-21 23:17Core Viewpoint - The unusual phenomenon of 18 shareholders collectively reducing their stakes in WuXi AppTec (603259.SH) raises market concerns, as these shareholders are associated with the company's actual controller, Ge Li [1][2][5]. Group 1: Shareholder Reduction - From November 26 to December 17, 18 shareholders reduced their holdings by a total of 29.51 million shares, representing 0.989% of the company's total share capital on the announcement date [1][5]. - Cumulatively, these shareholders have reduced approximately 41.34 million shares, resulting in a cash-out of around 3.8 billion yuan [1][6]. - The actual controller and related parties have previously engaged in significant cash-outs, totaling over 10.28 billion yuan since the company's IPO [8][9]. Group 2: Financial Performance - In 2025, WuXi AppTec's revenue and net profit saw substantial growth, with a net profit exceeding 12 billion yuan in the first three quarters, marking an over 80% year-on-year increase [3][11]. - Despite the impressive financial performance, the company's R&D investment has decreased, with a 13.42% reduction in the first three quarters of 2025 compared to the previous year [4][15]. - The company reported a significant increase in investment income, primarily due to the sale of shares in WuXi AppTec's subsidiary, contributing approximately 4.35 billion yuan to the net profit for 2025 [14].