Cai Fu Zai Xian·2025-12-26 06:56Core Viewpoint - The strong growth of WuXi AppTec's performance is attributed to its accelerating globalization strategy, which is becoming a key differentiator for long-term competitiveness in the pharmaceutical industry [1] Group 1: Company Performance - For the first three quarters of 2025, WuXi AppTec achieved revenue of 32.86 billion yuan, a year-on-year increase of 18.6%, and a net profit attributable to shareholders of 12.076 billion yuan, significantly up by 84.8% [1] - The company's performance is not merely a result of cyclical rebound but reflects the amplification of its globalization capabilities in a complex environment [1] Group 2: Globalization Strategy - WuXi AppTec's globalization is a systematic project involving the establishment of global production capacity, expansion of cross-regional R&D networks, and further internationalization of its customer base [1] - The company is evolving into a platform enterprise that plays a foundational role in the global innovative drug ecosystem [1] Group 3: Marginal Effects of Globalization - The marginal effects of global production capacity are becoming evident, with significant improvements in service capabilities in advanced technology areas such as complex molecules, TIDES, and peptides [2] - TIDES business revenue grew by 121.1% year-on-year in the first three quarters of 2025, driven by the synergy of production capacity, technology, and global delivery systems [2] Group 4: Order Quality and Market Position - As of September 30, 2025, the company's backlog of orders reached 59.88 billion yuan, a year-on-year increase of 41.2%, indicating a strong order quality that is expected to provide stable future revenue [2] - The quality of orders reflects the genuine recognition of the company's capabilities by the global innovative drug industry, independent of market fluctuations [2] Group 5: Industry Outlook - The global pharmaceutical R&D outsourcing market is on a structurally growing trajectory, with increasing outsourcing penetration due to rising R&D costs and compressed innovation cycles [3] - WuXi AppTec's strategic accumulation in global layout, technical depth, talent systems, and operational efficiency positions it well to capture the growth dividends of global innovative drugs [3] Group 6: Future Growth Confidence - The company has raised its revenue growth forecast for 2025 to 17-18%, reflecting confidence derived from its globalization framework, continuous capacity release, deepening customer ties, and strong order backlog [3] - This growth is seen as a natural outcome of deepening globalization rather than a temporary rebound driven by industry cycles [3]