Chang Jiang Shang Bao·2026-01-13 23:46Core Viewpoint - WuXi AppTec (603259.SH, 02359.HK) has reported an unexpectedly strong annual performance for 2025, with projected revenue of approximately 45.456 billion yuan, a year-on-year increase of 15.84%, and a net profit attributable to shareholders of about 19.151 billion yuan, reflecting a remarkable growth of 102.65%, marking a historical high [1][2]. Financial Performance - The company anticipates achieving a revenue of approximately 45.456 billion yuan for 2025, exceeding previous expectations [2]. - The projected net profit attributable to shareholders is around 19.151 billion yuan, which represents a year-on-year growth of 102.65% [2]. - The net profit growth is significantly attributed to investment gains from asset sales, with an estimated net gain of about 5.6 billion yuan from the sale of shares in WuXi XDC Cayman Inc. and 100% stakes in two other companies [1][6]. Business Strategy - WuXi AppTec is focusing on its unique "integrated, end-to-end" CRDMO (Contract Research, Development, and Manufacturing) business model, which is driving robust growth [2][4]. - The company has a substantial order backlog of 59.88 billion yuan as of September 2025, representing a year-on-year increase of 41.2%, providing a stable foundation for future revenue growth [2]. Historical Performance - The company has shown consistent growth in net profit from 2020 to 2022, with figures of 2.96 billion yuan, 5.097 billion yuan, and 8.814 billion yuan, reflecting growth rates of 59.62%, 72.19%, and 72.91% respectively [3]. - In 2023, the growth slowed down, with revenue and net profit of 40.341 billion yuan and 9.607 billion yuan, showing year-on-year increases of 2.51% and 9% [3]. - In 2024, the company experienced declines in both revenue and net profit, with figures of 39.241 billion yuan and 9.450 billion yuan, down 2.73% and 1.63% respectively [3]. Asset Management - WuXi AppTec has been strategically divesting non-core assets to concentrate on its main business, with significant sales contributing to its financial performance [6][7]. - The company sold stakes in WuXi XDC Cayman Inc. for an estimated net gain of 4.161 billion yuan and 100% stakes in two other companies for about 1.434 billion yuan, totaling approximately 5.595 billion yuan in net gains from asset sales [6]. - The divestitures are aligned with the company's strategy to enhance its CRDMO capabilities and support global capacity expansion [6]. Business Segments - The chemical business (WuXi Chemistry) is the main revenue driver, achieving approximately 25.978 billion yuan in revenue for the first three quarters of 2025, a year-on-year increase of 29.28% [7]. - The small molecule D&M pipeline added 621 new molecules, generating revenue of 14.24 billion yuan, reflecting a growth of 14.1% [7]. - The testing business (WuXi Testing) reported revenue of 4.169 billion yuan, showing a slight decline of 0.04%, while the biological business achieved revenue of 1.947 billion yuan, a year-on-year increase of 6.64% [8].