业绩盈喜, 控股收购东曜药业，药明合联进一步稳固ADC CDMO市场地位

Core Viewpoint - WuXi AppTec (02268) has announced a cash offer to acquire Dongyao Pharmaceutical while also reporting a positive earnings forecast for the fiscal year 2025, highlighting significant growth in revenue and profit metrics [1][4]. Financial Performance - WuXi AppTec's revenue for 2025 is expected to grow by over 45% year-on-year, with gross profit increasing by over 70% and adjusted net profit (excluding interest income and expenses) also rising by over 45%. After accounting for currency fluctuations, the growth rate is anticipated to exceed 65% [1]. Strategic Acquisition - The acquisition of Dongyao Pharmaceutical is aimed at expanding operational capacity in China and enhancing overall production capabilities, thereby strengthening WuXi AppTec's position in the ADC CDMO sector [4][5]. - This move is part of a broader strategy to leverage both organic growth and mergers and acquisitions to solidify market leadership [4]. Industry Context - The ADC CDMO industry is experiencing a significant capacity shortage due to the rapid expansion of clinical pipelines and commercialization demands, making "capacity delivery capability" a critical competitive barrier [5][11]. - As of December 2025, there are 21 approved ADC drugs globally, with new types of bioconjugates emerging, indicating a robust growth trajectory for the sector [5]. Capacity Expansion - WuXi AppTec has established a global capacity matrix with facilities in Wuxi, Jiangyin, Hefei, and Singapore, which allows for efficient local production to meet global client needs [11][14]. - The company has over 630 global clients and 252 iCMC projects, demonstrating strong market demand for its production capabilities [10]. Talent Development - The company has built a talent pool exceeding 2,600 employees by the end of 2025, addressing the industry's growing need for specialized personnel [9]. Market Outlook - The global ADC market is projected to reach approximately $17.2 billion by 2025, with a compound annual growth rate (CAGR) of 30.6% from 2023 to 2032, indicating substantial growth potential for CDMO companies [15]. - The ADC outsourcing service market is also expected to grow significantly, reaching $11 billion by 2030, with a CAGR of 28.4% from 2022 to 2030 [15].