Investment Rating - The report maintains a "Buy" rating for WuXi Biologics (2269.HK) [4] Core Views - WuXi Biologics continues to show robust growth in its mid-year performance for 2025, with revenue reaching 9.95 billion RMB, a year-on-year increase of 16.1%, and an adjusted net profit of 2.84 billion RMB, up 11.6% year-on-year [1] - The company is positioned as a global leader in the biopharmaceutical CRDMO sector, with a strong order backlog and increasing capacity utilization expected to drive steady growth in the coming years [4] Summary by Sections Financial Performance - For the first half of 2025, WuXi Biologics reported total revenue of 9.95 billion RMB, with a gross margin of 42.7%, reflecting a 3.6 percentage point increase year-on-year [1] - Adjusted net profit for the same period was 2.84 billion RMB, representing an 11.6% increase compared to the previous year [1] Business Segmentation - Revenue by project phase shows a diverse growth pattern: - Preclinical projects generated 4.15 billion RMB, up 35.2% year-on-year - Early clinical projects saw a decline to 1.33 billion RMB, down 29.7% year-on-year - Phase III and commercial projects achieved 4.29 billion RMB, an increase of 24.9% year-on-year [1] Regional Performance - Revenue by region indicates strong performance in North America, with a 20.1% year-on-year increase, accounting for 60.5% of total revenue. Europe grew by 5.7%, while China experienced a decline of 8.5%. Other regions, including Singapore, Japan, and South Korea, saw a significant increase of 136.1% [2] Order Backlog and Project Pipeline - The total number of projects reached 864, with a year-on-year increase of 16.4%. The company signed 86 new projects in the first half of 2025, with over 50% coming from the U.S. [3] - The total backlog of uncompleted orders reached 20.3 billion USD, with potential milestone payments at a historical high of 9.0 billion USD, indicating strong revenue growth expectations [3] Future Outlook - The company is expected to achieve net profits of 4.37 billion RMB, 4.81 billion RMB, and 5.27 billion RMB for the years 2025, 2026, and 2027, respectively, with growth rates of 30.2%, 10.1%, and 9.6% [4] - The projected P/E ratios for the next three years are 27, 24, and 22, indicating a favorable valuation outlook [4]
药明生物（02269）：全球生物药CRDMO龙头，25H1业绩延续稳健增长趋势