上半年净利大增44%，药明康德加速回到增长轨道

Core Viewpoint - WuXi AppTec is entering a growth phase, with significant revenue and profit increases expected in the first half of 2025, driven by its unique "integrated, end-to-end" CRDMO business model [4][5][21]. Financial Performance - WuXi AppTec anticipates a revenue of approximately RMB 20.799 billion for the first half of 2025, representing a year-on-year growth of about 20.64%, with core business revenue expected to grow by approximately 24.24% [4]. - The adjusted net profit is projected to be around RMB 6.315 billion, reflecting a year-on-year increase of approximately 44.43% [4]. - The company expects to achieve a net profit of approximately RMB 8.561 billion, which is a year-on-year increase of about 101.92%, largely due to the sale of equity in an associate company [4][11]. Market Reaction - Following the positive earnings forecast, WuXi AppTec's stock surged over 10% in the Hong Kong market, indicating strong investor confidence in the company's recovery and growth potential [5][20]. Business Model and Growth Drivers - The company's success is attributed to its focus on the "integrated, end-to-end" CRDMO model, which allows for a steady flow of early-stage projects converting into downstream projects [14][15]. - WuXi AppTec's order backlog exceeded RMB 40 billion for the first time, with a significant increase in orders expected to drive future revenue growth [8][15]. Regional and Sectoral Insights - The overseas market remains a key revenue driver for WuXi AppTec, with faster recovery in biotech financing compared to domestic markets [16]. - The company is expanding its capabilities in new molecular businesses, particularly in peptides and oligonucleotides, which are expected to be significant growth drivers in the coming years [16][19]. Capacity Expansion - WuXi AppTec is actively expanding its production capacity, with plans to increase its peptide solid-phase synthesis reactor volume significantly by the end of 2025 [18][19]. - The company is also investing heavily in global D&M capacity construction, with capital expenditures projected to reach RMB 7-8 billion in 2025 [19]. Future Outlook - With the global biopharmaceutical investment climate improving and the domestic innovative drug market remaining strong, WuXi AppTec is well-positioned for continued growth [21].