Core Viewpoint - WuXi AppTec (02268.HK) has been selected as one of the "Top Ten Core Assets" in the 2026 "Betting on China" list, representing the traditional Chinese medicine industry [2] Group 1: Company Overview - WuXi AppTec was established in 2021 as a joint venture between WuXi Biologics and WuXi AppTec, providing ADC CDMO services and officially listed on the Hong Kong Stock Exchange in November 2023 [3] - The company has become the second-largest ADC CDMO supplier globally, with market share increasing from 1.8% in 2020 to 22% in the first half of 2025 [3][39] Group 2: Industry Background - The rapid development of China's innovative pharmaceutical industry is attributed to policy guidance, capital support, and talent backing, transitioning from a "cost + efficiency" advantage to a technology-leading advantage [9] - The global ADC market is expected to grow significantly, with projections indicating a market size of $13.5 billion in 2024 and $150.2 billion by 2033, with ADC's share of the overall oncology market rising from 5.2% to 27.3% during the same period [18] Group 3: Business Performance - WuXi AppTec's revenue for the first half of 2025 increased by 62.2% to 2.7 billion yuan, with net profit rising by 52.74% to 746 million yuan [27] - The company has executed a total of 858 discovery projects since its inception, with 225 ongoing projects, including 103 in clinical and commercialization stages [30][31] - The company holds a 30% to 35% market share in clinical pipelines globally and has partnerships with 13 of the top 20 pharmaceutical companies [32] Group 4: Future Outlook - The company is expected to continue expanding its production capacity in Wuxi and Singapore, with capital expenditures exceeding 1.5 billion yuan in 2024 and 2025, aiming to double its production capacity by 2029 [39] - Revenue projections for WuXi AppTec are expected to reach 5.97 billion yuan in 2025, 8.06 billion yuan in 2026, and 10.42 billion yuan in 2027, with corresponding growth rates of 47.2%, 35.08%, and 29.35% [40][45] Group 5: Investment Thesis - Investing in WuXi AppTec is essentially a bet on the enhancement of global competitiveness of Chinese innovative drugs and the supporting CXO industry chain [52]
格隆汇2026“下注中国”十大核心资产之药明合联