香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 WUXI XDC CAYMAN INC. （於開曼群島註冊成立的有限公司） 藥 明 合 聯 生 物 技 術 有 限 公 司* （股份代號：2268） 根據2024年股份計劃授出受限制股份 董 事 會 欣 然 宣 佈 ， 於 202 5 年 8 月 2 2 日 ， 根 據 2024 年 股 份 計 劃 ， 其 已 批 准 向 7 名 承 授 人（ 為 本 集 團 僱 員 ）授 出 110,543 股 受 限 制 股 份 ， 惟 須 經 選 定 參 與 者 接 納 。 授出詳情載列如下： 歸屬期： 已 授 出 受 限 制 股 份 總 數 的 20 % 將 分 別 於 授 出 日 期 的 第 二、第三及第四週年當日歸屬，而已授出受限制股份總 數的餘下40 %將於授出日期的第五週年當日歸屬 – 1 – 零 授出日期： 2025年8月22日 已授出 ...

Investment Rating - The investment rating for WuXi AppTec (02268.HK) is "Buy" (maintained) [1] Core Views - The company reported strong performance in H1 2025, with revenue reaching 2.701 billion yuan, a year-on-year increase of 58.88%, and a net profit of 746 million yuan, up 52.74% year-on-year [4] - The total amount of unfulfilled orders reached 1.329 billion USD, representing a year-on-year growth of approximately 57.9%, which provides assurance for the company's future growth [4] - The company has a robust client base, serving 563 clients, including 13 of the top 20 global pharmaceutical companies, which accounted for 32.8% of total revenue in 2024 [4] - The company is positioned as a leading player in the global ADC (Antibody-Drug Conjugate) CDMO (Contract Development and Manufacturing Organization) market, prompting an upward revision of profit forecasts for 2025-2027 [4] Financial Performance Summary - For H1 2025, the company achieved revenue of 2.701 billion yuan, a 58.88% increase year-on-year; net profit was 746 million yuan, up 52.74% year-on-year; adjusted net profit was 801 million yuan, a 50.1% increase [4] - The company expects net profits for 2025-2027 to be 1.612 billion, 2.151 billion, and 2.932 billion yuan respectively, with EPS projected at 1.3, 1.8, and 2.4 yuan [4] - The current stock price corresponds to P/E ratios of 40.3, 30.2, and 22.1 for 2025, 2026, and 2027 respectively [4] Strategic Developments - The company has successfully implemented a strategy of "Empower, Follow, and Win Molecules," resulting in a 34.7% year-on-year increase in the number of projects, totaling 225 [5] - The company is expanding its global production capacity with operational bases in Wuxi, Changzhou, and Shanghai, and is also expanding facilities in Wuxi and Singapore [6] - Revenue from North America, China, Europe, and other regions for H1 2025 was 1.391 billion, 485 million, 605 million, and 221 million yuan respectively, with year-on-year growth rates of 68.9%, 11.4%, 95.0%, and 128.5% [6]

Investment Rating - The report maintains an "Optimistic" rating for the industry [7][71]. Core Insights - The report highlights the intensive disclosure of company performances, with a focus on companies that exceed expectations. It emphasizes the upcoming World Lung Cancer Conference (WCLC) and the importance of monitoring related company data [6][70]. - The report notes a significant increase in the medical device sector and mentions the approval of new treatments by regulatory bodies, indicating a positive trend in the pharmaceutical and medical device industries [2][16]. Industry News - The National Healthcare Security Administration issued a temporary management method for disease-based payment, which includes budget management and payment standards [16]. - Semaglutide received FDA approval for treating MASH, showcasing advancements in drug approvals [16]. Company Announcements - **Hengrui Medicine** reported a revenue of approximately 15.76 billion yuan for the first half of 2025, a year-on-year increase of 15.88%, and a net profit of approximately 4.45 billion yuan, up 29.67% [25]. - **Baili Tianheng** announced a significant drop in revenue but received breakthrough therapy designation from the FDA for its drug targeting advanced non-small cell lung cancer [28]. - **Rongchang Bio** received breakthrough therapy designation for its drug RC148 for non-small cell lung cancer and signed a licensing agreement [29]. - **Baiyao Tai** reported a revenue of approximately 441.89 million yuan, a year-on-year increase of 9.84%, and received EMA approval for Usymro® [30]. Market Review - The Shanghai Composite Index rose by 2.85%, while the pharmaceutical and biological sector increased by 1.85% during the week of August 15-21, 2025 [5][59]. - The industry’s price-to-earnings ratio (TTM) was reported at 31.23 times, with a valuation premium of 154% compared to the CSI 300 index [5][63]. Weekly Strategy - The report suggests focusing on companies with performance exceeding expectations during the earnings disclosure period and highlights the potential benefits from policy support for innovative drugs and medical devices [6][70].

Core Viewpoint - The Chinese government has approved a high-level plan to promote the integrated innovation development of the biopharmaceutical industry in the Jiangsu Free Trade Zone, aiming to establish it as a globally influential biopharmaceutical hub [1] Group 1: Company Opportunities - Companies like Heng Rui and WuXi AppTec are positioned to benefit significantly from the new biopharmaceutical policies, as they are based in Jiangsu [2] - Heng Rui Pharmaceutical reported a nearly 30% increase in net profit and over 7.5 billion yuan in innovative drug revenue, which constitutes about 61% of its total revenue [2] - WuXi AppTec's subsidiaries also showed impressive growth, with WuXi AppTec's net profit increasing by over 100% year-on-year, and WuXi Biologics reporting a 54.8% increase in net profit [3] Group 2: Market Environment - The recent policy environment for innovative drugs is optimistic, with increased support for high-quality technology supply and a focus on enhancing the biopharmaceutical industry [4] - Upcoming international pharmaceutical conferences and new drug catalog updates are expected to provide ample trading opportunities in the innovative drug sector [5] - The macroeconomic environment is improving, with a gradual easing of pressures from the US interest rate hike cycle, which is likely to boost demand for new drug development [5]

（来源：ETF炼金师） 近期，港股市场的创新药板块引发了投资者的广泛关注。特别是在恒生科技（互联网）ETF的前景下， 投资者对港股创新药的前景充满期待。在分析这一领域的动态时，需要明确投资的时间框架，是中长线 投资还是短线交易。 在中长线投资的视角下，港股的医药企业的中期财报和政策面表态显得尤为重要。近期，恒瑞医药的中 报显示出积极的现金流状况，尽管其股价在港股市场表现平平，但相较A股已存在10%的溢价。此外， 药明生物和药明合联等CXO企业的中报也亮眼，受到了外资投行的积极评价，这表明外资对当前市场 的价值认可与信心。 然而，并非所有企业的表现都如预期，率先披露的再鼎医药虽然减亏，但未能达到市场预期，导致其股 价在短期内受到打压。市场普遍处于中报观望期，龙头企业如信达、百济、石药和康方等将在未来几天 集中发布财报，投资者需保持警惕。 针对短线交易的策略，外资的态度和市场资金的共识是关键。港股医药板块的定价权主要掌握在外资手 中，外部环境的稳定与否将直接影响投资者的操作策略。如果外资对创新药板块失去兴趣，可能会带来 整体的抛压，但目前并没有明显迹象表明外资会撤离。 在技术面分析中，近期资金的流入情况显示出稳健 ...

Core Viewpoint - The report from Citi maintains a long-term positive outlook on WuXi AppTec (02268), reiterating an "Outperform" rating and raising the target price from HKD 47.3 to HKD 70.7, reflecting an optimistic growth forecast for the company [1] Financial Performance - WuXi AppTec's revenue and adjusted net profit for the first half of the year increased by 62% and 50% year-on-year, respectively, aligning with previous profit forecasts [1] - The total unfulfilled orders and new signed orders grew by 58% and 48% year-on-year, driven by strong demand in the U.S. market [1] Future Guidance - Management has raised the revenue growth guidance for 2025 from 35% to 45%, primarily due to robust demand for Antibody-Drug Conjugates (ADC) outsourcing and a solid order backlog [1] - Revenue forecasts for 2025 to 2027 have been adjusted upwards by 7% to 8% and net profit forecasts by 13% to 17%, with projected revenue growth of 45%, 31%, and 27% for those years, respectively [1]

Core Viewpoint - The report from Credit Lyonnais expresses a long-term positive outlook on WuXi AppTec (02268), reiterating an "Outperform" rating and raising the target price from HKD 47.3 to HKD 70.7 [1] Financial Performance - For the first half of the year, WuXi AppTec reported a revenue growth of 62% and an adjusted net profit growth of 50%, aligning with previous profit forecasts [1] - The company has increased its revenue and net profit forecasts for 2025 to 2027 by 7% to 8% and 13% to 17%, respectively, projecting revenue growth of 45%, 31%, and 27% for those years [1] Market Demand - The strong demand in the U.S. market has driven a 58% year-on-year increase in total unfulfilled orders and a 48% increase in new signed orders during the period [1] - Management has raised the revenue growth guidance for 2025 from 35% to 45%, primarily due to robust demand for Antibody-Drug Conjugates (ADC) outsourcing and a solid order backlog [1]

Group 1 - The core viewpoint of the report is that WuXi AppTec's revenue and adjusted net profit for the first half of the year increased by 62% and 50% year-on-year, respectively, aligning with previous profit forecasts [1] - The strong demand from the U.S. market has driven a year-on-year growth of 58% in total unfulfilled orders and 48% in new signed orders during the period [1] - Management has raised the revenue growth guidance for 2025 from 35% to 45%, primarily due to robust demand for ADC outsourcing and a solid order backlog [1] Group 2 - The report maintains a long-term positive outlook on WuXi AppTec, reiterating the "Outperform" rating and raising the target price from HKD 47.3 to HKD 70.7 [1] - Revenue forecasts for 2025 to 2027 are projected to grow by 45%, 31%, and 27%, respectively [1]

Core Insights - The Hang Seng Healthcare Index (HSHCI) has seen a strong increase of 1.86%, with notable gains from stocks such as Ping An Good Doctor (+7.69%) and Lijun Pharmaceutical (+5.95%) [3] - The Hang Seng Innovation Drug Selection Index (HSSCPB) rose by 2.04%, with Lijun Pharmaceutical and King’s Ray Biotechnology also showing significant increases [5] - Heng Rui Medicine reported a 15.88% increase in revenue to 15.761 billion yuan and a 29.67% increase in net profit to 4.450 billion yuan for the first half of 2025 [7] - The company plans to repurchase A-shares worth 1-2 billion yuan to support employee stock ownership plans [7] Market Performance - The Hang Seng Healthcare ETF (513060) increased by 1.13%, with a recent price of 0.72 yuan and a weekly increase of 1.58% [3] - The Hang Seng Innovation Drug Selection ETF (520690) rose by 1.49%, with a recent price of 1.02 yuan and a weekly increase of 0.80% [5] - The trading volume for the Hang Seng Healthcare ETF was 420 million yuan, with a turnover rate of 5.43% [3] Liquidity and Trading Activity - The Hang Seng Innovation Drug Selection ETF had a trading volume of 18.9759 million yuan, with a turnover rate of 4.81% [6] - The average daily trading volume for the Hang Seng Healthcare ETF over the past month was 2.588 billion yuan, ranking first among comparable funds [3] Company Developments - Heng Rui Medicine's Q2 revenue reached 8.556 billion yuan (+12.53%) and net profit was 2.576 billion yuan (+24.88%), marking record highs for the period [7] - The management of China Biopharmaceutical plans to increase their holdings by 1 million shares, signaling confidence in the sector [8] ETF Performance and Valuation - The Hang Seng Healthcare ETF has seen a net value increase of 54.93% over the past two years, ranking 12th out of 91 QDII equity funds [9] - The ETF's latest price-to-earnings ratio (PE-TTM) is 30.35, indicating it is at a historical low compared to the past three years [11] - The Hang Seng Innovation Drug Selection ETF has a PE-TTM of 29.34, also reflecting a low valuation relative to historical performance [13] Key Holdings - The top ten weighted stocks in the Hang Seng Healthcare Index account for 61.65% of the index, including companies like BeiGene and WuXi Biologics [12] - The top ten weighted stocks in the Hang Seng Innovation Drug Selection Index represent 77.56% of the index, highlighting the concentration in leading biotech firms [13]

Core Viewpoint - The Hong Kong biopharmaceutical stocks experienced a general increase, driven by government support for the industry, particularly emphasized by Premier Li Qiang during his recent visit to Beijing [1] Industry Summary - The biopharmaceutical sector in Hong Kong saw significant stock price increases, with notable gains including 5% for Fuhong Hanlin, 3.6% for King’s Ray Biopharmaceutical, and over 3% for WuXi AppTec [1] - Premier Li Qiang highlighted the need for enhanced high-quality technological supply and policy support to promote the development of the biopharmaceutical industry, aiming to produce more high-quality and efficient new drugs [1] - Continuous high-level endorsements from the government signal a strong commitment to supporting the biopharmaceutical industry, especially in the current economic context [1] Company Summary - Fuhong Hanlin (02696) latest price: 83.000, change: +5.06% [1] - King’s Ray Biopharmaceutical (01548) latest price: 17.940, change: +3.64% [1] - WuXi AppTec (02268) latest price: 59.600, change: +3.38% [1] - Other companies with notable increases include: - Keren Biotechnology (06990) +3.29% - Kangfang Biopharmaceutical (09926) +2.83% - Rongchang Biopharmaceutical (09995) +2.87% - Junshi Biosciences (01877) +2.69% - BeiGene (06160) +2.60% [1]