FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: WuXi XDC Cayman Inc. 藥明合聯生物技術有限公司*（「本公司」） *僅供識別 呈交日期: 2025年8月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02268 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | 0.00005 | USD | | 500,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 10,000,000,000 | USD | 0.00005 | U ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][4]. Core Insights - The pharmaceutical sector has shown stronger performance compared to the overall market, with a 2.95% increase in the biopharmaceutical sector while the total A-share market declined by 1.01% [28][4]. - The report highlights significant advancements in Alzheimer's disease treatments presented at the 2025 AAIC conference, with multiple drugs updating their clinical research data [11][5]. - Roche's Trontinemab, a new generation Aβ antibody, demonstrated a 91% clearance rate of Aβ plaques in high-dose groups during Phase 1b/2a trials, indicating promising safety and efficacy [2][12]. Market Performance - The overall A-share market decreased by 1.01%, while the biopharmaceutical sector increased by 2.95%, with chemical pharmaceuticals leading with a 5.01% rise [28][4]. - The current price-to-earnings (P/E) ratio for the pharmaceutical sector is 39.10x, which is at the 80.69th percentile of its historical valuation over the past five years [33][4]. Key Companies and Investment Ratings - Mindray Medical (300760.SZ): Outperform, market cap 275.5 billion, projected net profit for 2024A is 11.67 billion [4]. - WuXi AppTec (603259.SH): Outperform, market cap 267 billion, projected net profit for 2024A is 9.35 billion [4]. - New Industries (300832.SZ): Outperform, market cap 42.6 billion, projected net profit for 2024A is 1.83 billion [4]. - Huatai Medical (688617.SH): Outperform, market cap 39.4 billion, projected net profit for 2024A is 670 million [4]. - Aier Eye Hospital (not listed): Outperform, focusing on rapid expansion in the ophthalmology service sector [37]. Clinical Research Developments - Trontinemab's Phase 1b/2a study showed significant reductions in Aβ plaque levels, with the 3.6 mg/kg dose group achieving a mean reduction from 119 CL to 21 CL after 12 weeks [14][12]. - The report emphasizes the strategic focus of overseas pharmaceutical companies on CNS (central nervous system) drug development, particularly in Alzheimer's treatments [2][25]. Recommendations - The report suggests monitoring the domestic and international AD detection and treatment drug-related industry chain, highlighting the potential for growth in this area [2][25].

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][4]. Core Insights - The pharmaceutical sector has shown stronger performance compared to the overall market, with a 2.95% increase in the biopharmaceutical sector while the total A-share market declined by 1.01% [28]. - The report highlights significant advancements in Alzheimer's disease treatments presented at the 2025 AAIC conference, including promising data from various clinical trials [11][25]. - The current price-to-earnings (P/E) ratio for the pharmaceutical sector is 39.10x, which is at the 80.69th percentile of its historical valuation over the past five years [33]. Summary by Sections Market Performance - The overall A-share market decreased by 1.01%, with the Shanghai Composite Index down 1.75% and the ChiNext Index down 0.74%. In contrast, the biopharmaceutical sector increased by 2.95% [28]. - Within the biopharmaceutical sector, chemical pharmaceuticals rose by 5.01%, while medical devices saw a slight decline of 0.07% [28]. Clinical Research Updates - Roche's Trontinemab, a new generation Aβ antibody, demonstrated a 91% clearance rate of Aβ plaques in high-dose groups during Phase 1b/2a trials, with a low incidence of ARIA-E side effects [2][17]. - The report emphasizes the strategic focus of international pharmaceutical companies on Alzheimer's treatments, with FDA approvals for Biogen/Easai's Lecanemab and Lilly's Donanemab [25]. Company Earnings Forecasts - Major companies in the sector, such as Mindray Medical and WuXi AppTec, are projected to maintain strong earnings growth, with P/E ratios expected to decrease over the next few years [4]. - Mindray Medical is highlighted for its robust international expansion and product upgrades, while WuXi AppTec is noted for its comprehensive drug development services [37][38]. Recommended Stocks - The report recommends several companies, including Mindray Medical, WuXi AppTec, and Aier Eye Hospital, citing their strong market positions and growth potential in the pharmaceutical and medical services sectors [37][38].

Group 1: Industry Overview - The domestic preclinical CRO, clinical CRO, and CDMO business prices have stabilized, with new orders gradually recovering, indicating a potential industry turnaround [1] - In the international CDMO sector, the pricing system remains reasonable, and the impact of high pandemic baselines has been absorbed [1] - Chinese companies possess comprehensive advantages in small molecule CRDMO due to talent dividends, chemical capabilities, compliant production capacity, and intellectual property protection [1] Group 2: Large Molecule CDMO - Major domestic companies include WuXi Biologics and WuXi AppTec, while international players include Lonza, Samsung Biologics, and Fujifilm [2] - Samsung Biologics is expected to have a revenue growth rate of 19-25% for 2024, surpassing WuXi Biologics' guidance of 12-15% [2] - The order growth for Samsung Biologics exceeds that of WuXi Biologics, indicating intense competition in the large molecule CDMO sector [2] Group 3: Small Molecule CDMO - Key domestic companies include WuXi AppTec, Kelun Pharmaceutical, and Boteng Pharmaceuticals, with over 70% of their business overseas [3] - WuXi AppTec's order backlog is expected to grow by 47% year-on-year by the end of 2024, ensuring mid-term performance [3] - Capital expenditure among domestic companies shows divergence, with some leaders like WuXi AppTec expected to increase spending [3] Group 4: Clinical/Preclinical CRO - Major domestic companies include Tigermed, Pruis, and Medpace, with a high proportion of domestic business [4] - Both domestic and international CROs are currently in an adjustment phase, with 2022-2023 funding challenges impacting 2024 performance [4] - Domestic order prices have bottomed out, with a growth trend in order volume and value since 2025 [5]

Core Viewpoint - The CXO sector in China is showing signs of recovery, with several companies, including WuXi AppTec, announcing a return to growth in their mid-term performance forecasts [1] Company Performance - WuXi AppTec has raised its full-year sales forecast, expecting a return to double-digit growth in revenue for its continuing operations by 2025, with the growth rate adjusted from 10%-15% to 13%-17% [1] - In the first half of the year, WuXi AppTec reported revenue of 20.799 billion yuan, a year-on-year increase of 20.64%, and a net profit attributable to shareholders of 8.561 billion yuan, up 101.92% [1] - In the second quarter, WuXi AppTec achieved a record revenue of 11.145 billion yuan and a net profit of 4.889 billion yuan [1] Industry Insights - According to CICC, the expected increase in business development funds and secondary market activity will boost domestic new drug research and development demand, as well as enhance the financing activity of primary innovative drug projects, benefiting domestic companies [1] - The cost and efficiency advantages of Chinese companies are attracting overseas clients, leading to a positive trend in external demand orders [1]

Core Viewpoint - WuXi AppTec (药明康德) has shown significant performance improvement in its mid-year results, leading to a notable stock price increase of 8.76% to HKD 109.20, reflecting positive market sentiment towards the company and the broader pharmaceutical outsourcing sector [2][3]. Financial Performance - For the first half of 2025, WuXi AppTec reported a revenue of RMB 20.799 billion, representing a year-on-year growth of 20.64% [4][5]. - The net profit attributable to shareholders surged by 101.92% year-on-year, reaching RMB 8.287 billion [4][5]. - The gross profit increased to RMB 9.112 billion, with a gross margin of 43.8%, up from 38.9% in the previous year [5]. Business Segments - The chemical business generated RMB 16.301 billion, a 33.5% increase year-on-year [5]. - The testing business saw a slight decline in revenue to RMB 2.689 billion, down 1.2% [5]. - The biological business achieved RMB 1.252 billion, growing by 7.1% [5]. - Other business segments experienced a significant decline, with revenues falling by 49.6% to RMB 163.5 million [5]. Client Revenue Breakdown - Revenue from U.S. clients was RMB 140.3 billion, up 38.4% year-on-year [6]. - Revenue from European clients increased by 9.2% to RMB 23.3 billion [6]. - Revenue from Chinese clients decreased by 5.2% to RMB 31.5 billion [6]. - Revenue from other regions grew by 7.6% to RMB 9.0 billion [6]. Future Outlook - WuXi AppTec expects its continuous operating business revenue growth to return to double digits, with an adjusted growth rate forecast of 13-17% [7]. - The overall revenue guidance for the year has been raised to RMB 425-435 billion from the previous estimate of RMB 415-430 billion [7]. Industry Trends - The pharmaceutical outsourcing sector is experiencing a recovery, with other companies like WuXi Biologics and Zai Lab also reporting strong growth forecasts [8][9]. - The overall sentiment in the pharmaceutical industry is positive, driven by improved global demand and favorable domestic conditions [10].

Macro and Strategy Research - The report highlights a persistent "anti-involution" sentiment in the macroeconomic environment, with the U.S. manufacturing PMI falling to a new low since December 2024, while the service sector shows signs of recovery [2][3] - In the domestic context, various sectors including automotive, photovoltaic, cement, and steel are actively implementing measures to curb disorderly competition and promote industrial upgrades, significantly boosting market sentiment [4] - The upcoming Politburo meeting is expected to provide further insights into policy directions, particularly regarding the importance of "anti-involution" in addressing supply-demand imbalances [4] Fixed Income Research - The report notes that the bond market is under pressure, with the 10-year government bond yield rising above 1.7%, influenced by a tightening of the monetary environment and expectations of increased infrastructure investment [6][7] - The central bank has conducted a net withdrawal of over 500 billion yuan in the open market, leading to a noticeable increase in funding prices [7] - The issuance of bonds has seen weak subscription sentiment, with a total issuance of 90 bonds amounting to 940.9 billion yuan, indicating a continued lack of enthusiasm in the primary market [7] Industry Research - The report discusses the "anti-involution" in centralized procurement within the pharmaceutical and biotechnology sectors, emphasizing the need to focus on beneficiaries of optimized procurement rules [10] - Key industry news includes the approval of new treatments and the establishment of a biopharmaceutical industrial park in Pudong, which is expected to enhance the sector's growth [10][11] - The report indicates a positive performance in the pharmaceutical sector, with the Shanghai Composite Index rising by 2.53% and the pharmaceutical sector increasing by 2.94% during the week [11] - The report suggests that the innovation drug sector is supported by ongoing policy initiatives, and it recommends focusing on companies that are expected to benefit from these changes [11]

Market Performance - The Hang Seng Index rose 2.3% last week, closing at 25,388 points, marking a three-year high[1] - The Hang Seng Tech Index increased by 2.5%, closing at 5,677 points, breaking free from a stagnant period since May[1] - Average daily trading volume increased by 12.6% to HKD 287.9 billion, with net inflows of HKD 32.3 billion through the Stock Connect[1] Sector Analysis - The telecommunications sector was the only one to decline, while the composite, materials, and energy indices rose by 8.8%, 7.7%, and 5.4% respectively[1] - The automotive sector outperformed the market with an average increase of 3.8%, driven by regulatory support for healthy development[4] - The healthcare index rose by 0.8%, benefiting from government support for innovative drugs[4] Economic Indicators - The predicted PE ratio for the Hang Seng Index is at 11.1 times, within the 78.2% percentile over the past seven years, indicating high market sentiment and relative valuation[3] - The weighted risk premium based on 70% US Treasuries and 30% Chinese bonds is at its lowest since January 2021, suggesting a high valuation environment[3] Future Outlook - If trade agreements between the US and Europe materialize, along with domestic policy catalysts, the Hang Seng Index may continue its gradual recovery driven by fundamentals[2] - In the most optimistic scenario, the Hang Seng Index could reach 27,400 points if the Chinese 10-year bond yield is at 1.75% and the US 10-year yield remains at 4.4%[3]

Investment Rating - The report does not explicitly state an investment rating for the industry, but it provides insights into market performance and trends [2][4]. Core Insights - The pharmaceutical and biotechnology sector saw a weekly increase of 1.9%, underperforming the Wind All A index (2.21%) but outperforming the CSI 300 index [2][7]. - The medical research outsourcing segment experienced the highest growth at 8.29%, while chemical preparations and other biological products faced declines of -2.02% and -0.58%, respectively [2][8]. - The Quark Health model achieved a significant milestone by passing the written assessment for chief physician in 12 core disciplines, marking a rapid development phase for medical AI models in China [2][11]. - State-owned equity funds are actively acquiring stakes in pharmaceutical companies, with notable transactions including the acquisition of Kanghua Biological and a significant stake in MicroPort Medical [2][11]. Summary by Sections Market Weekly Review - The pharmaceutical and biotechnology sector rose by 1.9% from July 21 to July 25, 2025, with medical research outsourcing leading the gains at 8.29% [2][7]. - Individual stocks such as Haitai Biological (46.9%), Zhendong Pharmaceutical (42.9%), and Saily Medical (31.7%) saw significant increases, while *ST Suwu (-22.3%) and Yong'an Pharmaceutical (-13.7%) faced notable declines [2][10]. Industry News and Key Company Announcements Important Industry Events - The National Medical Insurance Administration announced new measures to optimize drug procurement, emphasizing quality over lowest price and launching a nationwide drug price comparison tool [2][11]. Industry News - Shanghai Biopharmaceutical M&A Fund is set to acquire shares in MicroPort Medical, becoming a strategic shareholder [2][11]. - Kangfang Biologics' new indication application for Ivoris monoclonal antibody has been accepted by the National Medical Products Administration [2][11]. Company Announcements - WuXi Biologics reported a positive mid-year earnings forecast, expecting a 16% revenue increase and a 3.6% rise in gross margin [2][14]. - The Quark Health model's capabilities continue to align closely with human physicians, marking a significant advancement in AI healthcare applications [2][14]. - WuXi AppTec and other companies reported substantial revenue growth, with WuXi AppTec expecting over 60% growth in the first half of 2025 [2][14].

Investment Rating - The report maintains a "Buy" rating for the gaming industry, specifically for Sands China, due to its resilient performance and aggressive reinvestment strategies [3][6]. Core Insights - In Q2 2025, Macau's gaming gross revenue increased by 8% year-on-year, recovering to 83% of 2019 levels. VIP gaming revenue rose by 23%, while mass market gaming revenue grew by 4% compared to 2019 [3][6]. - Sands China reported net revenue of $1.8 billion, a 3% year-on-year increase and a 5% quarter-on-quarter increase. The adjusted EBITDA was $559 million, down 1% year-on-year but up 3% quarter-on-quarter, recovering to 73% of 2019 levels [3][6]. - The company has implemented aggressive customer reinvestment projects since late April, which have positively impacted performance in May and June. The Londoner project, with 2,405 newly renovated hotel rooms, aims for an annualized EBITDA of $1 billion, achieving $630 million as of Q2 2025 [3][6]. Summary by Sections Overseas Social Services - Sands China's Q2 2025 performance shows resilience, driven by limited supply, concert events, and high-end customer demand. The company has seen improvements due to aggressive reinvestment strategies [3][6][7]. Overseas Pharmaceuticals - WuXi Biologics expects a revenue increase of approximately 16% year-on-year for 1H25, with a gross margin improvement of about 3.6%. The net profit is projected to grow by around 56% [10][11]. - WuXi AppTec anticipates a revenue increase of over 60% for 1H25, with adjusted net profit growth exceeding 67% [10][11]. Overseas Education - The report suggests focusing on vocational education companies, particularly China Oriental Education, due to a rebound in vocational training demand and operational adjustments expected to enhance profitability [19][20]. - The education index has seen a year-to-date increase of 15.56%, although it underperformed compared to the Hang Seng Index [17].