Investment Rating - The report maintains a positive outlook on the pharmaceutical sector, indicating an "Overweight" rating for the industry, suggesting it will outperform the overall market [1]. Core Insights - The report highlights that the commercialization of innovative drugs, combined with licensing income, is expected to lead to profitability for several companies in 2025, including BeiGene, Innovent Biologics, and others [1][9]. - The Pharma sub-sector is projected to achieve a revenue growth rate of 15-20% in 2025 for companies like Hansoh Pharmaceutical and China Biologic Products, with a significant revenue increase expected for 3SBio due to a major business development deal with Pfizer [2][10]. - The CXO sector is also expected to show strong performance, with companies like WuXi AppTec forecasting a revenue increase of approximately 15.84% and a net profit growth of about 102.65% in 2025 [3][11]. - In the medical services sector, the report notes that valuations are at historical lows, with a projected revenue growth of 13% for GuoShengTang in 2025, emphasizing the importance of overseas business expansion and AI integration in traditional Chinese medicine [4][12]. Summary by Sections Innovative Drugs - The report anticipates that several innovative drug companies will reach profitability in 2025 due to increased commercialization and business development income [9][15]. Pharma - The Pharma sub-sector is expected to see a revenue growth of 15-20% in 2025 for key players, with 3SBio projected to achieve over 100% growth due to a significant partnership with Pfizer [2][10]. CXO - WuXi AppTec is expected to report a revenue of approximately 454.56 billion RMB in 2025, with a net profit growth of around 102.65% [3][11]. Medical Services - GuoShengTang is projected to have a revenue growth of 13% in 2025, with a focus on overseas acquisitions and AI applications in traditional medicine [4][12].

Core Viewpoint - The company's positive profit forecast for 2025 aligns with expectations, maintaining a "Buy" rating with a target price of HKD 75 [1] Group 1: Financial Performance - The company anticipates a revenue growth of over 45% year-on-year for 2025, with gross profit expected to grow over 70% year-on-year and net profit attributable to shareholders projected to increase by over 38% year-on-year [1] - Adjusted net profit, excluding interest income and expenses, is expected to grow over 45% year-on-year, and over 65% year-on-year when excluding foreign exchange impacts [1] - The overall revenue and net profit attributable to shareholders are in line with previous expectations and the company's annual guidance [1] Group 2: Project Development - The company signed 70 new iCMC projects in 2025, accelerating from 53 in 2024, primarily driven by strong growth in the US and China [2] - More than half of the new iCMC projects are attributed to new ADC types, with approximately 20% from dual-antibody ADCs, 17% from XDC, and 10% from non-tumor areas [2] Group 3: Long-term Guidance - The company has disclosed a medium to long-term revenue guidance, expecting a CAGR of 30-35% from 2025 to 2030, surpassing the industry average of 25.6% CAGR [3] - By 2030, it is projected that 20% of revenue will come from XDC types and another 20% from commercialized projects [3] - The company anticipates achieving significant commercial production milestones starting in 2027, with limited revenue contribution expected in 2026 [3] Group 4: Capacity Expansion - The company plans to increase capital expenditure to RMB 1.7 billion in 2026, up from RMB 1.22 billion in 2025, with a long-term capital expenditure guidance exceeding RMB 7 billion by 2029 [4] - The company has established dual production bases in China and Singapore, with the Wuxi DP3 capacity achieving GMP release in July 2025, totaling 7 million bottles per year [4] - Future production lines in Wuxi are expected to double the DP capacity before 2029 [4] Group 5: Strategic Acquisitions - The company is actively pursuing acquisitions to enhance capacity, including a recent acquisition in Hefei to add over 40 kg of peptide conjugate capacity and another acquisition of Dongyao Pharmaceutical for HKD 3.1 billion to add 8 million bottles per year of DP capacity [5] - The company’s global ADC outsourcing market share has reached over 24% [5] Group 6: Valuation - The company maintains a "Buy" rating with a target price of HKD 75, based on updated revenue forecasts for 2025E/2026E/2027E of RMB 5.87 billion, RMB 7.94 billion, and RMB 10.59 billion respectively [6] - Adjusted net profit forecasts are slightly revised to RMB 1.6 billion, RMB 2.12 billion, and RMB 2.91 billion for the same years [6] - The target valuation is set at 38x 2026E PE, reflecting a premium over the historical forward P/E ratio [6]

Group 1 - The Hang Seng Index and Hang Seng Tech Index closed higher on February 5, with the CSI Hong Kong Stock Connect Technology Index rising by 0.58% [1] - Notable performers among the index constituents included Horizon Robotics-W, which rose over 3%, and Kingdee International and Xiaomi Group-W, which both increased by nearly 3% [1] - The Hong Kong Tech ETF Tianhong (159128) saw a trading volume exceeding 160 million yuan, with a net subscription of over 80 million units on the same day, marking 18 consecutive trading days of net inflow totaling over 550 million yuan [1] Group 2 - The Hong Kong Tech ETF Tianhong (520920) closely tracks the Hang Seng Tech Index, focusing on leading technology companies in Hong Kong, and can invest in quality tech companies not included in the Hong Kong Stock Connect through the QDII mechanism [2] - Meituan announced on February 5 its plan to acquire all issued shares of fresh e-commerce company Dingdong for 717 million USD, which will make Dingdong an indirect wholly-owned subsidiary of Meituan, with its financial results incorporated into Meituan's financial statements [2] - Guosen Securities noted that the rebound of the US dollar index and rising US Treasury yields have negatively impacted the capital flow in Hong Kong stocks, but the appreciation of the RMB and stable earnings revisions in Hong Kong stocks maintain a positive outlook for the market [2]

Core Viewpoint - The Hang Seng Healthcare Index has declined by 3.3% this week, underperforming the market, with a slight decrease in domestic investors' holdings of pharmaceutical stocks through the Hong Kong Stock Connect since the fourth quarter of last year, while foreign investment has increased [1] Group 1: Market Performance - The Hang Seng Healthcare Index has experienced a cumulative drop of 3.3% this week [1] - Domestic investors' holdings of pharmaceutical stocks via the Hong Kong Stock Connect have slightly decreased [1] - Foreign investment in the sector has increased, particularly in innovative drugs and leading CXO companies benefiting from demand recovery [1] Group 2: Investment Recommendations - The company suggests focusing on differentiated platforms such as small nucleic acids, long-acting formulations, invivo CAR-T, and new generation ADC/XDC in the pharmaceutical business development this year [1] - The sector is expected to maintain a stable upward trend this year, although short-term volatility may occur [1] - Investors are advised to examine company fundamentals and valuations to identify undervalued stocks, such as 3SBio (01530), Hutchison China MediTech (00013), and Genscript Biotech (02595) [1] - CXO segment leaders like WuXi AppTec (02268) may benefit from a favorable downstream environment and improved financing conditions [1] - Sub-sectors such as hospitals, medical devices, and diagnostics may see regulatory uncertainties easing along with positive policy expectations [1]

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。 於2026年2月4日，聯交所基於本公司將於2026 年2 月13日或之前向本公司股東寄 發通函向本公司授出豁免。本公司股東及潛在投資者應注意，倘本公司情況出現 變動，聯交所可更改或撤回其所授出的豁免。 （股份代號：2268） 延遲寄發通函 茲提述藥明合聯生物技術有限公司*（「本公司」）、藥明生物技術有限公司*及東曜 藥 業 股 份 有 限 公 司 於 2026 年 1 月 14 日 聯 合 刊 發 內 容 有 關（ 其 中 包 括 ）要 約 的 公 告 （「聯合公告」）。除非另有界定，否則本公告所用詞彙與聯合公告所界定者具有相 同涵義。 誠如聯合公告所披露，根據上市規則第14.44條，要約的提出、根據股份要約收購 要 約 股 份 以及 根 據 購 股 權 要 約 註 銷購 股 權 已 獲 得 藥 明 生物（ 持 有 本 公司 已 發 行 ...

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 就 因 本 公 告 全 部 或 任 何 部 份 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。 本 公 告 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 本 公 司 證 券 的 邀 請 或 要 約。 本公告的全部或部份內容不會在違反任何司法權區的相關法律或法規的情況 下 於 或 向 該 司 法 權 區 發 佈、刊 發 或 派 發。 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （於 香 港 註 冊 成 立 的 有 限 公 司） （股 份 代 號：2268） （股 份 代 號：1875） 聯合公告 延遲寄發 有 關 花旗環球金融亞洲有限公司為及代表要約人 就本公司全部已發行股份 （要 約 人 及 要 約 人 一 致 行 動 人 士 已 擁 有 或 同 意 將 予 收 購 的 該 等 股 份 除 外） 及註銷全部尚未行使購股權 而作出的 自願有條件現金要約 誠 ...

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec (2268.HK) with a target price of HKD 75, indicating a potential upside of 24% from the current price of HKD 60.6 [1][2][11]. Core Insights - The company's preliminary earnings forecast for 2025 aligns with expectations, projecting over 45% year-on-year revenue growth, over 70% gross profit growth, and over 38% net profit growth attributable to shareholders [8][11]. - WuXi AppTec has signed 70 new iCMC projects in 2025, benefiting from strong growth in the US and China, with over half of these projects coming from new ADC contributions [8][11]. - The company has provided a long-term revenue guidance of a 30-35% CAGR from 2025 to 2030, which is above the industry average of 25.6% CAGR [8][11]. Financial Performance - Revenue projections for 2025, 2026, and 2027 are adjusted to RMB 58.7 billion, RMB 79.4 billion, and RMB 105.9 billion respectively, with net profit estimates of RMB 16.0 billion, RMB 21.2 billion, and RMB 29.1 billion [11][12]. - The gross margin for 2025 is expected to be approximately 35.8%, which is better than previous expectations [8][11]. - The company anticipates significant commercial revenue starting in 2027, with limited contributions expected in 2026 as it focuses on building commercial production records [8][11]. Capacity Expansion - WuXi AppTec is accelerating capacity expansion through both self-built facilities and acquisitions, with capital expenditures expected to rise to RMB 1.7 billion in 2026 from RMB 1.22 billion in 2025 [2][10]. - The company has established dual production bases in China and Singapore, with plans for further expansion, including new production lines in Wuxi and Singapore [2][10]. - The acquisition of Hefei and Dongyao Pharmaceutical is expected to enhance the company's production capacity and client network, contributing to a market share of over 24% in the global ADC outsourcing market [10][11].

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec (2268.HK) with a target price of HKD 75, indicating a potential upside of 24% from the current price of HKD 60.6 [1][2][11]. Core Insights - The company's preliminary earnings forecast for 2025 shows revenue growth exceeding 45% year-on-year, with gross profit growth over 70% and net profit growth exceeding 38% [8][11]. - WuXi AppTec has signed 70 new iCMC projects in 2025, benefiting from strong growth in the US and China, with over half of these projects coming from new ADC contributions [8][11]. - The company has provided a long-term revenue guidance of a 30-35% CAGR from 2025 to 2030, which is above the industry average of 25.6% CAGR [8][11]. Financial Performance - Revenue projections for 2025, 2026, and 2027 are adjusted to RMB 58.7 billion, RMB 79.4 billion, and RMB 105.9 billion respectively, with net profit estimates of RMB 16.0 billion, RMB 21.2 billion, and RMB 29.1 billion [11][12]. - The gross margin for 2025 is expected to be around 35.8%, which is better than previous expectations [8][11]. - The company anticipates significant commercial revenue starting in 2027, with limited contributions expected in 2026 as it focuses on accumulating production records [8][11]. Capacity Expansion - WuXi AppTec is accelerating capacity expansion through both self-built facilities and acquisitions, with capital expenditures expected to rise to RMB 1.7 billion in 2026 from RMB 1.22 billion in 2025 [2][10]. - The company has established dual production bases in China and Singapore, with plans for further expansion, including new DP production lines in Wuxi and a new facility in Singapore expected to achieve GMP release in 2026 [2][10]. - The company has a global market share of over 24% in the ADC outsourcing service market, indicating a strong competitive position [10].

截至月份: 2026年1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 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 呈交日期: 2026年2月3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 industry [1] Core Insights - The small nucleic acid drug market is experiencing robust growth, transitioning from technology validation to accelerated commercialization, with a global market size increasing from $2.7 billion in 2019 to $4.6 billion in 2023, and projected to reach $45.7 billion by 2033, reflecting a CAGR of 26.08% [2][39] - The small nucleic acid CXO sector is benefiting from technological breakthroughs and commercialization acceleration, establishing a comprehensive CRDMO service system [2] - Key players in the small nucleic acid field include CROs with core technologies and rich project experience, such as Chengdu XianDai and Kanglong Chemical, and CDMOs with leading production capabilities like WuXi AppTec and Kailai Ying [2] Summary by Sections 1. Small Nucleic Acid Drugs - Small nucleic acid drugs encompass various types, including ASO, siRNA, and aptamers, which target gene expression for disease treatment [11][12] - These drugs offer advantages such as shorter development cycles, broad therapeutic areas, sustained efficacy, and higher success rates compared to traditional drugs [15][16] 2. Market Expansion and BD Activity - The small nucleic acid market is expanding, with significant BD transactions occurring, including a $9 billion collaboration between Wobang Pharmaceutical and Novartis, and a $2 billion platform authorization between Rebio and Boehringer Ingelheim [48] - Domestic companies are actively developing drugs targeting hyperlipidemia, hypertension, and hepatitis B, with notable progress in clinical stages [45][47] 3. CXO Empowerment in Small Nucleic Acid R&D - The CXO industry is crucial for supporting the R&D and production of small nucleic acid drugs, with a focus on enhancing delivery technologies and chemical modifications to improve drug stability and efficacy [22][26]