Core Viewpoint - Ping An International Securities has issued a buy rating for WuXi AppTec (603259.SH, latest price: 98.85 CNY) based on strong financial performance and growth prospects in the second quarter of 2025 [2] Financial Performance - In Q2 2025, the company's continuing operating revenue increased by 25% year-over-year (YoY), and the adjusted Non-IFRS net profit attributable to the parent company rose by 47.9% YoY, significantly exceeding market expectations [2] - The small molecule D&M revenue and TIDES business continue to drive revenue growth and improve gross margins in Q2 2025 [2] Order Backlog and Revenue Guidance - The order backlog reached a new high of 56.69 billion CNY, representing a 37.2% YoY increase [2] - The revenue guidance for continuing operations in 2025 has been raised to a growth rate of 13%-17% YoY, with TIDES revenue expected to achieve an 80% YoY increase for the full year [2] - The company is expected to achieve double-digit growth in continuing operating revenue both YoY and sequentially in the second half of 2025 [2] Business Outlook - Early-stage business recovery is evident but is expected to take more time to fully materialize [2]