智通财经APP获悉，汇丰银行将诺和诺德(NVO.US)的股票评级从"买入"下调至"持有"，这一调整源于该 公司对2025年业务前景的最新预警。诺和诺德管理层表示，其营收增长率可能在2025年稳定在中等个位 数水平，这一预期较此前市场乐观预测明显降温。此次评级变动反映出资本市场对该公司增长轨迹及核 心市场结构性变化的担忧，尤其是作为其销售核心驱动力的GLP-1类药物市场正面临多重挑战。 值得一提的是，诺和诺德作为GLP-1药物革命的引领者，凭借索马鲁肽(Ozempic和Wegovy的核心成分) 从糖尿病治疗拓展至全球减肥热潮，一度成为全球最赚钱的制药企业之一。但日前公司突然下调全年业 绩预期：销售额增速从13%-21%降至8%-14%，营业利润增速从16%-24%降至10%-16%。这一调整直接 冲击股价，更引发市场对"减肥神药"需求减弱的担忧。 汇丰银行分析指出，美国复合制剂生产商的非法销售行为持续存在，正在不断挤压诺和诺德的市场空 间。与此同时，公司内部管理层变动导致的执行效率延迟，进一步加剧了市场信心动摇。这些因素共同 作用，使得短期内盈利前景承压。 与此同时，公司宣布CEO换届。现任CEO Lars F ...

Core Viewpoint - The article highlights the strong performance of WuXi AppTec (药明康德) in the first half of 2025, with significant revenue and profit growth, leading to an upward revision of the company's performance guidance for the year [3][7][17]. Financial Performance - WuXi AppTec's revenue for the first half of 2025 reached 20.8 billion RMB, a year-on-year increase of 20.6%, with continuous operating business revenue growing by 24.2%, exceeding initial guidance by nearly 10 percentage points [8][12]. - The company's non-IFRS net profit surged by 44% to approximately 63.15 billion RMB, while the net profit attributable to shareholders increased by 101.9% to 85.61 billion RMB, boosted by a one-time gain from the sale of an associate [11][13]. - The non-IFRS net profit margin improved to 30.4%, up from 25.4% in the previous year, surpassing management's initial expectations [13]. Business Segments - The chemical business generated 163.01 billion RMB in revenue, a 33.5% increase, while the testing business saw a slight decline of 1.2% to 26.89 billion RMB [18][20]. - The TIDES business experienced remarkable growth, with revenue soaring by 141.6% to 50.3 billion RMB, accounting for 25% of total revenue and nearly all revenue growth [18][22]. Operational Efficiency - The gross margin for the chemical business improved by 5.5 percentage points, contributing to an overall gross margin increase to a historical high of 44.4% [15]. - The company reported a significant increase in cash flow from operating activities, with a net inflow of 74.31 billion RMB, a 49.6% year-on-year growth [27]. Future Outlook - Management has raised the full-year revenue growth guidance to 13%-17%, translating to 42.5 billion to 43.5 billion RMB, reflecting confidence in continued operational performance [7][17]. - The company plans to maintain capital expenditures at 7-8 billion RMB for the year, with expectations of a significant increase in spending in the second half [27]. Shareholder Returns - WuXi AppTec has initiated a mid-term dividend plan for the first time, with a proposed distribution of 10.03 billion RMB, representing 11.7% of the net profit attributable to shareholders [31].