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]