Core Viewpoint - WuXi AppTec's performance in the first half of the year exceeded expectations, driven by strong demand for antibody-drug conjugates (ADCs) and an increase in market share [1] Financial Performance - Revenue reached 2.7 billion yuan, a year-on-year increase of 62.2% [1] - Gross profit was 980 million yuan, reflecting an 82.2% year-on-year growth [1] - Adjusted net profit stood at 800 million yuan, up 50.1% year-on-year, while net profit after interest expenses was 730 million yuan, marking a 69.6% increase [1] Order Backlog and Market Demand - As of the end of June, the company's unfulfilled orders amounted to 1.33 billion USD, a year-on-year growth of 57.9% [1] - Strong growth in North American clients, accounting for over 50% of the total orders [1] - New signed orders are estimated at approximately 720 million USD, showing rapid growth both year-on-year and half-year [1] Future Outlook - Given the high demand for ADC research and production globally, along with the company's strengthened leading position, profit forecasts for 2025 and 2026 have been raised by 6.3% and 10.2% respectively, to 1.69 billion and 2.33 billion yuan [1] - Target price has been increased by 66.7% to 75 HKD, maintaining an "outperform" rating [1]