Core Insights - WuXi AppTec held an investor day event, highlighting the strong momentum in its TIDES business, rapid capacity expansion, and a rich pipeline [1] - Early-stage research shows signs of further recovery, which is expected to drive growth in early-stage business revenue, accounting for approximately one-third of total company revenue [1] - Enhanced operational efficiency supports the company's resilient profitability amid macro uncertainties and global capacity expansion, with adjusted gross margin and net profit margin reaching historical highs of 44.5% and 30.4% respectively in 1H25 [1] - Management expresses confidence in maintaining resilient profitability, leading to a slight upward adjustment of the target price to RMB 118.79 to reflect positive signals from global early-stage research demand [1] - The rating remains "Buy" [1]