事件： 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 公司发布2025年半年报，实现收入99.53 亿元（YOY+16.1%），实现归母净利润 23.39 亿元 （YOY+56.0%），毛利率同比提升3.6pct 至42.7%；盈利端改善明显，业绩符合预期。 点评： 整体项目数再创新高，海外市场收入快速增加 25H1公司新增86个项目，总体项目数达864个，其中"赢得分子"项目9个，包括2个临床III期项目，且绝大 多数是复杂药物分子，体现公司专业能力强大。25H1公司临床前收入同比增 35.2%，业务回暖迅速；临 床早期阶段收入同比降 29.7%，系数个大型项目推进至后期开发或商业化阶段及订单时间安排所致。从地 区来看，北美地区收入同比增长20.1%，为公司收入主要推动 ...

2025 年 8 月 23 日 公司研究 整体项目数再创新高，商业化生产逐步提速 ——药明生物（2269.HK）2025 年半年报点评 要点 事件：公司发布 2025 年半年报，实现收入 99.53 亿元（YOY+16.1%），实现 归母净利润 23.39 亿元（YOY+56.0%），毛利率同比提升 3.6pct 至 42.7%； 盈利端改善明显，业绩符合预期。 点评： 整体项目数再创新高，海外市场收入快速增加。25H1 公司新增 86 个项目，总 体项目数达 864 个，其中"赢得分子"项目 9 个，包括 2 个临床 III 期项目，且 绝大多数是复杂药物分子，体现公司专业能力强大。25H1 公司临床前收入同比 增 35.2%，业务回暖迅速；临床早期阶段收入同比降 29.7%，系数个大型项目 推进至后期开发或商业化阶段及订单时间安排所致。从地区来看，北美地区收入 同比增长 20.1%，为公司收入主要推动力；欧洲地区与中国地区收入整体稳健， 分别同比增长 5.7%和下滑 8.5%；其他地区收入同比快速增长 136%，反映公司 在新兴市场加大开拓力度。 后期项目放量，订单储备充足。截至 25H1，公司未完成订单 ...

Investment Rating - The report assigns a "Buy" rating for WuXi Biologics (2269 HK) as part of its initial coverage [4] Core Insights - WuXi Biologics is a global leader in the biopharmaceutical CDMO (Contract Development and Manufacturing Organization) sector, leveraging an integrated platform to drive growth [1][3] - The company has established a comprehensive CRDMO (Contract Research, Development, and Manufacturing Organization) model, providing end-to-end services from drug discovery to commercial production, which enhances customer retention and operational stability [1][3] - The non-COVID business has shown strong growth, with a 13.1% year-on-year increase in 2024, indicating a healthy business structure despite a slowdown in overall revenue growth [49] Summary by Sections 1. Company Overview - WuXi Biologics has developed a one-stop CRDMO service platform, serving over 600 global clients, including the top 20 multinational pharmaceutical companies, with a core employee retention rate of 95.8% [1][21][20] - The company has a global manufacturing network with 9 production bases and 7 development centers across China, Ireland, Germany, and Singapore, supporting its full industry chain service capabilities [1][27] 2. Market Growth and Opportunities - The global biopharmaceutical market is expanding, with China expected to capture a 22.2% share by 2030, driven by the rise of biopharmaceuticals and CDMO services [3][50][53] - The ADC (Antibody-Drug Conjugates) and bispecific antibodies are emerging therapies that are expected to significantly benefit WuXi Biologics as the CDMO market continues to grow [3][54] 3. Financial Performance - WuXi Biologics has demonstrated robust growth, with a revenue CAGR of 36.0% from 2019 to 2024, reaching 18.68 billion yuan in 2024, despite a slight decline in growth rate [6][29] - The company’s net profit for 2024 is projected to be 3.36 billion yuan, with a gross margin of 41.0% [10][45] 4. Future Projections - The report forecasts revenues of 21.47 billion yuan, 23.65 billion yuan, and 25.91 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 4.48 billion yuan, 4.99 billion yuan, and 5.36 billion yuan [8][10] - The company is expected to benefit from a strong order backlog, with approximately 18.5 billion USD in unfulfilled orders as of December 31, 2024, indicating a solid foundation for future revenue growth [6][28] 5. Competitive Positioning - WuXi Biologics is positioned favorably compared to international peers, with a current PE ratio of 35.2X, significantly lower than that of global leaders like Lonza and Samsung Biologics [7][72] - The report highlights the potential for valuation recovery as the company continues to expand its market share and capitalize on the growing demand for biopharmaceutical services [66][70]