投资要点： 机构：申万宏源研究 研究员：周文远/胡梦婷 药明生物2025 年上半年收入同比增长16.1%，达到99.5 亿元，归属于股东的净利润同比增长56.1%至 23.4 亿元。公司经调整净利润同比增长6.2%至23.9 亿元，符合我们的预期。随着新产能爬坡，以及运 营效率持续提升，上半年公司综合毛利率同比提升3.7 个百分点至42.7%，经调整净利润率同比提升1.2 个百分点至45.6%。 新增项目数持续提升。2025 年上半年，公司管线新增86 个新项目，其中过半新签项目来自美国，且中 国随着融资环境趋稳贡献有所提升。此外，基于"赢得分子"战略，上半年公司从外部转入9 个项目，其 中包含2 个临床三期项目，其中大部分项目为复杂分子（双抗、多抗和ADC）。此外，上半年公司综合 项目数达到864 个，其中包含67 个临床三期项目和24 个商业化项目，意味着未来生产收入持续增长。 维持买入评级。考虑到公司新产能的持续投入及爬坡影响，我们将25 年的经调整归母净利润预测从57.2 亿元下调至49.0 亿元，将26 年预测从63.4 亿元下调至55.0 亿元，新增27 年预测为63.4 亿元。考虑到公 司在生物 ...

机构：中信建投证券 研究员：贺菊颖/袁清慧/王云鹏 核心观点 2025H1 药明生物实现营收99.5 亿元，持续经营业务收入同比增长20.2%，超过此前公司全年指引。新 签项目达86 个创历史新高，在手项目864 个，其中FIC 类项目338 个，在手管线充分展现公司领先地 位。展望2025 年，我们认为公司在技术平台、生产基地、营运效率、全球发展等方面全面布局、革新 完善，公司业绩有望继续高速增长。随着业务高速发展、W BS 效率提升、产能利用率提高等，公司的 利润率也有望持续提升。 事件 公司发布2025H1 业绩公告 8 月20 日，公司发布25H1 业绩报告，实现营收99.5 亿元，同比增长16.1%，持续经营业务收入同比增 长20.2%。实现毛利42.5 亿元，同比增长27.0%。实现归母净利润23.4 亿元，同比增长56.0%，实现经调 整净利润28.4 亿元，同比增长11.6%。202 5 H1公司新签项目86 个，在手项目864 个。截至25 年6 月3 0 日，公司未完成订单总额203 亿美元。 25H1 营收超预期，新签项目数创历史新高 25H1 公司实现营收99.5 亿元，同比增长16. ...

Investment Rating - The investment rating for WuXi Biologics (02269.HK) is "Buy" (maintained) [4][13] Core Views - The company achieved a robust revenue growth of 16.08% year-on-year in H1 2025, with total revenue reaching 9.953 billion yuan and a net profit of 2.339 billion yuan, reflecting a significant increase of 56.05% [4] - The company has raised its full-year revenue guidance for 2025 to a growth range of 14%-16%, supported by a backlog of unfulfilled orders amounting to approximately 20.34 billion USD [4] - The report highlights the strong growth momentum in preclinical services and anticipates future growth in CMO (Contract Manufacturing Organization) business [5] Financial Performance - In H1 2025, the company reported a gross margin of approximately 42.73%, an increase of about 3.6 percentage points year-on-year [4] - The adjusted net profit for H1 2025 was 2.840 billion yuan, representing a year-on-year growth of 11.60% [4] - The company’s earnings per share (EPS) for 2025-2027 are projected to be 1.1, 1.3, and 1.5 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 26.7, 23.9, and 19.5 times [4] Business Growth and Strategy - The preclinical business achieved revenue of 4.147 billion yuan in H1 2025, marking a year-on-year growth of approximately 35.2% [5] - The company has a total of 864 projects in various stages, with 429 in preclinical, 259 in Phase I, 85 in Phase II, 67 in Phase III, and 24 in commercialization [5] - WuXi Biologics is expanding its global capacity with five research service centers, eight drug development centers, and eight commercial production centers [6] Regional Performance - Revenue growth in North America was robust at 20.1%, while Europe and China saw growth rates of 5.7% and a decline of 8.5% respectively [6] - The company’s strategic expansion in North America is expected to continue driving revenue growth [6]

Investment Rating - The report maintains a "Buy" rating for WuXi Biologics (2269.HK) [4] Core Views - WuXi Biologics continues to show robust growth in its mid-year performance for 2025, with revenue reaching 9.95 billion RMB, a year-on-year increase of 16.1%, and an adjusted net profit of 2.84 billion RMB, up 11.6% year-on-year [1] - The company is positioned as a global leader in the biopharmaceutical CRDMO sector, with a strong order backlog and increasing capacity utilization expected to drive steady growth in the coming years [4] Summary by Sections Financial Performance - For the first half of 2025, WuXi Biologics reported total revenue of 9.95 billion RMB, with a gross margin of 42.7%, reflecting a 3.6 percentage point increase year-on-year [1] - Adjusted net profit for the same period was 2.84 billion RMB, representing an 11.6% increase compared to the previous year [1] Business Segmentation - Revenue by project phase shows a diverse growth pattern: - Preclinical projects generated 4.15 billion RMB, up 35.2% year-on-year - Early clinical projects saw a decline to 1.33 billion RMB, down 29.7% year-on-year - Phase III and commercial projects achieved 4.29 billion RMB, an increase of 24.9% year-on-year [1] Regional Performance - Revenue by region indicates strong performance in North America, with a 20.1% year-on-year increase, accounting for 60.5% of total revenue. Europe grew by 5.7%, while China experienced a decline of 8.5%. Other regions, including Singapore, Japan, and South Korea, saw a significant increase of 136.1% [2] Order Backlog and Project Pipeline - The total number of projects reached 864, with a year-on-year increase of 16.4%. The company signed 86 new projects in the first half of 2025, with over 50% coming from the U.S. [3] - The total backlog of uncompleted orders reached 20.3 billion USD, with potential milestone payments at a historical high of 9.0 billion USD, indicating strong revenue growth expectations [3] Future Outlook - The company is expected to achieve net profits of 4.37 billion RMB, 4.81 billion RMB, and 5.27 billion RMB for the years 2025, 2026, and 2027, respectively, with growth rates of 30.2%, 10.1%, and 9.6% [4] - The projected P/E ratios for the next three years are 27, 24, and 22, indicating a favorable valuation outlook [4]