公司点评 · 医药生物行业 运营效率逐步提升,在手订单快速增长 — 药明合联 2025 年报业绩点评 2026年03月24日 核心观点 药明合联(股票代码:2268.HK) 推荐 维持评级 分析师 程培 ☎: 021-20257805 网: chengpei_yj@chinastock.com.cn 分析师登记编码：S0130522100001 宋丽莹 网: songliying_yj@chinastock.com.cn 分析师登记编码：S0130524050001 | 市场数据 | 2026-03-24 | | --- | --- | | 股票代码 | 2268.HK | | H 股收盘价(元) | 56.15 | | 恒生指数 | 25.063.71 | | 总股本(万股) | 125,799.27 | | 实际流通港股(万股) | 125,799.27 | | 流通港股市值(亿元) | 706.36 | 相对恒生指数表现图 2026-03-24 相关研究 1.【银河医药】公司深度报告_药明合联(2268.HK): ADC 一体化服务龙头药明合联:全球化产能扩张之 路 www.chinastock.com ...

Core Viewpoint - The commercialization of ADC (Antibody-Drug Conjugates) drugs is reaching a turning point, highlighting a capacity gap in the industry as WuXi AppTec (HK02268) announces a significant acquisition of Easton Biopharma (HK01875) to enhance its production capabilities [1][4]. Group 1: Acquisition Details - WuXi AppTec plans to acquire approximately 773 million shares of Easton Biopharma at a price of HKD 4.000 per share, valuing the total equity at approximately HKD 30.91 billion [2]. - The offer price represents a significant premium of about 99% over the closing price of HKD 2.010 per share on December 22, 2025, and a 114.67% premium over the 30-day average closing price of HKD 1.860 per share [2]. - Easton Biopharma has a limited market presence, often referred to as a "zombie stock," with a typical daily trading volume of less than HKD 1 million [2]. Group 2: Business Synergy - The acquisition is driven by the business synergy between WuXi AppTec and Easton Biopharma, as the latter is one of the earliest developers of ADC drugs in China, although it has faced challenges with its ADC pipeline [3]. - Easton Biopharma's revenue from product sales has been increasing, with projected revenues of RMB 3.04 billion, RMB 6.30 billion, and RMB 8.77 billion for 2022, 2023, and 2024 respectively, indicating a shift towards profitability in 2024 [3]. Group 3: Production Capacity and Strategic Fit - Easton Biopharma possesses a large-scale GMP-compliant production facility and has established an integrated ADC platform, which aligns with WuXi AppTec's strategy to enhance production capacity [4][5]. - The geographical proximity of both companies in the Yangtze River Delta region is crucial for reducing technology transfer risks and achieving operational efficiency [1][5]. - WuXi AppTec anticipates significant growth, projecting a revenue increase of over 45% and a gross profit increase of over 70% for 2025, alongside a substantial rise in adjusted net profit [6].