Company Overview - WuXi AppTec (02268.HK) has raised its revenue growth forecast for 2025 from 35% to over 45%, driven by strong order backlog, accelerated project progress, and capacity release [1][2] - The company reported a revenue of 2.701 billion yuan and a net profit of 746 million yuan for the first half of the year, with 82% of revenue coming from overseas markets [1][2] Project and Capacity Development - As of June 2025, the total number of iCMC (integrated Chemistry, Manufacturing, and Control) projects has reached 225, with 37 new projects signed in the first half of 2025, marking a historical high [2] - The company completed over 2,300 early-stage research projects for bioconjugated drugs, including dual-antibody ADCs and novel conjugated drugs [2] - WuXi AppTec is advancing its capacity layout under the "global dual-plant production" strategy in Wuxi and Singapore to prepare for commercial production next year [2] Market Position and Growth - The company's market share has increased from 9.9% in 2022 to 22.2% currently [3] - The ADC (Antibody-Drug Conjugate) market is experiencing explosive growth, with a projected compound annual growth rate (CAGR) of 34% from 2020 to 2024 and 31% from 2024 to 2030 [4] - The global ADC outsourcing service market is expected to reach $11 billion by 2030, growing over 300% from 2024 [4] Industry Trends - The demand for integrated CRDMO (Contract Research, Development, and Manufacturing Organization) services is increasing among global pharmaceutical giants and innovative drug companies, benefiting WuXi AppTec as a leading ADC CRDMO provider [4][5] - The number and value of domestic innovative drug BD (business development) transactions have reached new highs, with 52 transactions involving Chinese innovative drugs going overseas, including 18 transactions exceeding $1 billion [4]