Investment Rating - The report maintains a positive outlook on WuXi AppTec (603259), with an upgraded full-year performance guidance reflecting strong growth potential [1][5]. Core Insights - The company's revenue for H1 2025 reached 20.8 billion yuan, a year-on-year increase of 20.6%, driven by robust performance in the TIDES business, which saw a revenue growth of 141.6% [1][2]. - Adjusted net profit for H1 2025 was 6.31 billion yuan, up 44.4% year-on-year, indicating a significant improvement in profitability [1][2]. - The company has raised its revenue growth target for continuous operations from 10-15% to 13-17% for the full year 2025, with total revenue expectations adjusted from 41.5-43 billion yuan to 42.5-43.5 billion yuan [5]. Summary by Sections Business Performance - The chemical business generated 16.3 billion yuan in H1 2025, a 33.5% increase, with an adjusted gross margin of 49.0%, up 5.2 percentage points [2]. - The TIDES business achieved 5.03 billion yuan in revenue, with a 48.8% increase in orders on hand [2]. - The testing business reported 2.69 billion yuan in revenue, a slight decline of 1.2%, but showed signs of recovery in Q2 2025 with a 5.5% year-on-year growth [3]. - The biological business generated 1.25 billion yuan, reflecting a 7.1% increase, contributing significantly to new customer acquisition [4]. Financial Projections - Revenue projections for 2025-2027 are estimated at 43.54 billion yuan, 49.63 billion yuan, and 55.77 billion yuan respectively, with net profits expected to be 14.53 billion yuan, 13.79 billion yuan, and 15.86 billion yuan [7]. - The report anticipates a diluted EPS of 5.06 yuan for 2025, with a corresponding P/E ratio of 18.11 [7]. Market Position - Approximately 85% of the company's revenue comes from overseas clients, with significant contributions from the U.S. market, which grew by 38.4% year-on-year [5]. - The company is positioned as a leading global CRDMO player, demonstrating resilience against geopolitical risks [5].