Investment Rating - The investment rating for the company is "Buy" indicating an expected return of over 10% relative to the CSI 300 index in the next six months [5][14]. Core Insights - The company reported a revenue of 39.241 billion RMB in 2024, a decrease of 2.73% year-on-year, while the net profit attributable to shareholders was 9.450 billion RMB, down 1.63% year-on-year. However, the net profit after deducting non-recurring items increased by 2.47% to 9.988 billion RMB [1]. - The company’s order backlog significantly increased to 49.31 billion RMB, representing a year-on-year growth of 47.0%, indicating strong customer demand [9]. - The company is expected to achieve double-digit growth in revenue from its ongoing operations in 2025, driven by a robust pipeline and increasing outsourcing in the pharmaceutical R&D sector [11]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 11.539 billion RMB, a year-on-year increase of 6.85%, and a net profit of 2.917 billion RMB, which is a substantial increase of 90.64% year-on-year [1]. - The chemical business generated revenue of 29.05 billion RMB, with a year-on-year growth of 11.2% when excluding specific commercial production projects [2]. Business Segments - The small molecule CRDMO business maintained strong performance, with the small molecule drug discovery segment delivering over 460,000 new compounds, a 10% increase year-on-year [2]. - The TIDES business (oligonucleotides and peptides) experienced rapid growth, achieving revenue of 5.8 billion RMB, a year-on-year increase of 70.1%, with a backlog growth of 103.9% [2]. Customer Base and Demand - Revenue from the top 20 global pharmaceutical companies reached 16.64 billion RMB, a year-on-year increase of 24.1% [4]. - The company has approximately 6,000 active clients, with 5,500 in ongoing operations, and added about 1,000 new clients throughout the year [9]. Market Outlook - The global pharmaceutical R&D investment is projected to grow from 260.6 billion USD in 2023 to 359.2 billion USD by 2028, with an annual growth rate of approximately 6.6% [10]. - The outsourcing rate in pharmaceutical R&D is expected to rise from 49.2% in 2023 to 58.2% in 2028, indicating a favorable environment for the company’s services [10].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [3][13]. Core Insights - The company has shown a gradual recovery in its business operations, with a significant increase in backlog orders, which are expected to drive revenue growth of 10%-15% in 2025. The TIDES business continues to perform strongly, contributing to overall revenue stability [5]. - In 2024, the company reported a slight decline in revenue to 39.24 billion yuan, down 2.73% year-on-year, but excluding COVID-19 related projects, revenue increased by 5.20%. The net profit attributable to the parent company was 9.45 billion yuan, a decrease of 1.63% year-on-year [5]. - The company’s gross margin for 2024 was 41.48%, with a net profit margin of 24.38%, indicating stable profitability despite slight revenue declines [5]. Financial Summary - Revenue projections for 2025-2027 are 42.33 billion, 48.38 billion, and 57.11 billion yuan, reflecting year-on-year growth rates of 7.86%, 14.29%, and 18.05% respectively [5][12]. - The net profit attributable to the parent company is forecasted to be 11.16 billion, 13.30 billion, and 16.01 billion yuan for 2025-2027, with growth rates of 18.10%, 19.14%, and 20.43% respectively [5][12]. - The company’s P/E ratio is projected to decrease from 21.39 in 2025 to 12.62 by 2027, indicating an improving valuation over time [5][12]. Business Segments Performance - The TIDES business segment achieved a revenue of 5.80 billion yuan in 2024, marking a robust growth of 70.1% year-on-year, with backlog orders increasing by 103.9% [5]. - The chemical business segment reported a revenue of 29.05 billion yuan, with a growth rate of approximately 11.2% when excluding COVID-19 related revenues [5]. - The testing business segment saw a revenue of 5.67 billion yuan, with a slight decline of 4.8%, while the clinical CRO and SMO services grew by 2.8% [5]. Order Backlog - The company’s order backlog reached 49.31 billion yuan, representing a significant increase of 47.0% year-on-year, indicating strong future revenue potential [5]. Conclusion - The company's integrated, end-to-end strategy is expected to solidify its competitive advantages and drive long-term growth, justifying the "Buy" rating [5].

Investment Rating - The industry investment rating is "Positive" with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [15]. Core Insights - The leading CRO company, WuXi AppTec, has shown continuous improvement in performance, with a revenue of 39.241 billion RMB in 2024, reflecting a year-on-year growth of 5.2% after excluding COVID-19 commercialization projects [3]. - The adjusted non-IFRS net profit for WuXi AppTec reached 10.583 billion RMB, with a net profit margin of 27.0%, marking a historical high [3]. - The company anticipates a revenue growth of 10%-15% in 2025, projecting total revenue to reach between 41.5 billion and 43 billion RMB [5]. - The global medical investment market is showing signs of recovery after two years of decline, with 2,291 investment deals completed in 2024, totaling 58.2 billion USD, a slight increase of 1% compared to 2023 [7]. - Despite the positive outlook for global investment, domestic medical health financing in China decreased by 33% in 2024 compared to 2023, with only 7.3 billion USD raised [8]. Summary by Sections Company Performance - WuXi AppTec's revenue and profit have been steadily increasing, with Q4 2024 revenue reaching 11.54 billion RMB, a 45% increase from Q1 [3]. - The company has maintained a strong performance despite challenges, indicating robust strength and trust from overseas clients in Chinese CROs [5]. Market Trends - The biopharmaceutical sector remains the largest category for investment, with oncology drugs being a hot topic in domestic investments [13]. - The global biopharmaceutical financing landscape is dominated by projects related to AI in pharmaceuticals, weight-loss drugs, and immunotherapy, reflecting significant investor interest [13].

Investment Rating - The investment rating for the company is "Buy" [3][6] Core Insights - The company's revenue for 2024 was 39.24 billion, a year-on-year decrease of 2.73%, while the net profit attributable to shareholders was 9.45 billion, down 1.63%. However, the adjusted net profit increased by 2.47% year-on-year [1][2] - The company has shown a strong growth trend in orders, with a year-end backlog of 49.3 billion, representing a 47% increase year-on-year. The new signed orders for 2024 reached 53.6 billion, a growth of 25.5% compared to 42.8 billion in 2023 [2][5] - The company expects a revenue growth guidance of 10% to 15% for 2025, driven by cost reduction and efficiency improvements [2] Financial Performance Summary - For 2024, the company reported total revenue of 39.24 billion, with a breakdown of revenue by business segments: - Small molecule CDMO: 17.87 billion (up 6.4%) - TIDES: 5.8 billion (up 70.1%) - R&D services: 5.38 billion (down 9.2%) - Testing services: 5.67 billion (down 4.8%) - Biology services: 2.54 billion (down 0.3%) [2] - The company plans to increase capital expenditure to 7-8 billion in 2025, significantly up from 4 billion in 2024, to enhance production capacity [5][6] - The earnings per share (EPS) forecast for 2025 is adjusted to 4.17, with a projected PE ratio of 17 [6][8] Future Outlook - The company anticipates continued growth in its order book and revenue, with a focus on expanding production capacity and enhancing operational efficiency [2][5] - The company is also planning to increase shareholder returns through dividends and share buybacks, with a proposed dividend of 3.84 billion for 2024 [5]

药明康德2024年实现收入392亿元 多肽药物爆火带动业绩增长 3月17日晚间，药明康德（603259）(603259.SH，股价69.68元，市值2012亿元)发布了2024年年报。公司2024年实现营业收入392.41亿元，剔除新冠商业 化项目后同比增长5.2%；实现归母净利润94.5亿元。 从具体业务看，TIDES(寡核苷酸和多肽)业务保持高速增长，成为业绩驱动引擎。公司管理层在电话会上表示，目前公司平台上有超过20个GLP-1项目 管线，占整个市场份额20%以上，这些管线将产生更多的GLP-1产品，也会对产能有需求。因此，公司有信心产能将来能够被充分利用。 另外，针对投资者关注的AI(人工智能)技术在医药行业的应用，药明康德方面表示，在药物行业，尤其是研发阶段，公司正在探索如何应用AI加速创新 药物研发，但这还在比较早期的阶段。 营收剔除新冠商业化项目后增长5.2%美国地区客户贡献主要收入 3月17日晚间，药明康德发布了2024年年报。2024年，公司完成年初所设定的经营目标，营业收入为392.41亿元，剔除新冠商业化项目后同比增长 5.2%；实现归母净利润94.5亿元。 从具体业务看，TIDES业务 ...

28.35亿元+10亿元，药明康德大手笔分红！ 3月17日晚间，无锡药明康德新药开发股份有限公司（以下简称"药明康德"，股票代码：603259） 发布2024年年度报告称，公司2024年实现营业收入392.41亿元，剔除新冠商业化项目同比增长5.2%；实 现归属于上市公司股东的净利润94.50亿元，2024年全年已完成年初所设定的经营目标。单季度来看， 第四季度收入创下单季度历史新高。此外，公司全年自由现金流达到历史新高79.8亿元。 值得一提的是，为持续激励保留人才，药明康德发布了2025年H股奖励信托计划（草案），在2025 年营业收入完成420亿元时，将授予15亿港元H股，并在达到430亿元及以上时，将额外授予10亿港元H 股。（记者 李亚男） 免责声明：以上内容为本网站转自其它媒体，相关信息仅为传递更多信息之目的，不代表本网观 点，亦不代表本网站赞同其观点或证实其内容的真实性。如稿件版权单位或个人不想在本网发布，可与 本网联系，本网视情况可立即将其撤除。 供稿：吕怡蕾 编辑：康书源 审核：吴娜 根据2024年度分红预案，公司拟向全体股东每10股派发现金红利9.8169元（含税），以目前公司总 股本测算 ...

WUXI APPTEC CO., LTD. * 無錫藥明康德新藥開發股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2359） 海外監管公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致之任何損失承擔任何責任。 本海外監管公告乃由本公司根據香港聯合交易所有限公司證券上市規則第 13.10B條作出。 茲載列本公司在上海證券交易所網站刊登的以下資料中文全文，僅供參閱。 承董事會命 無錫藥明康德新藥開發股份有限公司 董事長 李革博士 香港，2025年3月17日 截至本公告日期，本公司董事會包括執行董事李革博士、陳民章博士、胡正國先生、楊青博士及 張朝暉先生；非執行董事童小幪先生及吳亦兵博士；以及獨立非執行董事盧韶華女士、俞衛博士、 張新博士、詹智玲女士及冷雪松先生。 * 僅供識別 无锡药明康德新药开发股份有限公司 2024 年年度报告摘要 公司代码：603259 公司简称：药明康德 无锡药明康德新药开发股份有限公司 5、 董事会决议通过的本报告期利润分配预 ...

WUXI APPTEC CO., LTD. * 無錫藥明康德新藥開發股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2359） 海外監管公告 本海外監管公告乃由本公司根據香港聯合交易所有限公司證券上市規則第 13.10B條作出。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致之任何損失承擔任何責任。 茲載列本公司在上海證券交易所網站刊登的以下資料中文全文，僅供參閱。 承董事會命 無錫藥明康德新藥開發股份有限公司 董事長 李革博士 香港，2025年3月17日 截至本公告日期，本公司董事會包括執行董事李革博士、陳民章博士、胡正國先生、楊青博士及 張朝暉先生；非執行董事童小幪先生及吳亦兵博士；以及獨立非執行董事盧韶華女士、俞衛博士、 張新博士、詹智玲女士及冷雪松先生。 * 僅供識別 无锡药明康德新药开发股份有限公司 2024 年年度报告 公司代码：603259 公司简称：药明康德 无锡药明康德新药开发股份有限公司 2024 年年度报告 1 / 292 无锡药 ...

Group 1 - The establishment of Tiger Med (Shenzhen) Pharmaceutical Technology Co., Ltd. has been reported, with a registered capital of 1 million yuan [1] - The legal representative of the new company is Shan Bin, and its business scope includes medical research and experimental development, translation services, conference and exhibition services, market research (excluding foreign-related investigations), technology import and export, and data processing services [1] - Tiger Med holds indirect full ownership of the newly established company [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 JOINN LABORATORIES (CHINA) CO., LTD. 北京昭衍新藥研究中心股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6127） 建議進一步更改所得款項淨額用途 茲提述(i)北京昭衍新藥研究中心股份有限公司（「本公司」）有 關H股通過全球發 售（「全球發售」）於 香 港 聯 合 交 易 所 有 限 公 司 上 市 的 招 股 章 程；及(ii)本公司日期 為2022年4月28日 及2023年8月30日有關更改所得款項淨額用途（「前修改」）的 公 告。 建議更改所得款項淨額用途 經扣除與進行全球發售及行使超額配股權有關的包銷佣金及其他估計開支 後，全 球 發 售 的 所 得 款 項 淨 額 約 為6,373.6百萬港元（相 當 於 約 人 民 幣5,285.2百 ...