Core Viewpoint - WuXi Biologics (02269) expects a revenue growth of approximately 16.7% to RMB 21.79 billion for the fiscal year 2025, driven by successful execution of its "Follow and Win Molecules" strategy and advanced technology platforms [1] Group 1: Financial Projections - Gross margin is anticipated to increase by about 5 percentage points to 46% [1] - Adjusted gross profit is projected to grow by 25.5% to approximately RMB 10.638 billion [1] - Profit attributable to equity shareholders is expected to rise by approximately 45.3% to RMB 5.733 billion [1] - Adjusted net profit is forecasted to increase by about 22% to RMB 6.586 billion [1] Group 2: Growth Drivers - Revenue growth is attributed to the successful execution of the "Follow and Win Molecules" strategy, leading technology platforms, industry-best project delivery times, and a strong track record in project execution [1] - The integrated CRDMO platform is set to add 209 new comprehensive projects in 2025, bringing the total to a record high of 945 projects [1] - The expansion of services in the biopharmaceutical industry includes research discovery, pre-IND development, clinical, and commercial production, leveraging rapidly developing technologies such as bispecific antibodies and ADCs [1] Group 3: Additional Performance Factors - Performance growth is also driven by increased research service revenue from multiple advanced technologies [2] - Utilization of existing and new production capacities, including ramp-up at European production facilities [2] - Cost savings and efficiency improvements achieved through lean operational management systems and digital solutions, along with investment income from the portfolio [2]

以及经调整以股份为基础的薪酬开支、外汇损益、以及股权投资、资产出售、重组损益及相关一次性成 本后，公司非国际财务报告准则经调整纯利将增长约22.0%至人民币65.86亿元。 该等增长主要归因于(其中包括)以下因素﹕(i)"跟随并赢得分子"战略的成功执行，以及领先的技术平 台、行业最佳的项目交付时间及优秀的项目执行过往记录，推动集团收益增长;(ii)基于双特异性抗体和 ADC(抗体偶联药物)等快速发展的技术平台，集团扩大了对生物药行业提供包括研究和发现服务、IND 前开发服务及临床和商业化生产服务等在内的服务范围;(iii)集团多个先进技术所产生的研究服务收益增 长;(iv)集团对现有及新增产能的利用，包括欧洲生产基地的产能爬坡;(v)集团通过药明生物精益运营管 理系统(WBS)及数字化方案实现成本节约与效率改善;(vi)公司通过投资投资组合而获得的投资收益。 药明生物(02269)发布公告，预期与去年同期比较，公司截至2025年12月31日止全年度收益将增长约 16.7%至人民币217.90亿元;毛利率将提升约5个百分点至46.0%;经调整毛利将增长至约人民币106.38亿 元，同比增长约25.5%;公司截至 ...

Core Viewpoint - WuXi Biologics expects a revenue growth of approximately 16.7% year-on-year, reaching RMB 21,790 million for the fiscal year ending December 31, 2025 [1] Financial Performance - Gross margin is projected to increase by about 5 percentage points to 46.0% [1] - Adjusted gross profit is anticipated to grow to approximately RMB 10,638 million, representing a year-on-year increase of about 25.5% [1] - Profit attributable to equity shareholders is expected to rise by approximately 45.3% to RMB 5,733 million [1] - Net profit, adjusted for share-based compensation, foreign exchange gains and losses, equity investments, asset sales, restructuring gains and related one-off costs, is projected to increase by about 22.0% to RMB 6,586 million [1]

Core Viewpoint - WuXi Biologics expects a revenue growth of approximately 16.7% year-on-year, reaching RMB 21,790 million for the fiscal year ending December 31, 2025 [1] Financial Performance - Gross margin is projected to increase by about 5 percentage points to 46.0% [1] - Adjusted gross profit is anticipated to grow to approximately RMB 10,638 million, representing a year-on-year increase of about 25.5% [1] - Profit attributable to equity shareholders is expected to rise by approximately 45.3% to RMB 5,733 million [1] - Net profit, adjusted for share-based compensation expenses, foreign exchange gains and losses, equity investments, asset disposals, restructuring gains and losses, and related one-off costs, is projected to increase by about 22.0% to RMB 6,586 million [1]

该等增长主要归因于(其中包括)以下因素﹕(i)"跟随并赢得分子"战略的成功执行，以及领先的技术平 台、行业最佳的项目交付时间及优秀的项目执行过往记录，推动集团收益增长;(ii)基于双特异性抗体和 ADC(抗体偶联药物)等快速发展的技术平台，集团扩大了对生物药行业提供包括研究和发现服务、IND 前开发服务及临床和商业化生产服务等在内的服务范围;(iii)集团多个先进技术所产生的研究服务收益增 长;(iv)集团对现有及新增产能的利用，包括欧洲生产基地的产能爬坡;(v)集团通过药明生物精益运营管 理系统(WBS)及数字化方案实现成本节约与效率改善;(vi)公司通过投资投资组合而获得的投资收益。 以及经调整以股份为基础的薪酬开支、外汇损益、以及股权投资、资产出售、重组损益及相关一次性成 本后，公司非国际财务报告准则经调整纯利将增长约22.0%至人民币65.86亿元。 智通财经APP讯，药明生物(02269)发布公告，预期与去年同期比较，公司截至2025年12月31日止全年度 收益将增长约16.7%至人民币217.90亿元;毛利率将提升约5个百分点至46.0%;经调整毛利将增长至约人民 币106.38亿元，同比增长约2 ...

Core Viewpoint - WuXi Biologics expects a revenue growth of approximately 16.7% year-on-year, reaching RMB 21,790 million for the fiscal year ending December 31, 2025 [1] Financial Performance - Gross margin is projected to increase by about 5 percentage points to 46.0% [1] - Adjusted gross profit is expected to rise to approximately RMB 10,638 million, reflecting a year-on-year growth of about 25.5% [1] - Profit attributable to equity shareholders is anticipated to grow by approximately 45.3% to RMB 5,733 million [1] - Net profit, adjusted for share-based compensation expenses, foreign exchange gains and losses, equity investments, asset sales, restructuring gains and losses, and related one-off costs, is projected to increase by about 22.0% to RMB 6,586 million [1]

公告表示，该等增长主要归因于(其中包括)以下因素：(i)"跟随并赢得分子"战略的成功执行，以及领先 的技术平台、行业最佳的项目交付时间及优秀的项目执行过往记录，推动集团收益增长；(ii)基于双特 异性抗体和ADC(抗体偶联药物)等快速发展的技术平台，集团扩大了对生物药行业提供包括研究和发现 服务、IND前开发服务及临床和商业化生产服务等在内的服务范围；(iii)集团多个先进技术所产生的研 究服务收益增长；(iv)集团对现有及新增产能的利用，包括欧洲生产基地的产能爬坡；(v)集团通过药明 生物精益运营管理系统(WBS)及数字化方案实现成本节约与效率改善；及(vi)公司通过投资投资组合而 获得的投资收益。 格隆汇2月11日丨药明生物(02269.HK)发布公告，公司截至2025年12月31日止全年度收益将增长约16.7% 至人民币217.90亿元；毛利率将提升约5个百分点至46.0%；经调整毛利将增长至约人民币106.38亿元， 同比增长约25.5%；公司截至2025年12月31日止全年度的利润及归属于公司权益股东的利润将分别增长 约45.3%至人民币57.33亿元及约46.3%至人民币49.08亿元；以及经调整 ...

Core Insights - The Chinese innovative drug industry is entering a new decade of development in 2025, with a significant increase in business development (BD) transactions, reaching a total value of $135.655 billion and 157 transactions, both setting historical records, indicating the growing global appeal of Chinese innovative drugs [1] - Milestone payments from previously established collaborations are beginning to materialize, providing cash flow relief for companies and marking substantial progress in global development [1] - However, potential risks associated with BD collaborations are emerging, including the premature termination of agreements and disputes leading to arbitration or litigation, signaling a need for caution in the industry [1] Industry Trends - The surge in BD transactions in 2025 is driven by the long-accumulated innovative potential of China's biopharmaceutical sector, with expectations for continued growth in cross-border transactions between China and the US/Europe [2] - The BD trend began in 2022, but many companies have not yet experienced the full lifecycle of BD transactions, leading to potential undisclosed issues in long-term performance [2] - The period from 2026 to 2028 may see an increase in BD disputes, as the industry transitions from rapid growth to a more regulated and mature phase [2] Financial Highlights - In May 2025, a record-breaking upfront payment of $12.5 billion was secured by a collaboration between Sangamo Therapeutics and Pfizer, with potential total payments reaching $48 billion [3] - In July 2025, China National Pharmaceutical Group announced a $300 million milestone payment from Merck for a collaboration on a PD-1/VEGF dual antibody [3] - In October 2025, a $250 million milestone payment was triggered for a collaboration between SystImmune and Bristol-Myers Squibb, marking the largest single milestone payment for an ADC asset disclosed in China [3] Payment Structures - The "upfront payment + milestone + sales royalty" model remains the dominant approach for Chinese companies in BD transactions, but only 22% of biopharmaceutical companies achieved milestone events by mid-2025, a decrease from previous years [4] - Among 128 transactions with at least one milestone node, 45% did not generate any revenue, highlighting the uncertainty of milestone payment realizations [4] - Increasing the proportion of upfront payments to secure immediate cash flow has become a consensus among companies to mitigate risks [4] Contractual Strategies - Companies are advised to enhance negotiation strategies by creating competitive environments and optimizing milestone payment terms to reduce ambiguity and disputes [5][6] - Specific, quantifiable conditions for milestone payments should be established to minimize subjective interpretations and risks of disputes [5] - The interrelation of contractual terms should be considered to avoid imbalances in rights and obligations, which could lead to significant disagreements during project execution [6] Legal Considerations - The potential for a wave of litigation in the BD sector is rising, driven by long-term contracts and various uncertainties affecting performance [7] - Companies often prioritize commercial negotiations to resolve disputes, but if unsuccessful, they must rely on the agreed dispute resolution mechanisms, emphasizing the importance of precise contract language [7][8] - Early identification of dispute trajectories and effective crisis management can significantly influence the outcome of legal proceedings [8] Future Outlook - As of January 2026, 17 BD transactions have occurred, totaling $133.61 billion, with significant projects continuing to emerge [9] - The ADC sector, small nucleic acid drugs, and in vivo CAR-T therapies are expected to be key areas for BD transactions in the next 1-2 years, with a shift in focus towards clinical data validation [10] - The industry is moving towards a more mature and regulated phase, with an emphasis on risk awareness and compliance as essential elements for successful cross-border BD initiatives [10]

顾忠泽介绍，器官芯片技术是在微流控芯片上构建一个微型仿生系统，如同为细胞搭建一个"智慧房 屋"。微流控是在微米尺度的通道中精确控制微量流体的技术。因此，这样的"智慧房屋"能提供营养， 更能精密控制微环境，实时监测在其中生长的类器官的"生命体征"。 科研人员利用微型仿生系统，能在人体外高效、精准地模拟人体器官对药物或外界刺激的反应。团队发 现，在检测药物肝毒性方面，器官芯片达到90%及以上准确率，而传统动物实验的准确率通常在50%— 60%。 □ 本报记者 谢诗涵 徐冠英 近日，美国环境保护署（EPA）宣布，加速实现"到2035年终止所有由EPA开展或资助的哺乳动物实 验"的政策目标，推动毒理学评估从依赖动物模型转向基于人类细胞、器官芯片、人工智能和高通量体 外测试的新方法学。 随着"非动物实验浪潮"来袭，器官芯片技术日益受到关注。目前，国内器官芯片领域的研究团队尚属少 数。其中，东南大学器官芯片研究院院长、数字医学工程全国重点实验室主任顾忠泽团队"十年磨一 剑"，成功推动成果产业化，是该领域极具代表性的团队。近日，记者走进这支团队及其孵化的江苏艾 玮得生物科技有限公司，探秘器官芯片究竟如何运作、有什么作用、已 ...

2026年年初，蔡磊的ALSFRS-R评分（渐冻症功能评分）已降至个位数。这意味着，他身体的大多数功 能正在接近刻度盘的尽头。 被诊断渐冻症6年来，他的身体被一寸寸冻结。四肢和躯干肌肉的力量早就丧失了，如今，转头也需要 护工帮助。食物要打成糊状，再过两遍细筛，才能适应他微弱的吞咽功能。 只有眼睛和大脑，还顽强地工作着。他靠眼球的转动和外界沟通，每天用眼控仪工作超过10个小时。 任何病菌都可能致命。过去一年，蔡磊下了一次楼，坐在轮椅上，被护工裹得严严实实。 绝大多数时候，他坐在卧室窗前的电脑前。靠眼控仪指挥摄像头与访客"对视"；助理借助一面半身镜， 通过光的折射与他眼神交流。屋里的光线要稳定，窗帘昼夜拉着。 每两小时，蔡磊就需要由4位护工将他"搬"回床上休息。躺下后，他的呼吸完全依赖一根插入鼻腔的塑 料管路——一台代替他已经瘫痪的呼吸肌工作的呼吸机。等待"上机"的几十秒，他脸上浮现出极度痛苦 的面容。 1月26日，渐冻 症终末期的蔡磊日常生活全依赖护工照护。实习生 徐鹤闻/摄 "天壤之别" 在与渐冻症抗争、推动科研攻关的第六个年头，蔡磊明显感觉到，团队中不少同事陷入悲观情绪。"家 人也更加痛苦，不知道哪天就会失 ...