Core Viewpoint - Goldman Sachs expects a positive market reaction to WuXi AppTec's strong performance and new order momentum [1] Financial Performance - WuXi AppTec reported third-quarter revenue of 12.1 billion yuan, representing a year-on-year growth of 15.3%, or 19.7% when calculated based on continuing operations [1] - The TIDES business experienced a significant year-on-year growth of 91%, currently accounting for 23% of total revenue [1] Guidance and Projections - The company raised its full-year revenue guidance for 2025 to 43.5 to 44 billion yuan, up from the previous guidance of 42.5 to 43.5 billion yuan [1] - The revenue growth guidance for continuing operations was also increased to a year-on-year growth of 17% to 18%, up from the previous range of 13% to 17% [1] - The company anticipates an improvement in adjusted net profit margin based on non-IFRS measures [1] Target Price - Goldman Sachs set a 12-month target price for WuXi AppTec's H-shares at 109.6 HKD, based on a forward price-to-earnings ratio of 18 times [1] - The target price for A-shares is set at 105.6 yuan [1]

野村证券将药明康德H股目标价从102.77港元上调至130.63港元。 来源：滚动播报 ...

Core Insights - WuXi AppTec (603259) reported a record high revenue for Q3 2025, with total revenue for the first three quarters reaching 32.86 billion yuan, representing a year-on-year growth of 18.6% [1] - The company has raised its full-year revenue target to 43.5-44 billion yuan, indicating strong performance across various profit metrics that outpaced revenue growth [1] Financial Performance - Total revenue for the first three quarters: 32.86 billion yuan [1] - Year-on-year revenue growth: 18.6% [1] - Q3 revenue set a historical single-quarter high [1] - Revised full-year revenue target: 43.5-44 billion yuan [1]

瑞银发表报告指，药明康德第三季收入按年升15%至121亿元，超出该行及市场预估的114亿元及115亿 元；纯利按年升53%至35亿元，高于该行及市场预估的33亿元及31亿元。截至第三季末，持续营运订单 储备按年升41%至599亿元。公司同时宣布剥离临床合同研究组织/现场管理组织业务，初始交易对价为 28亿元。该行认为此次出售对药明康德有利，因公司可专注核心合同研究、开发与制造组织业务及其全 球布局扩张。该行上调对公司今年每股盈利预测23.4%，明年至2028年盈测上调0.3%至0.9%；目标价由 136.1港元上调至138.4港元，评级"买入"。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue growth of 18.61% year-on-year for the first three quarters of 2025, with a non-GAAP net profit growth of 42.51% [3][6] - The TIDES business segment showed exceptional performance, with a revenue increase of 121.1% [8][12] - The company expects its continuous operating business revenue growth to return to double digits, with an adjusted growth forecast of 17-18% for 2025 [11][12] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 328.57 billion yuan, a year-on-year increase of 18.61%, and a net profit attributable to shareholders of 120.76 billion yuan, up 84.84% [6][7] - The gross margin improved to 46.62%, an increase of 5.97 percentage points year-on-year, while the net margin rose to 37.15%, up 13.32 percentage points [7] Business Segments - The company's revenue from its three main business segments for the first three quarters of 2025 was as follows: - Chemical business: 259.8 billion yuan (+29.28%) - Testing business: 41.69 billion yuan (-0.04%) - Biological business: 19.5 billion yuan (+6.64%) [8] - The chemical business's small molecule D&M revenue was 142.4 billion yuan, a growth of 14.1% [8] Future Outlook - The company has raised its revenue forecast for 2025-2027 to 444.93 billion yuan, 512.59 billion yuan, and 584.79 billion yuan respectively [12] - The adjusted net profit forecasts for the same period are 151.44 billion yuan, 143.44 billion yuan, and 164.82 billion yuan respectively [12]

Core Viewpoint - WuXi AppTec plans to sell assets worth 2.8 billion yuan to Hillhouse Capital, which is expected to significantly boost the company's net profit for the year 2025 [2][12]. Group 1: Transaction Details - WuXi AppTec's wholly-owned subsidiary, Shanghai WuXi AppTec New Drug Development Co., Ltd., will transfer 100% equity of Shanghai Kande Hongyi Medical Clinical Research Co., Ltd. and Shanghai WuXi Jinshi Pharmaceutical Technology Co., Ltd. to companies established by Hillhouse Capital [6][9]. - The transaction is structured as a complete deal, with both receiving parties being newly established companies under Hillhouse Capital's private equity fund [9]. - The base transfer price for the equity is set at 2.8 billion yuan, with adjustments based on the financial conditions of the companies involved and their performance from 2026 to 2028 [9][10]. Group 2: Financial Performance - For the first three quarters of 2025, WuXi AppTec reported a net profit attributable to shareholders of 12.076 billion yuan, representing an 84.84% year-on-year increase [16][19]. - The company’s revenue growth is attributed to a focus on the CRDMO (Contract Research, Development, and Manufacturing Organization) business model and the sale of part of its stake in WuXi XDC Cayman Inc. [19]. - The total assets of Kande Hongyi and Jinshi Pharmaceutical as of September 2025 were 257 million yuan and 1.456 billion yuan, respectively, with net profits of -42.47 million yuan and 316.27 million yuan for the same period [10][11]. Group 3: Strategic Focus - The company aims to enhance its global capabilities and capacity deployment through this transaction, focusing on drug discovery, laboratory testing, and process development and manufacturing services [12][15].

Core Viewpoint - WuXi AppTec plans to sell assets to Hillhouse Capital for 2.8 billion yuan, which is expected to significantly boost the company's net profit in 2025 [2][20]. Group 1: Transaction Details - WuXi AppTec's wholly-owned subsidiary, Shanghai WuXi AppTec New Drug Development Co., Ltd., intends to transfer 100% equity of Shanghai Kande Hongyi Medical Clinical Research Co., Ltd. and Shanghai WuXi Jishi Pharmaceutical Technology Co., Ltd. to companies established by Hillhouse Capital [9][12]. - The transaction is based on a benchmark equity transfer price of 2.8 billion yuan, with the final price to be determined by the financial conditions of the transferred companies and their performance from 2026 to 2028 [13][21]. Group 2: Financial Performance - For the first three quarters of 2025, WuXi AppTec reported a year-on-year increase in net profit attributable to shareholders of 84.84%, reaching 12.076 billion yuan, driven by a focus on the CRDMO business model and gains from the sale of shares in WuXi XDC Cayman Inc. [5][24]. - The net profit of Kande Hongyi for 2024 and the first three quarters of 2025 was -42.47 million yuan and -75.45 million yuan, respectively, while Jishi Pharmaceutical reported net profits of 313.13 million yuan and 162.79 million yuan for the same periods [15][19]. Group 3: Strategic Focus - The company aims to enhance its focus on the CRDMO business model, which includes drug discovery, laboratory testing, and process development and production services, to accelerate global capabilities and capacity deployment [24].

Core Insights - WuXi AppTec (02359) reported a revenue of RMB 32.86 billion for the first three quarters of 2025, representing a year-on-year growth of 18.6% [1] - The revenue from continuing operations increased by 22.5% year-on-year [1] - The net profit attributable to shareholders reached RMB 12.076 billion, showing a significant year-on-year increase of 84.84% [1] - Basic earnings per share stood at RMB 4.25 [1] Revenue Projections - The company expects revenue from continuing operations to return to double-digit growth, with the growth rate revised from 13-17% to 17-18% [1] - The overall revenue forecast for the year has been adjusted from RMB 42.5-43.5 billion to RMB 43.5-44 billion [1] Business Focus - The company will concentrate on its CRDMO core business and aims to continuously improve operational efficiency [1]

格隆汇10月26日丨药明康德(02359.HK)公告，公司2025年前三季度实现营业收入328.57亿元，同比增长 18.61%；归属于上市公司股东的净利润120.76亿元，同比增幅84.84%。基本每股收益4.25元。 公司持续聚焦及加强CRDMO业务模式，营业收入持续增长，同时持续优化生产工艺和经营效率，以及 临床后期和商业化大项目增长带来的产能效率不断提升，提高了整体的盈利能力；同时，公司出售持有 的联营企业WuXi XDC CaymanInc.部分股票的收益，进一步提升了公司的利润。 ...

Core Viewpoint - WuXi AppTec reported significant growth in revenue and net profit for the first three quarters of 2025, driven by its focus on the CRDMO business model and operational efficiency improvements [1][3]. Financial Performance - For the first three quarters of 2025, WuXi AppTec achieved operating revenue of RMB 32.857 billion, a year-on-year increase of 18.61% [1]. - The net profit attributable to shareholders reached RMB 12.076 billion, reflecting a substantial year-on-year growth of 84.84% [1][2]. - As of September 30, 2025, the company had a backlog of orders amounting to RMB 59.88 billion, up 41.2% year-on-year [2]. Revenue Breakdown - Revenue from continuous operations for the first three quarters was RMB 32.45 billion, with contributions from various regions: - Revenue from U.S. clients: RMB 22.15 billion, up 31.9% - Revenue from European clients: RMB 3.84 billion, up 13.5% - Revenue from Chinese clients: RMB 5.04 billion, up 0.5% - Revenue from other regions: RMB 1.42 billion, up 9.2% [2]. - The chemical business generated RMB 25.98 billion, a growth of 29.3% [2]. Strategic Moves - WuXi AppTec announced the sale of 100% equity in two subsidiaries for a base price of RMB 2.8 billion to a company under Hillhouse Capital [4]. - The divestiture aligns with the company's strategy to focus on its core CRDMO business, enhancing its global capabilities and operational capacity [4][5]. Future Outlook - The company expects continuous operations revenue growth to return to double digits, with an adjusted growth rate forecast of 17-18% [3]. - Overall revenue guidance for the year has been raised to between RMB 43.5 billion and RMB 44 billion [3].