Core Viewpoint - 凯莱英 (002821) reported a robust growth in revenue and profit margin for Q1 2025, with a year-on-year revenue increase of 10.1% and a net profit increase of 15.8%, leading to an "overweight" rating from Tianfeng Securities [1][2]. Financial Performance - In Q1 2025, the company achieved a revenue of 1.541 billion yuan and a net profit of 327 million yuan, with gross profit margin and net profit margin at 42.5% and 21.2% respectively [2]. - The net profit growth rate outpaced revenue growth by 5.7 percentage points, indicating effective cost control measures [3]. Cost Control and Efficiency - The company implemented cost reduction and efficiency improvement measures, resulting in a decrease in all expense ratios year-on-year and quarter-on-quarter [3]. - Sales expenses were 44.15 million yuan with a sales expense ratio of 2.9%, down 0.3 percentage points year-on-year and 1.7 percentage points quarter-on-quarter [3]. - Management expenses totaled 184 million yuan with a management expense ratio of 11.9%, down 0.4 percentage points year-on-year and 5.5 percentage points quarter-on-quarter [3]. - R&D expenses were 138 million yuan with a ratio of 8.9%, down 3.2 percentage points year-on-year and 1.1 percentage points quarter-on-quarter [3]. Business Segments - The small molecule CDMO business remained stable with a gross profit margin of 45.17%, and 12 projects expected to reach the PPQ stage in 2025 [3]. - Emerging business revenue grew over 80% year-on-year, with a gross profit margin of 33.05%, indicating a recovery compared to the previous year [3]. - The company plans to add a new OEB5 facility and R&D building to support the growing demand for toxin-linker projects [3]. Employee Incentives - The company launched a restricted stock incentive plan, granting 4.896 million shares at a price of 37.52 yuan per share to 648 individuals, including directors and key personnel [4]. - The plan includes performance-based vesting conditions tied to revenue and profit growth targets from 2025 to 2028 [4]. Profit Forecast and Investment Rating - The company forecasts revenues of 6.617 billion yuan, 7.617 billion yuan, and 8.782 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 1.114 billion yuan, 1.310 billion yuan, and 1.532 billion yuan [5]. - The investment rating remains "overweight" based on the positive financial outlook and growth potential [5].

Group 1: Financial Performance - In Q1 2025, the company reported a revenue of 1.541 billion, representing a year-on-year growth of 10.1% [3] - The net profit attributable to shareholders was 327 million, with a year-on-year increase of 15.8% [3] - The net profit excluding non-recurring gains and losses grew by 20% year-on-year [3] Group 2: Business Segments - The small molecule CDMO business revenue remained flat, with a gross margin of 45.2% [3] - Emerging business revenue grew over 80% year-on-year, with a gross margin of 33.1% [3] - The company is focusing on expanding its capabilities in peptide, oligonucleotide, and ADC businesses [3] Group 3: Cost Management and Efficiency - The net profit growth outpaced revenue growth by 5.73 percentage points, indicating effective cost management [3] - The company is implementing cost reduction measures, resulting in a decrease in period expenses [3] - Capital expenditures will focus on emerging business areas, with limited new capital for small molecule capacity [3] Group 4: Market Outlook and Strategy - The company maintains a positive outlook for 2025, expecting double-digit revenue growth and net profit growth to exceed revenue growth [3] - There is confidence in achieving the revenue growth target based on current order coverage [4] - The company plans to enhance overseas capacity, particularly in Europe, to adapt to changing international circumstances [6] Group 5: Investor Engagement and Concerns - The company has engaged with over 240 participants from more than 100 institutions during the investor relations activity [2] - Concerns regarding the impact of the U.S. Biosecurity Act and tariff policies on business operations were addressed, indicating limited effects on competitiveness [4] - The company is actively managing supply chain challenges and maintaining communication with clients to ensure product delivery [4]

Group 1 - The core point of the news is that WuXi AppTec announced a second share repurchase plan for 2025, intending to buy back 1 billion CNY worth of A-shares through centralized bidding, with all repurchased shares to be canceled [1] - This repurchase action is seen as a commitment to protect investor interests amid stock price fluctuations, reflecting the company's proactive approach to maintaining shareholder value [1][2] - WuXi AppTec has already executed three share repurchase plans totaling 3 billion CNY since last year, with all repurchased shares being canceled, effectively reducing market circulation and increasing earnings per share [1] Group 2 - According to the annual report presentation materials, WuXi AppTec expects revenue growth to return to a double-digit increase of 10%-15% in 2025, with total revenue projected to reach 41.5 to 43 billion CNY [2] - The adjusted non-IFRS net profit margin is anticipated to improve further, with free cash flow expected to reach 4 to 5 billion CNY for the year [2]

Investment Rating - The report assigns a "Buy" rating for WuXi Biologics (2269.HK) based on its strong performance and growth potential in the biopharmaceutical sector [13]. Core Insights - The overall performance of the company meets expectations, with significant acceleration in the second half of the year driven by a recovery in the North American market, high growth in preclinical services (R&D), and strong demand for ADC projects [2][5]. - The company has a robust project and order reserve, indicating a solid foundation for sustained growth, with 151 new projects signed in 2024, a 14.4% increase from 2023 [4][5]. - The company operates a leading CRDMO platform with three long-term growth curves: Research (R), Development (D), and Manufacturing (M), which are expected to enhance its competitive edge [6]. Financial Performance Summary - In 2024, the company achieved total revenue of 18.675 billion yuan, a year-on-year increase of 9.6%, with non-COVID revenue growing by 13.1% [1][2]. - The gross profit for 2024 was 7.651 billion yuan, reflecting a gross margin of 41.0%, while net profit reached 3.945 billion yuan, a 10.5% increase [1][7]. - The adjusted net profit attributable to the parent company was 4.784 billion yuan, showing a 1.8% increase, with an adjusted net margin of 25.6% [1][7]. Revenue Breakdown - Revenue from North American clients was 10.696 billion yuan, a 32.5% increase, while revenue from Chinese clients decreased by 9.7% to 2.820 billion yuan [2][3]. - Preclinical service revenue grew by 30.7% to 7.062 billion yuan, while late-stage clinical development revenue declined by 3.2% to 7.485 billion yuan [3][4]. - Revenue from biopharmaceutical projects decreased by 2.6% to 14.731 billion yuan, while XDC project revenue surged by 106.9% to 3.944 billion yuan [3][4]. Future Projections - The company anticipates a revenue growth of 12-15% in 2025, with core business revenue expected to grow by 17-20% [5]. - Projected revenues for 2025-2027 are 21.361 billion yuan, 24.391 billion yuan, and 27.421 billion yuan, respectively, with net profits expected to reach 4.028 billion yuan, 4.639 billion yuan, and 5.280 billion yuan [7][8].

Investment Rating - The report assigns a "Buy" rating for WuXi Biologics (2269.HK) based on its strong performance and growth potential [1]. Core Views - The overall performance of the company meets expectations, with significant acceleration in the second half of the year. The company achieved a total revenue of 18.675 billion yuan in 2024, a year-on-year increase of 9.6%, and a non-COVID revenue growth of 13.1% [2][3]. - The company has a robust project and order reserve, indicating a solid foundation for sustained growth. In 2024, the company signed 151 new projects, an increase from 132 in 2023, with over half coming from the U.S. [4][5]. - WuXi Biologics operates a globally leading CRDMO platform with three long-term growth curves: Research (R), Development (D), and Manufacturing (M) [6]. Summary by Sections Financial Performance - In 2024, the company reported a gross profit of 7.651 billion yuan, a 12.1% increase, with a gross margin of 41.0%. The net profit reached 3.945 billion yuan, up 10.5%, with a net margin of 21.1% [1][2]. - The adjusted net profit attributable to the parent company was 4.784 billion yuan, reflecting a 1.8% year-on-year growth, with an adjusted net margin of 25.6% [1]. Revenue Breakdown - Revenue from North American clients was 10.696 billion yuan, a 32.5% increase, accounting for approximately 52.3% of total revenue. In contrast, revenue from Chinese clients decreased by 9.7% to 2.820 billion yuan [2][3]. - The revenue from preclinical services grew by 30.7% to 7.062 billion yuan, while late-stage clinical services saw a decline of 3.2% to 7.485 billion yuan [3]. Project and Order Reserves - The company has a total of 402 preclinical projects and 243 phase I projects, with a total unfulfilled order amount of approximately 18.5 billion USD, indicating a strong pipeline for future growth [4][5]. - The company expects a revenue growth of 12-15% in 2025, with a continued increase in profitability [5]. Earnings Forecast - Projected revenues for 2025-2027 are 21.361 billion yuan, 24.391 billion yuan, and 27.421 billion yuan, respectively, with net profits of 4.028 billion yuan, 4.639 billion yuan, and 5.280 billion yuan [7].

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。 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。 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。 财务报表及审计报告 2024 年 12 月 31 日止年度 | 内容 | | 页码 | | --- | --- | --- | | 审计报告 | 1 | - 5 | | 合并及母公司资产负债表 ...