Stock code: 300759.SZ Stock code: 3759.HK Interim Results 2 0 2 5 August 2025 Disclaimer The documents, opinions and materials presented in this presentation (the "Document") have been prepared by Pharmaron Beijing Co., Ltd. (康龍化成(北京)新藥技術股份有限公司) (the "Company") for use in presentations by the Company and does not constitute a recommendation regarding the securities of the Company. You fully understand that the Document is being made available on a confidential basis and subject to the following provisions. ...

股票代码：300759.SZ 股票代码：3759.HK 中期业绩说明会 2 0 2 5 本文件和包含在此的信息，以及口头或其他方式提供的信息都是严格保密的，必须按保密对待。除符合适用的证券法外，本文件或本文件的任何副本所包含的信息均不得直接或间接地在美国、加拿 大、澳大利亚、日本、中华人民共和国、香港或任何其他禁止此类信息的司法管辖区获取、传播或分发。任何未能遵守此限制的行为都可能构成违反美国或其他司法管辖区的证券法。应要求，接收 方应立即归还本文件和演示文稿中提供的任何其他书面信息，而不保留任何副本。 本文件并不声称是全面的，也不包含接收方为评估集团可能需要所有信息。未作出任何明示或暗示的陈述、保证或承诺,且在法律允许的范围内,就文件及其内容的准确性、可靠性、正确性、公平或文 件其内容的完整性，任何人均不接受任何责任或义务(为免生疑问,包括但不限于公司及其子公司,控制人,董事、高管,合伙人,员工,代理人,上述任何一方的代表或顾问)。本演示文稿所传达的信息包含了 某些具有或可能具有前瞻性的陈述。这些语句通常包含诸如"will（意愿）"、"expected（期望）"、"intended（意图）"、"plans ...

| 速人工智能技术在生命科学领域的创新应用与突破，促进科研成果转 | | --- | | 化，并联合培养跨学科复合型人才，共同推动生命科学产业高质量发 | | 展。 | | 上半年各业务板块经营情况： 2025 | | 实验室服务：实现营业收入 38.9 亿元，同比增长 15.5%。毛利率 | | 45.2%，同比提升 个百分点。公司实验室服务维持了较好的盈利能 0.7 | | 力。 | | CMC（小分子 CDMO）服务：实现营业收入 13.9 亿元，同比增长 | | 个百分点。 18.2%。毛利率为 30.5%，同比提升 2.2 | | 临床研究服务：实现营业收入 9.4 亿元，同比增长 11.4%。 | | 大分子和细胞与基因治疗服务：实现营业收入 亿元，同比增长 2.1 | | 0.1%。 | | 第二部分：问答环节 | | 问：关于 MNC top20 药企增速 48%，增速驱动的原因？ | | 答：TOP20 药企占比提升，一方面是由于 项目管线愈发成熟， CMC | | 带动 MNC 客户收入增加；另一方面，实验室服务也进一步深化了和 | | 的合作。 MNC | | 问：关于生物科学业务持续能 ...

Group 1 - The stock price of Puris closed at 41.06 yuan on August 5, down 1.08% from the previous trading day [1] - The trading volume on that day was 20,774 hands, with a transaction amount of 0.85 billion yuan [1] - The company's total market capitalization is 3.244 billion yuan, and the circulating market capitalization is 3.093 billion yuan [1] Group 2 - Puris specializes in pharmaceutical research and development outsourcing services, focusing on providing clinical trial technical services for pharmaceutical companies [1] - The company is registered in Shanghai and is involved in various fields, including innovative drug development [1] Group 3 - On August 5, the net outflow of main funds was 8.5093 million yuan, with a cumulative net outflow of 70.8291 million yuan over the past five trading days [1] - The current stock price is at a critical position in technical indicators, and market trading shows a shrinking trend [1]

Core Viewpoint - WuXi AppTec reported strong financial performance for the first half of 2025, with significant revenue and profit growth, leading to an optimistic outlook for the full year [1][3]. Financial Performance - The company achieved a revenue of 20.8 billion yuan, a year-on-year increase of 20.64% [1][2]. - Net profit attributable to shareholders reached 8.56 billion yuan, a substantial increase of 101.92% year-on-year [1][2]. - The net profit excluding non-recurring items was 5.58 billion yuan, up 26.47% year-on-year [1][2]. - The net cash flow from operating activities was 7.43 billion yuan [2]. Market Response - Following the earnings report, the stock price of WuXi AppTec rose over 7% in A-shares and over 11% in H-shares [2]. Business Segments - The chemical business was the primary revenue driver, generating 16.3 billion yuan, a 33.51% increase year-on-year, accounting for nearly 80% of total revenue [4][5]. - The small molecule development and manufacturing (D&M) segment within the chemical business saw a revenue of 8.68 billion yuan, growing 17.5% year-on-year [5][6]. - The TIDES business experienced explosive growth, with revenue reaching 5.03 billion yuan, a 141.6% increase year-on-year [6][7]. - The biological business generated 1.25 billion yuan, a 7.1% increase year-on-year, contributing to customer diversification [7][8]. - The testing business reported a slight decline in revenue to 2.69 billion yuan, down 1.2% year-on-year [8]. Global Market Presence - Revenue from U.S. clients was 14.03 billion yuan, a 38.4% increase, representing nearly 70% of total revenue, indicating strong competitiveness in the U.S. market [9][11]. - Revenue from European clients was 2.33 billion yuan, up 9.2% year-on-year, reflecting successful market strategies [11]. - Revenue from Chinese clients decreased by 5.2% to 3.15 billion yuan, attributed to the ongoing challenges in the domestic innovation drug market [11]. Order Backlog - The company reported a backlog of 56.69 billion yuan in orders, a 37.2% increase year-on-year, providing a solid foundation for future growth [12][13]. - The growth in backlog is driven by the small molecule CDMO and TIDES businesses, with an increasing proportion of high-value clinical and commercial projects [12][13]. Strategic Outlook - The global expansion and robust order backlog are crucial for the company's future growth, allowing it to leverage global resources and mitigate market risks [13].

Core Viewpoint - WuXi AppTec has returned to sustained high growth after a challenging year impacted by the "Biological Safety Act," with impressive financial results in the first half of 2025, indicating a recovery trajectory for the company and the industry [2][8]. Financial Performance - In the first half of 2025, WuXi AppTec reported revenue of 20.8 billion yuan, a year-on-year increase of 20%, and a net profit of 8.6 billion yuan, which doubled compared to the previous year, both reaching historical highs [2][4]. - The company has raised its full-year revenue guidance, expecting a growth rate of 13%-17% for its ongoing business, up from the previous 10%-15% [4]. Regional Performance - The high growth of WuXi AppTec is primarily supported by U.S. clients, with revenue from this segment increasing by 38.4% year-on-year in the first half of 2025 [3][9]. - Revenue from Chinese clients, however, has declined by 5.2%, contributing only 3.2 billion yuan, which is 15% of total revenue [11]. Market Dynamics - WuXi AppTec's international revenue reached 17.3 billion yuan in the first half of 2025, accounting for over 80% of total revenue, with U.S. clients contributing 14 billion yuan [9]. - The company has successfully navigated the challenges posed by the "Biological Safety Act," with no new legislative proposals emerging in the current U.S. Congress [10]. Business Segments - The second quarter of 2025 was particularly strong, with revenue exceeding 11.1 billion yuan, marking the first time quarterly revenue surpassed 10 billion yuan [14]. - The growth in revenue is attributed to the increasing demand for small molecule CDMO services and TIDES (oligonucleotide and peptide) business, with TIDES revenue reaching 5 billion yuan, a 142% increase year-on-year [14][15]. Industry Outlook - The recovery of WuXi AppTec is expected to positively influence the broader CXO (Contract Research Organization) industry, with other companies like Kelun and Kanglongda also reporting improved performance [17].

Core Viewpoint - WuXi AppTec's performance growth is driven by late-stage clinical and commercialization projects, while early-stage clinical business recovery remains to be observed [1] Financial Performance - In the first half of 2025, WuXi AppTec achieved total revenue of 20.799 billion yuan, a year-on-year increase of 20.64% [1] - The net profit attributable to shareholders reached 8.561 billion yuan, a year-on-year increase of 101.92% [1] - The company raised its full-year revenue forecast from 41.5 billion-43 billion yuan to 42.5 billion-43.5 billion yuan [1] Business Segments - The chemical business segment generated revenue of 16.3 billion yuan in the first half of the year, a year-on-year increase of 33.5% [3] - The small molecule D&M segment achieved revenue of 8.68 billion yuan, a year-on-year increase of 17.5% [3] - The TIDES business segment saw revenue reach 5.03 billion yuan, a year-on-year increase of 141.6% [3] Market Outlook - The overall order backlog for WuXi AppTec reached 56.69 billion yuan, a year-on-year increase of 37.2% [4] - The stock prices of biotech companies in A-shares and Hong Kong have rebounded, with WuXi AppTec's stock price increasing over 70% this year [4] - The demand for research outsourcing remains strong, particularly in new molecular types and popular disease areas [4] Pricing Strategy - The pricing in the domestic research outsourcing market has stabilized this year after experiencing fluctuations last year [5] - The company focuses on high-quality clients and maintains a differentiated competitive advantage with its own testing facilities [5]

Financial Data and Key Metrics Changes - The company's total revenue for the first half of 2025 reached RMB 20.8 billion, with revenue from continuing operations growing 24.2% year over year to RMB 20.4 billion [7] - Adjusted non-IFRS net profit increased 44.4% year over year to RMB 6.31 billion, with a non-IFRS net profit margin of 30.4% [7][26] - The adjusted IFRS gross profit margin improved from 41.6% in 2024 to 44.5% in the first half of 2025 [26] Business Line Data and Key Metrics Changes - WuXi Chemistry's CRDMO revenue grew 33.5% year over year to RMB 16.3 billion, with an adjusted non-IFRS gross profit margin of 49% [12] - The small molecule DNM business revenue grew 17.5% year over year to RMB 8.68 billion [13] - WuXi Testing revenue slightly declined to RMB 2.69 billion in the first half, while lab testing revenue reached RMB 1.89 billion, almost flat year over year [19][20] - WuXi Biology revenue increased 7.1% year over year to RMB 1.25 billion, with a gross profit margin of 36.4% [23] Market Data and Key Metrics Changes - Revenue from US companies grew 38.4% year over year, while European companies grew 9.2% and Japan, Korea, and other regions grew 7.6% [9][10] - China experienced a decline in revenue, indicating a diversified revenue stream that supports financial stability [10] Company Strategy and Development Direction - The company focuses on enhancing core capabilities and expanding capacity to meet customer needs, with a record backlog for continuing operations growing 37.2% year over year [8][30] - The company is committed to sustainability, achieving a triple A rating from MSCI and validating emissions reduction targets [11] - The full-year guidance for continuing operations revenue has been raised to a growth rate of 13% to 17% for 2025, up from the previous 10% to 15% [31] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a dynamic global macro environment with uncertainties but remains confident in the demand for enabling services [30] - The company expects to further improve the adjusted non-IFRS net profit margin in 2025 and anticipates free cash flow to increase from RMB 5 billion to RMB 6 billion [32] - Management emphasizes the importance of retaining top talent and enhancing business resilience [34] Other Important Information - The company distributed a total of RMB 3.84 billion in cash dividends in 2025, including a special cash dividend [33] - The company completed share repurchases worth RMB 1.1 billion in the first half and plans additional repurchases [33][34] Q&A Session Summary Question: What are the key drivers for the second quarter revenue and earnings exceeding expectations? - Management attributes the strong performance to high execution efficiency rather than customer front-loading orders due to tariffs [39] Question: What considerations led to the raised full-year guidance? - The guidance was raised due to operational momentum and expectations of near double-digit growth in the second half despite external uncertainties [40] Question: How should new order growth be interpreted? - New orders signed in Q2 increased by approximately 12% year over year, indicating strong growth momentum [44] Question: What is the impact of tariffs on customer behavior? - There have not been significant changes in customer behavior due to tariffs, as the global pharmaceutical supply chain remains complex [57] Question: What is the outlook for early-stage project demand? - Early-stage lab services remain stable, with robust demand for new orders despite overall challenges in the biotech funding environment [54] Question: How does the company view the growth potential of its pipeline? - The company has several promising projects in its pipeline, including those in the GLP-1 category, which are expected to drive future growth [49][51]

Financial Performance - H1 2025 revenue from continuing operations increased by 24.2% year-over-year[13] - Adjusted non-IFRS net profit for H1 2025 increased by 44.4% year-over-year[13] - Backlog for continuing operations as of June 30, 2025, increased by 37.2% year-over-year[15, 16] - H1 2025 adjusted non-IFRS net profit margin reached 30.4%[14] - H1 2025 operating cash flow increased by 49.1% year-over-year to RMB 7.07 billion[48] Segment Performance - WuXi Chemistry H1 2025 revenue increased by 33.5% year-over-year to RMB 16.30 billion[24, 27] - WuXi Chemistry H1 adjusted non-IFRS gross profit margin improved by 5.2 percentage points year-over-year to 49.0%[25, 27] - WuXi Chemistry TIDES revenue grew 141.6% year-over-year to RMB 5.03 billion[24, 27] - WuXi Testing H1 2025 revenue decreased by 1.2% year-over-year to RMB 2.69 billion[30, 31] - WuXi Biology H1 2025 revenue increased by 7.1% year-over-year to RMB 1.25 billion[35, 37] Company Outlook - The company raised its full-year 2025 revenue growth guidance for continuing operations to 13-17%, targeting total revenue of RMB 42.5-43.5 billion[54]

Core Insights - The global CRO industry is experiencing a temporary downturn due to various factors, including the introduction of the U.S. Biodefense Act and a cooling investment climate in the biopharmaceutical market, while the Asia-Pacific market, particularly China, shows promising growth [1][5][10] - The demand for CRO services is expected to rise significantly due to the increasing number of innovative drugs being developed globally, with the CRO market projected to exceed $80 billion by 2024 [2][3] - The Chinese biotech sector is becoming a major player in the global market, with a notable increase in license-out transactions and a diverse range of funding sources for R&D [8][9] Industry Trends - The CRO industry is closely linked to the innovative drug sector, with a significant increase in the number of first-in-class (FIC) drugs approved globally, which benefits CROs [3][4] - Key areas of growth for CRO services include cell and gene therapy, metabolic diseases, and rare diseases, driven by unmet clinical needs and regulatory changes [4][5] - The regulatory landscape is becoming more complex, requiring CROs to adapt their strategies to meet stricter requirements and enhance patient engagement in clinical trials [5][6] Market Dynamics - The Asia-Pacific region is emerging as a key market for clinical trials, with a significant increase in trial numbers and a favorable regulatory environment in China [9][10] - The shift towards mixed outsourcing models is gaining traction, allowing companies to tailor their outsourcing strategies based on specific project needs [12][13] - The integration of AI and data analytics in CRO operations is becoming essential for improving efficiency and meeting the evolving demands of biotech companies [11][12] Strategic Developments - Companies are investing in regulatory consulting and AI capabilities to navigate the changing landscape and enhance their service offerings [7][11] - The hiring of experienced FDA professionals by CROs indicates a strategic move to strengthen their regulatory expertise and improve clinical development processes [6][7] - The focus on end-to-end service solutions is becoming increasingly important as biotech firms seek comprehensive support throughout the drug development lifecycle [11][12]