图片来 源：视觉中国 智通财经记者 | 黄华 智通财经编辑 | 谢欣 创新药风向标之一的医药研发服务外包企业（CXO）板块正在密集地产出中报。 8月27日，昭衍新药公告称，2025年上半年，公司实现营业收入约6.69亿元，同比减少21.28%，但归母 净利润、扣非净利润分别达到6093万元、2305万元，均实现扭亏。 对于昭衍新药上半年的业绩情况，智通财经记者于8月27日上午向企业的信披邮箱发送了采访提纲，截 至发稿时，没有收获回复。同日上午，智通财经记者也致电该公司信披电话，接线人员表示，会查看相 关邮件。 8月28日，昭衍新药A股、H股开盘后均一度跌超9%。截至A股收盘，昭衍新药报30.81元/股，跌 3.66%，最新市值230.91亿元。 昭衍新药今年中报能扭亏并不意外。在2024年一季度，该公司出现了超2亿元的亏损，随后带崩中报。 但若是从营利状况看，在2024年上半年陷入低谷后，昭衍新药在当年第三、第四季度经营状况有所改 善。 不过，即使扭亏，昭衍新药今年上半年的成绩也难言乐观。 对于今年上半年的经营成绩，昭衍新药在财报中表示，期内公司实验室服务业务贡献净利润为-9718.48 万元，同比下降537 ...

智通财经记者 | 黄华 智通财经编辑 | 谢欣 创新药风向标之一的医药研发服务外包企业（CXO）板块正在密集地产出中报。 8月27日，昭衍新药公告称，2025年上半年，公司实现营业收入约6.69亿元，同比减少21.28%，但归母净利润、扣非净 利润分别达到6093万元、2305万元，均实现扭亏。 对于昭衍新药上半年的业绩情况，智通财经记者于8月27日上午向企业的信披邮箱发送了采访提纲，截至发稿时，没有 收获回复。同日上午，智通财经记者也致电该公司信披电话，接线人员表示，会查看相关邮件。 8月28日，昭衍新药A股、H股开盘后均一度跌超9%。截至A股收盘，昭衍新药报30.81元/股，跌3.66%，最新市值230.91 亿元。 昭衍新药今年中报能扭亏并不意外。在2024年一季度，该公司出现了超2亿元的亏损，随后带崩中报。但若是从营利状 况看，在2024年上半年陷入低谷后，昭衍新药在当年第三、第四季度经营状况有所改善。 从昭衍新药的主营业务可看出，企业对于实验动物的需求不小。而在近些年，囤猴也是昭衍新药的一个话题。 不过，即使扭亏，昭衍新药今年上半年的成绩也难言乐观。 对于今年上半年的经营成绩，昭衍新药在财报中表示， ...

Investment Rating - The report maintains a Neutral rating for WuXi Biologics (2269 HK) with a target price of HKD 34.00, indicating a potential upside of 11.0% from the current closing price of HKD 30.62 [1][12]. Core Insights - The company's performance in the first half of 2025 (1H25) shows a continued recovery trend, with a strong order intake of 86 new contracts, marking a historical high for the first half of the year. However, there are concerns regarding the impact of changes in overseas financing and market dynamics on early-stage clinical projects, leading to a decrease in revenue from this segment [2][6]. - The management has raised the full-year revenue growth guidance to a range of 14-16%, up from the previous 12-15%, while maintaining a positive free cash flow outlook [6][7]. - The report highlights that the long-term growth drivers for the company remain strong, particularly through its proprietary technologies and the increasing number of projects in hand, which have grown by 10% compared to the end of 2024 [6][7]. Financial Summary - Revenue for 2025 is projected at RMB 21,312 million, with a growth forecast of 16% for 1H25 compared to the previous period. The gross profit is expected to reach RMB 9,157 million, reflecting a gross margin of 43.0% [5][13]. - The adjusted net profit for 2025 is estimated at RMB 5,005 million, with a net profit margin of 23.5% [5][13]. - The company’s market capitalization is approximately HKD 124.64 billion, with a year-to-date stock price increase of 74.37% [4][12]. Order and Project Insights - In 1H25, the company secured 86 new comprehensive projects, with over 70% being dual/multi-antibody and ADC projects. The report notes that the number of M-end projects has increased to 24, with expectations to complete 25 PPQ projects in 2025 [6][7]. - The report emphasizes the importance of proprietary technology in generating future revenue streams, including collaboration income and sales commissions [6][7]. Market and Regional Performance - Revenue growth in North America was 20%, while the Chinese mainland saw an 8.5% decline due to financing environment impacts. Japan and South Korea showed strong performance, indicating potential for further growth in these regions [6][7].

Investment Rating - The report assigns a "Buy" rating to WuXi AppTec (2268 HK) with a target price of HKD 51.00, indicating a potential upside of 3.2% from the current price of HKD 49.40 [6]. Core Insights - WuXi AppTec's 1H25 performance exceeded expectations, with revenue projected to grow over 60% year-on-year and adjusted net profit (excluding interest income and expenses) expected to increase by over 67%, while net profit is anticipated to rise by over 50% [1]. - The strong growth is driven by robust supply and demand dynamics, including high downstream demand in the ADC/XDC industry, an increase in market share in the XDC CRDMO market, and efficient capacity release from new production facilities in Wuxi and Singapore [1]. - The company is expected to maintain strong growth visibility for 2H25 to 2026, supported by ongoing demand for ADC exports and the ramp-up of new production lines [1]. Summary by Sections Financial Performance - WuXi AppTec's 1H25 revenue is expected to exceed a 60% year-on-year increase, with adjusted net profit projected to grow over 67% and net profit over 50%, surpassing both market and company guidance [1]. Market Dynamics - The report highlights strong industry demand, particularly in the ADC/XDC sector, and the company's ability to capture market share in the XDC CRDMO market [1]. - The efficient release of production capacity, particularly from new facilities in Wuxi, is contributing to high utilization rates and operational efficiency [1]. Future Outlook - The company is set to announce detailed 1H25 results on August 18, and the report indicates that future earnings forecasts and target prices will be adjusted based on these results [1].