Core Viewpoint - WuXi AppTec (02268) is positioned as a leading player in the ADC CXO industry, expected to solidify its market leadership through advanced technology and product delivery quality amid rapid industry expansion [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 2.7 billion yuan, a year-on-year increase of 62.2%, with a gross profit of 980 million yuan, up 82.2% [2]. - Adjusted net profit (excluding interest and expenses) reached 730 million yuan, reflecting a 69.6% increase year-on-year, while net profit stood at 750 million yuan, up 52.7% [2]. - The company’s revenue forecasts for 2025-2027 are 5.99 billion, 8.24 billion, and 10.51 billion yuan, with year-on-year growth rates of 47.7%, 37.7%, and 27.5% respectively [1]. Order Backlog and Market Position - As of H1 2025, the company’s unfulfilled order total reached 1.33 billion USD, a 57.9% increase year-on-year, with new contract amounts growing by 48.4% [2]. - The global ADC market is projected to reach 13.2 billion USD in 2024, with a compound annual growth rate (CAGR) of 34.0% from 2020 to 2024, and expected to grow to 66.2 billion USD by 2030 [2]. Strategic Expansion and Capital Expenditure - The company signed 37 new iCMC projects in H1 2025, maintaining a robust expansion trend in its project funnel model [3]. - Capital expenditures are projected at 1.56 billion yuan for 2025, with significant investments in Singapore and Wuxi bases, and total capital expenditures expected to exceed 7 billion yuan by 2029 [3].