March 31, 2026 09:58 AM GMT WuXi AppTec Co Ltd | Asia Pacific 4. Backlog for continuing operations reaching Rmb58.0bn as of end-2025: This is up 29% YoY (TIDES backlog up 20% YoY) and generally executable in the next 18 months; 5. Chemistry segment gross margin likely to be maintained within a relatively stable range of 45-50% in 2026, depending on the relative growth rates of TIDES vs. Chemistry ex-TIDES, and the mix of project stages. M Update Morgan Stanley Asia Limited+ Laurence Tam Equity Analyst Laure ...

证券代码：000739 证券简称：普洛药业 普洛药业股份有限公司 投资者关系活动记录表 编号：2026-02 | 投资者关系活动 | 业绩说明会 | | --- | --- | | 类别 | | | 参与单位名称及 | 线上参与普洛药业 2025 年年度报告网上业绩说明会的投资者 | | 人员姓名 | | | 时间 | 2026 年 3 月 31 日 15:00-16:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | 上市公司接待人 | 总经理 何春先生 | | | 独立董事 钱娟萍女士 | | 员姓名 | 副总经理兼董事会秘书 周玉旺先生 | | | 财务总监 张进辉先生 | | | 董事会办公室主任兼证券事务代表 关键先生 | | | 1.您好！想问，在原料药业务承压的背景下，后续如何展 | | | 望？能否回到以前的营收绝对值？量、价如何管理？ | | | 答:投资者您好！公司原料药业务目前处于周期底部，随 | | | 着国家反内卷政策的落地，预计将逐渐企稳回升。公司仍将重 | | | 视主要品种的市占率，并维持合理的价格区间。感谢您的关注！ | ...

证券研究报告 华泰研究 年报点评 公司 25 年毛利率为 42.0%（yoy-0.4pct），我们推测主因项目订单结构常 规变动。公司 25 年销售/管理/研发费用率分别为 3.2%/11.5%/8.9% （yoy-1.0/-2.8/-1.7pct），公司积极推进降本增效举措，叠加规模效应持续 显现，公司三项费用率同比降低。公司 25 年经营性现金流量净额 14.08 亿 元（yoy+12.2%），现金流水平持续改善。 2026 年 3 月 31 日│中国内地/中国香港 医疗服务 公司 25 年收入 66.70 亿元（yoy+14.9%，恒定汇率下 yoy+16.8%）、归母 净利 11.33 亿元（yoy+19.4%）、经调整净利润 12.53 亿元（yoy+56.1%）， 业绩符合 Wind 一致预期。其中，4Q25 收入 20.40 亿元（yoy+22.6%，恒 定汇率下 yoy+30.8%，qoq+41.5%），新兴业务增长迅猛，业绩明显提速。 截至年报披露日，公司在手订单总额 13.85 亿美元（yoy+31.7%），化学大 分子及生物大分子业务订单增长迅猛，为后续业绩进一步提速奠定坚实基 础，公司 ...

公司 25 年收入 66.70 亿元（yoy+14.9%，恒定汇率下 yoy+16.8%）、归母 净利 11.33 亿元（yoy+19.4%）、经调整净利润 12.53 亿元（yoy+56.1%）， 业绩符合 Wind 一致预期。其中，4Q25 收入 20.40 亿元（yoy+22.6%，恒 定汇率下 yoy+30.8%，qoq+41.5%），新兴业务增长迅猛，业绩明显提速。 截至年报披露日，公司在手订单总额 13.85 亿美元（yoy+31.7%），化学大 分子及生物大分子业务订单增长迅猛，为后续业绩进一步提速奠定坚实基 础，公司预计 26 年全年收入将实现 19%-22%的同比增长。考虑 CDMO 行 业已呈积极改善态势，且公司订单水平持续增长，看好公司 26 年经营表现。 公司 A、H 股均维持"买入"。 证券研究报告 凯莱英 (002821 CH/6821 HK) 港股通 新兴业务助推下 26 年业绩有望提速 华泰研究 年报点评 2026 年 3 月 31 日│中国内地/中国香港 医疗服务 期间费用率同比降低，现金流水平积极向好 公司 25 年毛利率为 42.0%（yoy-0.4pct），我们推测主因 ...

港股晨报 2026 年 3 月 27 日 国投证券（香港）有限公司 • 研究部 1. 国投证券国际视点：美伊战事冲击宏观定价，特朗普言 论引发市场巨震 昨日港股三大指数回调。其中，恒生指数跌 1.89%，国企指数跌 2.25%，恒生 科技指数跌 3.28%。南向资金北水方面，港股通交易净流入 33.4 亿港元。分 板块看，短视频概念股跌幅居前。快手-W1024.HK 绩后大跌 14.04%，哔哩哔 哩-W9626.HK 跌 2.09%。此外，云计算、云办公、OpenClaw 概念、AI 应用、 明星科网股等其它科技相关板块也均承压走弱。海致科技集团 2706.HK 跌 11.32%，智谱 2513.HK 跌 10%，MiniMax100.HK 跌 8.62%。 受国际金价近期剧烈波动影响，黄金股、铜矿股、有色金属也表现疲软。紫金 黄金国际 2259.HK 跌 7.57%，中国白银集团 815.HK 跌 7.29%，山东黄金 1787.HK跌6.55%，紫金矿业2899.HK跌4.88%，灵宝黄金3330.HK跌4.23%， 中国黄金国际 2099.HK 跌 3.81%。中东停火前景模糊不清，金价价格下跌。 截 ...

大熊市末期和基底回撤末期是甄别新的领涨行业和领先股的好时机。以前有专文总结过这方面的认知和技巧。 反而言之，新的领涨行业和领先股异动也是佐证熊市和基底末期的重要因素。 市场刚经过暴跌，趋势跟随者觉得应该等待确定的企稳信号出来之后再进场，这个策略毫无疑问是稳健的，确实，如果真有行情，不必 急于一时。实际上，本轮牛市真正10倍以上大牛股都是去年4月份以后才启动的，也就是说9.24暴动那会儿，你睡半年起来再入场也不 迟，那些花里胡哨的的概念炒作，什么化债了，互金了，统统忽略，都没有任何问题。 美诺华是CDMO行业第二梯队优质公司，有关口服减肥药项目的进度大家和AI沟通一下就知道，以及集采项目的放量，自身的经营水平 等。市场为什么会选择它作为第二波启动标的，或许还考虑了盘子大小的因素。 创新药的主要标的平时就放在一个单独目录里面跟踪，当然这次的枢轴点信号也是可以通过选股器识别到的，问题在于选股器选出来那 天你注意到没有，也或许就一翻而过了。实际上，在枢轴点出现前几天就已经发生了倍量突破次高点的行为，只不过当时RSR和RSV值 都未达标。关于次高点突破的知识，我在总结上一轮牛市猛兽股的基底行为一文中详细分析过。 跟踪创 ...

Summary of WuXi XDC Cayman Inc. Conference Call Company Overview - **Company**: WuXi XDC Cayman Inc. - **Industry**: China Healthcare - **Stock Rating**: Overweight - **Price Target**: HK$86.00 - **Current Price**: HK$50.80 - **Market Cap**: Rmb53,529.1 million Key Financial Highlights - **Year-End Backlog**: US$1.5 billion, a 50% increase YoY, with 50% from North America [2][3] - **New Contracts Value**: Increased by 41% to US$1.3 billion [2] - **Capital Expenditure (Capex)**: Projected at Rmb3.1 billion for 2026, up from Rmb1.2 billion in 2025, with over half allocated to Suzhou/BioDlink [2] - **Revenue Growth**: 2025 revenue was Rmb5,944 million, reflecting a 46.7% increase YoY [9] - **Gross Profit**: Rmb2,139 million, up 72.5% YoY [9] - **Adjusted Net Profit**: Rmb1,559 million, a 69.9% increase YoY [9] - **Year-End Cash Position**: Strong cash position of Rmb7.5 billion [4] Operational Developments - **Drug Product Capacity**: Expected to double by 2029, with Singapore as a key location [2] - **Integrated CMC Projects**: Signed 70 new projects in 2025, totaling 252 projects at year-end [3] - **Market Share in ADCs CDMO**: Increased to over 24% in 2025 from 21.7% in 2024 [3] - **Revenue from Manufacturing Projects**: Expected to contribute 20% of revenue by 2030 [3] Financial Projections - **EPS Estimates**: - 2026: Rmb1.74 - 2027: Rmb2.30 - 2028: Rmb3.03 [6] - **Revenue CAGR Guidance**: 30-35% from 2025 to 2030, compared to an industry average of 25.6% [9] Risks and Considerations - **Upside Risks**: - Increasing orders from all stages of drug development - Successful launch of blockbuster products - Accelerated gross margin improvement from new facilities [12] - **Downside Risks**: - Deceleration in biotech funding - Late-stage contracts missing sales expectations - Lower-than-expected gross margin improvement [12] Conclusion - The outlook for WuXi XDC is supported by strong leading indicators and management projections, indicating a robust growth trajectory in the coming years. The company is well-positioned in the healthcare sector with significant operational developments and a solid financial foundation.

Core Viewpoint - The strong trend in the mainland healthcare sector from last year is expected to continue into this year, with investors considering the value of more R&D pipelines when evaluating valuations [1] Group 1: CDMO Sector - The company has a constructive outlook on CDMO enterprises due to accelerated growth, strong product cycles, limited geopolitical risks, and reasonable valuations [1] - Ratings for WuXi AppTec (02359, 603259.SH) and WuXi Biologics (02268) have been upgraded to "Buy" [1] Group 2: Biotech and Pharmaceutical Companies - A selective strategy is adopted for biotech and pharmaceutical companies, favoring those with key data releases and early data showing potential, along with actual transaction expectations [1] - Companies such as Kelun-Biotech (06990), Innovent Biologics (02696), and Hansoh Pharmaceutical (03692) are viewed positively [1] Group 3: Medical Devices Sector - The company maintains a neutral view on the medical devices sector, noting that while the industry has bottomed out, recovery will take time [1] - Recommendations include buying Angelalign Technology (06699) and Weigao Group (01066) [1] Group 4: Medical Services Sector - A relatively cautious stance is held regarding the medical services sector due to ongoing cost control measures and a weak consumer cycle [1] - The rating for Haijia Medical (06078) has been downgraded to "Neutral" [1]

Core Viewpoint - The strong trend in the mainland healthcare sector from last year is expected to continue into this year, with investors needing to consider the value of more R&D pipelines when evaluating valuations [1] Group 1: Investment Strategy - Companies are now trading based on actual execution capabilities rather than solely on licensing deal expectations [1] - Achieving returns that exceed the industry will rely more on key data releases, actual transactions, and visibility on earnings realization or turning points [1] Group 2: Sector Insights - The outlook for CDMO companies is becoming more constructive due to accelerated growth, strong product cycles, limited geopolitical risks, and reasonable valuations [1] - The ratings for WuXi AppTec and WuXi AppTec Holdings have been upgraded to "Buy" [1] Group 3: Selective Strategy in Biotech and Pharma - A selective strategy is adopted for biotech and pharmaceutical companies, favoring those with key data releases and early data showing potential, along with actual transaction expectations [1] - Companies such as Kelun-Biotech, Junshi Biosciences, and Hansoh Pharmaceutical are viewed positively [1] Group 4: Medical Devices Sector - The medical devices sector is maintained with a neutral outlook, indicating that while the industry has bottomed out, recovery will take time [1] - Recommended stocks include Angelalign Technology and Weigao Group [1]

Core Viewpoint - The strong trend in the mainland healthcare sector from last year is expected to continue into this year, with investors considering the value of more R&D pipelines when evaluating valuations [1] Group 1: Investment Strategy - Companies are now trading based more on actual execution capabilities rather than solely on licensing deal expectations [1] - Achieving returns that exceed the industry average this year will rely more on key data releases, actual transactions, and visibility on profit realization or turning points [1] Group 2: Sector Analysis - The outlook for CDMO companies is becoming more constructive due to accelerated growth, strong product cycles, limited geopolitical risks, and reasonable valuations [1] - The ratings for WuXi AppTec and WuXi AppTec Holdings have been upgraded to "Buy" [1] Group 3: Selective Strategy in Biotech and Pharma - A selective strategy is adopted for biotech and pharmaceutical companies, favoring those with key data releases and early data showing some promise, along with actual transaction expectations [1] - Companies such as Kelun-Biotech, Innovent Biologics, and Hansoh Pharmaceutical are viewed positively [1] Group 4: Medical Devices Sector - The medical devices sector maintains a neutral outlook, as the industry has bottomed out but requires time for gradual recovery [1] - Recommendations include buying Angelalign Technology and Weigao Group [1]