近期，药明康德持续受到资本市场关注，一系列股东减持与资产优化举措引发了市场讨论。然而，深入 分析其战略逻辑与行业地位不难发现，公司长期价值根基依然稳固，投资者对其未来发展的信心并未动 摇。 10月29日，药明康德发布公告称，17家股东因自身资金需求计划减持不超过公司总股本2%的A股股 份，比例可控。随后在11月26日，公司进一步披露了阶段性减持进展：2025年11月20日至25日期间，相 关股东合计减持1182.79万股，占总股本的0.3963%。值得关注的是，在此期间公司股价逆势上涨 1.19%，截至11月25日收盘报94.31元。这一市场表现表明，尽管面临股东减持带来的情绪波动，更多投 资者仍看好公司的长期发展前景。 股东减持作为资本市场中的常见行为，应在合理监管框架下理性看待。对药明康德这类已步入成熟发展 阶段的规模化企业而言，股东适度减持多属于正常的资产配置调整。从药明康德此次减持计划的披露情 况来看，整个过程符合监管要求，规范且透明。 另外，公告也指出，大宗交易的买方在受让后6个月内不得转让，这种"锁定期"约束也能降低二级市场 快速抛售的风险，确保减持节奏温和可控，压抑缓解冲击。 自2018年实现" ...

Core Viewpoint - The global drug development model has fundamentally shifted from a "solo" approach to a collaborative one, with the rise of the CXO industry accelerating new drug development processes [1] Group 1: CRDMO Model - WuXi AppTec's CRDMO model integrates the entire drug development process from research (R) to development (D) and commercialization (M), allowing the company to capture industry innovation trends and provide downstream business support [2] - The CRDMO model has enabled WuXi AppTec to establish partnerships with over 150 companies in the targeted protein degradation (TPD) field, synthesizing more than 188,000 complex TPD compounds, with over 70 entering preclinical stages and more than 10 in late-stage development [2] Group 2: Operational Efficiency - The integrated CRDMO model facilitates seamless collaboration among multiple teams, reducing costs and project transfer risks, thus enhancing the efficiency of new drug development [3] - WuXi AppTec has expanded its global footprint from a single 650-square-meter lab to nearly 30 R&D and production bases worldwide, optimizing facility utilization and lowering investment costs and risks [4] Group 3: Financial Performance - WuXi TIDES reported a revenue of 5.03 billion yuan in the first half of 2025, reflecting a year-on-year growth of 141.6%, making it one of the fastest-growing segments for WuXi AppTec [5] - The company is also expanding its small molecule production capacity, with projections indicating that the total reactor volume at its Changzhou and Taixing facilities will exceed 4 million liters by the end of 2025 [5] Group 4: Quality and Compliance - WuXi AppTec's global operations adhere to high-quality standards, as evidenced by its two API production bases in Changzhou and Taixing passing FDA inspections without any non-compliance issues [6] Group 5: Workforce and Culture - The company has grown its team from 100 process chemists to over 3,000, enhancing its ability to meet diverse client needs without delays [7] - WuXi AppTec emphasizes its commitment to supporting drug discovery, development, and production, aiming to benefit the industry, clients, and ultimately patients [7]