近日，药明康德发布了2025年中期业绩，亮眼的成绩单再次验证了药明康德非凡的内生增长力。 三个层面可以看出药明康德强劲的增长态势： 营收：上半年公司整体营业收入208.0亿元，同比+20.6%；其中持续经营业务收入204.1亿元，同比 +24.2%。 在手订单：截至6月底，持续经营业务在手订单566.9亿元，同比+37.2%。 药明康德在巨大的体量下依然能够保持营收、利润与在手订单的双位数的增长，整体发展态势高于行业 平均水平，再次印证了其CRDMO模式的发展韧性，也离不开管理决策的预见性和正确性。 药明康德有哪些增长的秘诀？ 全面赋能，紧抓客户需求 在全球医药研发成本持续上升、成功率依然不高的背景下，能够帮助客户提高效率、降低成本的商业模 式将具有持久生命力。因此，面对外部挑战，药明康德始终不断强化"一体化、端到端"的服务能力，紧 抓客户需求。 药明康德多年以来打造的CRDMO模式，以全流程覆盖的一体化优势，从源头锁定行业潜力新药分子， 夯实客户粘性，逐步打造了后期的规模效应。 一直以来，药明康德以高度可靠的质量体系和交付效率成为了诸多全球大型药企供应链的重要组成部 分。即使在极具挑战的2024年，药明康德 ...

Core Viewpoint - WuXi AppTec (药明康德) reported strong Q1 2025 results, with revenue of 9.65 billion yuan, a 21% year-on-year increase, and adjusted non-IFRS net profit of 2.68 billion yuan, up 40% year-on-year [1][3] Group 1: Financial Performance - The company maintained its annual performance guidance of 10%-15% growth for 2025, expecting total revenue to reach 41.5-43 billion yuan despite a challenging market environment [3][4] - In Q1 2025, WuXi AppTec's adjusted non-IFRS gross profit and net profit grew by 31% and 40% respectively, with operating cash flow reaching 3.03 billion yuan, a 41.8% increase year-on-year [7][10] Group 2: Business Model and Strategy - WuXi AppTec's integrated CRDMO platform allows it to provide high-quality services across all stages of drug development, which is a significant competitive advantage [4][10] - The company plans to invest 7-8 billion yuan in capital expenditures in 2025, focusing on expanding its capabilities and production capacity globally, including new facilities in Middleton, USA, and Singapore [10] Group 3: Shareholder Returns - The company has executed three share buybacks since last year, totaling 3 billion yuan, reflecting its strong management and strategic choices [5][10] - Over the past three years, WuXi AppTec has returned over 11.3 billion yuan to shareholders, with more than 70% of its free cash flow directed towards investor returns [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a revenue of 39.24 billion yuan for 2024, a year-on-year decline of 2.7%. Excluding specific commercial production projects, revenue grew by 5.2%. The net profit attributable to shareholders was 9.45 billion yuan, down 1.6% year-on-year, while the net profit after deducting non-recurring items was 9.99 billion yuan, an increase of 2.5% year-on-year. Revenue and profit showed steady quarterly growth throughout 2024, achieving annual guidance, with both revenue and profit reaching historical highs in the fourth quarter [5][13] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 39.24 billion yuan, down 2.7% year-on-year, but grew by 5.2% when excluding specific projects. The net profit attributable to shareholders was 9.45 billion yuan, a decrease of 1.6%, while the net profit after non-recurring items was 9.99 billion yuan, an increase of 2.5%. The company’s revenue and profit increased steadily each quarter, with the fourth quarter setting historical records for both metrics [5][13] Business Development - The company’s integrated CRDMO service platform is showing collaborative effects, continuously empowering clients. In 2024, the chemical business generated revenue of 29.05 billion yuan, down 0.4%, but grew by 11.2% when excluding specific projects. The company signed a share sale agreement related to medical device testing business in the U.S. at the end of 2024, with the testing business generating revenue of 5.67 billion yuan, down 4.8% [14] Customer Growth and Orders - As of the end of 2024, the company had approximately 6,000 active clients, adding about 1,000 new clients in the year. The backlog of orders reached 49.31 billion yuan, a year-on-year increase of 47.0%. To meet the rapidly growing downstream demand, the company is expanding its production capacity, including the operation of the Taixing API production base and steady capacity increases in Changzhou and Taixing [15] Future Projections - The company expects revenues of 42.64 billion yuan, 47.67 billion yuan, and 55.06 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 8.67%, 11.78%, and 15.51%. The net profit attributable to shareholders is projected to be 10.99 billion yuan, 12.87 billion yuan, and 15.07 billion yuan for the same years, with corresponding growth rates of 16.26%, 17.16%, and 17.10% [16][17]