Core Viewpoint - The company WuXi AppTec, led by Li Ge, is divesting non-core assets to focus on its main business, with a recent announcement to sell two subsidiaries for 2.8 billion yuan, reflecting a strategic shift towards enhancing its core operations and financial strength [2][9]. Group 1: Asset Sale Details - WuXi AppTec plans to sell its subsidiaries, Kangde Hongyi and Jinshi Pharmaceutical, for a total of 2.8 billion yuan, which contributed 1.16 billion yuan in revenue and 90 million yuan in profit from January to September, accounting for 3.5% and 0.7% of WuXi AppTec's total [2][10]. - The subsidiaries are involved in clinical research services, specifically Clinical Research Organization (CRO) and Site Management Organization (SMO) businesses, which have shown signs of fatigue [5][6]. Group 2: Financial Performance and Strategy - The main business of WuXi AppTec, particularly in the CRDMO (Contract Research, Development, and Manufacturing Organization) sector, has shown strong growth, with revenues nearing 26 billion yuan and a year-on-year increase of nearly 30% [11]. - The company has successfully raised approximately 9 billion yuan in cash over the past 12 months through various asset sales, including the recent divestiture [4][23]. Group 3: Future Outlook and Growth - The company aims to use the proceeds from the asset sale to support its global expansion and production capacity, with management stating that the transaction aligns with its long-term strategic goals [9][17]. - As of September 30, WuXi AppTec's order backlog reached 60 billion yuan, a 41% increase year-on-year, indicating strong demand for its services [25]. - The company has raised its revenue guidance for 2025, projecting total revenue between 43.5 billion and 44 billion yuan, with expected free cash flow of 8 billion to 8.5 billion yuan [28].

药明康德又卖了两家子公司。 10月27日，药明康德（603259.SH）发布公告称，拟以28亿元基准对价，向高瓴投资旗下基金新设实体出售康德弘翼、津石医药两家临床服务子公司100% 股权。同时，公司发布2025年三季报。 受此消息影响，药明康德A股股价今日高开低走，最终报收106.64元/股，上涨2.73%。 剥离临床CRO业务 根据公告，药明康德旗下的两家主营临床服务的全资子公司康德弘翼与津石医药100%的股权将出售给高瓴资本旗下专设的两家子公司——上海世和融、 上海世和慕，基准价28亿元。据悉，高瓴旗下的基金已出具资金承诺函。 康德弘翼是药明康德的全资子公司，专注于为全球客户提供覆盖药物全生命周期的临床研究解决方案。聚焦肿瘤与自身免疫性疾病等核心领域，以专业深 度驱动临床策略落地，助力差异化产品快速推进。服务覆盖I至Ⅳ期临床，结合专家团队与智能管理平台，助力创新疗法高效上市，为全球患者带来更佳 治疗选择。 津石医药成立于2009年，总部位于上海。截至今年8月，药明津石在中国150多座城市拥有一支5300余人的稳定专业临床研究团队，在肿瘤、心血管、神 经、消化、眼科、呼吸、皮肤、感染、风湿免疫、肾科、妇产科 ...