Core Viewpoint - The company, WuXi Biologics, reported strong financial performance in the first half of 2025, with significant revenue and profit growth, while its major shareholder continues to reduce holdings, raising concerns about the long-term implications of this trend [1][2]. Financial Performance - In the first half of 2025, the company achieved a revenue of 9.95 billion yuan, representing a year-on-year increase of 16.1% [1]. - The net profit reached 2.76 billion yuan, marking a substantial year-on-year increase of 54.8% [1]. - The profit attributable to the company's owners grew by 56% to 2.34 billion yuan, and the gross margin improved by 3.6 percentage points to 42.7% [1]. - The company reversed a declining trend in net profit observed in 2023 and 2024, where profits had decreased by 23.1% and 1.3%, respectively [1]. Project and Order Growth - The company added 86 new comprehensive projects in the first half of 2025, bringing the total to a historical high of 864 projects [1]. - Over 70% of the newly signed projects are in the categories of bispecific antibodies, multi-specific antibodies, and antibody-drug conjugates (ADCs) [1]. - The total amount of uncompleted orders reached 20.34 billion USD (approximately 139 billion yuan), with 4.21 billion USD of these orders expected to be completed in the next three years, ensuring continued revenue growth [1]. Shareholder Activity - The major shareholder, Li Ge, has been actively reducing his stake, with a total of 68 billion HKD (approximately 6.8 billion yuan) cashed out in the first half of 2025 alone [2]. - Since the company's IPO in 2017, Li Ge has cumulatively reduced his holdings, resulting in a decrease from 75.43% to 12.32% [2]. - The reasons for the share reduction are linked to repaying loans from the privatization of WuXi AppTec in 2015, although market analysts suggest it may reflect a broader capital strategy of "spin-off listings and high-level cashing out" [2].